Pacific Gold & Royalty 10-Q/A 13 Mar 17 2015 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2015	Dec. 15, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	PACIFIC GOLD CORP.
Entity Central Index Key	1,137,855
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,269,909,409

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and Cash Equivalents	$ 102	$ 52,018
Total Current Assets	102	52,018
Mineral Rights, Plant and Equipment
Plant and Equipment, net	71,789	128,338
Water Rights and Wells	90,000	90,000
Land	13,670	13,670
Total Mineral Rights, Plant and Equipment, net	175,459	232,008
Other Assets:
Reclamation Bond	197,938	197,938
Total Other Assets	197,938	197,938
TOTAL ASSETS	373,499	481,964
Current Liabilities:
Accounts Payable	903,645	890,240
Accrued Expenses	304,688	238,252
Deferred Rent	10,000	0
Total Current Liabilities	1,218,333	1,128,492
Long Term Liabilities:
Accrued Interest - Promissory Notes	27,336	13,584
Convertible Promissory Notes, long - term portion	265,000	265,000
Accrued Interest - Related Party Notes Payable	157,311	113,263
Convertible Related Party Notes Payable - long - term portion, net of discount	1,562,087	1,179,500
Total Liabilities	3,230,067	2,699,839
Stockholders' Deficit:
Preferred Stock - $0.001 par value; 5,000,000 shares authorized, 300,000 shares issued and outstanding at June 30, 2015 and December 31, 2014	300	300
Common Stock - $0.0000000001 par value; 10,000,000,000 shares authorized, 4,269,909,409 and 3,644,909,409 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	0	0
Additional Paid-in Capital	44,618,725	44,556,225
Non - Controlling Interests	0	0
Accumulated Deficit	(47,475,593)	(46,774,400)
Total Stockholders' Deficit	(2,856,568)	(2,217,875)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 373,499	$ 481,964

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred Stock par value	$ 0.001	$ 0.001
Preferred Stock shares authorized	5,000,000	5,000,000
Preferred Stock shares issued	300,000	300,000
Preferred Stock shares outstanding	300,000	300,000
Common Stock par value	$ 0.000	$ 0.000
Common Stock shares authorized	10,000,000,000	10,000,000,000
Common Stock shares issued	4,269,909,409	4,269,909,409
Common Stock shares outstanding	3,644,909,409	3,644,909,409

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Total Revenue	$ 0	$ 0	$ 0	$ 0
Production Costs
Depreciation	22,080	26,647	47,366	53,263
Gross Margin	(22,080)	(26,647)	(47,366)	(53,263)
Operating Expenses:
General and Administrative	118,622	136,853	230,562	382,413
Total Operating Expenses	118,622	136,853	230,562	382,413
Loss from Operations	(140,702)	(163,500)	(277,928)	(435,676)
Other Income (Expenses)
Gain (Loss) on Extinguishment of Debt	0	29,015	0	32,194
Change in Fair Value of Derivative Liability	0	(65,348)	0	72,841
Sub Lease Rents	5,000	0	10,000	40,000
Imputed Interest Income	0	5,783	0	13,984
Foreign Exchange Gain (Loss)	(147)	(1,430)	970	181
Gain (Loss) on Sale of Equipment	0	0	(1,433)	0
Bad Debt Expense	0	(244,217)	0	(244,217)
Interest Expense	(60,687)	(141,805)	(120,300)	(268,503)
Amortization of Debt Discount	(156,250)	(116,483)	(312,500)	(204,929)
Total Other Income (Expenses)	(212,084)	(534,485)	(423,263)	(558,449)
Net Loss Before Non Controlling Interests	(352,786)	(697,985)	(701,191)	(994,125)
Less: Loss Attributable to Non - Controlling Interests	0	(2,333)	0	(7,770)
Net Loss	$ (352,786)	$ (695,652)	$ (701,191)	$ (986,355)
Basic and Diluted Loss per Share	$ (0.00008)	$ (0.00063)	$ (0.0002)	$ (0.0013)
Weighted Average Shares Outstanding:
Basic and Diluted	4,269,909,409	1,101,403,147	4,186,892,219	759,395,664

