Document and Entity Information
Document and Entity Information - USD ($) | 7 Months Ended | |
Dec. 31, 2016 | Nov. 30, 2016 | |
Document Type | 10-KT | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Trading Symbol | sggv | |
Entity Registrant Name | STERLING GROUP VENTURES INC | |
Entity Central Index Key | 1,175,416 | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 85,730,341 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Entity Public Float | $ 12,859,551 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | May 31, 2016 |
Current Assets | ||
Cash | $ 736,586 | $ 907,158 |
Prepaid expenses and other receivable | 15,972 | 12,620 |
Advance to Euroclub Holding Ltd. | 554,477 | 0 |
Total current assets | 1,307,035 | 919,778 |
Equipment | 77 | 71,422 |
Environmental deposit, net of provision | 1 | 1 |
Mineral Properties, net of provision | 1 | 1 |
Total Assets | 1,307,114 | 991,202 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 424,031 | 426,566 |
Total Liabilities | 424,031 | 426,566 |
Stockholders' Equity | ||
Preferred Stock : $0.001 Par Value Authorized : 200,000,000; Issued and Outstanding : none | 0 | 0 |
Common Stock : $0.001 Par Value Authorized : 500,000,000; Issued and Outstanding : 85,730,341 (May 31, 2016: 75,730,341) | 85,730 | 75,730 |
Additional Paid In Capital | 11,321,422 | 10,831,422 |
Share subscription received | 97,392 | 0 |
Accumulated Other Comprehensive Loss | (57,549) | (20,854) |
Accumulated deficit | (10,563,912) | (10,321,662) |
Total Stockholders' Equity | 883,083 | 564,636 |
Total Liabilities and Stockholders' Equity | $ 1,307,114 | $ 991,202 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | May 31, 2016 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 85,730,341 | 75,730,341 |
Common Stock, Shares, Outstanding | 85,730,341 | 75,730,341 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2016 | May 31, 2016 | |
Expenses | ||
Accounting, audit, legal and professional fees | $ 112,921 | $ 67,451 |
Impairment of equipment | 52,129 | 0 |
Mineral property costs | 42,683 | 101,774 |
Consulting fees | 34,814 | 20,035 |
Depreciation | 15,910 | 32,138 |
Filing fees and transfer agent | 9,022 | 8,610 |
Shareholder information and investor relations | 6,451 | 6,700 |
Travel and entertainment | 5,595 | 7,163 |
General and administrative | 789 | 1,941 |
Bank charges | 826 | 459 |
Impairment of mineral properties and deposit | 0 | 3,271,005 |
Due diligence costs | 0 | 295,726 |
Project development cost | 0 | 23,840 |
Total Operating Expenses | (281,140) | (3,836,842) |
Other items | ||
Interest income, net | 191 | 10,961 |
Foreign exchange gain | 38,699 | 1,449 |
Net loss before income taxes | (242,250) | (3,824,432) |
Current and deferred tax | ||
Deferred tax recovery | 0 | 732,687 |
Net loss | (242,250) | (3,091,745) |
Other comprehensive loss, net of tax | ||
Foreign currency translation adjustments | (36,695) | (20,272) |
Comprehensive loss | $ (278,945) | $ (3,112,017) |
Basic and diluted loss per share | $ 0 | $ (0.04) |
Weighted average number of shares outstanding | 76,945,294 | 75,730,341 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid In Capital [Member] | Share Subscription Received [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at May. 31, 2015 | $ 75,730 | $ 10,831,422 | $ (582) | $ (7,229,917) | $ 3,676,653 | |
Beginning Balance (Shares) at May. 31, 2015 | 75,730,341 | |||||
Issuance of shares (Shares) | 93,000,000 | |||||
Shares held in escrow (Shares) | (93,000,000) | |||||
Net loss | (3,091,745) | (3,091,745) | ||||
Other comprehensive income | (20,272) | (20,272) | ||||
Ending Balance at May. 31, 2016 | $ 75,730 | 10,831,422 | (20,854) | (10,321,662) | 564,636 | |
Ending Balance (Shares) at May. 31, 2016 | 75,730,341 | |||||
Share subscription received | $ 97,392 | 97,392 | ||||
Issuance of shares | $ 10,000 | 490,000 | 500,000 | |||
Issuance of shares (Shares) | 10,000,000 | |||||
Net loss | (242,250) | (242,250) | ||||
Other comprehensive income | (36,695) | (36,695) | ||||
Ending Balance at Dec. 31, 2016 | $ 85,730 | $ 11,321,422 | $ 97,392 | $ (57,549) | $ (10,563,912) | $ 883,083 |
Ending Balance (Shares) at Dec. 31, 2016 | 85,730,341 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2016 | May 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (242,250) | $ (3,091,745) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 15,910 | 32,138 |
Foreign exchange gain | (38,699) | (1,449) |
Impairment of equipment | 52,129 | 0 |
Impairment of mineral properties and deposit | 0 | 3,271,005 |
Deferred tax recovery | 0 | (732,687) |
Changes in non-cash working capital items | ||
Prepaid expenses and other receivable | (3,537) | (260) |
Accounts payable and accrued liabilities | 25,870 | 23,576 |
Net cash used in operating activities | (190,577) | (499,422) |
Cash flows from investing activity | ||
Advance to Euroclub Holding Ltd. | (554,477) | 0 |
Additions to equipment | 0 | (733) |
Net cash used in investing activity | (554,477) | (733) |
Cash flows from financing activity | ||
Share subscription received | 97,392 | 0 |
Proceeds from issuance of shares | 500,000 | 0 |
Amounts repaid to directors | (28,401) | (17,969) |
Net cash provided by (used in) financing activity | 568,991 | (17,969) |
Effects of foreign currency exchange rate changes in cash | 5,490 | (7,827) |
Net decrease in cash | (176,063) | (518,124) |
Cash - beginning balance | 907,158 | 1,433,109 |
Cash - ending balance | 736,586 | 907,158 |
Cash paid for : | ||
Interest | 0 | 0 |
Income taxes | $ 0 | $ 0 |
Nature of Operations and Abilit
Nature of Operations and Ability to Continue as a Going Concern | 7 Months Ended |
Dec. 31, 2016 | |
Nature of Operations and Ability to Continue as a Going Concern [Text Block] | Note 1 - Nature of Operations and Ability to Continue as a Going Concern Sterling Group Ventures, Inc. (“the Company”) was incorporated in the State of Nevada on September 13, 2001 and its fiscal year-end was May 31. On April 14, 2017, the Board of Directors approved the change in the Company’s fiscal year end to December 31. The Company was in the business of exploring and developing mineral property located in China. On November 11, 2016, the Company signed a definitive share exchange agreement with Euroclub Holding Ltd. (“Euroclub”) to acquire all of the issued and outstanding shares of Euroclub and its wholly owned subsidiary companies. The transaction was closed on January 11, 2017 (Note 11). The business combination will be accounted for as a reverse acquisition whereby the purchase method of accounting was used with Euroclub being the accounting acquirer and the Company being the accounting subsidiary upon the completion of the transaction. Euroclub is a well-established online gaming company, with gaming licenses in Malta and Curacao, providing business-to-business (“B2B”) and business-to-customers (“B2C”) multi-gaming platform under the “Mojo” brand name with a full suite of social and real money gaming products, including online poker, casino games, and third party integrations to live dealer, e-sports, sports betting and skill games. Euroclub has business in Brazil, Russia, India, China and Europe. Mojo offers B2B partners both API integrated and turnkey white label licensing options with comprehensive global payment processing. The Mojo technology is a robust, well established architecture that supports a flexible, customized suite of products for end customers. In addition to Mojo’s multiplayer poker, casino and skill games, Mojo offers multiple 3rd party content providers that are tightly integrated to and managed by Mojo’s back office and state-of-the-art security systems. Mojo supports over 40 payment processors with 24/7 customer support and security and fraud management with multicurrency and multilingual solutions. Mojo hosts affiliate, agent and sub-agent systems and provides solutions for social-play money and land based casinos. Mojo’s technology is a key differentiator that allows the Company to continue to win business from much larger competitors. Euroclub’s registered office is in Malta with 25 technical staff in Vancouver, Dublin and Barcelona and support over 20 B2B partners and B2C operations with gaming licenses in Malta and Curacao. These consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown as these consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company incurred a net loss of $242,250 during the period ended December 31, 2016 and, as at that date, had a cumulative loss of $10,563,912 since its inception and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management raised additional funds of $500,000 and $703,992 by equity financing during the period ended December 31, 2016 (Note 6(a)) and in April 2017 (Note 11), respectively. Management is in the process of raising additional equity financing for working capital purpose and there is no guarantee that these additional equity financing can be raised. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 7 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Text Block] | Note 2 - Summary of Significant Accounting Policies The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America “US GAAP”). Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of consolidated financial statements for a period necessarily involves the use of estimates, which have been made using careful judgement. Actual results may vary from these estimates. The consolidated financial statements have, in management’s opinion, been properly prepared within the framework of the significant accounting policies summarized below: Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Micro Express Holdings Inc., Micro Express Ltd., Huyana Ventures Limited, Makaelo Holdings Inc., Makaelo Limited, Sterling Group Ventures (HK) Limited (“Sterling HK"), Silver Castle Investments Ltd. (“Silver Castle”) and its 100% controlled subsidiary, Chenxi County Hongyu Mining Co. Ltd. ("Hongyu"). Information about subsidiaries: Name Principal activities Country of incorporation Micro Express Holding Inc. Holding Company Territory of the British Virgin Islands Micro Express Ltd. Holding Company Territory of the British Virgin Islands Huyana Ventures Limited Holding Company Territory of the British Virgin Islands Makaelo Holdings Inc. Holding Company Territory of the British Virgin Islands Makaelo Limited Holding Company Territory of the British Virgin Islands Sterling HK (Disposed in August 2016) Holding Company Hong Kong Silver Castle Holding Company Hong Kong Hongyu (Dissolved in 2017) Mineral Exploration China Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Foreign currency translation (i) Functional and presentation currency The financial statements of each entity in the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in US dollars. The functional currency of Sterling Group Ventures, Inc. is US dollars. The functional currency of Sterling HK and Silver Castle is Hongkong dollars. The functional currency of Hongyu is Renminbi (“RMB”). The functional currency of the Company’s all other subsidiaries is US dollars. The financial statements of Sterling HK, Silver Castle and Hongyu (“foreign operations”) are translated into the US dollar presentation currency as follows: Assets and liabilities – at the closing rate at the date of the balance sheets Income and expenses – at the average rate of the period (as this is considered a reasonable approximation of actual rates) All resulting changes are recognized in other comprehensive income (loss) as translation adjustments. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in other comprehensive income. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency of an entity using the exchange rates prevailing at the dates of the transactions. Generally, foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation’s functional currency are recognized in the statement of operations and net loss. Mineral Properties Exploration and evaluation costs include costs to acquire exploration rights, geological studies, exploratory drilling and sampling and directly attributable administrative costs. Exploration and evaluation costs relating to non-specific projects or properties or those incurred before the Company has obtained legal rights to explore an area are expensed in the period incurred. In addition, exploration and evaluation costs, other than direct acquisition costs, are expensed before a mineral resource is identified as having economic potential. Exploration and evaluation costs are capitalized as mineral interests when a mineral resource is identified as having economic potential on a property. A mineral resource is considered to have economic potential when it is expected that documented resources can be legally and economically developed considering long-term metal prices. As at December 31, 2016 and May 31, 2016, the Company did not have proven or probable ore reserves. Management reviews the carrying value of mineral properties at least annually and will recognize impairment in value based upon current exploration results, and any impairment or subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. Asset Retirement Obligations The Company recognizes the fair value of a liability for an asset retirement obligation in the year in which it is incurred when a reasonable estimate of fair value can be made. The carrying amount of the related long-lived asset is increased by the same amount as the liability. Changes in the liability for an asset retirement obligation due to the passage of time will be measured by applying an interest method of allocation. The amount will be recognized as an increase in the liability and an accretion expense in the statement of operations. Changes resulting from revisions to the timing or the amount of the original estimate of undiscounted cash flows are recognized as an increase or a decrease in the carrying amount of the liability for an asset retirement obligation and the related asset retirement cost capitalized as part of the carrying amount of the related long-lived asset. No asset retirement obligation was required to be recognized at December 31, 2016 and May 31, 2016. Property and Equipment Property and equipment is stated at cost. Depreciation is primarily computed using the straight-line method, by charges to operations in amounts estimated to allocate the cost of the assets over their estimated useful lives, as follows: Asset classification Estimated useful life Computer equipment 3 years Automobile 5 years Office equipment 3 years Machinery 3 to 10 years Impairment of Long-lived Assets In accordance with ASC Topic 360-10, “Property, Plant and Equipment - Overall”, the carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. Comprehensive Loss The Company reports comprehensive income (loss) in accordance with ASC Topic 220-10, “Comprehensive Income - Overall”. Comprehensive loss primarily differs from net loss due to foreign currency translation adjustments. Earnings per Share (EPS) The Company reports basic and diluted earnings per share in accordance with the ASC Topic 260-10, “Earnings Per Share - Overall”. Basic EPS is computed using the weighted average number of shares outstanding during the period. Diluted EPS is computed similar to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. At December 31, 2016, the Company had 39,770,000 (May 31, 2016 - 29,770,000) common share equivalents in respect to options and warrants. Because the Company incurred a loss, the dilutive impact of the outstanding options and warrants have been excluded as the impact would be anti-dilutive. Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740, “Income Taxes” ASC Topic 740 contains a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes interest and penalties accrued on unrecognized tax benefits within general and administrative expense. To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction in general and administrative expenses in the period that such determination is made. The tax returns for fiscal year 2012 through 2016 are subject to audit or review by the US tax authority, whereas fiscal year 2008 through 2016 are subject to audit or review by the Canadian tax authority. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and judgement by management include: impairment considerations of long-lived assets, contingent liabilities related to pending litigation (note 9) and deferred taxes and ability to continue as a going concern. While the Company believes that the estimates and assumptions used in the preparation of the consolidation financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Fair Value of Financial Instruments The Company applies the provisions of ASC 820, “Fair Value Measurements and Disclosures". ASC 820 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company did not have any assets or liabilities stated at fair value utilizing Level 1, Level 2 or Level 3 inputs as at December 31, 2016 and May 31, 2016. The Company’s consolidated financial instruments consist of cash, other receivables, advance to Euroclub Holding Ltd. and accounts payable and other accrued liabilities. The carrying values of the Company’s financial instruments approximate fair value due to the short maturity of these instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these consolidated financial instruments. Recent Accounting Pronouncements The Company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the Company’s consolidated financial statements. a. Accounting standards adopted On June 1, 2016, the Company adopted FASB issued Accounting Standard Update (ASU) 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Allow a Performance Target to Be Achieved After the Requisite Service Period”, which requires that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. The Company applies the amendments in ASU 2014-12 prospectively to all awards granted or modified after the effective date. Adoption of the new update to ASU 2 014-12 did not have any impact on the consolidated financial statements of the Company. b. Accounting standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This guidance, as amended by subsequent ASUs on the topic, supersedes current guidance on revenue recognition in Topic 605, Revenue Recognition. This guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods. Early application of the guidance is permitted for annual reporting periods beginning after December 31, 2016. The Company is currently evaluating this guidance to determine the potential impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently assessing the impact the new standard will have on the consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes ”. In February 2016, FASB issued ASU 2016-02, “Leases”, which requires the recognition of lease assets and lease liabilities on the balance sheet by lessees for those leases currently classified as operating leases under ASC 840 “Leases.” These amendments also require qualitative disclosures along with specific quantitative disclosures. These amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Entities are required to apply the amendments at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting ”, In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016- 13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. the amendments in this Update are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on the Company's consolidated financial statements. |
Mineral Properties
Mineral Properties | 7 Months Ended |
Dec. 31, 2016 | |
Mineral Properties [Text Block] | Note 3 - Mineral Properties A summary of mineral property costs for the period ended December 31, 2016 and year ended May 31, 2016 were incurred and accounted for in the consolidated statement of operations as follows: Summary of mineral property expenditures Gaoping Phosphate Property Balance, May 31, 2015 $ 1,074,701 Administrative 3,362 Consulting fees 16,323 Mining permit 10,922 Travel & promotion 13,092 Wages and benefits 58,075 Balance, May 31, 2016 $ 1,176,475 Administrative 3,026 Consulting fees 4,272 Travel & promotion 5,544 Wages and benefits 29,841 Balance, December 31, 2016 $ 1,219,158 a. Gaoping Phosphate Property During the period ended December 31, 2016, the Company incurred mineral property expenditures of $42,683 (year ended May 31, 2016: $101,774). As of December 31, 2016, the Company has incurred total mineral property costs of $1,219,158 (May 31, 2016: $1,176,475) on this property which have been expensed to the statement of operations as disclosed in the table above. On May 31, 2016, in accordance with its accounting policy, the Company performed an impairment test on the carrying value of the Gaoping Phosphate Property. Due to the prolonged and significant decline in the phosphate price and the lack of planned exploration program on the property, the Company recorded impairment provisions to the full amount of mineral properties and its related environmental deposit of $3,147,801 and $123,204, respectively, during its fiscal year ended May 31, 2016. |
Equipment
Equipment | 7 Months Ended |
Dec. 31, 2016 | |
Equipment [Text Block] | Note 4 - Equipment Computer Equipment Automobile Office Equipment Machinery Total Cost May 31, 2015 14,126 60,256 3,590 164,625 242,597 Addition 733 - - - 733 Foreign exchange difference (117 ) (3,518 ) (209 ) (9,613 ) (13,457 ) May 31, 2016 14,742 56,738 3,381 155,012 229,873 Foreign exchange difference (119 ) (2,957 ) (177 ) (8,441 ) (11,693 ) Impairment (2,171 ) (53,781 ) (3,204 ) (146,571 ) (205,728 ) December 31, 2016 12,452 - - - 12,452 Accumulated Depreciation May 31, 2015 13,809 38,801 3,590 78,088 134,288 Addition 678 8,617 850 21,994 32,138 Foreign exchange difference (414 ) 544 (1,059 ) (7,046 ) (7,975 ) May 31, 2016 14,073 47,962 3,381 93,035 158,451 Addition 213 6,430 - 9,267 15,910 Foreign exchange difference (97 ) (2,704 ) (177 ) (5,409 ) (8,387 ) Impairment (1,814 ) (51,688 ) (3,204 ) (96,893 ) (153,599 ) December 31, 2016 12,375 - - - 12,375 Net Book Value May 31, 2015 317 21,455 - 86,537 108,309 May 31, 2016 669 8,776 - 61,977 71,422 December 31, 2016 77 - - - 77 The depreciation for the period ended December 31, 2016 was $15,910 (year ended May 31, 2016: $32,138). On December 31, 2016, due to the dissolvement of Hongyu (Note 11), the Company recorded impairment provisions on Hongyu’s equipment of $52,129 (year ended May 31, 2016: $Nil). |
Related Party Transactions and
Related Party Transactions and Balances | 7 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions and Balances [Text Block] | Note 5 - Related Party Transactions and Balances The Company was charged by companies controlled by directors and former directors for administrative, corporate, financial, engineering, and management services during the period ended December 31, 2016 totalling $24,747 (year ended May 31, 2016: $18,019). Included in accounts payable and accrued liabilities is $368,780 (May 31, 2016: $397,181) which was due to companies controlled by the directors and former directors for their services provided in previous years. During the period ended and as of December 31, 2016, the Company advanced $554,477 (May 31, 2016: $Nil) to Euroclub for general working capital purpose. The advance is non-interest bearing and repayable on demand. These transactions were measured at the amount of consideration established and agreed to by the related parties. |
Capital Stock
Capital Stock | 7 Months Ended |
Dec. 31, 2016 | |
