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EXCEL - IDEA: XBRL DOCUMENT - TORON INC.Financial_Report.xls
10-Q - TORON INC. FORM 10-Q FOR 10-31-12 - TORON INC.toron-form10qq3oct3112.htm
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EX-32 - SOX SECTION 906 CETIFICATION OF THE CEO - TORON INC.exhibit321.htm
EX-31 - SOX SECTION 302(A) CETIFICATION OF THE CEO - TORON INC.exhibit311.htm
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v2.4.0.6
Accounting Policies, by Policy (Policies)
9 Months Ended
Oct. 31, 2012
Consolidation, Policy [Policy Text Block]

Principles of Consolidation


These consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is January 31. The consolidated financial statements include the accounts of Toron Inc. and its 100% owned subsidiary, Toron Resources Inc. All significant intercompany balances and transactions have been eliminated upon consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates


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

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Long-Lived Assets


In accordance with ASC 360, Property, Plant, and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value

Asset Retirement Obligations, Policy [Policy Text Block]

Asset Retirement Obligations


The Company follows the provisions of ASC 410 – 20, Asset Retirement Obligations which establishes standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. As at October 31, 2012, the Company does not have any asset retirement obligations

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents


The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents

MineralPropertyAcquisitionAndExplorationCosts

Mineral property acquisition and exploration costs


The cost of acquiring mineral properties or claims is initially capitalized and then tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Mineral exploration costs are expensed as incurred

Comprehensive Income (Loss) Note [Text Block]

Comprehensive Income


ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive income and its components in the financial statements. During the nine months ended October  31, 201 and 2011, the Company had no items that represent other comprehensive income

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation


The Company’s functional and reporting currency is the US dollar as substantially all of the Company’s operations are in United States.


Assets and liabilities that are denominated in a foreign currency are translated at the exchange rate in effect at the year end and capital accounts are translated at historical rates.  Income statement accounts are translated at the average rates of exchange prevailing during the period.  Translation adjustments from the use of different exchange rates from period to period are included in the Comprehensive Income statement account in Stockholder’s Equity, if applicable.  


Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date.  If applicable, exchange gains and losses are included in general and administrative expense on the Statement of Operations

Earnings Per Share, Policy [Policy Text Block]

Basic and Diluted Loss Per Share


The Company computes basic loss per share by dividing the net loss by the weighted average common shares outstanding during the period. There are no potential common shares; accordingly, diluted and basic loss per share amounts are the same

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments


The Company’s financial instruments consists of cash, bank indebtedness, accounts payable and accrued liabilities, advances, due to related parties and convertible debt. Due to the short maturities of these financial instruments, their fair value approximates their carrying value

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-based Compensation


In accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees, the Company accounts for share-based payments using the fair value method. Common shares issued to third parties for non-cash consideration are valued based on the fair market value of the services provided or the fair market value of the common stock on the measurement date, whichever is more readily determinable

Income Tax, Policy [Policy Text Block]

Income Taxes


Deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. The Company has cumulative net operating losses of $2,016,240  as of October 31, 2012, with an approximate deferred tax asset of $705,684  which has been fully offset by a valuation allowance. These net operating losses begin to expire in 2028

Revenue Recognition, New Accounting Pronouncement, Timing Recent Authoritative Pronouncements The Company does not expect that the adoption of any recent accounting standards to have a material impact on its financial statements