Attached files

file filename
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R20.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R18.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R27.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R10.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R5.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R26.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R21.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R16.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R14.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R13.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R15.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R19.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R23.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R11.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R12.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R4.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R1.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R17.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R3.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R24.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R22.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R6.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R2.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R8.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R28.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R29.htm
EXCEL - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R9.htm
XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R25.htm
EX-32.1 - EXHIBIT 32 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER - Gold Hill Resources, Inc.exhibit32.htm
EX-31.2 - EXHIBIT 31.2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER - Gold Hill Resources, Inc.exhibit31_2.htm
EX-31.1 - EXHIBIT 31.1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER - Gold Hill Resources, Inc.exhibit31_1.htm
EX-21.1 - EXHIBIT 21.1 LIST OF SUBSIDIARIES - Gold Hill Resources, Inc.exhibit21_1.htm
10-K - GOLD HILL RESOURCES, INC. FORM 10-K OCTOBER 31, 2013 - Gold Hill Resources, Inc.guldform10k131031.htm
v2.4.0.8
Organization and Description of Business
12 Months Ended
Oct. 31, 2013
Accounting Policies [Abstract]  
Organization and Description of Business

 

NOTE 1.    BASIS OF PRESENTATION AND ORGANIZATION

 

Current Operations and Background Gold Hill Resources, Inc. (the “Company”) is a Nevada corporation that was incorporated on March 2, 2001 and its wholly-owned subsidiaries Accurate Locators, Inc., an Oregon corporation, and Imaging Locators, Inc., a Nevada Corporation, were incorporated on October 20, 1997 and June 28, 2004, respectively. Prior to June 13, 2013, the completion date of the Merger, we were a public “shell” company with nominal assets.

On May 31, 2013, Gold Hill Resources, Inc. entered into an Agreement and Plan of Merger (“Merger Agreement”) with AL Merger Corporation, an Oregon corporation and wholly-owned subsidiary of Gold Hill (“MergerCo”), Accurate Locators and Wayne Good (“Good” and together with Accurate Locators, the “Good Parties”). The closing (the “Closing”) of the transactions contemplated by the Merger Agreement (the “Merger”) occurred on June 13, 2013.  At the Closing, (i) MergerCo was merged with and into Accurate Locators; (ii) Accurate Locators became our wholly-owned subsidiary; (iii) all of Accurate Locators’ shares prior to the Merger were exchanged for comparable securities of our company; and (iv) 95% of our shares were owned by Accurate Locators’ former shareholders.  At the Closing, we issued to Accurate Locators’ former shareholders, in exchange for the equity of Accurate Locators prior to the Merger, 29,732,000 shares of our common stock.  As a result of the Merger we are solely engaged in Accurate Locators’ business, Accurate Locators’ officers became our officers and our director remained as the only director.   The issuance of the shares of our common stock to Accurate Locator’s former stockholders is intended to be exempt from registration under Rule 506 promulgated under the Securities Act.

As a result of the Merger, we are solely engaged in Accurate Locators’ business. Gold Hill Resources, Inc. is engaged in the mining and mineral detection technology via our wholly owned subsidiary Accurate Locators, Inc. Utilizing our evolving technology in metal detection products, we plan to identify potential acquisition and partnership opportunities within the precious metals mining sector in addition to the core business of Accurate Locators manufacturing and distribution business of metal detection products and systems.

Accurate Locators, Inc. has been a metal detector manufacturer and distributor since 1992 for dealers, treasure hunters, gold prospectors and utilities companies world-wide. The Company provides industry standard metal detectors for treasure hunting, gold prospecting and locating under-ground cable, pipe and utilities. The Company’s products are used by many sectors of the US Government and many mining type operations including the likes of Westinghouse, Bureau of Land Management, Bechtel, Graybar, US Army, Navy and Marines.

Imaging Locators, Inc. has been operating as a metal detecting store with wide variety of instruments since 2004. The Company specializes in underground Surveyor Apparatus units, Ground Penetrating Radar (“GPR”), Pulse Induction Metal Detectors and Tunnel Locators.

We are engaged in several research and development projects; we are evolving our current ground penetrating radar, induced polarization, pulse induction and other metal detection systems. We filed our first provisional patent on our blanket antenna technology on November 12, 2012. We also plan to file several additional patents in the next twelve months; which will further enhance and protect our intellectual property portfolio and greatly improve on our detection systems capabilities, thus positioning the Company to capture greater market share in the geophysics sector.

 

Going Concern The Company suffered losses from operations of $261,779 for the year ended October 31, 2013. As of October 31, 2013, the Company had negative working capital of $59,718 and an accumulated deficit of $208,829. In the cumulative period of years ended October 31, 2013, we have funded operations through accumulated earnings, borrowings from related parties, and proceeds from debt and equity. We are in need of generating significant cash resources to achieve our future strategic plan. We anticipate that our existing cash on hand will not be sufficient to fund our business needs and unless additional financing is obtained, the Company may not be able to continue as a going concern. Our ability to continue our operations may prove to be more expensive than we currently anticipate and we may incur significant additional costs and expenses in connection therewith.

 

The consolidated financial statements were prepared on a going concern basis which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result if the Company is unable to continue as a going concern.

 

Basis of Presentation – The consolidated financial statements include the accounts of Gold Hill Resources, Inc. from the date of merger, Accurate Locators, Inc. and Imaging Locators, Inc. (collectively, the “Company”). Prior to the date of the Merger, Accurate Locators, Inc. and Imaging Locators, Inc. had been entities under common control.

 

All transactions and accounts between and among the Gold Hill Resources, Inc., Accurate Locators, Inc. and Imaging Locators, Inc. have been eliminated.

 

The consolidated financial statements of the Company for the periods ended October 31, 2013 and 2012 have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) as promulgated in the United States of America.