Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | B4MC GOLD MINES INC | |
Entity Trading Symbol | BFMC | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2014 | |
Amendment Flag | false | |
Entity Central Index Key | 823,546 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 291,463,848 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,014 | |
Document Fiscal Period Focus | Q2 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||
Cash | $ 0 | |
Total Current Assets | 0 | |
Total Assets | 0 | |
CURRENT LIABILITIES: | ||
Accounts payable | 7,686 | $ 6,694 |
Advances payable | 105,909 | 105,909 |
Accrued interest | 31,210 | 28,032 |
Total Current Liabilities | 144,805 | 140,635 |
Total Liabilities | 144,805 | 140,635 |
STOCKHOLDERS' DEFICIT | ||
Common stock, 750,000,000 shares authorized, $.001 par value, 2,248,050 shares issued and outstanding | 2,248 | 2,248 |
Additional paid-in capital | 2,205,967 | 2,205,967 |
Accumulated deficit | (2,353,020) | (2,348,850) |
Total Stockholders' Deficit | (144,805) | $ (140,635) |
Total Liabilities and Stockholders' Deficit | $ 0 |
Balance Sheets Parentheticals
Balance Sheets Parentheticals - $ / shares | Jun. 30, 2014 | Dec. 31, 2013 |
Parentheticals | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 750,000,000 | 750,000,000 |
Common Stock, shares issued | 2,248,050 | 2,248,050 |
Common Stock, shares outstanding | 2,248,050 | 2,248,050 |
Unaudited Statements of Operati
Unaudited Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenue | ||||
Revenue | $ 0 | |||
Expenses: | ||||
General and Administrative | 450 | $ 1,560 | $ 992 | $ 6,360 |
Loss Before Other Income (Expense) | (450) | (1,560) | (992) | (6,360) |
Other Income (Expense): | ||||
Interest Expense | (1,589) | (1,501) | (3,178) | (2,931) |
Loss Before Income Taxes | (2,039) | (3,061) | (4,170) | (9,291) |
Current Income Tax Expense | 0 | |||
Deferred Income Tax Expense | 0 | |||
Net Loss | $ (2,039) | $ (3,061) | $ (4,170) | $ (9,291) |
Loss Per Common Share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number Of Common Shares Outstanding - Basic and Diluted | 2,248,050 | 2,248,050 | 2,248,050 | 2,248,050 |
Unaudited Statements of Cash Fl
Unaudited Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (4,170) | $ (9,291) |
Changes in assets and liabilities: | ||
Increase in accounts payable | 992 | (1,600) |
Increase in accrued interest | 3,178 | 2,931 |
Net Cash (Used) by Operating Activities | (7,960) | |
Cash Flows From Investing Activities: | ||
Net Cash (Used) by Investing Activities | 0 | |
Cash Flows From Financing Activities: | ||
Advances | 7,960 | |
Net Cash Provided by Financing Activities | $ 7,960 | |
Net Increase in Cash | 0 | |
Cash at Beginning of the Period | 0 | |
Cash at End of the Period | 0 | |
Cash paid during the period for: | ||
Interest | 0 | |
Income taxes | 0 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
None | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 6 Months Ended |
Jun. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Basis of Presentation These financial statements are presented on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America. It is management's opinion that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. (B) Organization B4MC Gold Mines, Inc. (formerly known as Heavenly Hot Dogs, Inc.) was organized under the laws of the State of Delaware on April 2, 1987. In June 2000, the Company changed its domicile from Delaware to Nevada. The Company attempted to sell franchises for the retail sale of its Chicago style hot dogs. The Company discontinued these operations during 1990 and had been inactive since that time until its acquisition of Trappers Pizza, Inc. on July 1, 2002. In March 2003, the Company rescinded the acquisition of Trappers Pizza, Inc. On October 10, 2013, the Company amended its articles of incorporation to change its name to B4MC Gold Mines, Inc. (C) Stock Split On November 12, 2013, the Company implemented a 3 for 1 forward stock split. Upon effectiveness of the stock split, each shareholder received 3 shares of common stock for every share of common stock owned as of November 2, 2013. All share and per share references have been retroactively adjusted to reflect this 3 to 1 forward stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented. (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses during the reported period. Significant estimates include valuation of in kind contribution of interest and services and the valuation of deferred tax assets. Actual results could differ from those estimates. (E) Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At June 30, 2014 and 2013, the Company had $0 in cash equivalents. (F) Revenue Recognition The Company will recognize revenue on arrangements in accordance with FASB Accounting Standards Codification No. 605, Revenue Recognition. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. (G) Loss Per Share Earnings (Loss) Per Share The basic computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, "Earnings Per Share." (See Note 5) (H) Dividends The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors. (I) Income Taxes The Company accounts for income taxes under FASB Codification Topic 740-10-25 (ASC 740-10-25). