Document and Entity Information
Document and Entity Information | 3 Months Ended |
Sep. 30, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | Golden Star Resource Corp. |
Entity Central Index Key | 0001375348 |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | false |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 7,070,000 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2020 |
Condensed Interim Balance Sheet
Condensed Interim Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Current | ||
Cash | $ 280 | $ 16 |
Prepaid fees | 5,417 | 2,167 |
TOTAL ASSETS | 5,697 | 2,183 |
Current | ||
Accounts payables and accrued liabilities | 184,896 | 182,436 |
Loan payable (Note7) | 201,558 | 201,558 |
Due to related parties (Note 6) | 226,386 | 211,541 |
TOTAL LIABILITIES | 612,840 | 595,535 |
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 September 30, 2019 & June 30, 2019 | 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 | (714,203) | (700,412) |
TOTAL STOCKHOLDERS' (DEFICIENCY) EQUITY | (607,143) | (593,352) |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY | $ 5,697 | $ 2,183 |
Condensed Interim Balance She_2
Condensed Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2019 | Jun. 30, 2019 |
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 | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Expenses | ||
Foreign exchange loss (gain) | $ (130) | |
Bank fees | 13 | 12 |
Professional fees | 8,768 | 1,500 |
Office expenses | 1,000 | 1,000 |
Transfer and filing fees | 4,140 | 3,252 |
Total Expenses | 13,791 | 5,764 |
Net Loss and Comprehensive Loss | $ (13,791) | $ (5,764) |
Basic and fully diluted loss per share | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding | 7,070,000 | 7,070,000 |
Condensed Interim Statements _2
Condensed Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flow from operating activities: | ||
Net loss for the period | $ (13,791) | $ (5,764) |
Items not affecting cash: | ||
Prepaid expense | (3,250) | (3,251) |
Accounts payables and accrued liabilities | 2,460 | (7,707) |
Net Cash Used in Operating Activities | (14,581) | (16,722) |
Cash flow from financing activities | ||
Due to related parties | 14,845 | 16,785 |
Net Cash Provided by Financing Activities | 14,845 | 16,785 |
Cash increase (decrease) in the period | 264 | 63 |
Cash, beginning of period | 16 | 5 |
Cash, end of period | $ 280 | $ 68 |
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, 2018 | $ 70 | $ 106,990 | $ (667,520) | $ (560,460) |
Balance, shares at Jun. 30, 2018 | 7,070,000 | |||
Net loss for the period | (5,764) | (5,764) | ||
Balance at Sep. 30, 2018 | $ 70 | 106,990 | (673,284) | (566,224) |
Balance, shares at Sep. 30, 2018 | 7,070,000 | |||
Balance at Jun. 30, 2019 | $ 70 | 106,990 | (700,412) | (593,352) |
Balance, shares at Jun. 30, 2019 | 7,070,000 | |||
Net loss for the period | (13,791) | (13,791) | ||
Balance at Sep. 30, 2019 | $ 70 | $ 106,990 | $ (714,203) | $ (607,143) |
Balance, shares at Sep. 30, 2019 | 7,070,000 |
Nature Of Operations
Nature Of Operations | 3 Months Ended |
Sep. 30, 2019 | |
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. Currently, the Company is actively looking for mineral properties for its planned business operation. 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 $607,143 (June 30, 2019 - $593,352), has incurred losses of $714,203 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 condensed interim financial statements do not include any adjustments that might result from this uncertainty. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying condensed interim financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America (“U.S.”) as promulgated by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and with the rules and regulations of the U.S Securities and Exchange Commission (“SEC”) for interim financial information. The condensed interim financial statements reflect all normal recurring adjustments, which, in the portion of management, are considered necessary for a fair presentation of the results for the periods shown. The results of operations for the periods presented are not necessarily indicative of the results expected for any future period. The information included in these condensed interim financial statements should be read in conjunction with Management’s Discussion and Analysis and the audited financial statements and accompanying notes filed in Form 10-K for the year ended June 30, 2019 filed on September 27, 2019 with the U.S. Securities and Exchange Commission. |
Recent Adopted and Future Accou
Recent Adopted and Future Accounting Standard | 3 Months Ended |
Sep. 30, 2019 | |
