false Q2 --09-30 2024 0001761534 P5Y P5Y P10Y P10Y P10Y P10Y P10Y 0001761534 2023-10-01 2024-03-31 0001761534 2024-07-16 0001761534 2024-03-31 0001761534 2023-09-30 0001761534 us-gaap:NonrelatedPartyMember 2024-03-31 0001761534 us-gaap:NonrelatedPartyMember 2023-09-30 0001761534 us-gaap:RelatedPartyMember 2024-03-31 0001761534 us-gaap:RelatedPartyMember 2023-09-30 0001761534 us-gaap:SeriesAPreferredStockMember 2024-03-31 0001761534 us-gaap:SeriesAPreferredStockMember 2023-09-30 0001761534 2024-01-01 2024-03-31 0001761534 2023-01-01 2023-03-31 0001761534 2022-10-01 2023-03-31 0001761534 us-gaap:PreferredStockMember 2023-09-30 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2023-09-30 0001761534 us-gaap:CommonStockMember 2023-09-30 0001761534 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001761534 us-gaap:RetainedEarningsMember 2023-09-30 0001761534 us-gaap:PreferredStockMember 2023-12-31 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2023-12-31 0001761534 us-gaap:CommonStockMember 2023-12-31 0001761534 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001761534 us-gaap:RetainedEarningsMember 2023-12-31 0001761534 2023-12-31 0001761534 us-gaap:PreferredStockMember 2022-09-30 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2022-09-30 0001761534 us-gaap:CommonStockMember 2022-09-30 0001761534 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001761534 us-gaap:RetainedEarningsMember 2022-09-30 0001761534 2022-09-30 0001761534 us-gaap:PreferredStockMember 2022-12-31 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2022-12-31 0001761534 us-gaap:CommonStockMember 2022-12-31 0001761534 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001761534 us-gaap:RetainedEarningsMember 2022-12-31 0001761534 2022-12-31 0001761534 us-gaap:PreferredStockMember 2023-10-01 2023-12-31 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2023-10-01 2023-12-31 0001761534 us-gaap:CommonStockMember 2023-10-01 2023-12-31 0001761534 us-gaap:AdditionalPaidInCapitalMember 2023-10-01 2023-12-31 0001761534 us-gaap:RetainedEarningsMember 2023-10-01 2023-12-31 0001761534 2023-10-01 2023-12-31 0001761534 us-gaap:PreferredStockMember 2024-01-01 2024-03-31 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2024-01-01 2024-03-31 0001761534 us-gaap:CommonStockMember 2024-01-01 2024-03-31 0001761534 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0001761534 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0001761534 us-gaap:PreferredStockMember 2022-10-01 2022-12-31 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2022-10-01 2022-12-31 0001761534 us-gaap:CommonStockMember 2022-10-01 2022-12-31 0001761534 us-gaap:AdditionalPaidInCapitalMember 2022-10-01 2022-12-31 0001761534 us-gaap:RetainedEarningsMember 2022-10-01 2022-12-31 0001761534 2022-10-01 2022-12-31 0001761534 us-gaap:PreferredStockMember 2023-01-01 2023-03-31 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2023-01-01 2023-03-31 0001761534 us-gaap:CommonStockMember 2023-01-01 2023-03-31 0001761534 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-03-31 0001761534 us-gaap:RetainedEarningsMember 2023-01-01 2023-03-31 0001761534 us-gaap:PreferredStockMember 2024-03-31 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2024-03-31 0001761534 us-gaap:CommonStockMember 2024-03-31 0001761534 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0001761534 us-gaap:RetainedEarningsMember 2024-03-31 0001761534 us-gaap:PreferredStockMember 2023-03-31 0001761534 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2023-03-31 0001761534 us-gaap:CommonStockMember 2023-03-31 0001761534 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0001761534 us-gaap:RetainedEarningsMember 2023-03-31 0001761534 2023-03-31 0001761534 us-gaap:MajorityShareholderMember 2024-03-31 0001761534 srt:OfficerMember 2024-03-31 0001761534 srt:OfficerMember 2023-09-30 0001761534 us-gaap:MajorityShareholderMember 2023-03-31 0001761534 srt:OfficerMember 2023-03-31 0001761534 2018-10-31 2018-11-01 0001761534 2017-03-29 0001761534 us-gaap:SeriesAPreferredStockMember 2017-03-29 0001761534 us-gaap:SeriesAPreferredStockMember GRDV:JacobRothMember 2017-03-29 0001761534 us-gaap:SeriesAPreferredStockMember GRDV:JacobRothMember 2017-03-28 2017-03-29 0001761534 GRDV:ConverseCountyMember 2023-02-06 0001761534 GRDV:LaramieCountyMember 2023-02-06 0001761534 GRDV:PurchaseOilAndGasLeasesMember 2022-10-01 2023-09-30 0001761534 GRDV:PurchaseOilAndGasLeasesMember GRDV:NextFiveYearsMember 2022-10-01 2023-09-30 0001761534 GRDV:MineralLeaseMember 2022-03-17 0001761534 GRDV:MineralLeaseMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseMember GRDV:ForFiveYearsMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseMember GRDV:NextFiveYearsMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseMember 2023-10-01 2024-03-31 0001761534 GRDV:MineralLeaseMember 2022-10-01 2023-03-31 0001761534 GRDV:MineralLeaseOneMember 2021-11-09 0001761534 GRDV:MineralLeaseOneMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseOneMember GRDV:ForFiveYearsMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseOneMember GRDV:NextFiveYearsMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseOneMember 2023-10-01 2024-03-31 0001761534 GRDV:MineralLeaseOneMember 2022-10-01 2023-03-31 0001761534 GRDV:MineralLeaseTwoMember 2021-11-08 0001761534 GRDV:MineralLeaseTwoMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseTwoMember GRDV:ForFiveYearsMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseTwoMember GRDV:NextFiveYearsMember 2021-10-01 2022-09-30 0001761534 GRDV:MineralLeaseTwoMember 2023-10-01 2024-03-31 0001761534 GRDV:MineralLeaseTwoMember 2022-10-01 2023-03-31 0001761534 GRDV:MineralLeaseTwoMember 2024-03-31 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseThreeMember srt:PresidentMember 2018-12-06 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseThreeMember srt:PresidentMember 2023-10-01 2024-03-31 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseThreeMember srt:PresidentMember 2022-10-01 2023-03-31 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseThreeMember srt:PresidentMember 2024-03-31 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseThreeMember srt:PresidentMember 2023-09-30 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseFourMember srt:PresidentMember 2018-09-27 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseFourMember srt:PresidentMember 2023-10-01 2024-03-31 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseFourMember srt:PresidentMember 2022-10-01 2023-03-31 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseFourMember srt:PresidentMember 2024-03-31 0001761534 us-gaap:MajorityShareholderMember GRDV:AssignmentAgreementMember GRDV:MineralLeaseFourMember srt:PresidentMember 2023-09-30 0001761534 srt:PresidentMember us-gaap:MajorityShareholderMember us-gaap:SubsequentEventMember 2024-04-01 0001761534 us-gaap:SubsequentEventMember srt:PresidentMember us-gaap:MajorityShareholderMember 2024-04-01 2024-07-16 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure utr:sqft GRDV:Integer utr:acre

 

 

 

U. S. Securities and Exchange Commission

Washington, D. C. 20549

 

FORM 10-Q

 

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the quarterly period ended March 31, 2024
   
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
  For the transition period from _____ to _____

 

Commission File No. 0-56017

 

GOLDEN ROYAL DEVELOPMENT INC.

