10-Q Filing

OCTAGON 88 RESOURCES, INC. CIK: 1444837 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001594062-14-000042`
Period End Date	20131231
Filing Date	20140219
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	octx-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 37 Income Statement 79 Cash Flow Statement 93

Balance Sheet 37 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.55M	shares	Point-in-time
Cash	`Cash`	$1.41K	USD	Point-in-time
Cash	`Cash`	$108.59K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	26.55M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.42K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$108.59K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.83K	USD	Point-in-time
Long-term investments accounted for under the equity method (Note 3)	`EquityMethodInvestments`	$61.41M	USD	Point-in-time
Long-term investments accounted for under the equity method (Note 3)	`EquityMethodInvestments`	$61.09M	USD	Point-in-time
Long-term investments accounted for under the equity method (Note 3)	`EquityMethodInvestments`	-	USD	Point-in-time
Total assets	`Assets`	$61.20M	USD	Point-in-time
Total assets	`Assets`	$61.42M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.97K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$54.84K	USD	Point-in-time
Advances from shareholders	`DueToRelatedPartiesCurrent`	$19.17K	USD	Point-in-time
Advances from shareholders	`DueToRelatedPartiesCurrent`	$19.17K	USD	Point-in-time
Investor deposit	`InvestorDepositCurrent`	$50.00K	USD	Point-in-time
Investor deposit	`InvestorDepositCurrent`	$122.98K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$150.11K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$124.01K	USD	Point-in-time
Common stock, $0.0001 par value, 400,000,000 authorized, 26,545,473 shares issued and outstanding as at December 31, 2013 and June 30, 2013 respectively	`CommonStockValue`	$2.65K	USD	Point-in-time
Common stock, $0.0001 par value, 400,000,000 authorized, 26,545,473 shares issued and outstanding as at December 31, 2013 and June 30, 2013 respectively	`CommonStockValue`	$2.65K	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$61.76M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$66.71M	USD	Point-in-time
Stock payable	`StockPayable`	$651.51K	USD	Point-in-time
Stock payable	`StockPayable`	-	USD	Point-in-time
(Deficit) accumulated during the exploration stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$6.07M	USD	Point-in-time
(Deficit) accumulated during the exploration stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$714.61K	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$61.29M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$61.05M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$61.20M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$61.42M	USD	Point-in-time

Income Statement 79 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	-	USD	2 Qtrs
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	2 Qtrs
Revenues	`Revenues`	-	USD	1 Quarter
Revenues	`Revenues`	-	USD	22 Qtrs
Exploration expenses	`ExplorationExpense`	$29.07K	USD	2 Qtrs
Exploration expenses	`ExplorationExpense`	-	USD	1 Quarter
Exploration expenses	`ExplorationExpense`	-	USD	1 Quarter
Exploration expenses	`ExplorationExpense`	$29.07K	USD	22 Qtrs
Exploration expenses	`ExplorationExpense`	-	USD	2 Qtrs
Services contributed by officers	`NoncashContributionExpense`	$13.20K	USD	22 Qtrs
Services contributed by officers	`NoncashContributionExpense`	-	USD	2 Qtrs
Services contributed by officers	`NoncashContributionExpense`	-	USD	1 Quarter
Services contributed by officers	`NoncashContributionExpense`	-	USD	1 Quarter
Services contributed by officers	`NoncashContributionExpense`	-	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$75.36K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$94.15K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$234.59K	USD	22 Qtrs
Professional fees	`ProfessionalFees`	$18.64K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$7.86K	USD	1 Quarter
Investor relations fees	`InvestorRelationsFees`	$68.05K	USD	2 Qtrs
Investor relations fees	`InvestorRelationsFees`	$68.05K	USD	22 Qtrs
Investor relations fees	`InvestorRelationsFees`	-	USD	1 Quarter
Investor relations fees	`InvestorRelationsFees`	$16.59K	USD	1 Quarter
Investor relations fees	`InvestorRelationsFees`	-	USD	2 Qtrs
Loss on undeveloped , unproven properties	`AssetImpairmentCharges`	-	USD	1 Quarter
Loss on undeveloped , unproven properties	`AssetImpairmentCharges`	$15.00K	USD	22 Qtrs
Loss on undeveloped , unproven properties	`AssetImpairmentCharges`	-	USD	2 Qtrs
Loss on undeveloped , unproven properties	`AssetImpairmentCharges`	-	USD	1 Quarter
Loss on undeveloped , unproven properties	`AssetImpairmentCharges`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.99M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.99M	USD	22 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.99M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Other general and administrative expenses	`GeneralAndAdministrativeExpense`	$13.26K	USD	2 Qtrs
Other general and administrative expenses	`GeneralAndAdministrativeExpense`	$630.00	USD	1 Quarter
Other general and administrative expenses	`GeneralAndAdministrativeExpense`	$6.23K	USD	1 Quarter
Other general and administrative expenses	`GeneralAndAdministrativeExpense`	$787.00	USD	2 Qtrs
Other general and administrative expenses	`GeneralAndAdministrativeExpense`	$25.87K	USD	22 Qtrs
Losses (gain) equity investments, net	`IncomeLossFromEquityMethodInvestments`	-	USD	2 Qtrs
Losses (gain) equity investments, net	`IncomeLossFromEquityMethodInvestments`	$-533.36K	USD	Annual
Losses (gain) equity investments, net	`IncomeLossFromEquityMethodInvestments`	$-59.96K	USD	1 Quarter
Losses (gain) equity investments, net	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Losses (gain) equity investments, net	`IncomeLossFromEquityMethodInvestments`	$-163.55K	USD	2 Qtrs
Losses (gain) equity investments, net	`IncomeLossFromEquityMethodInvestments`	$-696.91K	USD	22 Qtrs
Total operating expenses	`CostsAndExpenses`	$5.35M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$8.49K	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$5.14M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$19.43K	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$6.07M	USD	22 Qtrs
(Loss) from operations	`OperatingIncomeLoss`	$-6.07M	USD	22 Qtrs
(Loss) from operations	`OperatingIncomeLoss`	$-5.14M	USD	1 Quarter
(Loss) from operations	`OperatingIncomeLoss`	$-8.49K	USD	1 Quarter
(Loss) from operations	`OperatingIncomeLoss`	$-19.43K	USD	2 Qtrs
(Loss) from operations	`OperatingIncomeLoss`	$-5.35M	USD	2 Qtrs
(Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-19.43K	USD	2 Qtrs
(Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-5.14M	USD	1 Quarter
(Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-5.35M	USD	2 Qtrs
(Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-8.49K	USD	1 Quarter
(Loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-6.07M	USD	22 Qtrs
Provision (credit) for taxes on income:	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision (credit) for taxes on income:	`IncomeTaxExpenseBenefit`	-	USD	22 Qtrs
Provision (credit) for taxes on income:	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision (credit) for taxes on income:	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision (credit) for taxes on income:	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-5.35M	USD	2 Qtrs
Net (loss)	`NetIncomeLoss`	$-19.43K	USD	2 Qtrs
Net (loss)	`NetIncomeLoss`	$-6.07M	USD	22 Qtrs
Net (loss)	`NetIncomeLoss`	$-5.14M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-8.49K	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.19	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.20	USD	2 Qtrs
Basic and diluted earnings (loss) per common share	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerShareDiluted`	-	USD	2 Qtrs
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	36.77M	shares	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.55M	shares	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	37.96M	shares	2 Qtrs
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.55M	shares	2 Qtrs