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. (J) Stock-Based Compensation In December 2004, the FASB issued FASB Accounting Standards Codification No. 718, Compensation Stock Compensation Equity instruments (instruments) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB Accounting Standards Codification No. 718. FASB Accounting Standards Codification No. 505, Equity Based Payments to Non-Employees (K) Business Segments The Company operates in one segment and therefore segment information is not presented. (L) Fair Value of Financial Instruments The carrying amounts reported in the balance sheet for prepaids, accounts payable and accrued expenses, advances payable and notes payable approximate fair value based on the short-term maturity of these instruments. There are no assets or liabilities that are measured at fair value on a recurring basis. (M) Recent Accounting Pronouncements In February 2013, FASB issued Accounting Standards Update 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This stipulates that (1) it will include the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and (2) any additional amount the entity expects to pay on behalf of the other entities. The objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. The amendments in this update are effective for fiscal periods (and interim reporting periods within those years) beginning after December 15, 2013. This standard is not expected to have a material impact on the Companys reported results of operations or financial position. In February 2013, FASB issued Accounting standards update 2013-02, Comprehensive Income Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This update requires an entity to provide information about the amount reclassified out of accumulated other comprehensive income by component. The entity is also required to disclose significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting periods. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other discourses required under U.S. GAAP that provide additional detail about those amounts. The objective in this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update should be applied prospectively for reporting periods beginning after December 15, 2013. This standard is not expected to have a material impact on the Companys reported results of operations or financial position. On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2014 | |
NOTES PAYABLE | |
NOTES PAYABLE | NOTE 2 - NOTES PAYABLE On September 6, 2013, the Company, and its majority shareholder and sole officer and director, consented to and entered into an Asset Purchase Agreement with Shannon Anderson and Herbert Chris Christopherson, pursuant to which the Company purchased two parcels of real property located in Mineral County Montana from Messrs. Anderson and Christopherson. The acres consist of approximately 32 acres of usable land. The 32 acres was encumbered by a loan obligation. The balance of the loan obligation as of September 30, 2013 was $109,443. The note has a 7% per annum stated interest rate and is due and payable March 1, 2021. Payments in the amount of $1,581 are required to be made monthly. On May 22, 2014, a Mutual Rescission Agreement was entered into whereby the real property along with the debt were returned in exchange for shares of the Companys common stock issued to the Rescinding Shareholders. No payments were made on the debt prior to the rescission. (See Note 4) The Company received advances of $0 during the period ended June 30, 2014 and $7,960 for the same period in 2013. A total of $105,909 and $100,076 was owed at June 30, 2014 and 2013, respectively, by the Company for advances. These funds are due and payable upon demand and accrue interest at 6% per annum. Accrued interest at June 30, 2014 and 2013 was $32,210 and $24,905, respectively. In connection with the Asset Purchase, the Company entered into an obligation to repay $129,002 to the advancing party on or before April 15, 2014. In addition, the Company entered into a release agreement wherein the advancing party released all claims against the Company in exchange for the promise to pay an additional $120,998 for a total accrued payable of $250,000 on or before April 15, 2014. Both agreements were verbal. Inasmuch as the Asset Purchase Agreement was Mutually Rescinded on May 22, 2014, the Company and the advancing party verbally agreed to rescind the release agreement, as well, and re-book the advances as they were prior to the release |
STOCKHOLDERS' EQUITY (DEFICIENC
STOCKHOLDERS' EQUITY (DEFICIENCY) | 6 Months Ended |
Jun. 30, 2014 | |
STOCKHOLDERS' EQUITY (DEFICIENCY) | |
STOCKHOLDERS' EQUITY (DEFICIENCY) | NOTE 3 - STOCKHOLDERS EQUITY (DEFICIENCY) (A) Common Stock Issued for Cash None. (B) Amendments to Articles of Incorporation On October 10, 2013, the Company amended its articles of incorporation to change its name to B4MC Gold Mines, Inc. (C) Return of Common Stock In September 2013, the Companys former sole member of the board of directors and a consultant, collectively returned 3,500,000 shares of common stock and were cancelled by the Company. (D) Stock Issued for Mining Rights and Claim On September 6, 2013, the Company, and its majority shareholder, entered into an Asset Purchase Agreement with Shannon Anderson and Herbert Chris Christopherson, pursuant to which the Company purchased two parcels of real property located in Mineral County Montana from Messrs. Anderson and Christopherson. The acres consist of approximately 32 acres of usable land. The Asset Purchase Agreement also included the purchase of several items of mining machinery and equipment owned by Mr. Anderson in consideration of 54,000,000 shares of common stock valued at $285,480 (valued at $0.005287 per share) and assumed debt of $109,443. On May 22, 2014, a Mutual Rescission Agreement was entered into whereby the