Bullfrog Gold Corp. (Formerly Kopr Resources Corp.) - (An Exploration Stage Company) - Statement of Operations (Unaudited) (USD $)
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3 Months Ended | 9 Months Ended | 48 Months Ended | ||
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Jul. 31, 2011
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Jul. 31, 2010
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Jul. 31, 2011
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Jul. 31, 2010
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Jul. 31, 2011
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Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of Sales | 0 | 0 | 0 | 0 | 0 |
Gross Margin | 0 | 0 | 0 | 0 | 0 |
General and Administrative Expenses | 6,014 | 16,749 | 4,396 | 56,235 | 147,412 |
Total Operating Expenses | 6,014 | 16,749 | 4,396 | 56,235 | 147,412 |
Gain on Forgiveness of Debt | 0 | 0 | (5,500) | 0 | (5,500) |
Income Before Income Tax Expense | (6,014) | (16,749) | 1,104 | (56,235) | (141,912) |
Income Tax Expense | 0 | 0 | 0 | 0 | 0 |
Net Income (Loss) | $ (6,014) | $ (16,749) | $ 1,104 | $ (56,235) | $ (141,913) |
Income (Loss) per share basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 | Â |
Weighted average number of common shares outstanding basic and diluted | 31,510,919 | 26,911,130 | 31,510,919 | 26,911,130 | 31,510,919 |
Bullfrog Gold Corp. (Formerly Kopr Resources Corp.) - (An Exploration Stage Company) - Statements of Cash Flows (Unaudited) (USD $)
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9 Months Ended | 48 Months Ended | |
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Jul. 31, 2011
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Jul. 31, 2010
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Jul. 31, 2011
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Net Income (Loss) | $ 1,104 | $ (56,235) | $ (141,913) |
Gain on Forgiveness of Debt | (5,500) | 0 | (5,500) |
Prepaid Expense | (475) | 500 | (475) |
Accounts Payable | 69,893 | 13,422 | 69,893 |
Net cash used in operating activities | (11,375) | (42,313) | (77,994) |
Loan from director | 56,500 | 35,000 | 56,500 |
Proceeds from sale of common stock | 0 | 10,000 | 25,000 |
Net cash provided by financing activities | 5,000 | 45,000 | 81,500 |
Net (decrease) in cash and cash equivalents | (6,375) | 2,687 | 3,506 |
Cash and Cash Equivalents at Beginning of Period | 9,881 | 12,295 | 0 |
Cash and Cash Equivalents at End of Period | 3,506 | 14,981 | 3,506 |
Interest | 0 | 0 | 0 |
Income Taxes | $ 0 | $ 0 | $ 0 |
Document and Entity Information (USD $)
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3 Months Ended |
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Jul. 31, 2011
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Document and Entity Information | Â |
Entity Registrant Name | Bullfrog Gold Corp. |
Document Type | 10-Q |
Document Period End Date | Jul. 31, 2011 |
Amendment Flag | false |
Entity Central Index Key | 0001448597 |
Current Fiscal Year End Date | --10-31 |
Entity Common Stock, Shares Outstanding | 31,510,919 |
Entity Public Float | $ 0 |
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 | 2011 |
Document Fiscal Period Focus | Q3 |
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Extractive Industries
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3 Months Ended |
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Jul. 31, 2011
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Extractive Industries | Â |
Mineral Industries Disclosures [Text Block] | Note 4. Mineral Interests
On November 28, 2007, the Company entered into a purchase and sale agreement to acquire a 100% interest in one mining claim of approximately 505 hectares located in the mining division approximately 15 kilometers north of the town of Keremos, in South Central British Columbia, Canada. In January 2011 the claim was allowed to lapse and the Company is currently investigating other claims to secure for exploration. |
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Equity
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3 Months Ended |
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Jul. 31, 2011
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Equity | Â |
Stockholders' Equity Note Disclosure [Text Block] | Note 3. Common Stock Transactions
The total number of common shares authorized that may be issued by the Company is 150,000,000 shares and 75,000,000 preferred shares each with a par value of $.001 per share. No other class of shares is authorized.