(Exact Name of Registrant in its Charter)

 

Delaware   81-4563277

(State or Other Jurisdiction
of incorporation or organization)

  

(I.R.S. Employer

I.D. No.)

 

543 Bedford Avenue, Suite 176, New York, NY 11211
(Address of Principal Executive Offices)

 

Issuer’s Telephone Number: 800-320-4394

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol   Name of Each Exchange on Which Registered
None   None   Not Applicable

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One)

 

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☒

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date:

 

July 16, 2024

Common Voting Stock: 7,841,550

 

 

 

 
 

 

GOLDEN ROYAL DEVELOPMENT INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE FISCAL QUARTER ENDED MARCH 31, 2024

 

TABLE OF CONTENTS

 

      Page No
Part I Financial Information    
Item 1. Financial Statements (Unaudited):    
  Condensed Balance Sheets – March 31, 2024 (Unaudited) and September 30, 2023   3
  Condensed Statements of Operations (Unaudited) - for the Three and Six Months Ended March 31, 2024 and 2023   4
  Condensed Statements of Stockholders’ Deficit (Unaudited) - for the Three and Six Months Ended March 31, 2024   5
  Condensed Statements of Stockholders’ Deficit (Unaudited) - for the Three and Six Months Ended March 31, 2023   6
  Condensed Statements of Cash Flows (Unaudited) – for the Six Months Ended March 31, 2024 and 2023   7
  Notes to Condensed Financial Statements (Unaudited)   8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   14
Item 3 Quantitative and Qualitative Disclosures about Market Risk   15
Item 4. Controls and Procedures   15
       
Part II Other Information    
Item 1. Legal Proceedings   16
Items 1A. Risk Factors   16
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   16
Item 3. Defaults upon Senior Securities   16
Item 4. Mine Safety Disclosures   16
Item 5. Other Information   16
Item 6. Exhibits   16

 

2
 

 

Golden Royal Development Inc.

Condensed Balance Sheets

 

   March 31, 2024   September 30, 2023 
   (Unaudited)     
ASSETS        
         
Current Assets          
Cash  $2,013   $190 
           
Total Assets  $2,013   $190 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
Current Liabilities          
Accounts payable  $125,368   $113,528 
Accounts payable - related party   5,000    5,000 
Due to officer - related party   151,764    139,636 
           
Total Liabilities   282,132    258,164 
           
Commitments and Contingencies (Note 6)   -    - 
           
Stockholders’ Deficit          
Preferred stock, $0.00001 par value; 5,000,000 shares authorized   -    - 
Series A Preferred stock, $0.00001 par value; 1,000 shares designated, 1,000 and 1,000, issued and outstanding, respectively   1    1 
Common stock, $0.00001 par value; 500,000,000 shares authorized, 7,841,550 and 7,841,550 issued and outstanding, respectively   78    78 
Additional paid-in capital   30,222    30,222 
Accumulated deficit   (310,420)   (288,275)
           
Total Stockholders’ Deficit   (280,119)   (257,974)
           
Total Liabilities and Stockholders’ Deficit  $2,013   $190 

 

The accompanying notes are an integral part of these condensed financial statements.

 

3
 

 

Golden Royal Development Inc.

Condensed Statements of Operations

(Unaudited)

 

  

For the Three

Months Ended

  

For the Three

Months Ended

  

For the Six

Months Ended

  

For the Six

Months Ended

 
   March 31, 2024   March 31, 2023   March 31, 2024   March 31, 2023 
                 
Revenue  $-   $-   $-   $- 
                     
Operating Expenses                    
Professional fees   13,112    19,538    14,525    26,125 
General and administrative   5,694    6,382    7,620    8,467 
Total Operating Expenses   18,806    25,920    22,145    34,592 
                     
Loss from Operations   (18,806)   (25,920)   (22,145)   (34,592)
                     
Other Expenses                    
Interest Expense   -    -    -    - 
                     
LOSS FROM OPERATIONS BEFORE INCOME TAXES   (18,806)   (25,920)   (22,145)   (34,592)
                     
Provision for Income Taxes   -    -    -    - 
                     
NET LOSS  $(18,806)  $(25,920)  $(22,145)  $(34,592)
                     
Net Loss Per Share - Basic and Diluted  $(0.00)  $(0.00)  $(0.00)  $(0.00)
                     
Weighted average number of shares outstanding during the period - Basic and Diluted   7,841,550    7,841,550    7,841,550    7,841,550 

 

The accompanying notes are an integral part of these condensed financial statements.

 

4
 

 

Golden Royal Development Inc.

Condensed Statement of Stockholders’ Deficit

For the three and six months ended March 31, 2024

(Unaudited)

 

                       Additional       Total 
   Preferred Stock   Series A - Preferred Stock   Common stock  paid-in   Accumulated   Stockholders’ 
   Shares   Amount   Shares  Amount   Shares   Amount   capital   Deficit   Deficit 
                                    
Balance, September 30, 2023   -   $-    1,000  $1    7,841,550   $78   $30,222   $(288,275)  $(257,974)
                                             
Net loss for the three months ended December 31, 2023   -    -    -   -    -    -    -    (3,339)   (3,339)
                                             
Balance, December 31, 2023    -   -    1,000  1    7,841,550   78   30,222   (291,614)  (261,313)
                                             
Net loss for the three months ended March 31, 2024   -    -    -   -    -    -    -    (18,806)   (18,806)
                                             
Balance, March 31, 2024    -   $-    1,000  $1    7,841,550   $78   $30,222   $(310,420)  $(280,119)

 

The accompanying notes are an integral part of these condensed financial statements.

 

5
 

 

Golden Royal Development Inc.

Condensed Statement of Stockholders’ Deficit

For the three and six months ended March 31, 2023

(Unaudited)

 

                          Additional       Total 
   Preferred Stock   Series A - Preferred Stock   Common stock   paid-in   Accumulated   Stockholders’ 
   Shares   Amount   Shares   Amount   Shares   Amount   capital   Deficit   Deficit 
                                     
Balance, September 30, 2022   -   $-    1,000   $                           1    7,841,550   $78   $30,222   $(227,967)  $       (197,666)
                                              
Net loss for the three months ended December 31, 2022   -    -    -    -    -    -    -    (8,672)   (8,672)
                                              
Balance, December 31, 2022    -   -    1,000   1    7,841,550   78   30,222   (236,639)  (206,338)
                                              
Net loss for the three months ended March 31, 2023   -    -    -    -    -    -    -    (25,920)   (25,920)
                                              
Balance, March 31, 2023    -   $-    1,000   $1    7,841,550   $78   $30,222   $(262,559)  $(232,258)

 

6
 

 

Golden Royal Development Inc.

Condensed Statements of Cash Flows

(Unaudited)

 

  

For the

Six Months Ended

  

For the

Six Months Ended

 
   March 31, 2024   March 31, 2023 
Cash Flows From Operating Activities:          
           
Net Loss  $(22,145)  $(34,592)
Adjustments to reconcile net loss to net cash used in operations          
In-kind contribution of services and interest   -    - 
Changes in operating assets and liabilities:          
Increase in accounts payable - related party   -    300 
Increase in accounts payable and accrued expenses   11,840    12,882 
Net Cash Used In Operating Activities   (10,305)   (21,410)
           
Cash Flows From Financing Activities:          
Proceeds from officer advances   24,424    24,924 
Repayments of officer advances   (12,296)   (2,681)
Cash overdraft   -    - 
Net Cash Provided by Financing Activities   12,128    21,995 
           
Net (Decrease) Increase in Cash   1,823    585 
           
Cash at Beginning of the Period   190    - 
           
Cash at End of the Period  $2,013   $585 
           
Supplemental disclosure of cash flow information:          
           
Cash paid for interest  $-   $- 
Cash paid for taxes  $-   $- 

 

The accompanying notes are an integral part of these condensed financial statements.

