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Document And Entity Information

v2.4.0.8
Document And Entity Information
 9 Months Ended
Nov. 30, 2014
Feb. 11, 2015
Document Information [Line Items]    
Entity Registrant Name INTERNATIONAL WESTERN PETROLEUM, INC.  
Entity Central Index Key 0001603793  
Document Type 10-Q  
Document Period End Date Nov. 30, 2014  
Amendment Flag false  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --02-28  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   43,554,964

Balance Sheets

v2.4.0.8
Balance Sheets (USD $)
Nov. 30, 2014
Feb. 28, 2014
Current Assets    
Cash $ 67,909 $ 0
Total current assets 67,909 0
Pre-acquisition costs 88,000 0
TOTAL ASSETS 155,909 0
Current Liabilities    
Accounts payable and accrued expenses 7,500 2,750
Advances from officer 1,070 10,320
TOTAL CURRENT LIABILITIES 8,570 13,070
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, $0.001 par value per share, 10,000,000 shares authorized; 0 shares issued and and outstanding at November 30, 2014 and February 28, 2014 0 0
Common stock, $0.001 par value per share, 90,000,000 shares authorized; 43,554,964 and 43,267,600 shares issued and outstanding at November 30, 2014 and February 28, 2014, respectively 43,555 43,268
Additional paid-in capital 215,235 0
Accumulated deficit (111,451) (56,338)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 147,339 (13,070)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 155,909 $ 0

Balance Sheets (Parenthetical)

v2.4.0.8
Balance Sheets (Parenthetical) (USD $)
Nov. 30, 2014
Feb. 28, 2014
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred Stock, shares authorized 10,000,000 10,000,000
Preferred Stock, shares issued 0 0
Preferred Stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 90,000,000 90,000,000
Common stock, shares issued 43,554,964 43,267,600
Common stock, shares outstanding 43,554,964 43,267,600

Statements of Operations

v2.4.0.8
Statements of Operations (USD $)
 3 Months Ended 9 Months Ended
Nov. 30, 2014
Nov. 30, 2014
REVENUES $ 0 $ 0
OPERATING EXPENSES:    
Professional fees 10,131 25,681
Other general and administrative expenses 6,090 29,432
TOTAL OPERATING EXPENSES 16,221 55,113
NET LOSS $ (16,221) $ (55,113)
Net loss per common share - basic and diluted (in dollars per share) $ 0.00 $ 0.00
Weighted average number of common shares outstanding - basic and diluted (in shares) 43,507,790 43,419,982

Statement of Cash Flows

v2.4.0.8
Statement of Cash Flows (USD $)
 9 Months Ended
Nov. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net loss $ (55,113)
Changes in operating assets and liabilities:  
Accounts payable and accrued expenses 4,750
NET CASH USED IN OPERATING ACTIVITIES (50,363)
CASH FLOWS FROM INVESTING ACTIVITIES:  
Pre-acquisition costs (88,000)
NET CASH USED IN INVESTING ACTIVITIES (88,000)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Advances from officer 13,000
Payments to officer for advances (22,250)
Proceeds from issuance of common stock 215,522
NET CASH PROVIDED BY FINANCING ACTIVITIES 206,272
INCREASE IN CASH 67,909
CASH - BEGINNING OF PERIOD 0
CASH - END OF PERIOD 67,909
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:  
Cash paid for income taxes 0
Cash paid for interest $ 0

Organization, Nature of Operations and Summary of Significant Accounting Policies

v2.4.0.8
Organization, Nature of Operations and Summary of Significant Accounting Policies
 9 Months Ended
Nov. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]
Note 1 – Organization, Nature of Operations and Summary of Significant Accounting Policies
 
International Western Petroleum, Inc. (“IWP” or the “Company”) was incorporated on February 19, 2014 as a Nevada corporation.  The Company was formed to conduct operations in the oil and gas industry.
 
