2.4.0.80007 - Disclosure - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIEStruefalsefalse1false falsefalseFrom2013-01-01to2013-06-30http://www.sec.gov/CIK0001319643duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_AccountingPoliciesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Accounting Policies [Abstract]2false 2us-gaap_SignificantAccountingPoliciesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (GAAP).  Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment.  All dollar amounts are in U.S. dollars unless otherwise noted.   The financial statements have, in managements opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below:   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%">a)</td> <td style="width: 88%; line-height: 115%">Basis of Accounting</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">The Companys financial statements have been prepared using the accrual method of accounting. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%">b) </td> <td style="width: 88%; line-height: 115%">Asset Retirement Obligations</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">The Company has no asset retirement obligations, including environmental expenditures, which relate to an existing condition caused by past operations.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%">c) </td> <td style="width: 88%; line-height: 115%">Cash and Cash Equivalents</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">Cash consists of cash on deposit with high quality major financial institutions.  For purposes of the balance sheet and statements of cash flows, the Company considers all highly liquid debt instruments purchased with maturity of 90 days or less to be cash equivalents.  At June 30, 2013 and December 31, 2012, the Company had no cash equivalents.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%">d)</td> <td style="width: 88%; line-height: 115%">Foreign Currency Accounting</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">The Companys functional currency is the U.S. dollar.  Head office financing and investing activities are generally in Canadian dollars. Transactions in Canadian currency are translated into U.S. dollars as follows:</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">i)</td> <td style="width: 93%; line-height: 115%">monetary items at the exchange rate prevailing at the balance sheet date;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">ii)</td> <td style="line-height: 115%">non-monetary items at the historical exchange rate; and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">iii)</td> <td style="width: 93%; line-height: 115%">revenue and expense items at the rate in effect of the date of transactions.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">Gains and losses arising on the settlement of foreign currency denominated transactions or balances are recorded in the statements of operations.</td></tr> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 88%; line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">e)</td> <td style="line-height: 115%">Fair Value of Financial Instruments</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">ASC Topic 820-10 establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value.  The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="line-height: 115%">These tiers include:</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">§</td> <td style="width: 93%; line-height: 115%">Level 1 defined as observable inputs such as quoted prices in active markets;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%">§</td> <td style="line-height: 115%">Level 2 defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">§</td> <td style="width: 93%; line-height: 115%">Level 3 defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white"> <tr> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 94%; line-height: 115%">Liabilities measured at fair value on a recurring basis were presented on the Companys balance sheet as at June 30, 2013 as follows:</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td colspan="8" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Fair Value Measurements Using</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid"> Quoted prices in active markets for identical instruments (Level 1)</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Significant other observable inputs (Level 2)</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Significant unobservable inputs (Level 3)</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1pt solid"> Balance, June 30, 2013</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid"> Balance, December 31, 2012</td></tr> <tr style="vertical-align: bottom"> <td style="width: 12%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 22%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 3%; line-height: 115%"> </td> <td style="width: 13%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%">Loans payable</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">-</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">117,643</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">-</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; line-height: 115%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">117,643</td> <td style="border-bottom: black 1pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">$</td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%">92,860</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white"> <tr> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 94%; line-height: 115%">The carrying amount of loans payable was a reasonable approximation of the fair value.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%">f)</td> <td style="width: 88%; line-height: 115%">Use of Estimates and Assumptions</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures.  By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant.  Significant areas requiring managements estimates and assumptions are determining the fair value of transactions involving related parties and common stock.  Actual results may differ from the estimates.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%">g)</td> <td style="width: 88%; line-height: 115%">Basic and Diluted Loss Per Share</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">The Company reports basic loss per share in accordance with ASC Topic 260, Earnings Per Share.  Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common stock outstanding during the period.  Diluted loss per share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As the Company generated net losses in the period presented, the basic and diluted loss per share are the same.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%">h) </td> <td style="width: 88%; line-height: 115%">Income Taxes</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes.  This standard requires the use of an asset and liability approach for financial accounting and reporting on income taxes.  If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized.</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 6%; line-height: 115%"> </td> <td style="width: 6%; line-height: 115%">i) </td> <td style="width: 88%; line-height: 115%">Recent Accounting Pronouncements</td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: top"> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: justify; line-height: 115%">The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</td></tr> </table>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 false0NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESfalse2. 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