UNITED STATES
SECURITIES AND EXCHANGE COMMISION
Washington, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
[ X ] Annual Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended: June 30, 2013.
[ ] Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to _______.
Commission file number: 333-119823
DYNAMIC GOLD CORP.
(Name of small business issuer in its charter)
Nevada | Applied For |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
501 – 675 West Hastings Street, Vancouver, British Columbia, Canada V6B 1N2
(Address of principal executive offices)
Issuer’s telephone number (604) 681-3131
Securities registered under Section 12(b) of the Exchange Act:
Title of each class | Name of each exchange on which registered |
None | None |
Securities registered under Section 12(g) of the Exchange Act:
Common Stock
(Title of class)
Check whether the issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act: [ ]
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes [ X ] No [ ]
Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act.)
Yes [ X ] No [ ]
State issuer’s revenues for its most recent fiscal year: $Nil
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of a specified date within the past 60 days. (See definition of affiliate in Rule 12b-2 of the Exchange Act.)
$1,547,438 as at September 17, 2013
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.
9,825,000 as at September 17, 2013
Transitional Small Business Disclosure Format (Check One): Yes [ X ] No [ ]
EXPLANATORY NOTE
The purpose of this amendment to our Annual Report on Form 10-K for the period ended June 30, 2013, filed with the Securities Exchange Commission on September 18, 2013 (the Form 10-K), is to furnish Exhibit 101 - Interactive Data File in accordance with Rule 405 of Regulation S-T. This Form 10-K/A continues to describe conditions as of our original filing, and does not update disclosures contained herein to reflect events that occurred at a later date. This amendment speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the Form 10-K.
SIGNATURE
In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DYNAMIC GOLD CORP.
BY: | / s / Tim Coupland | ||
Tim Coupland, President and Chief Executive Officer | |||
BY: | / s / Robert Hall | ||
Robert Hall, Chief Financial Officer | |||
DATE: | September 17, 2013 |
Pursuant to requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
BY: | / s / Tim Coupland | ||
Tim Coupland, President and Chief Executive Officer | |||
Date: | September 17, 2013 | ||
BY: | / s / Robert Hall | ||
Robert Hall, Chief Financial Officer | |||
DATE: | September 17, 2013 |
Supplemental Disclosures with Respect to Cash Flows
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Supplemental Disclosures with Respect to Cash Flows [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosures with Respect to Cash Flows |
During the year ended 30 June 2013, an officer and director of the Company made contributions to capital for management fees in the amount of $60,000 (30 June 2012 - $60,000, 30 June 2011 -$60,000, cumulative - $372,000) and for rent in the amount of $3,600 (30 June 2012 - $3,600, 30 June 2011 - $3,600, cumulative - $25,200) (Note 7). During the year ended 30 June 2013, the Company accrued interest of $13,036 (30 June 2012 -$16,524, 30 June 2011 - $14,592, cumulative - $75,000) related to a loan payable to a related party (Note 5). During the year ended 30 June 2013, the Company issued 185,000 common shares at a price of $1.00 per share for a total consideration of $185,000 to an officer, director and shareholder of the Company as part of a settlement of the outstanding balance due to related party (Notes 5 and 6). |
Unproven Mineral Property
|
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2013
|
|||
Unproven Mineral Property [Abstract] | |||
Unproven Mineral Property |
During the year ended 30 June 2008, the Company acquired, through its wholly owned subsidiary, a 100% undivided rights, title and interest in and to two gravel claims called the Northern Gravel Claims and Super Mammoth Gravel Claims (the "Super Mammoth Gravel Project") situated along the Homfray Channel at Lloyd Point on the south coast of British Columbia, Canada for $25,000. The Super Mammoth Gravel Project consists of two mineral claim tenures that are approximately 124.1 hectares ("ha") each in size (total 248.2 ha). The claims are currently in good standing until their respective anniversary dates which are 6 November 2014 (Northern Gravel Claims) and 19 January 2015 (Super Mammoth Claim). The acquisition cost of $25,000 was initially capitalized as a tangible asset. During the year ended 30 June 2008, the Company recorded a write-down of mineral property acquisition costs of $25,000 related to the Super Mammoth Gravel Project. During prior years, the Company acquired a 100% undivided right, title and interest in and to the 24 claim units located in the Red Lake Mining District in the province of Ontario, Canada (the "Sobeski Lake Gold Property") for $10,607. The Company allowed these claims to expire on 20 January 2008. The Company recorded a write-down of mineral property acquisition costs of $10,607 related to the Sobeski Lake Gold Property. The Company had no expenditures related to the Super Mammoth Gravel Project for the year ended 30 June 2013 (30 June 2012 - $Nil, 30 June 2011 - $Nil, cumulative - $35,607). |
Financial Instruments
|
