Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Mar. 13, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | First American Silver Corp. | |
Entity Central Index Key | 1,456,802 | |
Document Type | 10-K | |
Document Period End Date | Nov. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 62,806,567 | |
Entity public float | $ 1,004,905 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,016 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Current Asset | ||
Cash | $ 592 | |
Prepaid expenses | 2,068 | |
Total Current Assets | 592 | 2,068 |
Other Asset | ||
Reclamation bond | 591 | 591 |
Total Other Assets | 591 | 591 |
Total Assets | 1,183 | 2,659 |
Current Liabilities | ||
Accounts payable | 155,359 | 156,540 |
Accrued expenses | 13,717 | 48,935 |
Due to related party | 26,717 | 26,417 |
Loans payable | 8,100 | 8,100 |
Notes payable - current portion | 297,866 | 207,750 |
Total Liabilities | 501,759 | 447,742 |
Stockholders' Equity (Deficit) | ||
Preferred stock, par value $0.001, 20,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.001, 3,500,000,000 shares authorized, 62,892,211shares issued and outstanding (62,050,567 – 2015) | 62,892 | 62,051 |
Additional paid-in capital | 1,169,618 | 1,165,865 |
Common stock payable | 15,120 | 15,120 |
Accumulated deficit | (1,748,206) | (1,688,119) |
Total Stockholders' Equity (Deficit) | (500,576) | (445,083) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 1,183 | $ 2,659 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 30, 2016 | Nov. 30, 2015 | Feb. 22, 2015 | Feb. 03, 2015 | Nov. 30, 2014 | Oct. 17, 2014 | Aug. 14, 2014 | Apr. 11, 2014 |
Stockholders' Equity (Deficit) | ||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ||||||
Preferred stock, shares issued | 0 | 0 | ||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Common stock, shares authorized | 3,500,000,000 | 3,500,000,000 | ||||||
Common stock, shares issued | 62,892,211 | 62,050,567 | 324,000 | 162,000 | 270,000 | 1,080,000 | 148,500 | 486,000 |
Common stock, shares outstanding | 62,892,211 | 62,050,567 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
OPERATING EXPENSES | ||
Accounting and legal | $ 17,905 | $ 8,250 |
Consulting fees | 12,093 | 77,758 |
Transfer agent and filing fees | 6,939 | 8,809 |
General and administrative | 184 | 65 |
TOTAL OPERATING EXPENSES | 37,121 | 94,882 |
LOSS FROM OPERATIONS | (37,121) | (94,882) |
OTHER INCOME (EXPENSES) | ||
Interest expense | (22,966) | (45,911) |
TOTAL OTHER INCOME (EXPENSE) | (22,966) | (45,911) |
LOSS BEFORE PROVISION FOR INCOME TAX | (60,087) | (140,793) |
PROVISION FOR INCOME TAX | ||
NET LOSS | $ (60,087) | $ (140,793) |
LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 62,700,197 | 62,320,567 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Common Stock Payable | Accumulated Deficit | Total |
Beginning Balance, Shares at Nov. 30, 2014 | 62,050,567 | ||||
Beginning Balance, Amount at Nov. 30, 2014 | $ 62,051 | $ 1,165,865 | $ 5,400 | $ (1,547,326) | $ (314,010) |
Common stock payable for loan extensions, shares | |||||
Common stock payable for loan extensions, amount | 9,720 | 9,720 | |||
Common stock issued for services, Amount | |||||
Net loss for the year ended | (140,793) | (140,793) | |||
Ending Balance, Shares at Nov. 30, 2015 | 62,050,567 | ||||
Ending Balance, Amount at Nov. 30, 2015 | $ 62,051 | 1,165,865 | 15,120 | (1,688,119) | (445,083) |
Common stock issued for services, Shares | 841,644 | ||||
Common stock issued for services, Amount | $ 841 | 3,753 | 4,594 | ||
Net loss for the year ended | (60,087) | (60,087) | |||
Ending Balance, Shares at Nov. 30, 2016 | 62,806,567 | ||||
Ending Balance, Amount at Nov. 30, 2016 | $ 62,892 | $ 1,169,618 | $ 15,120 | $ (1,748,206) | $ (500,576) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (60,087) | $ (140,793) |
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities: | ||
Stock issued for services | 4,594 | |
Stock issued for loan extension fees and services | 9,720 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 2,068 | 20,060 |
Accounts payable | (1,181) | 61,465 |
Accrued expenses | (20,898) | 16,131 |
Due to related parties | 300 | 26,417 |
Net Cash Used in Operating Activities | (33,408) | (7,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Loan proceeds – other | 7,000 | |
Proceeds from notes payable | 34,000 | |
Net Cash Provided by Financing Activities | 34,000 | 7,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 592 | |
Cash and Cash Equivalents, Beginning of Period | ||
