Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jan. 31, 2013 | Mar. 17, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'TERRACE VENTURES INC | ' |
Entity Central Index Key | '0000821899 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Jan-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--04-30 | ' |
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 | ' | 33,160,660 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2012 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Jan. 31, 2013 | Apr. 30, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $1,776 | $69,157 |
Prepaid Expense | ' | 8,519 |
Total Current Assets | 1,776 | 77,676 |
Mineral property costs | 2,500 | 22,500 |
Total Assets | 4,276 | 100,176 |
LIABILITIES AND STOCKHOLDERS DEFICIT | ' | ' |
Accounts payable and accrued liabilities | 155,986 | 84,656 |
Loans Payable | 7,000 | 32,000 |
Total Liabilities | 162,986 | 116,656 |
Stockholders Deficit | ' | ' |
Authorized: 400,000,000 shares, par value $0.001 Issued and outstanding: 33,160,660 and 29,470,660 shares, respectively | 33,161 | 29,471 |
Additional Paid in Capital | 2,172,234 | 1,991,424 |
Share subscriptions received | ' | 184,500 |
Deficit Accumulated During the Exploration Stage | -2,364,105 | -2,221,875 |
Total Stockholders Deficit | -158,710 | -16,480 |
Total Liabilities and Stockholders' Deficit | $4,276 | $100,176 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2013 | Apr. 30, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 33,160,660 | 29,470,660 |
Common stock, shares outstanding | 33,160,660 | 29,470,660 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 143 Months Ended | ||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Operating Expenses | ' | ' | ' | ' | ' |
Bad debts | ' | ' | ' | ' | 214,892 |
Consulting fees | ' | 1,500 | ' | 1,500 | 129,450 |
General and administrative | 1,745 | 11,763 | 3,533 | 13,103 | 50,486 |
Management fees | 7,500 | 7,500 | 22,500 | 22,500 | 227,100 |
Mineral exploration costs | 7,494 | ' | 46,737 | 29,572 | 108,406 |
Professional fees | 19,288 | 14,920 | 62,871 | 49,230 | 564,602 |
Transfer agent and regulatory fees | 1,159 | 1,563 | 9,245 | 7,278 | 54,680 |
Total Operating Expenses | 37,186 | 37,246 | 144,886 | 123,183 | 1,349,616 |
Loss Before Other Income (Expense) | -37,186 | -37,246 | -144,886 | -123,183 | -1,349,616 |
Other Income (Expense) | ' | ' | ' | ' | ' |
Interest expense | ' | -664 | ' | -1,992 | -2,656 |
Interest income | ' | ' | ' | ' | 14,491 |
Write-down of investment securities | ' | ' | ' | ' | -1,028,980 |
Write-off of accounts payable | 2,656 | ' | 2,656 | ' | 2,656 |
Total Other Income (Expense) | 2,656 | -664 | 2,656 | ' | -1,014,489 |
Net Loss | ($34,530) | ($37,910) | ($142,230) | ($125,175) | ($2,364,105) |
Net Loss Per Share, Basic and Diluted | ' | ' | ' | ' | ' |
Weighted Average Shares Outstanding | 33,160,660 | 29,470,660 | 32,878,878 | 29,470,660 | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 143 Months Ended | |
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net loss for the period | ($142,230) | ($125,175) | ($2,364,105) |
Impairment of mineral property costs | ' | ' | 2,500 |
Write-down of investment securities | ' | ' | 1,028,980 |
Write-off of accounts payable | 2,656 | ' | 2,656 |
Prepaid expenses | 8,519 | ' | ' |
Accounts payable and accrued liabilities | 68,674 | 31,906 | 153,330 |
Net Cash Used in Operating Activities | -62,381 | -93,269 | -1,176,639 |
Investment in investment securities | ' | ' | -1,028,980 |
Net Cash Used in Investing Activities | ' | ' | -1,028,980 |
Proceeds from loans payable | ' | 5,000 | 7,000 |
Repayment of loans payable | -5,000 | ' | -5,000 |
Proceeds from related party | ' | ' | 157,395 |
Repayment of related party | ' | ' | -157,395 |
Proceeds from issuance of common stock | ' | ' | 2,020,895 |
Proceeds from share subscriptions received | ' | 164,500 | 184,500 |
Net Cash Provided by (Used in) Financing Activities | -5,000 | 169,500 | 2,207,395 |
Increase (Decrease) in Cash | 1,776 | 78,690 | 1,776 |
Cash, Beginning of Period | 69,157 | 2,459 | ' |
Cash, End of Period | 1,776 | 78,690 | 1,776 |
Cash | 21 | 65,332 | 21 |
Funds held in trust by lawyer | 1,755 | 13,358 | 1,755 |
Total Cash and Cash Equivalents | 1,776 | 78,690 | 1,776 |
Mineral properties acquired via loan payable | ' | ' | 5,000 |
Interest paid | ' | ' | ' |
Income taxes paid | ' | ' | ' |
Nature_of_Operations_and_Conti
Nature of Operations and Continuance of Business | 9 Months Ended | ||
