Document and Entity Information
Document and Entity Information | 9 Months Ended |
Mar. 31, 2020shares | |
Document And Entity Information | |
Entity Registrant Name | Golden Star Resource Corp. |
Entity Central Index Key | 0001375348 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2020 |
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 Shell Company | false |
Entity Common Stock, Shares Outstanding | 7,070,000 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2020 |
Condensed Interim Balance Sheet
Condensed Interim Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Current | ||
Cash | $ 16 | $ 16 |
Prepaid fees | 5,416 | 2,167 |
TOTAL ASSETS | 5,432 | 2,183 |
Current | ||
Accounts payables and accrued liabilities | 187,671 | 182,436 |
Loan payable (Note 7) | 201,558 | 201,558 |
Due to related parties (Note 6) | 236,322 | 211,541 |
TOTAL LIABILITIES | 625,551 | 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 | 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 | (727,179) | (700,412) |
TOTAL STOCKHOLDERS' (DEFICIENCY) EQUITY | (620,119) | (593,352) |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY | $ 5,432 | $ 2,183 |
Condensed Interim Balance She_2
Condensed Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | 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 | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Expenses | ||||
Foreign exchange loss (gain) | $ 2 | $ (104) | ||
Bank fees | 13 | 16 | 40 | 39 |
Professional fees | 1,208 | 1,294 | 11,185 | 11,349 |
Office expenses | 1,000 | 1,000 | 3,076 | 3,000 |
Transfer and filing fees | 4,180 | 4,047 | 12,570 | 12,200 |
Total Expenses | 6,403 | 6,357 | 26,767 | 26,588 |
Net Loss and Comprehensive Loss | $ (6,403) | $ (6,357) | $ (26,767) | $ (26,588) |
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 | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flow from operating activities: | ||||
Net loss for the period | $ (6,403) | $ (6,357) | $ (26,767) | $ (26,588) |
Items not affecting cash: | ||||
Prepaid expense | (3,249) | (3,250) | ||
Accounts payables and accrued liabilities | 5,235 | 2,934 | ||
Net Cash Used in Operating Activities | (24,781) | (26,904) | ||
Cash flow from financing activities | ||||
Due to related parties | 24,781 | 26,939 | ||
Net Cash Provided by Financing Activities | 24,781 | 26,939 | ||
Cash increase (decrease) in the period | 35 | |||
Cash, beginning of period | 16 | 5 | ||
Cash, end of period | $ 16 | $ 40 | $ 16 | $ 40 |
Condensed Interim Statements _3
Condensed Interim Statements of Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Number of Common Shares, Par Value [Member] | ||||
Balance | $ 70 | $ 70 | ||
Balance, shares | 7,070,000 | 7,070,000 | ||
Net loss for the period | ||||
Balance | $ 70 | $ 70 | $ 70 | $ 70 |
Balance, shares | 7,070,000 | 7,070,000 | 7,070,000 | 7,070,000 |
Additional Paid-In Capital [Member] | ||||
Balance | $ 106,990 | $ 106,990 | ||
Net loss for the period | ||||
Balance | $ 106,990 | $ 106,990 | 106,990 | 106,990 |
Deficit Accumulated During The Period [Member] | ||||
Balance | (700,412) | (667,520) | ||
Net loss for the period | (26,767) | (26,588) | ||
Balance | (727,179) | (694,108) | (727,179) | (694,108) |
Balance | (593,352) | (560,460) | ||
Net loss for the period | (6,403) | (6,357) | (26,767) | (26,588) |
Balance | $ (620,119) | $ (587,048) | $ (620,119) | $ (587,048) |
Nature of Operations
Nature of Operations | 9 Months Ended |
Mar. 31, 2020 | |
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 $620,119 (June 30, 2019 - $593,352), has incurred losses of $727,179 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 | 9 Months Ended |
Mar. 31, 2020 | |
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 | 9 Months Ended |
Mar. 31, 2020 | |
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. 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 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 adoption of the standards above has no impact on the Company’s financial statements. RECENT ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED 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. 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 | 9 Months Ended |
Mar. 31, 2020 | |
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 |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and June 30, 2019 and it has no stock option plan, warrants or other dilutive securities. |
Due to Related Parties
Due to Related Parties | 9 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Due to Related Parties | 6. DUE TO RELATED PARTIES As of March 31, 2020, due to related parties balance of $236,322 (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) $153,363(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 | 9 Months Ended |
Mar. 31, 2020 | |
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. This section of the quarterly report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this prospectus. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions. Plan of Operation We are a start-up, exploration Stage Corporation and have not yet generated or realized any revenues from our business operations. There is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and do not anticipate generating any revenues until we begin removing and selling minerals. There is no assurance we will ever achieve these goals. Accordingly, we must raise cash from sources other than the sale of minerals in order to implement our project and stay in business. Our only other source for cash at this time is investments by others. Our exploration target is to find a mineralized material, specifically, an ore body containing gold. Our success depends upon finding mineralized material. This includes a determination by our consultant that the property contains reserves. We have not yet selected a consultant. Mineralized material is a mineralized body which has been delineated by appropriate spaced drilling or underground sampling to support sufficient tonnage and average grade of metals to justify removal. If we don’t find mineralized material or if it is not economically feasible to remove it, we will cease operations and you will lose your investment. In addition, we may not have enough money to complete the acquisition and exploration of a property. If it turns out that we have not raised enough money to complete our acquisition we will try to raise additional funds from a second public offering, a private placement or