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (701,191)	$ (986,355)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities
Depreciation and Depletion	47,366	53,263
Loss Attributable to Non - Controlling Interests	0	(7,770)
Imputed Interest Income	0	(13,984)
Bad Debt Expense	0	244,217
Non-cash Portion of Interest on Convertible Debt	0	161,162
(Gain) Loss on Sales of Assets	1,433	0
(Gain) Loss on Extinguishment of Debt	0	(32,194)
Deferred Rent	10,000	0
Amortization of Debt Discount	312,500	204,929
Change in Fair Value of Derivative Liability	0	(72,841)
Changes in:
Prepaid Expenses	0	4,709
Accounts Payable	13,403	(20,876)
Accrued Expenses	66,436	(167,967)
Accrued Interest	120,300	107,166
NET CASH USED IN OPERATING ACTIVITIES	(129,753)	(526,541)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases and Development of Property Plant, Equipment and Mineral Rights	0	(36,000)
Proceeds from Sale of Assets	7,750	600,000
NET CASH USED IN INVESTING ACTIVITIES	7,750	564,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Related Party Notes Payable	(15,793)	(181,500)
Proceeds from Related Party Notes Payable	85,880	95,835
Proceeds from Promissory Notes	0	95,000
Payment on Convertible Notes	0	(32,200)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	70,087	(22,865)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(51,916)	14,594
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	52,018	2,020
CASH AND CASH EQUIVALENTS AT END OF PERIOD	102	16,614
Non-cash financing and investing activities:
Accrued Interest added to Note Principal	0	433,484
Conversion of Notes Payable into Common Stock	0	249,858
Assignment of Portion of Promissory Note to Convertible Note	0	100,000
Assignment of Portion of Related Party Notes to Convertible Note	0	90,000
Conversion of Accrued Interest into Common Stock	62,500	7,035
Subsidiary Shares Issued for Purchase of Intangibles	$ 0	$ 2,500

