[X]
|
QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED FEBRUARY 28, 2013
|
OR
|
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Large accelerated filer
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[ ]
|
Accelerated filer
|
[ ]
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Non-accelerated filer
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[ ]
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Smaller reporting company
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[X]
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
Balance Sheets
|
3 |
Statements of Operations
|
4 |
Statements of Cash Flows
|
5 |
Notes to the Financial Statements
|
6 |
February 28,
2013
$
|
August 31,
2012
$
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
3,953
|
10,437
|
||||||
Prepaid expenses
|
–
|
825
|
||||||
Accounts receivable, net
|
1,069
|
1,097
|
||||||
Total current assets
|
5,022
|
12,359
|
||||||
Oil and gas properties, full cost method
|
403,829
|
407,041
|
||||||
Total Assets
|
408,851
|
419,400
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accrued interest – related parties
|
5,307
|
2,707
|
||||||
Accounts payable – related parties
|
3,638
|
3,488
|
||||||
Due to former officer
|
9,047
|
9,047
|
||||||
Promissory notes – related parties
|
60,000
|
60,000
|
||||||
Total Current Liabilities
|
77,992
|
75,242
|
||||||
Asset retirement obligation
|
3,282
|
3,282
|
||||||
Total Liabilities
|
81,274
|
78,524
|
||||||
Commitments
|
||||||||
Stockholders’ Equity
|
||||||||
Preferred stock, 100,000,000 shares authorized, $0.00001 par value;
None issued and outstanding
|
–
|
–
|
||||||
Common stock, 516,666,666 shares authorized, $0.001 par value;
55,500,030 shares issued and outstanding
|
55,500
|
55,500
|
||||||
Additional paid-in capital
|
672,293
|
672,293
|
||||||
Deficit accumulated during the exploration stage
|
(400,216)
|
(386,917)
|
||||||
Total Stockholders’ Equity
|
327,577
|
340,876
|
||||||
Total Liabilities and Stockholders’ Equity
|
408,851
|
419,400
|
||||||
Three Months
|
Three Months
|
Six Months
|
Six Months
|
June 27, 2006
|
||||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
(Inception)
|
||||||||||||||||
February 28,
|
February 29,
|
February 28,
|
February 29,
|
to February 28,
|
||||||||||||||||
2013
|
2012
|
2013
|
2012
|
2013
|
||||||||||||||||
$ | $ | $ | $ | $ | ||||||||||||||||
Revenues
|
7,358 | – | 20,233 | – | 27,503 | |||||||||||||||
Cost of revenues
|
1,900 | – | 5,290 | – | 6,962 | |||||||||||||||
Gross Profit
|
5,458 | – | 14,943 | – | 20,541 | |||||||||||||||
Expenses
|
||||||||||||||||||||
General and administrative
|
– | 16,744 | 1,035 | 45,997 | 97,084 | |||||||||||||||
Professional and consulting fees
|
8,027 | 15,171 | 24,607 | 66,821 | 325,896 | |||||||||||||||
Total Expenses
|
8,027 | 31,915 | 25,642 | 112,818 | 422,980 | |||||||||||||||
Net loss from operations
|
(2,569 | ) | (31,915 | ) | (10,699 | ) | (112,818 | ) | (402,439 | ) | ||||||||||
Other income (expense)
|
||||||||||||||||||||
Gain on transfer of equipment
|
– | – | – | – | 7,530 | |||||||||||||||
Interest expense
|
(1,300 | ) | (600 | ) | (2,600 | ) | (1,200 | ) | (5,307 | ) | ||||||||||
Net Loss
|
(3,869 | ) | (32,515 | ) | (13,299 | ) | (114,018 | ) | (400,216 | ) | ||||||||||
Net Loss Per Share – Basic and Diluted
|
(0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||
Weighted Average Shares Outstanding – Basic and Diluted
|
55,500,030 | 55,500,030 | 55,500,030 | 46,723,734 |
Six Months
|
Six Months
|
June 27, 2006
|
||||||||||
