Dakota Territory Resource (DTRC) 10-K 29 Jun 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2016	Jun. 29, 2016	Sep. 30, 2015
Document and Entity Information
Entity Registrant Name	DAKOTA TERRITORY RESOURCE CORP
Entity Trading Symbol	dtrc
Document Type	10-K
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Entity Central Index Key	1,182,737
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		56,716,787
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Public Float			$ 1,720,267

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2016	Mar. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 15,551	$ 2,355
Note receivable from related party	12,500	0
Prepaid expenses and other current assets	8,927	0
Total current assets	36,978	2,355
Other assets	2,500	15,430
Mineral properties	199,566	191,566
TOTAL ASSETS	239,044	209,351
CURRENT LIABILITIES
Accounts payable and accrued liabilities	470,654	380,276
Accounts payable, related party	736,692	454,692
Line of credit	40,766	24,740
Notes payable	305,550	305,550
Note payable to related party	265,000	0
Convertible notes payable, net of discount of $0 and $0, respectively	100,000	100,000
Total current liabilities	1,918,662	1,265,258
Note payable to related party	0	265,000
Total liabilities	$ 1,918,662	$ 1,530,258
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' DEFICIT
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2016 and March 31, 2015, respectively	$ 0	$ 0
Common stock, par value $0.001; 300,000,000 shares authorized,56,716,787 and 53,738,216 shares issued and outstanding as of March 31, 2016 and March 31, 2015, respectively	56,717	53,738
Additional paid-in capital	1,747,886	1,580,078
Accumulated deficit	(3,484,221)	(2,954,723)
Total shareholders' deficit	(1,679,618)	(1,320,907)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 239,044	$ 209,351

BALANCE SHEETS PARENTHETICALS

BALANCE SHEETS PARENTHETICALS - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Parentheticals
Notes payable, net of discount	$ 0	$ 0
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares Issued	56,716,787	53,738,216
Common Stock, Shares Outstanding	56,716,787	53,738,216

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING EXPENSES
Depreciation and amortization	$ 0	$ 333
Exploration costs	22,220	26,999
General and administrative expenses	473,576	1,264,555
Total operating expenses	495,796	1,291,887
LOSS FROM OPERATIONS	(495,796)	(1,291,887)
OTHER INCOME (EXPENSE)
Derivative income (expense)	100,000	0
Interest expense	(133,702)	(31,201)
Total other income (expense)	(33,702)	(31,201)
NET LOSS	$ (529,498)	$ (1,323,088)
Net loss per share: Basic and diluted net loss per share	$ (0.01)	$ (0.02)
Weighted average shares outstanding: Basic and diluted	54,354,805	53,319,567

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)	Preferred Stock Shares Issued	Preferred Stock Par Value $0.001 per share	Common Stock Shares Issued	Common Stock Par Value $0.001 per share	Additional Paid-in Capital	Accumulated Deficit	Total Shareholders' Deficit
BALANCE at Mar. 31, 2014	0	0	52,747,376	52,747	843,569	(1,631,635)	(735,319)
Shares issued for services			990,840	991	238,509		239,500
Net loss						$ (1,323,088)	$ (1,323,088)
Issuance of stock options and warrants					$ 498,000		$ 498,000
BALANCE. at Mar. 31, 2015	0	0	53,738,216	53,738	1,580,078	(2,954,723)	(1,320,907)
Shares issued for cash					$ 15,000		$ 15,000
Shares issued for services			50,000	50	41,450		41,500
Shares issued for note conversion			$ 2,928,571	$ 2,929	$ 99,571		$ 102,500
Net loss						$ (529,498)	(529,498)
Issuance of stock options					$ 11,787		$ 11,787
BALANCE at Mar. 31, 2016	0	0	56,716,787	56,717	1,747,886	(3,484,221)	(1,679,618)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities
Net loss	$ (529,498)	$ (1,323,088)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	0	333
Shares issued for services	53,287	737,500
Derivative income	(100,000)	0
Amortization of debt discount	100,000	0
Changes in current assets and current liabilities:
Prepaid expenses and other assets	4,003	(12,221)
Accounts payable & accrued liabilities	92,878	30,330
Accounts payable, related party	282,000	116,613
Net cash used in operating activities	(97,330)	(450,533)
Cash Flows From Investing Activities:
Issuance of note receivable to related party	(12,500)	0
Investment in mineral properties	(8,000)	(231)
Net cash used in investing activities	(20,500)	(231)
Cash Flows From Financing Activities:
Proceeds from the issuance of common stock	15,000	0
Proceeds from the issuance of convertible note payable	100,000	0
Proceeds from (repayments of) line of credit	16,026	(3,210)
Net cash provided by (used in) financing activities	131,026	(3,210)
Net change in cash	13,196	(453,974)
Cash and Cash Equivalents, Beginning of Period	2,355	456,329
Cash and Cash Equivalents, End of Period	15,551	2,355
Supplemental Disclosure of Cashflow Information
Interest paid	0	0
Taxes paid	0	0
Supplemental Disclosure of Non cash Investing and Financing Activities
Debt discount on convertible note	100,000	0
Common stock issued for conversion of note payable	$ 102,500	$ 0

