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 Companys 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 Companys ability to continue as a going concern. The Companys 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 Ventures 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 Companys 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 Companys 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 |