Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
May. 31, 2015 | Aug. 27, 2015 | Nov. 28, 2014 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | May 31, 2015 | ||
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 | 75,730,341 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 1,086,407 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | May. 31, 2015 | May. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 1,433,109 | $ 1,673,448 |
GST receivable | 4,888 | 20,116 |
Prepaid expenses and other receivable | 7,874 | 9,163 |
Total current assets | 1,445,871 | 1,702,727 |
Equipment | 108,309 | 151,397 |
Environmental deposit | 127,393 | 126,366 |
Mineral Properties | 3,148,740 | 3,148,740 |
Total Assets | 4,830,313 | 5,129,230 |
Current Liabilities | ||
Accounts payable and other accrued liabilities | 420,973 | 456,564 |
Deferred income tax liability | 732,687 | 732,687 |
Total Liabilities | 1,153,660 | 1,189,251 |
Stockholders' Equity | ||
Common Stock : $0.001 Par Value Authorized : 500,000,000 Issued and Outstanding : 75,730,341 (May 31, 2014: 75,730,341) | 75,730 | 75,730 |
Additional Paid In Capital | 10,831,422 | 10,724,416 |
Accumulated Other Comprehensive Loss | (582) | (582) |
Accumulated deficit | (7,229,917) | (6,859,585) |
Total Stockholders' Equity | 3,676,653 | 3,939,979 |
Total Liabilities and Stockholders' Equity | $ 4,830,313 | $ 5,129,230 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | May. 31, 2015 | May. 31, 2014 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 75,730,341 | 75,730,341 |
Common Stock, Shares, Outstanding | 75,730,341 | 75,730,341 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Expenses | ||
Accounting, audit, legal and professional fees | $ 76,334 | $ 78,540 |
Bank charges | 636 | 401 |
Consulting fees | 22,750 | 24,477 |
Depreciation | 44,777 | 46,111 |
Filing fees and transfer agent | 9,752 | 11,146 |
General and administrative | 1,161 | 2,058 |
Mineral property costs | 153,538 | 237,541 |
Shareholder information and investor relations | 8,359 | 7,374 |
Travel and entertainment | 0 | 705 |
Total Operating Expenses | (317,307) | (408,353) |
Other items | ||
Interest income | 21,017 | 8,124 |
Finance expense | (107,006) | 0 |
Foreign exchange gain(loss) | 32,964 | (3,092) |
Other income | 0 | 6,015 |
Total Non-Opedrating Income (Expense) | (53,025) | 11,047 |
Net loss and Comprehensive loss for the year | $ (370,332) | $ (397,306) |
Basic and diluted loss per share | $ 0 | $ (0.01) |
Weighted average number of shares outstanding | 75,730,341 | 75,730,341 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deficit Accumulated During the Exploration Stage [Member] | Total |
Beginning Balance at May. 31, 2013 | $ 75,730 | $ 10,724,416 | $ (582) | $ (6,462,279) | $ 4,337,285 |
Beginning Balance (Shares) at May. 31, 2013 | 75,730,341 | ||||
Net loss for the year | (397,306) | (397,306) | |||
Ending Balance at May. 31, 2014 | $ 75,730 | 10,724,416 | (582) | (6,859,585) | 3,939,979 |
Ending Balance (Shares) at May. 31, 2014 | 75,730,341 | ||||
Revaluation of share purchase warrants | 107,006 | 107,006 | |||
Net loss for the year | (370,332) | (370,332) | |||
Ending Balance at May. 31, 2015 | $ 75,730 | $ 10,831,422 | $ (582) | $ (7,229,917) | $ 3,676,653 |
Ending Balance (Shares) at May. 31, 2015 | 75,730,341 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Cash flows from operating activities | ||
Net loss for the year | $ (370,332) | $ (397,306) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 44,777 | 46,111 |
Stock based compensation | 107,006 | 0 |
Foreign exchange | (2,388) | 5,070 |
Changes in non-cash working capital items | ||
GST receivable | 15,228 | (6,169) |
Prepaid expenses and other receivable | 1,358 | 15,202 |
Accounts payable and accrued liabilities | (615) | (8,437) |
Net cash used in operating activities | (204,966) | (345,529) |
Cash flows from investing activities | ||
Additions to equipment | (397) | (3,895) |
Net cash used in investing activities | (397) | (3,895) |
Cash flows from financing activities | ||
Amounts (repaid to) a director | (34,976) | (13,933) |
Net cash used in financing activities | (34,976) | (13,933) |
Net decrease in cash and cash equivalents | (240,339) | (363,357) |
Cash and cash equivalents - beginning of the year | 1,673,448 | 2,036,805 |
Cash and cash equivalents - end of the year | 1,433,109 | 1,673,448 |
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 | 12 Months Ended |
May. 31, 2015 | |
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. was incorporated in the State of Nevada on September 13, 2001 and its fiscal year-end is May 31. On January 20, 2004, the Company acquired all of the issued and outstanding shares of Micro Express Ltd. (“Micro”), which was incorporated on July 27, 1994. The business combination was accounted for as a reverse acquisition whereby the purchase method of accounting was used with Micro being the accounting acquirer and the Company being the accounting subsidiary. Sterling Group Ventures, Inc. (the “Company”) is in the exploration stage. The Company has entered into joint venture agreements to explore and develop mineral properties located in China and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of amounts from these properties will be dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain necessary financing to satisfy the expenditure requirements under the joint venture agreements and to complete the development of the properties and upon future profitable production or proceeds from the sale thereof. 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 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 $370,332 during the year ended May 31, 2015 and, as at that date, had a cumulative loss of $7,229,917 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 has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances; however there is no assurance of additional funding being available. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
May. 31, 2015 | |
