Gold & Gemstone Mining Inc.

CIK:0001485156|SEC Filings

Summary of Significant Accounting Policies: Comprehensive Income Policy (Policies)	3 Months Ended
Oct. 31, 2014
Policies
Comprehensive Income Policy	Comprehensive Income The Company has established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income.

Summary of Significant Accounting Policies: Comprehensive Income Policy (Policies)

3 Months Ended

Oct. 31, 2014

Comprehensive Income

The Company has established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income.

Statements of Cash Flows (USD $)	3 Months Ended		62 Months Ended
Statements of Cash Flows (USD $)	Apr. 30, 2013	Apr. 30, 2012	Apr. 30, 2013
Cash Flows from Operating Activities
Net loss	$ (339,041)us-gaap_NetIncomeLoss	$ (21,801)us-gaap_NetIncomeLoss	$ (339,041)us-gaap_NetIncomeLoss
Adjustment to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	4,972us-gaap_AdjustmentForAmortization		10,855us-gaap_AdjustmentForAmortization
Change in value of derivative liability	129,413		123,563
Changes in operating assets and liabilities:
Increase in deferred financing costs	(6,750)		(6,750)
Increase in bank overdraft	3,771		3,791
Increase (decrease) in accrued expenses	(7,000)	8,004	64,276
Increase in accrued interest	965		3,478
Net cash used in operating activities	(42,500)	(13,797)	(139,828)
Cash Flows from Financing Activities
Proceeds from note payable			664us-gaap_ProceedsFromNotesPayable
Proceeds from convertible notes payable	42,500us-gaap_ProceedsFromConvertibleDebt		99,447us-gaap_ProceedsFromConvertibleDebt
Proceeds from shareholder loans		13,797us-gaap_ProceedsFromRelatedPartyDebt	15,176us-gaap_ProceedsFromRelatedPartyDebt
Repayment of shareholder loans			8,459us-gaap_RepaymentsOfRelatedPartyDebt
Proceeds from sale of common stock			33,000
Net cash provided by financing activities	42,500	13,797	139,828
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental Cash Flow Information:
Income tax
Interest
Supplemental Non-Cash Investing and Financing Information:
Foregiveness of shareholder debt			5,817us-gaap_ExtinguishmentOfDebtAmount
Derivative liability recorded on initial valuation of convertible notes payable			$ 20,287

Balance Sheets (USD $)	Oct. 31, 2014	Apr. 30, 2014	Jan. 31, 2013
Current Assets
Cash and cash equivalents	$ 0
Deferred financing costs	1,020us-gaap_DeferredFinanceCostsCurrentNet
Total Current Assets	1,020us-gaap_AssetsCurrent
Total Assets	1,020us-gaap_Assets
Current Liabilities
Bank overdraft	4,313us-gaap_BankOverdrafts	4,313us-gaap_BankOverdrafts	20us-gaap_BankOverdrafts
Accrued expenses	70,876us-gaap_AccruedLiabilitiesCurrent	70,876us-gaap_AccruedLiabilitiesCurrent	71,276us-gaap_AccruedLiabilitiesCurrent
Accrued interest	6,865us-gaap_OtherAccruedLiabilitiesCurrent	6,865us-gaap_OtherAccruedLiabilitiesCurrent	2,513us-gaap_OtherAccruedLiabilitiesCurrent
Shareholder loans	900us-gaap_DueToRelatedPartiesCurrent	900us-gaap_DueToRelatedPartiesCurrent	900us-gaap_DueToRelatedPartiesCurrent
Convertible notes payable, net of debt discount	104,956us-gaap_ConvertibleNotesPayableCurrent	104,956us-gaap_ConvertibleNotesPayableCurrent	19,451us-gaap_ConvertibleNotesPayableCurrent
Derivative liability	143,850us-gaap_DerivativeLiabilitiesCurrent	143,850us-gaap_DerivativeLiabilitiesCurrent	14,437us-gaap_DerivativeLiabilitiesCurrent
Note payable	664us-gaap_NotesPayableCurrent	664us-gaap_NotesPayableCurrent	664us-gaap_NotesPayableCurrent
Total Current Liabilities	332,424us-gaap_LiabilitiesCurrent	332,424us-gaap_LiabilitiesCurrent	109,261us-gaap_LiabilitiesCurrent
Long-term Liabilities
Convertible notes payable	23,092us-gaap_ConvertibleNotesPayable	23,092us-gaap_ConvertibleNotesPayable	23,092us-gaap_ConvertibleNotesPayable
Total Long-term Liabilities	23,092us-gaap_LiabilitiesNoncurrent	23,092us-gaap_LiabilitiesNoncurrent	23,092us-gaap_LiabilitiesNoncurrent
Total Liabilities	355,516us-gaap_Liabilities	355,516us-gaap_Liabilities	132,353us-gaap_Liabilities
Stockholders' Equity (Deficit)
Common stock value	230,154us-gaap_CommonStockValue	230,154us-gaap_CommonStockValue	150,750us-gaap_CommonStockValue
Additional paid-in capital			1,977us-gaap_AdditionalPaidInCapital
Deficit accumulated during the exploration stage	(585,670)	(585,670)	(285,080)
Total Stockholders' Equity (Deficit)	$ (355,516)us-gaap_StockholdersEquity	$ (355,516)us-gaap_StockholdersEquity	$ (132,353)us-gaap_StockholdersEquity