Document and Entity Information
Document and Entity Information | 6 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | Golden Star Resource Corp. |
Entity Central Index Key | 1,375,348 |
Document Type | 10-Q |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | false |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 7,070,000 |
Trading Symbol | GLNS |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2,019 |
Condensed Interim Balance Sheet
Condensed Interim Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Current | ||
Cash | $ 54 | $ 5 |
Prepaid fees | 2,167 | 2,166 |
TOTAL ASSETS | 2,221 | 2,171 |
Current | ||
Accounts payables and accrued liabilities | 180,292 | 178,445 |
Loan payable (Note 7) | 201,558 | 201,558 |
Due to related parties (Note 6) | 201,062 | 182,628 |
TOTAL LIABILITIES | 582,912 | 562,631 |
STOCKHOLDERS' (DEFICIENCY) EQUITY | ||
Capital stock (Note 5) Authorized: 100,000,000 voting common shares with a par value of $0.00001 per share Issued: 7,070,000 common shares at December 31, 2018 and June 30, 2018 | 70 | 70 |
Capital stock (Note 5) Authorized: 100,000,000 preferred shares with a par value of $0.00001 per share; none issued | ||
Additional paid in capital | 106,990 | 106,990 |
Deficit Accumulated During the Exploration Stage | (687,751) | (667,520) |
TOTAL STOCKHOLDERS' (DEFICIENCY) EQUITY | (580,691) | (560,460) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $ 2,221 | $ 2,171 |
Condensed Interim Balance She_2
Condensed Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2018 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, voting shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares issued | 7,070,000 | 7,070,000 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares issued |
Condensed Interim Statements of
Condensed Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses | ||||
Foreign exchange loss (gain) | $ 1,477 | |||
Bank fees | 13 | 14 | 23 | 29 |
Professional fees | 8,555 | 10,284 | 10,055 | 11,852 |
Office expenses | 1,000 | 2,000 | ||
Transfer and filing fees | 4,899 | 4,653 | 8,153 | 8,377 |
Total Expenses | 14,467 | 14,951 | 20,231 | 21,735 |
Net Loss and Comprehensive Loss | $ (14,467) | $ (14,951) | $ (20,231) | $ (21,735) |
Basic and fully diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding | 7,070,000 | 7,070,000 | 7,070,000 | 7,070,000 |
Condensed Interim Statements _2
Condensed Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flow from operating activities: | ||||
Net loss for the period | $ (14,467) | $ (14,951) | $ (20,231) | $ (21,735) |
Change in working capital items: | ||||
Prepaid expense | (1) | |||
Accounts payables and accrued liabilities | 1,847 | 1,785 | ||
Net Cash Used in Operating Activities | (18,385) | (19,950) | ||
Cash flow from financing activities | ||||
Due to related parties | 18,434 | 19,950 | ||
Net Cash Provided by Financing Activities | 18,434 | 19,950 | ||
Cash increase in the period | 49 | |||
Cash, beginning of period | 5 | 6 | ||
Cash, end of period | $ 54 | $ 6 | $ 54 | $ 6 |
Condensed Interim Statements _3
Condensed Interim Statements of Stockholders' (Deficiency) Equity (Unaudited) - USD ($) | Number of Common Shares, Par Value [Member] | Additional Paid-In Capital [Member] | Deficit Accumulated During the Exploration Stage [Member] | Total |
Balance at Jun. 30, 2017 | $ 70 | $ 106,990 | $ (631,178) | $ (524,118) |
Balance, shares at Jun. 30, 2017 | 7,070,000 | |||
Net loss for the period | (21,735) | (21,735) | ||
Balance at Dec. 31, 2017 | $ 70 | 106,990 | (652,913) | (545,853) |
Balance, shares at Dec. 31, 2017 | 7,070,000 | |||
Balance at Jun. 30, 2018 | $ 70 | 106,990 | (667,520) | (560,460) |
Balance, shares at Jun. 30, 2018 | 7,070,000 | |||
Net loss for the period | (20,231) | (20,231) | ||
Balance at Dec. 31, 2018 | $ 70 | $ 106,990 | $ (687,751) | $ (580,691) |
Balance, shares at Dec. 31, 2018 | 7,070,000 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Organization The Company was incorporated in the State of Nevada, U.S.A. on April 21, 2006. Exploration Stage Activities The Company has been in the exploration stage since its formation and is primarily engaged in the acquisition and exploration of mining claims. Upon location of a commercial minable reserve, the Company expects to actively prepare the site for its extraction and enter a development stage. During the fiscal year 2012, the Company entered into an agreement with Mayan Mineral Ltd. to acquire a resource property in Nevada (Note 4). Currently, the Company is actively looking for other mineral properties for its planned business operation. |
Basis of Presentation and Going