Cash Flow Statement 93 line items

Line Item	Tag	Value	Unit	Period
Net (loss)	`NetIncomeLoss`	$-5.35M	USD	2 Qtrs
Net (loss)	`NetIncomeLoss`	$-19.43K	USD	2 Qtrs
Net (loss)	`NetIncomeLoss`	$-6.07M	USD	22 Qtrs
Net (loss)	`NetIncomeLoss`	$-5.14M	USD	1 Quarter
Net (loss)	`NetIncomeLoss`	$-8.49K	USD	1 Quarter
Services contributed by officers	`NoncashContributionExpense`	$13.20K	USD	22 Qtrs
Services contributed by officers	`NoncashContributionExpense`	-	USD	2 Qtrs
Services contributed by officers	`NoncashContributionExpense`	-	USD	1 Quarter
Services contributed by officers	`NoncashContributionExpense`	-	USD	1 Quarter
Services contributed by officers	`NoncashContributionExpense`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$4.99M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.99M	USD	22 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.99M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Share of (loss) of equity accounted investees	`GainLossOnInvestments`	$696.91K	USD	22 Qtrs
Share of (loss) of equity accounted investees	`GainLossOnInvestments`	-	USD	2 Qtrs
Share of (loss) of equity accounted investees	`GainLossOnInvestments`	$163.55K	USD	2 Qtrs
Loss on undeveloped, unproven properties	`AssetImpairmentCharges`	-	USD	1 Quarter
Loss on undeveloped, unproven properties	`AssetImpairmentCharges`	$15.00K	USD	22 Qtrs
Loss on undeveloped, unproven properties	`AssetImpairmentCharges`	-	USD	2 Qtrs
Loss on undeveloped, unproven properties	`AssetImpairmentCharges`	-	USD	1 Quarter
Loss on undeveloped, unproven properties	`AssetImpairmentCharges`	-	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-4.42K	USD	22 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-4.42K	USD	2 Qtrs
Accounts payable, trade	`IncreaseDecreaseInAccountsPayable`	$19.25K	USD	2 Qtrs
Accounts payable, trade	`IncreaseDecreaseInAccountsPayable`	$6.87K	USD	2 Qtrs
Accounts payable, trade	`IncreaseDecreaseInAccountsPayable`	$20.76K	USD	22 Qtrs
Accounts payable, related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$-5.91K	USD	2 Qtrs
Accounts payable, related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$23.56K	USD	22 Qtrs
Accounts payable, related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.09K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-317.69K	USD	22 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-202.08K	USD	2 Qtrs
Long-term investments	`PaymentsToAcquireLongtermInvestments`	$483.64K	USD	2 Qtrs
Long-term investments	`PaymentsToAcquireLongtermInvestments`	$483.64K	USD	22 Qtrs
Long-term investments	`PaymentsToAcquireLongtermInvestments`	-	USD	2 Qtrs
Acquisition of undeveloped, unproved properties	`CostsIncurredAcquisitionOfUnprovedOilAndGasProperties`	-	USD	2 Qtrs
Acquisition of undeveloped, unproved properties	`CostsIncurredAcquisitionOfUnprovedOilAndGasProperties`	$-15.00K	USD	22 Qtrs
Acquisition of undeveloped, unproved properties	`CostsIncurredAcquisitionOfUnprovedOilAndGasProperties`	-	USD	2 Qtrs
Net cash flows from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-483.64K	USD	2 Qtrs
Net cash flows from investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-498.64K	USD	22 Qtrs
Net cash flows from investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Advances from stockholders	`IncreaseDecreaseInDueToRelatedParties`	$19.17K	USD	22 Qtrs
Advances from stockholders	`IncreaseDecreaseInDueToRelatedParties`	-	USD	2 Qtrs
Advances from stockholders	`IncreaseDecreaseInDueToRelatedParties`	-	USD	2 Qtrs