Capital Stock [Text Block] | Note 6 - Capital Stock a) Capital Stock There were 93,000,000 shares issued in escrow during the year ended May 31, 2016 in connection with the Purchase and Sales Agreement and were then cancelled on September 9, 2016 (Note 9). On December 6, 2016, the Company issued 10,000,000 share units at $0.05 each to its subscribers. Each share unit consists of one common share and one Series “F” share purchase warrant exercisable at the price of $0.15 per share, expiring on December 6, 2017 for $500,000 received. On December 6, 2016, the Company amended its Articles of Incorporation to authorize the Company to issue up to a total of 700,000,000 shares of all classes of stock; consisting of 200,000,000 shares of preferred stock, par value $0.001 per share (hereinafter the “Preferred Stock”), and 500,000,000 shares of common stock, par value $0.001 per share (hereinafter the “Common Stock”). The terms and limitations of each series of Preferred Stock will be determined by the Board of Directors without shareholders’ approval. As of December 31, 2016, the Company received share subscriptions in sum of $97,392 for 1,096,600 share units. Among these share units, 736,600 share unit consists of one common share and one Series "G" warrants exercisable at the price of $0.15 per share with a term of 1 year. The remaining 360,000 share unit consists of one common share and one Series "E" warrants exercisable at the price of $0.15 per share with a term of 1 year. The shares are issued subsequent to December 31, 2016 (Note 11). b) Stock Options There were no stock options granted during the period ended December 31, 2016 and year ended May 31, 2016. At December 31, 2016, there were 5,200,000 stock options (May 31, 2016: 5,200,000) outstanding and exercisable with an exercise price at $0.25 each expiring on February 3, 2019, with an aggregate intrinsic value of $nil (May 31, 2016: $nil). c) Share Purchase Warrants On December 6, 2016, the Company issued 10,000,000 Series “F” share purchase warrants exercisable at the price of $0.15 per share, expiring on December 6, 2017. The fair value of the 10,000,000 Series “F” Share Purchase Warrants was $Nil as the share price was under the market quoted price on the day of issuance. At December 31, 2016, there were 34,570,000 share purchase warrants (May 31, 2016: 24,570,000) outstanding and exercisable with weighted average exercise price at $0.189. c) Share Purchase Warrants - continued Series Number Price Expiry Date "A" 3,817,500 $ 0.50 February 17, 2017 * "D" 20,752,500 $ 0.15 February 17, 2017 * "F" 10,000,000 $ 0.15 December 6, 2017 34,570,000 *All outstanding share purchase warrants have expired. (Note 11). |
Foreign Currency Risk
Foreign Currency Risk | 7 Months Ended |
Dec. 31, 2016 | |
Foreign Currency Risk [Text Block] | Note 7 - Foreign Currency Risk The Company is exposed to fluctuations in foreign currencies through amounts held in China in RMB: Cash $20,986 (May 31, 2016 - $30,615). The Company is exposed to fluctuations in foreign currencies through amounts held in Canada in CAD: Cash $15,508 (May 31, 2016 - $15,595). |
Segment Information
Segment Information | 7 Months Ended |
Dec. 31, 2016 | |
Segment Information [Text Block] | Note 8 - Segment Information The Company has offices in Canada and China, with operations in one segment only, i.e. mineral resources sector. The Company’s assets are allocated to each country as follows: December 31, 2016 May 31, 2016 Canada China Total Canada China Total Cash $ 21,333 $ 715,253 $ 736,586 $ 132,382 $ 774,776 $ 907,158 Prepaid expense and receivable 14,432 1,540 15,972 6,438 6,182 12,620 Advance to Euroclub 554,477 - 554,477 - - - Equipment 77 - 77 154 71,268 71,422 Environmental deposit - 1 1 - 1 1 Mineral properties - 1 1 - 1 1 $ 590,319 $ 716,795 $ 1,307,114 $ 138,974 $ 852,228 $ 991,202 |
Purchase and Sale Agreement
Purchase and Sale Agreement | 7 Months Ended |
Dec. 31, 2016 | |
Purchase and Sale Agreement [Text Block] | Note 9 - Purchase and Sales Agreement On April 9, 2016, the Company signed a Purchase and Sale Agreement (“Agreement”) with Chenguo Capital Limited (“Chenguo”). As a result of the transaction, the Company had plans to diversify and become a timeshare exchange provider, a manager of timeshare assets through agreements, and a developer of timeshare assets with fee relationships with other organizations or resorts. Under the terms of the Agreement, the Company would be required to issue 85,000,000 shares on April 19, 2016 to Chenguo. Pursuant to an escrow agreement, the 85,000,000 shares were contingently issuable and only released from escrow upon completion of the transaction and when the timeshare assets are transferred to the Company. In connection with this agreement, the Company also issued 8,000,000 shares, pursuant to an escrow agreement, representing a finder’s fee to be released on completion of the transaction. The Company also remitted RMB1,895,353 ($295,726) to the other party on April 22, 2016 for the development of the timeshare platform. The amount has been recorded as “project development cost” during the year ended May 31, 2016. During the year ended May 31, 2016, the Company also expensed $23,840 for expenses incurred by the other parties affiliated with Chenguo termination in “due diligence cost” in the consolidated statement of operations. On September 5, 2016, both parties agreed to terminate the Agreement and the Company agreed to reimburse the parties to the Agreement HK$125,000 ($16,090) on the related expenses incurred. Pursuant to the termination agreement, on September 9, 2016, the Company cancelled the 85,000,000 escrow shares and 8,000,000 shares issued as finder’s fees, subject to the escrow agreement. Sterling HK was hereby transferred back to Chenguo for 1.00 HK dollar free and clear of all liens, claims and debts assignments, transfers, deeds, quit claims, novation agreements. The Company has determined there is a contingent liability related to the cancellation of the 8,000,000 shares related to the finder’s fee . |
Deferred Tax Assets
Deferred Tax Assets | 7 Months Ended |
Dec. 31, 2016 | |
Deferred Tax Assets [Text Block] | Note 10 - Deferred Tax Assets The Company and its subsidiaries are subject to income tax laws in their respective tax jurisdictions, which are the same as their respective place of incorporation. The following table reconciles the income tax benefit at the U.S. Federal statutory rate to income tax benefit at the Company's effective tax returns. For the period ended For the year ended December 31, 2016 May 31, 2016 $ $ Net loss before tax (242,250 ) (3,091,745 ) Statutory tax rate 35.00% 35.00% Expected income tax expense (recovery) (84,788 ) (1,082,100 ) Non-deductible items 185 - Change in estimates (435,760 ) - Change in enacted tax rate 38,019 - Foreign currency adjustments 13,200 - Foreign tax rate difference 12,093 282,200 Change in valuation allowance 457,051 67,213 Income tax expense (recovery) - (732,687 ) Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their corresponding values for tax purposes. Deferred tax assets (liabilities) as at December 31, 2016 and May 31, 2016 are as follows: December 31, 2016 May 31, 2016 $ $ Equipment - U.S. 1,695 2,300 Stock based compensation - U.S. 1,096,800 1,096,800 Net operating losses - U.S. 1,263,976 814,850 Equipment - China 46,367 31,190 Mineral property - China 51,578 54,500 Non capital losses - China 140,895 149,350 Non capital losses - Hong Kong 6,740 2,010 Valuation allowance (2,608,051 ) (2,151,000 ) Net deferred tax asset (liability) - - As at December 31, 2016, the Company has non-capital loss carry forwards for the U.S. income tax purposes of approximately $3,611,359 from the Company's U.S. entity available to reduce taxable income in U.S.: U.S. Expiry $ 2036 468,358 2035 263,326 2034 397,306 2032 396,266 2031 170,618 2030 122,000 2029 161,553 2028 106,915 2027 864,485 2026 461,201 2025 199,331 TOTAL 3,611,359 As at December 31, 2016, the Company has non-capital loss carry forwards for Chinese income tax purposes of approximately $563,578 from the Company's China subsidiary available to reduce taxable income in China: China Expiry $ 2020 93,169 2019 154,823 2018 315,586 TOTAL 563,578 The Company also has $40,850 of non-capital loss carry forwards for the period ended December 31, 2016 that may be carried forward indefinitely to apply against future income for Hong Kong income tax purposes, subject to the final determination by taxation authorities. |
