Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Jul. 16, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Pacific Gold & Royalty Corp. | |
Entity Central Index Key | 1,137,855 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
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 Common Stock, Shares Outstanding | 8,944,909,409 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and Cash Equivalents | $ 0 | $ 58,538 |
Amounts Receivable for Assets Sale | 0 | 0 |
Total Current Assets | 0 | 58,538 |
Total Assets | 0 | 58,538 |
Current Liabilities | ||
Accounts Payable | 396,508 | 396,641 |
Accrued Expenses | 222,578 | 264,420 |
Total Current Liabilities | 619,086 | 661,061 |
Long Term Liabilities | ||
Accrued Interest - Promissory Notes | 55,965 | 47,970 |
Promissory Notes, Long-Term Portion | 319,840 | 319,840 |
Accrued Interest - Related Party Notes Payable | 360,561 | 339,267 |
Related Party Notes Payable - Long-Term Portion | 2,444,044 | 2,451,844 |
Total Liabilities | 3,799,496 | 3,819,982 |
Stockholders' Deficit: | ||
Preferred Stock | 0 | 0 |
Common Stock | 0 | 0 |
Additional Paid-In Capital | 44,789,026 | 44,789,026 |
Accumulated Deficit | (48,588,522) | (48,550,470) |
Total Stockholders' Deficit | (3,799,496) | (3,761,444) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 58,538 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value in dollars | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value in dollars | $ 0.000 | $ 0.000 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 8,944,909,409 | 4,469,909,409 |
Common stock, shares outstanding | 8,944,909,409 | 4,469,909,409 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 0 |
Production Costs: | ||
Depreciation | 0 | 0 |
Gross Margin | 0 | 0 |
Operating Expenses: | ||
General and Administrative | 14,605 | 16,742 |
Mining claims | 0 | 0 |
Total Operating Expenses | 14,605 | 16,742 |
Loss from Operations | (14,605) | (16,742) |
Other Income (Expenses) | ||
Gain (Loss) on Extinguishment of Debt | 0 | 0 |
Gain (Loss) on Sale of Royalty | 0 | 0 |
Change in Fair Value of Derivative Liability | 0 | 0 |
Gain (Loss) on Sale of Mining Claims | 45,842 | 0 |
Imputed Interest Income | 0 | 0 |
Foreign Exchange Gain (Loss) | 0 | 0 |
Other Income | 0 | 0 |
Gain (Loss) on Sale of Equipment | 0 | 0 |
Bad Debt Expense | 0 | 0 |
Interest expense | (69,290) | (72,854) |
Impairment Loss | 0 | 0 |
Amortization of Debt Discount | 0 | 0 |
Total Other Income (Expenses) | (23,448) | (72,854) |
Net Loss | $ (38,053) | $ (89,596) |
Basic and Diluted Loss per Share | $ (0.000004) | $ (0.00002) |
Weighted Average Shares Outstanding - Basic and Diluted | 8,944,909,409 | 4,370,455,857 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ (38,053) | $ (89,596) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Depreciation and Depletion | 0 | 0 |
Imputed Interest Income | 0 | 0 |
Bad Debt Expense | 0 | 0 |
Non-cash Portion of Interest on Convertible Debt | 0 | 0 |
Issuance of Stock for Services | 0 | 0 |
Asset Write Down | 0 | 0 |
Asset Impairment Loss | 0 | 0 |
(Gain) Loss on Sales of Assets | 0 | 0 |
Gain on disposal of Subsidiary | 0 | 0 |
(Gain) Loss on Extinguishment of Debt | 0 | 0 |
Deferred Rent | 0 | 0 |
Amortization of Debt Discount | 0 | 0 |
Changes in: | ||
Inventory | 0 | 0 |
Amounts Receivable on Assets Sale | 0 | 0 |
Prepaid Expenses | 0 | 0 |
Accounts Payable | (133) | 4,652 |
Accrued Expenses, Related Party Salary and Expenses | (45,842) | 0 |
Accrued Expenses | (41,842) | 12,000 |
Accrued Interest | 29,289 | 72,854 |
NET CASH USED IN OPERATING ACTIVITIES | (96,581) | (91) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases and Development of Property Plant, Equipment and Mineral Rights | 0 | 0 |
Investment in Reclamation Bond | 0 | 0 |
Net Change in Deposits | 0 | 0 |
Proceeds from Sale of Subsidiary | 0 | 0 |
Proceeds from Sale of Mining Claims | 45,842 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | 45,842 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments on Related Party Notes Payable | (7,800) | 0 |
Proceeds from Related Party Notes Payable | 0 | 0 |
Proceeds from Promissory Notes | 0 | 0 |
Payment on Convertible Notes | 0 | 0 |
Proceeds from Convertible Notes | 0 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | (7,800) | 0 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (58,539) | (91) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 58,538 | 229 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0 | 138 |
Cash paid during the year for: | ||
Interest | 0 | 0 |
Income Taxes | 0 | 0 |
Non-cash financing and investing activities: | ||
Change in and accelerated amortization of derivative liability on conversion | 0 | 0 |
Accrued Interest added to Note Principal | 0 | 0 |
Conversion of Related Party Notes Payable into Common Stock | 0 | 0 |
Assignment of Portion of Promissory Note to Convertible Note | 0 | 0 |
Assignment of Portion of Related Party Notes to Convertible Note | 0 | 0 |
Conversion of Accrued Interest into Common Stock | 0 | 0 |
Conversion of Related Party Notes into Preferred Shares | 0 | 0 |
Amounts Receivable for Assets Sale | 0 | 0 |
