Sale of Subsidiary

3 Months Ended

Sep. 30, 2012

Equity [Abstract]

Sale of Subsidiary

On August 31, 2011, the Company entered into an Agreement of Conveyance, Transfer and Assignment of Membership Interests and Assumption of Obligations (the “Agreement”), with the former President of the Company. Pursuant to the Agreement, the Company’s interest in KRC was transferred to the former President and the former president assumed all interests and liabilities of KRC amounting to $82,745 in exchange for the Company’s interest in KRC.

The following table summarizes the identifiable assets and liabilities of KRC that were disposed of, the consideration received, and the loss of KRC for the period from July 1, 2011 to August 31, 2011.

	August 31, 2011
Identifiable Assets and Liabilities
Amount owed to Kinetic Resources Corp	$	(13,220	)
Net liabilities of KRC		(13,220	)
Consideration Received
Settlement of accounts payable, promissory notes, and accrued interest		61,027
Assumption of Accounts payable		21,718
Elimination of accumulated losses of KRC		13,220
		95,695
Sale of subsidiary- related party	$	82,745
Loss for the period from July 1, 2011 to August 31, 2011
Mineral property option costs	$	4,000

Subsequently, on November 11, 2011, the former President of the Company and several shareholders entered into a stock cancellation agreement with the Company whereby 824,000 and 465,000, common shares, respectively, were returned to treasury and cancelled.