10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2016

[  ]  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: 333-180424

VALMIE RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Nevada	45-3124748
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1001 S Dairy Ashford Road, Suite 100 Houston, TX	77077
(Address of principal executive offices)	(Zip Code)

(713) 595-6675

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “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 defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

APPLICABLE ONLY TO CORPORATE ISSUERS

As of October 12, 2016 the registrant had 67,263,311 shares of common stock outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion & Analysis of Financial Condition and Results of Operations	4
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	9
Item 4.	Controls and Procedures	9
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	10
Item 1A.	Risk Factors	10
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	10
Item 3.	Defaults Upon Senior Securities	10
Item 4.	Mine Safety Disclosures	10
Item 5.	Other Information	10
Item 6.	Exhibits	10

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

VALMIE RESOURCES, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

August 31, 2016

(Stated in US Dollars)

	Page
Consolidated Balance Sheets	F-1
Consolidated Statements of Operations	F-2
Consolidated Statements of Cash Flows	F-3
Notes to the Unaudited Interim Consolidated Financial Statements	F-4 – F-10

3

Valmie Resources, Inc.

Consolidated Balance Sheets

(Stated in US Dollars)

(Unaudited)

	August 31, 2016			November 30, 2015
	(unaudited)
ASSETS
Current Assets
Cash and cash equivalents (Note 4)	$	45,717		$	22,876
Subscription receivable		100,000			-
Prepaid expenses		350			350
Total Current Assets		146,067			23,226
Non-current Assets
Prototype development (at cost)		34,019			32,732
Investment in joint venture (Note 5)		63,611			-
Total Non-current Assets		97,630			32,732
Total Assets	$	243,697		$	55,958
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	$	25,841		$	61,195
Promissory note (Note 9)		19,592			17,897
Total Current Liabilities		45,433			79,092
Promissory Notes (Note 9)		-			104,737
Total Liabilities		45,433			183,829
STOCKHOLDERS’ EQUITY (DEFICIENCY)
Capital stock (Note 6)
Authorized:
10,000,000 preferred shares, $0.001 per share
750,000,000 common shares, $0.001 par value
Issued and outstanding:
2,000,000 preferred shares		2,000			2,000
67,263,311 common shares (November 30, 2015 – 64,092,035 common shares)		67,263			64,092
Additional paid-in capital		14,667,600			13,743,781
Retained deficit		(14,538,599	)		(13,937,744	)
Total Stockholders’ Equity (Deficiency)		198,264			(127,871	)
Total Liabilities and Stockholders’ Equity	$	243,697		$	55,958

The accompanying notes are an integral part of these consolidated financial statements 

F-1

Valmie Resources, Inc.

Consolidated Statements of Operations

(Stated in US Dollars)

(Unaudited)

	Three Months Ended August 31, 2016			Three Months Ended August 31, 2015			Nine Months Ended August 31, 2016			Nine Months Ended August 31, 2015
Revenue	$	-		$	-		$	-		$	-
Operating Expenses
General and administrative		43,353			(3,826	)		84,775			20,476
Management fees (Note 8)		22,500			15,000			52,500			37,000
Professional fees		45,263			177,280			120,288			345,740
Transfer agent fees		1,995			1,775			5,444			3,928
Loss from Operations		(113,111	)		(190,229	)		(263,007	)		(407,144	)
Other expenses
Interest		(454	)		-			(13,313	)		1,190
Equity loss in joint venture (Note 5)		(56,773	)		-			(58,389	)		-
Loss on settlement of debt		-			-			(266,146	)		(10,404,422	)
		(57,227	)		-			(337,848	)		(10,403,232	)
Net Loss	$	(170,338	)	$	(190,229	)	$	(600,855	)	$	(10,810,376	)
Basic and Diluted Loss per Common Share	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.07	)
Weighted Average Number of Common Shares Outstanding		66,897,141			63,987,965			65,310,610			150,774,391

The accompanying notes are an integral part of these consolidated financial statements 

F-2

Valmie Resources, Inc.

Consolidated Statements of Cash Flows

(Stated in US Dollars)

(Unaudited)

	Nine Months Ended August 31, 2016			Nine Months Ended August 31, 2015
Cash Flows from Operating Activities
Net loss	$	(600,855	)	$	(10,810,376	)
Items not affecting cash
Loss on settlement of debt by issuing common stock		266,146			10,404,422
Equity loss in joint venture		58,389			-
Changes in operating assets and liabilities
Accounts payable and accrued liabilities		(35,355	)		116,342
Prepaid expenses		-			(350	)
Interest accrual		13,313			(313	)
Net cash used in operations		(298,362	)		(290,275	)
Cash Flows from Investing Activities
Advances to Vertitek Inc.		-			(25,500	)
Cash acquired on the acquisition of Vertitek Inc.		-			6,132
Investment in joint venture		(122,000	)		-
Increase in prototype development		(1,287	)		(20,220	)
Net cash used in investing activities		(123,287	)		(39,588	)
Cash Flows from Financing Activities
Proceeds from promissory notes		172,500			320,000
Repayment of promissory notes		(75,000	)		-
Proceeds from sale of common stock		346,990			-
Net cash provided by financing activities		444,490			320,000
Change in cash and cash equivalents		22,841			(9,863	)
Cash and cash equivalents – beginning of period		22,876			12,565
Cash and cash equivalents – end of period	$	45,717		$	2,702
Supplementary Cash Flow Information
Cash paid for
Interest	$	-		$	-
Income taxes	$	-		$	-
Supplementary Disclosure of Non-Cash Investing Activity
Issuance of common stock for subsidiary	$	-		$	2,770,000
Issuance of common stock for settlement of promissory notes	$	200,000		$	383,927
Issuance of common stock for intangible asset	$	-		$	100,000

The accompanying notes are an integral part of these consolidated financial statements 

F-3

Valmie Resources, Inc.

Notes to Consolidated Financial Statements

(Stated in US Dollars)

(Unaudited)

1. Organization

Valmie Resources, Inc. (the “Company”) was incorporated on August 26, 2011, in the State of Nevada, U.S.A. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“US GAAP”), and the Company’s fiscal year end is November 30.

In early December 2014, the Company changed its business focus from mining to pursuing opportunities for the commercialization of leading edge products and services in the rapidly expanding technology industry.

On March, 31, 2015, the Company acquired 100% interest in Vertitek Inc., a Wyoming corporation (“Vertitek”). Vertitek was established to provide unmanned vehicle software, hardware and cloud services for a wide range of commercial applications around the globe. Vertitek is in the process of developing the V-1 Drone^SM, a cutting edge multi-rotor UAV designed specifically to meet the requirements of a growing commercial user base.

On April 15, 2016, the Company entered into a Joint Venture Agreement to form AeroLift eXpress LLC (“AeroLift”). The Company owns 50% of AeroLift and has committed funding up to $500,000 to launch the AeroLift business model.

2. Basis of Presentation

Unaudited Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). They do not include all information and footnotes required by US GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended November 30, 2015, included in the Company’s Form 10-K filed with the SEC. The unaudited interim consolidated financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended August 31, 2016 are not necessarily indicative of the results that may be expected for the year ending November 30, 2016.

F-4

Valmie Resources, Inc.

Notes to Consolidated Financial Statements

(Stated in US Dollars)

(Unaudited)

3. Acquisition of Vertitek Inc.

On March 31, 2015, the Company issued 1,000,000 shares of common stock in exchange for 100% of the issued and outstanding shares of Vertitek. Vertitek was previously named Landstar Leasing, Inc. (“Landstar”) and was incorporated pursuant to the Wyoming Business Corporation Act on February 19, 2014. On November 19, 2014, Landstar changed its name to Vertitek Inc. As a result of the acquisition, Vertitek became a wholly owned subsidiary of the Company.

In December 2014, the Company changed its business focus from mining to opportunities in the technology industry. The acquisition of Vertitek enables the Company to pursue its new business focus as Vertitek has focused on the development of unmanned vehicle software, hardware and cloud services for a wide range of commercial applications around the globe. Vertitek is in the process of developing the V-1 Drone^SM, a cutting edge multi-rotor unmanned aerial vehicle (“UAV”) designed specifically to meet the requirements of a growing commercial user base.

The acquisition was accounted for as an asset acquisition in accordance with US GAAP as Vertitek did not meet the definition of a business. Vertitek did not consist of sufficient processes (systems, standards, protocols, conventions or rules) that would be able to be applied to those inputs and have the ability to create outputs as required by Accounting Standards Codification 805.

In exchange for common stock of $2,770,000, the Company acquired $18,355 of financial assets, $2,777,145 of intangible assets related to intellectual property and $25,500 of financial liabilities. The total value of the intangible assets related to intellectual property ($2,777,145) was impaired and written-off as of November 30, 2015.

4. Cash and Cash Equivalents

	August 31, 2016		November 30, 2015
Cash on deposit	$	45,717	$	22,876
	$	45,717	$	22,876

5. Investment in Partnership

On April 15, 2016, the Company and its partner, James Stafford, a Texas resident (“Stafford”) (collectively the “Members”), organized a joint venture entity, AeroLift Express LLC (“AeroLift”), to develop and launch integrated service and solution offerings utilizing the latest advancements in the UAV industry.

