0001524777-13-000169.txt : 20130417 0001524777-13-000169.hdr.sgml : 20130417 20130416175622 ACCESSION NUMBER: 0001524777-13-000169 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130417 DATE AS OF CHANGE: 20130416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Braeden Valley Mines Inc. CENTRAL INDEX KEY: 0001458581 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 263257291 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-158062 FILM NUMBER: 13765047 BUSINESS ADDRESS: STREET 1: BELLA VISTA, CALLE GRACIA, CASA 19A CITY: PANAMA CITY STATE: R1 ZIP: 00000 BUSINESS PHONE: 602-466-3666 MAIL ADDRESS: STREET 1: BELLA VISTA, CALLE GRACIA, CASA 19A CITY: PANAMA CITY STATE: R1 ZIP: 00000 10-K/A 1 form10ka.htm 10-K/A form10ka.htm



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K/A
Amendment No. 1

(Mark One)
[X]      ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2012

OR

[  ]  TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to ______________

Commission File Number: 333-158062

BRAEDEN VALLEY MINES INC.
 (Exact name of registrant as specified in its charter)

Nevada
 
26-3257291
State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization
 
Identification No.)
     
Bella Vista, Calle Gracia, Casa 19A, Panama City, Panama
 (Address of principal executive offices) (Zip Code)

 
   602-466-3666  
   Registrant’s telephone number, including area code  
 
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, $0.001 Par Value
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Exchange Act Yes [   ] No [ X  ]

Indicate by check mark if the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 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 [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files).
Yes [    ] No [ X  ]

 
 

 
Indicate by check mark if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not contained in this form, and will not be contained, to the best of the 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.      Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
 Large accelerated filer                                                             [ ]    Accelerated filer                                                                                [ ]
     
 Non-accelerated filer                                                               [ ]     Smaller reporting company                                                           [X]
 
Indicate by check mark whether the registrant is a shell company (as deifned in Rule 12b-2 of the Act). Yes [ X ] No [   ]

Net revenues for our most recent fiscal year: $0.

The aggregate market value of the voting and non-voting common equity held by non-affiliates cannot be computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the Registrant’s most recently completed fiscal quarter (June 30, 2012) because the Registrant’s stock is not listed on any exchange nor is it quoted on any electronic market.) The number of outstanding shares, not including shares held by affiliates (officers, directors and 10% shareholders) as of June 30, 2012, is 0.
 
Number of common voting shares issued and outstanding as of April 1, 2013: 30,000,000 shares of common stock

DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference, briefly describe them and identify the part of the Form 10-K (e.g. Part I, Part II, etc.) into which the document is incorporated: (1) any annual report to security holders; (2) any proxy or information statement; and (3) any prospectus filed pursuant to Rule 424(b) or (c) of the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1990)

Transitional Small Business Disclosure Format (Check one):                                                                                                                     Yes [  ]No[ X ]

 
2

 
 

 EXPLANATORY NOTE
 
The purpose of this Amendment No. 1 on Form 10–K/A to Braeden Valley Mines Inc.’s  annual report on Form 10-K for the fiscal year ended December 31, 2012, filed with the Securities and Exchange Commission on April 15, 2013 (the “Form 10–K”), is solely to furnish Exhibit 101 to the Form 10–K in accordance with Rule 405 of Regulation S–T.
 
No other changes have been made to the Form 10–K.  This Amendment No. 1 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 original Form 10–K.
 

 
3

 
 
PART IV

ITEM 15. EXHIBITS
 
Exhibit
 
   Number  Description  
   3.1  Articles of Incorporation*  
   3.2  By-laws*  
   23.1  Consent of Madsen & Associates CPA’s LLC**  
   31.1  Section 302 Certification – President**  
   31.2  Section 302 Certification – CFO**  
 
101.INS
XBRL Instance Document***
 
 
101.SCH
XBRL Taxonomy Extension Schema***
 
 
101.CAL
XBRL Taxonomy Extension Calculation Linkbase***
 
 
101.DEF
XBRL Taxonomy Extension Definition Linkbase***
 
 
101.LAB
XBRL Taxonomy Extension Label Linkbase***
 
 
101.PRE
XBRL Taxonomy Extension Presentation Linkbase***
 
*Incorporated by reference to our registration statement on Form -S1, file number 333-158062, filed on March 17, 2009.
**Incorporated by reference to our report on Form 10-K filed on April 15, 2013.
**Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.
 