Cash and Cash Equivalents, End of Period | 592 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest | $ 45,911 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 1. NATURE OF OPERATIONS | Mayetok, Inc. (the Company) was incorporated in the state of Nevada on April 29, 2008. On June 8, 2010, the Company changed its name to First American Silver Corp. The Companys principal office is located at 1031 Railroad St. Suite 102B, Elko NV 89801. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 2. SIGNIFICANT ACCOUNTING POLICIES | Exploration Stage Company On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a November 30 fiscal year end. Risks and Uncertainties The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. See Note 10 regarding going concern matters. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. At November 30, 2016 and 2015, respectively, the Company had $592 and $0 of unrestricted cash to be used for future business operations. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At times, the Company's bank deposits may exceed the insured amount. Management believes it has little risk related to the excess deposits. Fair Value of Financial Instruments The Company's financial instruments consist of cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and note payable-related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Reclassifications Certain stockholders equity reclassification have been made in the presentation of our prior financial statements to conform to the presentation as of and for the fiscal year ended November 30, 2016. Concentrations of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Stock-Based Compensation The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation Stock Compensation The Company follows ASC Topic 505-50, formerly EITF 96-18, Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Companys policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of November 30, 2016, there have been no interest or penalties incurred on income taxes. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Mineral Properties Costs of exploration are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Mineral properties are analyzed for impairment on an annual basis, or more often if warranted by circumstances. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present. Recent Accounting Pronouncements First American Silver does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flows. |
PREPAID EXPENSES
PREPAID EXPENSES | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 3. PREPAID EXPENSES | Prepaid expenses consisted of the following at November 30, 2016 and 2015: 2016 2015 Loan extension fees $ - $ 2,068 Total prepaid expenses $ - $ 2,068 |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 4. NOTES PAYABLE | Notes payable consisted of the following at November 30, 2016: Date of Note Note Amount Interest Rate Maturity Date Collateral Interest Accrued May 1, 2016 $ 292,866 8 % May 1, 2017 None $ 13,672 October 20, 2016 $ 5,000 8 % October 20, 2017 None $ 45 Total $ 297,866 $ 13,717 Notes payable transactions during the year-ended November 30, 2016 consisted of the following: Balance, November 30, 2015 $ 207,750 Borrowings -34,000 Accrued interest added to loan 56,116 Balance, November 30, 2016 $ 297,866 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
NOTE 5. RELATED PARTY TRANSACTIONS | The Company paid consulting fees totaling $12,093 and $77,758 to related parties for the years ended November 30, 2016 and 2015, respectively. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 6. CAPITAL STOCK | The Company has 20,000,000 preferred shares authorized at a par value of $0.001 per share. The Company has 3,500,000,000 common shares authorized at a par value of $0.001 per share. On April 11, 2014, the Company issued 486,000 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On April 30, 2014, the Company issued 1,000,000 shares valued at $19,910 based on the stock closing price on the date of the grant to its president. The issuance paid $12,500 of accounts payable owing, and consulting fees of $7,410. On August 14, 2014, the Company issued 148,500 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On August 14, 2014, the Company issued 888,000 shares valued at $17,760 based on the stock closing price on the date of the grant to its president. The issuance paid $8,883 of accounts payable owing, and consulting fees of $8,877. On October 17, 2014, the Company issued 1,080,000 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On November 30, 2014, the Company issued 270,000 shares to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On February 3, 2015, 162,000 common shares were issuable to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On February 22, 2015, 324,000 common shares were issuable to extend a certain loan for one year. The value of these shares has been included in prepaid expenses and will amortize to interest expense over the term of the extension period (1 year). On February 16, 2016, the Company issued 769,315 share to its president valued at $4,231 based on the stock closing price on the date of the grant. On April 20, 2016, the Company issued 72,329 share to its former president valued at $362 based on the stock closing price on the date of the grant. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