The material terms of the joint venture agreement between the Members are as follows:

● The Company will contribute to AeroLift startup financing in periodic amounts, the total of which will not exceed $500,000. Such financing will be made available to AeroLift in monthly installments of $25,000 for the first 3 months from the date of execution of the joint venture agreement (paid).

● AeroLift will set aside a reserve fund, for operations, payroll, expansion, and employee bonuses from AeroLift’s after-tax profit. The ratio of the reserve fund to AeroLift’s after-tax profit will not be lower than 10% and may be a higher percentage with unanimous approval of the Members. The distributed profit, which is the profit after above funds have been allocated, will be distributed to Members, in proportion to their member interests.

F-5

Valmie Resources, Inc.

Notes to Consolidated Financial Statements

(Stated in US Dollars)

(Unaudited)

5. Investment in Partnership (continued)

The carrying value of $63,611 at August 31, 2016 (November 30, 2015 – $Nil) includes $122,000 in advances plus the Company’s share of the cumulative net loss of AeroLift of $58,389 (November 30, 2015 – $Nil).

Summary of financial information of AeroLift

For the period ended August 31,

	2016		2015
General and administrative	$	10,371	$	-
Payroll		19,282		-
Subcontractors		53,672		-
Travel and promotion		33,453		-
Net loss for the period	$	116,778	$	-

6. Capital Stock

Authorized Stock

At inception, the Company authorized 100,000,000 shares of common stock with a par value of $0.001 per share. Each share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

On December 3, 2013, the holders of a majority of the Company’s issued and outstanding common stock approved an increase in its authorized capital from 100,000,000 shares of common stock, par value $0.001, to 750,000,000 shares of common stock, par value $0.001 (the “Authorized Capital Increase”). The Company formally effected the Authorized Capital Increase on December 4, 2013 by filing a Certificate of Amendment with the Nevada Secretary of State.

On December 3, 2013, the Company’s sole director approved a stock dividend of 59 authorized but unissued shares of its common stock on each one (1) issued and outstanding share of its common stock held by shareholders of record as of December 16, 2013. The payment date for the stock dividend was December 17, 2013, as determined by the Financial Industry Regulatory Authority (FINRA). Upon the payment of the stock dividend, the Company had 296,400,000 issued and outstanding shares of common stock, which represents an increase of 291,460,000 shares over its prior total of 4,940,000 issued and outstanding shares of common stock. The split is reflected retrospectively in the consolidated financial statements.

On December 10, 2014, the holders of a majority of the Company’s issued and outstanding common stock approved a set of amended and restated articles of incorporation that, among other things, increased the Company’s authorized capital to 760,000,000 shares, consisting of 750,000,000 shares of common stock, par value $0.001, and 10,000,000 shares of “blank check” preferred stock, par value $0.001.

On December 11, 2014, the Company’s sole director approved the designation of 2,000,000 shares of the Company’s authorized but unissued “blank check” preferred stock, par value $0.001, as Series “A” preferred stock. The shares of Series “A” preferred stock carry certain rights and preferences and may be converted into shares of the Company’s common stock on a 10 for one (1) basis at any time after 18 months from the date of issuance, and that each share of Series “A” preferred stock has voting rights and carries a voting weight equal to 50 shares of common stock.

F-6

Valmie Resources, Inc.

Notes to Consolidated Financial Statements

(Stated in US Dollars)

(Unaudited)

6. Capital Stock (continued)

The preferred stock ranks senior to (a) any other series of preferred stock of the Company currently existing or hereafter created (b) the common stock of the Company, now existing or hereafter issued and (c) any other class of securities of the Company, in each case with respect to dividend distributions and distributions of assets upon the liquidation, dissolution or winding up of the Company whether voluntary or involuntary.

The Company formally effected the designation by filing a Certificate of Designation with the Nevada Secretary of State on January 15, 2015.

Share Issuances

On January 16, 2015, the owner of an aggregate of 237,360,000 shares of the Company’s common stock agreed to cancel those shares in exchange for the issuance of the 2,000,000 shares of Series “A” preferred stock. As a result, the number of issued and outstanding shares of the Company’s common stock decreased from 296,400,000 to 59,040,000.

On April 6, 2015, the Company issued 3,500,000 shares of common stock at a deemed price of $0.10 per share in settlement of promissory notes totaling $350,000, including $300,000 in proceeds received during the fiscal year. The stock was valued at the $2.81 trading price per share, resulting in a loss on the settlement of debt in the amount of $9,485,000.

On April 6, 2015, the Company issued 339,270 shares of common stock at a deemed price of $0.10 per share in settlement of related party loans totaling $33,927. The stock was valued at the $2.81 trading price per share, resulting in a loss on the settlement of debt in the amount of $919,422.

On April 6, 2015, the Company issued 1,000,000 shares of common stock at a price of $2.77 per share for the acquisition of Vertitek. The stock was valued at $2.77 per share on the effective date of the acquisition of Vertitek, March 31, 2015.

On July 21, 2015, the Company issued 212,765 shares of common stock at a deemed price of $0.47 per share for the purchase of all of the rights, title and interest in and to certain intellectual property from the Company’s President.

On April 26, 2016, the Company issued 2,000,000 shares of common stock at a deemed price of $0.10 per share in settlement of promissory notes totaling $200,000. The stock was valued at the $0.24 trading price per share, resulting in a loss on the settlement of debt in the amount of $280,000.

On May 9, 2016, the Company issued 360,360 shares of common stock to an investor at a deemed price of $0.14 per share for proceeds of $50,000.

On June 20, 2016, the Company issued 317,360 shares of common stock to an investor at a deemed price of $0.32 per share for proceeds of $100,000.

On June 29, 2016, the Company issued 155,738 shares of common stock to an investor at a deemed price of $0.64 per share for net proceeds of $98,495.

On July 14, 2016, the Company issued 127,114 shares of common stock to an investor at a deemed price of $0.79 per share for net proceeds of $98,495.

On August 25, 2016, the Company issued 210,704 shares of common stock to an investor at a deemed price of $0.47 per share. Total proceeds of $100,000 were received subsequent to the period ended August 31, 2016 and the amount is recorded as subscription receivable on the balance sheet.

F-7

Valmie Resources, Inc.

Notes to Consolidated Financial Statements

(Stated in US Dollars)

(Unaudited)

6. Capital Stock (continued)

As of August 31, 2016, the Company had 67,263,311 issued and outstanding shares of common stock and 2,000,000 issued and outstanding shares of Series “A” preferred stock.

At August 31, 2016, the Company had no issued or outstanding stock options or warrants.

7. Mineral Property Costs

Lander County, Nevada Claims

On September 30, 2011, the Company entered into an option agreement that would provide for the purchase of a 100% interest in the Carico Lake Valley Property (the “Property”). The Property is located in the State of Nevada.

To complete the option, the agreement requires the Company to make the following payments and incur the following amounts on exploration and development:

a)	$15,000 cash on September 30, 2011 (paid);
b)	an additional $30,000 cash on September 30, 2013 (not paid);
c)	an additional $60,000 cash on September 30, 2013 (not paid);
d)	an additional $120,000 cash on September 30, 2014 (not paid); and
e)	incur a minimum of $125,000 ($12,654 was incurred as of February 29, 2016) on exploration and development work by December 31, 2013 and every subsequent year thereafter, through 2014.

The entity that owns the Property made the 2014 payments due to the Bureau of Land Management, Nevada (“BLM”) and Lander County. The payments ($6,406) are reflected in accounts payable and accrued liabilities and the annual exploration and development work.

The Company was responsible for any and all property payments due to any government authority on the property during the term of the option agreement (BLM: $3,920 yr., Lander County: $294 yr.).

The entity that owns the Property terminated the option agreement with the Company on July 28, 2014 and the above mentioned reimbursement of $6,406 remains outstanding. The Company has no further rights to the Property.

F-8

Valmie Resources, Inc.

Notes to Consolidated Financial Statements

(Stated in US Dollars)

(Unaudited)

8. Related Party Transactions

On July 15, 2015, the Company entered into an asset purchase agreement with its current President pursuant to which the Company acquired all of the right, title and interest in and to certain intellectual property from the President in consideration for the issuance of $100,000 worth of common stock on that date at a deemed price of $0.47 per share. As a result, the Company issued 212,765 shares of common stock to the President. The entire $100,000 of intellectual property was impaired and written-off as of November 30, 2015.

During the period ended August 31, 2016, the Company paid management fees of $52,500 (2015 – $32,000) to its current President and $Nil (2015 – $5,000) to a former director, and converted $Nil (2015 – $33,927) in debt owed to a former director into common stock resulting in a loss on the settlement of debt in the amount of $Nil (2015 – $919,422). The Company had $Nil (2015 – $10,782) in debt forgiven by its majority shareholder.

9. Promissory Notes

On August 18, 2014, the Company entered into a promissory note agreement with Investor A for an aggregate amount of $50,000 plus simple interest at an annual interest rate of 15%, repayable on August 18, 2016. On April 6, 2015, the promissory note was settled through the issuance of 500,000 shares of common stock. The Company recognized a loss of $1,355,000 in connection with the debt settlement.