 
4

 
SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on April 16, 2013.
 
 
  BRAEDEN VALLEY MINES INC.  
       
Date: April 16, 2013
By:
/s/ Ron Erickson  
  Name:
Ron Erickson
 
  Title:
President, principal Executive Officer,
Principal financial and Principal Accounting Officer
 
       
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the dates indicated.
 
By: /s/ Ron Erickson                                           
Name and Title: Ron Erickson, President, principal executive officer,
Principal financial and Principal Accounting Officer
Date: April 16, 2013
 

 
5

 

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Note 7 - Mineral Property Rights - Schedule of Advance Royalty Payments (Details) (USD $)
Nov. 14, 2012
May 04, 2012
Oct. 21, 2011
May 12, 2011
Nov. 19, 2010
May 13, 2010
May 15, 2009
Notes to Financial Statements              
Payment Amount $ 2,500 $ 2,500 $ 2,500 $ 2,500 $ 2,500 $ 2,500 $ 5,000
XML 11 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 2 - Going Concern
12 Months Ended
Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Note 2 - Going Concern

 

2. Going concern

 

These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year.  Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern.  At December 31, 2012, the Company had not yet achieved profitable operations, had accumulated losses of $102,145 since its inception, had a working capital deficiency of $87,145 and expects to incur further losses in the development of its business, all of which raises substantial doubt about the Company’s ability to continue as a going concern.  The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due.

 

The Company expects to continue to incur substantial losses as it executes its business plan and does not expect to      attain profitability in the near future.  Since its inception, the Company has funded operations through short-term borrowings, advances, and equity investments in order to meet its strategic objectives. The Company's future operations are dependent upon external funding and its ability to execute its business plan, realize sales and control expenses.  Management believes that sufficient funding will be available from additional borrowings and private placements to meet its business objectives including anticipated cash needs for working capital, for the next fiscal year.  However, there can be no assurance that the Company will be able to obtain sufficient funds to continue the development of its business operation, or if obtained, upon terms favorable to the Company.

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M834Q85\Y-&8Q.3%B9#`X8V,-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO93@V-#0W8S=?.6,Q95\T8F$W7V$U,6%?.31F,3DQ8F0P.&-C+U=O'0O:'1M;#L@ M8VAA&UL;G,Z;STS1")U&UL/@T*+2TM+2TM/5].97AT4&%R=%]E.#8T-#=C-U\Y8S%E ;7S1B83=?834Q85\Y-&8Q.3%B9#`X8V,M+0T* ` end XML 13 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 10 - Capital Stock (Details Narrative) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Aug. 12, 2008
Aug. 10, 2008
Equity [Abstract]        
Common stock, shares authorized 50,000,000 50,000,000    
Common stock, par value $ 0.001 $ 0.001   $ 0.001
Shares issued     30,000,000  
Number of former directors     2  
Price per share     $ 0.0005 $ 0.0005
Proceeds from sale of stock     $ 15,000  
XML 14 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 9 - Note Payable Related Party (Details Narrative) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Related Party Transactions [Abstract]    
Proceeds from related party $ 1,675  
Interest rate per annum 5.00%  
Amount due including interest 2,031 1,948
Accrued interest on note payable to related party $ 356 $ 273
XML 15 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 11 - Income taxes (Details Narrative) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Income Tax Disclosure [Abstract]    
NOL Expires 2029-01-01  
Operating Loss Carryforwards $ 102,145 $ 76,995
Deferred Tax Assets $ 34,700 $ 26,000
XML 16 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 12 - Related Party Transaction (Details Narrative) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Notes to Financial Statements    
Amount due including interest $ 2,031 $ 1,948
Accrued interest on note payable to related party $ 356 $ 273
XML 17 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 1 - Nature of Operations
12 Months Ended
Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Note 1 - Nature of Operations
1. Nature of operations

 

Braeden Valley Mines, Inc. (“Braeden”) was incorporated under the laws of the State of Nevada on August 11, 2008 for the purpose of acquiring and developing mineral properties. The Company’s planned principal operations have not yet begun.