Deemed Dividend related to Conversion of Debt to Preferred Shares | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies and Basis of Presentation | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Pacific Gold & Royalty 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. On August 22, 2017 the name was changed to Pacific Gold & Royalty Corp. and the Company’s state of incorporation was moved to Wyoming additionally the Company changed its authorized common shares to 50,000,000,000 and changed its common share par value to $0.00001. 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 royalties on mining property in Nevada and Colorado. Basis of Presentation These 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. Principle of Consolidation The consolidated financial statements include all of the accounts of Pacific Gold & Royalty Corp. 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 March 31, 2018 and December 31, 2017 cash includes cash in the bank. 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. 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 as of March 31, 2018. 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 years ended December 31, 2017 and 2016, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. As of March 31, 2018 and December 31, 2017, respectively, the Company had 15,129,677,300 and 15,129,677,300 of potentially dilutive common stock equivalents. Advertising The Company’s policy is to expense advertising costs as incurred. For the three months ended March 31, 2018 and 2017, the Company incurred $0 and $0, respectively, in advertising costs. 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. 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, 2018 or 2017. 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. |
Mineral Rights
Mineral Rights | 3 Months Ended |
Mar. 31, 2018 | |
Extractive Industries [Abstract] | |
Mineral Rights | NOTE 2 – MINERAL RIGHTS Graysill Claims On March 17 th Pilot Mountain Resources Royalty On November 22, 2017, the Company executed an Agreement with Pilot Metals Inc. to sell its remaining royalty interest in Project W for $125,000. Black Rock Canyon Mine The Company holds a royalty on gold produced from the Black Rock Canyon Mine, located in Crescent Valley, NV, at a rate of 4% of net gold sales. |
Shareholder Note Payable _ Rela
Shareholder Note Payable / Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Shareholder Note Payable / Related Party Transactions | NOTE 3 – SHAREHOLDER NOTE PAYABLE/RELATED PARTY TRANSACTIONS As of March 31, 2018, Pacific Gold owes $1,318,151 in principal and $163,539 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 with a maturity date of June 30, 2019 and is convertible into shares of common stock of Pacific Gold at $0.0001 per share. As of December 31, 2017, the balance on the note was $1,325,951 in principal and $170,391 in accrued interest. As of March 31, 2018, Pacific Gold owes a total of $1,125,893 in principal and $197,022 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 with a maturity date of June 30, 2019 and is convertible into shares of common stock of Pacific Gold at $0.01 per share. As of December 31, 2017, the balance on the note was $1,125,893 in principal and $168,876 in accrued interest. Compensation for Robert Landau’s services as CEO is Paid to Leveljump Inc., a company that Mr. Landau controls. As of March 31, 2018, Pacific gold owes $105,587 to its CEO for accrued and unpaid services as CEO, which is included in “Accrued Expenses” in the accompanying balance sheet. 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. |
Promissory Note
Promissory Note | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Promissory Note | NOTE 4 – PROMISSORY NOTE The note accrues interest at a rate of 10% per annum with a maturity date of June 30, 2019. As of March 31, 2018, there was a principal balance of $319,840 and $55,965 in accrued interest and is convertible into shares of common stock of Pacific Gold at $0.01 per share. |
Common Stock and Preferred Stoc
Common Stock and Preferred Stock | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Common Stock and Preferred Stock | NOTE 5 – COMMON STOCK AND PREFERRED STOCK On August 7, 2017, 1,500,000,000 shares of common stock were issued in exchange for $150,000 of interest on a related party convertible note. On August 7, 2017, 2,975,000,000 shares of common stock were issued in exchange for 297,500 shares of preferred stock. During the year ended December 31, 2016, 200,000,000 shares of common stock were issued in exchange for $20,000 of principal on a related party convertible promissory note. |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2018 | |
Leases, Operating [Abstract] | |
Operating Leases | NOTE 6 – OPERATING LEASES The Company currently has no future operating lease commitments. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | NOTE 7 – LEGAL PROCEEDINGS From time to time, the Company may become involved in minor trade, employment and other operational disputes, none of which have or are expected to have a material impact on the current or future consolidated financial statements or operations. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 8 – 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 March 31, 2018, the Company had an accumulated deficit of $48,588,522, negative working capital of $619,086, and negative operating cash flows from the year ended December 31, 2017 of $38,053 raising substantial doubt about its ability to continue as a going concern. During the quarter ended March 31, 2018, the Company financed its operations through the sale of its Pilot Mountain Royalty. 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 | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 – SUBSEQUENT EVENTS The Company evaluated subsequent events through the date the consolidated financial statements were issued. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These 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. |