Ended
|
Ended
|
(Inception)
|
||||||||||
February 28,
|
February 29,
|
to February 28,
|
||||||||||
2013 | 2012 | 2013 | ||||||||||
$ | $ | $ | ||||||||||
Operating Activities
|
||||||||||||
Net loss
|
(13,299 | ) | (114,018 | ) | (400,216 | ) | ||||||
Adjustments to reconcile net loss to net cash used in operations:
|
||||||||||||
Donated services
|
– | – | 12,800 | |||||||||
Gain on transfer of equipment
|
– | – | (7,530 | ) | ||||||||
Change in operating assets and liabilities:
|
||||||||||||
Prepaid expenses
|
825 | (2,475 | ) | – | ||||||||
Accounts receivable
|
28 | – | (1,069 | ) | ||||||||
Accounts payable – related parties
|
150 | (18,360 | ) | 3,638 | ||||||||
Accrued interest – related parties
|
2,600 | (3,775 | ) | 5,307 | ||||||||
Net Cash Used In Operating Activities
|
(9,696 | ) | (138,628 | ) | (387,070 | ) | ||||||
Investing Activities
|
||||||||||||
Acquisition of equipment
|
– | (17,000 | ) | (17,000 | ) | |||||||
Acquisition of oil and gas properties
|
– | (195,376 | ) | (196,776 | ) | |||||||
(Development) recovery of oil and gas properties
|
3,212 | (9,778 | ) | (179,241 | ) | |||||||
Net Cash Provided by (Used in) Investing Activities
|
3,212 | (222,154 | ) | (393,017 | ) | |||||||
Financing Activities
|
||||||||||||
Promissory notes – related parties
|
– | 20,000 | 60,000 | |||||||||
Advance from related party
|
– | – | 28,040 | |||||||||
Common share redemption
|
– | (1,000 | ) | (1,000 | ) | |||||||
Proceeds from issuance of common stock
|
– | 500,000 | 697,000 | |||||||||
Net Cash Provided by Financing Activities
|
– | 519,000 | 784,040 | |||||||||
Change in Cash and Cash Equivalents
|
(6,484 | ) | 158,218 | 3,953 | ||||||||
Cash and Cash Equivalents - Beginning of Period
|
10,437 | 1,680 | – | |||||||||
Cash and Cash Equivalents - End of Period
|
3,953 | 159,898 | 3,953 | |||||||||
Supplemental Disclosures
|
||||||||||||
Interest paid
|
– | – | – | |||||||||
Income taxes paid
|
– | – | – | |||||||||
Non-cash Transaction
|
||||||||||||
Transfer of equipment to oil and gas properties
|
– | – | 24,530 | |||||||||
Contributed capital – debt forgiveness
|
– | – | 18,993 | |||||||||
-
|
The Meyers Ranch Lease Block is comprised of the following:
|
-
|
The Belcher Lease was acquired on January 27, 2012, covering approximately 120 acres. This lease has a one year term and for so long thereafter as oil and/or gas is produced therefrom. This lease carries a 12.5% landowner’s royalty.
|
General and Administrative
|
$ | 150,000 | ||
Develop the leases and complete the wells
|
$ | 1,600,000 | ||
Total
|
$ | 1,750,000 |
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION.
|
ITEM 6.
|
EXHIBITS.
|
Exhibit No.
|
Document Description
|
31.1
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Chief Executive Officer and Chief Financial Officer.
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T.
|
DYM ENERGY CORPORATION
|
||
(Registrant)
|
||
BY:
|
/S/ Kevin B. Halter, Jr.
|
|
Kevin B. Halter, Jr.
|
||
President, Principal Accounting Officer, Principal Executive Officer,
Principal Financial Officer, and Treasurer.
|
Promissory Notes - Related Party
|
6 Months Ended |
---|---|
Feb. 28, 2013
|
|
Debt Disclosure [Abstract] | |
Promissory Notes - Related Party | 4. Promissory Notes - Related Parties
Effective September 9, 2011 the Company issued a promissory note of $20,000 to the former director of the Company at annual interest rate of 12%. The promissory note is unsecured and payable upon demand. As of February 28, 2013, accrued interest on the promissory note was $3,600.