On October 7, 2014, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $25,000 plus simple interest at an annual interest rate of 15%, repayable on October 7, 2016. On April 6, 2015, the promissory note was settled through the issuance of 250,000 shares of common stock. The Company recognized a loss of $677,500 in connection with the debt settlement.

On October 22, 2014, the Company entered into a promissory note agreement with Investor B for an aggregate amount of $15,000 plus simple interest at an annual interest rate of 15%, repayable on October 22, 2016. As of August 31, 2016, $15,000 was received and interest accrued of $4,592 ($2,897 as at November 30, 2015).

On November 23, 2014, the Company entered into a promissory note agreement with Investor C for an aggregate amount of $75,000 plus simple interest at an annual interest rate of 15%, repayable on November 23, 2016. On April 6, 2015, the promissory note was settled through the issuance of 750,000 shares of common stock. The Company recognized a loss of $2,032,500 in connection with the debt settlement.

On December 29, 2014, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $75,000 plus simple interest at an annual interest rate of 15%, repayable on December 29, 2016. On April 6, 2015, the promissory note was settled through the issuance of 750,000 shares of common stock. The Company recognized a loss of $2,032,500 in connection with the debt settlement.

On January 26, 2015, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $50,000 plus simple interest at an annual interest rate of 15%, repayable on January 26, 2017. On April 6, 2015, the promissory note was settled through the issuance of 500,000 shares of common stock. The Company recognized a loss of $1,355,000 in connection with the debt settlement.

F-9

Valmie Resources, Inc.

Notes to Consolidated Financial Statements

(Stated in US Dollars)

(Unaudited)

9. Promissory Notes (continued)

On February 27, 2015, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $25,000 plus simple interest at an annual interest rate of 15%, repayable on February 27, 2017. On April 6, 2015, the promissory note was settled through the issuance of 250,000 shares of common stock. The Company recognized a loss of $677,500 in connection with the debt settlement.

On March 20, 2015, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $50,000 plus simple interest at an annual interest rate of 15%, repayable on March 20, 2017. On April 6, 2015, the promissory note was settled through the issuance of 500,000 shares of common stock. The Company recognized a loss of $1,355,000 in connection with the debt settlement.

During the period ended August 31, 2016, the Company entered into multiple promissory note agreements with Investor D for an aggregate amount of $172,500 ($102,500 in aggregate during the year ended November 30, 2015). The promissory notes mature two years from the date of the inception of the notes and bear simple interest at an annual interest rate of 15%. The notes are secured by all of the assets, properties, goods, inventory, equipment, furniture, fixtures, leases, supplies, records, money, documents, instruments, chattel paper, accounts, intellectual property rights (including but not limited to, copyrights, moral rights, patents, patent applications, trademarks, service marks, trade names, trade secrets) and other general intangibles, whether owned by Company on the date of the note or hereafter acquired, and all proceeds thereof. On April 27, 2016, $200,000 of the promissory notes was settled through the issuance of 2,000,000 shares of common stock, and the associated accrued interest of $13,854 was waived. The Company recognized a loss of $266,146 in connection with the debt settlement. During the period ended August 31, 2016, the Company repaid the remaining promissory notes in full for an aggregate amount of $75,000.

10. Going Concern and Liquidity Considerations

The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As at August 31, 2016, the Company had working capital of $634 (November 30, 2015 – working capital deficiency of $55,866) and an accumulated deficit of $14,538,599 (November 30, 2015 – $13,937,744). The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the next 12 months.

The ability of the Company to continue in existence is dependent upon, among other things, obtaining additional financing to continue operations and the operations of both Vertitek and Aerolift.

In response to these problems, management intends to raise additional funds through public or private placement offerings.

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

11. Commitments

Pursuant to a letter of intent dated July 7, 2015, the Company is obligated to pay one vendor $5,000 for costs incurred to construct a prototype and testing of such prototype. As at August 31, 2016, $3,000 has been paid in relation to this obligation.

12. Subsequent Events

The Company has evaluated subsequent events from August 31, 2016, through the date these financial statements were issued and determined that there are no additional items to disclose.

F-10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

As used in this quarterly report, the terms “we”, “us” and “our” mean Valmie Resources, Inc. and all dollar amounts refer to U.S. dollars, unless otherwise indicated.

Forward-Looking Statements

This quarterly report contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements”, including any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by any forward-looking statements.

These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs, and risk of declining revenues. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements.

The following discussion of our financial condition and results of operations is based upon our financial statements which have been prepared in conformity with accounting principles generally accepted in the United States. It should be read in conjunction with our financial statements, including the notes thereto, that appear elsewhere in this quarterly report. The discussion of results, causes and trends should not be construed to imply any conclusion that these results or trends will necessarily continue into the future.

Overview

We were incorporated pursuant to the laws of the State of Nevada on August 26, 2011. We have one wholly owned subsidiary, Vertitek Inc., a Wyoming corporation (“Vertitek”), and a 50% interest in a joint venture entity, AeroLift eXpress, LLC, a Wyoming limited liability corporation (“AeroLift”). From our inception until the quarter ended August 31, 2014, we were a mineral exploration company exploring for precious metals, or gold and silver targets. Our property, known as the Carico Lake Valley Property (the “Property”), was located in Lander County, Nevada.

In July 2014, the landowner notified us that our option to acquire an interest in the Property had been terminated and that the Property had been sold to a third party. Our efforts from that date until the end of our fiscal year ended November 30, 2014, were primarily directed to identifying new development properties.

In early December 2014, our majority shareholder determined it was in the best interests of our shareholders to change our business focus from mining to pursuing opportunities for the commercialization of leading edge products and services in the rapidly expanding technology industry. We therefore sought to develop or acquire concepts with valid business models positioned to make a significant impact within the four key technology “megasectors”: software, hardware, networking and semiconductors.

Business Strategy

The first major step in our shift to the technology sector was the appointment of Gerald B. Hammack as our sole officer and director on December 8, 2014. Mr. Hammack has more than 30 years of experience in a variety of technology-related fields, including programming, digital telephony and database management, as well as substantial expertise in the setup and management of complex data processing systems.

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Over the past several years, Mr. Hammack has been developing a series of software platforms and technologies designed to provide the near real-time data processing required by the ever-expanding use of commercial Unmanned Aerial Vehicles or UAVs (more commonly referred to as drones). Towards the end of 2014, we rebranded Mr. Hammack’s development efforts as the AIMD (Automated Intelligence for Mobile Devices) data processing platform and adopted them as our own. On July 15, 2015, we entered into an asset purchase agreement with Mr. Hammack pursuant to which we acquired all of the right, title and interest in and to the intellectual property relating to the AIMD platform in consideration for the issuance of $100,000 worth of our common stock to Mr. Hammack on that date at a deemed price of $0.47 per share. Since we did not acquire any patents from Mr. Hammack, we recognized an intangible asset value of $100,000 related to the acquisition.

While in the process of launching the AIMD platform, we determined that it would be necessary to find a partner that had the technology and experience in the design and manufacture of UAVs in order to design and build prototype units to test and refine our product and service offerings. After extensive investigation we located a UAV manufacturer, Vertitek. Vertitek’s hardware and software technology is being designed to enable a sophisticated level of autonomy for UAVs and other autonomous mobilized devices, including precision guidance controls and advanced safety features. Vertitek has several under development commercial UAVs, each of which is a multi-rotor platform that incorporates an integrated, fully autonomous autopilot that can be connected to, and controlled from, the AIMD platform.

On January 27, 2015 we entered into a share exchange agreement with Vertitek and the sole shareholder of Vertitek, Masamos Services Ltd., a Cypriot corporation (“Masamos”), to acquire 100% of the capital stock of Vertitek in exchange for the issuance of shares of our common stock to Masamos. On March 31, 2015, the closing of the share exchange agreement occurred and we issued 1,000,000 shares of our common stock to Masamos in exchange for 100% of the issued and outstanding shares of Vertitek. As a result, Vertitek became our wholly owned subsidiary.

On April 15, 2016, we entered into a joint venture agreement with James Stafford to form AeroLift (the “Joint Venture Agreement”). Pursuant to the Joint Venture Agreement, we currently own 50% of AeroLift and have committed funding up to $500,000 to launch the AeroLift business model, of which $122,000 had been advanced as of August 31, 2016. AeroLift is led by a team of military trained pilots, mission commanders and specialists with more than 60 years of combined aviation experience. AeroLift’s aircraft are military grade construction adapted for commercial applications. Together with state of the art ground control stations and flight control software, AeroLift intends to deliver cutting edge unmanned services to clients in a variety of challenging environments.

To date, we have not generated any revenue through the sales of UAVs or the provision of software, hardware or cloud based services, either through Vertitek, AeorLift or otherwise. As we are still developing our technologies, we have not yet launched our manufacturing, sales or marketing operations and have not yet identified any customers for our systems or solutions.

We have never declared bankruptcy, receivership or any similar proceedings nor have we had any material reclassifications, mergers, consolidations, or purchases or sales of a significant amount of assets not in the ordinary course of business.