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2013
|
|||
Financial Instruments [Abstract] | |||
Financial Instruments |
The carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short term maturity of these financial instruments. Credit Risk Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents. The Company deposits cash and cash equivalents with high credit quality financial institutions as determined by rating agencies. Currency Risk The Company's functional and reporting currency is the U.S. dollar. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. The Canadian dollar had weakened (strengthened) against the U.S. dollar, with all other variables held constant, by 100 basis points (1%) at year end, the impact on net loss and other comprehensive loss would have been $169 lower ($169 higher). Interest Rate Risk The Company has cash balances and no interest-bearing debt. It is management's opinion that the Company is not exposed to significant interest risk arising from these financial instruments. Liquidity Risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The Company is reliant upon a related party and private placements as its sources of cash. The Company has received financing from a related party and private placements in the past; however, there is no assurance that it will be able to do so in the future. |
Capital Stock (Details) (USD $)
|
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2004
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Capital Stock [Abstract] | |||
Capital stock, par value per share | $ 0.001 | $ 0.001 | |
Capital stock, shares authorized | 75,000,000 | 75,000,000 | |
Capital stock, shares issued | 9,800,000 | 9,515,000 | |
Capital stock, shares outstanding | 9,800,000 | 9,515,000 | |
Common shares issued for cash ($1.00 per share), shares | 100,000 | ||
Common shares issued for cash ($1.00 per share) | $ 100,000 | ||
Common shares issued for debt ($1.00 per share) | 185,000 | ||
Common shares issued for debt ($1.00 per share) | $ 185,000 | ||
Price per share | $ 0.001 | $ 1.00 |
Due to Related Party (Details) (USD $)
|
6 Months Ended | 12 Months Ended | 113 Months Ended | 1 Months Ended | 12 Months Ended | 113 Months Ended | ||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2004
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2013
|
Apr. 26, 2013
Officer Director And Shareholder [Member]
|
Jun. 30, 2013
Officer Director And Shareholder [Member]
|
Jun. 30, 2012
Officer Director And Shareholder [Member]
|
Jun. 30, 2011
Officer Director And Shareholder [Member]
|
Jun. 30, 2013
Officer Director And Shareholder [Member]
|
|
Related Party Transaction [Line Items] | ||||||||||
Principal loan amount due to Officer, Director and Shareholder | $ 200,000 | $ 200,000 | ||||||||
Loan advances received from Related party | 15,000 | |||||||||
Due to related party (Note 5) | 246,964 | 275,000 | 275,000 | |||||||
Interest rate of Loan, received from related party | 10.00% | |||||||||
Maturity date | Jan. 08, 2014 | |||||||||
Accrued interest related to a loan payable to a related party | 13,036 | 16,524 | 14,592 | 75,000 | 13,036 | 16,524 | 14,592 | 75,000 | ||
Balance principal amount due to related party | 200,000 | |||||||||
Balance interest amount due to related party | 75,000 | |||||||||
Payment toward related party balance due | $ 90,000 | |||||||||
Common shares issued for debt ($1.00 per share) | 185,000 | 185,000 | ||||||||
Price per share | $ 0.001 | $ 1.00 | $ 1.000 |
Subsequent Events (Details) (Subsequent Event [Member], USD $)
|
1 Months Ended |
---|---|
Aug. 28, 2013
|
|
Subsequent Event [Member]
|
|
Subsequent Event [Line Items] | |
Shares issued in private placement | 25,000 |
Proceeds from issuance of private placement | $ 25,000 |
Common stock, price per share | $ 1.00 |
Commitment and Contingency (Details) (USD $)
|
12 Months Ended | 113 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2013
|
|
Commitment and Contingency [Abstract] | ||||
WrIte off accounts payable | $ 12,000 | $ 12,000 |
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Accounts Payable and Accrued Liabilities (Details) (USD $)
|
12 Months Ended | 113 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2013
|
|
Accounts Payable and Accrued Liabilities [Abstract] | ||||
WrIte off accounts payable | $ 12,000 | $ 12,000 |
Consolidated Statements of Changes in Stockholders' Deficiency (USD $)
|
6 Months Ended | 12 Months Ended | 113 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2004
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2009
|
Jun. 30, 2008
|
Jun. 30, 2007
|
Jun. 30, 2006
|
Jun. 30, 2005
|
Jun. 30, 2013
|
|
Balance | $ (252,761) | $ (209,690) | $ (190,996) | $ (162,413) | $ (126,458) | $ (46,208) | $ (27,963) | $ (5,807) | $ 20,233 | ||
Balance, shares | 9,515,000 | ||||||||||
Common shares issued for cash ($0.001 per share) | 7,500 | ||||||||||
Common shares issued for cash ($0.01 per share) | 20,000 | ||||||||||
Common shares issued for cash ($0.20 per share) | 3,000 | ||||||||||
Common shares issued for cash ($1.00 per share) | 100,000 | ||||||||||
Common shares issued for cash ($1.00 per share), shares | 100,000 | ||||||||||
Common shares issued for debt ($1.00 per share) | 185,000 | ||||||||||
Common shares issued for debt ($1.00 per share) | 185,000 | ||||||||||
Contributions to capital by related party - expenses (Notes 7 and 10) | 63,600 | 63,600 | 63,600 | 63,600 | 63,600 | 63,600 | 15,600 | ||||
