(Mark One)
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[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended July 31, 2011
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[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from __________ to ______________
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333-157558
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(Commission File Number)
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GLOBAL RESOURCE ENERGY INC.
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(Exact name of registrant as specified in its charter)
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Nevada
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68-0677348
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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3651 Lindell Rd., Suite D-172, Las Vegas, NV
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89103
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(Address of principal executive offices)
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(Zip Code)
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(702) 943-0325
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(Registrant’s telephone number, including area code)
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(Former name, former address and former fiscal year, if changed since last report)
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Yes [ ] No [ X ]
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Yes [ ] No [ ]
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Large accelerated filer
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[ ]
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Accelerated filer
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[ ]
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Non-accelerated filer
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[ ]
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Smaller reporting company
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[X]
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(Do not check if a smaller reporting company)
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Yes [ ] No [X]
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Yes [ ] No [ ]
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40,171,000 common shares outstanding as of February 27, 2012
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(Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.)
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Page
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PART I – FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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4 |
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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5 |
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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8 |
Item 4.
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Controls and Procedures
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8 |
PART II – OTHER INFORMATION
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Item 1.
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Legal Proceedings
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10 |
Item 1A.
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Risk Factors
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10 |
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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10 |
Item 3.
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Defaults Upon Senior Securities
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10 |
Item 4.
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Removed and Reserved
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10 |
Item 5.
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Other Information
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10 |
Item 6.
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Exhibits
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11 |
SIGNATURES
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11 |
Page
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Balance Sheets
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F-1 |
Statements of Operations
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F-2 |
Statements of Cash Flows
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F-3 |
Notes to Unaudited Financial Statements
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F-4 to F-7 |
Assets
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July 31, 2011
(Unaudited)
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January 31, 2011
(Audited)
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||||||
Current Assets
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||||||||
Cash
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$ | - | $ | - | ||||
Total Assets
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- | - | ||||||
Liabilities and Stockholders’ Equity (Deficit)
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||||||||
Current Liabilities
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||||||||
Accounts payable
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$ | 220,004 | $ | 84,277 | ||||
Advances payable
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3,271 | |||||||
Total Current Liabilities
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223,275 | 84,277 | ||||||
Total Liabilities
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223,275 | 84,277 | ||||||
Stockholders’ Equity (Deficit)
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||||||||
Common stock, $0.001 par value, 250,000,000 authorized, and 171,000 shares (July 31, 2011) and 81,000 (January 31, 2011) issued and outstanding respectively
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171 | 81,000 | ||||||
Additional paid-in-capital
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117,829 | (53,000 | ) | |||||
Deficit accumulated during the development stage
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(341,275 | ) | (112,277 | ) | ||||
Total stockholders’ equity (deficit)
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(223,275 | ) | (84,277 | ) | ||||
Total liabilities and stockholders’ equity (deficit)
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$ | - | $ | - |
For the three months | For the six months | From Inception | ||||||||||||||||||
ended July 31, | ended July 31, | (November 6, 2008) | ||||||||||||||||||
2011 | 2010 | 2011 | 2010 | To July 31, 2011 | ||||||||||||||||
Revenue
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$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Expenses
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||||||||||||||||||||
General and Administrative Expenses
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$ | 45,628 | $ | 12 | $ | 90,698 | $ | 12 | $ | 155,110 | ||||||||||
Professional Fees
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- | 5,200 | 48,300 | 9,900 | 96,165 | |||||||||||||||
Management Fees
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- | - | 90,000 | - | 90,000 | |||||||||||||||
Net (loss) from Operations before Taxes
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(45,628 | ) | (5,212 | ) | (228,998 | ) | $ | (9,912 | ) | $ | 341,275 | |||||||||
Provisions for Income Taxes
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- | - | - | - | - | |||||||||||||||
Net (loss)
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$ | (45,628 | ) | (5,212 | ) | (228,998 | ) | $ | (9,912 | ) | (341,275 | ) | ||||||||
Loss per common Share
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$ | 0.27 | $ | 0.07 | $ | 1.77 | $ | 0.13 | ||||||||||||
Weighted Average of Number of Common Shares Outstanding
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171,000 | 75,000 | 129,232 | 75,000 |
Six months
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Six months