Results of Operations

Revenues

We have not generated any revenue since our inception. We anticipate that we will incur substantial losses for the foreseeable future and our ability to generate any revenue during the next 12 months continues to be uncertain.

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Three Months ended August 31, 2016 and 2015

Expenses

During the three months ended August 31, 2016, we incurred $113,111 in operating expenses, including $45,263 in professional fees, $43,353 in general and administrative expenses, $22,500 in management fees and $1,995 in transfer agent fees. During the same period in fiscal 2015, we incurred $190,229 in operating expenses, including $177,280 in professional fees, $15,000 in management fees and $1,775 in transfer agent fees, as offset by a $3,286 gain in general and administrative expenses. The $77,118 decrease in our operating expenses between the two periods was therefore primarily attributable to the significant decrease in our professional fees, which was in turn related to our obligations under a consulting agreement we entered into on September 1, 2014 that was amended effective February 28, 2015 to cancel the fixed monthly fee. During the three months ended August 31, 2016, however, our general and administrative expenses increased due to a general increase in our operations.

During the three months ended August 31, 2016, we incurred other expenses of $57,227, including a $56,773 equity loss associated with the AeroLift joint venture and $454 in interest expenses, whereas we did not incur any other expenses during the same period in fiscal 2015.

Net Loss

During the three months ended August 31, 2016, we incurred a net loss from operations of $113,111, a net loss of $170,338, and a net loss per share of $0.00. During the same period in fiscal 2015, we incurred a net loss from operations of $190,229, which was equal to our net loss, and a net loss per share of $0.00.

Nine Months ended August 31, 2016 and 2015

Expenses

During the nine months ended August 31, 2016, we incurred $263,007 in operating expenses, including $120,288 in professional fees, $84,775 in general and administrative expenses, $52,500 in management fees and $5,444 in transfer agent fees. During the same period in fiscal 2015, we incurred $407,144 in operating expenses, including $345,740 in professional fees, $20,476 in general and administrative expenses, $37,000 in management fees and $3,928 in transfer agent fees. The decrease in our operating expenses between the two periods was largely attributable to the decrease in our professional fees as described above, as offset by increases in our general and administrative expenses and management fees.

During the three months ended August 31, 2016, we incurred other expenses of $337,855, including a $337,848 loss on the settlement of debt, all of which was related to issuances of common stock to one creditor below market value, a $58,389 equity loss associated with the AeroLift joint venture, and $13,313 in interest expenses. During the same period in fiscal 2015, we incurred other expenses of $10,403,232, including a $10,404,422 loss on the settlement as offset by an interest gain of $1,190. That loss on the settlement of debt was entirely due to issuances of common stock to various creditors that we completed on April 6, 2015, including 3,500,000 shares pursuant to the settlement of various promissory notes at a deemed price of $0.10 per share, which was well below the market price of our common stock on that day.

Net Loss

During the nine months ended August 31, 2016, we incurred a net loss from operations of $263,007, a net loss of $600,855, and a net loss per share of $0.01. During the same period in fiscal 2015, we incurred a net loss from operations of $407,144, a net loss of $10,810,376 and a net loss per share of $0.07.

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Liquidity and Capital Resources

As of August 31, 2016, we had $45,717 in cash and cash equivalents, $146,067 in current assets, $243,697 in total assets, $45,433 in current and total liabilities, a working capital surplus of $100,634 and a retained deficit of $14,538,599.

During the nine months ended August 31, 2016, we used $298,362 in net cash on operating activities due to a combination of our adjusted net loss and certain changes in our operating assets and liabilities, including a $35,355 decrease in our accounts payable and $13,313 in interest accrual. During the same period in fiscal 2015 we used $290,275 in net cash on operating activities due primarily to our adjusted net loss and a $116,342 increase in our accounts payable. The majority of our spending on operating activities for the nine months ended August 31, 2016 and 2015 was attributable to our net loss as described above, as adjusted for any equity loss on the AeroLift joint venture and loss on the settlement of debt, and was associated with carrying out our reporting obligations under applicable securities laws and pursuing opportunities for the commercialization of products and services in the technology industry.

During the nine months ended August 31, 2016, we used $123,287 in net cash on investing activities, including our initial $122,000 investment in AeroLift. During the same period in fiscal 2015, we used $39,588 in net cash on investing activities, substantially all of which was in the form of advances to Vertitek and prototype development costs.

During the nine months ended August 31, 2016, we received $444,490 from financing activities, including $346,990 in proceeds from the sale of our common stock and $172,500 in proceeds from promissory notes, as offset by a $75,000 promissory note repayment. During the same period in fiscal 2015, we received $320,000 from financing activities, all of which was in the form of proceeds from promissory notes.

During the nine months ended August 31, 2016, our cash position increased by $22,841 due to a combination of our operating, investing and financing activities.

Our plans for the next 12 months are uncertain due to our current financial condition; however, we intend to raise additional funds through public or private placement offerings. If we are unsuccessful in raising enough money through such efforts, we may review other financing possibilities such as bank loans. At this time we do not have a commitment from any broker-dealer to provide us with financing. There is no assurance that any financing will be available to us or if available, on terms that will be acceptable to us. In the absence of such financing, we may be forced to cease or significantly curtail our operations.

Plan of Operations 

We will need to raise additional capital to carry out our business plan. We have a 24-month plan during which we intend to implement business development and marketing initiatives in order to create a vertically integrated UAV goods and services provider that covers all operational areas from technology development to the end user experience.

We believe we must raise approximately $1,900,000 to pay for expenses associated with the development and commercialization of the products and services being offered by us, Vertitek and AeroLift. Of this, we plan to use $1,150,000 to finance our general and administrative expenses as well as acquire new equipment and systems, which we in turn plan to lease to our subsidiaries; $250,000 to develop Vertitek and its latest offering, Vertitek Racing; and $500,000 to help launch AeroLift.

Valmie

Description	Estimated Amount ($)
General and administrative expenses (including management fees and professional fees)		500,000
Acquisition of equipment and UAV systems		400,000
Software application and development		250,000
Total		1,150,000

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During the next 24 months, we will continue to focus on integrating and leveraging our operating subsidiaries, Vertitek and AeroLift, to develop and expand our position within the commercial UAV industry. We plan to seek acquisition opportunities or joint venture partners that will allow us to enter under-developed or under-served segments of the market, and intend to form a leasing entity through which we will acquire the systems and technologies required by our operating subsidiaries and lease them at commercially reasonable rates. Using this leasing system, we will be able to maintain control of our capital assets and allow our subsidiaries to focus solely on revenue generating activities and serving the needs of their customers.

Vertitek

Description	Estimated Amount ($)
General and administrative expenses		100,000
Hardware/software engineering and development		75,000
Development of Vertitek Racing		50,000
Tooling and inventory		25,000
Total		250,000

As Vertitek continues to develop its product line of customized drone platforms and systems, it will expand its service offerings to include specialized engineering and development support for us, AeroLift and any other entities in which we may acquire an interest. The Vertitek Racing team and its competition schedule will allow engineers to use real world testing and results to continue the development of Vertitek’s offerings.

AeroLift

Description	Estimated Amount ($)
General and administrative expenses		300,000
Live demonstrations and sales-related activities		75,000
Lease payments on UAV systems and technology		50,000
Hardware/software engineering and development		50,000
Sales literature, displays and convention expenses		25,000
Total		500,000

We anticipate that the next 24 months will be an exciting time for AeroLift as it continues to work towards providing both time-critical UAV delivery services and actionable intelligence delivered through military grade UAV systems not currently available to the general public. A series of full-scale public and private demonstrations are planned for the winter of 2016, which will showcase for potential customers the cost savings and safety benefits of using the services AeroLift offers.

Continued Funding

We believe that the remaining funding available to us under our Equity Investment Agreement with Tuverga Finance Ltd. (“Tuverga”) will be sufficient to cover our needs for the next 24 months. In the event that we require additional financing, such as for the acquisition of UAV systems, we will likely approach Tuverga to participate in a separate transaction related solely to the acquisition of those assets. We believe Tuverga would be willing to participate under commercially reasonable terms.

If we are unable to agree to terms with Tuverga, we intend to pursue capital through public or private financing as well as borrowings and other sources, such as loans from our existing shareholders in order to finance our business activities. We cannot guarantee that additional funding will be available on favourable terms, if at all. If adequate funds are not available, then our ability to continue our operations may be significantly hindered.

Going Concern

Our financial statements have been prepared on a going concern basis, which contemplates, among other things, that we will continue to realize our assets and satisfy our liabilities in the normal course of business. As at August 31, 2016, we had a working capital surplus of $634 and a retained deficit of $14,538,599. We intend to fund our operations through equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital and other cash requirements for the next 12 months.

Our ability to continue in existence is dependent upon, among other things, obtaining additional financing to continue our operations and the operations of both Vertitek and AeroLift. These factors, among others, raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.

As of the end of the period covered by this report, management, with the participation of our Chief Executive and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures. Based upon this evaluation, management concluded that our disclosure controls and procedures were not effective as of the date of filing this report applicable for the period covered by this report.

Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We do not know of any material, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholders are an adverse party or have a material interest adverse to us.