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 generally accepted accounting principles in the United States of America. 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: Exploration Stage Company The Company complies with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 915, “Development Stage Entities” and Exchange Commission Act Guide 7 for its characterization of the Company as an exploration stage company. Since its inception, the Company has been in the exploration stage. Planned activities involve bringing to production the phosphate property located in China. Principles of Consolidation The Company’s subsidiaries were all incorporated under the laws of the Territory of the British Virgin Islands on the following dates: Micro Express Holdings Inc. was incorporated on February 25, 2004; Micro Express Ltd. was incorporated on July 27, 1994; Huyana Ventures Limited was incorporated on August 18, 2004; Makaelo Holdings Inc. was incorporated on March 21, 2005, Makaelo Limited was incorporated on February 14, 2005, Silver Castle Investments Ltd. was incorporated in Hong Kong on October 13, 2010, and Chenxi County Hongyu Mining Co. Ltd. was incorporated in China on July 4, 2006. 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, Silver Castle Investments Limited (“Silver Castle”) and its 100% controlled subsidiary, Chenxi County Hongyu Mining Co. Ltd. ("Hongyu"). All inter-company transactions and account balances have been eliminated. Mineral Properties Costs of acquiring mineral properties are capitalized by the project area (Note 3(a)). Costs to maintain mineral rights and leases are expensed as incurred. When a property reaches the production state, the related capitalized costs are amortized using the unit of production method on the basis of annual estimates of 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. Mineral property exploration costs are expensed as incurred. Exploration activities conducted jointly with others are reflected at the Company’s proportionate interest in such activities. As at May 31, 2015 and 2014, the Company did not have proven or probable ore reserves. 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. 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 May 31, 2015 and 2014. 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 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 2011 through 2015 are subject to audit or review by the US tax authority, where as fiscal 2007 through 2015 are subject to audit or review by the Canadian tax authority. 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 May 31, 2015 or 2014. The Company’s financial instruments consist of cash, other receivables and accounts payable and 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 financial instruments. Basic Loss per Share The Company reports basic loss per share in accordance with the ASC Topic 260-10, “Earnings Per Share - Overall”. Basic loss per share is computed using the weighted average number of shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share 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. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any convertible preferred dividend and the after-tax amount of interest in the period associated with any convertible debt. The numerator is also adjusted for any other changes in income or loss that would result from the assumed conversion of these potential common shares. Common share equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net loss position at the calculation date. At May 31, 2015, the Company had 29,770,000 (2014 - 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. Concentration of Credit Risk The Company places its cash and cash equivalents with high credit quality financial institutions in Canada, Hong Kong and China. As of May 31, 2015, the Company’s maximum exposure to credit risk is the carrying value of the Company’s cash, and other receivables. The market in China is monitored by the central government, which could impose taxes or restrictions at any time which would make operations unprofitable and infeasible and cause a write-off of investment in the mineral properties. Other factors include political policy on foreign ownership, political policy to open the doors to foreign investors, and political policy on mineral claims and metal prices. Comprehensive Loss The Company reports comprehensive income (loss) in accordance with ASC Topic 220-10, “Comprehensive Income - Overall”. Comprehensive loss is comprised of foreign currency translation adjustments. Foreign Currency Translation Foreign currency transactions are translated into US dollars, the functional and reporting currency of the Company, by the use of the exchange rate in effect at the date of the transaction, in accordance with ASC Topic 830-20, “Foreign Currency Matters - Foreign Currency Translation”. Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the period end and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period which approximates the exchange rate in effect at the date of the transaction. Translation adjustments from the use of different exchange rates from period to period are included in the Comprehensive Income account in Stockholders’ Equity, if applicable. Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses are included in the Statement of Operations. Stock-based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718-10, Compensation - Stock Compensation – Overall The Company has elected to use the Black-Scholes option pricing model to determine the fair value of the options and the extension of the expiry dates of share purchase warrants previously granted. The Company has estimated the fair value of the options and share purchase warrants for the years ended May 31, 2015 and May 31, 2014 using the assumptions more fully described in Note 6(b) and (c). 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. On June 1, 2014, the Company adopted ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date . Accounting Standards Codification Liabilities • The amount the reporting entity agreed to pay on the basis of its arrangement among co-obligors. • Any additional amounts the reporting entity expects to pay on behalf of its co-obligors. Adoption of ASU 2013-04 did not have a material impact on the Company’s consolidated financial statements or disclosures. On June 1, 2014, the Company adopted ASU 2013-05, “ Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity On June 1, 2014, the Company adopted ASU 2013-07, Liquidation Basis of Accounting . Accounting Standards Codification Presentation of Financial Statements. when how On June 1, 2014, the Company adopted ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists On June 1, 2014, the Company adopted ASU 2014-10, Development Stage Entities |