 

7
 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

(A) Presentation and Organization

 

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of the financial position and results of operations.

 

These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, filed with the SEC on March 4, 2024.

 

It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement’s presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

 

Golden Royal Development Inc. (the “Company”) was incorporated under the laws of the State of Delaware on November 13, 2016.

 

The Company’s accounting year end is September 30.

 

The Company is a business that is designed to engage in mineral exploration activities. The Company’s activities since inception have consisted of identifying and acquiring oil, gas, and mining properties. The Company is also in the process of raising additional equity capital to support its development activities to acquire additional mining properties as soon as possible. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s current plan to identify and acquire the mining properties. To date, the Company has not generated any revenues from its oil, gas, and mining properties.

 

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates.

 

(C) Cash and Cash Equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At March 31, 2024 and September 30, 2023, the Company had no cash equivalents.

 

(D) Loss Per Share

 

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB ASC No. 260, “Earnings Per Share.” Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents, and potentially dilutive securities outstanding during the period. At March 31, 2024 and 2023, the Company did not have any outstanding dilutive securities.

 

8
 

 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

(E) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

(F) Revenue Recognition

 

The Company’s revenue recognition policy follows guidance from Accounting Standards Codification (ASC) 606, Revenue from Contract with Customers. Revenue is recognized when the Company transfers promised goods and services to the customer and in the amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services.

 

The Company applies the following five-step model in order to determine this amount:

 

  (i) Identification of contact with a customer;
  (ii) Identify the performance obligation of the contract
  (iii) Determine the transaction price;
  (iv) Allocation of the transaction price to the performance obligations; and
  (v) Recognition of revenue when (or as) the Company satisfies each performance obligation.

 

The Company has been in the exploration stage since its formation on November 13, 2016, and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of oil, gas, and mining properties.

 

(G) Mineral Properties

 

Acquisition costs of mining properties are capitalized pursuant to ASC 932 Extractive Activities - Oil and Gas and ASC 930 Extractive Activities – Mining. Mineral exploration expenditures are expensed as incurred. When production is attained, capitalized acquisition costs will be depleted using either the unit of production method based upon estimated proven recoverable reserves or the estimated production life of the properties. When capitalized costs on individual properties exceed their estimated net realizable value, the properties are written down to the estimated value. Costs relating to properties abandoned are charged to operations in the period in which that determination is made.

 

(H) Impairment of Long-Lived Assets

 

Management reviews the net carrying value of all property and equipment and other long-lived assets, including mineral properties, on a periodic basis in accordance with ASC 360 Property, Plant, and Equipment. The Company estimates the net realizable value of an asset based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests. These estimates of undiscounted future cash flows are dependent upon the estimates of minerals to be recovered from proven and probable ore reserves, future production cost estimates, and future mineral price estimates over the estimated remaining life of the mineral property. If undiscounted cash flows are less than the carrying value of a property, an impairment loss will be recognized based upon the estimated expected future cash flows from the property discounted at an interest rate commensurate with the risk involved. For the six months ended March 31, 2024, and 2023, the Company recorded impairment expense of $1,960 and $1,100, respectively, related to the mineral rights acquisition and exploration costs (see Note 4).

 

9
 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

(I) Fair Value of Financial Instruments

 

The Company measures its financial assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures. For certain of our financial instruments, including cash, accounts payable, and the short-term portion of long-term debt, the carrying amounts approximate fair value due to their short maturities.

 

ASC 820 defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

  ● Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
     
  ● Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
     
  ● Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

(J) Recent Accounting Pronouncements

 

All newly issued accounting pronouncements, but not yet effective, have been deemed either immaterial or not applicable.

 

NOTE 2 RELATED PARTY TRANSACTIONS

 

(A) Due to Officer – Related Party

 

During the six months ended March 31, 2024, the Company’s President, who is also its majority shareholder, advanced $24,424 to the Company to pay Company expenses and was repaid $12,296. The advances are non-interest bearing, unsecured, and due on demand. As of March 31, 2024 and September 30, 2023, the amount due to the officer was $151,764 and $139,636, respectively.

 

During the six months ended March 31, 2023, the Company’s President, who is also its majority shareholder, advanced $24,924 to the Company to pay Company expenses and was repaid $2,681. The advances are non-interest bearing, unsecured, and due on demand. As of March 31, 2023, the amount due to the officer was $126,977.

 

10
 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

(B) Accounts Payable – Related Party

 

On November 1, 2018, the Company entered into a month-to-month office lease with the Company’s President for its office space at a monthly rate of $100. The lease was terminated in December 2022. For the six months ended March 31, 2024 2203 and 2023, the Company had recorded rent expense of $0 and $300, respectively. As of March 31, 2024, and September 30, 2023, the accounts payable owed to the related party was $5,000.

 

NOTE 3 STOCKHOLDERS’ DEFICIT

 

(A) Preferred Stock

 

The Company was incorporated on November 13, 2016. On March 29, 2017, the Company became authorized to issue 5,000,000 shares of preferred stock with a par value of $0.00001 per share. Preferred stock may be issued in one or more series. Rights and preferences are to be determined by the Board of Directors.

 

The Board of Directors has designated 1,000 shares of the preferred stock as Series A Preferred Stock. On March 29, 2017, Jacob Roth purchased the 1,000 shares of Series A Preferred Stock for their par value. At any shareholders meeting or in connection with the giving of shareholder consents, the holder of each share of Series A Preferred Stock is entitled to exercise voting power equal to 0.051% of the aggregate voting power. The holder of Series A Preferred Stock will receive dividends when and if they are declared by the Board of Directors. The Series A Preferred Stock has a liquidation preference of $0.00001 per share. As of March 31, 2024, and September 30, 2023, there were 1,000 shares of Series A Preferred Stock issued and outstanding.

 

(B) Common Stock Issued for Cash

 

The Company is authorized to issue 500,000,000 shares of common stock with a par value of $0.00001 per share.

 

As of March 31, 2024, and September 30, 2023, there were 7,841,550 shares of Common Stock issued and outstanding.

 

NOTE 4 MINERAL PROPERTIES

 

On February 6, 2023 the Board of Land Commissions of the Wyoming Office of State Lands and Investments accepted the Company’s application to purchase oil and gas leases No. 22-00255 (five-year oil and gas leasehold on 80 acres in Converse County) and 22-00256 (five-year oil and gas leasehold on 80 acres in Laramie County). During the year ended September 30, 2023, the Company paid a $50 application fee for each lease and committed to pay the State of Wyoming $80 per year, per lease, for five years. Under ASC 930 Extractive Activities - Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there was insufficient evidence to support a likelihood that the asset will generate future cash flows. During six months ended March 31, 2024 and 2023, the Company recorded $160 and $300, respectively, as impairment expense pertaining to the property, which has been recorded in general and administrative expenses on the Statement of Operations. As of March 31, 2024 the Company has accrued $160 for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease.

 

On March 17, 2022, the Company entered into a ten-year mineral lease to prospect and extract gold, silver, and precious metals with an effective date of April 1, 2022. The property is located in Crook County, Wyoming. During the year ended September 30, 2022, the Company paid a $50 application fee and committed to pay the State of Wyoming $460 per year for five years and $919 per year for the next five years. Under ASC 930 Extractive Activities - Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there was insufficient evidence to support a likelihood that the asset will generate future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $0 and $0, respectively, as impairment expense pertaining to the property.