Item 1A. Risk Factors

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Between May 1, 2016 and August 31, 2016, we did not issue any equity securities that were not registered under the Securities Act. We did, however, issue an aggregate of 1,171,276 shares of our common stock to Tuverga during that period in exchange for net proceeds of $346,990 plus a further $100,000 that was received subsequent to August 31, 2016 and recorded as subscription receivable on our balance sheet.

We issued the foregoing shares pursuant to an equity investment agreement and accompanying registration rights agreement with Tuverga dated August 20, 2015. Such shares were included in our registration statement on Form S-1 that was declared effective by the Securities and Exchange Commission on March 29, 2016.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Number	Exhibit Description
31.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
32.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
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 Presentation Linkbase *

* Filed herewith

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SIGNATURES

Pursuant to the requirements 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.

	VALMIE RESOURCES, INC.
	(Registrant)
Date: October 12, 2016	/s/ Gerald B. Hammack
	Gerald B. Hammack
	Chairman, President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer, Director

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EX-31.1

Exhibit 31.1

Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Gerald B. Hammack, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Valmie Resources, Inc. (the “Registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant, as of, and for, the periods presented in this report;
4.	The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(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;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Dated:	October 12, 2016
By:	/s/ Gerald B. Hammack
	Gerald B. Hammack
	Chairman, President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer, Director

EX-32.1

Exhibit 32.1

Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Valmie Resources, Inc. (the “Registrant”) on Form 10-Q for the period ended August 31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Gerald B. Hammack, certify pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated:	October 12, 2016
By:	/s/ Gerald B. Hammack
	Gerald B. Hammack
	Chairman, President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer, Director

XML

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2016	Oct. 12, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Valmie Resources, Inc.
Entity Central Index Key	0001545447
Document Type	10-Q
Document Period End Date	Aug. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		67,263,311
Trading Symbol	VMRI
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2016

XML

Consolidated Balance Sheets (Unaudited) - USD ($)	Aug. 31, 2016	Nov. 30, 2015
Current Assets
Cash and cash equivalents (Note 4)	$ 45,717	$ 22,876
Subscription receivable	100,000
Prepaid expenses	350	350
Total Current Assets	146,067	23,226
Non-current Assets
Prototype development (at cost)	34,019	32,732
Investment in joint venture (Note 5)	63,611
Total Non-current Assets	97,630	32,732
Total Assets	243,697	55,958
Current Liabilities
Accounts payable and accrued liabilities	25,841	61,195
Promissory note (Note 9)	19,592	17,897
Total Current Liabilities	45,433	79,092
Promissory Notes (Note 9)		104,737
Total Liabilities	45,433	183,829
STOCKHOLDERS' EQUITY (DEFICIENCY)
Capital stock (Note 6) Authorized: 10,000,000 preferred shares, $0.001 per share, Issued and outstanding: 2,000,000 preferred shares	2,000	2,000
Capital stock (Note 6) Authorized: 750,000,000 common shares, $0.001 par value Issued and outstanding: 67,263,311 common shares (November 30, 2015 - 64,092,035 common shares)	67,263	64,092
Additional paid-in capital	14,667,600	13,743,781
Retained deficit	(14,538,599)	(13,937,744)
Total Stockholders' Equity (Deficiency)	198,264	(127,871)
Total Liabilities and Stockholders' Equity	$ 243,697	$ 55,958

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 31, 2016	Nov. 30, 2015	Dec. 11, 2014	Dec. 10, 2014	Dec. 17, 2013	Dec. 03, 2013	Aug. 26, 2011
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000		10,000,000
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued	2,000,000	2,000,000
Preferred stock, shares outstanding	2,000,000	2,000,000
Common stock, shares authorized	750,000,000	750,000,000		750,000,000			100,000,000
Common stock, par value	$ 0.001	$ 0.001		$ 0.001		$ 0.001	$ 0.001
Common stock, shares issued	67,263,311	64,092,035			296,400,000
Common stock, shares outstanding	67,263,311	64,092,035			296,400,000

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Income Statement [Abstract]
Revenue
Operating Expenses
General and administrative	43,353	(3,826)	84,775	20,476
Management fees (Note 8)	22,500	15,000	52,500	37,000
Professional fees	45,263	177,280	120,288	345,740
Transfer agent fees	1,995	1,775	5,444	3,928
Loss from Operations	(113,111)	(190,229)	(263,007)	(407,144)
Other expenses
Interest	(454)		(13,313)	1,190
Equity loss in joint venture (Note 5)	(56,773)		(58,389)
Loss on settlement of debt			(266,146)	(10,404,422)
Total Other expenses	(57,227)		(337,848)	(10,403,232)
Net Loss	$ (170,338)	$ (190,229)	$ (600,855)	$ (10,810,376)
Basic and Diluted Loss per Common Share	$ 0.00	$ (0.00)	$ (0.01)	$ (0.07)
Weighted Average Number of Common Shares Outstanding	66,897,141	63,987,965	65,310,610	150,774,391

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Cash Flows from Operating Activities
Net loss	$ (600,855)	$ (10,810,376)
Items not affecting cash
Loss on settlement of debt by issuing common stock	266,146	10,404,422
Equity loss in joint venture	58,389
Changes in operating assets and liabilities
Accounts payable and accrued liabilities	(35,355)	116,342
Prepaid expenses		(350)
Interest accrual	13,313	(313)
Net cash used in operations	(298,362)	(290,275)
Cash Flows from Investing Activities
Advances to Vertitek Inc.		(25,500)
Cash acquired on the acquisition of Vertitek Inc.		6,132
Investment in joint venture	(122,000)
Increase in prototype development	(1,287)	(20,220)
Net cash used in investing activities	(123,287)	(39,588)
Cash Flows from Financing Activities
Proceeds from promissory notes	172,500	320,000
Repayment of promissory notes	(75,000)
Proceeds from sale of common stock	346,990
Net cash provided by financing activities	444,490	320,000
Change in cash and cash equivalents	22,841	(9,863)
Cash and cash equivalents - beginning of period	22,876	12,565
Cash and cash equivalents - end of period	45,717	2,702
Cash paid for
Interest
Income taxes
Supplementary Disclosure of Non-Cash Investing Activity
Issuance of common stock for subsidiary		2,770,000
Issuance of common stock for settlement of promissory notes	200,000	383,927
Issuance of common stock for intangible asset		$ 100,000

XML

Organization

9 Months Ended

Aug. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Valmie Resources, Inc. (the “Company”) was incorporated on August 26, 2011, in the State of Nevada, U.S.A. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“US GAAP”), and the Company’s fiscal year end is November 30.

In early December 2014, the Company changed its business focus from mining to pursuing opportunities for the commercialization of leading edge products and services in the rapidly expanding technology industry.

On March, 31, 2015, the Company acquired 100% interest in Vertitek Inc., a Wyoming corporation (“Vertitek”). Vertitek was established to provide unmanned vehicle software, hardware and cloud services for a wide range of commercial applications around the globe. Vertitek is in the process of developing the V-1 Drone^SM, a cutting edge multi-rotor UAV designed specifically to meet the requirements of a growing commercial user base.

On April 15, 2016, the Company entered into a Joint Venture Agreement to form AeroLift eXpress LLC (“AeroLift”). The Company owns 50% of AeroLift and has committed funding up to $500,000 to launch the AeroLift business model.

XML

Basis of Presentation

9 Months Ended

Aug. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

2. Basis of Presentation

Unaudited Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). They do not include all information and footnotes required by US GAAP for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended November 30, 2015, included in the Company’s Form 10-K filed with the SEC. The unaudited interim consolidated financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended August 31, 2016 are not necessarily indicative of the results that may be expected for the year ending November 30, 2016.

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Acquisition of Vertitek Inc.

9 Months Ended

Aug. 31, 2016

Business Combinations [Abstract]

Acquisition of Vertitek Inc.

3. Acquisition of Vertitek Inc.

On March 31, 2015, the Company issued 1,000,000 shares of common stock in exchange for 100% of the issued and outstanding shares of Vertitek. Vertitek was previously named Landstar Leasing, Inc. (“Landstar”) and was incorporated pursuant to the Wyoming Business Corporation Act on February 19, 2014. On November 19, 2014, Landstar changed its name to Vertitek Inc. As a result of the acquisition, Vertitek became a wholly owned subsidiary of the Company.

In December 2014, the Company changed its business focus from mining to opportunities in the technology industry. The acquisition of Vertitek enables the Company to pursue its new business focus as Vertitek has focused on the development of unmanned vehicle software, hardware and cloud services for a wide range of commercial applications around the globe. Vertitek is in the process of developing the V-1 Drone^SM, a cutting edge multi-rotor unmanned aerial vehicle (“UAV”) designed specifically to meet the requirements of a growing commercial user base.

The acquisition was accounted for as an asset acquisition in accordance with US GAAP as Vertitek did not meet the definition of a business. Vertitek did not consist of sufficient processes (systems, standards, protocols, conventions or rules) that would be able to be applied to those inputs and have the ability to create outputs as required by Accounting Standards Codification 805.

