Precious Metals Exploration S-1 21 Mar 16 IPO registration Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Dec. 31, 2015
Document And Entity Information
Entity Registrant Name	Precious Metals Exploration Corp.
Entity Central Index Key	1,666,961
Document Type	S1
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Entity Filer Category	Smaller Reporting Company

Balance Sheet

Balance Sheet	Dec. 31, 2015USD ($)
Current Assets
Prepaid expenses	$ 3,516
Total Current Assets	3,516
TOTAL ASSETS	3,516
Current Liabilities
Accounts payable	4,130
Related party payable	25,694
Total Current Liabilities	29,824
TOTAL LIABILITIES	29,824
STOCKHOLDERS' DEFICIT
Common Stock; Authorized 90,000,000 common shares, $0.0000001 par, 40,000,000 issued and outstanding on December 31, 2015	4
Additional paid-in capital	3,996
Accumulated Deficit	(30,306)
Total Company deficit	(26,306)
Noncontrolling interest in subsidiary	(2)
TOTAL STOCKHOLDERS' DEFICIT	(26,308)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT	$ 3,516

Balance Sheet (Parenthetical)

Balance Sheet (Parenthetical)	Dec. 31, 2015$ / sharesshares
Statement of Financial Position [Abstract]
Common stock, shares authorized	90,000,000
Common shares par value | $ / shares	$ 0.00
Common stock, shares issued	40,000,000
Common stock, shares outstanding	40,000,000

Statement of Operations

Statement of Operations	9 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Revenues:
Sales, net
Expenses
General & administrative expenses	$ 337
Stock-based compensation	4,000
Consulting fees	13,471
Professional fees	12,500
Total Expenses	30,308
Net Loss for the Period	(30,308)
Non-controlling interest	2
Net loss to Company shareholders	$ (30,306)
Basic and diluted loss per common share | $ / shares	$ 0
Weighted average number of common shares outstanding Basic and diluted | shares	40,000,000

Statement of Stockholders' Defi

Statement of Stockholders' Deficit - 9 months ended Dec. 31, 2015 - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Noncontrolling Interest [Member]	Total
Balance at Mar. 26, 2015
Balance Shares at Mar. 26, 2015
Founders' shares, par value $0.0000001, issued on March 27, 2015 at $0.0001 per share	4	3,996			4,000
Founders' shares, par value $0.0000001, issued on March 27, 2015 at $0.0001 per share, Shares	40,000,000
Net loss for the period			$ (30,308)		$ (30,308)
Noncontrolling interest			2	$ (2)	(2)
Balance at Dec. 31, 2015	$ 4	$ 3,996	$ (30,306)	$ (2)	$ (26,308)
Balance shares at Dec. 31, 2015	40,000,000

Statement of Stockholders' Def6

Statement of Stockholders' Deficit (Parenthetical)	Dec. 31, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Common stock par value	$ 0.00
Sale of stock price per share	$ 0.0001

Statement of Cash Flows

Statement of Cash Flows	9 Months Ended
	Dec. 31, 2015USD ($)
OPERATING ACTIVITIES
Net Loss	$ (30,308)
Adjustments to reconcile Net Income to net cash provided by (used for) operations:
Related party advances	25,694
Stock-based compensation	4,000
Prepaid expenses	(3,516)
Accounts payable	$ 4,130
Net cash used in Operating Activities
Net cash increase for period
Cash, at beginning of period
Cash, at end of period
Supplemental cash flow information:
Cash paid of interest
Cash paid for income taxes

Nature of Business

Nature of Business	9 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	NOTE 1–NATURE OF BUSINESS The Company was incorporated under the laws of the state of Nevada on March 27, 2015, under the name Precious Metal Exploration Corp. Anganna Investments 143 (Pty) Ltd. (the “Subsidiary”) was incorporated on December 12, 2014 pursuant to the Companies Act of 2008 of the Republic of South Africa, of which we own 76% and a shareholder owns 24%. The Company has limited operations and is developing a business plan to exploit mining properties in South Africa. To date, its business activities have been limited to organizational matters and developing the property. It is a startup company and has not yet realized any revenues from its planned operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2–SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its Subsidiary. Intercompany accounts and transactions have been eliminated. Our financial statements are prepared using in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company’s financial statements are prepared under the accrual method of accounting. The Company has elected a December 31 fiscal year end. Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. As of December 31, 2015, the Company does not have any cash or cash equivalents. Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The Company has adopted the provisions of ASC 260. Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore, no reserves for uncertain income tax position have been recorded pursuant to ASC 740. In addition, we did not record a cumulative effect adjustment related to the adoption of ASC 740. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. Earnings (Loss) per Share The Company’s basic earnings (loss) per share are calculated by dividing its net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s dilutive earnings (loss) per share is calculated by dividing its net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or securities. Fair Value of Financial Instruments The Company’s financial instruments as defined by FASB ASC 825, “Financial Instruments” FASB ASC 820 “Fair Value Measurements and Disclosures” ● Level 1. Observable inputs such as quoted prices in active markets; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions. Revenue Recognition The Company’s financial statements are prepared under the accrual method of accounting. Revenues are recognized when evidence of an agreement exists, the price is fixed or determinable, collectability is reasonably assured and goods have been delivered or services performed. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 3–INCOME TAXES As of December 31, 2015, the Company had a net operating loss carry forward of $30,308 that may be available to reduce future years’ taxable income through 2035. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences for the periods presented are as follows: As of December 31, 2015 Deferred tax assets: Net operating tax carry-forwards $ 10,305 Gross deferred tax asset 10,305 Valuation allowance (10,305 ) Net deferred tax assets $ - As of December 31, 2015, the Company has a net operating loss carry-forward of approximately $30,308, which will expire 20 years from the date the loss was incurred. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry-forwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance.

