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ORGANIZATION AND DESCRIPTION OF BUSINESS
12 Months Ended
Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1.        ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Urban Hydroponics, Inc. (the “Company”) was incorporated in the State of Nevada on May 13, 2005 as Placer Del Mar, Ltd. The Company’s year-end is June 30. The Company is “A Development Stage Company” as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 918, Development Stage Entities. The Company obtained a mineral rights option agreement on June 3, 2005. The Company’s inception date was May, 13th 2005. The Company began operations in September of 2006 and had ongoing operations and spent $366,786 to confirm viable minerals within the claim. These funds were expensed due to PCAOB and GAAP rules.

 

On December 8, 2010 the Company entered into a Mineral Extraction Agreement with Roca Cantera Y Marmol, Canteras Acabados Finos related to the extraction of only Mexican Shellstone-Limestone (“Conchuela”) on the property. As of June 30, 2013 the Company had reported revenue of $197,927 from the Conchuela extraction.

 

In June, 2013, our Board of Directors determined that the Company should cease its mining exploration activities and to refocus our business objectives to seeking, investigating and, if such investigation warrants, engaging in a business combination with a private entity whose business presents an opportunity for our shareholders.  Accordingly, as of June 30, 2013, both the Mineral Rights Revenue Sharing Agreement with Mr. Almarez and the Mineral Extraction Agreement with Roca Cantera Y Marmol, Canteras Acabados Finos were terminated by the parties, with each party waiving, and releasing the other party from, any liabilities or obligations, past or future, under those agreements.

 

We are no longer engaged in the business of mining and mineral exploration.  We currently hold no mineral exploration or mining rights and do not currently intend to acquire any. We intend to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our shareholders.  Our objectives discussed below are extremely general and are not intended to restrict discretion of our Board of Directors to search for and enter into potential business opportunities or to reject any such opportunities.