In exchange for common stock of $2,770,000, the Company acquired $18,355 of financial assets, $2,777,145 of intangible assets related to intellectual property and $25,500 of financial liabilities. The total value of the intangible assets related to intellectual property ($2,777,145) was impaired and written-off as of November 30, 2015.

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Cash and Cash Equivalents

9 Months Ended

Aug. 31, 2016

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

4. Cash and Cash Equivalents

	August 31, 2016		November 30, 2015
Cash on deposit	$	45,717	$	22,876
	$	45,717	$	22,876

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Investment in Partnership

9 Months Ended

Aug. 31, 2016

Schedule of Investments [Abstract]

Investment in Partnership

5. Investment in Partnership

On April 15, 2016, the Company and its partner, James Stafford, a Texas resident (“Stafford”) (collectively the “Members”), organized a joint venture entity, AeroLift Express LLC (“AeroLift”), to develop and launch integrated service and solution offerings utilizing the latest advancements in the UAV industry.

The material terms of the joint venture agreement between the Members are as follows:

● The Company will contribute to AeroLift startup financing in periodic amounts, the total of which will not exceed $500,000. Such financing will be made available to AeroLift in monthly installments of $25,000 for the first 3 months from the date of execution of the joint venture agreement (paid).

● AeroLift will set aside a reserve fund, for operations, payroll, expansion, and employee bonuses from AeroLift’s after-tax profit. The ratio of the reserve fund to AeroLift’s after-tax profit will not be lower than 10% and may be a higher percentage with unanimous approval of the Members. The distributed profit, which is the profit after above funds have been allocated, will be distributed to Members, in proportion to their member interests.

The carrying value of $63,611 at August 31, 2016 (November 30, 2015 – $Nil) includes $122,000 in advances plus the Company’s share of the cumulative net loss of AeroLift of $58,389 (November 30, 2015 – $Nil).

Summary of financial information of AeroLift

For the period ended August 31,

	2016		2015
General and administrative	$	10,371	$	-
Payroll		19,282		-
Subcontractors		53,672		-
Travel and promotion		33,453		-
Net loss for the period	$	116,778	$	-

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Capital Stock

9 Months Ended

Aug. 31, 2016

Equity [Abstract]

Capital Stock

6. Capital Stock

Authorized Stock

At inception, the Company authorized 100,000,000 shares of common stock with a par value of $0.001 per share. Each share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

On December 3, 2013, the holders of a majority of the Company’s issued and outstanding common stock approved an increase in its authorized capital from 100,000,000 shares of common stock, par value $0.001, to 750,000,000 shares of common stock, par value $0.001 (the “Authorized Capital Increase”). The Company formally effected the Authorized Capital Increase on December 4, 2013 by filing a Certificate of Amendment with the Nevada Secretary of State.

On December 3, 2013, the Company’s sole director approved a stock dividend of 59 authorized but unissued shares of its common stock on each one (1) issued and outstanding share of its common stock held by shareholders of record as of December 16, 2013. The payment date for the stock dividend was December 17, 2013, as determined by the Financial Industry Regulatory Authority (FINRA). Upon the payment of the stock dividend, the Company had 296,400,000 issued and outstanding shares of common stock, which represents an increase of 291,460,000 shares over its prior total of 4,940,000 issued and outstanding shares of common stock. The split is reflected retrospectively in the consolidated financial statements.

On December 10, 2014, the holders of a majority of the Company’s issued and outstanding common stock approved a set of amended and restated articles of incorporation that, among other things, increased the Company’s authorized capital to 760,000,000 shares, consisting of 750,000,000 shares of common stock, par value $0.001, and 10,000,000 shares of “blank check” preferred stock, par value $0.001.

On December 11, 2014, the Company’s sole director approved the designation of 2,000,000 shares of the Company’s authorized but unissued “blank check” preferred stock, par value $0.001, as Series “A” preferred stock. The shares of Series “A” preferred stock carry certain rights and preferences and may be converted into shares of the Company’s common stock on a 10 for one (1) basis at any time after 18 months from the date of issuance, and that each share of Series “A” preferred stock has voting rights and carries a voting weight equal to 50 shares of common stock.

The preferred stock ranks senior to (a) any other series of preferred stock of the Company currently existing or hereafter created (b) the common stock of the Company, now existing or hereafter issued and (c) any other class of securities of the Company, in each case with respect to dividend distributions and distributions of assets upon the liquidation, dissolution or winding up of the Company whether voluntary or involuntary.

The Company formally effected the designation by filing a Certificate of Designation with the Nevada Secretary of State on January 15, 2015.

Share Issuances

On January 16, 2015, the owner of an aggregate of 237,360,000 shares of the Company’s common stock agreed to cancel those shares in exchange for the issuance of the 2,000,000 shares of Series “A” preferred stock. As a result, the number of issued and outstanding shares of the Company’s common stock decreased from 296,400,000 to 59,040,000.

On April 6, 2015, the Company issued 3,500,000 shares of common stock at a deemed price of $0.10 per share in settlement of promissory notes totaling $350,000, including $300,000 in proceeds received during the fiscal year. The stock was valued at the $2.81 trading price per share, resulting in a loss on the settlement of debt in the amount of $9,485,000.

On April 6, 2015, the Company issued 339,270 shares of common stock at a deemed price of $0.10 per share in settlement of related party loans totaling $33,927. The stock was valued at the $2.81 trading price per share, resulting in a loss on the settlement of debt in the amount of $919,422.

On April 6, 2015, the Company issued 1,000,000 shares of common stock at a price of $2.77 per share for the acquisition of Vertitek. The stock was valued at $2.77 per share on the effective date of the acquisition of Vertitek, March 31, 2015.

On July 21, 2015, the Company issued 212,765 shares of common stock at a deemed price of $0.47 per share for the purchase of all of the rights, title and interest in and to certain intellectual property from the Company’s President.

On April 26, 2016, the Company issued 2,000,000 shares of common stock at a deemed price of $0.10 per share in settlement of promissory notes totaling $200,000. The stock was valued at the $0.24 trading price per share, resulting in a loss on the settlement of debt in the amount of $280,000.

On May 9, 2016, the Company issued 360,360 shares of common stock to an investor at a deemed price of $0.14 per share for proceeds of $50,000.

On June 20, 2016, the Company issued 317,360 shares of common stock to an investor at a deemed price of $0.32 per share for proceeds of $100,000.

On June 29, 2016, the Company issued 155,738 shares of common stock to an investor at a deemed price of $0.64 per share for net proceeds of $98,495.

On July 14, 2016, the Company issued 127,114 shares of common stock to an investor at a deemed price of $0.79 per share for net proceeds of $98,495.

On August 25, 2016, the Company issued 210,704 shares of common stock to an investor at a deemed price of $0.47 per share. Total proceeds of $100,000 were received subsequent to the period ended August 31, 2016 and the amount is recorded as subscription receivable on the balance sheet. 

As of August 31, 2016, the Company had 67,263,311 issued and outstanding shares of common stock and 2,000,000 issued and outstanding shares of Series “A” preferred stock.

At August 31, 2016, the Company had no issued or outstanding stock options or warrants.

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Mineral Property Costs

9 Months Ended

Aug. 31, 2016

Extractive Industries [Abstract]

Mineral Property Costs

7. Mineral Property Costs

Lander County, Nevada Claims

On September 30, 2011, the Company entered into an option agreement that would provide for the purchase of a 100% interest in the Carico Lake Valley Property (the “Property”). The Property is located in the State of Nevada.

To complete the option, the agreement requires the Company to make the following payments and incur the following amounts on exploration and development:

a)	$15,000 cash on September 30, 2011 (paid);
b)	an additional $30,000 cash on September 30, 2013 (not paid);
c)	an additional $60,000 cash on September 30, 2013 (not paid);
d)	an additional $120,000 cash on September 30, 2014 (not paid); and
e)	incur a minimum of $125,000 ($12,654 was incurred as of February 29, 2016) on exploration and development work by December 31, 2013 and every subsequent year thereafter, through 2014.

The entity that owns the Property made the 2014 payments due to the Bureau of Land Management, Nevada (“BLM”) and Lander County. The payments ($6,406) are reflected in accounts payable and accrued liabilities and the annual exploration and development work.

The Company was responsible for any and all property payments due to any government authority on the property during the term of the option agreement (BLM: $3,920 yr., Lander County: $294 yr.).

The entity that owns the Property terminated the option agreement with the Company on July 28, 2014 and the above mentioned reimbursement of $6,406 remains outstanding. The Company has no further rights to the Property.

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Related Party Transactions

9 Months Ended

Aug. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

8. Related Party Transactions

On July 15, 2015, the Company entered into an asset purchase agreement with its current President pursuant to which the Company acquired all of the right, title and interest in and to certain intellectual property from the President in consideration for the issuance of $100,000 worth of common stock on that date at a deemed price of $0.47 per share. As a result, the Company issued 212,765 shares of common stock to the President. The entire $100,000 of intellectual property was impaired and written-off as of November 30, 2015.