NOTE 7– INCOME TAXES | For the years ended November 30, 2016 and 2015, the Company has incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $1,750,000 at November 30, 2016, and will begin to expire in the year 2028. The provision for Federal income tax consists of the following as of November 30, 2016 and 2015: 2016 2015 Federal income tax benefit attributable to: Current operations $ 20,430 $ 47,845 Less: valuation allowance (20,430 ) (47,845 ) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of November 30, 2016 and 2015: 2016 2015 Deferred tax asset attributable to: Net operating loss carryover $ 594,365 $ 573,935 Less: valuation allowance (594,365 ) (573,935 ) Net deferred tax asset $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 8. GOING CONCERN | The accompanying financial statements have been prepared assuming that First American Silver, Inc. will continue as a going concern. The Company has a working capital deficit, has not yet received revenue from sales of products or services, and has incurred losses from operations. These factors raise substantial doubt about the Companys ability to continue as a going concern. Without realization of additional debt or capital, it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty. The Companys activities to date have been supported by debt and equity financing. It has sustained losses in all previous reporting periods with an inception to date loss of approximately $1,750,000 as of November 30, 2016. Management continues to seek funding from its shareholders and other qualified investors. |
SUPPLEMENTAL NON-CASH INVESTING
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
NOTE 9 – SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | Year ended November 30, 2016 Year ended November 30, 2015 Common stock issued to pay debt $ 9,720 $ 9,720 Accrued interest added to principal balance of note payable $ 56,116 $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 10. SUBSEQUENT EVENTS | In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to the date these financial statements were issued, and has determined that, other than those events mentioned above, it does not have any material subsequent events to disclose in these financial statements. |
SIGNIFICANT ACCOUNTING POLICI17
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Nov. 30, 2016 | |
Significant Accounting Policies Policies | |
Exploration Stage Company | On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. |
Basis of Presentation | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. |
Accounting Basis | The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a November 30 fiscal year end. |
Risks and Uncertainties | The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. See Note 10 regarding going concern matters. |
Cash And Cash Equivalents | The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. At November 30, 2016 and 2015, respectively, the Company had $592 and $0 of unrestricted cash to be used for future business operations. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At times, the Company's bank deposits may exceed the insured amount. Management believes it has little risk related to the excess deposits. |
Fair Value of Financial Instruments | The Company's financial instruments consist of cash, prepaid expenses, accounts payable, accrued expenses, notes payable, and note payable-related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
Reclassifications | Certain stockholders equity reclassification have been made in the presentation of our prior financial statements to conform to the presentation as of and for the fiscal year ended November 30, 2016. |
Concentrations of Credit Risk | The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Stock-Based Compensation | The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation Stock Compensation The Company follows ASC Topic 505-50, formerly EITF 96-18, Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling Goods and Services |
Income Taxes | Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Companys policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of November 30, 2016, there have been no interest or penalties incurred on income taxes. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. |
Basic Income (Loss) Per Share | Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. |
Mineral Properties | Costs of exploration are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Mineral properties are analyzed for impairment on an annual basis, or more often if warranted by circumstances. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present. |
Recent Accounting Pronouncements | First American Silver does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flows. |
PREPAID EXPENSES (Tables)
PREPAID EXPENSES (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Prepaid Expenses Tables | |
