Rosewood Resources 10-Q 14 Sep 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 31, 2015	Aug. 31, 2015
Document And Entity Information
Entity Registrant Name	Rosewood Resources, Inc.
Entity Central Index Key	1,613,809
Document Type	10-Q
Document Period End Date	Jul. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		90,000,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Jul. 31, 2015	Oct. 31, 2014
Assets
Cash	$ 46,193	$ 64,204
Total Current Assets	46,193	64,204
Total Assets	46,193	64,204
Current Liabilities
Accounts payable	19,213	11,445
Due to related parties	51,290	50,857
Total Current Liabilities	70,503	62,302
Total Liabilities	70,503	62,302
Stockholder's (Deficit) Equity:
Common stock 650,000,000 common stock authorized, $0.001 par value; 90,000,000 common shares issued and outstanding	90,000	90,000
Deficit accumulated	(114,310)	(88,098)
Total stockholder's (deficit) equity	(24,310)	1,902
Total Liabilities and Stockholder's (deficit) equity	$ 46,193	$ 64,204

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2015	Oct. 31, 2014
Stockholders' (Deficit) Equity
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares issued	90,000,000	90,000,000
Common stock, shares outstanding	90,000,000	90,000,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jul. 31, 2015	Jul. 31, 2014
Condensed Statements Of Operations
Revenues
Expenses
Exploration costs	$ 3,771		$ 10,223
General and Administrative expenses	5,105	$ 14,299	15,989	$ 23,857
Total expenses	8,876	14,299	26,212	23,857
Loss from operations	$ (8,876)	$ (14,299)	$ (26,212)	$ (23,857)
Net loss per common share:
Basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average common shares outstanding:
Basic and diluted	90,000,000	90,000,000	90,000,000	90,000,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jul. 31, 2015	Jul. 31, 2014
Operating Activities
Net loss	$ (26,212)	$ (23,857)
Changes in operating assets and liabilities:
Accounts payable	7,768	16,685
Net cash used in operating activities	(18,444)	(7,172)
Financing activities
Proceeds from advances from a third party	433	608
Net cash provided by financing activities	433	608
Net (decrease) increase in cash	(18,011)	(6,564)
Cash, beginning of period	64,204	68,454
Cash, end of period	$ 46,193	$ 61,890
Supplemental disclosure of cash flow information
Cash paid for income taxes
Cash paid for interest

Basis of presentation

Basis of presentation	9 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Note 1. Basis of presentation	The accompanying condensed financial statements of Rosewood Resources, Inc. (“Rosewood” or “the Company”) have been prepared in accordance with requirements for unaudited interim periods, and consequently do not include all disclosures required to be in conformity with accounting principles generally accepted in the United States of America. These unaudited condensed financial statements should be read in conjunction with the audited financial statements, as of October 31, 2014, and notes thereto. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim period as of July 31, 2015 are not necessarily indicative of the results to be expected for the full year.

Nature of operations and going

Nature of operations and going concern	9 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Note 2. Nature of operations and going concern	Rosewood was incorporated under the laws of the State of Nevada on June 17, 2013 for the purpose of acquiring and developing mineral properties. The Company’s planned principal operations have not yet begun. The accounting policies followed by the Company are set out in the notes to the audited financial statements for the year ended October 31, 2014, and have been consistently followed in the preparation of these financial statements. The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its condensed consolidated financial statements. These unaudited financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these unaudited financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. At July 31, 2015, the Company had not yet achieved profitable operations, had accumulated losses of $114,310 since its inception, had a working capital deficiency of $24,310, and expects to incur further losses in the development of its business, all of which raises substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company expects to continue to incur substantial losses as it executes its business plan and does not expect to attain profitability in the near future. Since its inception, the Company has funded operations through the issuance of shares to one of its officer and director and from advance made by another director and officer for certain office expenses. The Company's future operations are dependent upon external funding and its ability to execute its business plan, realize sales and control expenses. Management believes that sufficient funding will be available from additional borrowings and private placements to meet its business objectives including anticipated cash needs for working capital, for a reasonable period of time. However, there can be no assurance that the Company will be able to obtain sufficient funds to continue the development of its business operation, or if obtained, upon terms favorable to the Company.