 

11
 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

On November 9, 2021, the Company entered into a ten-year mineral lease to prospect and extract gold, silver, and precious metals with an effective date of February 2, 2022. The property is located in Crook County, Wyoming. During the year ended September 30, 2022, the Company paid a $50 application fee and committed to pay the State of Wyoming $160 per year for five years and $320 per year during the next five years. Under ASC 930 Extractive Activities - Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there was insufficient evidence to support a likelihood that the asset will generate future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $160 and $160, respectively, as impairment expense pertaining to the property, which has been recorded in general and administrative expenses on the Statement of Operations. As of March 31, 2024 the Company has accrued $160 for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease.

 

On November 8, 2021, the Company entered into a ten-year mineral lease to prospect and extract gold, silver, and precious metals with an effective date of February 2, 2022. The property is located in Crook County, Wyoming. During the year ended September 30, 2022, the Company paid a $50 application fee and committed to pay the State of Wyoming $640 per year for five years and $1,280 per year for the next five years. Under ASC 930 Extractive Activities - Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there was insufficient evidence to support a likelihood that the asset will generate future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $640 and $640, respectively, as impairment expense pertaining to the property, which has been recorded in general and administrative expenses on the Statement of Operations. As of March 31, 2024 the Company has accrued $640 for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease.

 

On December 6, 2018, the Company entered into an Assignment Agreement with the Company’s President and majority shareholder, pursuant to which the Company’s President assigned to the Company all of the beneficial interest in a ten-year lease to prospect and extract gold, silver and precious minerals which was granted to the Company’s President on November 18, 2018. The Company assumed responsibility for all fees, rents, and taxes that accrue with respect to that property, including the commitment to pay the State of Wyoming $640 per year. The property is located in Crook County, Wyoming. Under ASC 930 Extractive Activities – Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there is insufficient evidence to support a likelihood that the asset will generate future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $640 and $640, respectively, as impairment expense pertaining to the property, which has been recorded in general and administrative expenses on the Statement of Operations. As of March 31, 2024 and September 30, 2023 the Company has accrued $3,200 and $2,560, respectively, for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease if contacted by the lessor and the default is not cured within 30 days of a notice of non-payment.

 

On September 27, 2018, the Company entered into an Assignment Agreement with the Company’s President and majority shareholder, pursuant to which the Company’s President assigned to the Company all of the beneficial interest in a ten-year mineral lease to mine for oil and gas which was granted to the Company’s President on February 1, 2017. The Company assumed responsibility for all fees, rents and taxes that accrue with respect to that property, including the commitment to pay the State of Wyoming $360 per year. The property is located in Fremont County, Wyoming. Under ASC 932 Extractive Activities - Oil and Gas, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there is insufficient evidence to support a likelihood that the asset will generate any future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $0 and $0, respectively, as impairment expense pertaining to the property. As of March 31, 2024 and September 30, 2023 the Company has accrued $2,160 and $1,800, respectively, for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease if contacted by the lessor and the default is not cured within 30 days of a notice of non-payment.

 

12
 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

NOTE 5 LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS

 

These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

 

As reflected in the accompanying financial statements, for the six months ended March 31, 2024, the Company had:

 

  ● Net loss of $22,145; and
     
  ● Net cash used in operations was $10,305

 

Additionally, as of March 31, 2024, the Company had:

 

  ● Accumulated deficit of $310,420
     
  ● Stockholders’ deficit of $280,119; and
     
  ● Working capital deficit of $280,119

 

The Company had $2,013 of cash on hand at March 31, 2024. Although the Company intends to raise additional debt (third party and related party lenders) or equity capital, the Company expects to incur losses from operations and have negative cash flows from operating activities for the near-term. These losses could be significant as the Company executes its business plan.

 

These factors create substantial doubt about the Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

 

NOTE 6 SUBSEQUENT EVENTS

 

Subsequent to March 31, 2024, the Company’s President and majority shareholder advanced $3,025 to the Company to pay Company expenses and was repaid $5,020.

 

13
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Results of Operations

 

Golden Royal was organized in November 2016 but did not commence operations until September 2018, when it acquired equity in certain oil and gas properties in Fremont County and Converse County, Wyoming. Then, in December 2018, Golden Royal acquired ownership of precious metal rights in a parcel of land in Crooks County, Wyoming. All of these properties were acquired from Jacob Roth, who owns over 95% of Golden Royal’s outstanding shares. More recently, Golden Royal directly invested in the mineral rights to five other parcels of land in Wyoming: three in Crooks County, one in Laramie County, and one in Converse County.

 

There are no mining operations taking place on any of the properties licensed by Golden Royal; accordingly, we recorded no revenue for the six months ended March 31, 2024 and 2023. We do not expect to record revenue unless (a) we resell one of our mineral properties, or (b) we acquire sufficient cash recourses to permit us to participate in a drilling or mining project that yields revenue.

 

The operating expenses that we incurred - $18,806 and $22,145 during the three and six months ended March 31, 2024, respectively and $25,920 and $34,592 during the three and six months ended March 31, 2023, respectively - were primarily attributable to the costs of sustaining Golden Royal’s initial administrative operations. It is usually the case that the amounts of operating expenses are relatively consistent quarter-to-quarter, as our expenses are attributable to recurrent quarterly production of SEC filings, which involve bookkeeping, accounting, legal, and other service expenses. However, operating expenses for the six months ended March 31, 2024 were significantly lower than in the six months ended March 31, 2023 because of the timing of our audits and SEC filings.

 

By reason of the expenses described above, Golden Royal incurred net losses of $18,806 and $22,145 during the three and six months ended March 31, 2024, respectively, and $25,920 and $34,592 during the three and six months ended March 31, 2023, respectively. We will continue to incur net losses until we initiate revenue-producing operations.

 

Liquidity and Capital Resources

 

Our operations used $10,305 in cash during the six months ended March 31, 2024, and $21,410 in cash during the six months ended March 31, 2023. Our use of cash during these periods was less than our net loss primarily because we increased our liabilities. The cash used in operations was provided by advances from Jacob Roth, our Chief Executive Officer.

 

At March 31, 2024, we had a working capital deficit of $280,119, an increase of $22,145 as compared to the deficit of $257,974 at September 30, 2023. The increased deficit is primarily attributable to increases in our accounts payable and due to officer balances.

 

In order for us to initiate participation in mineral exploration projects, we estimate that we will require approximately $2.5 million in capital. We plan to obtain that capital by issuing equity securities, either capital stock or convertible debt. To date, however, we have received no commitments for funds. Accordingly, the opinion of our independent registered public accounting firm with respect to our fiscal 2023 and 2022 financial statements states that there is substantial doubt about the Company’s ability to continue as a going concern. That doubt will be alleviated only when we obtain the funds necessary to initiate profitable operations.

 

14
 

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition or results of operations.

 

Recent Accounting Pronouncements

 

There were no recent accounting pronouncements that have or will have a material effect on the Company’s financial position or results of operations.

 

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4 CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures. As of March 31, 2024, Jacob Roth, our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures have the following material weaknesses:

 

  ● We have inadequate control activities to prevent or detect material misstatements. Specifically, there are no controls in place to prevent users from manipulating financial data or entering inaccurate data into the Company’s accounting software. Additionally, there is only one employee responsible for accounting functions, which prevents us from segregating duties within our internal control system. Lastly, our Chief Financial Officer lacks the knowledge and expertise to ensure the financial statements are properly recorded under U.S. Generally Accepted Accounting Principles.
     
  ● We have an inadequate control environment. Specifically, we have not developed sufficient policies or documentation concerning our existing financial processes, risk assessment processes, and information and communication processes. Additionally, we have no monitoring activities in place and we lack policies that require formal written approval for related party transactions.

