Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Jan. 19, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | AuraSource, Inc. | |
Entity Central Index Key | 1,083,922 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 26,377,573 | |
Entity Common Stock, Shares Outstanding | 60,206,655 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Current assets | ||
Cash and equivalents | $ 3,870 | $ 9,784 |
Accounts receivable, net | 0 | 0 |
Deposits and other current assets | 526,963 | 526,963 |
Total current assets | 530,833 | 536,747 |
Fixed assets, net of accumulated depreciation | 14,503 | 129,336 |
Intangible assets, net | 707,464 | 733,463 |
Total assets | 1,252,800 | 1,399,546 |
Current liabilities | ||
Accounts payable | 316,047 | 334,778 |
Accounts payable related parties | 2,069,902 | 1,508,955 |
Note payable | 135,309 | 132,458 |
Customer advances | 5,832 | 5,832 |
Total current liabilities | 2,527,090 | 1,982,023 |
Shareholders equity | ||
Preferred stock, 10,000 shares authorized, no shares issued and outstanding, no rights or privileges designated | 0 | 0 |
Common stock, $.001 par value, 150,000,000 shares authorized 60,206,655 shares issued and outstanding, respectively | 60,206 | 60,206 |
Additional paid in capital | 11,941,626 | 11,753,473 |
Accumulated deficit | (13,276,122) | (12,396,156) |
Total shareholders equity | (1,274,290) | (582,477) |
Total liabilities and shareholders equity | $ 1,252,800 | $ 1,399,546 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Dec. 31, 2015 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, Authorized | 10,000 | 10,000 |
Preferred Stock, Issued | 0 | 0 |
Common Stock, Authorized | 150,000,000 | 150,000,000 |
Common Stock, Issued | 60,206,655 | 60,206,655 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 486,668 | $ 0 | $ 531,668 |
Cost of revenue | 0 | 385,069 | 0 | 401,569 |
Gross profit | 0 | 101,599 | 0 | 130,099 |
Operating expenses: | ||||
General & administrative expenses | 260,517 | 323,872 | 905,716 | 1,110,185 |
Total operating expenses | 260,517 | 323,872 | 905,716 | 1,110,185 |
Loss from operations | (260,517) | (222,273) | (905,716) | (980,086) |
Interest income / (expense) and other, net | 31,439 | (3,262) | 25,750 | (86,883) |
Net loss applicable to common stockholders | $ (229,078) | $ (225,535) | $ (879,966) | $ (1,066,969) |
Basic & Diluted Loss per share | $ 0 | $ (0.01) | $ (0.01) | $ (.02) |
Weighted average shares outstanding | 60,206,654 | 58,424,734 | 60,206,654 | 58,420,006 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (879,966) | $ (1,066,969) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 150,292 | 152,431 |
Options issued for services | 188,153 | 205,816 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 0 | 110,000 |
Inventory | 0 | 0 |
Deposits and other current assets net | 0 | 2,036 |
Accounts payable | (15,879) | 105,143 |
Accounts payable related parties | 358,491 | 253,395 |
Deferred revenue | 0 | 37,500 |
Interest payable | 0 | 107,639 |
Customer deposits | 0 | 5,832 |
Net cash used in operating activities | (198,909) | (87,177) |
Cash flows from investing activities : | ||
Capital equipment purchases | 0 | 0 |
Cash paid for acquisition of intangible | (9,461) | 0 |
Net cash used in investing activities | (9,461) | 0 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock, net | 0 | 338,527 |
Net proceeds from issuance of note payable | 0 | 0 |
Repayment of note payable | 0 | (177,500) |
Proceeds from loans payable, net | 0 | 0 |
Advances from related parties, net | 202,456 | (36,518) |
Net cash provided by financing activities | 202,456 | 124,509 |
Net change in cash and equivalents | (5,914) | 37,332 |
Cash and equivalents - beginning balance | 9,784 | 11,112 |
Cash and equivalents - ending balance | 3,870 | 48,444 |
Supplemental disclosures of cash flows information: | ||
Interest | 0 | 0 |
Income taxes | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Current Operations and Background There can be no assurance we will be able to carry out our development plans for our HCF technology. Our ability to pursue this strategy is subject to the availability of additional capital and further development of our HCF technology. We also need to finance the cost of effectively protecting our intellectual property rights in the United States (US) and abroad where we intend to market our technology and products. Going Concern Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements were prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with US GAAP was omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended March 31, 2015 included in our Annual Report on Form 10-K. The results of the three and