Mineral Properties
Mineral Properties | 12 Months Ended |
May. 31, 2015 | |
Mineral Properties [Text Block] | Note 3 Mineral Properties A summary of mineral properties costs for the cumulative period from the years ended May 31, 2015 and 2014 were incurred and accounted for in the consolidated statement of operations as follows: Phosphate Summary of mineral property expenditures Property Balance, May 31, 2013 $ 683,622 Administrative 11,583 Consulting fees 34,597 Engineering 50,035 Field supplies 4,513 Recording fees 3,263 Technical reports 36,808 Travel & promotion 27,734 Wages and benefits 69,008 Balance, May 31, 2014 $ 921,163 Administrative 17,682 Consulting fees 28,307 Engineering 2,181 Mining permit 12,925 Travel & promotion 32,857 Wages and benefits 59,586 Balance, May 31, 2015 $ 1,074,701 a) Gaoping Phosphate Property On October 18, 2010, the Company signed two agreements (the "Agreements") with Chenxi County Hongyu Mining Co. Ltd. ("Hongyu") and its shareholders ("Hongyu Shareholders") regarding the Gaoping phosphate mine (the "GP Property") located in Tanjiachang village, Chenxi County, Hunan Province, China and other phosphate resources in Hunan Province. Hongyu holds a business license and a mining permit in the GP Property which is in effect until November 10, 2014. On April 29, 2015, Hongyu obtained the renewal of the mining permit, which is valid until April 2, 2018. The Agreements required an investment company to be incorporated in Hong Kong (the “Investment Company”) which was to be owned 20% by the Hongyu Shareholders and 80% by the Company. On October 13, 2010, the Investment Company was incorporated in Hong Kong under the name Silver Castle Investments Ltd. (“Silver Castle”). Silver Castle acquired 90% of Hongyu and the other 10% of Hongyu was transferred to the nominees of the Company. During the acquisition phase, the Company ensured that Hongyu’s net assets retained a minimum value of RMB5,000,000 ($771,545). Upon completion of this acquisition, Hongyu became a Hong Kong / China joint venture company. The Company received all required approvals from Chinese authorities for the completion of its acquisition of Hongyu pursuant to the Agreements dated October 18, 2010. The Company paid RMB200,000 ($30,934) to the Hongyu shareholders as a down payment on December 14, 2010, the Company also deferred $25,083 of legal fees related to the acquisition of Hongyu. The remaining RMB1,800,000 ($279,504) was paid on July 8, 2011, to complete the transaction, for a total of RMB2,000,000 ($310,438). Pursuant to the Agreements, Hongyu agreed to surrender its future exclusive cooperative rights to the Company, and the Hongyu Shareholders agreed that the Company shall have all Hongyu's title and interest in any phosphate properties, including but not limited to the GP Property, and the Company arranged for the financing of building a mining and processing plant on the GP Property together with other facilities required for a mining operation thereon. When requested by the Company, the Hongyu Shareholders agreed to sell their 20% interest in the Investment Company to the Company for the issuance of 10,000,000 common shares of the Company’s capital stock. On July 5, 2011, the Company issued 10,000,000 shares to the Hongyu Shareholders with the closing market price of the shares at $0.22 for acquiring the remaining 20% equity interest in Silver Castle from the Hongyu Shareholders. As a result of this transaction, the Company effectively controls 100% of Hongyu through its wholly owned subsidiary, Silver Castle Investments Ltd. which holds 90% of Hongyu with the other 10% held by the nominees of the Company. The acquisition was treated as an acquisition of assets rather than a business combination because Hongyu does not constitute a business according to the definition of business under FASB ASC Topic 805 “ Business Combinations There were no liabilities assumed during the acquisition. Details of the purchase consideration and net assets acquired are as follows: Purchase price: Cash consideration (1) $ 310,438 Common shares (1) 2,200,000 Transaction costs (2) 27,749 $ 2,538,187 Allocated to: Environmental deposit $ 122,134 Mineral property 3,148,740 Deferred tax liability (732,687 ) $ 2,538,187 (1) Consideration paid consisted of an aggregate cash payment of RMB2,000,000 ($310,438) and issuance of 10,000,000 shares of common stock at $0.22 per share which was the closing price of the Company’s shares on the date of acquisition. (2) Incurred in connection with the acquisition were transaction costs of $27,749 which were included as part of the purchase consideration. During the year ended May 31, 2015, the Company recorded income of $nil (2014: $6,015) through the sale of minerals extracted during the work done for the preparation of production, respectively. The amount was reported as other income in the consolidated statement of operations. During the year ended May 31, 2015, the Company incurred mineral property expenditures of $153,538 (2014: $237,541). As of May 31, 2015, the Company has incurred total mineral property costs of $1,074,701 on this property which have been expensed to the statement of operations as disclosed in the table above. |
Equipment
Equipment | 12 Months Ended |
May. 31, 2015 | |