Subsequent Events and Commitmen
Subsequent Events and Commitments | 7 Months Ended |
Dec. 31, 2016 | |
Subsequent Events and Commitments [Text Block] | Note 11- Subsequent Events and Commitments In February 2017, the Company paid an individual for consulting services in sum of $9,000 which was settled by issuance of 360,000 shares and 360,000 Series “E” warrants exercisable at $0.15 each expiring on February 24, 2018. All the shares and shares to be issued upon exercise of warrants will be subject to Rule 144 restrictions, i.e. these restricted shares are not tradable on the market within 6 months after issuance. The reverse takeover transaction with Euroclub Holding Ltd. was completed on January 11, 2017. On the same date, the Company issued 170,285,696 common shares and 791,500 redeemable and exchangeable preferred shares to Euroclub's shareholders. Each preferred is redeemable at $5, subject to conditions, or exchangeable for 25 Sterling common shares per preferred share. For each exchangeable common share the owner is entitled, 5 warrants were issued exercisable at $0.15 each with a term of 3 years. On February 16, 2017, the Company extended the expiry date of 3,817,500 Series "A" Share Purchase Warrants (the "A" Warrants) to the earlier of May 17, 2017 or the close of business on the 30th day after a takeover bid for the Company's issued and outstanding share capital has been made by a third party and approved by the shareholders of the Company. Upon exercise of the Series "A" Share Purchase Warrants at $0.50 each, the holder will receive one Common Share of the Company and a Series "B" Share Purchase Warrant exercisable at $1.00 for another year. The Series "A" Share Purchase Warrants were originally issued pursuant to a private placement commenced in February 2004. The Company extended the expiry date of 20,752,500 Series "D" Share Purchase Warrants (the "D" Warrants) to the earlier of September 17, 2017 or the close of business on the 30th day after a takeover bid for the Company's issued and outstanding share capital has been made by a third party and approved by the shareholders of the Company. The exercise price of the "D" Warrants remains unchanged at $0.15 per share. The Series "D" Share Purchase Warrants were originally issued pursuant to a private placement commenced in December 2010. The expiry date of the Series "A" and "D" Warrants will be accelerated at any time prior to the extended expiry date of the Warrants to the close of business on the 30th day after the day on which the closing price of the Company's shares exceeds 25 cents for a period of 20 consecutive trading days. All outstanding share purchase warrants are subsequently expired. On April 21, 2017, the Company has closed a $703,992 private placement. Under the terms of the private placement, the Company issued 5,866,600 common shares at $0.12 and 5,866,600 Series "G" warrants with exercise price of $0.15 with a term of 1 year, expiring April 21, 2018. On November 1, 2017, Sterling Group successfully closed the Honyu operations, mining project and company in China. Management reports the mine and bank accounts were closed and the funds remaining less expenses were repatriated back to the Canadian subsidiary. As part of the closure procedure, Sterling Group provided the directors of Honyu indemnification from any claims thereof resulting from Honyu’s phosphate mining project. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 7 Months Ended |
Dec. 31, 2016 | |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Micro Express Holdings Inc., Micro Express Ltd., Huyana Ventures Limited, Makaelo Holdings Inc., Makaelo Limited, Sterling Group Ventures (HK) Limited (“Sterling HK"), Silver Castle Investments Ltd. (“Silver Castle”) and its 100% controlled subsidiary, Chenxi County Hongyu Mining Co. Ltd. ("Hongyu"). Information about subsidiaries: Name Principal activities Country of incorporation Micro Express Holding Inc. Holding Company Territory of the British Virgin Islands Micro Express Ltd. Holding Company Territory of the British Virgin Islands Huyana Ventures Limited Holding Company Territory of the British Virgin Islands Makaelo Holdings Inc. Holding Company Territory of the British Virgin Islands Makaelo Limited Holding Company Territory of the British Virgin Islands Sterling HK (Disposed in August 2016) Holding Company Hong Kong Silver Castle Holding Company Hong Kong Hongyu (Dissolved in 2017) Mineral Exploration China Subsidiaries are all entities (including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. |
Foreign Currency Translation [Policy Text Block] | Foreign currency translation (i) Functional and presentation currency The financial statements of each entity in the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in US dollars. The functional currency of Sterling Group Ventures, Inc. is US dollars. The functional currency of Sterling HK and Silver Castle is Hongkong dollars. The functional currency of Hongyu is Renminbi (“RMB”). The functional currency of the Company’s all other subsidiaries is US dollars. The financial statements of Sterling HK, Silver Castle and Hongyu (“foreign operations”) are translated into the US dollar presentation currency as follows: Assets and liabilities – at the closing rate at the date of the balance sheets Income and expenses – at the average rate of the period (as this is considered a reasonable approximation of actual rates) All resulting changes are recognized in other comprehensive income (loss) as translation adjustments. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in other comprehensive income. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency of an entity using the exchange rates prevailing at the dates of the transactions. Generally, foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than an operation’s functional currency are recognized in the statement of operations and net loss. |
Mineral Properties [Policy Text Block] | Mineral Properties Exploration and evaluation costs include costs to acquire exploration rights, geological studies, exploratory drilling and sampling and directly attributable administrative costs. Exploration and evaluation costs relating to non-specific projects or properties or those incurred before the Company has obtained legal rights to explore an area are expensed in the period incurred. In addition, exploration and evaluation costs, other than direct acquisition costs, are expensed before a mineral resource is identified as having economic potential. Exploration and evaluation costs are capitalized as mineral interests when a mineral resource is identified as having economic potential on a property. A mineral resource is considered to have economic potential when it is expected that documented resources can be legally and economically developed considering long-term metal prices. As at December 31, 2016 and May 31, 2016, the Company did not have proven or probable ore reserves. Management reviews the carrying value of mineral properties at least annually and will recognize impairment in value based upon current exploration results, and any impairment or subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. |