During the period ended August 31, 2016, the Company paid management fees of $52,500 (2015 – $32,000) to its current President and $Nil (2015 – $5,000) to a former director, and converted $Nil (2015 – $33,927) in debt owed to a former director into common stock resulting in a loss on the settlement of debt in the amount of $Nil (2015 – $919,422). The Company had $Nil (2015 – $10,782) in debt forgiven by its majority shareholder.

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Promissory Notes

9 Months Ended

Aug. 31, 2016

Debt Disclosure [Abstract]

Promissory Notes

9. Promissory Notes

On August 18, 2014, the Company entered into a promissory note agreement with Investor A for an aggregate amount of $50,000 plus simple interest at an annual interest rate of 15%, repayable on August 18, 2016. On April 6, 2015, the promissory note was settled through the issuance of 500,000 shares of common stock. The Company recognized a loss of $1,355,000 in connection with the debt settlement.

On October 7, 2014, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $25,000 plus simple interest at an annual interest rate of 15%, repayable on October 7, 2016. On April 6, 2015, the promissory note was settled through the issuance of 250,000 shares of common stock. The Company recognized a loss of $677,500 in connection with the debt settlement.

On October 22, 2014, the Company entered into a promissory note agreement with Investor B for an aggregate amount of $15,000 plus simple interest at an annual interest rate of 15%, repayable on October 22, 2016. As of August 31, 2016, $15,000 was received and interest accrued of $4,592 ($2,897 as at November 30, 2015).

On November 23, 2014, the Company entered into a promissory note agreement with Investor C for an aggregate amount of $75,000 plus simple interest at an annual interest rate of 15%, repayable on November 23, 2016. On April 6, 2015, the promissory note was settled through the issuance of 750,000 shares of common stock. The Company recognized a loss of $2,032,500 in connection with the debt settlement.

On December 29, 2014, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $75,000 plus simple interest at an annual interest rate of 15%, repayable on December 29, 2016. On April 6, 2015, the promissory note was settled through the issuance of 750,000 shares of common stock. The Company recognized a loss of $2,032,500 in connection with the debt settlement.

On January 26, 2015, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $50,000 plus simple interest at an annual interest rate of 15%, repayable on January 26, 2017. On April 6, 2015, the promissory note was settled through the issuance of 500,000 shares of common stock. The Company recognized a loss of $1,355,000 in connection with the debt settlement. 

On February 27, 2015, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $25,000 plus simple interest at an annual interest rate of 15%, repayable on February 27, 2017. On April 6, 2015, the promissory note was settled through the issuance of 250,000 shares of common stock. The Company recognized a loss of $677,500 in connection with the debt settlement.

On March 20, 2015, the Company entered into another promissory note agreement with Investor A for an aggregate amount of $50,000 plus simple interest at an annual interest rate of 15%, repayable on March 20, 2017. On April 6, 2015, the promissory note was settled through the issuance of 500,000 shares of common stock. The Company recognized a loss of $1,355,000 in connection with the debt settlement.

During the period ended August 31, 2016, the Company entered into multiple promissory note agreements with Investor D for an aggregate amount of $172,500 ($102,500 in aggregate during the year ended November 30, 2015). The promissory notes mature two years from the date of the inception of the notes and bear simple interest at an annual interest rate of 15%. The notes are secured by all of the assets, properties, goods, inventory, equipment, furniture, fixtures, leases, supplies, records, money, documents, instruments, chattel paper, accounts, intellectual property rights (including but not limited to, copyrights, moral rights, patents, patent applications, trademarks, service marks, trade names, trade secrets) and other general intangibles, whether owned by Company on the date of the note or hereafter acquired, and all proceeds thereof. On April 27, 2016, $200,000 of the promissory notes was settled through the issuance of 2,000,000 shares of common stock, and the associated accrued interest of $13,854 was waived. The Company recognized a loss of $266,146 in connection with the debt settlement. During the period ended August 31, 2016, the Company repaid the remaining promissory notes in full for an aggregate amount of $75,000.

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Going Concern and Liquidity Considerations

9 Months Ended

Aug. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern and Liquidity Considerations

10. Going Concern and Liquidity Considerations

The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As at August 31, 2016, the Company had working capital of $634 (November 30, 2015 – working capital deficiency of $55,866) and an accumulated deficit of $14,538,599 (November 30, 2015 – $13,937,744). The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the next 12 months.

The ability of the Company to continue in existence is dependent upon, among other things, obtaining additional financing to continue operations and the operations of both Vertitek and Aerolift.

In response to these problems, management intends to raise additional funds through public or private placement offerings.

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Commitments

9 Months Ended

Aug. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments

11. Commitments

Pursuant to a letter of intent dated July 7, 2015, the Company is obligated to pay one vendor $5,000 for costs incurred to construct a prototype and testing of such prototype. As at August 31, 2016, $3,000 has been paid in relation to this obligation.

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Subsequent Events

9 Months Ended

Aug. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

The Company has evaluated subsequent events from August 31, 2016, through the date these financial statements were issued and determined that there are no additional items to disclose.

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Cash and Cash Equivalents (Tables)

9 Months Ended

Aug. 31, 2016

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

	August 31, 2016		November 30, 2015
Cash on deposit	$	45,717	$	22,876
	$	45,717	$	22,876

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Investment in Partnership (Tables)

9 Months Ended

Aug. 31, 2016

Schedule of Investments [Abstract]

Summary of Financial Information

Summary of financial information of AeroLift

For the period ended August 31,

	2016		2015
General and administrative	$	10,371	$	-
Payroll		19,282		-
Subcontractors		53,672		-
Travel and promotion		33,453		-
Net loss for the period	$	116,778	$	-

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Organization (Details Narrative) - USD ($)	Apr. 15, 2016	Mar. 31, 2015
Vertitek Inc [Member]
Percentage of acquired interest		100.00%
AeroLift eXpress LLC [Member]
Percentage of acquired interest	50.00%
Due to related parties	$ 500,000

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Acquisition of Vertitek Inc. (Details Narrative) - USD ($)			9 Months Ended	12 Months Ended
	Apr. 06, 2015	Mar. 31, 2015	Aug. 31, 2016	Nov. 30, 2015
Exchange for common stock amount			$ 2,770,000
Acquisition of financial assets			18,355
Acquisition of intangible assets related to intellectual property			2,777,145
Acquisition of financial liabilities			$ 25,500
Impairment of intangible assets related to intellectual property				$ (2,777,145)
Vertitek Inc [Member]
Acquisition of subsidiary, shares	1,000,000	1,000,000
Percentage of issued and outstanding shares of acquired company		100.00%

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Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($)	Aug. 31, 2016	Nov. 30, 2015	Aug. 31, 2015	Nov. 30, 2014
Cash and Cash Equivalents [Abstract]
Cash on deposit	$ 45,717	$ 22,876
Cash and cash equivalents, total	$ 45,717	$ 22,876	$ 2,702	$ 12,565

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Investment in Partnership (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 15, 2016	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Nov. 30, 2015
Investment in joint venture		$ 63,611		$ 63,611
Equity loss in joint venture		(56,773)		(58,389)
AeroLift eXpress LLC [Member]
Contribution capital	$ 500,000
Debt instruments periodic payments	$ 25,000
Debt instruments payment term	P3M
Percentage of tax profit	10.00%
Company advances		$ 122,000		122,000
Equity loss in joint venture				$ 58,389

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Investment in Partnership - Summary of Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
General and administrative	$ (43,353)	$ 3,826	$ (84,775)	$ (20,476)
Net loss for the period	$ (170,338)	$ (190,229)	(600,855)	(10,810,376)
AeroLift eXpress LLC [Member]
General and administrative			10,371
Payroll			19,282
Subcontractors			53,672
Travel and promotion			33,453
Net loss for the period			$ 116,778