- SUMMARY OF SIGNIFICANT ACCOUN

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION [Abstract]
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Pacific Gold Corp. (“Pacific Gold” or the “Company”) was originally incorporated in Nevada on December 31, 1996 under the name of Demand Financial International, Ltd. On October 3, 2002, Demand Financial International, Ltd. changed its name to Blue Fish Entertainment, Inc. On August 5, 2003, the name was changed to Pacific Gold Corp. Pacific Gold is engaged in the identification, acquisition, and development of prospects believed to have gold, vanadium, uranium, and tungsten mineral deposits. Pacific Gold currently owns mining claims and royalties on mining property in Nevada and Colorado. Basis of Presentation These unaudited condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States ("GAAP"), and are expressed in U.S. dollars. The Company's fiscal year-end is December 31. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and footnotes as of and for the year ended December 31, 2014, which were filed with the Company's annual report Form 10-K on January 28, 2016. The results of operations for the six months ended June 30, 2015 are not necessarily indicative of results that may be expected for the year ending December 31, 2015 or for any other interim period. Principle of Consolidation The consolidated financial statements include all of the accounts of Pacific Gold Corp., and its wholly-owned subsidiaries, Nevada Rae Gold, Inc., and Fernley Gold, Inc. All significant inter-company accounts and transactions have been eliminated. Reclassification of Accounts Certain accounts in the prior period have been reclassified to conform to the current year presentation. Significant Accounting Principles Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the consolidated financial statements are published, and (iii) the reported amount of net sales, expenses and costs recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of consolidated financial statements; accordingly, actual results could differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At June 30, 2015 and December 31, 2014, cash includes cash on hand and cash in the bank. Revenue Recognition Pacific Gold recognizes revenue from the sale of minerals when persuasive evidence of an arrangement exists, services have been rendered, the sales price is fixed or determinable, and collection is reasonably assured, which is determined when it places a sale order of gold from its inventory on hand with the refinery. Property and Equipment Property and equipment are valued at cost. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of the assets, which are 2 to 10 years. Mineral Rights All mine-related costs, other than acquisition costs, are expensed prior to the establishment of proven or probable reserves. Reserves designated as proven and probable are supported by a final feasibility study, indicating that the reserves have had the requisite geologic, technical and economic work performed and are legally extractable at the time of reserve determination. Once proven or probable reserves are established, all development and other site-specific costs are capitalized. Capitalized development costs and production facilities are depleted using the units-of-production method based on the estimated gold which can be recovered from the ore reserves processed. There has been no change to the estimate of proven and probable reserves. Lease development costs for non-producing properties are amortized over their remaining lease term if limited. Maintenance and repairs are charged to expense as incurred. As per Industry Guide 7, there are no proven or probable reserves. Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost-carrying value of an asset may no longer be appropriate. Pacific Gold assesses recoverability of the carrying value of the asset by estimating the undiscounted future net cash flows, which depend on estimates of metals to be recovered from proven and probable ore reserves, and also identified resources beyond proven and probable reserves, future production costs and future metals prices over the estimated remaining mine life. If undiscounted cash flows are less than the carrying value of a property, an impairment loss is recognized based upon the estimated expected future net cash flows from the property discounted at an interest rate commensurate with the risk involved. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value. The fair value of an asset retirement obligation is recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The present value of the estimated asset retirement costs is capitalized as part of the carrying amount of the long-lived asset. For Pacific Gold, asset retirement obligations primarily relate to the abandonment of ore-producing property and facilities. The Company reviews the carrying value of its interest in each group of mineral claims owned by its subsidiaries on an annual basis to determine whether impairment has incurred in the claim value. The Company evaluates the mineral claim values based on one of four criteria; cash flow projection, geological reports, asset sale and option agreements, and comparative market analysis including public market value. Where information and conditions suggest impairment, the Company writes-down these properties to the lowest estimated value based on its evaluation criteria. The estimate of gold price, mineralized materials, operating capital, and reclamation costs are subject to risks and uncertainties affecting the recoverability of investment in property, plant, and equipment. Although the Company has made its best estimate of these factors based on current conditions, it is possible that changes could occur in the near term that could adversely affect the estimate of net cash flows expected to be generated from operating properties and the need for possible asset impairment write-downs. Where estimates of future net operating cash flows are not available and where other conditions suggest impairment, the Company assesses if carrying value can be recovered from net cash flows generated by the sale of the asset or other means. Income Taxes In accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, Pacific Gold recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. Loss per Share The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the quarter ended June 30, 2015 potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. As of June 30, 2015 and December 31, 2014, the Company had 12,632,500,000 and 25,388,473,000 , respectively, of potentially dilutive common stock equivalents. Advertising The Company's policy is to expense advertising costs as incurred. For the six months ended June 30, 2015 and 2014, the Company incurred $51 and $461, respectively, in advertising costs. Environmental Remediation Liability The Company has posted a bond with the State of Nevada in the amount required by the State of Nevada equal to the maximum cost to reclaim land disturbed in its mining process. The bond requires a quarterly premium to be paid to the State of Nevada Division of Minerals. The Company is current on all payments. Due to its investment in the bond and the close monitoring of the State of Nevada, the Company believes that it has adequately mitigated any liability that could be incurred by the Company to reclaim lands disturbed in its mining process. Financial Instruments The Company's financial instruments, when valued using market interest rates, would not be materially different from the amounts presented in the consolidated financial statements. Convertible Debentures Convertible debt is accounted for under ASC 470-20, Debt - Debt with Conversion and Other Options . The Company records a beneficial conversion feature (BCF) related to the issuance of convertible debt that have conversion features at fixed or adjustable rates that are in-the-money when issued and records the fair value of warrants issued with those instruments. The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to warrants and as a reduction to the carrying amount of the convertible instrument equal to the intrinsic value of the conversion features, both of which are credited to paid-in-capital. The Company calculates the fair value of warrants issued with the convertible instruments using the Black-Scholes valuation method, using the same assumptions used for valuing employee options for purposes of following ASC Topic 718 Compensation - Stock Compensation , except that the contractual life of the warrant is used. Under these guidelines, the Company allocates the value of the proceeds received from a convertible debt transaction between the conversion feature and any other detachable instruments (such as warrants) on a relative fair value basis. The allocated fair value is recorded as a debt discount or premium and is amortized over the expected term of the convertible debt to interest expense. For a conversion price change of a convertible debt issue, the additional intrinsic value of the debt conversion feature, calculated as the number of additional shares issuable due to a conversion price change multiplied by the previous conversion price, is recorded as additional debt discount and amortized over the remaining life of the debt. The Company accounts for modifications of its Embedded Conversion Features in accordance with ASC 470-50, Debt - Modifications and Extinguishments, which requires the modification of a convertible debt instrument that changes the fair value of an embedded conversion feature and the subsequent recognition of interest expense or the associated debt instrument when the modification does not result in a debt extinguishment pursuant to ASC 470-50-40 , Debt - Modification and Extinguishments - Derecognition . Derivative Liability Related to Convertible Notes The derivative liability related to convertible notes and warrants arises because the conversion price of the Company's convertible notes is discounted from the market price of the Company's common stock. Thus, the number of shares that may be issued upon conversion of such notes is indeterminate, which gives rise to the possibility that the Company may not be able to fully settle its convertible note and warrant obligations by the issuance of common stock. The derivative liability related to convertible notes and warrants is adjusted to fair value as of each date that a note is converted or a warrant is exercised, as well as at each reporting date, using the Black-Scholes pricing model. Any change in fair value between reporting dates that arises because of changes in market conditions is recognized as a gain or loss. To the extent the derivative liability is reduced as a consequence of the conversion of notes or the exercise of warrants, such reduction is recognized as additional paid-in capital as of the conversion or exercise date. Stock Based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation which requires that the fair value compensation cost relating to share-based payment transactions be recognized in the consolidated financial statements. Share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized over the employee's requisite service period, which is generally the vesting period. The fair value of the Company's stock options is estimated using a Black-Scholes option valuation model. There were no stock options granted during the three months ended March 31, 2015 or 2014. Recently Issued Accounting Pronouncements The Company does not expect the adoption of any other recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow.