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From Inception
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||||||||||
Ended
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Ended
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(November 6, 2008)
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July 31, 2011
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July 31, 2010
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To July 31, 2011
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||||||||||
Operating Activities
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Net (loss)
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$ | (228,998 | ) | $ | (9,912 | ) | $ | (341,275 | ) | |||
Adjustment to reconcile net loss to cash used by operations:
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||||||||||||
Stock based compensation, management services
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90,000 | - | 90,000 | |||||||||
Accounts payable
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135,727 | - | 220,004 | |||||||||
Net cash (used) for operating activities
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(3,271 | ) | (9,912 | ) | (31,271 | ) | ||||||
Financing Activities
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- | |||||||||||
Advances payable
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3,271 | - | 3,271 | |||||||||
Sale of common stock
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- | - | 28,000 | |||||||||
Net cash provided by financing activities
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3,271 | - | 31,271 | |||||||||
Net increase (decrease) in cash and equivalents
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- | (9,912 | ) | - | ||||||||
Cash and equivalents at beginning of the period
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- | 12,729 | - | |||||||||
Cash and equivalents at end of the period
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$ | - | $ | 2,817 | $ | - | ||||||
Supplemental disclosure of cash flow information and non-cash activities:
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||||||||||||
Cash paid for Interest
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$ | - | $ | - | $ | - | ||||||
Cash paid for income taxes
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$ | - | $ | - | $ | - | ||||||
Stock based compensation, management services
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$ | 90,000 | $ | - | $ | 90,000 |
(1)
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changing the Company’s name from Myriad International, Corp. to Aura Bio Corp.; and
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(2)
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effecting a 20 for 1 forward-split of the Company’s issued and outstanding common shares.
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1)
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Lack of an independent audit committee or audit committee financial expert, and no independent directors. We do not have any members of the Board who are independent directors and we do not have an audit committee. These factors may be counter to corporate governance practices as defined by the various stock exchanges and may lead to less supervision over management;
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2)
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Inadequate staffing and supervision within our bookkeeping operations. We have one consultant involved in bookkeeping functions, who provides three staff members. The relatively small number of people who are responsible for bookkeeping functions and the fact that they are from the same firm of consultants prevents us from segregating duties within our internal control system. The inadequate segregation of duties is a weakness because it could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews. This may result in a failure to detect errors in spreadsheets, calculations or assumptions used to compile the financial statements and related disclosures as filed with the SEC;
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3)
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Insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements;
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4)
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Ineffective controls over period end financial disclosure and reporting processes.
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Number
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Description
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3.1
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Articles of Incorporation
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Incorporated by reference to the Exhibits attached to the Corporation’s Form S-1 filed with the SEC on February 7, 2009
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3.2
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Bylaws
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Incorporated by reference to the Exhibits attached to the Corporation’s Form S-1 filed with the SEC on February 7, 2009
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3.3
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Certificate of Amendment to the Articles of Incorporation as filed with the State of Nevada on November 16, 2010
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Incorporated by reference to the Exhibits attached to the Corporation’s Form 8-K filed with the SEC on December 10, 2010
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3.4
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Certificate of Amendment to the Articles of Incorporation as filed with the State of Nevada on April 26, 2011
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Incorporated by reference to the Exhibits attached to the Corporation’s Form 10-Q/A filed with the SEC on February 27, 2012
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10.1
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Assignment agreement between the Company and Patedma executed on January 26, 2012.
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Incorporated by reference to the Exhibits attached to the Corporation’s Form 10-Q/A filed with the SEC on February 27, 2012
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31.1
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Section 302 Certification - Principal Executive Officer
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Filed herewith
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31.2
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Section 302 Certification - Principal Financial Officer
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Filed herewith
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32.1
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Certification Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Filed herewith
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101.INS
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XBRL Instance Document
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Filed herewith
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101SCH
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XBRL Taxonomy Extension Schema Document
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Filed herewith
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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Filed herewith
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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Filed herewith
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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Filed herewith
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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Filed herewith
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GLOBAL RESOURCE ENERGY INC.