Basis of Presentation and Going Concern | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Going Concern | 2. BASIS OF PRESENTATION AND GOING CONCERN BASIS OF PRESENTATION These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Accordingly, these financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows as of December 31, 2018 and for all interim periods presented herein have been reflected in these financial statements and the notes thereto. Interim results for the six-month period ended December 31, 2018 are not necessarily indicative of the results to be expected for the fiscal year as a whole. These financial statements should be read in conjunction with the audited financial statements and accompanying notes as included in the Form 10-K for the year ended June 30, 2018. GOING CONCERN The general business strategy of the Company is to acquire and explore mineral properties. The continued operations of the Company and the recoverability of mineral property costs is dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain necessary financing to complete the development of its properties, and upon future profitable production. The Company has not generated any revenues or completed development of any properties to date. Further, the Company has a working capital deficit of $580,691 (June 30, 2018 - $560,459), has incurred losses of $687,751 since inception, and further significant losses are expected to be incurred in the exploration and development of its mineral properties. The Company will require additional funds to meet its obligations and maintain its operations. There can be no guarantee that the Company will be successful in raising the necessary financing. Management’s plans in this regard are to raise equity financing as required. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that might result from this uncertainty. |
Recent Adopted and Future Accou
Recent Adopted and Future Accounting Standard | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Adopted and Future Accounting Standard | 3. RECENT ADOPTED AND FUTURE ACCOUNTING STANDARD RECENT ADOPTED ACCOUNTING STANDARD The following accounting standards were adopted by the Company effective July 1, 2018: ASU 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, that clarifies the guidance in ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10). The new guidance provides amendments clarify the guidance in No. 2016-01, Financial Instruments—Overall (Subtopic 825-10). ASU 2018-03 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt ASU 2018-03 until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in ASU 2016-01. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after 15 December 2017, and interim periods within those years. For all other entities, it is effective for fiscal years beginning after 15 December 2018, and interim periods within fiscal years beginning after 15 December 2019. Early adoption is permitted. Entities will have to apply the guidance retrospectively, but if it is impracticable to do so for an issue, the amendments related to that issue would be applied prospectively. ASU 2016-18, Restricted Cash. Entities will be required to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2014-09, Revenue from Contracts with Customers, as a new Topic, ASC 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies may apply the new guidance using either the full retrospective transition method, which requires restating each prior period presented, or the modified retrospective transition method, under which the new guidance is applied to the current period presented in the financial statements and a cumulative-effect adjustment is recorded as of the date of adoption. The adoption of the standards above has no impact on the Company’s financial statements. RECENT ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED In March 2016, the FASB issued ASU 2016-02, Leases, which supersedes ASC Topic 840, Leases, and sets forth the principles for the recognition, measurement, presentation, and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record on the balance sheet a right-of-use asset and a lease liability, equal to the present value of the remaining lease payments, for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or a straight-line basis over the term of the lease. ASU 2016-02 will be effective beginning January 1, 2019, with early adoption permitted. Entities are required to use a modified retrospective transition method for existing leases. In February 2018, the Financial Accounting Standards Board (FASB) issued ASU No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which amends its guidance to allow a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for the stranded income tax effects resulting from The Tax Cuts and Jobs Act of 2017 (the Tax Act). The amendments are effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities with its financial reporting. This standard also simplifies the application of hedge accounting in certain situations. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2021, with early adoption permitted. The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Mineral Claim Interest