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Mar. 31, 2016
Organization and Nature of Business
Organization and Nature of Business	Note 1 Organization and Nature of Business Dakota Territory Resource Corp., (the “Company”) was incorporated in the State of Nevada on February 6, 2002 under the name Lakefield Ventures, Inc. In September 2012, the Company changed its name from Mustang Geothermal Corp to Dakota Territory Resource Corp, reflecting a change in business. The Company has been in the exploration stage since its formation and has no t realized any revenues from its planned operations. The Company is primarily engaged in the acquisition , exploration , and development of mineral properties. On March 9, 2012 the Company entered into an agreement with North Homestake Mining Company (“NHMC”) to exchange common stock to affect the acquisition of North Homestake’s gold exploration properties located in South Dakota. The Agreement was completed on September 26, 2012 and the Company concurrently effected a 10 for 1 reverse stock split. The merger was recorded as a reverse recapitalization (“reverse merger”) and the issuances of common stock were recorded as a reclassification between paid-in capital and par value of Common Stock. North Homestake Mining Company was incorporated in the State of Nevada on April 12, 2011. In accordance with the generally accepted accounting principles governing reverse mergers, the historical financial statements are those of NHMC, since renamed Dakota Territory Resource Corp. On December 31, 2012, the Company completed an agreement to acquire 57 unpatented lode mining claims covering approximately 853 acres in the Black Hills of South Dakota in exchange for 1,000,000 shares of the Company’s common stock, which was valued at $0.15 per share on the transaction date. On February 24, 2014 the Company acquired surface and mineral title to the 26.16 acres of the Squaw and Rubber Neck Lodes that comprise Mineral Survey 1706 in the Black Hills of South Dakota. The property is located immediately to the north and adjoining the Company’s Paleoplacer Property. On March 3, 2014 , Going Concern These financial statements have been prepared assuming that we will continue as a going concern. The Company has an accumulated deficit of approximately $3,484,000 since inception and, has yet to achieve profitable operations, and projects further losses in the development of its business. At March 31, 2016, the Company had a working capital deficit of approximately $1,882,000. Our ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. These financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern. We anticipate that additional funding will be in the form of equity financing from the sale of common stock and/or commercial borrowing. There can be no assurance that capital will be available on terms acceptable to us. The issuances of additional equity securities by us would result in a dilution in the equity interests of our current stockholders. We may also seek to obtain short-term loans from the directors of the Company. There are no current arrangements in place for equity funding or short-term loans. Based on these factors, there is substantial doubt as to our ability to continue as a going concern.

