Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 31, 2019 | Mar. 13, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 31, 2019 | |
Entity Registrant Name | Discovery Gold Corp | |
Entity Central Index Key | 0001492448 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Units Outstanding | 249,777,311 |
CONDENSED UNAUDITED BALANCE SHE
CONDENSED UNAUDITED BALANCE SHEETS - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Current Assets | ||
Cash and Cash Equivalents | $ 25 | $ 1,589 |
Total Current Assets | 25 | 1,589 |
Total Assets | 25 | 1,589 |
Current Liabilities | ||
Accounts Payable | 112,730 | 83,258 |
Accruals - Related Parties | 52,247 | 7,453 |
Loans - Related Parties | 6,130 | 0 |
Total Current Liabilities | 171,107 | 90,711 |
Total Liabilities | 171,107 | 90,711 |
Shareholders' Deficit | ||
Preferred Stock, $0.001 par value, 10,000,000 authorized none issued and outstanding | 0 | 0 |
Common Stock, $0.001 par value, 250,000,000 authorized, 249,777,311 issued and outstanding | 249,777 | 249,777 |
Additional paid in capital | 8,183,033 | 8,183,033 |
Accumulated Deficit | (8,603,892) | (8,521,932) |
Total Shareholders' Deficit | (171,082) | (89,122) |
Total Liabilities and Shareholders' Deficit | $ 25 | $ 1,589 |
CONDENSED UNAUDITED BALANCE S_2
CONDENSED UNAUDITED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 31, 2019 | Apr. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 249,777,311 | 249,777,311 |
Common stock, shares outstanding | 249,777,311 | 249,777,311 |
CONDENSED UNAUDITED STATEMENTS
CONDENSED UNAUDITED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Statement [Abstract] | ||||
REVENUE | $ 0 | $ 0 | $ 0 | $ 0 |
EXPENSES | ||||
General and administrative | 26,779 | 36 | 81,960 | 92 |
Total Expenses | 26,779 | 36 | 81,960 | 92 |
OPERATING LOSS | (26,779) | (36) | (81,960) | (92) |
OTHER INCOME / (EXPENSE) | 0 | 0 | 0 | 0 |
LOSS BEFORE TAXES | (26,779) | (36) | (81,960) | (92) |
TAXES | 0 | 0 | 0 | 0 |
NET LOSS | $ (26,779) | $ (36) | $ (81,960) | $ (92) |
Net Loss per Common Share: Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding: Basic and Diluted | 249,777,311 | 107,667,311 | 249,777,311 | 107,667,311 |
CONDENSED UNAUDITED STATEMENT_2
CONDENSED UNAUDITED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Cash Flows From Operating Activities: | ||
Net Loss | $ (81,960) | $ (92) |
Adjustments to reconcile net loss to net cash used in operating activities: | 0 | 0 |
Changes in working capital items: | ||
Accounts payable | 29,472 | 0 |
Accruals - related parties | 44,794 | (1,922) |
Net Cash Used In Operating Activities | (7,694) | (2,014) |
Cash Flows From Investing Activities: | 0 | 0 |
Cash Flows From Financing Activities: | ||
Proceeds from related party notes payable | 6,130 | 0 |
Net Cash From Financing Activities | 6,130 | 0 |
Net Change in Cash: | (1,564) | (2,014) |
Beginning Cash | 1,589 | 2,473 |
Ending Cash | 25 | 459 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest: | 0 | 0 |
Cash paid for tax: | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended |
Jan. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1: DESCRIPTION OF BUSINESS Discovery Gold Corporation, a Nevada corporation, (“Discovery Gold,” “the Company,” “We," "Us" or “Our’) is a publicly-quoted shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of its common stock. No potential merger candidate has been identified at this time. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Jan. 31, 2019 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2. GOING CONCERN Our financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. We have no ongoing business or income. For the nine months ended January 31, 2019, we reported a net loss of $81,960, and had an accumulated deficit of $8,603,892 as of January 31, 2019. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. Our ability to continue as a going concern is dependent upon our ability to raise additional debt or equity funding to meet our ongoing operating expenses and ultimately in merging with another entity with experienced management and profitable operations. No assurances can be given that we will be successful in achieving these objectives. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jan. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) and have been consistently applied. The Company has elected an April 31 Interim Financial Statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with US GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at January 31, 2019 and for the related periods presented. The results for the three and nine-months ended January 31, 2019 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto for the year ended April 30, 2018 included in the Form 10-12G/A on pages 31 to 46, filed with the Securities and Exchange Commission on September 4, 2018. Use of Estimates The preparation of financial statements in conformity with US GAAP 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents We maintain cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Net Loss per Share Calculation: Basic net loss per common share ("EPS") is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during Recently-Issued Accounting Pronouncements: We have reviewed all the recently-issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements |
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE | 9 Months Ended |
Jan. 31, 2019 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE | NOTE 4. ACCOUNTS PAYABLE As of January 31, 2019, and April 30, 2018, $83,000 of the balance of accounts payable related to legal fees owed to a single creditor. Effective May 2, 2018, we entered into an agreement with the creditor and the two shareholders controlling the majority of our outstanding shares of common stock pursuant to which all parties agreed that in the event that the two controlling shareholders were to sell their shares, the outstanding liability to the creditor will be satisfied in full out of the sales proceeds received by the two controlling shareholders. This agreement expired at December 31, 2018. Effective December 31, 2018, the agreement was extended to April 30, 2019. |
ACCRUALS - RELATED PARTIES
ACCRUALS - RELATED PARTIES | 9 Months Ended |
Jan. 31, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUALS - RELATED PARTIES | NOTE 5. ACCRUALS - RELATED PARTIES As of January 31, 2019, and April 30, 2018, a balance of $52,247 and $7,453, respectively, represented accrued compensation due to a current officer and director and a former director and officer of the Company who is now a greater than 10% shareholder in the Company. |
LOANS- RELATED PARTIES
LOANS- RELATED PARTIES | 9 Months Ended |
Jan. 31, 2019 | |
Notes to Financial Statements | |
LOANS- RELATED PARTIES | NOTE 6. LOANS- RELATED PARTIES During the nine months ended January 31, 2019, our two principal shareholders advanced to us a total of $6,130 as working capital to meet our operating expenses. The loans are unsecured, interest free and due on demand. |
SHAREHOLDERS' DEFICIT
SHAREHOLDERS' DEFICIT | 9 Months Ended |
Jan. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' DEFICIT | NOTE 7. SHAREHOLDERS’ DEFICIT Preferred Stock As of January 31, 2019, and April 30, 2018, we were authorized to issue 10,000,000 shares of preferred stock with a par value of $0.001. As of January 31, 2019, and April 30, 2018, no shares of preferred stock were issued and outstanding. Common Stock As of January 31, 2019, and April 30, 2018, we were authorized to issue 250,000,000 shares of common stock with a par value of $0.001. No shares of common stock were issued during the three and nine-month periods ended January 31, 2019 and 2018. As of January 31, 2019, and April 30, 2018, 249,777,311 shares of common stock were issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jan. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS We have evaluated subsequent events through the date these financial statements were issued and determined that there are no reportable subsequent events. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 9 Months Ended |
Jan. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America (“US GAAP”) and have been consistently applied. The Company has elected an April 31 |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with US GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at January 31, 2019 and for the related periods presented. The results for the three and nine-months ended January 31, 2019 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto for the year ended April 30, 2018 included in the Form 10-12G/A on pages 31 to 46, filed with the Securities and Exchange Commission on September 4, 2018. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and Cash Equivalents We maintain cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. |
Income Taxes | Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
Net Loss per Share Calculation | Net Loss per Share Calculation: Basic net loss per common share ("EPS") is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during |
Recently-Issued Accounting Pronouncements | Recently-Issued Accounting Pronouncements: We have reviewed all the recently-issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | Apr. 30, 2018 | |
Going Concern [Abstract] | |||||
Net loss | $ (26,779) | $ (36) | $ (81,960) | $ (92) | |
Accumulated deficit | $ (8,603,892) | $ (8,603,892) | $ (8,521,932) |
ACCOUNTS PAYABLE (Details Narra
ACCOUNTS PAYABLE (Details Narrative) - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Payables and Accruals [Abstract] | ||
Accounts payable related to legal fees | $ 83,000 | $ 83,000 |
ACCRUALS - RELATED PARTIES (Det
ACCRUALS - RELATED PARTIES (Details Narrative) - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 52,247 | $ 7,453 |
LOANS- RELATED PARTIES (Details
LOANS- RELATED PARTIES (Details Narrative) - USD ($) | Jan. 31, 2019 | Apr. 30, 2018 |
Notes to Financial Statements | ||
Loans - Related Parties | $ 6,130 | $ 0 |
SHAREHOLDERS' DEFICIT (Details
SHAREHOLDERS' DEFICIT (Details Narrative) - $ / shares | Jan. 31, 2019 | Apr. 30, 2018 |
Stockholders' Equity Note [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares issued | 249,777,311 | 249,777,311 |
Common stock, shares outstanding | 249,777,311 | 249,777,311 |