through loans. At the present time, we have not made any plans to raise additional money and there is no assurance that we would be able to raise additional money in the future. If we need additional money and cannot raise it, we will have to suspend or cease operations. Research & Development As an exploration stage company in the mining industry we are not involved in any research and development. Effects of Compliance with Environmental Laws As a company in the mining industry we are subject to numerous environmental laws and regulations. We strive to comply with all applicable environmental, health and safety laws and regulations are currently taking the steps indicated above. We believe that our operations are in compliance with all applicable laws and regulations on environmental matters. These laws and regulations, on federal, state and local levels, are evolving and frequently modified and we cannot predict accurately the effect, if any, they will have on its business in the future. In many instances, the regulations have not been finalized, or are frequently being modified. Even where regulations have been adopted, they are subject to varying and contradicting interpretations and implementation. In some cases, compliance can only be achieved by capital expenditure and we cannot accurately predict what capital expenditures, if any, may be required. Limited Operating History; Need for Additional Capital There is no historical financial information about us upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the acquisition and exploration of our properties, and possible cost overruns due to price increases in services. To become profitable and competitive, we need to identify a property and conduct research and explore our property before we start production of any minerals we may find. If we do find mineralized material, we will need additional funding to move beyond the research and exploration stage. We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders. Liquidity and Capital Resources We have completed our public offering as of March 28, 2007 and to date have raised $107,060, we will attempt to raise additional money through a subsequent private placement, public offering or through loans. Currently, we do not have sufficient funds for our intended business operation. One of our officers and directors, has agreed in financing the related operating expenditures to maintain the Company. The foregoing agreement is oral; we have nothing in writing. While it was agreed to advance the funds, the agreement is unenforceable as a matter of law because no consideration was given. At the present time, we have not made any arrangements to raise additional cash. If we need additional cash and can’t raise it, we will either have to suspend operations until we do raise the cash, or cease operations entirely. Other than as described in this paragraph, we have no other financing plans. Since inception, we have issued 7,070,000 shares of our common stock and received $107,060. In April 2006, we issued 3,000,000 shares of common stock to a former officer and director, in consideration of $30 and we issued 3,000,000 shares of common stock to one of our officers and directors in consideration of $30 pursuant to the exemption from registration contained in Regulation S of the Securities Act of 1993. We issued 1,070,000 shares of common stock pursuant to the exemption from registration contained in section 4(2) of the Securities Act of 1933. This was accounted for as a purchase of shares of common stock. As of March 31, 2020, due to related parties balance of $236,322 (June 30, 2019: $211,541) represents the combination of the following: $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. $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. $153,363 (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 consists of the following: $201,558 (June 30, 2019: $201,558) was payable to non-related parties. The loan amount is unsecured, non-interest bearing and due on demand. |
Nature of Operations (Details N
Nature of Operations (Details Narrative) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficit | $ 620,119 | $ 593,352 |
Deficit accumulated since inception | $ (727,179) | $ (700,412) |
Mineral Claim Interest (Details
Mineral Claim Interest (Details Narrative) - USD ($) | Aug. 15, 2013 | Mar. 31, 2020 | Jun. 30, 2019 |
Extractive Industries [Abstract] | |||
Mineral claim payment | $ 10 | ||
Expenditures incur on property |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) | Mar. 28, 2007$ / sharesshares | Mar. 28, 2007$ / sharesshares | Apr. 24, 2006Integer$ / sharesshares | Mar. 31, 2020shares | Jun. 30, 2019shares |
Equity [Abstract] | |||||
Common stock shares issued during period for founding shareholders, shares | 7,070,000 | 1,070,000 | 6,000,000 | ||
Common stock price per share | $ / shares | $ 0.10 | $ 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 ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Due to related parties | $ 236,322 | $ 211,541 |
Controlled by Former Director and Principal Shareholder [Member] | ||
Due to related parties | 54,959 | 54,959 |
Director [Member] | ||
Due to related parties | 28,000 | 28,000 |
Principal Shareholder's Company [Member] | ||
Due to related parties | $ 153,363 | $ 128,582 |
Loan Payable (Details Narrative
Loan Payable (Details Narrative) - USD ($) | Mar. 28, 2007 | Mar. 28, 2007 | Apr. 24, 2006 | Apr. 30, 2006 | Mar. 31, 2020 | Jun. 30, 2019 |
Proceeds from public offering | $ 107,060 | |||||
Stock issued during period, shares | 7,070,000 | 1,070,000 | 6,000,000 | |||
Stock issued during period, values | $ 107,060 | |||||
Due to related parties | $ 236,322 | $ 211,541 | ||||
Common Stock [Member] | ||||||
Stock issued during period, shares | 1,070,000 | |||||
Former Officer and Director [Member] | ||||||
Stock issued during period, shares | 3,000,000 | |||||
Stock issued during period, values | $ 30 | |||||
One of Our Officer and Director [Member] | ||||||
Stock issued during period, shares | 3,000,000 | |||||
Stock issued during period, values | $ 30 | |||||
Former Director and Principal Shareholder [Member] | ||||||
Due to related parties | 54,959 | 54,959 | ||||
Director [Member] | ||||||
Due to related parties | 28,000 | 28,000 | ||||
Principal Shareholders [Member] | ||||||
Due to related parties | 153,363 | 128,582 | ||||
Non - Related Parties [Member] | ||||||
Loans payable | $ 201,558 | $ 201,558 |