Summary of Accounting Policies

Summary of Accounting Policies	12 Months Ended
	Mar. 31, 2016
Summary of Accounting Policies
Summary of Accounting Policies	Note 2 Summary of Accounting Policies Basis of Presentation Our financial records are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of demand deposits at commercial banks. Revenue Recognition We recognize revenue when persuasive evidence of an arrangement exists, services have been performed, the sales price is fixed or determinable, and collection is probable. We have yet to generate any revenue. Mineral Property Costs We have been in the exploration stage since inception and have not yet realized any revenues from its planned operations. All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If we do not continue with exploration after the completion of the feasibility study, the associated capitalized costs will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if the capitalized mineral property costs are in excess of their recoverable amount, we conduct periodic evaluation of the carrying value of capitalized costs and any related property and equipment costs based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets Fair Value Measurements We account for assets and liabilities measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures • Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Our financial instruments consist principally of cash, accounts payable, accrued liabilities and notes payable. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term nature or the underlying terms are consistent with market terms. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. Environmental Costs Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue general, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company’s commitments to plan of action based on the then known facts. Income Taxes Income taxes are computed using the asset and liability method, in accordance with ASC 740, Income Taxes Basic and Diluted Loss Per Share We compute loss per share in accordance with ASC 260, Earnings Per Share Stock-Based Compensation The Company estimates the fair value of share-based compensation using the Black-Scholes valuation model, in accordance with the provisions of ASC 718, Compensation - Stock Compensation ASC 505, Equity Recent Accounting Pronouncements Pronouncements between March 31, 2016 and the date of this filing are not expected to have a significant impact on our operations, financial position, or cash flow, nor does the Company expect the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on our results of operations, financial position or cash flows.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2016
Related Party Transactions:
Related Party Transactions	Note 3 Related Party Transactions Effective October 1, 2005, we began paying a management consulting fee to Minera Teles Pires Inc., a company controlled by the President and director of the Company. The agreement provides a fixed fee of $10,000 per month of which $5,000 is paid and the other $5,000 deferred until financing is obtained by us. Additionally, the agreement provides for a payment of $1,500 per month for office rent and expenses. During the twelve months ended March 31, 2016 and 2015, we incurred approximately $138,000 in each year, in management fees and rent from Minera Teles Pires Inc. As of March 31, 2016 and 2015, we owed Minera Teles Pires approximately $385,000 and $247,000, respectively, for management fees and out of pocket expenses. On June 29, 2015, our President and CEO borrowed $12,500, at 0% interest, from the Company. The note was due in full 90 days from the date of issuance. Mr. Bachman has deferred all compensation due him since January 1, 2015. This note remains outstanding as of March 31, 2016. Effective February 24, 2012, we began paying consulting fees to Jerikodie, Inc., a company controlled by our Vice President and a director of the Company. The agreement provides a fixed fee of $9,000 per month plus approved expenses. During the twelve months ended March 31, 2016 and 2015, we incurred approximately $108,000 in each year, in consulting fees from Jerikodie, Inc. As of March 31, 2016 and 2015, we owed Jerikodie, Inc. approximately $291,000 and $183,000, respectively, for consulting fees and out of pocket expenses. On March 19, 2013, the Company entered into an agreement with Wm Chris Mathers to compensate Mr. Mathers as the Company’s CFO and agreed to pay Mr. Mathers cash in the amount of $1,000 per month increasing to $2,000 per month on September 1, 2013 and to $3,000 per month on March 1, 2014. During the twelve months ended March 31, 2016 and 2015, we incurred $36,000 in each year, in compensation to Mr. Mathers. As of March 31, 2016 and 2015, we owed Mr. Mathers $61,000 and $25,000, respectively, for consulting fees.

Mineral Properties

Mineral Properties	12 Months Ended
	Mar. 31, 2016
Mineral Properties
Mineral Properties	Note 4 Mineral Properties On September 26, 2012, the Company was re-organized with North Homestake Mining Company. With this re-organization, the Company acquired 84 unpatented lode mining claims covering approximately 1,600 acres known as the Blind Gold Property located in the Black Hills of South Dakota. On December 28, 2012, the Company acquired 57 unpatented lode mining claims covering approximately 853 acres known as the West False Bottom Creek and Paradise Gulch Claim Group, the City Creek Claims Group, and the Homestake Paleoplacer Claims Group, all located in the Black Hills of South Dakota. The West False Bottom Creek and Paradise Gulch Claims were contiguous to the Blind Gold Property and have been incorporated into the Blind Gold Property. The purchase price was 1,000,000 restricted common shares valued at $0.15 per share, or $150,000. On February 24, 2014 the Company acquired surface and mineral title to the 26.16 acres of the Squaw and Rubber Neck Lodes that comprise Mineral Survey 1706 in the Black Hills of South Dakota. Located immediately to the north and adjoining the Company’s Paleoplacer Property, Mineral Survey 1706 was explored by Homestake Mining Company in the late 1980’s. The Company is required to make annual lease payments of $8,000 for a period of 5 years, of which $8,000 was due upon execution of the agreement. The Company has an option to purchase the mineral property for $120,000. On March 3, 2014 , The Company plans to commence an exploratory program on these mineral properties as soon as financing can be arranged. March 31, March 31, 2016 2015 Capitalized costs $ 199,566 $ 191,566 Accumulated amortization - - Impairment - - Capitalized costs, net $ 199,566 $ 191,566