Mineral Claim Interest | 6 Months Ended |
Dec. 31, 2018 | |
Extractive Industries [Abstract] | |
Mineral Claim Interest | 4. MINERAL CLAIM INTEREST On August 15, 2013, the Company entered into a Quitclaim Deed (the “Deed”) with Kee Nez Resources, LLC (“Grantor”), a Utah limited liability company. Pursuant to the Deed, the Grantor, in consideration of $10 and other valuable consideration, remise, release, and forever quitclaim unto the Company all of Grantor’s right, title, and interest in and to the GSR group of unpatented lode mining claims situated in Churchill Country, Nevada. As a result, the Company has obtained title to the GSR claims in August 2013. The Company did not incur further expenditures on the property during the period ending December 31, 2018 (June 30, 2018: $nil) due to lack of cash. |
Capital Stock
Capital Stock | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Capital Stock | 5. CAPITAL STOCK a) On April 24, 2006, the Company issued 6,000,000 common shares at $0.00001 per share to two founding shareholders. b) On March 28, 2007, the Company closed its public offering and issued additional 1,070,000 common shares at $0.10. c) The Company has not issued any shares during the period ended December 31, 2018 and it has no stock option plan, warrants or other dilutive securities. |
Due to Related Parties
Due to Related Parties | 6 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Due to Related Parties | 6. DUE TO RELATED PARTIES As of December 31, 2018 due to related parties balance of $201,062 (June 30, 2018: $182,628) represents the combination of the following: a) $54,959 (June 30, 2018: $54,959) owed to a company controlled by a former director and principal shareholder of the Company, for the amount of office, transfer agent and travel expenses paid by the related party on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand; b) $28,000 (June 30, 2018: $28,000) owed to a director of the Company, for the amount of office, travel and telephone expenses paid by the related party on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand. c) $118,102 (June 30, 2018: $99,669) was payable to a principal shareholder’s company, for the operating expenses paid by the related party on behalf of the Company. The loan amount is unsecured, non-interest bearing and due on demand. |
Loan Payable
Loan Payable | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Loan Payable | 7. LOAN PAYABLE Loan payable consists of the following: $201,558 (June 30, 2018: $201,558) was payable to non-related parties. The loan amount is unsecured, non-interest bearing and due on demand. |
Accounts Payable
Accounts Payable | 6 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable | 8. ACCOUNTS PAYABLE As of December 31, 2018 accounts payable balance of $180,292 (June 30, 2018: $178,445) represents payable related to company operation and administration. |
Basis of Presentation and Goi_2
Basis of Presentation and Going Concern (Details Narrative) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficit | $ 580,691 | $ 560,459 |
Deficit accumulated since inception | $ (687,751) | $ (667,520) |
Mineral Claim Interest (Details
Mineral Claim Interest (Details Narrative) - USD ($) | Aug. 15, 2013 | Dec. 31, 2018 | Jun. 30, 2018 |
Extractive Industries [Abstract] | |||
Mineral claim payment | $ 10 | ||
Expenditures incur on property |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) | Mar. 28, 2007$ / sharesshares | Apr. 24, 2006Integer$ / sharesshares | Dec. 31, 2018shares |
Equity [Abstract] | |||
Common stock shares issued during period for founding shareholders, shares | 1,070,000 | 6,000,000 | |
Common stock price per share | $ / shares | $ 0.10 | $ 0.00001 | |
Number of founding shareholders | Integer | 2 | ||
Stock issued during the period, shares | |||
Number of dilutive securities issued |
Due to Related Parties (Details
Due to Related Parties (Details Narrative) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Due to related parties | $ 201,062 | $ 182,628 |
Controlled by Former Director and Principal Shareholder [Member] | ||
Due to related parties | 54,959 | 54,959 |
Director of the Company [Member] | ||
Due to related parties | 28,000 | 28,000 |
Principal Shareholder's Company [Member] | ||
Due to related parties | $ 118,102 | $ 99,669 |
Loan Payable (Details Narrative
Loan Payable (Details Narrative) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Disclosure [Abstract] | ||
Loans payable | $ 201,558 | $ 201,558 |
Accounts Payable (Details Narra
Accounts Payable (Details Narrative) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 180,292 | $ 178,445 |