On July 23, 2007, the Company issued 1,500 shares of common stock to the Director, for total cash proceeds of $10,000.
On June 1, 2008, the Company issued 2,500,000 shares of common stock to the Director for total proceeds of $5,000.
On June 17, 2010 the Company issued 1,000,000 shares of common stock to 30 subscribers for gross proceeds of $10,000.
On March 17, 2011 the Board of Directors of the Company unanimously adopted resolutions approving the Certificate of Amendment to the Certificate of Incorporation to effect a reverse stock split in the ratio of 1 for 5.75 for the Common Stock of the Company that was issued and outstanding at April 4, 2011. The Certificate of Amendment was filed with the Secretary of State of the State of Delaware on March 30, 2011 and became effective on April 4, 2011. In connection with the Reverse Stock Split, the Financial Industry Regulatory Authority ("FINRA") effected the Reverse Stock Split at the open of business on April 5, 2011.
The Reverse Stock Split resulted in a total of 608,966 common stock shares issued and outstanding.
On July 19, 2011, our board of directors authorized a 51.74495487 for one Forward Stock Split of our outstanding common stock in the form of a dividend, whereby an additional 50.74495487 shares of common stock, par value $0.0001 per share, would be issued on each one share of common stock outstanding on July 25, 2011. The Forward Stock Split was effected by FINRA at the open of business on July 27, 2011.
The Forward Stock Split resulted in a total of 31,510,919 common stock shares issued and outstanding.
At July 31, 2011, there were no shares of preferred stock, stock options or warrants issued. |
Accounting Policies
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3 Months Ended |
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Jul. 31, 2011
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Accounting Policies | Â |
Significant Accounting Policies [Text Block] | Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). All amounts are presented in U.S. dollars.
Interim Financial Information
The accompanying unaudited interim financial statements have been prepared by the Company, in accordance with generally accepted accounting principles pursuant to Regulation S-X of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Accordingly, these interim financial statements should be read in conjunction with the Companys financial statements and related notes as contained in Form 10-K for the year ended October 31, 2010. In the opinion of management, the interim financial statements reflect all adjustments, including normal recurring adjustments, necessary for fair presentation of the interim periods presented. The results of the operations for the nine months ended July 31, 2011 are not necessarily indicative of the results of operations to be expected for the full year.
Reverse Stock Split
On March 17, 2011 the Board of Directors of the Company unanimously adopted resolutions approving the Certificate of Amendment to the Certificate of Incorporation to effect a reverse stock split in the ratio of 1 for 5.75 for the Common Stock of the Company that was issued and outstanding at April 4, 2011. The par value and our total number of authorized shares were unaffected by the reverse stock split. All shares and per share amounts in these financial statements and note thereto have been retrospectively adjusted to all periods presented to give effect to the reverse stock split.
Forward Stock Split
On July 19, 2011, our board of directors authorized a 51.74495487 for one forward split of our outstanding common stock in the form of a dividend, whereby an additional 50.74495487 shares of common stock, par value $0.0001 per share, was to be issued on each one share of common stock outstanding on July 25, 2011. The par value of the capital stock changed from $0.001 per share to $0.0001 per share. The authorized common stock changed from 150,000,000 shares to 200,000,000 shares, and the authorized preferred stock changed from 75,000,000 shares to 50,000,000 shares. The forward stock split was recorded with FINRA with a Record Date of July 25, 2011 and a Payment Date of July 27, 2011, resulting in a total of 31,510,919 issued and outstanding shares as of July 31, 2011. All shares and per share amounts in these financial statements and note thereto have been retrospectively adjusted to all periods presented to give effect to the forward stock split.
Exploration Stage Company
The Company complies with Accounting Standards Codification (ASC) 915-235-50 and Securities and Exchange Commission Act Guide 7 for its characterization of the Company as an exploration stage enterprise.
Cash and Cash Equivalents
Cash equivalents include all highly liquid debt instruments with original maturities of three months or less which are not securing any corporate obligations.