Advances from third party	`AdvancesThirdParty`	$6.00K	USD	22 Qtrs
Advances from third party	`AdvancesThirdParty`	$13.00K	USD	2 Qtrs
Advances from third party	`AdvancesThirdParty`	-	USD	2 Qtrs
Investor deposits	`IncreaseDecreaseInvestorDeposits`	$578.54K	USD	2 Qtrs
Investor deposits	`IncreaseDecreaseInvestorDeposits`	-	USD	2 Qtrs
Investor deposits	`IncreaseDecreaseInvestorDeposits`	$701.51K	USD	22 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$106.06K	USD	22 Qtrs
Less, Applicable offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	-	USD	2 Qtrs
Less, Applicable offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	-	USD	2 Qtrs
Less, Applicable offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-15.00K	USD	22 Qtrs
Net cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$817.74K	USD	22 Qtrs
Net cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.00K	USD	2 Qtrs
Net cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$578.54K	USD	2 Qtrs
Net cash flows	`CashPeriodIncreaseDecrease`	$6.91K	USD	2 Qtrs
Net cash flows	`CashPeriodIncreaseDecrease`	$1.41K	USD	22 Qtrs
Net cash flows	`CashPeriodIncreaseDecrease`	$-107.18K	USD	2 Qtrs
Cash and equivalent, beginning of period	`CashEquivalentsAtCarryingValue`	$355.00	USD	Point-in-time
Cash and equivalent, beginning of period	`CashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and equivalent, beginning of period	`CashEquivalentsAtCarryingValue`	$108.59K	USD	Point-in-time
Cash and equivalent, beginning of period	`CashEquivalentsAtCarryingValue`	$7.26K	USD	Point-in-time
Cash and equivalent, beginning of period	`CashEquivalentsAtCarryingValue`	$1.41K	USD	Point-in-time
Cash and equivalent, end of period	`CashEquivalentsAtCarryingValue`	$355.00	USD	Point-in-time
Cash and equivalent, end of period	`CashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and equivalent, end of period	`CashEquivalentsAtCarryingValue`	$108.59K	USD	Point-in-time
Cash and equivalent, end of period	`CashEquivalentsAtCarryingValue`	$7.26K	USD	Point-in-time
Cash and equivalent, end of period	`CashEquivalentsAtCarryingValue`	$1.41K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	-	USD	22 Qtrs
Cash paid for interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	22 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Accounts payable settled by issuance of shares (note 5)	`AccountsPayableSettledWithShares`	$35.47K	USD	2 Qtrs
Accounts payable settled by issuance of shares (note 5)	`AccountsPayableSettledWithShares`	-	USD	2 Qtrs
Accounts payable settled by issuance of shares (note 5)	`AccountsPayableSettledWithShares`	$35.47K	USD	22 Qtrs
Stock payable from investor deposit	`StockPayableFromInvestorDeposit`	$651.51K	USD	22 Qtrs
Stock payable from investor deposit	`StockPayableFromInvestorDeposit`	-	USD	2 Qtrs
Stock payable from investor deposit	`StockPayableFromInvestorDeposit`	$651.51K	USD	2 Qtrs
Shares issued to acquire interest North Star (note 3)	`SharesIssuedToAcquireNorthStar`	$61.62M	USD	22 Qtrs
Shares issued to acquire interest North Star (note 3)	`SharesIssuedToAcquireNorthStar`	-	USD	2 Qtrs
Shares issued to acquire interest North Star (note 3)	`SharesIssuedToAcquireNorthStar`	$44.10M	USD	2 Qtrs
Total Non Cash Transactions	`TotalNonCashTransactions`	$62.31M	USD	22 Qtrs
Total Non Cash Transactions	`TotalNonCashTransactions`	$44.14M	USD	2 Qtrs
Total Non Cash Transactions	`TotalNonCashTransactions`	$651.51K	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.