Asset Retirement Obligations [Policy Text Block] | Asset Retirement Obligations The Company recognizes the fair value of a liability for an asset retirement obligation in the year in which it is incurred when a reasonable estimate of fair value can be made. The carrying amount of the related long-lived asset is increased by the same amount as the liability. Changes in the liability for an asset retirement obligation due to the passage of time will be measured by applying an interest method of allocation. The amount will be recognized as an increase in the liability and an accretion expense in the statement of operations. Changes resulting from revisions to the timing or the amount of the original estimate of undiscounted cash flows are recognized as an increase or a decrease in the carrying amount of the liability for an asset retirement obligation and the related asset retirement cost capitalized as part of the carrying amount of the related long-lived asset. No asset retirement obligation was required to be recognized at December 31, 2016 and May 31, 2016. |
Property and Equipment [Policy Text Block] | Property and Equipment Property and equipment is stated at cost. Depreciation is primarily computed using the straight-line method, by charges to operations in amounts estimated to allocate the cost of the assets over their estimated useful lives, as follows: Asset classification Estimated useful life Computer equipment 3 years Automobile 5 years Office equipment 3 years Machinery 3 to 10 years |
Impairment of Long-lived Assets [Policy Text Block] | Impairment of Long-lived Assets In accordance with ASC Topic 360-10, “Property, Plant and Equipment - Overall”, the carrying value of intangible assets and other long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. |
Comprehensive Loss [Policy Text Block] | Comprehensive Loss The Company reports comprehensive income (loss) in accordance with ASC Topic 220-10, “Comprehensive Income - Overall”. Comprehensive loss primarily differs from net loss due to foreign currency translation adjustments. |
Earnings per Share (EPS) [Policy Text Block] | Earnings per Share (EPS) The Company reports basic and diluted earnings per share in accordance with the ASC Topic 260-10, “Earnings Per Share - Overall”. Basic EPS is computed using the weighted average number of shares outstanding during the period. Diluted EPS is computed similar to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. At December 31, 2016, the Company had 39,770,000 (May 31, 2016 - 29,770,000) common share equivalents in respect to options and warrants. Because the Company incurred a loss, the dilutive impact of the outstanding options and warrants have been excluded as the impact would be anti-dilutive. |
Income Taxes [Policy Text Block] | Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740, “Income Taxes” ASC Topic 740 contains a two-step approach to recognizing and measuring uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company recognizes interest and penalties accrued on unrecognized tax benefits within general and administrative expense. To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction in general and administrative expenses in the period that such determination is made. The tax returns for fiscal year 2012 through 2016 are subject to audit or review by the US tax authority, whereas fiscal year 2008 through 2016 are subject to audit or review by the Canadian tax authority. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and judgement by management include: impairment considerations of long-lived assets, contingent liabilities related to pending litigation (note 9) and deferred taxes and ability to continue as a going concern. While the Company believes that the estimates and assumptions used in the preparation of the consolidation financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. |
Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments The Company applies the provisions of ASC 820, “Fair Value Measurements and Disclosures". ASC 820 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company did not have any assets or liabilities stated at fair value utilizing Level 1, Level 2 or Level 3 inputs as at December 31, 2016 and May 31, 2016. The Company’s consolidated financial instruments consist of cash, other receivables, advance to Euroclub Holding Ltd. and accounts payable and other accrued liabilities. The carrying values of the Company’s financial instruments approximate fair value due to the short maturity of these instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from these consolidated financial instruments. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements The Company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the Company’s consolidated financial statements. a. Accounting standards adopted On June 1, 2016, the Company adopted FASB issued Accounting Standard Update (ASU) 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Allow a Performance Target to Be Achieved After the Requisite Service Period”, which requires that a performance target that could be achieved after the requisite service period be treated as a performance condition that affects the vesting of the award. The Company applies the amendments in ASU 2014-12 prospectively to all awards granted or modified after the effective date. Adoption of the new update to ASU 2 014-12 did not have any impact on the consolidated financial statements of the Company. b. Accounting standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. This guidance, as amended by subsequent ASUs on the topic, supersedes current guidance on revenue recognition in Topic 605, Revenue Recognition. This guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods. Early application of the guidance is permitted for annual reporting periods beginning after December 31, 2016. The Company is currently evaluating this guidance to determine the potential impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently assessing the impact the new standard will have on the consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes ”. In February 2016, FASB issued ASU 2016-02, “Leases”, which requires the recognition of lease assets and lease liabilities on the balance sheet by lessees for those leases currently classified as operating leases under ASC 840 “Leases.” These amendments also require qualitative disclosures along with specific quantitative disclosures. These amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Entities are required to apply the amendments at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting ”, In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016- 13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. the amendments in this Update are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on the Company's consolidated financial statements. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 7 Months Ended |
Dec. 31, 2016 | |
Property and Equipment Useful Life [Table Text Block] | Asset classification Estimated useful life Computer equipment 3 years Automobile 5 years Office equipment 3 years Machinery 3 to 10 years |
Mineral Properties (Tables)
Mineral Properties (Tables) | 7 Months Ended |
Dec. 31, 2016 | |
Summary of Mineral Property Expenditures [Table Text Block] | Summary of mineral property expenditures Gaoping Phosphate Property Balance, May 31, 2015 $ 1,074,701 Administrative 3,362 Consulting fees 16,323 Mining permit 10,922 Travel & promotion 13,092 Wages and benefits 58,075 Balance, May 31, 2016 $ 1,176,475 Administrative 3,026 Consulting fees 4,272 Travel & promotion 5,544 Wages and benefits 29,841 Balance, December 31, 2016 $ 1,219,158 |
Equipment (Tables)
Equipment (Tables) | 7 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Table Text Block] | Computer Equipment Automobile Office Equipment Machinery Total Cost May 31, 2015 14,126 60,256 3,590 164,625 242,597 Addition 733 - - - 733 Foreign exchange difference (117 ) (3,518 ) (209 ) (9,613 ) (13,457 ) May 31, 2016 14,742 56,738 3,381 155,012 229,873 Foreign exchange difference (119 ) (2,957 ) (177 ) (8,441 ) (11,693 ) Impairment (2,171 ) (53,781 ) (3,204 ) (146,571 ) (205,728 ) December 31, 2016 12,452 - - - 12,452 Accumulated Depreciation May 31, 2015 13,809 38,801 3,590 78,088 134,288 Addition 678 8,617 850 21,994 32,138 Foreign exchange difference (414 ) 544 (1,059 ) (7,046 ) (7,975 ) May 31, 2016 14,073 47,962 3,381 93,035 158,451 Addition 213 6,430 - 9,267 15,910 Foreign exchange difference (97 ) (2,704 ) (177 ) (5,409 ) (8,387 ) Impairment (1,814 ) (51,688 ) (3,204 ) (96,893 ) (153,599 ) December 31, 2016 12,375 - - - 12,375 Net Book Value May 31, 2015 317 21,455 - 86,537 108,309 May 31, 2016 669 8,776 - 61,977 71,422 December 31, 2016 77 - - - 77 |