Net loss for the period | (10,267) | (120,932) | (106,671) | (82,294) | (92,183) | (99,555) | (143,850) | (33,845) | (22,156) | (26,040) | (737,793) |
Balance | 20,233 | (25,093) | (252,761) | (209,690) | (190,996) | (162,413) | (126,458) | (46,208) | (27,963) | (5,807) | (25,093) |
Balance, shares | 9,800,000 | 9,515,000 | 9,800,000 | ||||||||
Capital stock [Member]
|
|||||||||||
Balance | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | ||
Balance, shares | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | ||
Common shares issued for cash ($0.001 per share) | 7,500 | ||||||||||
Common shares issued for cash ($0.001 per share), shares | 7,500,000 | ||||||||||
Common shares issued for cash ($0.01 per share) | 2,000 | ||||||||||
Common shares issued for cash ($0.01 per share), shares | 2,000,000 | ||||||||||
Common shares issued for cash ($0.20 per share) | 15 | ||||||||||
Common shares issued for cash ($0.20 per share), shares | 15,000 | ||||||||||
Common shares issued for cash ($1.00 per share) | 100 | ||||||||||
Common shares issued for cash ($1.00 per share), shares | 100,000 | ||||||||||
Common shares issued for debt ($1.00 per share) | 185 | ||||||||||
Common shares issued for debt ($1.00 per share) | 185,000 | ||||||||||
Contributions to capital by related party - expenses (Notes 7 and 10) | |||||||||||
Net loss for the period | |||||||||||
Balance | 9,515 | 9,800 | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | 9,515 | 9,800 |
Balance, shares | 9,515,000 | 9,800,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,515,000 | 9,800,000 |
Additional paid-in capital [Member]
|
|||||||||||
Balance | 354,585 | 290,985 | 227,385 | 163,785 | 100,185 | 36,585 | 20,985 | 20,985 | 20,985 | ||
Common shares issued for cash ($0.001 per share) | |||||||||||
Common shares issued for cash ($0.01 per share) | 18,000 | ||||||||||
Common shares issued for cash ($0.20 per share) | 2,985 | ||||||||||
Common shares issued for cash ($1.00 per share) | 99,900 | ||||||||||
Common shares issued for debt ($1.00 per share) | 184,815 | ||||||||||
Contributions to capital by related party - expenses (Notes 7 and 10) | 63,600 | 63,600 | 63,600 | 63,600 | 63,600 | 63,600 | 15,600 | ||||
Net loss for the period | |||||||||||
Balance | 20,985 | 702,900 | 354,585 | 290,985 | 227,385 | 163,785 | 100,185 | 36,585 | 20,985 | 20,985 | 702,900 |
Deficit, accumulated during the exploration stage [Member]
|
|||||||||||
Balance | (616,861) | (510,190) | (427,896) | (335,713) | (236,158) | (92,308) | (58,463) | (36,307) | (10,267) | ||
Common shares issued for cash ($0.001 per share) | |||||||||||
Common shares issued for cash ($0.01 per share) | |||||||||||
Common shares issued for cash ($0.20 per share) | |||||||||||
Common shares issued for cash ($1.00 per share) | |||||||||||
Common shares issued for debt ($1.00 per share) | |||||||||||
Contributions to capital by related party - expenses (Notes 7 and 10) | |||||||||||
Net loss for the period | (10,267) | (120,932) | (106,671) | (82,294) | (92,183) | (99,555) | (143,850) | (33,845) | (22,156) | (26,040) | |
Balance | $ (10,267) | $ (737,793) | $ (616,861) | $ (510,190) | $ (427,896) | $ (335,713) | $ (236,158) | $ (92,308) | $ (58,463) | $ (36,307) | $ (737,793) |
Nature and Continuance of Operations
|
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2013
|
|||
Nature and Continuance of Operations [Abstract] | |||
Nature and Continuance of Operations |
Dynamic Gold Corp. (the "Company") was incorporated under the laws of the State of Nevada on 21 January 2004 and is in the exploration stage. These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company is an exploration stage enterprise, as defined in Accounting Standards Codification (the "Codification" or "ASC") 915-10, "Development Stage Entities". The Company is devoting all of its present efforts in establishing a new business, and its planned principle operations have not commenced, and, accordingly, no revenue has been derived during the organization period. The Company is in the business of acquiring and exploring mineral properties. The recoverability of the amounts expended by the Company on acquiring and exploring mineral properties is dependent upon the existence of economically recoverable reserves, the ability of the Company to complete the acquisition and/or development of the properties and upon future profitable production. The Company's consolidated financial statements as at 30 June 2013 and for the year then ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has a loss of $120,932 for the year ended 30 June 2013 (30 June 2012 - $106,671, 30 June 2011 -$82,294, cumulative - $737,793) and has a working capital deficit of $25,093 at 30 June 2013 (30 June 2012 - $252,761). Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. Management believes that the Company's capital resources should be adequate to continue operating and maintaining its business strategy during the fiscal year ending 30 June 2013. However, if the Company is unable to raise additional capital in the near future, due to the Company's liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favourable terms and/or pursue other remedial measures. These consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. At 30 June 2013, the Company had suffered losses from exploration activities to date. Although management is currently attempting to implement its business plan, and is seeking additional sources of equity or debt financing, there is no assurance these activities will be successful. Accordingly, the Company must rely on its president to perform essential functions without compensation until a business operation can be commenced. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Accounts Payable and Accrued Liabilities