nine months ended December 31, 2015 are not necessarily indicative of the results to be expected for the full year ending March 31, 2016. Use of Estimates Cash and Equivalents Accounts Receivable - Inventory Property and Equipment - Revenue Recognition - Cost of Goods Sold- Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of- Beneficial Conversion Features- Income Taxes Income Taxes. Stock-Based Compensation Foreign Currency Transactions Net Loss Per Share Concentration of Credit Risk Financial Instruments and Fair Value of Financial Instruments The standard describes three levels of inputs that may be used to measure FV: Level 1: Quoted prices in active markets for identical or similar assets and liabilities. Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the FV of the assets or liabilities. The Company evaluates embedded conversion features within convertible debt under ASC Topic 815, Derivatives and Hedging, Debt with Conversion and Other Options, Reclassifications Recent Accounting Pronouncements |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 9 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK | NOTE 2 - CONCENTRATION OF CREDIT RISK We maintain our cash balances in financial institutions that from time to time exceed amounts insured by the FDIC (up to $250,000, per financial institution as of December 31, 2015). As of December 31, 2015 and March 31, 2015, our deposits did not exceed insured amounts. We have not experienced any losses in such accounts and we believe we are not exposed to any credit risk on cash. Currently, we maintain a bank account in China. This account is not insured and we believe is exposed to credit risk on cash. |
DEPOSITS AND OTHER CURRENT ASSE
DEPOSITS AND OTHER CURRENT ASSETS | 9 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
DEPOSITS AND OTHER CURRENT ASSETS | NOTE 3 DEPOSITS AND OTHER CURRENT ASSETS Deposits and other current assets were $526,963 and $526,963 as of December 31, 2015 and March 31, 2015, respectively, and were comprised of the following: December 31, 2015 March 31, 2015 (Unaudited) (Audited) Inventory $ $ Shipping deposits 10,918 10,918 Mineral reserve deposits 516,045 516,045 Prepaid expenses Ending Balance $ 526,963 $ 526,963 |
FIXED ASSETS
FIXED ASSETS | 9 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | NOTE 4 FIXED ASSETS, NET Fixed assets, net consisted of the following: December 31, March 31, 2015 2015 (Unaudited) (Audited) Office equipment $ 5,013 $ 5,013 Vehicles 147,390 147,390 Equipment 391,118 391,118 Total fixed assets 543,521 543,521 Less accumulated depreciation (529,017 ) (414,185 ) Total fixed assets, net $ 14,504 $ 129,336 The depreciation expense for the three and nine months ended December 31, 2014 was $38,441 and $117,092, respectively. The depreciation expense for the three and nine months ended December 31, 2015 was $38,195 and $114,832, respectively. |
INTANGIBLE
INTANGIBLE | 9 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE | NOTE 5 INTANGIBLE ASSETS, NET We entered into an agreement with Beijing Pengchuang Technology Development Co. (Pengchuang), Ltd., an independent Chinese company, to purchase 50% of the intellectual property related to ultrafine particle processing. Pengchuang developed a highly efficient and low energy consumption grinding technology, which utilizes fluid shock waves to make ultrafine particles. This technology can be applied to the coal water slurry, solid lubricant and other material grinding processes. Through a joint development and ownership agreement, AuraSource will enrich its intellectual property portfolio, enabling the further development of AuraMetal, its HCF technology. AuraSource Qinzhou will utilize the particle grinding technology in its AuraMetal Qinzhou production line, as well as license it to others in non-related industries. The net intangibles were $707,464 and $733,463 as of December 31, 2015 and March 31, 2015. We issued 600,000 shares of common stock for the acquisition of certain intangibles. The shares issued in connection with $753,530 of the acquired intangibles were valued at $606,000 or $1.01 per share which was the share price on August 8, 2010, the acquisition date. The Company paid cash for the remainder of the amount due. The Company recorded $11,840 and $11,780 in amortization expense in the three months ended December 31, 2015 and 2014, respectively. The Company recorded $35,460 and $35,339 in amortization expense in the nine months ended December 31, 2015 and 2014, respectively. |
ACCOUNTS PAYABLE RELATED PARTIE