real property, mining rights, equipment, other assets and the assumed debt mentioned above were returned in exchange for shares of the Companys common stock issued to the Rescinding Shareholders. (See Note 4) On September 3, 2013, the Company entered into an assignment to acquire 6 unpatented mining claims in Nye County Nevada, in consideration of 6,810,402 shares of common stock valued at $36,004 (valued at $0.005287 per share). In October 2014, the Company entered into a Rescission of Assignment with the holders of the Nevada mining claims whereby the mining claims were returned in exchange for the Companys common stock issued for said claims. (See Note 7) (E) Stock Issued for Services On September 9, 2013 the Company issued 4,589,598 shares of common stock having a fair value of $24,264 ($0.005287 per share) in exchange for consulting services. Inasmuch as the consulting services were never provided, the Company has cancelled these shares on its books and is in the process of obtaining the certificates for cancellation. On September 9, 2013 the Company issued 600,000 shares of common stock having a fair value of $3,172 ($0.005287 per share) in exchange for consulting services by an officer of the Company. These shares were returned to the Company and cancelled pursuant to the Mutual Rescission Agreement dated May 22, 2014. (See Note 4) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2014 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS On September 6, 2013, the Company, and its majority shareholder and sole officer and director, consented to and entered into an Asset Purchase Agreement with Shannon Anderson and Herbert Chris Christopherson, pursuant to which the Company purchased two parcels of real property located in Mineral County Montana from Messrs. Anderson and Christopherson. The acres consist of approximately 32 acres of usable land. The Asset Purchase Agreement also included the purchase of several items of mining machinery and equipment owned by Mr. Anderson in consideration of 54,000,000 shares of common stock valued at $285,480 (valued at $0.005287 per share). The Asset Purchase Agreement closed on September 9, 2013. On September 9, 2013 the Company issued 600,000 shares of common stock having a fair value of $3,172 ($0.005287 per share) in exchange for consulting services by an officer of the Company. On May 22, 2014, the Company entered into a Mutual Rescission Agreement (the Rescission Agreement) by and among the Company, and Shannon Anderson (Anderson), a resident of Idaho, and Herbert Christopherson, a resident of Idaho ("Christopherson"), and Brittany Puzzi, a resident of Idaho (Puzzi), collectively referred to as the Rescinding Shareholders. Pursuant to the terms of an Asset Purchase Agreement entered into on or about September 6, 2013 the Company received certain real property, mining rights, equipment and other assets as listed in the Asset Purchase Agreement filed as an exhibit to the Current Report on Form 8-K filed with the Securities and Exchange Commission on September 12, 2013 in exchange for shares of the Companys common stock issued the Rescinding Shareholders. The Company and the Rescinding Shareholders have agreed to rescind the Asset Purchase Agreement. The Rescinding Shareholders will take back the assets, including the underlying debt, and return 47,550,000 of the common shares issued pursuant to the Asset Purchase Agreement. The shares to be returned are as follows: Anderson 33,000,000 shares, Christopherson 14,000,000 shares and Puzzi 550,000 shares. In September 2013, the Companys former sole member of the board of directors and a consultant, collectively returned 3,500,000 shares of common stock and were cancelled by the Company. |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2014 | |
LOSS PER SHARE | |
LOSS PER SHARE | NOTE 5 LOSS PER SHARE The following data show the amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock for the periods ended June 30, 2014 and 2013: For the Periods Ended June 30, 2014 2013 Loss from continuing operations available to common stockholders (numerator) $ (4,170) $ (9,291) Weighted average number of common shares outstanding used in loss per share during the period (denominator) 2,248,050 2,248,050 Dilutive loss per share was not presented, as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2014 | |
GOING CONCERN | |
GOING CONCERN | NOTE 6 - GOING CONCERN Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its planned business. Management has plans to seek additional capital through a public or private offering of equity or debt securities, or by other means. These conditions raise substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty. There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from the operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might necessary in the event the Company cannot continue in existence. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2014 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS In October 2014, the Company and Avidity Holdings LLC, a Utah limited liability company (Avidity) entered into a Rescission of Assignment Agreement (Rescission of Assignment) of the Nevada Mining Claims Assignment (the Nevada Claim Assignment) entered into by the parties on or about September 6, 2013. All of the Nevada Mining Claims will be returned to Avidity and all of the shares issued pursuant to the exchange will be returned to the Company. The total number of shares to be returned is 6,810,402. As a part of the Asset Purchase entered into on September 6, 2013 4,589,598 shares of common stock were issued pursuant to the terms of a consulting agreement. Inasmuch as the Asset Purchase was mutually rescinded and the services contemplated in the consulting agreement were never performed, the Company cancelled the shares on its books and records. It is in the process of obtaining the shares from the consultant to be officially cancelled by the transfer agent. On December 31, 2014, 3,210,402 of the shares issued for mining claims were returned and cancelled pursuant to Rescission of Assignment entered into in October 2014. The remaining 3,600,000 shares have been returned to the Company, but have not yet been cancelled. On December 31, 2014, the Companys sole officer and director purchased 25,000,000 shares of the Companys common stock for $25,000. On May 12, 2015, the Company sold 248,976,200 shares of its common stock for $248,976. The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined there were no additional items to report |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies: | |
Basis of Presentation | (A) Basis of Presentation These financial statements are presented on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America. It is management's opinion that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation |
Organization | (B) Organization B4MC Gold Mines, Inc. (formerly known as Heavenly Hot Dogs, Inc.) was organized under the laws of the State of Delaware on April 2, 1987. In June 2000, the Company changed its domicile from Delaware to Nevada. The Company attempted to sell franchises for the retail sale of its Chicago style hot dogs. The Company discontinued these operations during 1990 and had been inactive since that time until its acquisition of Trappers Pizza, Inc. on July 1, 2002. In March 2003, the Company rescinded the acquisition of Trappers Pizza, Inc. On October 10, 2013, the Company amended its articles of incorporation to change its name to B4MC Gold Mines, Inc |
Stock Split | (C) Stock Split On November 12, 2013, the Company implemented a 3 for 1 forward stock split. Upon effectiveness of the stock split, each shareholder received 3 shares of common stock for every share of common stock owned as of November 2, 2013. All share and per share references have been retroactively adjusted to reflect this 3 to 1 forward stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented. |
Use of Estimates | (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses during the reported period. Significant estimates include valuation of in kind contribution of interest and services and the valuation of deferred tax assets. Actual results could differ from those estimates. |
Cash and Cash Equivalents | E) Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At June 30, 2014 and 2013, the Company had $0 in cash equivalents |
Revenue Recognition | (F) Revenue Recognition The Company will recognize revenue on arrangements in accordance with FASB Accounting Standards Codification No. 605, Revenue Recognition. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. |
Loss Per Share | G) Loss Per Share Earnings (Loss) Per Share The basic computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, "Earnings Per Share." (See Note 5) |
Dividends | (H) Dividends The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors. |
Income Taxes | (I) Income Taxes The Company accounts for income taxes under FASB Codification Topic 740-10-25 (ASC 740-10-25). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Stock-Based Compensation | (J) Stock-Based Compensation In December 2004, the FASB issued FASB Accounting Standards Codification No. 718, Compensation Stock Compensation Equity instruments (instruments) issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB Accounting Standards Codification No. 718. FASB Accounting Standards Codification No. 505, Equity Based Payments to Non-Employees |
Business Segments | (K) Business Segments The Company operates in one segment and therefore segment information is not presented. |
Fair Value of Financial Instruments | (L) Fair Value of Financial Instruments The carrying amounts reported in the balance sheet for prepaids, accounts payable and accrued expenses, advances payable and notes payable approximate fair value based on the short-term maturity of these instruments. There are no assets or liabilities that are measured at fair value on a recurring basis |
Recent Accounting Pronouncements | (M) Recent Accounting Pronouncements In February 2013, FASB issued Accounting Standards Update 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). This guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. This stipulates that (1) it will include the amount the entity agreed to pay for the arrangement between them and the other entities that are also obligated to the liability and (2) any additional amount the entity expects to pay on behalf of the other entities. The objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. The amendments in this update are effective for fiscal periods (and interim reporting periods within those years) beginning after December 15, 2013. This standard is not expected to have a material impact on the Companys reported results of operations or financial position. In February 2013, FASB issued Accounting standards update 2013-02, Comprehensive Income Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This update requires an entity to provide information about the amount reclassified out of accumulated other comprehensive income by component. The entity is also required to disclose significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting periods. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other discourses required under U.S. GAAP that provide additional detail about those amounts. The objective in this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update should be applied prospectively for reporting periods beginning after December 15, 2013. This standard is not expected to have a material impact on the Companys reported results of operations or financial position. On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. |