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, 2019: In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting. This update provided clarity and reduced both diversity in practice and cost and complexity when applying the guidance in Topic 718, Compensation – Stock Compensation, to a change to the terms or conditions of a share-based payment award. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance reduced diversity in practice in how certain transactions are classified in the statement of cash flows. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments to the guidance enhance the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation, and disclosure. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The amendments clarified the definition of a business. The amendments affect all companies that must determine whether they have acquired or sold a business. The adoption of the standards above has no impact on the Company’s financial statements. RECENT ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED In July 2017, the FASB issued ASU 2017-11“Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features; (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” (“ASU 2017-11”). ASU 2017-11 allows companies to exclude a down round feature when determining whether a financial instrument (or embedded conversion feature) is considered indexed to the entity’s own stock. As a result, financial instruments (or embedded conversion features) with down round features may no longer be required to be accounted for as derivative liabilities. A company will recognize the value of a down round feature only when it is triggered, and the strike price has been adjusted downward. For equity-classified freestanding financial instruments, an entity will treat the value of the effect of the down round as a dividend and a reduction of income available to Common Stockholders in computing basic earnings per share. For convertible instruments with embedded conversion features containing down round provisions, entities will recognize the value of the down round as a beneficial conversion discount to be amortized to earnings. ASU 2017-11 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. For all entities, amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU No. 2018-13 and delay adoption of the additional disclosures until their effective date. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. These amendments expand the scope of Topic 718, Compensation—Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity—Equity-Based Payments to Non-Employees. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606, Revenue from Contracts with Customers. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02 (Topic 842) “Leases.” Topic 842 supersedes the lease requirements in Accounting Standards Codification (ASC) Topic 840, “Leases.” Under Topic 842, lessees are required to recognize assets and liabilities on the balance sheet for most leases and provide enhanced disclosures. Leases will continue to be classified as either finance or operating. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases. For entities that early adopted Topic 842, the amendments are effective upon issuance of ASU 2018-10, and the transition requirements are the same as those in Topic 842. For entities that have not adopted Topic 842, the effective date and transition requirements will be the same as the effective for use for fiscal years beginning after December 15, 2018. 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 statements. |
Mineral Claim Interest
Mineral Claim Interest | 3 Months Ended |
Sep. 30, 2019 | |
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 ended September 30, 2019 (June 30, 2019: $nil) due to lack of cash. The value of mineral property was written off in prior years. |
Capital Stock
Capital Stock | 3 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 and June 30, 2019 and it has no stock option plan, warrants or other dilutive securities. |
Due to Related Parties
Due to Related Parties | 3 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Due to Related Parties | 6. DUE TO RELATED PARTIES As of September 30, 2019, due to related parties balance of $226,386 (June 30, 2019: $211,541) represents the combination of the following: a) $54,959 (June 30, 2019: $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, 2019: $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) $143,427 (June 30, 2019: $128,582) was payable to a principal shareholder’s company, for the operating expenses paid by the related party on behalf of the Company. The loan amount is unsecured, non-interest bearing and due on demand. |
Loan Payable
Loan Payable | 3 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Loan Payable | 7. LOAN PAYABLE Loan payable was payable to non-related parties. The loan amount is unsecured, non-interest bearing and due on demand. |
Nature Of Operations (Details N
Nature Of Operations (Details Narrative) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficit | $ 607,143 | $ 593,352 |
Deficit accumulated since inception | $ (714,203) | $ (700,412) |
Mineral Claim Interest (Details
Mineral Claim Interest (Details Narrative) - USD ($) | Aug. 15, 2013 | Jun. 30, 2019 | 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 | Sep. 30, 2019shares | Jun. 30, 2019shares |
Equity [Abstract] | ||||
Common stock shares issued during period for founding shareholders, shares | shares | 1,070,000 | 6,000,000 | ||
Common stock price per share | $ / shares | $ 0.10 | $ 0.00001 | ||
Number of founding shareholders | Integer | 2 |
Due to Related Parties (Details
Due to Related Parties (Details Narrative) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Due to related parties | $ 226,386 | $ 211,541 |
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 | $ 143,427 | $ 128,582 |