Mineral Interests
Mineral property acquisition, exploration and development costs are expensed as incurred until such time as economic reserves are quantified. To date, the Company has not established any proven or probable reserves on its mineral properties. The Company has adopted the provisions of Accounting for Asset Retirement Obligations (ASC 410) which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. As at July 31, 2011, any potential costs relating to the future retirement of the Companys mineral property have not yet been determined.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Foreign Currency Translation
The financial statements are presented in United States dollars. In accordance with Foreign Currency Translation, (ASC 830) foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Non monetary assets and liabilities are translated at the exchange rates prevailing on the transaction date. Revenue and expenses are translated at average rates of exchange during the year. Gains or losses resulting from foreign currency transactions are included in results of operations.
Fair Value of Financial Instruments
The carrying value of cash, prepaid expense and accounts payable approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is managements opinion the Company is not exposed to significant interest currency or credit risks arising from these financial instruments.
Environment Costs
Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probably, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Companys commitments to plan of action based on the then known facts.
Income Taxes
The Company follows the accrual method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
At July 31, 2011, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded.
Basic and Diluted Loss Per Share
The Company computes loss per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
The Company has no potential dilutive instruments. Basic loss and diluted loss per share are equal.
Recent Accounting Pronouncements
The Company does not expect the adoption of recently issued accounting pronouncements to have any significant impact on the Companys results of operations, financial position or cash flow.
As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. |
Income Taxes
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3 Months Ended |
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Jul. 31, 2011
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Income Taxes {1} | Â |
Income Tax Disclosure [Text Block] | Note 5. Income Taxes
As of July 31, 2011, the Company had a net operating loss carry forwards of approximately $141,912 that may be available to reduce future years taxable income through 2030. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to this tax loss carry forward. |
Related Party Disclosures
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3 Months Ended |
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Jul. 31, 2011
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Related Party Disclosures | Â |
Related Party Transactions Disclosure [Text Block] | Note 6. Related Party Transactions
On July 31, 2007, in connection with its organization, the Company issued 1,500 shares of common stock to Andrea Schlectman, a director and officer of the Company, for consideration of $10,000.
On June 1, 2008, the Company issued 2,500,000 shares of common stock at $.002 per share for a total of $5,000 to Andrea Schlectman as reimbursement for Ms. Schlectmans payment of $5,000 on behalf of the Company for its mining claim.
Andrea Schlectman may in the future, become involved in other business opportunities as they may become available, thus she may face a conflict in selecting between the Company and her other business opportunities. The Company has not formulated a policy for the resolution of such a conflict.
While the Company is seeking additional funds, Ms. Schlectman, a director has loaned monies to pay for certain expenses incurred. These loan(s) are interest free and there is no specific time for repayment. The balance due the director as of July 31, 2011 is $56,500. |
Subsequent Events
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3 Months Ended |
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Jul. 31, 2011
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Subsequent Events | Â |
Subsequent Events [Text Block] | Note 8. Subsequent Events
The Company has evaluated events subsequent to the Balance Sheet date to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were issued. The following subsequent event is being disclosed:
Our name change to Bullfrog Gold Corp. became effective for our principal market, the over the counter bulletin board, on August 11, 2011, at which time a new trading symbol of BFGC also became effective.
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Organization, Consolidation and Presentation of Financial Statements
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3 Months Ended |
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Jul. 31, 2011
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Organization, Consolidation and Presentation of Financial Statements | Â |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Nature and Continuance of Operations
Bullfrog Gold Corp., (the Company) was incorporated under the laws of the State of Delaware on July 23, 2007 as Kopr Resources Corp. On July 19, 2011, our board of directors approved an Amended and Restated Certificate of Incorporation ("Restated Charter") of the Company to authorize (i) the change of the name of the Company to Bullfrog Gold Corp. from Kopr Resources Corp.. The Company is in the exploration stage of its resource business and it was generally inactive during the period July 23, 2007 (inception) to October 31, 2009. During the year ended October 31, 2008 the Company commenced its limited activities by issuing shares and acquiring a mineral property located in the Osoyoos Mining Division of British Columbia, Canada. In January 2011 the Company allowed the claim on this property to lapse and is currently investigating other claims to secure for exploration. The recoverability of costs incurred for acquisition and exploration of any future property will be dependent upon the discovery of economically recoverable reserves, confirmation of the Companys interest in the underlying property, the ability of the Company to obtain necessary financing to satisfy the expenditure requirements under the property agreement and to complete the development of the property and upon future profitable production or proceeds for the sale thereof.