The accompanying unaudited financial statements of International Western Petroleum, Inc. have been prepared in accordance with generally accepted accounting principles used in the United States of America and with the instructions to Form 10-Q.  Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring adjustments) have been included. Operating results for the three and nine-month periods ended November 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending February 28, 2015.  For further information, refer to the financial statements and footnotes thereto included in the registration statement on Form S-1, as amended, for the period ended February 28, 2014 filed with the Securities and Exchange Commission on December 8, 2014.
 
Exploration Stage Change
 
The Company has limited operations and is considered to be in the exploration stage. During the three month period ended May 31, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to exploration stage.
 
Use of Estimates
 
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates.
 
Fair Value of Financial Instruments
 
The carrying amount of the Company’s accounts payable and accrued expenses and advances from officer approximates its estimated fair value due to the short-term nature of that financial instrument.
 
Cash and Cash Equivalents
 
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had $-0- cash equivalents at November 30, 2014 and February 28, 2014. The Company has not experienced any losses on its deposits of cash and cash equivalents.
 
Oil Properties
 
The Company follows the full cost method of accounting for its oil gas properties, whereby all costs incurred in connection with the acquisition, exploration for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations.
 
Depletion and depreciation of proved oil properties will be calculated on the units-of-production method based upon estimates of proved reserves. Such calculations include the estimated future costs to develop proved reserves. Costs of unproved properties are not included in the costs subject to depletion. These costs are assessed periodically for impairment.  
 
The Company capitalizes pre-acquisition costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized pre-acquisition costs are presented in the balance sheet.
 
Income Taxes
 
Income taxes are accounted for in accordance with the provisions of ASC Topic No. 740. 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. 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. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.
 
Stock-Based Compensation
 
The Company measures stock-based compensation cost at the grant date based on the fair value of the award and recognize it as expense, over the vesting or service period, as applicable, of the stock award.
 
Basic and Diluted Net Loss per Common Share
 
Basic net loss per common share amounts are computed by dividing the net loss available to International Western Petroleum, Inc. shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. For the three and nine-month periods ended November 30, 2014, there were no potentially dilutive securities outstanding.
 
Recent Accounting Pronouncements
 
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flows.

Going Concern

v2.4.0.8
Going Concern
 9 Months Ended
Nov. 30, 2014
Going Concern [Abstract]  
Going Concern Disclosure [Text Block]
Note 2 – Going Concern
 
As reflected in the accompanying financial statements, the Company has generated a net loss of $55,113 and negative cash flows from operations of $50,363 during the nine-month period ended November 30, 2014. Also, the Company currently does not have any business activities to generate funds for its own operations. These conditions raise substantial doubt about its ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan.
 
Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern.

Related Party Transactions

v2.4.0.8
Related Party Transactions
 9 Months Ended
Nov. 30, 2014
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 3 – Related Party Transactions
 
During the nine-month period ended November 30, 2014, Benjamin Tran, one of the Company’s major shareholders and a director, advanced $13,000 to the Company to fund its operations. During the nine-month period ended November 30, 2014, the Company made repayments of $22,250 for such advances (Dr. Tran had previously advanced $10,320 during the fiscal year that ended on February 28, 2014). As of November 30, 2014 and February 28, 2014, the amount due to such majority shareholder and director was $1,070 and $10,320, respectively.  The advances to the Company are unsecured, non-interest bearing and are payable upon demand.
 
During the nine-month period ended November 30, 2014, the Company incurred pre-acquisition costs amounting to $88,000 for geology assessments and surveys which was paid to International Western Oil Corporation. Benjamin Tran is a significant shareholder of International Western Petroleum Corporation, the 100% owner of International Western Oil Corporation.

Equity

v2.4.0.8
Equity
 9 Months Ended
Nov. 30, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
Note 4 – Equity
 
In May 2014, the Company sold 217,364 shares of common stock of the Company for cash proceeds of $163,022.
 
In October 2014, the Company sold 70,000 shares of common stock of the Company for cash proceeds of $52,500.