Equipment [Text Block] | Note 4 Equipment May 31, 2015 May 31, 2014 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value Computer equipment $ 14,126 $ 13,809 $ 317 $ 13,716 $ 13,129 $ 587 Automobile 60,256 38,801 21,455 59,770 26,452 33,318 Office equipment 3,590 3,590 - 3,562 2,633 929 Machinery 164,625 78,088 86,537 163,298 46,735 116,563 $ 242,597 $ 134,288 $ 108,309 $ 240,346 $ 88,949 $ 151,397 The depreciation for the year ended May 31, 2015 was $44,777 (2014: $46,111). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
May. 31, 2015 | |
Related Party Transactions [Text Block] | Note 5 Related Party Transactions The Company was charged consulting fees for administrative, corporate, financial, engineering, and management services during the year ended May 31, 2015 totalling $20,728 (2014: $22,451) by companies controlled by a director of the Company. Included in accounts payable and accrued liabilities is $415,150 (May 31, 2014: $450,126) which was due to companies controlled by the directors for their services provided in previous years. These transactions were measured at the amount of consideration established and agreed to by the related parties. |
Capital Stock
Capital Stock | 12 Months Ended |
May. 31, 2015 | |
Capital Stock [Text Block] | Note 6 Capital Stock a) Capital Stock There was no share issuance during the years ended May 31, 2015 and 2014. b) Stock Options There was no stock option granted during the years ended May 31, 2015 and 2014. At May 31, 2015, there were 5,200,000 stock options (May 31, 2014: 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, 2014: $nil) and a weighted average remaining contractual term of 3.68 years (May 31, 2014: 4.68 years). c) Share Purchase Warrants On February 10, 2015, the Board of Directors of Sterling Group Ventures Inc. ("the Company") approved the extension of 3,817,500 Series "A" Share Purchase Warrants (the "A" Warrants) to the earlier of February 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 additional fair value of the 3,817,500 extended life Series “A” Share Purchase Warrants was estimated at $11,305 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 183%, risk-free interest rates of 0.25% and expected life of two years, and is included in Finance expense. 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 commencing in February 2004. The Board of Directors of the Company also approved the extension of the 20,752,500 Series "D" Share Purchase Warrants (the "D" Warrants) to the earlier of February 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 commencing in December 2010. The additional fair value of the 20,752,500 extended life Series “D” Share Purchase Warrants was estimated at $95,701 using the Black-Scholes Option Pricing Model with the following weighted average assumptions: dividend yield of 0%, expected volatility of 183%, risk-free interest rates of 0.25% and expected life of two years, and is included in Finance expense. At May 31, 2015, there were 24,570,000 share purchase warrants (May 31, 2014: 24,570,000) outstanding and exercisable with weighted average exercise price at $0.204. Series Number Price Expiry Date "A" 3,817,500 $ 0.50 February 17, 2017 "D" 20,752,500 $ 0.15 February 17, 2017 24,570,000 |
Foreign Currency Risk
Foreign Currency Risk | 12 Months Ended |
May. 31, 2015 | |
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 and cash equivalents $465,187 (May 31, 2014 - $552,742). The Company is exposed to fluctuations in foreign currencies through amounts held in Canada in CAD: Cash $3,076 (May 31, 2014 - $44,503). The Company is exposed to fluctuations in foreign currencies through amounts held in Hong Kong in HKD: Cash $110 (May 31, 2014 - $268). |
Segment Information
Segment Information | 12 Months Ended |
May. 31, 2015 | |
Segment Information [Text Block] | Note 8 Segment Information The Company operates in Canada and China, with operations in the mineral resources sector. The Company’s assets are allocated to each country as follows: May 31, 2015 May 31, 2014 Canada China Total Canada China Total Cash and cash equivalents $ 174,003 $ 1,259,106 $ 1,433,109 $ 182,102 $ 1,491,346 $ 1,673,448 Prepaid expense and receivable 5,638 7,124 12,762 20,994 8,285 29,279 Equipment 286 108,023 108,309 119 151,278 151,397 Environmental deposit - 127,393 127,393 - 126,366 126,366 Mineral properties - 3,148,740 3,148,740 - 3,148,740 3,148,740 $ 179,927 $ 4,650,386 $ 4,830,313 $ 203,215 $ 4,926,015 $ 5,129,230 |
Deferred Tax Assets
Deferred Tax Assets | 12 Months Ended |
May. 31, 2015 | |
Deferred Tax Assets [Text Block] | Note 9 Deferred Tax Assets The Company's income tax expense for the years ended May 31, 2015 and 2014 differs from the statutory rates as follows: 2015 2014 Statutory tax rate 35% 35% Loss before income taxes $ (370,332 ) $ (397,306 ) Statutory rate applied to loss before income taxes (129,600 ) (139,100 ) Foreign income taxed at other than US statutory rates 3,600 20,100 Other - 1,500 Permanent difference 52,500 - Change in valuation allowance 73,500 117,500 Income tax expense/(recovery) $ - $ - The significant components of the Company’s deferred tax assets and liabilities are approximately as follows: 2015 2014 Deferred tax assets Equipment $ 26,400 $ 15,200 Stock based compensation 1,096,800 1,096,800 Net operating losses 961,600 897,500 Deferred tax assets 2,084,800 2,009,500 Valuation allowance (2,084,800 ) (2,009,500 ) Net deferred tax asset - - Deferred tax liabilities: Mineral property (732,700 ) (732,700 ) Net deferred tax liability $ (732,700 ) $ (732,700 ) At May 31, 2015, the Company has incurred accumulated net operating losses totaling approximately $3,016,000 (2014: $2,796,000) which are available to reduce taxable income in future taxation years. If not utilized to reduce future taxable income, the Company’s net operating loss carryforwards will start to expire in 2023. The amount taken into income as deferred tax assets must reflect that portion of the income tax loss carryforwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide an allowance of 100% against all available income tax loss carryforwards, regardless of their time of expiry. The Company operates in foreign jurisdictions and is subject to audit by taxing authorities. These audits may result in the assessment of amounts different than the amounts recorded in the consolidated financial statements. The Company liaises with the relevant authorities in these jurisdictions in regard to its income tax and other returns. Management believes the Company has adequately provided for any taxes, penalties and interest that may fall due. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