 

Based on his evaluation, Mr. Roth concluded that the Company’s system of disclosure controls and procedures was not effective as of March 31, 2024, for the reasons described here.

 

Changes in Internal Controls. There was no change in internal control over financial reporting (as defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934) identified in connection with the evaluation described in the preceding paragraph that occurred during Golden Royal’s first fiscal quarter that has materially affected or is reasonably likely to materially affect Golden Royal’s internal control over financial reporting.

 

15
 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings
   
  None.
   
Item 1A Risk Factors
   
  There have been no material changes from the risk factors included in our Annual Report on Form 10-K for the year ended September 30, 2023.

 

Item 2 Unregistered Sale of Securities and Use of Proceeds
   
  (a) Unregistered sales of equity securities
   
  There were no unregistered sales of equity securities by the Company during the second quarter of fiscal year 2024.
   
 

(c) Purchases of equity securities

   
  The Company did not repurchase any of its equity securities that were registered under Section 12 of the Securities Exchange Act during the second quarter of fiscal year 2024.
   
Item 3. Defaults Upon Senior Securities.
   
  None.
   
Item 4. Mine Safety Disclosures.
   
  Not Applicable.
   
Item 5. Other Information.
   
  During the quarter ended March 31, 2024, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

 

Item 6. Exhibits

 

  31 Rule 13a-14(a) Certification
  32 Rule 13a-14(b) Certification
     
  101.INS Inline XBRL Instance Document
  101.SCH Inline XBRL Taxonomy Extension Schema Document
  101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
  101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
  101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document
  101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

16
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  GOLDEN ROYAL DEVELOPMENT INC.
   
  By: /s/ Jacob Roth
Date: July 16, 2024   Jacob Roth, Chief Executive Officer
    and Chief Financial and Accounting Officer

 

* * * * *

 

17

 

 

EXHIBIT 31: Rule 13a-14(a) Certifications

 

I, Jacob Roth, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Golden Royal Development Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b) Designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal controls over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: July 16, 2024 By: /s/ Jacob Roth
    Jacob Roth,
   

Chief Executive Officer

and Chief Financial Officer

 

* * * * *

 

 

 

EXHIBIT 32: Rule 13a-14(b) Certification

 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Golden Royal Development Inc. (the “Company”) certifies that:

 

1. The Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
   
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: July 16, 2024 By: /s/ Jacob Roth
   

Jacob Roth, Chief Executive Officer

and Chief Financial Officer

 

 

 

v3.24.2
Cover - shares
 6 Months Ended
Mar. 31, 2024
Jul. 16, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2024  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --09-30  
Entity File Number 0-56017  
Entity Registrant Name GOLDEN ROYAL DEVELOPMENT INC.  
Entity Central Index Key 0001761534  
Entity Tax Identification Number 81-4563277  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 543 Bedford Avenue  
Entity Address, Address Line Two Suite 176  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11211  
City Area Code 800  
Local Phone Number 320-4394  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   7,841,550
v3.24.2
Condensed Balance Sheets - USD ($)
Mar. 31, 2024
Sep. 30, 2023
Current Assets    
Cash $ 2,013 $ 190
Total Assets 2,013 190
Current Liabilities    
Total Liabilities 282,132 258,164
Commitments and Contingencies (Note 6)
Stockholders’ Deficit    
Preferred stock, value
Common stock, $0.00001 par value; 500,000,000 shares authorized, 7,841,550 and 7,841,550 issued and outstanding, respectively 78 78
Additional paid-in capital 30,222 30,222
Accumulated deficit (310,420) (288,275)
Total Stockholders’ Deficit (280,119) (257,974)
Total Liabilities and Stockholders’ Deficit 2,013 190
Series A Preferred Stock [Member]    
Stockholders’ Deficit    
Preferred stock, value 1 1
Nonrelated Party [Member]    
Current Liabilities    
Accounts payable 125,368 113,528
Related Party [Member]    
Current Liabilities    
Accounts payable 5,000 5,000
Due to officer - related party $ 151,764 $ 139,636
v3.24.2
Condensed Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2024
Sep. 30, 2023
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized 5,000,000 5,000,000
Common stock, par value $ 0.00001 $ 0.00001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 7,841,550 7,841,550
Common stock, shares outstanding 7,841,550 7,841,550
Series A Preferred Stock [Member]    
Preferred stock, par value $ 0.00001 $ 0.00001
Preferred stock, shares authorized 1,000 1,000
Preferred stock, shares issued 1,000 1,000
Preferred stock, shares outstanding 1,000 1,000
v3.24.2
Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]        
Revenue
Operating Expenses        
Professional fees 13,112 19,538 14,525 26,125
General and administrative 5,694 6,382 7,620 8,467
Total Operating Expenses 18,806 25,920 22,145 34,592
Loss from Operations (18,806) (25,920) (22,145) (34,592)
Other Expenses        
Interest Expense
LOSS FROM OPERATIONS BEFORE INCOME TAXES (18,806) (25,920) (22,145) (34,592)
Provision for Income Taxes
NET LOSS $ (18,806) $ (25,920) $ (22,145) $ (34,592)
Net Loss Per Share - Basic $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Net Loss Per Share - Diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted average number of shares outstanding during the period - Basic 7,841,550 7,841,550 7,841,550 7,841,550
Weighted average number of shares outstanding during the period - Diluted 7,841,550 7,841,550 7,841,550 7,841,550
v3.24.2
Condensed Statement of Stockholders' Deficit (Unaudited) - USD ($)
Preferred Stock [Member]
Series A Preferred Stock [Member]
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance at Sep. 30, 2022 $ 1 $ 78 $ 30,222 $ (227,967) $ (197,666)
Balance, shares at Sep. 30, 2022 1,000 7,841,550      
Net loss (8,672) (8,672)
Balance at Dec. 31, 2022 $ 1 $ 78 30,222 (236,639) (206,338)
Balance, shares at Dec. 31, 2022 1,000 7,841,550      
Balance at Sep. 30, 2022 $ 1 $ 78 30,222 (227,967) (197,666)
Balance, shares at Sep. 30, 2022 1,000 7,841,550      
Net loss           (34,592)
Balance at Mar. 31, 2023 $ 1 $ 78 30,222 (262,559) (232,258)
Balance, shares at Mar. 31, 2023 1,000 7,841,550      
Balance at Dec. 31, 2022 $ 1 $ 78 30,222 (236,639) (206,338)
Balance, shares at Dec. 31, 2022 1,000 7,841,550      
Net loss (25,920) (25,920)
Balance at Mar. 31, 2023 $ 1 $ 78 30,222 (262,559) (232,258)
Balance, shares at Mar. 31, 2023 1,000 7,841,550      
Balance at Sep. 30, 2023 $ 1 $ 78 30,222 (288,275) (257,974)
Balance, shares at Sep. 30, 2023 1,000 7,841,550      
Net loss (3,339) (3,339)
Balance at Dec. 31, 2023 $ 1 $ 78 30,222 (291,614) (261,313)
Balance, shares at Dec. 31, 2023 1,000 7,841,550      
Balance at Sep. 30, 2023 $ 1 $ 78 30,222 (288,275) (257,974)
Balance, shares at Sep. 30, 2023 1,000 7,841,550      
Net loss           (22,145)
Balance at Mar. 31, 2024 $ 1 $ 78 30,222 (310,420) (280,119)
Balance, shares at Mar. 31, 2024 1,000 7,841,550      
Balance at Dec. 31, 2023 $ 1 $ 78 30,222 (291,614) (261,313)
Balance, shares at Dec. 31, 2023 1,000 7,841,550      
Net loss (18,806) (18,806)
Balance at Mar. 31, 2024 $ 1 $ 78 $ 30,222 $ (310,420) $ (280,119)
Balance, shares at Mar. 31, 2024 1,000 7,841,550      
v3.24.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities:    
Net Loss $ (22,145) $ (34,592)
Adjustments to reconcile net loss to net cash used in operations    
In-kind contribution of services and interest
Changes in operating assets and liabilities:    
Increase in accounts payable - related party 300
Increase in accounts payable and accrued expenses 11,840 12,882
Net Cash Used In Operating Activities (10,305) (21,410)
Cash Flows From Financing Activities:    
Proceeds from officer advances 24,424 24,924
Repayments of officer advances (12,296) (2,681)
Cash overdraft
Net Cash Provided by Financing Activities 12,128 21,995
Net (Decrease) Increase in Cash 1,823 585
Cash at Beginning of the Period 190
Cash at End of the Period 2,013 585
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for taxes
v3.24.2
Pay vs Performance Disclosure - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure [Table]            
Net Income (Loss) $ (18,806) $ (3,339) $ (25,920) $ (8,672) $ (22,145) $ (34,592)
v3.24.2
Insider Trading Arrangements
 6 Months Ended
Mar. 31, 2024
Insider Trading Arrangements [Line Items]  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
 6 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