Mineral Rights Option Agreement

Mineral Rights Option Agreement	9 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Note 3. Mineral Rights Option Agreement	On September 11, 2013, the Company entered into an Option Agreement (“Option”) with Gordon Davidson (“Optionor”) whereby the Company was granted an exclusive option to acquire a fifty-one percent (51%) undivided interest in and to the Knott Lake Property (“Property”) consisting of a single patented mining claim (MR6061) in Cario Township located about 1.3 km northeast of the community of Matachewan in northeast Ontario, Canada. In order to exercise the Option, the Company will be required to: (a) incur Exploration Expenditures of $20,000 on or before the first anniversary date of the Option (Paid); (b) incur additional Exploration Expenditures of $35,000 on or before the second anniversary date of the Option (Paid September 2014); and (c) incur additional Exploration Expenditures of $50,000, and grant a cash payment of $25,000 on or before the third anniversary date to this Option. If and when the Option has been exercised an undivided fifty-one percent (51%) right, title and interest in and to the Property shall vest in the Company free and clear of all charges, encumbrances and claims. Upon the Company being deemed to have earned a fifty-one percent (51%) interest in the Property, the Company and the Optionor shall participate in a joint venture (the “Joint Venture”) for the purpose of further exploration and development work on the Property and if warranted, the operation of one or more mines on the Property. The participating interests of the parties at the time of the Joint Venture is formed shall be: The Company 51% The Optionor 49% Each party shall be responsible for payment of its proportional share (based on its participating interest) of the operating and capital costs of the Joint Venture’s operations, including reclamation and remediation obligations and any security required thereof. The Optionor shall retain a 2% Net Smelter Royalty in future production from the Property regardless of its participating interest in the Joint Venture. If the participating interest of parties are: Their deemed expenditures upon formation of the Joint Venture share be: The Company - 51% $ 105,000 The Optionor - 49% $ 100,882 Any Exploration Expenditures made or incurred by the Company in excess of the Exploration Expenditures required to earn its interest in the Property shall be credited to the Company’s contribution to the first work program after formation of the Joint Venture and shall not automatically dilute the participating interest of the Optionor on formation. The Option shall terminate: (a) upon the Company failing to incur or make any expenditures which must be incurred in exercise of the Option; or (b) at any other time, by the Company giving notice of such termination to Optionor.

Significant transactions with r

Significant transactions with related party	9 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Note 4. Significant transactions with related party	During the period ended July 31, 2015, a director and officer made advances to the Company in the amount of $433 to fund daily operations of the Company and since inception has made advances of $51,290. These advances are non-interest bearing and payable on demand. One officer and director of the Company has acquired 100% of the common stock issued.

Common stock

Common stock	9 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Note 5. Common stock	The Company’s authorized common stock consists of 650,000,000 shares of common stock, with par value of $0.001. On June 18, 2013, the Company issued 90,000,000 shares of its common stock to its sole director and officer at $0.001 per share, for net proceeds of $90,000.

Contractual Commitment

Contractual Commitment	9 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Note 6. Contractual Commitment	As at September 15, 2014, the Company entered into an agreement with Douglas Turnbull, Professional Geologist of Lakehead Geological Services Inc. to review and analyse the geological information relating to the Knott Lake Property, to discuss its merits with the Board of Directors, to review the proposed geological program to be undertaken and to advise the Board of Directors as to any impairment or litigation which might be pending relating to the Knott Lake property. In consideration for this service the Company agreed to pay each month starting on September 15, 2014 the sum of $1,000 each month to a maximum of 24 months or until the Directors decided that the service of Douglas Turnbull are no longer required. Each quarter an amount of $3,000 is charged to Exploration Costs on the Condensed Statement of Operations.

Subsequent Events

Subsequent Events	9 Months Ended
	Jul. 31, 2015
Notes to Financial Statements
Note 7. Subsequent Events	The Company has evaluated subsequent events from July 31, 2015 through September 10, 2015 the date the financial statements were available and issued, and concluded there were no events or transactions occurring during this period.

Mineral Rights Option Agreeme13

Mineral Rights Option Agreement (Tables)	9 Months Ended
	Jul. 31, 2015
Mineral Rights Option Agreement Tables
Participating interests parties Joint Venture	The participating interests of the parties at the time of the Joint Venture is formed shall be: The Company 51% The Optionor 49%
Participating interest in property	The Optionor shall retain a 2% Net Smelter Royalty in future production from the Property regardless of its participating interest in the Joint Venture. If the participating interest of parties are: Their deemed expenditures upon formation of the Joint Venture share be: The Company - 51% $ 105,000 The Optionor - 49% $ 100,882

Nature of operations and goin14

Nature of operations and going concern (Details Narrative) - USD ($)	Jul. 31, 2015	Oct. 31, 2014
Nature Of Operations And Going Concern Details Narrative
Accumulated losses	$ 114,310	$ 88,098
Working capital deficiency	$ 24,310	$ (1,902)

Mineral Rights Option Agreeme15

Mineral Rights Option Agreement (Details) - 9 months ended Jul. 31, 2015 - USD ($)	Total
The Company [Member]
Participating interest of parties in percentage	51.00%
Expenditure cost upon formation of joint venture shares	$ 105,000
The Optionor [Member]
Participating interest of parties in percentage	49.00%
Expenditure cost upon formation of joint venture shares	$ 100,882

Significant transactions with16

Significant transactions with related party (Details Narrative) - USD ($)	9 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Oct. 31, 2014
Significant Transactions With Related Party Details Narrative
Proceeds from advances from a third party	$ 433	$ 608
Due to related parties	$ 51,290		$ 50,857

Common stock (Details Narrative

Common stock (Details Narrative) - $ / shares	Jul. 31, 2015	Oct. 31, 2014
Common Stock Details Narrative
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	650,000,000	650,000,000