ACCOUNTS PAYABLE RELATED PARTIES | 9 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE RELATED PARTIES | NOTE 6 DUE TO RELATED PARTIES As of December 31, 2015 and March 31, 2015, $2,069,902 and $1,508,955, respectively, is owed to the officers and directors of the Company. As of December 31, 2015, $626,698 is from the advancement of expenses and $1,443,204 is for past due compensation. As of March 31, 2015, $169,949 is from the advancement of expenses and $1,339,006 is for past due compensation. |
NOTE PAYABLE
NOTE PAYABLE | 9 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
LOANS PAYABLE | NOTE 7 NOTE PAYABLE On December 31, 2012, the Company received $500,000 from Pelican Creek, LLC (Pelican Creek), a former related party who resigned in June 2014, and recorded the corresponding note as a current liability on the balance sheet. Our former director, Larry Kohler, manages Pelican Creek. As an inducement to receive this loan, the Company issued 1,250,000 shares of its common stock to Pelican Creek for the year ended March 31, 2012. The FV of the shares issued was $812,500 valued at $0.65 per share, using the closing price on the effective date of the agreement. The coupon interest on this note accrues daily on the outstanding principal amount at 8% per annum. On March 26, 2014, the Company issued 2,000,000 shares of common stock in exchange for the cancelation of a $500,000 note payable. As such, as of December 31, 2015, the Company accrued interest of $69,101 and remains in the note payable account with no conversion right. In December 31, 2014, we entered into a note payable for $63,357 which bears an interest rate of 6% per year as a settlement for previously due amounts recorded in accounts payable. The amount of interest as of December 31, 2015 is $2,850. The principle and interest are due on September 15, 2016. |
STOCK ISSUANCE
STOCK ISSUANCE | 9 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
STOCK ISSUANCE | NOTE 8 STOCK ISSUANCE On June 4, 2014, we issued 20,000 shares of the Company common stock for $6,000 at a share price of $0.30. On February 3, 2015, the Company issued 1,781,920 shares of its common stock at $0.20 per share for a total of $356,384. |
STOCK OPTIONS
STOCK OPTIONS | 9 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
STOCK OPTIONS | NOTE 9 - STOCK OPTIONS In January 2009, we granted 60,000 options to purchase shares of our common stock at $3.50 per share to members of our BOD. In April 2010, we granted an additional 60,000 options to purchase shares of our common stock at $1.00 per share to members of our BOD. The options vest quarterly and have an expiration period of 10 years. In April 2011, we granted an additional 60,000 options to purchase shares of our common stock at $0.75 per share to certain members of our BOD. The options vest quarterly and have an expiration period of 10 years. In February 2012, we granted an additional 2,850,000 options to purchase shares of our common stock at $0.28 per share to certain members of our BOD. The options will vest upon the Company earning $5 million in revenues. The options expire in 5 years. In April 2012, we granted an additional 60,000 options to purchase shares of our common stock at $0.27 per share to certain members of our BOD. In April 2013, we granted an additional 60,000 options to purchase shares of our common stock at $0.45 per share to certain members of our BOD. In January 2014, we granted 200,000 options to purchase shares of our common stock at $0.25 per share to certain our CEO and CFO. In April 2014, we granted an additional 60,000 options to purchase shares of our common stock at $0.50 per share to certain members of our BOD. In April 2014, we granted 200,000 options to purchase shares of our common stock at $0.25 per share to certain our CEO and CFO per their employment agreements. In July 2014, we granted 200,000 options to purchase shares of our common stock at $0.25 per share to certain our CEO and CFO per their employment agreements. In October 2014, we granted 200,000 options to purchase shares of our common stock at $0.25 per share to certain our CEO and CFO per their employment agreements. In January 2015, we granted 200,000 options to purchase shares of our common stock at $0.25 per share to certain our CEO and CFO per their employment agreements. In April 2015, we granted an additional 40,000 options to purchase shares of our common stock at $0.49 per share to certain members of our BOD. In April 2015, we granted 200,000 options to purchase shares of our common stock at $0.25 per share to certain our CEO and CFO per their employment agreements. In July 2015, we granted 200,000 options to purchase shares of our common stock at $0.25 per share to certain our CEO and CFO per their employment agreements. In October 2015, we granted 200,000 