 

(A) Presentation and Organization

 

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of the financial position and results of operations.

 

These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, filed with the SEC on March 4, 2024.

 

It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement’s presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

 

Golden Royal Development Inc. (the “Company”) was incorporated under the laws of the State of Delaware on November 13, 2016.

 

The Company’s accounting year end is September 30.

 

The Company is a business that is designed to engage in mineral exploration activities. The Company’s activities since inception have consisted of identifying and acquiring oil, gas, and mining properties. The Company is also in the process of raising additional equity capital to support its development activities to acquire additional mining properties as soon as possible. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s current plan to identify and acquire the mining properties. To date, the Company has not generated any revenues from its oil, gas, and mining properties.

 

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates.

 

(C) Cash and Cash Equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At March 31, 2024 and September 30, 2023, the Company had no cash equivalents.

 

(D) Loss Per Share

 

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB ASC No. 260, “Earnings Per Share.” Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents, and potentially dilutive securities outstanding during the period. At March 31, 2024 and 2023, the Company did not have any outstanding dilutive securities.

 

 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

(E) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

(F) Revenue Recognition

 

The Company’s revenue recognition policy follows guidance from Accounting Standards Codification (ASC) 606, Revenue from Contract with Customers. Revenue is recognized when the Company transfers promised goods and services to the customer and in the amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services.

 

The Company applies the following five-step model in order to determine this amount:

 

  (i) Identification of contact with a customer;
  (ii) Identify the performance obligation of the contract
  (iii) Determine the transaction price;
  (iv) Allocation of the transaction price to the performance obligations; and
  (v) Recognition of revenue when (or as) the Company satisfies each performance obligation.

 

The Company has been in the exploration stage since its formation on November 13, 2016, and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of oil, gas, and mining properties.

 

(G) Mineral Properties

 

Acquisition costs of mining properties are capitalized pursuant to ASC 932 Extractive Activities - Oil and Gas and ASC 930 Extractive Activities – Mining. Mineral exploration expenditures are expensed as incurred. When production is attained, capitalized acquisition costs will be depleted using either the unit of production method based upon estimated proven recoverable reserves or the estimated production life of the properties. When capitalized costs on individual properties exceed their estimated net realizable value, the properties are written down to the estimated value. Costs relating to properties abandoned are charged to operations in the period in which that determination is made.

 

(H) Impairment of Long-Lived Assets

 

Management reviews the net carrying value of all property and equipment and other long-lived assets, including mineral properties, on a periodic basis in accordance with ASC 360 Property, Plant, and Equipment. The Company estimates the net realizable value of an asset based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests. These estimates of undiscounted future cash flows are dependent upon the estimates of minerals to be recovered from proven and probable ore reserves, future production cost estimates, and future mineral price estimates over the estimated remaining life of the mineral property. If undiscounted cash flows are less than the carrying value of a property, an impairment loss will be recognized based upon the estimated expected future cash flows from the property discounted at an interest rate commensurate with the risk involved. For the six months ended March 31, 2024, and 2023, the Company recorded impairment expense of $1,960 and $1,100, respectively, related to the mineral rights acquisition and exploration costs (see Note 4).

 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

(I) Fair Value of Financial Instruments

 

The Company measures its financial assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures. For certain of our financial instruments, including cash, accounts payable, and the short-term portion of long-term debt, the carrying amounts approximate fair value due to their short maturities.

 

ASC 820 defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

  ● Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
     
  ● Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
     
  ● Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 

(J) Recent Accounting Pronouncements

 

All newly issued accounting pronouncements, but not yet effective, have been deemed either immaterial or not applicable.

 
v3.24.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 2 RELATED PARTY TRANSACTIONS

 

(A) Due to Officer – Related Party

 

During the six months ended March 31, 2024, the Company’s President, who is also its majority shareholder, advanced $24,424 to the Company to pay Company expenses and was repaid $12,296. The advances are non-interest bearing, unsecured, and due on demand. As of March 31, 2024 and September 30, 2023, the amount due to the officer was $151,764 and $139,636, respectively.

 

During the six months ended March 31, 2023, the Company’s President, who is also its majority shareholder, advanced $24,924 to the Company to pay Company expenses and was repaid $2,681. The advances are non-interest bearing, unsecured, and due on demand. As of March 31, 2023, the amount due to the officer was $126,977.

 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

(B) Accounts Payable – Related Party

 

On November 1, 2018, the Company entered into a month-to-month office lease with the Company’s President for its office space at a monthly rate of $100. The lease was terminated in December 2022. For the six months ended March 31, 2024 2203 and 2023, the Company had recorded rent expense of $0 and $300, respectively. As of March 31, 2024, and September 30, 2023, the accounts payable owed to the related party was $5,000.

 
v3.24.2
STOCKHOLDERS’ DEFICIT
 6 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCKHOLDERS’ DEFICIT

NOTE 3 STOCKHOLDERS’ DEFICIT

 

(A) Preferred Stock

 

The Company was incorporated on November 13, 2016. On March 29, 2017, the Company became authorized to issue 5,000,000 shares of preferred stock with a par value of $0.00001 per share. Preferred stock may be issued in one or more series. Rights and preferences are to be determined by the Board of Directors.

 

The Board of Directors has designated 1,000 shares of the preferred stock as Series A Preferred Stock. On March 29, 2017, Jacob Roth purchased the 1,000 shares of Series A Preferred Stock for their par value. At any shareholders meeting or in connection with the giving of shareholder consents, the holder of each share of Series A Preferred Stock is entitled to exercise voting power equal to 0.051% of the aggregate voting power. The holder of Series A Preferred Stock will receive dividends when and if they are declared by the Board of Directors. The Series A Preferred Stock has a liquidation preference of $0.00001 per share. As of March 31, 2024, and September 30, 2023, there were 1,000 shares of Series A Preferred Stock issued and outstanding.

 

(B) Common Stock Issued for Cash

 

The Company is authorized to issue 500,000,000 shares of common stock with a par value of $0.00001 per share.