- INTERIM FINANCIAL STATEMENTS

- INTERIM FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2015
- INTERIM FINANCIAL STATEMENTS [Abstract]
- INTERIM FINANCIAL STATEMENTS	NOTE 2 - INTERIM FINANCIAL STATEMENTS The accompanying interim unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

- MINERAL RIGHTS

- MINERAL RIGHTS	6 Months Ended
	Jun. 30, 2015
- MINERAL RIGHTS [Abstract]
- MINERAL RIGHTS	NOTE 3 - MINERAL RIGHTS Pilot Mountain Resources Royalty On February 10, 2011, our prior subsidiary Pilot Mountain Resources Inc. (“PMR”) entered into an Option and Asset Sale Agreement (“Agreement”) with Pilot Metals Inc., a subsidiary of Black Fire Minerals of Australia, whereby Pilot Metals secured an option on the Project W Tungsten claims. Pilot Metals exercised their purchase option and subsequently transferred their interest in Project W to Thor Mining LLC. Upon the commencement of commercial mining, Pacific Gold is owed a final payment of $1,500,000 subject to a 15% share of any payments being made to Platoro West, Inc.

- PLANT AND EQUIPMENT

- PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2015
- PLANT AND EQUIPMENT [Abstract]
- PLANT AND EQUIPMENT	NOTE 4 - PLANT AND EQUIPMENT Plant and equipment at June 30, 2015 and December 31, 2014, consisted of the following: PLANT AND EQUIPMENT June 30, 2015 December 31, 2014 Building $ 720,355 $ 720,355 Accumulated Depreciation (718,519) (701,596) Equipment 898,038 917,038 Accumulated Depreciation (828,086) (807,459) $ 71,789 $ 128,338 Depreciation expense was $22,080 and $26,647, for the three months ended June 30, 2015 and June 30, 2014, respectively. Depreciation expense was $47,366 and $53,263 for the six months ended June 30, 2015 and June 30, 2014, respectively.