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12 Months Ended | ||
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Jun. 30, 2013
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Accounts Payable and Accrued Liabilities [Abstract] | |||
Accounts Payable and Accrued Liabilities |
Accounts payable and accrued liabilities are non-interest bearing, unsecured and have settlement dates within one year. During the year ended 30 June 2013, the Company wrote off accounts payable balances in the amount of $Nil (30 June 2012 - $Nil, 30 June 2011 - $12,000, cumulative - $12,000) related to consulting fees that had remained unpaid for several years without any claim being made by the creditor against the Company. Management does not consider these amounts are payable although there is no assurance that a formal claim will not be made against the Company for some or all of these balances in the future. The write down has been recorded as a recovery of expenses and a decrease in accounts payable (Notes 9 and 10). |
Significant Accounting Policies
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12 Months Ended | ||
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Jun. 30, 2013
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Significant Accounting Policies [Abstract] | |||
Significant Accounting Policies |
The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements. Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with GAAP applicable to exploration stage enterprises, and are expressed in U.S. dollars. The Company's fiscal year end is 30 June. Principles of consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Dynamic Gravel Holdings Ltd. ("Dynamic Gravel"), a company incorporated in the province of Alberta on 21 November 2007. All significant inter-company balances and transactions have been eliminated upon consolidation. Cash and cash equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less. Derivative financial instruments The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Mineral property costs The Company is primarily engaged in the acquisition, exploration and development of mineral properties. Mineral property acquisition costs are initially capitalized as tangible assets when purchased. At the end of each fiscal quarter end, the Company assesses the carrying costs for impairment. If proven and probable reserves are established for a property and it has been determined that a mineral property can be economically developed, costs will be amortized using the units-of-production method over the estimated life of the probable reserve. Mineral property exploration costs are expensed as incurred. Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis. Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards. Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred. As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and incurred only acquisition and exploration costs (Note 3). Although the Company has taken steps to verify title to mineral properties in which it has an interest, according to the usual industry standards for the stage of exploration of such properties, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Environmental expenditures The operations of the Company have been, and may in the future, be affected from time to time, in varying degrees, by changes in environmental regulations, including those for future reclamation and site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company vary greatly and are not predictable. The Company's policy is to meet or, if possible, surpass standards set by relevant legislation, by application of technically proven and economically feasible measures. Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future reclamation and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. Income taxes Deferred income taxes are reported for timing differences between items of income or expense reported in the consolidated financial statements and those reported for income tax purposes in accordance with ASC 740, "Income Taxes", which requires the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits 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, and for tax losses and credit carry-forwards. 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 Company provides for deferred taxes for the estimated future tax effects attributable to temporary differences and carry-forwards when realization is more likely than not. 