During the year ended August 31, 2012 the Company issued two promissory notes for a total of $40,000 to a shareholder who is also the director of the Company at annual interest rate of 7%. The promissory notes are unsecured and payable upon demand. As of February 28, 2013, the Company recorded accrued interest of $1,707 on the promissory notes. |
Related Party Transactions
|
6 Months Ended |
---|---|
Feb. 28, 2013
|
|
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. Related Party Transactions
During the six months ended February 28, 2013, the Company incurred filing fees of $150 to a company of which the sole director and officer of the Company is the president. As of February 28, 2013 the Company had a balance of $3,638 owed to this related party, which is non-interest bearing, unsecured and payable on demand. |
Basis of Presentation
|
6 Months Ended |
---|---|
Feb. 28, 2013
|
|
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation
The accompanying unaudited interim financial statements of DYM Energy Corporation (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2012 as reported in Form 10-K, have been omitted.
Going Concern
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $400,216 as of February 28, 2013. The Company currently has limited liquidity and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern. |
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Oil and Gas Properties
|
6 Months Ended |
---|---|
Feb. 28, 2013
|
|
Extractive Industries [Abstract] | |
Oil and Gas Properties | 2. Oil and Gas Properties
During the year ended August 31, 2012, the Company acquired three contiguous oil and gas leases located in Clay County, Texas (the “Clay County Property”), containing total area of approximately 3,017 acres for cash payment of $172,026. The three leases are as follows:
- The Meyers Ranch Lease Block is comprised of the following:
The Meyers Ranch Lease Block contains approximately 1,840 acres, which is broken into a north lease of approximately 1,057 acres and a south lease of 783 acres. There are three different mineral owners in this entire lease block. One mineral owner owns an interest in both the north and south leases, with one mineral owner having an interest in each of the leases.
The first lease was acquired on January 27, 2012. This lease has a three year term and carries a 21% landowner’s royalty. This lease contains acreage in both the north and south leases. The second lease was acquired on February 2, 2012, for the remaining acreage in the north lease. This lease has a three year term and carries a 25% landowner’s royalty. There is approximately 66% of the south acreage that is still not leased.
During the six months ended February 28, 2013 the first well on the Meyers Ranch Lease commenced production. The Company owns 19.2211% of the 75% net revenue interest of this well, and a private partnership partially owned by the sole director and officer of the Company owns 20% of the 75% working interest.
- The Belcher Lease was acquired on January 27, 2012, covering approximately 120 acres. This lease has a one year term and for so long thereafter as oil and/or gas is produced therefrom. This lease carries a 12.5% landowner’s royalty.
The Company owns 16.9997% of the 75% net revenue interest in the first well on the Belcher Lease, which has been in production since July, 2012. A private partnership partially owned by the sole director and officer of the Company owns 19.9869% of the 75% working interest. The well carries 12.5% overriding interest. A private partnership partially owned by the sole director and officer of the Company owns 3.8333% overriding interest.