The Companys tax reporting year end is October 31.
Going Concern
These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit during the exploration stage of $141,912 as of July 31, 2011 and further losses are anticipated in the development of its business raising substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock. |
Restructuring and Related Activities
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3 Months Ended |
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Jul. 31, 2011
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Restructuring and Related Activities | Â |
Restructuring and Related Activities Disclosure [Text Block] | Note 7. Other Developments
Guo Yuying resigned as a director of the Company effective July 19, 2011. Ms. Yuying did not resign due to any disagreement with the Company or its management regarding any matter relating to the Companys operations, policies or practices.
On July 19, 2011, our board of directors approved the amendment and restatement of our Bylaws (the "Restated Bylaws") in order to, among other things, include provisions providing for board and stockholder meetings, indemnification of officers and directors and outlining the roles of certain of our officers.
Only July 19, 2011, our board of directors approved an Amended and Restated Certificate of Incorporation ("Restated Charter") of the Company to authorize (i) the change of the name of the Company to Bullfrog Gold Corp. from Kopr Resources Corp., (ii) increase the authorized capital stock of the Company to 200,000,000 shares of common stock and 50,000,000 shares of preferred stock, and (iii) change the par value of the capital stock of the Company to $0.0001 per share from $0.001 per share.
On July 19, 2011, holders of approximately 71% of the outstanding common stock of the Company voted in favor of the Restated Bylaws and Restated Charter.
On July 19, 2011, our board of directors authorized a 51.74495487 for one forward split of our outstanding common stock in the form of a dividend, whereby an additional 50.74495487 shares of common stock, par value $0.0001 per share, was to be issued on each one share of common stock outstanding on July 25, 2011. The forward stock split was recorded with FINRA with a Record Date of July 25, 2011 and a Payment Date of July 27, 2011, resulting in a total of 31,510,919 issued and outstanding shares as of July 31, 2011.
On July 21, 2011, we filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware in order to change our name to Bullfrog Gold Corp. from Kopr Resources Corp.
On July 27, 2011, Andrea Schlectman resigned from her positions as President and Chief Executive Officer of Bullfrog Gold Corp. (the Company). On July 27, 2011, David Beling was appointed as the Companys President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer of the Company. Additionally, On July 27, 2011, Mr. Beling was appointed to the Board of Directors of the Company and Alan Lindsay was appointed as Chairman of the Board of Directors. Immediately, upon Mr. Belings and Mr. Lindsays appointment to the Board of Directors, Ms. Schlectman resigned from her position as director of the Company. Ms. Schlectman did not resign due to any disagreement with the Company or its management regarding any matter relating to the Companys operations, policies or practices. |
Bullfrog Gold Corp. - (Formerly Kopr Resources Corp.) (An Exploration Stage Company) - Balance Sheet (USD $)
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Jul. 31, 2011
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Oct. 31, 2010
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Cash and Cash Equivalents | $ 3,506 | $ 9,881 |
Prepaid Expense | (475) | 0 |
Total Current Assets | 3,981 | 9,881 |
Accounts Payable | 69,893 | 76,397 |
Loan from director | 56,500 | 51,500 |
Total Current Liabilities | 120,893 | 127,897 |
Preferred Stock | 0 | 0 |
Common Stock | 3,151 | 3,151 |
Additional Paid-in Capital | 21,849 | 21,849 |
Deficit accumulated during exploration stage | (141,912) | (143,016) |
Total Stockholders' Deficiency | (116,912) | (118,016) |
Total Liabilities and Stockholders' Deficiency | $ 3,981 | $ 9,881 |