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EXCEL - IDEA: XBRL DOCUMENT - EARTH DRAGON RESOURCES INC.Financial_Report.xls
10-Q - FORM 10-Q - EARTH DRAGON RESOURCES INC.form10q.htm
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EX-31.1 - CERTIFICATION - EARTH DRAGON RESOURCES INC.ex311.htm
EX-32.1 - CERTIFICATION - EARTH DRAGON RESOURCES INC.ex321.htm
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v2.4.0.6
Nature of Operations
3 Months Ended
Aug. 31, 2011
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

 

1.  Nature of Operations

 

Earth Dragon Resources, Inc. (the “Company”) was incorporated in the State of Nevada on October 23, 2007. The Company is an Exploration Stage Company as defined by Accounting Standards Codification (“ASC”) Topic 915, “Development Stage Entities”. As discussed in Note 3, the Company acquired a mineral property located in the State of Nevada, U.S.A, in December 2007, which claim expired September 1, 2011.  As discussed in Note 4, the Company entered into three joint venture agreements to finance certain other mining activities. As discussed in Note 10, the Company acquired Project X, Inc., a Nevada corporation formed June 1, 2011 to enter into a Joint Venture to recover valuable cargo from lost ships, on February 10, 2012.

 

 

Effective December 14, 2010, the Company effected a 38 for 1 forward stock split, increasing the issued and outstanding shares of common stock from 11,960,000 shares to 454,480,000 shares. Effective December 12, 2011, the Company effected a 1 for 500 reverse stock split, decreasing the issued and outstanding shares of common stock from 254,480,000 shares to approximately 508,960 shares.  All shares and per share amounts have been adjusted to retroactively reflect these stock splits.

 

Going Concern

 

The financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. At August 31, 2011, the Company had cash of $54 and negative working capital of $228,417. For the three months ended August 31, 2011 and 2010, the Company had net losses of $108,132 and $4,313, respectively. The Company has incurred losses totaling $659,673 for the period from October 23, 2007 (inception) to August 31, 2011.These factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company plans to raise additional capital and achieve profitable operations through future business ventures. However, there is no assurance that the Company will accomplish these objectives. The financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.