- SHAREHOLDER NOTE PAYABLE_RELA

- SHAREHOLDER NOTE PAYABLE/RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
- SHAREHOLDER NOTE PAYABLE/RELATED PARTY TRANSACTIONS [Abstract]
- SHAREHOLDER NOTE PAYABLE/RELATED PARTY TRANSACTIONS	NOTE 5 - SHAREHOLDER NOTE PAYABLE/RELATED PARTY TRANSACTIONS As of June 30, 2015, Pacific Gold owes $1,235,086 in principal and $58,614 in accrued interest to a company owned by the Chief Executive Officer. The amount due is represented by a promissory note accruing interest at 10% per year. The note is due on June 30, 2016 and is convertible into shares of common stock of Pacific Gold at $0.0001 per share. For the quarter ended June 30, 2015, the Company received $48,880 in additional proceeds and have paid $3,293 towards the balance. The note is presented net of $625,000 in discount. As of June 30, 2015, Pacific Gold owes a total of $952,000 in principal and $98,697 in accrued interest to a related party of our Chief Executive Officer. The amount due is represented by promissory notes accruing interest at 10% per year and due on June 30, 2016 and is convertible into shares of common stock of Pacific Gold at $0.01 per share . Compensation for Robert Landau's services as CEO is Paid to Leveljump Inc. a Company that Mr. Landau controls. An officer of the Company has provided office space to the Company without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the consolidated financial statements and accordingly are not reflected herein.

- PROMISSORY NOTES

- PROMISSORY NOTES	6 Months Ended
	Jun. 30, 2015
- PROMISSORY NOTES [Abstract]
- PROMISSORY NOTES	NOTE 6 - PROMISSORY NOTES The notes accrue interest at a rate of 10% per annum and are due on June 30, 2016. As of June 30, 2015 there was a principal balance of $265,000 and $27,336 in accrued interest and is convertible into shares of common stock of Pacific Gold at $0.01 per share .

- COMMON STOCK AND PREFERRED ST

- COMMON STOCK AND PREFERRED STOCK	6 Months Ended
	Jun. 30, 2015
- COMMON STOCK AND PREFERRED STOCK [Abstract]
- COMMON STOCK AND PREFERRED STOCK	NOTE 7 - COMMON STOCK AND PREFERRED STOCK In the quarter ended March 31, 2015, 625,000,000 shares of common stock were issued in exchange for $62,500 of a related party convertible promissory note. In 2014, 3,499,064,577 common shares were issued for $354,344 in principal and $9,084 in interest on the conversion of convertible notes.

- OPERATING LEASES

- OPERATING LEASES	6 Months Ended
	Jun. 30, 2015
- OPERATING LEASES [Abstract]
- OPERATING LEASES	NOTE 8 - OPERATING LEASES The Company has leased approximately 440 acres of privately owned land adjacent to its staked prospects from Corporate Creditors Committee LLC, by lease dated October 1, 2003. The Company paid an advance royalty of $7,500 for the first year, which amount is increased by $2,500 in each of the next five years to be $20,000 in the sixth year. For the last four years of the lease, the advance royalty is $20,000 per year. The lease was renewed in 2012, and the new annual advance royalty is $20,000. The advance royalty is credited to and recoverable from the production rental amounts. The royalty is the greater of a 4% net smelter royalty or $0.50 per yard of material processed. The lease is for 10 years. In 2011, Nevada Rae Gold (“NRG”) entered into a lease agreement to lease a 100% interest in 45 mining claims covering approximately 2,000 acres in Lander County, Nevada. The lease calls for NRG to pay the claim owners a gross royalty of 4% on gold sales or $0.50 per yard of gravels mined, whichever is greater. NRG will be required to make annual minimum advance royalty payments of $20,000. The term of the lease is for 10 years with an option for NRG to extend the term for a further 10 years. On January 8, 2014, NRG, signed a sub-lease for ten mining claims to permit exploration and mining for barite. The lease is for a period of 8 years. The lease, as amended, provides that NRG will receive an initial payment of $40,000, advance annual payments of $20,000 per year and provides for royalty payments to NRG of $2.00 per yard of processed barite. The rights under the lease exclude any recovery of gold mineralizations. The lease requires the lease holder to provide bonding and other regulatory deposits in respect of its mining activities to satisfy state and federal requirements and indemnification of the Company for breaches of the lease. The lease is subject to the over-lease held by NRG, and NRG is required to pay the holder of the over-lease $10,000 per year plus $0.50 per yard of barite processed. The following is a schedule by years of future minimum lease payments required under operating leases that have initial or remaining non-cancellable lease terms in excess of one year as of June 30, 2015: Year ended Total December 31, 2015 $ 50,000 December 31, 2016 50,000 December 31, 2017 50,000 December 31, 2018 50,000 December 31, 2019 50,000 Thereafter 110,000 Total $ 360,000 Nevada Rae Gold has a lease for its mobile office at a cost of approximately $407 per month. This lease was accounted for as an operating lease on a month to month basis. Rental Expense for the six months ended June 30, 2015 and June 30, 2014 was $2,442.