XML 18 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
Assets    
Total assets $ 0 $ 0
Current liabilities:    
Accounts payable 1,686 77
Advances 83,428 59,970
Notes payable to related party 1,675 1,675
Accrued interest on note payable to related party 356 273
Total current liabilities 87,145 61,995
Stockholders (Deficit):    
Capital stock 50,000,000 common stock authorized, $0.001 par value 30,000,000 common shares issued and outstanding 30,000 30,000
Additional paid in capital (15,000) (15,000)
Deficit accumulated during the pre-exploration stage (102,145) (76,995)
Total stockholders (deficit) (87,145) (61,995)
Total liabilities and stockholders (deficit) $ 0 $ 0
XML 19 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders Equity (USD $)
Common Stock
Additional Paid-In Capital
Deficit Accumulated During the Pre-Exploration Stage
Total
Beginning balance, amount at Aug. 10, 2008 $ 0 $ 0 $ 0 $ 0
Beginning balance, in shares at Aug. 10, 2008 0      
Issuance of common stock, $0.0005 per share, $0.001 par value, shares 30,000,000      
Issuance of common stock, $0.0005 per share, $0.001 par value, amount 30,000 (15,000)    15,000
Net Loss     (36,457) (36,457)
Ending balance, amount at Dec. 31, 2009 30,000 (15,000) (36,457) (21,457)
Ending balance, in shares at Dec. 31, 2009 30,000,000      
Net Loss     (18,473) (18,473)
Ending balance, amount at Dec. 31, 2010 30,000 (15,000) (54,930) (39,930)
Ending balance, in shares at Dec. 31, 2010 30,000,000      
Net Loss     (22,065) (22,065)
Ending balance, amount at Dec. 31, 2011 30,000 (15,000) (76,995) (61,995)
Ending balance, in shares at Dec. 31, 2011 30,000,000      
Net Loss     (25,150) (25,150)
Ending balance, amount at Dec. 31, 2012 $ 30,000 $ (15,000) $ (102,145) $ (87,145)
Ending balance, in shares at Dec. 31, 2012 30,000,000      
XML 20 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 7 - Mineral Property Rights (Tables)
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Schedule of Advance Royalty Payments
Date   Payment Amount   Extended Term Date
May 15, 2009        $  5,000.00   November 15, 2009
May 13, 2010        $  2,500.00   November 15, 2010
November 19, 2010        $  2,500.00   May 15, 2011
May 12, 2011        $  2,500.00   November 15, 2011
October 21, 2011        $  2,500.00   May 15, 2012
May 4, 2012        $  2,500.00   November 15, 2012
November 14, , 2012        $  2,500.00   May 15, 2013
XML 21 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 3 - Summary of Significant Accounting Policies (Details Narrative)
Dec. 31, 2012
Accounting Policies [Abstract]  
Term of Maturity, in days, short term investments 90
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XML 23 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders Equity (Parenthetical) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Aug. 12, 2008
Aug. 10, 2008
Statement of Stockholders' Equity [Abstract]        
Price Per Share     $ 0.0005 $ 0.0005
Par Value $ 0.001 $ 0.001   $ 0.001
XML 24 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 30,000,000 30,000,000
XML 25 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 10 - Capital Stock
12 Months Ended
Dec. 31, 2012
Equity [Abstract]  
Note 10 - Capital Stock
10. Capital stock

 

Braeden’s authorized capital consists of 50,000,000 shares of common stock, with par value of $0.001.

 

On August 11, 2008, Braeden issued 30,000,000 to two former directors at $0.0005 per share, for net proceeds of $15,000.

XML 26 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2012
Apr. 01, 2013
Jun. 30, 2012
Document And Entity Information      
Entity Registrant Name Braeden Valley Mines Inc.    
Entity Central Index Key 0001458581    
Document Type 10-K    
Document Period End Date Dec. 31, 2012    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
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 Public Float     $ 0
Entity Common Stock, Shares Outstanding   30,000,000  
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2012    
XML 27 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 11 - Income taxes
12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Note 11 - Income taxes
11. Income taxes

 

The Company follows ASC subtopic 740-10 for recording the provision for income taxes.  ASC 740-10 requires the use of the asset and liability method of accounting for income taxes.  Under the asset and liability method, deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled.  Deferred income tax expenses or benefits are based on the changes in the asset or liability each period.  If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.  Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change.

 

Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods.  Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate.  Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.  Our deferred tax assets consist of the benefit from net operating loss (“NOL”) carry-forwards.  The NOL carry-forwards begin to expire in 2029.