 

As of March 31, 2024, and September 30, 2023, there were 7,841,550 shares of Common Stock issued and outstanding.

 
v3.24.2
MINERAL PROPERTIES
 6 Months Ended
Mar. 31, 2024
Extractive Industries [Abstract]  
MINERAL PROPERTIES

NOTE 4 MINERAL PROPERTIES

 

On February 6, 2023 the Board of Land Commissions of the Wyoming Office of State Lands and Investments accepted the Company’s application to purchase oil and gas leases No. 22-00255 (five-year oil and gas leasehold on 80 acres in Converse County) and 22-00256 (five-year oil and gas leasehold on 80 acres in Laramie County). During the year ended September 30, 2023, the Company paid a $50 application fee for each lease and committed to pay the State of Wyoming $80 per year, per lease, for five years. Under ASC 930 Extractive Activities - Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there was insufficient evidence to support a likelihood that the asset will generate future cash flows. During six months ended March 31, 2024 and 2023, the Company recorded $160 and $300, respectively, as impairment expense pertaining to the property, which has been recorded in general and administrative expenses on the Statement of Operations. As of March 31, 2024 the Company has accrued $160 for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease.

 

On March 17, 2022, the Company entered into a ten-year mineral lease to prospect and extract gold, silver, and precious metals with an effective date of April 1, 2022. The property is located in Crook County, Wyoming. During the year ended September 30, 2022, the Company paid a $50 application fee and committed to pay the State of Wyoming $460 per year for five years and $919 per year for the next five years. Under ASC 930 Extractive Activities - Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there was insufficient evidence to support a likelihood that the asset will generate future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $0 and $0, respectively, as impairment expense pertaining to the property.

 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 

On November 9, 2021, the Company entered into a ten-year mineral lease to prospect and extract gold, silver, and precious metals with an effective date of February 2, 2022. The property is located in Crook County, Wyoming. During the year ended September 30, 2022, the Company paid a $50 application fee and committed to pay the State of Wyoming $160 per year for five years and $320 per year during the next five years. Under ASC 930 Extractive Activities - Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there was insufficient evidence to support a likelihood that the asset will generate future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $160 and $160, respectively, as impairment expense pertaining to the property, which has been recorded in general and administrative expenses on the Statement of Operations. As of March 31, 2024 the Company has accrued $160 for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease.

 

On November 8, 2021, the Company entered into a ten-year mineral lease to prospect and extract gold, silver, and precious metals with an effective date of February 2, 2022. The property is located in Crook County, Wyoming. During the year ended September 30, 2022, the Company paid a $50 application fee and committed to pay the State of Wyoming $640 per year for five years and $1,280 per year for the next five years. Under ASC 930 Extractive Activities - Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there was insufficient evidence to support a likelihood that the asset will generate future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $640 and $640, respectively, as impairment expense pertaining to the property, which has been recorded in general and administrative expenses on the Statement of Operations. As of March 31, 2024 the Company has accrued $640 for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease.

 

On December 6, 2018, the Company entered into an Assignment Agreement with the Company’s President and majority shareholder, pursuant to which the Company’s President assigned to the Company all of the beneficial interest in a ten-year lease to prospect and extract gold, silver and precious minerals which was granted to the Company’s President on November 18, 2018. The Company assumed responsibility for all fees, rents, and taxes that accrue with respect to that property, including the commitment to pay the State of Wyoming $640 per year. The property is located in Crook County, Wyoming. Under ASC 930 Extractive Activities – Mining, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there is insufficient evidence to support a likelihood that the asset will generate future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $640 and $640, respectively, as impairment expense pertaining to the property, which has been recorded in general and administrative expenses on the Statement of Operations. As of March 31, 2024 and September 30, 2023 the Company has accrued $3,200 and $2,560, respectively, for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease if contacted by the lessor and the default is not cured within 30 days of a notice of non-payment.

 

On September 27, 2018, the Company entered into an Assignment Agreement with the Company’s President and majority shareholder, pursuant to which the Company’s President assigned to the Company all of the beneficial interest in a ten-year mineral lease to mine for oil and gas which was granted to the Company’s President on February 1, 2017. The Company assumed responsibility for all fees, rents and taxes that accrue with respect to that property, including the commitment to pay the State of Wyoming $360 per year. The property is located in Fremont County, Wyoming. Under ASC 932 Extractive Activities - Oil and Gas, costs are to be capitalized as an asset, however, the Company has fully impaired the asset as the Company determined that there is insufficient evidence to support a likelihood that the asset will generate any future cash flows. During the six months ended March 31, 2024 and 2023, the Company recorded $0 and $0, respectively, as impairment expense pertaining to the property. As of March 31, 2024 and September 30, 2023 the Company has accrued $2,160 and $1,800, respectively, for the annual lease fees owed to the lessor, therefore the Company is in default for non-payment and is at risk to lose the lease if contacted by the lessor and the default is not cured within 30 days of a notice of non-payment.

 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 
v3.24.2
LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS
 6 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS

NOTE 5 LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS

 

These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

 

As reflected in the accompanying financial statements, for the six months ended March 31, 2024, the Company had:

 

  ● Net loss of $22,145; and
     
  ● Net cash used in operations was $10,305

 

Additionally, as of March 31, 2024, the Company had:

 

  ● Accumulated deficit of $310,420
     
  ● Stockholders’ deficit of $280,119; and
     
  ● Working capital deficit of $280,119

 

The Company had $2,013 of cash on hand at March 31, 2024. Although the Company intends to raise additional debt (third party and related party lenders) or equity capital, the Company expects to incur losses from operations and have negative cash flows from operating activities for the near-term. These losses could be significant as the Company executes its business plan.

 

These factors create substantial doubt about the Company’s ability to continue as a going concern within the twelve-month period subsequent to the date that these financial statements are issued. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

 
v3.24.2
SUBSEQUENT EVENTS
 6 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 6 SUBSEQUENT EVENTS

 

Subsequent to March 31, 2024, the Company’s President and majority shareholder advanced $3,025 to the Company to pay Company expenses and was repaid $5,020.
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)
 6 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Presentation and Organization

(A) Presentation and Organization

 

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of the financial position and results of operations.

 

These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, filed with the SEC on March 4, 2024.

 

It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement’s presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

 

Golden Royal Development Inc. (the “Company”) was incorporated under the laws of the State of Delaware on November 13, 2016.

 

The Company’s accounting year end is September 30.

 

The Company is a business that is designed to engage in mineral exploration activities. The Company’s activities since inception have consisted of identifying and acquiring oil, gas, and mining properties. The Company is also in the process of raising additional equity capital to support its development activities to acquire additional mining properties as soon as possible. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s current plan to identify and acquire the mining properties. To date, the Company has not generated any revenues from its oil, gas, and mining properties.

 
Use of Estimates

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates.

 
Cash and Cash Equivalents

(C) Cash and Cash Equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At March 31, 2024 and September 30, 2023, the Company had no cash equivalents.

 
Loss Per Share

(D) Loss Per Share

 

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB ASC No. 260, “Earnings Per Share.” Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents, and potentially dilutive securities outstanding during the period. At March 31, 2024 and 2023, the Company did not have any outstanding dilutive securities.

 

 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 
Income Taxes

(E) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 
Revenue Recognition

(F) Revenue Recognition

 

The Company’s revenue recognition policy follows guidance from Accounting Standards Codification (ASC) 606, Revenue from Contract with Customers. Revenue is recognized when the Company transfers promised goods and services to the customer and in the amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services.

 

The Company applies the following five-step model in order to determine this amount:

 

  (i) Identification of contact with a customer;
  (ii) Identify the performance obligation of the contract
  (iii) Determine the transaction price;
  (iv) Allocation of the transaction price to the performance obligations; and
  (v) Recognition of revenue when (or as) the Company satisfies each performance obligation.

 

The Company has been in the exploration stage since its formation on November 13, 2016, and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of oil, gas, and mining properties.