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 30 June 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the consolidated financial statements. Risks and uncertainties The Company operates in the resource exploration industry that is subject to significant risks and uncertainties, including financial, operational, technological, and other risks associated with operating a resource exploration business, including the potential risk of business failure. Basic and diluted net loss per share The Company computes net income (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 income (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 excluded all dilutive potential shares if their effect is anti-dilutive. Segments of an enterprise and related information ASC 280, "Segment Reporting" establishes guidance for the way that public companies report information about operating segments in annual consolidated financial statements and requires reporting of selected information about operating segments in interim consolidated financial statements issued to the public. It also establishes standards for disclosures regarding products and services, geographic areas and major customers. ASC 280 defines operating segments as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company has evaluated this Codification and does not believe it is applicable at this time. Start-up expenses The Company has adopted ASC 720-15, "Start-Up Costs", which requires that costs associated with start-up activities be expensed as incurred. Accordingly, start-up costs associated with the Company's formation have been included in the Company's expenses for the period from the date of inception on 21 January 2004 to 30 June 2013. Foreign currency translation The Company's functional and reporting currency is U.S. dollars. The consolidated financial statements of the Company are translated to U.S. dollars in accordance with ASC 830, "Foreign Currency Matters". Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. Comparative figures Certain comparative figures have been adjusted to conform to the current year's presentation. Changes in Accounting Policies Effective 1 July 2012, the Company adopted Accounting Standards Update ("ASU") No. 2011-12, "Comprehensive Income". This ASU effectively defers the changes in ASU No. 2011-05, "Presentation of Comprehensive Income" that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. As ASU No. 2011-12 relates only to the presentation of Comprehensive Income, the adoption of this update did not have a material effect on the Company's consolidated financial statements. Effective 1 July 2012, the Company adopted ASU No. 2011-05, "Comprehensive Income", which gives an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This ASU eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. The amendments in this ASU do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The adoption of ASU No. 2011-05 did not have a material impact on the Company's consolidated financial statements. Effective 1 July 2012, the Company adopted ASU No. 2011-04, "Fair Value Measurement" to amend the accounting and disclosure requirements on fair value measurements. This ASU limits the highest-and-best-use measure to nonfinancial assets, permits certain financial assets and liabilities with offsetting positions in market or counterparty credit risks to be measured at a net basis, and provides guidance on the applicability of premiums and discounts. Additionally, this update expands the disclosure on Level 3 inputs by requiring quantitative disclosure of the unobservable inputs and assumptions, as well as description of the valuation processes and the sensitivity of the fair value to changes in unobservable inputs. The adoption of this update did not have a material effect on the Company's consolidated financial statements. Recent Accounting Pronouncement In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists", which is intended to eliminate the diversity that is in practice with regard to the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU No. 2013-11 is effective for fiscal years and interim periods within those years, beginning after 15 December 2014, with early adoption permissible. The adoption of this update is not expected to have a material impact on the Company's consolidated financial statements. |
Related Party Transactions (Details) (USD $)
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12 Months Ended | 113 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2013
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Related Party Transactions [Abstract] | ||||
Contributions to capital for management fees from officer and director including cumulative portion | $ 60,000 | $ 60,000 | $ 60,000 | $ 372,000 |
Contribution to rent from officers and directors including cumulative portion | $ 3,600 | $ 3,600 | $ 3,600 | $ 25,200 |
Supplemental Disclosures with Respect to Cash Flows (Details) (USD $)
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6 Months Ended | 12 Months Ended | 113 Months Ended | ||
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Jun. 30, 2004
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2013
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Supplemental Disclosures with Respect to Cash Flows [Abstract] | |||||
Cash paid during the period for interest | |||||
Cash paid during the period for income taxes | |||||
Contributions to capital for management fees from officer and director including cumulative portion | 60,000 | 60,000 | 60,000 | 372,000 | |
Contribution to rent from officers and directors including cumulative portion | 3,600 | 3,600 | 3,600 | 25,200 | |
Accrued interest related to a loan payable to a related party | 13,036 | 16,524 | 14,592 | 75,000 | |
Common shares issued for debt ($1.00 per share) | 185,000 | ||||
Common shares issued for debt ($1.00 per share) | $ 185,000 | ||||
Price per share | $ 0.001 | $ 1.00 |