Stockholders_ Deficit

Stockholders’ Deficit	9 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Deficit	NOTE 4–STOCKHOLDERS’ DEFICIT The Company was formed with one class of common stock, $0.0000001 par value and is authorized to issue 90,000,000 common shares. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company. On March 27, 2015, the Company issued 40,000,000 shares of common stock to its founders, Robert Russell and Sean Meadon. Mr. Russell is the Company’s Chairman, President and Chief Executive Officer and Mr. Meadon is a director and its Chief Operating Officer. The Company issued this stock to Mr. Russell and Mr. Meadon at a price of $0.0001 per share for $4,000 in services rendered in its formation. The Company’s board of directors deemed the price issued for the services rendered to be fair and reasonable. As of December 31, 2015, there are 40,000,000 shares of common stock outstanding.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5–RELATED PARTY TRANSACTIONS The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, they may face a conflict in selecting between the Company and his other business interests. The Company has not formulated a policy for the resolution of such conflicts. Mr. Russell, one of the Company’s major shareholder has orally agreed to provide additional working capital to the Company. These advances are expected to be unsecured and not carry an interest rate or repayment terms; however, the shareholder has orally agreed not to seek repayment if he advances any funds until the Company is financially able to repay him. Mr. Russell has advanced the Company $25,694 as of December 31, 2015.

Going Concern

Going Concern	9 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 6–GOING CONCERN The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established a source of revenues to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. Management intends to focus on raising additional funds for the second and third quarters going forward. The Company cannot provide any assurance or guarantee that it will be able to generate revenues. Potential investors must be aware if it is unable to raise additional funds through the sale of its common stock and generate sufficient revenues, any investment made into the Company would be lost in its entirety. The Company has net losses for the period from March 27, 2015 (inception) to December 31, 2015 of $30,308. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Property

Property	9 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property	NOTE 7–PROPERTY The Company does not own any property and commencing on April 1, 2015, an unrelated third party provides office space to the Company for no cost.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 8–SUBSEQUENT EVENTS In accordance with ASC 855, Subsequent Events

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its Subsidiary. Intercompany accounts and transactions have been eliminated. Our financial statements are prepared using in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company’s financial statements are prepared under the accrual method of accounting. The Company has elected a December 31 fiscal year end.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. As of December 31, 2015, the Company does not have any cash or cash equivalents.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The Company has adopted the provisions of ASC 260.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, “Accounting for Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is “more likely than not” that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our financial position. Therefore, no reserves for uncertain income tax position have been recorded pursuant to ASC 740. In addition, we did not record a cumulative effect adjustment related to the adoption of ASC 740. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable.
Earnings (Loss) per Share	Earnings (Loss) per Share The Company’s basic earnings (loss) per share are calculated by dividing its net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s dilutive earnings (loss) per share is calculated by dividing its net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or securities.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments as defined by FASB ASC 825, “Financial Instruments” FASB ASC 820 “Fair Value Measurements and Disclosures” ● Level 1. Observable inputs such as quoted prices in active markets; ● Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and ● Level 3. Unobservable inputs in which there is little or no market data, which requires the reporting entity to develop its own assumptions.
Revenue Recognition	Revenue Recognition The Company’s financial statements are prepared under the accrual method of accounting. Revenues are recognized when evidence of an agreement exists, the price is fixed or determinable, collectability is reasonably assured and goods have been delivered or services performed.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Federal Income Tax Rate to Income	The sources and tax effects of the differences for the periods presented are as follows: As of December 31, 2015 Deferred tax assets: Net operating tax carry-forwards $ 10,305 Gross deferred tax asset 10,305 Valuation allowance (10,305 ) Net deferred tax assets $ -

Nature of Business (Details Nar

Nature of Business (Details Narrative) - Precious Metal Exploration Corp [Member]	Dec. 31, 2014
Shareholder [Member]
Percentage of ownership on subsidiary	24.00%
Republic of South Africa [Member]
Percentage of ownership on subsidiary	76.00%

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Details Narrative)	9 Months Ended
	Dec. 31, 2015USD ($)
Summary Of Significant Accounting Policies Details Narrative
Cash equivalents
Minimum percentage of income tax benefit	50.00%

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	9 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Operating loss carry forward	$ 30,308
Operating loss carry forward expire term	expire 20 years

Income Taxes - Schedule of Fede

Income Taxes - Schedule of Federal Income Tax Rate to Income (Details)	Dec. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Net operating tax carry-forwards	$ 10,305
Gross deferred tax asset	10,305
Valuation allowance	$ (10,305)
Net deferred tax assets

Stockholders_ Deficit (Details

Stockholders’ Deficit (Details Narrative) - USD ($)	Mar. 28, 2015	Dec. 31, 2015
Common shares Par value		$ 0.00
Common stock, shares authorized		90,000,000
Common stock, voting rightsights		Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they chose to do so, elect all of the directors of the Company.
Price per share		$ 0.0001
Common stock, shars issued		40,000,000
Common stock, shares outstanding		40,000,000
Robert Russell And Sean Meadon [Member]
Number of common stock issued during period	40,000,000
Price per share	$ 0.0001
Issued common stock, value	$ 4,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	Dec. 31, 2015USD ($)
Advanced to related party	$ 25,694
Mr. Russell [Member]
Advanced to related party	$ 25,694

Going Concern (Details Narrativ

Going Concern (Details Narrative)	9 Months Ended
	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net losses	$ 30,308

Property (Details Narrative)

Property (Details Narrative)	Dec. 31, 2015USD ($)
Property Details Narrative
Office space cost