 

At December 31, 2012 and 2011, the Company had net operating loss carryforwards of $102,145 and $76,995, respectively. The related deferred tax assets of approximately $34,700 and $26,000, respectively, have been fully offset by a valuation allowance.

XML 28 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Operations (USD $)
12 Months Ended 53 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Income Statement [Abstract]      
Revenues         
Expense      
Exploration costs 606 606 4,856
General and administrative expenses 19,460 16,375 71,933
Impairment of mineral property rights 5,000 5,000 25,000
Total expenses 25,066 21,981 101,789
Loss from operations (25,066) (21,981) (101,789)
Other income/(expense)      
Interest expense (84) (84) (356)
Total other expense (84) (84) (356)
Net loss $ (25,150) $ (22,065) $ (102,145)
Net loss per common share:      
Basic and diluted $ 0.00 $ 0.00  
Weighted average common shares outstanding:      
Basic and diluted 30,000,000 30,000,000  
XML 29 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 5 - Financial Instruments
12 Months Ended
Dec. 31, 2012
Investments, All Other Investments [Abstract]  
Note 5 - Financial Instruments

5. Financial instruments

 

  a. Credit risk

From time to time, Braeden maintain cash deposits with financial institutions, which from time to time may exceed federally insured limits. Braeden has not experienced any losses in connection with these deposits and believes it is not exposed to any significant credit risk from cash.

 

  b. Fair values

Financial instruments that are subject to fair disclosure requirements are carried in the financial statements at amounts that approximate fair value and include cash, accounts payable, advances, and notes payable to a related party.  Fair values are based on assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of risk.

 

  c. Liquidity risk

Braeden is exposed to liquidity risk as its continued operations are dependent upon obtaining additional capital or achieving profitable operations to satisfy its liabilities as they come due.

XML 30 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 4 - Recent Accounting Pronouncements
12 Months Ended
Dec. 31, 2012
Accounting Changes and Error Corrections [Abstract]  
Note 4 - Recent Accounting Pronouncements

4. Recent accounting pronouncements

 

The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.

XML 31 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 2 - Going Concern (Details Narrative) (USD $)
Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accumulated Losses $ 102,145
Working capital deficiency $ 87,145
XML 32 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 12 - Related Party Transaction
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Note 12 - Related Party Transactions

12. Related party transactions

 

At December 31, 2012, $2,031 (2011 - $1,948) is owing pursuant to a promissory note with the President of the Company, including $356 (2011 - $273) in accrued interest (refer to note 9).

XML 33 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 8 - Advances
12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
Note 8 - Advances
8. Advances

 

During the fiscal year ended December 31, 2012, the Company received $23,458 pursuant to advances from third parties ($30,588 was received in fiscal year 2011).  These advances do not bear interest and do not have any specific terms of repayment. Total advances due to third parties were $83,428 as of December 31, 2012.

XML 34 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 6 - Fair Value Measurement
12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Note 6 - Fair Value Measurement
6. Fair value measurement

 

The Company adopted ASC Topic 820-10 at the beginning of 2009 to measure the fair value of certain of its financial assets required to be measured on a recurring basis.  The adoption of ASC Topic 820-10 did not impact the Company’s financial condition or results of operations.  ASC Topic 820-10 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).  ASC Topic 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.  A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability.  The three levels of the fair value hierarchy under ASC Topic 820-10 are described below:

 

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.

 

Level 2 – Valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

 

Level 3 – Valuations based on inputs that are supportable by little or no market activity and that are significant to the fair value of the asset or liability.

XML 35 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 7 - Mineral Property Rights
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
Mineral Property Rights

7. Mineral property rights

 

On August 11, 2008, Braeden entered into an exploration and mining lease agreement with Altair Minerals, Inc. (“Altair”), and acquired an undivided interest into mining claims located in Elko County, Nevada, in consideration for the payment of advance minimum royalties, as follows:

 

   i $5,000 upon the execution of the agreement, to hold the property for one year from the effective date:
   ii. $10,000 due on the first anniversary of the agreement;
   iii. $15,000 due on the second anniversary of the agreement;
   iv. $25,000 due on the third anniversary of the agreement; and
   v. $25,000 on each subsequent anniversary of the agreement.