Subsequent Events

v2.4.0.8
Subsequent Events
 9 Months Ended
Nov. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Note 5 – Subsequent Events
 
The Company has no material subsequent to events to report after November 30, 2014.

Organization, Nature of Operations and Summary of Significant Accounting Policies (Policies)

v2.4.0.8
Organization, Nature of Operations and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Nov. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Exploration Stage Change
 
The Company has limited operations and is considered to be in the exploration stage. During the three month period ended May 31, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to exploration stage.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
 
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair Value of Financial Instruments
 
The carrying amount of the Company’s accounts payable and accrued expenses and advances from officer approximates its estimated fair value due to the short-term nature of that financial instrument.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents
 
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had $-0- cash equivalents at November 30, 2014 and February 28, 2014. The Company has not experienced any losses on its deposits of cash and cash equivalents.
Oil and Gas Properties Policy [Policy Text Block]
Oil Properties
 
The Company follows the full cost method of accounting for its oil gas properties, whereby all costs incurred in connection with the acquisition, exploration for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations.
 
Depletion and depreciation of proved oil properties will be calculated on the units-of-production method based upon estimates of proved reserves. Such calculations include the estimated future costs to develop proved reserves. Costs of unproved properties are not included in the costs subject to depletion. These costs are assessed periodically for impairment.  
 
The Company capitalizes pre-acquisition costs directly identifiable with specific properties when the acquisition of such properties is probable. Capitalized pre-acquisition costs are presented in the balance sheet.
Income Tax, Policy [Policy Text Block]
Income Taxes
 
Income taxes are accounted for in accordance with the provisions of ASC Topic No. 740. 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. 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. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized.
Compensation Related Costs, Policy [Policy Text Block]
Stock-Based Compensation
 
The Company measures stock-based compensation cost at the grant date based on the fair value of the award and recognize it as expense, over the vesting or service period, as applicable, of the stock award.
Earnings Per Share, Policy [Policy Text Block]
Basic and Diluted Net Loss per Common Share
 
Basic net loss per common share amounts are computed by dividing the net loss available to International Western Petroleum, Inc. shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. For the three and nine-month periods ended November 30, 2014, there were no potentially dilutive securities outstanding.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
 
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flows.

Organization, Nature of Operations and Summary of Significant Accounting Policies (Details Textual)

v2.4.0.8
Organization, Nature of Operations and Summary of Significant Accounting Policies (Details Textual) (USD $)
Nov. 30, 2014
Feb. 28, 2014
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items]    
Cash Equivalents, at Carrying Value $ 0 $ 0

Going Concern (Details Textual)

v2.4.0.8
Going Concern (Details Textual) (USD $)
 3 Months Ended 9 Months Ended
Nov. 30, 2014
Nov. 30, 2014
Going Concern [Line Items]    
Net Income (Loss) Attributable to Parent $ 16,221 $ 55,113
Net Cash Provided by (Used in) Operating Activities, Continuing Operations   $ 50,363

Related Party Transactions (Details Textual)

v2.4.0.8
Related Party Transactions (Details Textual) (USD $)
 0 Months Ended 9 Months Ended
Feb. 28, 2014
Nov. 30, 2014
Related Party Transaction [Line Items]    
Proceeds from Related Party Debt $ 10,320 $ 13,000
Repayments of Related Party Debt   22,250
Due to Officers or Stockholders, Current 10,320 1,070
Use of Restricted Cash for Acquisition of Oil and Gas Property   $ 88,000
Equity Method Investment, Ownership Percentage   100.00%

Equity (Details Textual)

v2.4.0.8
Equity (Details Textual) (USD $)
 9 Months Ended 3 Months Ended
Nov. 30, 2014
Nov. 30, 2014
Common Stock [Member]
May 31, 2014
Common Stock [Member]
Class of Stock [Line Items]      
Stock Issued During Period, Shares, New Issues   70,000 217,364
Proceeds from Issuance of Common Stock $ 215,522 $ 52,500 $ 163,022