- LEGAL PROCEEDINGS

- LEGAL PROCEEDINGS	6 Months Ended
	Jun. 30, 2015
- LEGAL PROCEEDINGS [Abstract]
- LEGAL PROCEEDINGS	NOTE 9 - LEGAL PROCEEDINGS A subsidiary of the Company, (“NRG”), has an outstanding payroll tax obligation to the Internal Revenue Service. The IRS has asserted that approximately $188,352 is owed at this time. The IRS has filed a general lien on all the properties of Nevada Rae, and is taking steps to enforce the liens and collect the funds owed. The enforcement actions will include seeking and taking any funds that are in the company's bank accounts, causing any persons owing funds to Nevada Rea to direct the funds to the IRS, and taking possession of assets of Nevada Rae and selling them. These actions would be disruptive to the operations of the Company and the subsidiary and may impair the ability of Nevada Rae to operate. In that event, Nevada Rae will be unable to generate any revenues and the financial position of the Company will be severely impaired and the Company may have to curtail its subsidiary's operations or put the subsidiary into receivership.

- GOING CONCERN

- GOING CONCERN	6 Months Ended
	Jun. 30, 2015
- GOING CONCERN [Abstract]
- GOING CONCERN	NOTE 10 - GOING CONCERN The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of June 30, 2015, the Company had an accumulated deficit of $47,475,593, negative working capital of $1,218,231, and negative cash flows from the six months ended June 30, 2015 of $51,916, raising substantial doubt about its ability to continue as a going concern. During the six months ended June 30, 2015, the company financed its operations through the sale of securities, proceeds received from sale of mining claims, and issuance of debt. Management's plan to address the Company's ability to continue as a going concern includes obtaining additional funding from the sale of the Company's securities and establishing revenues. Although management believes that it will be able to obtain the necessary funding to allow the Company to remain a going concern through the methods discussed above, there can be no assurances that such methods will prove successful. Should we be unsuccessful, the Company may need to discontinue its operations.

- SUBSEQUENT EVENTS

- SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
- SUBSEQUENT EVENTS [Abstract]
- SUBSEQUENT EVENTS	NOTE 11 - SUBSEQUENT EVENTS On July 15, 2015, the Company sold all of its interest in NRG and the Black Rock Canyon Mine for the following consideration: $300,000, which was all used to satisfy some of the immediate accounts payable of NRG; $100,000 due to the Company on July 15, 2016; and a royalty of 4% on all NRG gold sales up to a maximum total royalty payments of $720,000. The royalty payments can be bought out by the purchaser for $500,000 any time prior to July 15, 2016. All of the payments are subject to a 10% finder's fee which has not yet been paid. On August 26, 2015, the Company let lapse all of its mining rights to the Butcher Boy claims that it leased under a lease agreement held through Fernley Gold. These claims reverted to the claim holders, and the Company will write off the value of the leased interests in its financial statements. On August 31, 2015, the Company acquired the Graysill Mining claims for no consideration, but assumed the annual claims registration fees. These claims had been previously owned by its subsidiary company, Pacific Metals Corp. The Company evaluated subsequent events through the date the consolidated financial statements were issued.