May. 31, 2015 | |
Exploration Stage Company [Policy Text Block] | Exploration Stage Company The Company complies with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 915, “Development Stage Entities” and Exchange Commission Act Guide 7 for its characterization of the Company as an exploration stage company. Since its inception, the Company has been in the exploration stage. Planned activities involve bringing to production the phosphate property located in China. |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The Company’s subsidiaries were all incorporated under the laws of the Territory of the British Virgin Islands on the following dates: Micro Express Holdings Inc. was incorporated on February 25, 2004; Micro Express Ltd. was incorporated on July 27, 1994; Huyana Ventures Limited was incorporated on August 18, 2004; Makaelo Holdings Inc. was incorporated on March 21, 2005, Makaelo Limited was incorporated on February 14, 2005, Silver Castle Investments Ltd. was incorporated in Hong Kong on October 13, 2010, and Chenxi County Hongyu Mining Co. Ltd. was incorporated in China on July 4, 2006. 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, Silver Castle Investments Limited (“Silver Castle”) and its 100% controlled subsidiary, Chenxi County Hongyu Mining Co. Ltd. ("Hongyu"). All inter-company transactions and account balances have been eliminated. |
Mineral Properties [Policy Text Block] | Mineral Properties Costs of acquiring mineral properties are capitalized by the project area (Note 3(a)). Costs to maintain mineral rights and leases are expensed as incurred. When a property reaches the production state, the related capitalized costs are amortized using the unit of production method on the basis of annual estimates of 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. Mineral property exploration costs are expensed as incurred. Exploration activities conducted jointly with others are reflected at the Company’s proportionate interest in such activities. As at May 31, 2015 and 2014, the Company did not have proven or probable ore reserves. |
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. |
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 May 31, 2015 and 2014. |
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 |
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 2011 through 2015 are subject to audit or review by the US tax authority, where as fiscal 2007 through 2015 are subject to audit or review by the Canadian tax authority. |
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 May 31, 2015 or 2014. The Company’s financial instruments consist of cash, other receivables and accounts payable and 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 financial instruments. |
Basic Loss per Share [Policy Text Block] | Basic Loss per Share The Company reports basic loss per share in accordance with the ASC Topic 260-10, “Earnings Per Share - Overall”. Basic loss per share is computed using the weighted average number of shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share 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. In addition, in computing the dilutive effect of convertible securities, the numerator is adjusted to add back any convertible preferred dividend and the after-tax amount of interest in the period associated with any convertible debt. The numerator is also adjusted for any other changes in income or loss that would result from the assumed conversion of these potential common shares. Common share equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net loss position at the calculation date. At May 31, 2015, the Company had 29,770,000 (2014 - 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. |
Concentration of Credit Risk [Policy Text Block] | Concentration of Credit Risk The Company places its cash and cash equivalents with high credit quality financial institutions in Canada, Hong Kong and China. As of May 31, 2015, the Company’s maximum exposure to credit risk is the carrying value of the Company’s cash, and other receivables. The market in China is monitored by the central government, which could impose taxes or restrictions at any time which would make operations unprofitable and infeasible and cause a write-off of investment in the mineral properties. Other factors include political policy on foreign ownership, political policy to open the doors to foreign investors, and political policy on mineral claims and metal prices. |
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 is comprised of foreign currency translation adjustments. |
Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation Foreign currency transactions are translated into US dollars, the functional and reporting currency of the Company, by the use of the exchange rate in effect at the date of the transaction, in accordance with ASC Topic 830-20, “Foreign Currency Matters - Foreign Currency Translation”. Assets and liabilities denominated in a foreign currency are translated at the exchange rate in effect at the period end and capital accounts are translated at historical rates. Income statement accounts are translated at the average rates of exchange prevailing during the period which approximates the exchange rate in effect at the date of the transaction. Translation adjustments from the use of different exchange rates from period to period are included in the Comprehensive Income account in Stockholders’ Equity, if applicable. Transactions undertaken in currencies other than the functional currency of the entity are translated using the exchange rate in effect as of the transaction date. Any exchange gains and losses are included in the Statement of Operations. |