 

We paid the $5,000 advanced royalty payment due upon execution of the agreement but we did not have the necessary funds to make the $10,000 advanced royalty payment on the first anniversary of the agreement. We were able to enter into a series of amendments to the lease whereby we made reduced payments and the term of the lease was extended for an additional six months from the time of the payment. As a result, the following advanced royalty payments replaced the amounts due under the lease, and the lease was extended as follows:

 

Date   Payment Amount   Extended Term Date
May 15, 2009        $  5,000.00   November 15, 2009
May 13, 2010        $  2,500.00   November 15, 2010
November 19, 2010        $  2,500.00   May 15, 2011
May 12, 2011        $  2,500.00   November 15, 2011
October 21, 2011        $  2,500.00   May 15, 2012
May 4, 2012        $  2,500.00   November 15, 2012
November 14, , 2012        $  2,500.00   May 15, 2013

  

If we fail to reach an agreement with the owner of the property before May 15, 2013, we could lose our right to explore the mining property.

 

The lease, effective May 15, 2008, is for an initial term of 15 years and shall be extended for so long as there is production of minerals from the property.

 

Upon commencement of production of minerals, we are obligated to pay a royalty on production to the landowner equal to 4% of net smelter returns. We have the right to purchase up to 2 of the 4 royalty points, by paying Altair $1,000,000 for the first royalty percentage point, and $2,000,000 for the second royalty percentage point.

 

During the year ended December 31, 2008, Braeden paid $3,038 in exploration costs associated with the preparation of a technical report and annual maintenance fees, in addition to $5,000 for acquisition fees.  At December 31, 2008, the Company could not project any positive net cash flows from this investment; therefore, we recorded a related impairment loss of $5,000 in the statement of operations.

 

During the year ended December 31, 2009, the Company paid $5,000 in advance royalty payments (treated as an acquisition cost) due on November 15, 2009 to keep the lease in good standing.  At December 31, 2009, the Company could not project any positive net cash flows from this investment; therefore, we recorded a related impairment loss of $5,000 in the statement of operations.

 

During the year ended December 31, 2010, Braeden paid $606 in exploration costs associated with annual maintenance fees, in addition to $5,000 for acquisition fees. At December 31, 2010, the Company could not project any positive net cash flows from this investment; therefore, we recorded a related impairment loss of $5,000 in the statement of operations.

 

During the year ended December 31, 2011, Braeden paid $606 in exploration costs associated with annual maintenance fees, in addition to $5,000 for acquisition fees. At December 31, 2011, the Company could not project any positive net cash flows from this investment; therefore, we recorded a related impairment loss of $5,000 in the statement of operations

 

During the year ended December 31, 2012, Braeden paid $606 in exploration costs associated with annual maintenance fees. On May 4, 2012 and November 14, 2012, the Company made payments of $2,500 each, for acquisition fees. The November 14, 2012 payment extended the due date of the required $25,000 payment referred to above (footnote 7 iv), for 7 months (to May 15, 2013). At December 31, 2012, the Company could not project any positive net cash flows from this investment; therefore, we recorded a related impairment loss of $5,000 in the statement of operations.

XML 36 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 9 - Note Payable Related Party
12 Months Ended
Dec. 31, 2012
Related Party Transactions [Abstract]  
Note 9 - Note Payable from a Related Party
9. Note payable from a related party

 

On September 30, 2008, Braeden received $1,675 pursuant to a promissory note with the President of the Company.  The note is unsecured, bears interest at 5% per annum calculated annually and is due on demand.   At December 31, 2012, $2,031 (2011 - $1948) is owing on this note, including $356 (2011 - $273) in accrued interest.

XML 37 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 3 - Summary of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2012
Accounting Policies [Abstract]  
a. Cash and cash equivalents

a.      Cash and cash equivalents

Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly liquid investments with an original maturity of ninety days or less.

b. Pre-exploration stage company

b.      Pre-exploration stage company

The Company was organized for the purpose of acquiring and developing mineral properties.  At the report date mineral claims, with unknown reserves, had been acquired.  The Company has not established the existence of a commercially minable ore deposit and therefore has not reached the exploration stage and is considered to be in the pre-exploration stage.

c. Mineral property acquisition and exploration costs

c.      Mineral property acquisition and exploration costs

Mineral property acquisition costs are initially capitalized and then are assessed periodically for impairment, or when there is an indication that impairment may exist. Mineral exploration costs are expensed when incurred.

d. Loss per share

d.      Loss per share

Basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

e. Long lived assets

e.     Long lived assets

The carrying value of intangible assets and other long-lived assets are reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment.  Braeden recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset.  Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.