options to purchase shares of our common stock at $0.25 per share to certain our CEO and CFO per their employment agreements. We will record stock based compensation expense over the requisite service period, which in our case approximates the vesting period of the options. During the three and nine months ended December 31, 2015, the Company recorded $32,366 and $188,153 in compensation expense arising from the vesting of options, respectively. The Company assumed all stock options issued during the quarter will vest. Though these expenses result in a deferred tax benefit, we have a full valuation allowance against the deferred tax benefit. The Company adopted the detailed method provided in FASB ASC Topic 718, Compensation Stock Compensation, The fair value of each stock option granted is estimated on the grant date using the Black-Scholes option pricing model (BSOPM). The BSOPM has assumptions for risk free interest rates, dividends, stock volatility and expected life of an option grant. The risk free interest rate is based upon market yields for United States Treasury debt securities at a 7-year constant maturity. Dividend rates are based on the Companys dividend history. The stock volatility factor is based on the last 60 days of market prices prior to the grant date. The expected life of an option grant is based on managements estimate. The fair value of each option grant, as calculated by the BSOPM, is recognized as compensation expense on a straight-line basis over the vesting period of each stock option award. These assumptions were used to determine the FV of stock options granted: Dividend yield 0.0% Volatility 25% to 198% Average expected option life 2.5 to 5 years Risk-free interest rate 0.68% to 2.59% The following table summarizes activity in the Company's stock option grants for the three months ended December 31, 2015: Number of Shares Weighted Average Price Per Share Balance at March 31, 2014 3,350,000 $ 0.36 Granted 860,000 $ 0.25 Balance at March 31, 2015 4,210,000 $ 0.35 Granted 640,000 $ 0.25 Balance at December 31, 2015 4,850,000 $ 0.34 The following summarizes pricing and term information for options issued to employees and directors outstanding as of December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at December 31, 2015 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 2015 Weighted Average Exercise Price $3.50 60,000 3.25 $3.50 60,000 $3.50 $1.00 60,000 4.25 $1.00 60,000 $1.00 $0.75 60,000 5.25 $0.75 60,000 $0.75 $0.50 60,000 8.25 $0.50 60,000 $0.50 $0.49 40,000 9.25 $0.49 10,000 $0.49 $0.45 60,000 7.25 $0.45 60,000 $0.45 $0.28 2,850,000 1.88 $0.28 - - $0.27 60,000 6.25 $0.27 60,000 $0.28 $0.25 1,600,000 8.25 $0.25 1,600,000 $0.25 Balance at December 31, 2015 4,850,000 3.00 $0.345 1,925,000 $0.57 |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements were prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with US GAAP was omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended March 31, 2015 included in our Annual Report on Form 10-K. The results of the nine months ended December 31, 2015 are not necessarily indicative of the results to be expected for the full year ending March 31, 2016. |
Use of estimates | Use of Estimates ~ |
Accounts receivable | Accounts Receivable - ~ |
Cash and cash equivalents | Cash and Equivalents ~ |
Inventory | Inventory ~ |
Property and Equipment | Property and Equipment - ~ |
Revenue Recognition | Revenue Recognition - ~ |
Cost of goods sold | Cost of goods sold- Cost of goods sold includes cost of inventory sold during the period, net of discounts and allowances, freight and shipping costs, warranty and rework costs, and sales tax. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of- ~ |
Beneficial Conversion Features | Beneficial Conversion Features- ~ |
Income Taxes | Income Taxes Income Taxes. |
Stock based compensation | Stock-Based Compensation |
Foreign currency transactions | Foreign Currency Transactions ~ |
Net loss per share | Net Loss Per Share ~ |
Concentration of Credit Risk | Concentration of Credit Risk ~ |
Financial instruments and fair value of financial instruments | Financial Instruments and Fair Value of Financial Instruments The standard describes three levels of inputs that may be used to measure FV: Level 1: Quoted prices in active markets for identical or similar assets and liabilities. Level 2: Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the FV of the assets or liabilities. The Company evaluates embedded conversion features within convertible debt under ASC Topic 815, Derivatives and Hedging, Debt with Conversion and Other Options, |
Reclassifications | Reclassifications ~ |
DEPOSITS AND OTHER CURRENT AS16