Stock-based Compensation [Policy Text Block] | Stock-based Compensation The Company accounts for stock-based compensation in accordance with ASC Topic 718-10, Compensation - Stock Compensation – Overall The Company has elected to use the Black-Scholes option pricing model to determine the fair value of the options and the extension of the expiry dates of share purchase warrants previously granted. The Company has estimated the fair value of the options and share purchase warrants for the years ended May 31, 2015 and May 31, 2014 using the assumptions more fully described in Note 6(b) and (c). |
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. On June 1, 2014, the Company adopted ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date . Accounting Standards Codification Liabilities • The amount the reporting entity agreed to pay on the basis of its arrangement among co-obligors. • Any additional amounts the reporting entity expects to pay on behalf of its co-obligors. Adoption of ASU 2013-04 did not have a material impact on the Company’s consolidated financial statements or disclosures. On June 1, 2014, the Company adopted ASU 2013-05, “ Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity On June 1, 2014, the Company adopted ASU 2013-07, Liquidation Basis of Accounting . Accounting Standards Codification Presentation of Financial Statements. when how On June 1, 2014, the Company adopted ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists On June 1, 2014, the Company adopted ASU 2014-10, Development Stage Entities |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
May. 31, 2015 | |
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) | 12 Months Ended |
May. 31, 2015 | |
Summary of Mineral Property Expenditures [Table Text Block] | Phosphate Summary of mineral property expenditures Property Balance, May 31, 2013 $ 683,622 Administrative 11,583 Consulting fees 34,597 Engineering 50,035 Field supplies 4,513 Recording fees 3,263 Technical reports 36,808 Travel & promotion 27,734 Wages and benefits 69,008 Balance, May 31, 2014 $ 921,163 Administrative 17,682 Consulting fees 28,307 Engineering 2,181 Mining permit 12,925 Travel & promotion 32,857 Wages and benefits 59,586 Balance, May 31, 2015 $ 1,074,701 |
Schedule of Purchase Net Assets [Table Text Block] | Purchase price: Cash consideration (1) $ 310,438 Common shares (1) 2,200,000 Transaction costs (2) 27,749 $ 2,538,187 Allocated to: Environmental deposit $ 122,134 Mineral property 3,148,740 Deferred tax liability (732,687 ) $ 2,538,187 |
Equipment (Tables)
Equipment (Tables) | 12 Months Ended |
May. 31, 2015 | |
Property, Plant and Equipment [Table Text Block] | May 31, 2015 May 31, 2014 Accumulated Net Book Accumulated Net Book Cost Depreciation Value Cost Depreciation Value Computer equipment $ 14,126 $ 13,809 $ 317 $ 13,716 $ 13,129 $ 587 Automobile 60,256 38,801 21,455 59,770 26,452 33,318 Office equipment 3,590 3,590 - 3,562 2,633 929 Machinery 164,625 78,088 86,537 163,298 46,735 116,563 $ 242,597 $ 134,288 $ 108,309 $ 240,346 $ 88,949 $ 151,397 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
May. 31, 2015 | |
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 24,570,000 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
May. 31, 2015 | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | May 31, 2015 May 31, 2014 Canada China Total Canada China Total Cash and cash equivalents $ 174,003 $ 1,259,106 $ 1,433,109 $ 182,102 $ 1,491,346 $ 1,673,448 Prepaid expense and receivable 5,638 7,124 12,762 20,994 8,285 29,279 Equipment 286 108,023 108,309 119 151,278 151,397 Environmental deposit - 127,393 127,393 - 126,366 126,366 Mineral properties - 3,148,740 3,148,740 - 3,148,740 3,148,740 $ 179,927 $ 4,650,386 $ 4,830,313 $ 203,215 $ 4,926,015 $ 5,129,230 |
Deferred Tax Assets (Tables)
Deferred Tax Assets (Tables) | 12 Months Ended |
May. 31, 2015 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 Statutory tax rate 35% 35% Loss before income taxes $ (370,332 ) $ (397,306 ) Statutory rate applied to loss before income taxes (129,600 ) (139,100 ) Foreign income taxed at other than US statutory rates 3,600 20,100 Other - 1,500 Permanent difference 52,500 - Change in valuation allowance 73,500 117,500 Income tax expense/(recovery) $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred tax assets Equipment $ 26,400 $ 15,200 Stock based compensation 1,096,800 1,096,800 Net operating losses 961,600 897,500 Deferred tax assets 2,084,800 2,009,500 Valuation allowance (2,084,800 ) (2,009,500 ) Net deferred tax asset - - Deferred tax liabilities: Mineral property (732,700 ) (732,700 ) Net deferred tax liability $ (732,700 ) $ (732,700 ) |
Nature of Operations and Abil23
Nature of Operations and Ability to Continue as a Going Concern (Narrative) (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Nature Of Operations And Ability To Continue As A Going Concern 1 | $ 370,332 |
Nature Of Operations And Ability To Continue As A Going Concern 2 | $ 7,229,917 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
May. 31, 2015 | |
Summary Of Significant Accounting Policies 1 | 100.00% |
Summary Of Significant Accounting Policies 2 | 50.00% |
Summary Of Significant Accounting Policies 3 | 29,770,000 |
Summary Of Significant Accounting Policies 4 | 29,770,000 |
Mineral Properties (Narrative)
Mineral Properties (Narrative) (Details) - 12 months ended May. 31, 2015 | USD ($)$ / sharesshares | CNY (¥)shares |
Mineral Properties 1 | 20.00% | 20.00% |
Mineral Properties 2 | 80.00% | 80.00% |
Mineral Properties 3 | 90.00% | 90.00% |
Mineral Properties 4 | 10.00% | 10.00% |
Mineral Properties 5 | ¥ | ¥ 5,000,000 | |
Mineral Properties 6 | $ 771,545 | |
Mineral Properties 7 | ¥ | 200,000 | |
Mineral Properties 8 | 30,934 | |
Mineral Properties 9 | 25,083 | |
Mineral Properties 10 | ¥ | 1,800,000 | |
Mineral Properties 11 | 279,504 | |
Mineral Properties 12 | ¥ | ¥ 2,000,000 | |
Mineral Properties 13 | $ 310,438 | |
Mineral Properties 14 | 20.00% | 20.00% |