Principle of Consolidation | Principle of Consolidation The consolidated financial statements include all of the accounts of Pacific Gold & Royalty Corp. All significant inter-company accounts and transactions have been eliminated. |
Reclassification of Accounts | Reclassification of Accounts Certain accounts in the prior period have been reclassified to conform to the current year presentation. |
Use of Estimates and Assumptions | 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 | 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 March 31, 2018 and December 31, 2017 cash includes cash in the bank. |
Mineral Rights | 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. 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 as of March 31, 2018. |
Income Taxes | 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 | 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. |
Advertising | Advertising The Company’s policy is to expense advertising costs as incurred. |
Convertible Debentures | 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. |
Stock Based Compensation | 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. |
Recently Issued Accounting Pronouncements | 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. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies and Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Common Stock Authorized and Par Value | |||
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | |
Common stock, par value in dollars | $ 0.000 | $ 0.000 | |
Earnings Per Share | |||
Potentially dilutive common stock equivalents | 15,129,677,300 | 15,129,677,300 | |
Marketing and Advertising Expense | |||
Advertising Expenses | $ 0 | $ 0 | $ 227 |
Pacific Gold & Royalty Corp. | |||
Common Stock Authorized and Par Value | |||
Common stock, shares authorized | 50,000,000,000 | ||
Common stock, par value in dollars | $ 0.00001 |
Mineral Rights (Details Narrati
Mineral Rights (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Sale of claims | $ 45,842 | $ 0 | |
Royalty on gold produced | 4.00% | ||
Management salaries | $ 21,879 | ||
Related party expenses | 23,963 | ||
Graysill Claims | |||
Sale of claims | $ 45,842 | ||
Contractual agreement | The company sold the Graysill claims to an unrelated third party for $60,000 in Canadian funds or $45,842 US, and a 2% net smelter royalty with the purchaser having the option to purchase 1% of the 2% net smelter royalty for $1,000,000 CDN. The Company has assigned 25% of its rights under the net smelter agreement to a third party finder for this purchase. | ||
Pilot Mountain Resources Royalty | |||
Contractual agreement | The Company executed an Agreement with Pilot Metals Inc. to sell its remaining royalty interest in Project W for $125,000. |
Shareholder Note Payable _ Re18
Shareholder Note Payable / Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Related party, promissory note, conversion rate to shares common stock | $ 0.01 | |
Chief Executive Officer | ||
Related party, debt | $ 105,587 | |
Affiliated Company Owned by CEO | ||
Related party, debt | 1,318,151 | $ 1,325,951 |
Related party, accrued interest | $ 163,539 | $ 170,391 |
Related party, promissory note, interest rate | 10.00% | 10.00% |
Related party, promissory note, due date | Jun. 30, 2019 | Jun. 30, 2019 |
Related party, promissory note, conversion rate to shares common stock | $ 0.0001 | $ 0.0001 |
Related Party to CEO | ||
Related party, debt | $ 1,125,893 | $ 1,125,893 |
Related party, accrued interest | $ 197,022 | $ 168,876 |
Related party, promissory note, interest rate | 10.00% | 10.00% |
Related party, promissory note, due date | Jun. 30, 2019 | Jun. 30, 2019 |
Related party, promissory note, conversion rate to shares common stock | $ 0.01 | $ 0.01 |
Promissory Note (Details Narrat
Promissory Note (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | ||
Note payable, balance | $ 319,840 | $ 319,840 |
Note payable, accrued interest | $ 55,965 | |
Note payable, interest rate | 10.00% | |
Note payable, due date | Jun. 30, 2019 | |
Conversion price per share | $ 0.01 |
Common Stock and Preferred St20
Common Stock and Preferred Stock (Details Narrative) - Common Stock - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Conversion of notes payable, value | $ 150,000 | $ 20,000 |
Conversion of notes payable, shares | 1,500,000,000 | 200,000,000 |
Common stock issued in exchange of conversion of preferred stock | 2,975,000,000 | |
Conversion of preferred stock | 297,500 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated Deficit | $ (48,588,522) | $ (48,550,470) |
Negative working capital | (619,086) | |
Negative operating cash flows | $ (38,053) |