f. Income taxes

f.      Income taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between their financial statement carrying amounts and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

XML 38 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 7 - Mineral Property Rights (Details Narrative) (USD $)
12 Months Ended 53 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Dec. 31, 2012
Nov. 14, 2012
May 04, 2012
Aug. 12, 2008
Notes to Financial Statements                  
Payment due on execution date                 $ 5,000
Term property held from execution date, in years                 1
Payment due on first anniversary of agreement execution date                 10,000
Payment due on second anniversary of agreement execution date                 15,000
Payment due on third anniversary of agreement execution date                 25,000
Payment due on each subsequent anniversary of agreement execution date                 25,000
Advance royalty payments and/or acquisition fees paid             2,500 2,500 5,000
Term of extension of lease, in months                 6
Term of lease, in years                 15
Royalty payable on production, net smelter returns                 4.00%
Number of Royalty points available to be purchased                 2
Total number of Royalty points                 4
Amount payable to purchase first royalty point                 1,000,000
Amount payable to purchase second royalty point                 2,000,000
Exploration costs expended in period 606 606 606   3,038        
Acquisition fees paid   5,000 5,000 5,000 5,000        
Impairment loss recorded in period $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 25,000      
Number of months due date for payment extended 7                
XML 39 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (USD $)
12 Months Ended 53 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Operating Activities      
Net loss $ (25,150) $ (22,065) $ (102,145)
Adjustment to reconcile to net loss to net cash used in operating activities:      
Impairment of mineral property rights 5,000 5,000 25,000
Changes in balances of assets and liabilities:      
Accrued interest 84 84 356
Accounts payable 1,609 (8,607) 1,686
Cash used in operating activities (18,457) (25,588) (75,103)
Investing activities      
Acquisition of mineral property rights (5,000) (5,000) (25,000)
Cash used in investing activities (5,000) (5,000) (25,000)
Financing activities      
Proceeds from subscriptions of stock       15,000
Advances from third parties 23,458 30,588 83,428
Proceeds from related party debt       1,675
Cash provided by financing activities 23,458 30,588 100,103
Net increase (decrease) in cash         
Cash, beginning of period         
Cash, end of period         
Supplemental disclosure of cash flow information      
Cash paid for income taxes         
Cash paid for interest         
XML 40 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 3 - Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2012
Accounting Policies [Abstract]  
Note 3 - Summary of Significant Accounting Policies

3. Summary of significant accounting policies

 

The accompanying financial statements of Braeden Valley Mines, Inc. 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”).  Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates, which have been made using careful judgment.  Actual results may vary from these estimates.

 

The financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies summarized below:

 

a.      Cash and cash equivalents

Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly liquid investments with an original maturity of ninety days or less.

 

b.      Pre-exploration stage company

The Company was organized for the purpose of acquiring and developing mineral properties.  At the report date mineral claims, with unknown reserves, had been acquired.  The Company has not established the existence of a commercially minable ore deposit and therefore has not reached the exploration stage and is considered to be in the pre-exploration stage.

 

c.      Mineral property acquisition and exploration costs

Mineral property acquisition costs are initially capitalized and then are assessed periodically for impairment, or when there is an indication that impairment may exist. Mineral exploration costs are expensed when incurred.

 

d.      Loss per share

Basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period.

 

e.     Long lived assets

The carrying value of intangible assets and other long-lived assets are reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment.  Braeden recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset.  Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.

 

f.      Income taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between their financial statement carrying amounts and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

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Note 8 - Advances (Details Narrative) (USD $)
12 Months Ended 53 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Debt Disclosure [Abstract]      
Advances received in period $ 23,458 $ 30,588 $ 83,428
Advances due to third parties $ 83,428 $ 59,970 $ 83,428
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Note 13 - Subsequent Events
12 Months Ended
Dec. 31, 2012
Subsequent Events [Abstract]  
Note 13 - Subsequent Events
13. Subsequent Events

 

The Company has implemented the most recent FASB accounting pronouncement for reporting subsequent events. This standard establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued. The adoption of this accounting pronouncement did not impact our financial position or results of operations. The Company evaluated all events or transactions that occurred after December 31, 2012, up through the date these financial statements were issued and no subsequent events occurred that required disclosure in the accompanying financial statements.