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Date:
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February 27, 2012
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By:
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/s/ Robert Baker
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Name:
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Robert Baker
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Title:
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President, Chief Executive Officer (Principal Executive Officer, Principal Financial & Accounting Officer)
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(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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Date: February 27, 2012
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By:
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/s/ Robert Baker | |
Name: Robert Baker | |||
Title: Principal Executive Officer | |||
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(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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Date: February 27, 2012
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By:
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/s/ Robert Baker | |
Name: Robert Baker | |||
Title: Principal Financial and Principal Accounting Officer | |||
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: February 27, 2012
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By:
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/s/ Robert Baker
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Name:
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Robert Baker
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Title:
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Principal Executive, Financial and Accounting Officer
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Income taxes
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6 Months Ended |
---|---|
Jul. 31, 2011
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Notes to Financial Statements | |
Income taxes |
4. INCOME TAXES
As of July 31, 2011, the Company had net operating loss carry forwards of approximately $341,275 that may be available to reduce future years taxable income through 2031. 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 these tax loss carry-forwards. |
Common stock
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6 Months Ended |
---|---|
Jul. 31, 2011
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Notes to Financial Statements | |
Common stock |
3. COMMON STOCK
The authorized capital of the Company is 250,000,000 common shares with a par value of $ 0.001 per share.
On December 5, 2008, the Company issued 180,000 shares of common stock for total cash proceeds of $3,000.
During the period February 1, 2009 to May 21, 2009 the Company issued 30,000 shares of common stock for cash proceeds of $25,000.
On December 22, 2009, the Company canceled and returned back to treasury 135,000 common shares.
On April 25, 2011, the Company issued 90,000 shares of common stock to its new officer and director, Douglas Roe. This issuance resulted in a change of control of the Company, Mr. Roe having control over 52.6% of the Companys issued and outstanding shares of common stock.
As at July 31, 2011 we had a total of 171,000 shares issued and outstanding.
All shares and per-share data have been restated to reflect 1,000:1 reverse stock split. The Reverse Stock Split was effectuated with a record date of April 26, 2011. The forward Stock Split was implemented taking into account our authorized share capital and number of issued and outstanding shares of common stock as of the Record Date. The par value for our shares of common stock remained the same at $0.001. |
Balance Sheets (Unaudited) (USD $)
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Jul. 31, 2011
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Jan. 31, 2011
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---|---|---|
Current Assets | ||
Cash | ||
Total Assets | ||
Current Liabilities | ||
Accounts payable | 220,004 | 84,277 |
Advances payable | 3,271 | |
Total Current Liabilities | 223,275 | 84,277 |
Total Liabilities | 223,275 | 84,277 |
Stockholders Equity (Deficit) | ||
Common stock, $0.001 par value, 250,000,000 authorized, and 171,000 shares (July 31, 2011) and 81,000 (January 31, 2011) issued and outstanding respectively | 171 | 81,000 |
Additional paid-in-capital | 117,829 | (53,000) |
Deficit accumulated during the development stage | (341,275) | (112,277) |
Total stockholders equity (deficit) | (223,275) | (84,277) |
Total liabilities and stockholders equity (deficit) |
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end
Organization and business operations
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6 Months Ended |
---|---|
Jul. 31, 2011
|
|
Notes to Financial Statements | |
Organization and business operations |
1. ORGANIZATION AND BUSINESS OPERATIONS
Aura Bio Corp., now known as Global Resource Energy Inc., a corporation organized on November 6, 2008 under the laws of the State of Nevada (the Company) filed an amendment to its Articles of Incorporation (the Amendment) to change its name from Aura Bio Corp. to Global Resource Energy Inc. on November 16, 2010. The change in name to Global Resource Energy Inc. was effected December 10, 2010 on the Over-the-Counter Bulletin Board marketplace upon clearance by FINRA. The new trading symbol for the shares of common stock of the Company trading on the Over-the-Counter Bulletin Board has been changed to GBEN.
The Amendment and change in corporate name to Global Resource Energy Inc. was approved by the Board of Directors by unanimous written consent resolutions dated November 9, 2010. The Amendment was subsequently approved by certain shareholders of the Company holding a majority of the total issued and outstanding shares of common stock of the Company by written consent resolutions dated November 9, 2010. The change in corporate name was authorized and approved by the Board of Directors to better reflect the Companys future business operations.
The Amendment filed with the Nevada Secretary of State also increased the Companys authorized capital from 75,000,000 shares of common stock, par value, $0.001, to 250,000,000 shares of common stock, par value.