Jan. 31, 2013 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Nature of Operations and Continuance of Business | ' | ||
1 | Nature of Operations and Continuance of Business | ||
Terrace Ventures Inc. was incorporated on February 20, 2001 in the State of Nevada. The Company is an exploration stage company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, “Development Stage Entities”. The Company is in the business of acquiring, exploring, and developing mineral properties. | |||
These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize it assets and discharge its liabilities in the normal course of business. During the period ended January 31, 2013, the Company has not generated significant revenues, has a working capital deficit of $161,210, and has an accumulated deficit of $2,364,105. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Principles | 9 Months Ended | ||
Jan. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Principles | ' | ||
2 | Summary of Significant Accounting Principles | ||
(a) | Basis of Presentation | ||
These financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States and are expressed in US dollars. | |||
(b) | Interim Financial Statements | ||
These interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. | |||
(c) | Use of Estimates | ||
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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to impairment of mineral properties and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
(d) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. | |||
(e) | Mineral Property Costs | ||
The Company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property acquisition costs are capitalized as incurred. Exploration and evaluation costs are expensed as incurred until proven and probable reserves are established. The Company assesses the carrying costs for impairment under ASC 360, “Property, Plant, and Equipment” at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. | |||
(f) | Long-lived Assets | ||
In accordance with ASC 360, “Property Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. | |||
(g) | Asset Retirement Obligations | ||
The Company follows the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. | |||
(h) | Financial Instruments | ||
Pursuant to ASC 820, “Fair Value Measurements and Disclosures”, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |||
Level 1 | |||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | |||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||
Level 3 | |||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||
The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, and loans payable. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||
(i) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
(j) | Foreign Currency Translation | ||
The Company’s functional and reporting currency is the U.S. dollar. Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period. The resulting exchange gains or losses are recognized in income. | |||
(k) | Stock-based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” and ASC 505, “Equity Based Payments to Non-Employees”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. | |||
(l) | Loss Per Share | ||
The Company computes net loss per share in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at January 31, 2013 and 2012, the Company had no potentially dilutive shares outstanding. | |||
(m) | Comprehensive Loss | ||
ASC 220, “Comprehensive Income”, establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at January 31, 2013 and 2012, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in these financial statements. | |||
(n) | Recent Accounting Pronouncements | ||
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company 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. | |||
(o) | Reclassifications | ||
Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. |
Mineral_Properties
Mineral Properties | 9 Months Ended | ||
Jan. 31, 2013 | |||
Extractive Industries [Abstract] | ' | ||
Mineral Properties | ' | ||
3 | Mineral Properties | ||
On April 26, 2011 (as amended on July 31, 2012, November 17, 2012, May 30, 2013, and December 18, 2013), the Company entered into an agreement to acquire up to a 75% interest in 83 mineral claims located in the Eureka Mining District in Eureka County, Nevada. | |||
To earn the first 25% interest, the Company must: | |||
· | issue a $25,000 promissory note which was originally due on June 10, 2011 (issued); and | ||
· | incur exploration expenditures of $250,000 on or before June 30, 2014.. | ||