Mineral Properties 15 | shares | 10,000,000 | 10,000,000 |
Mineral Properties 16 | shares | 10,000,000 | 10,000,000 |
Mineral Properties 17 | $ 0.22 | |
Mineral Properties 18 | 20.00% | 20.00% |
Mineral Properties 19 | 100.00% | 100.00% |
Mineral Properties 20 | 90.00% | 90.00% |
Mineral Properties 21 | 10.00% | 10.00% |
Mineral Properties 22 | ¥ | ¥ 2,000,000 | |
Mineral Properties 23 | $ 310,438 | |
Mineral Properties 24 | shares | 10,000,000 | 10,000,000 |
Mineral Properties 25 | $ / shares | $ 0.22 | |
Mineral Properties 26 | $ 27,749 | |
Mineral Properties 27 | 0 | |
Mineral Properties 28 | 6,015 | |
Mineral Properties 29 | 153,538 | |
Mineral Properties 30 | 237,541 | |
Mineral Properties 31 | $ 1,074,701 |
Equipment (Narrative) (Details)
Equipment (Narrative) (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Equipment 1 | $ 44,777 |
Equipment 2 | $ 46,111 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Related Party Transactions 1 | $ 20,728 |
Related Party Transactions 2 | 22,451 |
Related Party Transactions 3 | 415,150 |
Related Party Transactions 4 | $ 450,126 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - 12 months ended May. 31, 2015 | USD ($)yr$ / sharesshares |
Capital Stock 1 | shares | 5,200,000 |
Capital Stock 2 | 5,200,000 |
Capital Stock 3 | $ 0.25 |
Capital Stock 4 | 0 |
Capital Stock 5 | $ 0 |
Capital Stock 6 | yr | 3.68 |
Capital Stock 7 | yr | 4.68 |
Capital Stock 8 | 3,817,500 |
Capital Stock 9 | 3,817,500 |
Capital Stock 10 | $ 11,305 |
Capital Stock 11 | 0.00% |
Capital Stock 12 | 183.00% |
Capital Stock 13 | 0.25% |
Capital Stock 14 | $ 0.50 |
Capital Stock 15 | $ 1 |
Capital Stock 16 | 20,752,500 |
Capital Stock 17 | $ / shares | $ 0.15 |
Capital Stock 18 | 20,752,500 |
Capital Stock 19 | $ 95,701 |
Capital Stock 20 | 0.00% |
Capital Stock 21 | 183.00% |
Capital Stock 22 | 0.25% |
Capital Stock 23 | 24,570,000 |
Capital Stock 24 | 24,570,000 |
Capital Stock 25 | $ 0.204 |
Foreign Currency Risk (Narrativ
Foreign Currency Risk (Narrative) (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Foreign Currency Risk 1 | $ 465,187 |
Foreign Currency Risk 2 | 552,742 |
Foreign Currency Risk 3 | 3,076 |
Foreign Currency Risk 4 | 44,503 |
Foreign Currency Risk 5 | 110 |
Foreign Currency Risk 6 | $ 268 |
Deferred Tax Assets (Narrative)
Deferred Tax Assets (Narrative) (Details) - 12 months ended May. 31, 2015 - USD ($) | Total |
Deferred Tax Assets 1 | $ 3,016,000 |
Deferred Tax Assets 2 | $ 2,796,000 |
Deferred Tax Assets 3 | 100.00% |
Summary of Mineral Property Exp
Summary of Mineral Property Expenditures (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Mineral Properties Summary Of Mineral Property Expenditures 1 | $ 683,622 |
Mineral Properties Summary Of Mineral Property Expenditures 2 | 11,583 |
Mineral Properties Summary Of Mineral Property Expenditures 3 | 34,597 |
Mineral Properties Summary Of Mineral Property Expenditures 4 | 50,035 |
Mineral Properties Summary Of Mineral Property Expenditures 5 | 4,513 |
Mineral Properties Summary Of Mineral Property Expenditures 6 | 3,263 |
Mineral Properties Summary Of Mineral Property Expenditures 7 | 36,808 |
Mineral Properties Summary Of Mineral Property Expenditures 8 | 27,734 |
Mineral Properties Summary Of Mineral Property Expenditures 9 | 69,008 |
Mineral Properties Summary Of Mineral Property Expenditures 10 | 921,163 |
Mineral Properties Summary Of Mineral Property Expenditures 11 | 17,682 |
Mineral Properties Summary Of Mineral Property Expenditures 12 | 28,307 |
Mineral Properties Summary Of Mineral Property Expenditures 13 | 2,181 |
Mineral Properties Summary Of Mineral Property Expenditures 14 | 12,925 |
Mineral Properties Summary Of Mineral Property Expenditures 15 | 32,857 |
Mineral Properties Summary Of Mineral Property Expenditures 16 | 59,586 |
Mineral Properties Summary Of Mineral Property Expenditures 17 | $ 1,074,701 |
Schedule of Purchase Net Assets
Schedule of Purchase Net Assets (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Mineral Properties Schedule Of Purchase Net Assets 1 | $ 310,438 |
Mineral Properties Schedule Of Purchase Net Assets 2 | 2,200,000 |
Mineral Properties Schedule Of Purchase Net Assets 3 | 27,749 |
Mineral Properties Schedule Of Purchase Net Assets 4 | 2,538,187 |
Mineral Properties Schedule Of Purchase Net Assets 5 | 122,134 |
Mineral Properties Schedule Of Purchase Net Assets 6 | 3,148,740 |
Mineral Properties Schedule Of Purchase Net Assets 7 | (732,687) |
Mineral Properties Schedule Of Purchase Net Assets 8 | $ 2,538,187 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Equipment Property, Plant And Equipment 1 | $ 14,126 |
Equipment Property, Plant And Equipment 2 | 13,809 |
Equipment Property, Plant And Equipment 3 | 317 |
Equipment Property, Plant And Equipment 4 | 13,716 |
Equipment Property, Plant And Equipment 5 | 13,129 |
Equipment Property, Plant And Equipment 6 | 587 |
Equipment Property, Plant And Equipment 7 | 60,256 |
Equipment Property, Plant And Equipment 8 | 38,801 |
Equipment Property, Plant And Equipment 9 | 21,455 |
Equipment Property, Plant And Equipment 10 | 59,770 |
Equipment Property, Plant And Equipment 11 | 26,452 |
Equipment Property, Plant And Equipment 12 | 33,318 |
Equipment Property, Plant And Equipment 13 | 3,590 |
Equipment Property, Plant And Equipment 14 | 3,590 |
Equipment Property, Plant And Equipment 15 | 0 |
Equipment Property, Plant And Equipment 16 | 3,562 |
Equipment Property, Plant And Equipment 17 | 2,633 |
Equipment Property, Plant And Equipment 18 | 929 |
Equipment Property, Plant And Equipment 19 | 164,625 |
Equipment Property, Plant And Equipment 20 | 78,088 |
Equipment Property, Plant And Equipment 21 | 86,537 |
Equipment Property, Plant And Equipment 22 | 163,298 |
Equipment Property, Plant And Equipment 23 | 46,735 |
Equipment Property, Plant And Equipment 24 | 116,563 |
Equipment Property, Plant And Equipment 25 | 242,597 |
Equipment Property, Plant And Equipment 26 | 134,288 |
Equipment Property, Plant And Equipment 27 | 108,309 |
Equipment Property, Plant And Equipment 28 | 240,346 |
Equipment Property, Plant And Equipment 29 | 88,949 |