DEPOSITS AND OTHER CURRENT ASSETS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Deposit Assets Disclosure [Abstract] | |
Deposits and other current assets | September 30, 2015 March 31, 2015 (Unaudited) (Audited) Inventory $ $ Shipping deposits 10,918 10,918 Mineral reserve deposits 516,045 516,045 Prepaid expenses Ending Balance $ 526,963 $ 526,963 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | September 30, March 31, 2015 2015 (Unaudited) (Audited) Office equipment $ 5,013 $ 5,013 Vehicles 147,390 147,390 Equipment 391,118 391,118 Total fixed assets 543,521 543,521 Less accumulated depreciation (529,017 ) (414,185 ) Total fixed assets, net $ 14,504 $ 129,336 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stock option grant | Number of Shares Weighted Average Price Per Share Balance at March 31, 2014 3,350,000 $ 0.36 Granted 860,000 $ 0.25 Balance at March 31, 2015 4,210,000 $ 0.35 Granted 640,000 $ 0.25 Balance at September 30, 2015 4,850,000 $ 0.34 |
Price and term share based compensation | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at September 30, 2015 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at September 30, 2015 Weighted Average Exercise Price $3.50 60,000 3.25 $3.50 60,000 $3.50 $1.00 60,000 4.25 $1.00 60,000 $1.00 $0.75 60,000 5.25 $0.75 60,000 $0.75 $0.50 60,000 8.25 $0.50 60,000 $0.50 $0.49 40,000 9.25 $0.49 10,000 $0.49 $0.45 60,000 7.25 $0.45 60,000 $0.45 $0.28 2,850,000 1.88 $0.28 - - $0.27 60,000 6.25 $0.27 60,000 $0.28 $0.25 1,600,000 8.25 $0.25 1,600,000 $0.25 Balance at September 30, 2015 4,850,000 3.00 $0.345 1,925,000 $0.57 |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Notes to Financial Statements | ||
Retained earnings accumulated deficit | $ (13,276,122) | $ (12,396,156) |
DEPOSITS AND OTHER CURRENT AS20
DEPOSITS AND OTHER CURRENT ASSETS (Details Narrative) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Inventory | $ 0 | $ 0 |
Shipping deposits | 10,918 | 10,918 |
Mineral reserve deposits | 516,045 | 516,045 |
Prepaid expenses | 0 | 0 |
Prepaid expenses | $ 526,963 | $ 526,963 |
FIXED ASSETS - FIXED ASSETS (De
FIXED ASSETS - FIXED ASSETS (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Office equipment | $ 5,013 | $ 5,013 |
Vehicles | 147,390 | 147,390 |
Equipment | 391,118 | 391,118 |
Total fixed assets | 543,521 | 543,521 |
Less: accumulated depreciation | (529,018) | (414,185) |
Total fixed assets, net | $ 14,503 | $ 129,336 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||||
depreciation expense | $ 38,195 | $ 38,441 | $ 114,832 | $ 117,092 |
INTANGIBLE (Details Narrative)
INTANGIBLE (Details Narrative) - USD ($) | 9 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Aug. 08, 2010 | |
Notes to Financial Statements | ||||
Intangible assets, net | $ 707,464 | $ 733,463 | ||
Common stock value | 60,206 | 60,206 | $ 606,000 | |
Paid intangibles | 0 | $ 9,231 | $ 147,530 | |
Intangible amortization | $ 23,559 | $ 23,620 |
DUE TO RELATED PARTIES (Details
DUE TO RELATED PARTIES (Details Narrative) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Notes to Financial Statements | ||
Accounts payable related parties | $ 2,069,902 | $ 1,508,955 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Debt Disclosure [Abstract] | ||
Interest payable | $ 69,101 | $ 69,101 |
STOCK OPTIONS - STOCK OPTIONS (
STOCK OPTIONS - STOCK OPTIONS (Details) - USD ($) | 9 Months Ended | ||||||||||||||
Dec. 31, 2015 | Jul. 02, 2015 | Apr. 02, 2015 | Mar. 31, 2015 | Jan. 02, 2015 | Oct. 02, 2014 | Jul. 02, 2014 | Apr. 02, 2014 | Jan. 02, 2014 | Apr. 02, 2013 | Apr. 02, 2012 | Feb. 15, 2012 | Apr. 02, 2011 | Apr. 02, 2010 | Jan. 01, 2009 | |
Notes to Financial Statements | |||||||||||||||
Number of Options | 4,850,000 | 200,000 | 240,000 | 4,210,000 | 200,000 | 200,000 | 200,000 | 260,000 | 200,000 | 60,000 | 60,000 | 2,850,000 | 60,000 | 60,000 | 60,000 |
Weighted Average Price Per Share | $ .34 | $ .35 | |||||||||||||
Options granted | $ 640,000 | ||||||||||||||
Option exercise price | $ .25 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - $ / shares | Dec. 31, 2015 | Jul. 02, 2015 | Apr. 02, 2015 | Mar. 31, 2015 | Jan. 02, 2015 | Oct. 02, 2014 | Jul. 02, 2014 | Apr. 02, 2014 | Jan. 02, 2014 | Apr. 02, 2013 | Apr. 02, 2012 | Feb. 15, 2012 | Apr. 02, 2011 | Apr. 02, 2010 | Jan. 01, 2009 |
Notes to Financial Statements | |||||||||||||||
Options granted | 4,850,000 | 200,000 | 240,000 | 4,210,000 | 200,000 | 200,000 | 200,000 | 260,000 | 200,000 | 60,000 | 60,000 | 2,850,000 | 60,000 | 60,000 | 60,000 |
Exercise price of options | $ 0.25 | $ .25 | $ .25 | $ .25 | $ .25 | $ .25 | $ .25 | $ .26 | $ 0.27 | $ 0.28 | $ 0.75 | $ 1 | $ 3.50 |