To earn an additional 25% interest, the Company must: | |||
· pay $75,000 on or before June 30, 2014; and | |||
· incur total exploration expenditures of $750,000 on or before December 31, 2014. | |||
To earn a further 25% interest, the Company must: | |||
· pay $100,000 on or before June 15, 2015; and | |||
· incur total exploration expenditures of $1,250,000 on or before December, 2015. | |||
On June 29, 2011, the $25,000 promissory note was extended to September 27, 2011 and the Company agreed to pay interest at a rate of 10% per annum. On December 31, 2011, the promissory note was increased to $30,000 with $5,000 due on March 31, 2012, $5,000 due on June 30, 2012, $10,000 due on September 30, 2012, and $10,000 due on December 31, 2012. On April 27, 2012, the Company paid $5,000 of the promissory note. On July 11, 2012, the Company paid $5,000 of the promissory note. On September 20, 2012, the $10,000 due on September 30, 2012 and December 31, 2012 were each extended to February 28, 2013 On November 9, 2012, the remainder of the promissory note was cancelled. | |||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||
Jan. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
4 | Related Party Transactions | ||
(a) | During the nine months ended January 31, 2013, the Company incurred management fees of $22,500 (2012 - $22,500) to the President of the Company. | ||
(b) | As at January 31, 2013, the Company owes $38,132 (April 30, 2012 - $23,138) to the President of the Company for management fees and general operation expenses. The amount is included in accounts payable and is non-interest bearing, unsecured, and due on demand. |
Loans_Payable
Loans Payable | 9 Months Ended | ||
Jan. 31, 2013 | |||
Payables and Accruals [Abstract] | ' | ||
Loans Payable | ' | ||
5 | Loans Payable | ||
(a) | As at January 31, 2013, the Company had loans payable of $7,000 (April 30, 2012 - $7,000), which is non-interest bearing, unsecured, and due on demand. | ||
(b) | As at January 31, 2013, the Company had a loan payable of $nil (April 30, 2012 - $25,000) which was non-interest bearing, unsecured, and due on demand. During the period ended January 31, 2013, the Company repaid $5,000 and the remaining $20,000 owing on the mineral property option agreement was reduced to $nil as per the amendment to the agreement. Refer to Note 3. |
Common_Stock
Common Stock | 9 Months Ended | ||
Jan. 31, 2013 | |||
Equity [Abstract] | ' | ||
Common Stock | ' | ||
6 | Common Stock | ||
On May 22, 2012, the Company issued 3,690,000 common shares, for which proceeds of $184,500 had been received at April 30, 2012. |
Subsequent_Events
Subsequent Events | 9 Months Ended | ||
Jan. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events | ' | ||
7 | Subsequent Events | ||
(a) | On June 14, 2013, the Company received loan proceeds of $20,000 which bears interest at 8% per annum, is unsecured, and due on demand. | ||
(b) | On August 23, 2013, the Company received loan proceeds of Cdn$25,000 which bears interest at 10% per annum, is unsecured, and due on demand. | ||
(c) | On January 2, 2014, the Company received loan proceeds of $2,500 which bears interest at 10% per annum, is unsecured, and due on demand. | ||
(d) | On January 27, 2014, the Company received loan proceeds of $10,000 which bears interest at 8% per annum, is unsecured, and due on demand. |
Summary_of_Significant_Account1
Summary of Significant Accounting Principles (Policies) | 9 Months Ended | ||
Jan. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
(a) | Basis of Presentation | ||
These financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States and are expressed in US dollars. | |||
Interim Financial Statements | ' | ||
(b) | Interim Financial Statements | ||
These interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. | |||
Use of Estimates | ' | ||
(c) | Use of Estimates | ||
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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to impairment of mineral properties and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Cash and Cash Equivalents | ' | ||
(d) | Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. | |||
Mineral Property Costs | ' | ||
(e) | Mineral Property Costs | ||
The Company has been in the exploration stage since its inception and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property acquisition costs are capitalized as incurred. Exploration and evaluation costs are expensed as incurred until proven and probable reserves are established. The Company assesses the carrying costs for impairment under ASC 360, “Property, Plant, and Equipment” at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. | |||