 
Mineral Properties

(G) Mineral Properties

 

Acquisition costs of mining properties are capitalized pursuant to ASC 932 Extractive Activities - Oil and Gas and ASC 930 Extractive Activities – Mining. Mineral exploration expenditures are expensed as incurred. When production is attained, capitalized acquisition costs will be depleted using either the unit of production method based upon estimated proven recoverable reserves or the estimated production life of the properties. When capitalized costs on individual properties exceed their estimated net realizable value, the properties are written down to the estimated value. Costs relating to properties abandoned are charged to operations in the period in which that determination is made.

 
Impairment of Long-Lived Assets

(H) Impairment of Long-Lived Assets

 

Management reviews the net carrying value of all property and equipment and other long-lived assets, including mineral properties, on a periodic basis in accordance with ASC 360 Property, Plant, and Equipment. The Company estimates the net realizable value of an asset based on the estimated undiscounted future cash flows that will be generated from operations at each property, the estimated salvage value of the surface plant and equipment, and the value associated with property interests. These estimates of undiscounted future cash flows are dependent upon the estimates of minerals to be recovered from proven and probable ore reserves, future production cost estimates, and future mineral price estimates over the estimated remaining life of the mineral property. If undiscounted cash flows are less than the carrying value of a property, an impairment loss will be recognized based upon the estimated expected future cash flows from the property discounted at an interest rate commensurate with the risk involved. For the six months ended March 31, 2024, and 2023, the Company recorded impairment expense of $1,960 and $1,100, respectively, related to the mineral rights acquisition and exploration costs (see Note 4).

 

 

GOLDEN ROYAL DEVELOPMENT INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

(UNAUDITED)

 
Fair Value of Financial Instruments

(I) Fair Value of Financial Instruments

 

The Company measures its financial assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures. For certain of our financial instruments, including cash, accounts payable, and the short-term portion of long-term debt, the carrying amounts approximate fair value due to their short maturities.

 

ASC 820 defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

 

  ● Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
     
  ● Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
     
  ● Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

 
Recent Accounting Pronouncements

(J) Recent Accounting Pronouncements

 

All newly issued accounting pronouncements, but not yet effective, have been deemed either immaterial or not applicable.
v3.24.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($)
 6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Cash equivalents $ 0   $ 0
Outstanding dilutive securities 0 0  
Impairment of long lived assets $ 1,960 $ 1,100  
v3.24.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
 6 Months Ended
Nov. 01, 2018
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2023
Related Party Transaction [Line Items]        
Repayment of related party debt   $ 12,296 $ 2,681  
Operating Lease, Payments $ 100 0 300  
Majority Shareholder [Member]        
Related Party Transaction [Line Items]        
Due to related party   24,424 24,924  
Officer [Member]        
Related Party Transaction [Line Items]        
Due to related party   151,764 $ 126,977 $ 139,636
Related Party [Member]        
Related Party Transaction [Line Items]        
Due to related party   151,764   139,636
Accounts payable   $ 5,000   $ 5,000
v3.24.2
STOCKHOLDERS’ DEFICIT (Details Narrative) - $ / shares
Mar. 29, 2017
Mar. 31, 2024
Sep. 30, 2023
Class of Stock [Line Items]      
Preferred stock, shares authorized 5,000,000 5,000,000 5,000,000
Preferred stock, par value $ 0.00001 $ 0.00001 $ 0.00001
Common stock, shares authorized   500,000,000 500,000,000
Common stock, par value   $ 0.00001 $ 0.00001
Common stock, shares issued   7,841,550 7,841,550
Common stock, shares outstanding   7,841,550 7,841,550
Series A Preferred Stock [Member]      
Class of Stock [Line Items]      
Preferred stock, shares authorized 1,000 1,000 1,000
Preferred stock, par value   $ 0.00001 $ 0.00001
Preferred stock, shares outstanding   1,000 1,000
Series A Preferred Stock [Member] | Jacob Roth [Member]      
Class of Stock [Line Items]      
Preferred stock, shares authorized 1,000    
Preferred stock voting rights, description the holder of each share of Series A Preferred Stock is entitled to exercise voting power equal to 0.051% of the aggregate voting power    
v3.24.2
MINERAL PROPERTIES (Details Narrative)
 6 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Feb. 06, 2023
a
Mar. 17, 2022
Nov. 09, 2021
Nov. 08, 2021
Dec. 06, 2018
USD ($)
Sep. 27, 2018
USD ($)
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Asset impairment charges $ 160 $ 300                
Accured expense 160                  
Purchase Oil And Gas Leases [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Application fee     $ 50              
Purchase Oil And Gas Leases [Member] | Per Year For Next Five Years [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Annual license fee     80              
Mineral lease [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Lease term           10 years        
Application fee       $ 50            
Expenses pertaining to property 0 0                
Mineral lease [Member] | Per Year For Next Five Years [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Annual license fee       919            
Mineral lease [Member] | Per Year For Five Years [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Annual license fee       460            
Mineral Lease One [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Lease term             10 years      
Application fee       50            
Expenses pertaining to property 160 160                
Mineral Lease One [Member] | Per Year For Next Five Years [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Annual license fee       320            
Mineral Lease One [Member] | Per Year For Five Years [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Annual license fee       160            
Mineral Lease Two [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Lease term               10 years    
Application fee       50            
Accured expense 640                  
Expenses pertaining to property 640 640                
Mineral Lease Two [Member] | Per Year For Next Five Years [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Annual license fee       1,280            
Mineral Lease Two [Member] | Per Year For Five Years [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Annual license fee       $ 640            
Mineral Lease Three [Member] | Majority Shareholder [Member] | Assignment Agreement [Member] | President [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Lease term                 10 years  
Accured expense 3,200   2,560              
Expenses pertaining to property 640 640                
Payable to property expenses                 $ 640  
Mineral Lease Four [Member] | Majority Shareholder [Member] | Assignment Agreement [Member] | President [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Lease term                   10 years
Accured expense 2,160   $ 1,800              
Expenses pertaining to property $ 0 $ 0                
Payable to property expenses                   $ 360
Converse County [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Lease term         5 years          
Area of land | a         80          
Laramie County [Member]                    
Oil and Gas, Full Cost Method, Amortization Expense [Line Items]                    
Lease term         5 years          
Area of land | a         80          
v3.24.2
LIQUIDITY, GOING CONCERN AND MANAGEMENT’S PLANS (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2024
Mar. 31, 2023
Sep. 30, 2023
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]                
Net loss $ (18,806) $ (3,339) $ (25,920) $ (8,672) $ (22,145) $ (34,592)    
Net cash used in operations         (10,305) (21,410)    
Accumulated deficit (310,420)       (310,420)   $ (288,275)  
Stockholders deficit (280,119) $ (261,313) $ (232,258) $ (206,338) (280,119) $ (232,258) $ (257,974) $ (197,666)
Working capital deficit (280,119)       (280,119)      
Cash $ 2,013       $ 2,013      
v3.24.2
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
 4 Months Ended 6 Months Ended
Jul. 16, 2024
Mar. 31, 2024
Mar. 31, 2023
Apr. 01, 2024
Subsequent Event [Line Items]        
Repayments of related party debt   $ 12,296 $ 2,681  
Majority Shareholder [Member]        
Subsequent Event [Line Items]        
Advanced amount to pay expenses   $ 24,424 $ 24,924  
President [Member] | Majority Shareholder [Member] | Subsequent Event [Member]        
Subsequent Event [Line Items]        
Advanced amount to pay expenses       $ 3,025
Repayments of related party debt $ 5,020      
Golden Royal Development (CE) (USOTC:GRDV)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Golden Royal Development (CE) Charts.
Golden Royal Development (CE) (USOTC:GRDV)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Golden Royal Development (CE) Charts.