On November 9, 2010, the Board of Directors of the Company also authorized and approved a forward stock split of three for one (3:1) of the Companys total issued and outstanding shares of common stock (the Forward Stock Split). The Forward Stock Split was effectuated based on market conditions and upon a determination by the Board of Directors that the Forward Stock Split was in the Corporations best interests and those of its shareholders. Certain factors were discussed among the members of the Board of Directors concerning the need for the Forward Stock Split, including: (i) current trading price of the Companys shares of common stock on the OTC Bulletin Board and potential to increase the marketability and liquidity of the Corporations common stock; and (ii) possible desire to meet future requirements of per-share price and net tangible assets and shareholders equity relating to admission for trading on other markets.
The Forward Stock Split was effectuated on December 10, 2010 based upon the filing with and acceptance by FINRA of the appropriate documentation. The Forward Stock Split increased the Corporations total issued and outstanding shares of common stock from 27,000,000 to 81,000,000 shares of common stock. The common stock will continue to be $0.001 par value, and all share values, references and amounts as presented in these financial statements reflect the impact of the forward split, retroactive to the date of inception.
On April 25, 2011, the Company received a resignation notice from Harry Lappa as President and Chief Executive Officer of the Company. On the same day, the Company appointed Douglas Roe as its new President and Chief Executive Officer. Concurrent with the appointment of Mr. Roe, he received a $90,000 signing bonus for acting as President and Chief Executive Officer. The signing bonus was paid to Mr. Roe by the issuance of 90 million shares (pre-reverse-split) of the Company. This issuance resulted in a change of control of the Company, Mr. Roe having voting control over 52.6% of the Companys issued and outstanding shares of common stock.
On April 26, 2011, the Company filed a Certificate of Amendment with the Secretary of State of Nevada, with the effective date of May 2, 2011, effecting a for 1,000 reverse-split of the Companys issued and outstanding common shares. The reverse Split was approved by FINRA on July 27, 2011, and has been retroactively impacted to all share and per share figures in these financial statements.
The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities. The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception, November 6, 2008 through the period ended July 31, 2011 the Company has accumulated losses of $341,275. |
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Significant accounting policies
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6 Months Ended |
---|---|
Jul. 31, 2011
|
|
Notes to Financial Statements | |
Summary of significant accounting policies |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a) Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.
b) Going Concern The 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 of $341,275 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 will be required to raise additional capital to fund its current and future operations, and there is no guarantee said capital will be available as required.
c) Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
d) Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 reporting period. Actual results could differ from those estimates.
e) Foreign Currency Translation The Company's functional currency and its reporting currency is the United States dollar.
f) Financial Instruments The carrying value of the Companys financial instruments approximates their fair value because of the short maturity of these instruments.
g) Stock-based Compensation Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123 (R). To date, the Company has not adopted a stock option plan and has not granted any stock options.
h) Income Taxes
Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.
i) Basic and Diluted Net Loss per Share
The Company computes net loss per share in accordance with SFAS No. 128,"Earnings per Share". SFAS No. 128 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 loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period. Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive.
j) Fiscal Periods
The Company's fiscal year end is January 31. |
Balance Sheets (Parenthetical) (USD $)
|
Jul. 31, 2011
|
Jan. 31, 2011
|
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 171,000 | 81,000 |
Document and Entity Information
|
6 Months Ended | |
---|---|---|
Jul. 31, 2011
|
Feb. 27, 2012
|
|
Document And Entity Information | ||
Entity Registrant Name | Global Resource Energy Inc. | |
Entity Central Index Key | 0001454504 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2011 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 40,171,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2012 |
Statements of Operations (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | 33 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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Income Statement [Abstract] | |||||
Revenue | |||||
Expenses | |||||
General and Administrative Expenses | 45,628 | 12 | 90,698 | 12 | 155,110 |
Professional Fees | 5,200 | 48,300 | 9,900 | 96,165 | |
Management Fees | 90,000 | 90,000 | |||
Net (loss) from Operations before Taxes | (45,628) | (5,212) | (228,998) | (9,912) | (341,275) |
Provisions for Income Taxes | |||||
Net (loss) | $ (45,628) | $ (5,212) | $ (228,998) | $ (9,912) | $ (341,275) |
Loss per common Share | $ 0.27 | $ 0.07 | $ 1.77 | $ 0.13 | |
Weighted Average of Number of Common Shares Outstanding | 171,000 | 75,000 | 129,232 | 75,000 |
Advances payable
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6 Months Ended |
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Jul. 31, 2011
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Notes to Financial Statements | |
Advances payable |
7. ADVANCES PAYABLE
During the six month period ended July 31, 2011 the Company received an advance of $3,271 which amount was used to settle certain outstanding accounts payable. The advance bears no interest and is due on demand. |
New accounting pronouncements
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6 Months Ended |
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Jul. 31, 2011
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Notes to Financial Statements | |
New accounting pronouncements |
6. NEW ACCOUNTING PRONOUNCEMENTS
In May 2011, the Financial Accounting Standards Board (FASB) issued an accounting standard update related to fair value measurements and disclosures to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with United States GAAP and International Financial Reporting Standards. This guidance includes amendments that clarify the intent about the application of existing fair value measurement requirements, while other amendments change a principle or requirement for measuring fair value or for disclosing information about fair value measurements. Specifically, the guidance requires additional disclosures for fair value measurements that are based on significant unobservable inputs. The updated guidance is to be applied prospectively and is effective for the Companys interim and annual periods beginning January 1, 2012. The adoption of this guidance is not expected to have a material impact on the Companys financial statements.