Long-lived Assets | ' | ||
(f) | Long-lived Assets | ||
In accordance with ASC 360, “Property Plant and Equipment”, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. | |||
Asset Retirement Obligations | ' | ||
(g) | Asset Retirement Obligations | ||
The Company follows the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. | |||
Financial Instruments | ' | ||
(h) | Financial Instruments | ||
Pursuant to ASC 820, “Fair Value Measurements and Disclosures”, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |||
Income Taxes | ' | ||
(i) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
Foreign Currency Translation | ' | ||
(j) | Foreign Currency Translation | ||
The Company’s functional and reporting currency is the U.S. dollar. Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period. The resulting exchange gains or losses are recognized in income. | |||
Stock-based Compensation | ' | ||
(k) | Stock-based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” and ASC 505, “Equity Based Payments to Non-Employees”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. | |||
Loss Per Share | ' | ||
(l) | Loss Per Share | ||
The Company computes net loss per share in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at January 31, 2013 and 2012, the Company had no potentially dilutive shares outstanding. | |||
Comprehensive Loss | ' | ||
(m) | Comprehensive Loss | ||
ASC 220, “Comprehensive Income”, establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at January 31, 2013 and 2012, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in these financial statements. | |||
Recent Accounting Pronouncements | ' | ||
(n) | Recent Accounting Pronouncements | ||
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company 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. | |||
Reclassifications | ' | ||
(o) | Reclassifications | ||
Certain balances in previously issued financial statements have been reclassified to be consistent with the current period presentation. |
Nature_of_Operations_and_Conti1
Nature of Operations and Continuance of Business (Details Narrative) (USD $) | 9 Months Ended | |
Jan. 31, 2013 | Apr. 30, 2012 | |
Nature Of Operations And Continuance Of Business Details Narrative | ' | ' |
Date of Incorporation | 20-Feb-01 | ' |
Incorporation State | 'Nevada | ' |
Working Capital Deficit | ($161,210) | ' |
Accumulated Deficit | ($2,364,105) | ($2,221,875) |
Mineral_Properties_Details_Nar
Mineral Properties (Details Narrative) (USD $) | Apr. 26, 2011 |
Mineral Properties Details Narrative | ' |
Acquire Mineral Claim Percentage | 25 |
Promissory Note | $25,000 |
Exploration Expenditures | 250,000 |
Acquire Mineral Claim Percentage (additional) | 25 |
Payment | 75,000 |
Exploration Expenditures | 750,000 |
Acquire Mineral Claim Percentage (additional) | 25 |
Payment | 100,000 |
Exploration Expenditures | $1,250,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | 143 Months Ended | |||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Apr. 30, 2012 | |
Management Fees | $7,500 | $7,500 | $22,500 | $22,500 | $227,100 | ' |
Accounts Payable | 155,986 | ' | 155,986 | ' | 155,986 | 84,656 |
President of the Company [Member] | ' | ' | ' | ' | ' | ' |
Accounts Payable | $38,132 | ' | $38,132 | ' | $38,132 | $23,138 |
Loans_Payable_Details_Narrativ
Loans Payable (Details Narrative) (USD $) | 9 Months Ended | 143 Months Ended | ||||||
Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2013 | Feb. 02, 2014 | Jan. 27, 2014 | Aug. 23, 2013 | Jun. 11, 2013 | Apr. 30, 2012 | |
Loans Payable Details Narrative | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable | $7,000 | ' | $7,000 | $2,500 | $10,000 | $25,000 | $20,000 | $7,000 |
Note Payable | ' | ' | ' | ' | ' | ' | ' | 25,000 |
Repayment of loans payable | ($5,000) | ' | ($5,000) | ' | ' | ' | ' | ' |
Common_Stock_Details_Narrative
Common Stock (Details Narrative) (USD $) | 9 Months Ended |
Jan. 31, 2013 | |
Common Stock Details Narrative | ' |
Issuance Date | 22-May-12 |
Shares Issued | 3,690,000 |
Share Price | $0.05 |
Paid In Capital | $184,500 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | Feb. 02, 2014 | Jan. 27, 2014 | Aug. 23, 2013 | Jun. 11, 2013 | Jan. 31, 2013 | Apr. 30, 2012 |
Subsequent Events Details Narrative | ' | ' | ' | ' | ' | ' |
Loans Payable | $2,500 | $10,000 | $25,000 | $20,000 | $7,000 | $7,000 |
Interest Rate | 10 | 8 | 10 | 8 | ' | ' |