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Capital Stock (Details Narrative) - USD ($)														3 Months Ended		9 Months Ended
	Aug. 25, 2016	Jul. 14, 2016	Jun. 29, 2016	Jun. 20, 2016	May 09, 2016	Apr. 26, 2016	Jul. 21, 2015	Apr. 06, 2015	Mar. 31, 2015	Jan. 16, 2015	Dec. 11, 2014	Dec. 03, 2013	Aug. 26, 2011	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Nov. 30, 2015	Dec. 10, 2014	Dec. 17, 2013
Class of Stock [Line Items]
Common stock, shares authorized													100,000,000	750,000,000		750,000,000		750,000,000	750,000,000
Common stock, par value												$ 0.001	$ 0.001	$ 0.001		$ 0.001		$ 0.001	$ 0.001
Voting rights holding entitlement by common shareholder													Each share entitles the holder to one vote
Approved stock dividends, authorized and unissued												59
Stock dividends, description												Company’s sole director approved a stock dividend of 59 authorized but unissued shares of its common stock on each one (1) issued and outstanding share of its common stock held by shareholders of record as of December 16, 2013.
Common stock, shares issued														67,263,311		67,263,311		64,092,035		296,400,000
Common stock, shares outstanding														67,263,311		67,263,311		64,092,035		296,400,000
Number of shares increased during period																			760,000,000	291,460,000
Preferred stock, shares authorized														10,000,000		10,000,000		10,000,000	10,000,000
Preferred stock, par value											$ 0.001			$ 0.001		$ 0.001		$ 0.001	$ 0.001
Preferred stock designated											2,000,000
Preferred stock voting rights											The shares of Series “A” preferred stock carry certain rights and preferences and may be converted into shares of the Company’s common stock on a 10 for one (1) basis at any time after 18 months from the date of issuance, and that each share of Series “A” preferred stock has voting rights and carries a voting weight equal to 50 shares of common stock.
Number of common stock shares agreed to cancel those shares										237,360,000
Number of stock in exchange for issuance of shares of preferred stock						2,000,000
Number of common stock shares issued for settlement of promissory notes						200,000		3,500,000
Common stock deemed price per share								$ 0.10
Issuance of common stock for debt settlement								$ 350,000								$ 200,000	$ 383,927
Proceeds from promissory notes								$ 300,000								172,500	320,000
Stock price per share						$ 0.10		$ 2.81
Proceeds from issuance of common stock																346,990
Loss on settlement of debt						$ 280,000		$ 9,485,000								$ (266,146)	$ (10,404,422)
Trading price per share						$ 0.24
Preferred stock, shares issued														2,000,000		2,000,000		2,000,000
Preferred stock, shares outstanding														2,000,000		2,000,000		2,000,000
Number of stock option and warrants issued and outstanding
President [Member]
Class of Stock [Line Items]
Common stock deemed price per share							$ 0.47
Number of common stock shares issued to purchase of rights, title and interest of certain intellectual property							212,765
Vertitek Inc [Member]
Class of Stock [Line Items]
Stock price per share								$ 2.77
Company issued common stock during period for acquisition								1,000,000	1,000,000
Acquisition per share price								$ 2.77
Effective date for acquisition per share price								Mar. 31, 2015
Related Party Loans [Member]
Class of Stock [Line Items]
Number of common stock shares issued for settlement of promissory notes								339,270
Common stock deemed price per share								$ 0.10
Issuance of common stock for debt settlement								$ 33,927
Stock price per share								$ 2.81
Loss on settlement of debt								$ 919,422
Investor [Member]
Class of Stock [Line Items]
Common stock, shares issued	210,704	127,114	155,738	317,360	360,360
Stock price per share	$ 0.47	$ 0.79	$ 0.64	$ 0.32	$ 0.14
Proceeds from issuance of common stock	$ 100,000	$ 98,495	$ 98,495	$ 100,000	$ 50,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Number of stock in exchange for issuance of shares of preferred stock										2,000,000
Preferred stock, shares issued														2,000,000		2,000,000
Preferred stock, shares outstanding														2,000,000		2,000,000
Prior Period [Member]
Class of Stock [Line Items]
Common stock, shares issued																				4,940,000
Common stock, shares outstanding																				4,940,000
Minimum [Member]
Class of Stock [Line Items]
Common stock, shares authorized												100,000,000
Common stock, shares issued										59,040,000
Common stock, shares outstanding										59,040,000
Maximum [Member]
Class of Stock [Line Items]
Common stock, shares authorized												750,000,000
Common stock, shares issued										296,400,000
Common stock, shares outstanding										296,400,000

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Mineral Property Costs (Details Narrative) - USD ($)					3 Months Ended	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Sep. 30, 2011	Feb. 29, 2016	Aug. 31, 2016	Jul. 28, 2014
Cash paid for exploration and development				$ 15,000	$ 12,654
Bureau of Land Management, Nevada [Member]
Accounts payable and accrued liabilities							$ 6,406
Property payment						$ 3,920
Reimbursement remains outstanding							$ 6,406
Lander County [Member]
Property payment						$ 294
First Additional Cash Payable [Member]
Cash paid for exploration and development			$ 30,000
Second Additional Cash Payable [Member]
Cash paid for exploration and development			$ 60,000
Third Additional Cash Payable [Member]
Cash paid for exploration and development	$ 120,000
Four Additional Cash Payable [Member]
Cash paid for exploration and development		$ 125,000
Option Agreement [Member] | Carico Lake Valley Property [Member]
Percentage of interest purchased in property				100.00%

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Related Party Transactions (Details Narrative) - USD ($)					3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 26, 2016	Jul. 21, 2015	Jul. 15, 2015	Apr. 06, 2015	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Nov. 30, 2015
Common stock per share price	$ 0.10			$ 2.81
Impairment of intangible assets									$ (2,777,145)
Management fees paid					$ (22,500)	$ (15,000)	$ (52,500)	$ (37,000)
Debt converted into common stock for debt repayment				$ 350,000			200,000	383,927
Loss on settlement of debt	$ 280,000			$ 9,485,000			(266,146)	(10,404,422)
Majority Shareholder [Member]
Debt forgiven								10,782
Intellectual Property [Member]
Impairment of intangible assets									$ 100,000
President [Member]
Common stock shares issued during period for acquisition		212,765
Current President [Member]
Management fees paid							52,500	32,000
Former Director [Member]
Management fees paid								5,000
Debt converted into common stock for debt repayment								33,927
Loss on settlement of debt								$ 919,422
Asset Purchase Agreement [Member] | President [Member]
Issuance of worth of common stock for acquisition			$ 100,000
Common stock per share price			$ 0.47
Common stock shares issued during period for acquisition			212,765

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Promissory Notes (Details Narrative) - USD ($)												3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 27, 2016	Apr. 26, 2016	Apr. 06, 2015	Mar. 20, 2015	Feb. 27, 2015	Jan. 26, 2015	Dec. 29, 2014	Nov. 23, 2014	Oct. 22, 2014	Oct. 07, 2014	Aug. 18, 2014	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Nov. 30, 2015
Issuance of common stock shares for debt settlement		200,000	3,500,000
Recognized a loss in connection with debt settlement		$ 280,000	$ 9,485,000											$ (266,146)	$ (10,404,422)
Issuance of common stock for debt settlement			$ 350,000											200,000	383,927
Repayment of remaining promissory notes														75,000
Promissory Note Agreement [Member] | Investor A [Member]
Debt face amount										$ 25,000	$ 50,000
Debt instrument interest rate										15.00%	15.00%
Debt maturity date											Aug. 18, 2016
Issuance of common stock shares for debt settlement			500,000
Recognized a loss in connection with debt settlement			$ 1,355,000
Promissory Note Agreement [Member] | Investor B [Member]
Debt face amount									$ 15,000
Debt instrument interest rate									15.00%
Debt maturity date									Oct. 22, 2016
Debt receivable												15,000		15,000		$ 15,000
Interest accrued amount												4,592		4,592		4,592	$ 2,897
Promissory Note Agreement [Member] | Investor C [Member]
Debt face amount								$ 75,000
Debt instrument interest rate								15.00%
Debt maturity date								Nov. 23, 2016
Issuance of common stock shares for debt settlement			750,000
Recognized a loss in connection with debt settlement			$ 2,032,500
Promissory Note Agreement [Member] | Investor D [Member]
Debt face amount												$ 172,500		$ 172,500		$ 172,500	$ 102,500
Debt instrument interest rate												15.00%		15.00%		15.00%
Issuance of common stock shares for debt settlement	2,000,000
Recognized a loss in connection with debt settlement	$ 266,146
Interest accrued amount		$ 13,854
Debt maturity term														2 years
Issuance of common stock for debt settlement	$ 200,000
Repayment of remaining promissory notes																$ 75,000
Promissory Note Agreement One [Member] | Investor A [Member]
Debt maturity date										Oct. 07, 2016
Issuance of common stock shares for debt settlement			250,000
Recognized a loss in connection with debt settlement			$ 677,500
Promissory Note Agreement Two [Member] | Investor A [Member]
Debt face amount							$ 75,000
Debt instrument interest rate							15.00%
Debt maturity date							Dec. 29, 2016
Issuance of common stock shares for debt settlement			750,000
Recognized a loss in connection with debt settlement			$ 2,032,500
Promissory Note Agreement Three [Member] | Investor A [Member]
Debt face amount						$ 50,000
Debt instrument interest rate						15.00%
Debt maturity date						Jan. 26, 2017
Issuance of common stock shares for debt settlement			500,000
Recognized a loss in connection with debt settlement			$ 1,355,000
Promissory Note Agreement Four [Member] | Investor A [Member]
Debt face amount					$ 25,000
Debt instrument interest rate					15.00%
Debt maturity date					Feb. 27, 2017
Issuance of common stock shares for debt settlement			250,000
Recognized a loss in connection with debt settlement			$ 677,500
Promissory Note Agreement Five [Member] | Investor A [Member]
Debt face amount				$ 50,000
Debt instrument interest rate				15.00%
Debt maturity date				Mar. 20, 2017
Issuance of common stock shares for debt settlement			500,000
Recognized a loss in connection with debt settlement			$ 1,355,000

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Going Concern and Liquidity Considerations (Details Narrative) - USD ($)	Aug. 31, 2016	Nov. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficiency	$ 634	$ 55,866
Accumulated deficit	$ 14,538,599	$ 13,937,744

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Commitments (Details Narrative) - USD ($)	9 Months Ended
	Aug. 31, 2016	Jul. 07, 2015
Payment for letter of intent	$ 3,000
Vendor [Member]
Due to vendor		$ 5,000