In June 2011, the FASB issued an accounting standard update relating to the presentation of other comprehensive income. The accounting update eliminates the option to present components of other comprehensive income as part of the statement of stockholders equity. Instead, companies must report comprehensive income in either a single continuous statement of comprehensive income (which would contain the current income statement presentation followed by the components of other comprehensive income and a total amount for comprehensive income), or in two separate but consecutive statements. This guidance is effective for the Companys fiscal year beginning January 1, 2012. The Company does not expect the guidance to impact its financial statements. |
Other events
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6 Months Ended |
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Jul. 31, 2011
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Notes to Financial Statements | |
Other events |
8. OTHER EVENTS
On July 21, 2011, the Company accepted the resignation of Douglas Roe as the President/Chief Executive Officer, Secretary, Treasurer and the sole member of the Board of Directors of the Company. Simultaneously, Robert Baker was appointed as the sole member of the Board of Directors and as the President/Chief Executive Officer, Secretary and Treasurer of the Company.
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Subsequent events
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6 Months Ended |
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Jul. 31, 2011
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Notes to Financial Statements | |
Subsequent events |
On January 26, 2012, the Company entered into an assignment agreement whereby Patedma Group Corp. assigned its distributor agreement with Dongguan City Cled Optoelectonic Co. Ltd. for the distribution of LED Street Lights, Solar LED Street Lights, LED Tunnel Lights, LED Flood Lights, LED High Bay Lights, LED High Mask Lights, LED Garden Lights, Light Sourcing and all Indoor Lighting sold and exported by Supplier with their trademark LED. Under the terms of the assignment, the Company is required to issue 1,000,000 shares to Patedma. The shares have not yet been issued. |
Statements of Cash Flows (Unaudited) (USD $)
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6 Months Ended | 33 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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Operating Activities | |||
Net (loss) | $ (228,998) | $ (9,912) | $ (341,275) |
Adjustment to reconcile net loss to cash used by operations: | |||
Stock based compensation, management services | 90,000 | 90,000 | |
Accounts payable | 135,727 | 220,004 | |
Net cash (used) for operating activities | (3,271) | (9,912) | (31,271) |
Financing Activities | |||
Advances payable | 3,271 | 3,271 | |
Sale of common stock | 28,000 | ||
Net cash provided by financing activities | 3,271 | 31,271 | |
Net increase (decrease) in cash and equivalents | (9,912) | ||
Cash and equivalents at beginning of the period | 12,729 | ||
Cash and equivalents at end of the period | 2,817 | ||
Supplemental disclosure of cash flow information and non-cash activities: | |||
Cash paid for Interest | |||
Cash paid for income taxes | |||
Stock based compensation, management services | $ 90,000 | $ 90,000 |
Related party transactions
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6 Months Ended |
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Jul. 31, 2011
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Notes to Financial Statements | |
Related party transactions |
5. RELATED PARTY TRANSACTIONS
On April 25, 2011 the Company appointed Douglas Roe as its new President and Chief Executive Officer. Concurrent with the appointment of Mr. Roe, he received a $90,000 signing bonus for acting as President and Chief Executive Officer. The signing bonus was paid to Mr. Roe by the issuance of 90 million shares (pre-reverse-split) of the Company. Due to the fact that Mr. Roe is the controlling shareholder of the Company, and the Companys sole officer and director, the shares were valued at par value, or $0.001 per share. This issuance resulted in a change of control of the Company. Mr. Roe now has voting control over 52.6% of the Companys issued and outstanding common stock. |