Equipment Property, Plant And Equipment 30 | $ 151,397 |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - 12 months ended May. 31, 2015 | USD ($) |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $ 3,817,500 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | 0.50 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 3 | $ 20,752,500 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 4 | 0.15 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights 5 | $ 24,570,000 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Segment (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Segment Information Schedule Of Segment Reporting Information, By Segment 1 | $ 174,003 |
Segment Information Schedule Of Segment Reporting Information, By Segment 2 | 1,259,106 |
Segment Information Schedule Of Segment Reporting Information, By Segment 3 | 1,433,109 |
Segment Information Schedule Of Segment Reporting Information, By Segment 4 | 182,102 |
Segment Information Schedule Of Segment Reporting Information, By Segment 5 | 1,491,346 |
Segment Information Schedule Of Segment Reporting Information, By Segment 6 | 1,673,448 |
Segment Information Schedule Of Segment Reporting Information, By Segment 7 | 5,638 |
Segment Information Schedule Of Segment Reporting Information, By Segment 8 | 7,124 |
Segment Information Schedule Of Segment Reporting Information, By Segment 9 | 12,762 |
Segment Information Schedule Of Segment Reporting Information, By Segment 10 | 20,994 |
Segment Information Schedule Of Segment Reporting Information, By Segment 11 | 8,285 |
Segment Information Schedule Of Segment Reporting Information, By Segment 12 | 29,279 |
Segment Information Schedule Of Segment Reporting Information, By Segment 13 | 286 |
Segment Information Schedule Of Segment Reporting Information, By Segment 14 | 108,023 |
Segment Information Schedule Of Segment Reporting Information, By Segment 15 | 108,309 |
Segment Information Schedule Of Segment Reporting Information, By Segment 16 | 119 |
Segment Information Schedule Of Segment Reporting Information, By Segment 17 | 151,278 |
Segment Information Schedule Of Segment Reporting Information, By Segment 18 | 151,397 |
Segment Information Schedule Of Segment Reporting Information, By Segment 19 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Segment 20 | 127,393 |
Segment Information Schedule Of Segment Reporting Information, By Segment 21 | 127,393 |
Segment Information Schedule Of Segment Reporting Information, By Segment 22 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Segment 23 | 126,366 |
Segment Information Schedule Of Segment Reporting Information, By Segment 24 | 126,366 |
Segment Information Schedule Of Segment Reporting Information, By Segment 25 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Segment 26 | 3,148,740 |
Segment Information Schedule Of Segment Reporting Information, By Segment 27 | 3,148,740 |
Segment Information Schedule Of Segment Reporting Information, By Segment 28 | 0 |
Segment Information Schedule Of Segment Reporting Information, By Segment 29 | 3,148,740 |
Segment Information Schedule Of Segment Reporting Information, By Segment 30 | 3,148,740 |
Segment Information Schedule Of Segment Reporting Information, By Segment 31 | 179,927 |
Segment Information Schedule Of Segment Reporting Information, By Segment 32 | 4,650,386 |
Segment Information Schedule Of Segment Reporting Information, By Segment 33 | 4,830,313 |
Segment Information Schedule Of Segment Reporting Information, By Segment 34 | 203,215 |
Segment Information Schedule Of Segment Reporting Information, By Segment 35 | 4,926,015 |
Segment Information Schedule Of Segment Reporting Information, By Segment 36 | $ 5,129,230 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - 12 months ended May. 31, 2015 - USD ($) | Total |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 1 | 35.00% |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 2 | 35.00% |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 3 | $ (370,332) |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 4 | (397,306) |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 5 | (129,600) |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 6 | (139,100) |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 7 | 3,600 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 8 | 20,100 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 9 | 0 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 10 | 1,500 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 11 | 52,500 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 12 | 0 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 13 | 73,500 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 14 | 117,500 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 15 | 0 |
Deferred Tax Assets Schedule Of Components Of Income Tax Expense (benefit) 16 | $ 0 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) | 12 Months Ended |
May. 31, 2015USD ($) | |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 1 | $ 26,400 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 2 | 15,200 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 3 | 1,096,800 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 4 | 1,096,800 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 5 | 961,600 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 6 | 897,500 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 7 | 2,084,800 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 8 | 2,009,500 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 9 | (2,084,800) |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 10 | (2,009,500) |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 11 | 0 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 12 | 0 |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 13 | (732,700) |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 14 | (732,700) |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 15 | (732,700) |
Deferred Tax Assets Schedule Of Deferred Tax Assets And Liabilities 16 | $ (732,700) |