Prepaid expenses | 2016 2015 Loan extension fees $ - $ 2,068 Total prepaid expenses $ - $ 2,068 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Notes Payable Tables | |
Notes payable | Date of Note Note Amount Interest Rate Maturity Date Collateral Interest Accrued May 1, 2016 $ 292,866 8 % May 1, 2017 None $ 13,672 October 20, 2016 $ 5,000 8 % October 20, 2017 None $ 45 Total $ 297,866 $ 13,717 |
Notes payable transactions | Balance, November 30, 2015 $ 207,750 Borrowings -34,000 Accrued interest added to loan 56,116 Balance, November 30, 2016 $ 297,866 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Income Taxes Tables | |
Federal income tax | 2016 2015 Federal income tax benefit attributable to: Current operations $ 20,430 $ 47,845 Less: valuation allowance (20,430 ) (47,845 ) Net provision for Federal income taxes $ - $ - |
Deferred tax asset | 2016 2015 Deferred tax asset attributable to: Net operating loss carryover $ 594,365 $ 573,935 Less: valuation allowance (594,365 ) (573,935 ) Net deferred tax asset $ - $ - |
SUPPLEMENTAL NON-CASH INVESTI21
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Nov. 30, 2016 | |
Supplemental Non-cash Investing And Financing Activities Tables | |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | Year ended November 30, 2016 Year ended November 30, 2015 Common stock issued to pay debt $ 9,720 $ 9,720 Accrued interest added to principal balance of note payable $ 56,116 $ - |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) | 12 Months Ended |
Nov. 30, 2016 | |
Nature Of Operations Details Narrative | |
State Country Name | Nevada |
Date of Incorporation | Apr. 29, 2008 |
SIGNIFICANT ACCOUNTING POLICI23
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Significant Accounting Policies Details Narrative | ||
Funds | $ 250,000 | |
Amount of unrestricted cash to be used on future business operations | $ 592 | $ 0 |
PREPAID EXPENSES (Details)
PREPAID EXPENSES (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Prepaid Expenses Details | ||
Loan extension fees | $ 2,068 | |
Total Prepaid expenses | $ 2,068 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) | 12 Months Ended |
Nov. 30, 2016USD ($) | |
Note Amount | $ 297,866 |
Interest accured | 13,717 |
May 1, 2016 [Member] | |
Note Amount | $ 292,866 |
Interest Rate | 8.00% |
Maturity Date | May 1, 2017 |
Collateral | None |
Interest accured | $ 13,672 |
October 20, 2016 [Member] | |
Note Amount | $ 5,000 |
Interest Rate | 8.00% |
Maturity Date | Oct. 20, 2017 |
Collateral | None |
Interest accured | $ 45 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) | 12 Months Ended |
Nov. 30, 2016USD ($) | |
Notes Payable Details 1 | |
Balance, November 30, 2015 | $ 207,750 |
Borrowings | (34,000) |
Accrued interest added to loan | 56,116 |
Balance, November 30, 2016 | $ 297,866 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Related Party [Member] | ||
Consulting fees | $ 12,093 | $ 29,757 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | Feb. 03, 2015 | Aug. 14, 2014 | Apr. 11, 2014 | Apr. 20, 2016 | Feb. 16, 2016 | Feb. 22, 2015 | Nov. 30, 2014 | Oct. 17, 2014 | Apr. 30, 2014 | Nov. 30, 2016 | Nov. 30, 2015 |
Capital Stock Details Narrative | |||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||||
Common stock, shares authorized | 3,500,000,000 | 3,500,000,000 | |||||||||
Common stock, shares issued | 162,000 | 148,500 | 486,000 | 324,000 | 270,000 | 1,080,000 | 62,892,211 | 62,050,567 | |||
Common stock, shares outstanding | 62,892,211 | 62,050,567 | |||||||||
Common stock, shares | 888,000 | 72,329 | 769,315 | 1,000,000 | |||||||
Maturity period | One year | One year | One year | One year | One year | One year | |||||
Common stock, value | $ 17,760 | $ 362 | $ 4,231 | $ 19,910 | $ 4,594 | ||||||
Accounts payable | 8,883 | 12,500 | |||||||||
Consulting fees | $ 8,877 | $ 7,410 | $ 17,905 | $ 8,250 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Federal income tax benefit attributable to: | ||
Current operations | $ 20,430 | $ 47,845 |
Less: valuation allowance | $ (20,430) | $ (47,845) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Nov. 30, 2016 | Nov. 30, 2015 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 594,365 | $ 573,935 |
Less: valuation allowance | (594,365) | (573,935) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Nov. 30, 2016USD ($) | |
Income Taxes Details Narrative | |
Net operating loss carry-forward | $ 1,750,000 |
Expire year | 2,028 |
Expected rate cumulative tax effect | 34.00% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | Nov. 30, 2016USD ($) |
Going Concern Details Narrative | |
Accumulated deficit | $ 1,750,000 |
SUPPLEMENTAL NON-CASH INVESTI33
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Supplemental Non-cash Investing And Financing Activities Details | ||
Common stock issued to pay debt | $ 9,720 | $ 9,720 |
Accrued interest added to principal balance of note payable | $ 56,116 |