Capital Stock (Tables)
Capital Stock (Tables) | 7 Months Ended |
Dec. 31, 2016 | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Series Number Price Expiry Date "A" 3,817,500 $ 0.50 February 17, 2017 * "D" 20,752,500 $ 0.15 February 17, 2017 * "F" 10,000,000 $ 0.15 December 6, 2017 34,570,000 |
Segment Information (Tables)
Segment Information (Tables) | 7 Months Ended |
Dec. 31, 2016 | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | December 31, 2016 May 31, 2016 Canada China Total Canada China Total Cash $ 21,333 $ 715,253 $ 736,586 $ 132,382 $ 774,776 $ 907,158 Prepaid expense and receivable 14,432 1,540 15,972 6,438 6,182 12,620 Advance to Euroclub 554,477 - 554,477 - - - Equipment 77 - 77 154 71,268 71,422 Environmental deposit - 1 1 - 1 1 Mineral properties - 1 1 - 1 1 $ 590,319 $ 716,795 $ 1,307,114 $ 138,974 $ 852,228 $ 991,202 |
Deferred Tax Assets (Tables)
Deferred Tax Assets (Tables) | 7 Months Ended |
Dec. 31, 2016 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the period ended For the year ended December 31, 2016 May 31, 2016 $ $ Net loss before tax (242,250 ) (3,091,745 ) Statutory tax rate 35.00% 35.00% Expected income tax expense (recovery) (84,788 ) (1,082,100 ) Non-deductible items 185 - Change in estimates (435,760 ) - Change in enacted tax rate 38,019 - Foreign currency adjustments 13,200 - Foreign tax rate difference 12,093 282,200 Change in valuation allowance 457,051 67,213 Income tax expense (recovery) - (732,687 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2016 May 31, 2016 $ $ Equipment - U.S. 1,695 2,300 Stock based compensation - U.S. 1,096,800 1,096,800 Net operating losses - U.S. 1,263,976 814,850 Equipment - China 46,367 31,190 Mineral property - China 51,578 54,500 Non capital losses - China 140,895 149,350 Non capital losses - Hong Kong 6,740 2,010 Valuation allowance (2,608,051 ) (2,151,000 ) Net deferred tax asset (liability) - - |
China [Member] | |
Summary of Tax Credit Carryforwards [Table Text Block] | Expiry $ 2020 93,169 2019 154,823 2018 315,586 TOTAL 563,578 |
U.S. [Member] | |
Summary of Tax Credit Carryforwards [Table Text Block] | Expiry $ 2036 468,358 2035 263,326 2034 397,306 2032 396,266 2031 170,618 2030 122,000 2029 161,553 2028 106,915 2027 864,485 2026 461,201 2025 199,331 TOTAL 3,611,359 |
Nature of Operations and Abil25
Nature of Operations and Ability to Continue as a Going Concern (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016USD ($) | |
Nature Of Operations And Ability To Continue As A Going Concern 1 | 40 |
Nature Of Operations And Ability To Continue As A Going Concern 2 | 25 |
Nature Of Operations And Ability To Continue As A Going Concern 3 | 20 |
Nature Of Operations And Ability To Continue As A Going Concern 4 | $ 242,250 |
Nature Of Operations And Ability To Continue As A Going Concern 5 | 10,563,912 |
Nature Of Operations And Ability To Continue As A Going Concern 6 | 500,000 |
Nature Of Operations And Ability To Continue As A Going Concern 7 | $ 703,992 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies 1 | 100.00% |
Summary Of Significant Accounting Policies 2 | 39,770,000 |
Summary Of Significant Accounting Policies 3 | 29,770,000 |
Summary Of Significant Accounting Policies 4 | 50.00% |
Mineral Properties (Narrative)
Mineral Properties (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016USD ($) | |
Mineral Properties 1 | $ 42,683 |
Mineral Properties 2 | 101,774 |
Mineral Properties 3 | 1,219,158 |
Mineral Properties 4 | 1,176,475 |
Mineral Properties 5 | 3,147,801 |
Mineral Properties 6 | $ 123,204 |
Equipment (Narrative) (Details)
Equipment (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016USD ($) | |
Equipment 1 | $ 15,910 |
Equipment 2 | 32,138 |
Equipment 3 | 52,129 |
Equipment 4 | $ 0 |
Related Party Transactions an29
Related Party Transactions and Balances (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016USD ($) | |
Related Party Transactions And Balances 1 | $ 24,747 |
Related Party Transactions And Balances 2 | 18,019 |
Related Party Transactions And Balances 3 | 368,780 |
Related Party Transactions And Balances 4 | 397,181 |
Related Party Transactions And Balances 5 | 554,477 |
Related Party Transactions And Balances 6 | $ 0 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016USD ($)yr$ / sharesshares | |
Capital Stock 1 | shares | 93,000,000 |
Capital Stock 2 | shares | 10,000,000 |
Capital Stock 3 | $ 0.05 |
Capital Stock 4 | $ / shares | $ 0.15 |
Capital Stock 5 | $ 500,000 |
Capital Stock 6 | shares | 700,000,000 |
Capital Stock 7 | shares | 200,000,000 |
Capital Stock 8 | $ / shares | $ 0.001 |
Capital Stock 9 | shares | 500,000,000 |
Capital Stock 10 | $ 0.001 |
Capital Stock 11 | $ 97,392 |
Capital Stock 12 | shares | 1,096,600 |
Capital Stock 13 | 736,600 |
Capital Stock 14 | $ / shares | $ 0.15 |
Capital Stock 15 | yr | 1 |
Capital Stock 16 | 360,000 |
Capital Stock 17 | $ / shares | $ 0.15 |
Capital Stock 18 | yr | 1 |
Capital Stock 19 | shares | 5,200,000 |
Capital Stock 20 | 5,200,000 |
Capital Stock 21 | $ 0.25 |
Capital Stock 22 | 0 |
Capital Stock 23 | $ 0 |
Capital Stock 24 | 10,000,000 |
Capital Stock 25 | $ / shares | $ 0.15 |
Capital Stock 26 | 10,000,000 |
Capital Stock 27 | $ 0 |
Capital Stock 28 | 34,570,000 |
Capital Stock 29 | 24,570,000 |
Capital Stock 30 | $ 0.189 |
Foreign Currency Risk (Narrativ
Foreign Currency Risk (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016USD ($) | |
Foreign Currency Risk 1 | $ 20,986 |
Foreign Currency Risk 2 | 30,615 |
Foreign Currency Risk 3 | 15,508 |
Foreign Currency Risk 4 | $ 15,595 |
Purchase and Sale Agreement (Na
Purchase and Sale Agreement (Narrative) (Details) - 7 months ended Dec. 31, 2016 | USD ($)shares | CNY (¥)shares |
Purchase And Sale Agreement 1 | 85,000,000 | 85,000,000 |
Purchase And Sale Agreement 2 | 85,000,000 | 85,000,000 |
Purchase And Sale Agreement 3 | 8,000,000 | 8,000,000 |
Purchase And Sale Agreement 4 | ¥ | ¥ 1,895,353 | |
Purchase And Sale Agreement 5 | $ | $ 295,726 | |
Purchase And Sale Agreement 6 | $ | 23,840 | |
Purchase And Sale Agreement 7 | $ | 125,000 | |
Purchase And Sale Agreement 8 | $ | $ 16,090 | |
Purchase And Sale Agreement 9 | 85,000,000 | 85,000,000 |
Purchase And Sale Agreement 10 | 8,000,000 | 8,000,000 |
Purchase And Sale Agreement 11 | 1 | 1 |
Purchase And Sale Agreement 12 | 8,000,000 | 8,000,000 |
Deferred Tax Assets (Narrative)
Deferred Tax Assets (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016USD ($) | |
Deferred Tax Assets 1 | $ 3,611,359 |
Deferred Tax Assets 2 | 563,578 |
Deferred Tax Assets 3 | $ 40,850 |
Subsequent Events and Commitm34
Subsequent Events and Commitments (Narrative) (Details) | 7 Months Ended |
Dec. 31, 2016USD ($)yr$ / sharesshares | |
Subsequent Events And Commitments 1 | $ 9,000 |
Subsequent Events And Commitments 2 | shares | 360,000 |
Subsequent Events And Commitments 3 | 360,000 |
Subsequent Events And Commitments 4 | $ 0.15 |
Subsequent Events And Commitments 5 | shares | 170,285,696 |
Subsequent Events And Commitments 6 | 791,500 |
Subsequent Events And Commitments 7 | $ 5 |
Subsequent Events And Commitments 8 | 25 |
Subsequent Events And Commitments 9 | $ 0.15 |
Subsequent Events And Commitments 10 | yr | 3 |
Subsequent Events And Commitments 11 | 3,817,500 |
Subsequent Events And Commitments 12 | $ 0.50 |
Subsequent Events And Commitments 13 | $ 1 |
Subsequent Events And Commitments 14 | 20,752,500 |
Subsequent Events And Commitments 15 | $ / shares | $ 0.15 |
Subsequent Events And Commitments 16 | 25 |
Subsequent Events And Commitments 17 | 20 |