As of February 28, 2013, all of the Company’s oil and gas properties were unproven and excluded from depletion. |
Balance Sheets (Parenthetical) (USD $)
|
Feb. 28, 2013
|
Aug. 31, 2012
|
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, shares authorized | 516,666,666 | 516,666,666 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 55,500,030 | 55,500,030 |
Common stock, shares outstanding | 55,500,030 | 55,500,030 |
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Document and Entity Information
|
6 Months Ended | |
---|---|---|
Feb. 28, 2013
|
Apr. 08, 2013
|
|
Document And Entity Information | ||
Entity Registrant Name | DYM ENERGY Corp | |
Entity Central Index Key | 0001418196 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2013 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
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 | 55,500,030 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2013 |
Statements of Operations (USD $)
|
3 Months Ended | 6 Months Ended | 80 Months Ended | ||
---|---|---|---|---|---|
Feb. 28, 2013
|
Feb. 29, 2012
|
Feb. 28, 2013
|
Feb. 29, 2012
|
Feb. 28, 2013
|
|
Income Statement [Abstract] | |||||
Revenues | $ 7,358 | $ 20,233 | $ 27,503 | ||
Cost of revenues | 1,900 | 5,290 | 6,962 | ||
Gross Profit | 5,458 | 14,943 | 20,541 | ||
Expenses | |||||
General and administrative | 16,744 | 1,035 | 45,997 | 97,084 | |
Professional and consulting fees | 8,027 | 15,171 | 24,607 | 66,821 | 325,896 |
Total Expenses | 8,027 | 31,915 | 25,642 | 112,818 | 422,980 |
Net loss from operations | (2,569) | (31,915) | (10,699) | (112,818) | (402,439) |
Other income (expense) | |||||
Gain on transfer of equipment | 7,530 | ||||
Interest expense | (1,300) | (600) | (2,600) | (1,200) | (5,307) |
Net Loss | $ (3,869) | $ (32,515) | $ (13,299) | $ (114,018) | $ (400,216) |
Net Loss Per Share- Basic and Diluted | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | |
Weighted Average Shares Outstanding-Basic and Diluted | 55,500,030 | 55,500,030 | 55,500,030 | 46,723,734 |
Oil and Gas Properties (Details Narrative) (USD $)
|
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2013
acre
|
||||||||||
Cash payment for leases | $ 172,026 | |||||||||
Acres acquired | 3,017 | |||||||||
The Myers Ranch Lease Block
|
||||||||||
Acres acquired | 1,840 | [1] | ||||||||
The Myers Ranch Lease Block #1
|
||||||||||
Date of lease | Jan. 27, 2012 | |||||||||
Term | 3 years | |||||||||
Royalty Percentage | 21.00% | |||||||||
The Myers Ranch Lease Block #2
|
||||||||||
Date of lease | Feb. 02, 2012 | |||||||||
Term | 3 years | |||||||||
Royalty Percentage | 25.00% | |||||||||
Ownership | 19.2211% | [2] | ||||||||
The Belcher Lease
|
||||||||||
Acres acquired | 120 | |||||||||
Date of lease | Jan. 27, 2012 | |||||||||
Royalty Percentage | 12.50% | [3] | ||||||||
Ownership | 16.9997% | [4] | ||||||||
|
Basis of Presentation (Details Narrative) (USD $)
|
Feb. 28, 2013
|
Aug. 31, 2012
|
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated Deficit | $ (400,216) | $ (386,917) |
Related Party Transactions (Details Narrative) (USD $)
|
6 Months Ended | |
---|---|---|
Feb. 28, 2013
|
Aug. 31, 2012
|
|
Related Party Transaction, Due from (to) Related Party [Abstract] | ||
Filing fees | $ 150 | |
Accounts payable - related party | $ 3,638 | $ 3,488 |
Promissory Notes - Related Party (Details Narrative) (USD $)
|
6 Months Ended |
---|---|
Feb. 28, 2013
|
|
September 9, 2011
|
|
Date of Note | Sep. 09, 2011 |
Amount | $ 20,000 |
Interest Rate | 12.00% |
Accrued Interest | 3,600 |
August 1, 2012
|
|
Date of Note | Aug. 31, 2012 |
Amount | 40,000 |
Interest Rate | 7.00% |
Accrued Interest | $ 1,707 |
Basis of Presentation (Policies)
|
6 Months Ended |
---|---|
Feb. 28, 2013
|
|
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation
The accompanying unaudited interim financial statements of DYM Energy Corporation (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2012 as reported in Form 10-K, have been omitted. |
Going Concern | Going Concern
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit of $400,216 as of February 28, 2013. The Company currently has limited liquidity and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Company’s ability to continue as a going concern. |