Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jan. 31, 2014 | Mar. 20, 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-14 | ' |
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 | '2013 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
ASSETS | ' | ' |
Cash | $10,420 | $716 |
Total Current Assets | 10,420 | 716 |
Mineral property costs | 5,675 | 5,675 |
Total Assets | 16,095 | 6,391 |
LIABILITIES AND STOCKHOLDERS DEFICIT | ' | ' |
Accounts payable and accrued liabilities | 237,876 | 179,211 |
Loans Payable | 62,025 | 7,000 |
Total Liabilities | 299,901 | 186,211 |
Stockholders Deficit | ' | ' |
Authorized: 400,000,000 shares, par value $0.001 Issued and outstanding: 33,160,660 shares | 33,161 | 33,161 |
Additional Paid in Capital | 2,172,234 | 2,172,234 |
Deficit Accumulated During the Exploration Stage | -2,489,201 | -2,385,215 |
Total Stockholders Deficit | -283,806 | -179,820 |
Total Liabilities and Stockholders' Deficit | $16,095 | $6,391 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
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 | 33,160,660 |
Common stock, shares outstanding | 33,160,660 | 33,160,660 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 155 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Operating Expenses | ' | ' | ' | ' | ' |
Bad debts | ' | ' | ' | ' | 214,892 |
Consulting fees | 2,500 | ' | 7,500 | ' | 151,950 |
General and administrative | -904 | 1,745 | 802 | 3,533 | 50,889 |
Management fees | 7,500 | 7,500 | 22,500 | 22,500 | 257,100 |
Mineral exploration costs | 2,060 | 7,494 | 24,431 | 46,737 | 124,403 |
Professional fees | 11,960 | 19,288 | 44,630 | 62,871 | 615,509 |
Transfer agent and regulatory fees | 508 | 1,159 | 1,782 | 9,245 | 57,628 |
Total Operating Expenses | 23,624 | 37,186 | 101,645 | 144,886 | 1,472,371 |
Loss Before Other Income (Expense) | -23,624 | -37,186 | -101,645 | -144,886 | -1,472,371 |
Other Income (Expense) | ' | ' | ' | ' | ' |
Interest expense | -1,259 | ' | -2,341 | ' | -4,997 |
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) | -1,259 | 2,656 | -2,341 | 2,656 | -1,016,830 |
Net Loss | ($24,883) | ($34,530) | ($103,986) | ($142,230) | ($2,489,201) |
Net Loss Per Share, Basic and Diluted | ' | ' | ' | ' | ' |
Weighted Average Shares Outstanding | 33,160,660 | 33,160,660 | 33,160,660 | 32,878,878 | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | 155 Months Ended | |
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net loss for the period | ($103,986) | ($142,230) | ($2,489,201) |
Foreign exchange translation loss | 1,668 | ' | 1,668 |
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 | 58,665 | 68,674 | 235,220 |
Net Cash Used in Operating Activities | -43,653 | -62,381 | -1,218,177 |
Mineral property acquisition costs | ' | ' | -3,175 |
Purchase of investment securities | ' | ' | -1,028,980 |
Net Cash Used in Investing Activities | ' | ' | -1,032,155 |
Proceeds from loans payable | 53,357 | ' | 60,357 |
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 | ' | ' | 184,500 |
Proceeds from share subscriptions received | ' | ' | 2,020,895 |
Net Cash Provided by (Used in) Financing Activities | 53,357 | -5,000 | 2,260,752 |
Increase (Decrease) in Cash and Cash Equivalents | 9,704 | 1,776 | 10,420 |
Increase (Decrease) in Cash | 716 | 69,157 | ' |
Cash, Beginning of Period | 716 | 1,776 | 10,420 |
Cash, End of Period | 10,420 | ' | 10,420 |
Cash | 1 | 21 | 1 |
Funds held in trust by lawyer | 10,419 | 1,755 | 10,419 |
Total Cash and Cash Equivalents | 10,420 | 1,776 | 10,420 |
Mineral properties acquired via loan payable | ' | ' | 25,000 |
Cancellation of loan payable offset against mineral property costs | ' | -20,000 | -20,000 |
Interest paid | ' | ' | ' |
Income taxes paid | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | ||
Jan. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Presentation | ' | ||
1 | Basis of Presentation | ||
Terrace Ventures Inc. (the “Company”) 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. | |||
The accompanying financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2013. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown. | |||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. | |||
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. As at January 31, 2014, the Company has not generated any revenues, has a working capital deficit of $289,481 and has an accumulated deficit of $2,489,201. 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. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | ||
Jan. 31, 2014 | |||
Accounting Changes and Error Corrections [Abstract] | ' | ||
Recent Accounting Pronouncements | ' | ||
2 | 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. |
Mineral_Properties
Mineral Properties | 9 Months Ended | ||
Jan. 31, 2014 | |||
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 30, 2015; and | |||
· incur total exploration expenditures of $1,250,000 on or before December 31, 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, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
4 | Related Party Transactions | ||
(a) | During the nine months ended January 31, 2014, the Company incurred management fees of $22,500 (2013 - $22,500) to the President of the Company. | ||
(b) | As at January 31, 2014, the Company owes $66,482 (April 30, 2013 - $45,682) 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, 2014 | |||
Payables and Accruals [Abstract] | ' | ||
Loans Payable | ' | ||
5 | Loans Payable | ||
(a) | As at January 31, 2014, the Company had loans payable of $7,080 (April 30, 2013 - $7,000), which is non-interest bearing, unsecured, and due on demand. | ||
(b) | As at January 31, 2014, the Company had loans payable of $30,000 (April 30, 2013 - $nil), which bears interest at 8% per annum, is unsecured, and due on demand. | ||
(c) | As at January 31, 2014, the Company had loans payable of $2,500 and $22,445 (Cdn$25,000) (April 30, 2013 - $nil), which bears interest at 10% per annum, is unsecured, and due on demand. |
Basis_of_Presentation_Details_
Basis of Presentation (Details Narrative) (USD $) | 9 Months Ended | |
Jan. 31, 2014 | Apr. 30, 2013 | |
Basis Of Presentation Details Narrative | ' | ' |
Date of Incorporation | 20-Feb-01 | ' |
Incorporation State | 'Nevada | ' |
Working Capital Deficit | ($289,481) | ' |
Accumulated Deficit | ($2,489,201) | ($2,385,215) |
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 | 155 Months Ended | |||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Apr. 30, 2013 | |
Management Fees | $7,500 | $7,500 | $22,500 | $22,500 | $257,100 | ' |
Accounts Payable | 237,876 | ' | 237,876 | ' | 237,876 | 179,211 |
President Of The Company [Member] | ' | ' | ' | ' | ' | ' |
Accounts Payable | $66,482 | ' | $66,482 | ' | $66,482 | $45,682 |
Loans_Payable_Details_Narrativ
Loans Payable (Details Narrative) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
1st [Member] | ' | ' |
Loans Payable | $7,080 | $7,000 |
2nd [Member] | ' | ' |
Loans Payable | 30,000 | ' |
Interest Rate | 8 | ' |
3rd [Member] | ' | ' |
Loans Payable | $25,000 | ' |
Interest Rate | 10 | ' |