Subsequent Events And Commitments 18 | $ 703,992 |
Subsequent Events And Commitments 19 | shares | 5,866,600 |
Subsequent Events And Commitments 20 | $ 0.12 |
Subsequent Events And Commitments 21 | 5,866,600 |
Subsequent Events And Commitments 22 | $ 0.15 |
Subsequent Events And Commitments 23 | yr | 1 |
Property and Equipment Useful L
Property and Equipment Useful Life (Details) | 7 Months Ended |
Dec. 31, 2016 | |
Computer equipment [Member] | |
Property and Equipment, estimated useful lives | 3 years |
Automobile [Member] | |
Property and Equipment, estimated useful lives | 5 years |
Office equipment [Member] | |
Property and Equipment, estimated useful lives | 3 years |
Machinery [Member] | Minimum [Member] | |
Property and Equipment, estimated useful lives | 3 years |
Machinery [Member] | Maximum [Member] | |
Property and Equipment, estimated useful lives | 10 years |
Summary of Mineral Property Exp
Summary of Mineral Property Expenditures (Details) - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2016 | May 31, 2016 | |
Mineral property expenditures, beginning of period | $ 1,176,475 | $ 1,074,701 |
Mineral property costs | 42,683 | 101,774 |
Mineral property expenditures, end of period | 1,219,158 | 1,176,475 |
Administrative [Member] | ||
Mineral property costs | 3,026 | 3,362 |
Consulting fees [Member] | ||
Mineral property costs | 4,272 | 16,323 |
Mining permit [Member] | ||
Mineral property costs | 10,922 | |
Travel & promotion [Member] | ||
Mineral property costs | 5,544 | 13,092 |
Wages and benefits [Member] | ||
Mineral property costs | $ 29,841 | $ 58,075 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | May 31, 2016 | May 31, 2015 | |
Cost | $ 12,452 | $ 229,873 | $ 242,597 |
Addition | 733 | ||
Foreign exchange difference | (11,693) | (13,457) | |
Impairment | (205,728) | ||
Accumulated Depreciation | 12,375 | 158,451 | 134,288 |
Addition (Accumulated Depreciation) | 15,910 | 32,138 | |
Foreign exchange difference Addition (Accumulated Depreciation) | (8,387) | (7,975) | |
Impairment Addition (Accumulated Depreciation) | (153,599) | ||
Net Book Value | 77 | 71,422 | 108,309 |
Computer equipment [Member] | |||
Cost | 12,452 | 14,742 | 14,126 |
Addition | 733 | ||
Foreign exchange difference | (117) | (117) | |
Impairment | (2,171) | ||
Accumulated Depreciation | 12,375 | 14,073 | 13,809 |
Addition (Accumulated Depreciation) | 213 | 678 | |
Foreign exchange difference Addition (Accumulated Depreciation) | (97) | (414) | |
Impairment Addition (Accumulated Depreciation) | (1,814) | ||
Net Book Value | 77 | 669 | 317 |
Automobile [Member] | |||
Cost | 0 | 56,738 | 60,256 |
Addition | 0 | ||
Foreign exchange difference | (2,957) | (3,518) | |
Impairment | (53,781) | ||
Accumulated Depreciation | 0 | 47,962 | 38,801 |
Addition (Accumulated Depreciation) | 6,430 | 8,617 | |
Foreign exchange difference Addition (Accumulated Depreciation) | (2,704) | 544 | |
Impairment Addition (Accumulated Depreciation) | (51,688) | ||
Net Book Value | 0 | 8,776 | 21,455 |
Office equipment [Member] | |||
Cost | 0 | 3,381 | 3,590 |
Addition | 0 | ||
Foreign exchange difference | (177) | (209) | |
Impairment | (3,204) | ||
Accumulated Depreciation | (205,728) | 3,381 | 3,590 |
Addition (Accumulated Depreciation) | 0 | 850 | |
Foreign exchange difference Addition (Accumulated Depreciation) | (177) | (1,059) | |
Impairment Addition (Accumulated Depreciation) | (3,204) | ||
Net Book Value | 0 | 0 | 0 |
Machinery [Member] | |||
Cost | 0 | 155,012 | 164,625 |
Addition | 0 | ||
Foreign exchange difference | (8,441) | (9,613) | |
Impairment | (146,571) | ||
Accumulated Depreciation | 0 | 93,035 | 78,088 |
Addition (Accumulated Depreciation) | 9,267 | 21,994 | |
Foreign exchange difference Addition (Accumulated Depreciation) | (5,409) | (7,046) | |
Impairment Addition (Accumulated Depreciation) | (96,893) | ||
Net Book Value | $ 0 | $ 61,977 | $ 86,537 |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) | Dec. 31, 2016$ / sharesshares |
Number | 34,570,000 |
Series A [Member] | |
Number | 3,817,500 |
Price | $ / shares | $ 0.50 |
Series D [Member] | |
Number | 20,752,500 |
Price | $ / shares | $ 0.15 |
Series F [Member] | |
Number | 10,000,000 |
Price | $ / shares | $ 0.15 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | Dec. 31, 2016 | May 31, 2016 | May 31, 2015 |
Cash | $ 736,586 | $ 907,158 | $ 1,433,109 |
Prepaid expense and other receivable | 15,972 | 12,620 | |
Advance to Euroclub Holding Ltd. | 554,477 | 0 | |
Equipment | 77 | 71,422 | $ 108,309 |
Environmental deposit | 1 | 1 | |
Mineral properties | 1 | 1 | |
Total Assets | 1,307,114 | 991,202 | |
Canada [Member] | |||
Cash | 21,333 | 132,382 | |
Prepaid expense and other receivable | 14,432 | 6,438 | |
Advance to Euroclub Holding Ltd. | 554,477 | 0 | |
Equipment | 77 | 154 | |
Environmental deposit | 0 | 0 | |
Mineral properties | 0 | 0 | |
Total Assets | 590,319 | 138,974 | |
China [Member] | |||
Cash | 715,253 | 774,776 | |
Prepaid expense and other receivable | 1,540 | 6,182 | |
Advance to Euroclub Holding Ltd. | 0 | 0 | |
Equipment | 0 | 71,268 | |
Environmental deposit | 1 | ||
Mineral properties | 1 | 1 | |
Total Assets | $ 716,795 | $ 852,228 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2016 | May 31, 2016 | |
Net loss before tax | $ (242,250) | $ (3,091,745) |
Statutory tax rate | 35.00% | 35.00% |
Expected income tax expense (recovery) | $ (84,788) | $ (1,082,100) |
Non-deductible items | 185 | 0 |
Change in estimates | (435,760) | 0 |
Change in enacted tax rate | 38,019 | 0 |
Foreign currency adjustments | 13,200 | 0 |
Foreign tax rate difference | 12,093 | 282,200 |
Change in valuation allowance | 457,051 | 67,213 |
Income tax expense (recovery) | $ 0 | $ (732,687) |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2016 | May 31, 2016 |
Valuation allowance | $ (2,608,051) | $ (2,151,000) |
Net deferred tax asset (liability) | 0 | 0 |
U.S. [Member] | ||
Net operating losses | 1,263,976 | 814,850 |
U.S. [Member] | Equipment [Member] | ||
Deferred tax assets | 1,695 | 2,300 |
U.S. [Member] | Stock based compensation [Member] | ||
Deferred tax assets | 1,096,800 | 1,096,800 |
China [Member] | ||
Net operating losses | 140,895 | 149,350 |
China [Member] | Equipment [Member] | ||
Deferred tax assets | 46,367 | 31,190 |
China [Member] | Mineral property [Member] | ||
Deferred tax assets | 51,578 | 54,500 |
Hong Kong [Member] | ||
Net operating losses | $ 6,740 | $ 2,010 |
Summary of Tax Credit Carryforw
Summary of Tax Credit Carryforwards (Details) - USD ($) | 7 Months Ended | |
Dec. 31, 2016 | May 31, 2016 | |
China [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 140,895 | $ 149,350 |
Deferred Tax Assets Summary Of Tax Credit Carryforwards 4 | 563,578 | |
U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 1,263,976 | $ 814,850 |
Deferred Tax Assets Summary Of Tax Credit Carryforwards 12 | 3,611,359 | |
2018 [Member] | China [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 315,586 | |
2019 [Member] | China [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 154,823 | |
2020 [Member] | China [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 93,169 | |
2025 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 199,331 | |
2026 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 461,201 | |
2027 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 864,485 | |
2028 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 106,915 | |
2029 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 161,553 | |
2030 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 122,000 | |
2031 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 170,618 | |
2032 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 396,266 | |
2034 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 397,306 | |
2035 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 263,326 | |
2036 [Member] | U.S. [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 468,358 |