Schedule of amounts used in com
Schedule of amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock (Tables) | 6 Months Ended |
Jun. 30, 2014 | |
Schedule of amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock | |
Schedule of amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock | The following data show the amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock for the periods ended June 30, 2014 and 2013: For the Periods Ended June 30, 2014 2013 Loss from continuing operations available to common stockholders (numerator) $ (4,170) $ (9,291) Weighted average number of common shares outstanding used in loss per share during the period (denominator) 2,248,050 2,248,050 |
Stock Split (Details)
Stock Split (Details) | Nov. 12, 2013 |
Stock Split Details | |
Company implemented a forward stock split 3 for | 1 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) | Jun. 30, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents Details | ||
Cash equivalents as on | $ 0 | $ 0 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Notes Payable Details | |||
Balance of loan obligation | $ 109,443 | ||
Interest rate per annum | 6.00% | 7.00% | |
Payments in amount required to be made monthly | $ 1,581 | ||
Advances received for the period | $ 0 | $ 7,960 | |
Amount owed as on | 105,909 | 100,076 | |
Accrued interest | $ 32,210 | $ 24,905 | |
Obligation to repay an advancing party | 129,002 | ||
Additional amount to be paid in exchange for release from all claims | 120,998 | ||
Total accrued payable | $ 250,000 |
Common Stock Transactions (Deta
Common Stock Transactions (Details) - USD ($) | Sep. 30, 2013 | Sep. 09, 2013 | Sep. 06, 2013 | Sep. 03, 2013 |
Common Stock Transactions | ||||
Cancellation of shares returned by former sole member of the board of directors and a consultant | 3,500,000 | |||
Common shares issued in consideration to purchase several items of mining machinery and equipment owned by Mr. Anderson | 54,000,000 | |||
Value of common shares issued in consideration to purchase several items of mining machinery and equipment owned by Mr. Anderson | $ 285,480 | |||
Assumed debt as a part consideration to purchase several items of mining machinery and equipment owned by Mr. Anderson | $ 109,443 | |||
Common shares issued to acquire 6 unpatented mining claim | 6,810,402 | |||
Value of common shares issued issued to acquire 6 unpatented mining claim | $ 36,004 | |||
Common shares issued for consulting services | 4,589,598 | |||
Value of common shares issued for consulting services | $ 24,264 | |||
Common shares issued for consulting services by an officer of the Company | 600,000 | |||
Value of common shares issued for consulting services by an officer of the Company | $ 3,172 | |||
Per share value of common shares issued | $ 0.005287 | $ 0.005287 | $ 0.005287 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Sep. 30, 2013 | Sep. 12, 2013 | Sep. 09, 2013 | Sep. 06, 2013 |
Related Party Transactions Details | ||||
Common shares issued in consideration to purchase several items of mining machinery and equipment owned by Mr. Anderson | 54,000,000 | |||
Value of common shares issued in consideration to purchase several items of mining machinery and equipment owned by Mr. Anderson | $ 285,480 | |||
Common shares issued for consulting services by an officer of the Company | 600,000 | |||
Value of common shares issued for consulting services by an officer of the Company | $ 3,172 | |||
Per share value of common shares issued | $ 0.005287 | $ 0.005287 | ||
Cancellation of shares returned by former sole member of the board of directors and a consultant | 3,500,000 | |||
Common shares issued pursuant to the Asset Purchase Agreement returned by Rescinding Shareholders | 47,550,000 | |||
Common shares to be returned by Anderson | 33,000,000 | |||
Common shares to be returned by Christopherson | 14,000,000 | |||
Common shares to be returned by Puzzi | 550,000 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Loss Per Share Details | ||
Loss from continuing operations available to common stockholders (numerator) | $ (4,170) | $ (9,291) |
Weighted average number of common shares outstanding used in loss per share during the period (denominator) | 2,248,050 | 2,248,050 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | May. 12, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Sep. 06, 2013 |
Subsequent Events Transactions | ||||
Total number of shares to be returned | 6,810,402 | |||
Common shares issued for consulting services | 4,589,598 | |||
Common shares issued for mining claims were returned and cancelled pursuant to Rescission of Assignment | 3,210,402 | |||
Remaining common shares issued for mineral claims that were not cancelled | 3,600,000 | |||
Common shares purchased by Company's sole officer and director | 25,000,000 | |||
Value of common shares purchased by Company's sole officer and director | $ 25,000 | |||
Common shares sold | 248,976,200 | |||
Value of common shares sold | $ 248,976 |