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2016
Income Taxes:
Income Tax Disclosure	Note 5 Income Taxes The following table sets forth a reconciliation of the statutory federal income tax for the years ended March 31, 2016 and 2015: 2016 2015 Loss before income taxes $ (529,498) $ (1,323,088) Income tax benefit computed at statutory rates $ (180,000) $ (450,000) Increase in valuation allowance 154,000 190,000 Temporary differences, stock compensation 18,000 251,000 Temporary differences, exploration costs 8,000 9,000 Tax benefit $ - $ - The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as a deferred tax asset and liability. Significant components of the deferred tax assets are set out below along with a valuation allowance to reduce the net deferred tax asset to zero. In order to comply with generally accepted accounting principles, management has decided to establish a valuation allowance because of the potential that the tax benefits underlying deferred tax asset may not be realized. Significant components of our deferred tax asset at March 31, 2016 and 2015 are as follows: 2016 2015 Deferred tax assets (liability) Net operating loss carryforwards $ 2,700,000 $ 2,546,000 Net capital loss carryforwards 527,000 527,000 Less: valuation allowance (3,227,000) (3,073,000) Net deferred tax assets $ - $ - As a result of a change in control effective in September 2012, our net operating losses prior to that date may be partially or entirely unavailable, by law, to offset future income and, accordingly, are excluded from the associated deferred tax asset. The net operating loss carry forward in the approximate amount of $7,941,000 will begin to expire in 2026. We file income tax returns in the United States and in one state jurisdiction. We follow the provisions of ASC 740 relating to uncertain tax provisions and have commenced analyzing filing positions in all of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. As a result of adoption, no additional tax liabilities have been recorded. There are no unrecognized tax benefits as of March 31, 2016 or March 31, 2015. The Company files income tax returns in the U.S. federal jurisdiction and in certain state jurisdictions. The Company has not been subjected to tax examinations for any year and the statute of limitations has not expired. The Company’s tax returns remain open for examination by the applicable authorities, generally 3 years for federal and 4 years for state.

Notes Payable

Notes Payable	12 Months Ended
	Mar. 31, 2016
Notes Payable {1}
Notes Payable	Note 6 Notes Payable The following promissory notes payable are unsecured and bear interest at 5% per annum. They are due on demand: Date Maturity Interest rate Principal Interest Total Nov 15, 2005 On demand 5% per annum $ 82,775 $ 43,135 $ 125,910 Dec 01, 2005 On demand 5% per annum $ 18,800 $ 9,750 $ 28,550 Jan 06, 2006 On demand 5% per annum $ 100,000 $ 51,298 $ 151,298 Jul 14, 2006 On demand 5% per annum $ 103,975 $ 50,264 $ 154,239 Total $ 305,550 $ 154,447 $ 459,997 Notes Payable to Related Party The Company had 11 notes payable to its President pursuant to advances which had historically been made by the President. The notes were dated between March 2011 and August 2012, were unsecured, ranged in amount from $10,000 to $50,000, and bore interest at 12% per annum. These notes were re-structured and combined on March 27, 2013 into a single promissory note payable (the “New Note”). In conjunction with this restructuring, the President forgave accrued interest totaling $57,817 (recorded as an equity transaction). The New Note is unsecured, has a principal amount of $265,000, and bears interest at 4% per annum. The Company will apply 10% of the gross proceeds from any equity financing in an amount exceeding $0.5 million (whether one or more transactions) from and after the date hereof to prepay principal and accrued interest. All remaining unpaid principal and interest was due at March 27, 2016 and remains unpaid.

Convertible Note Payable

Convertible Note Payable	12 Months Ended
	Mar. 31, 2016
Convertible Note Payable:
Convertible Notes Payable	Note 7 Convertible Notes Payable On August 14, 2008, the Company executed a 5% convertible note of $100,000 that was due August 13, 2010. The note is now due and payable, however the lender has to date made no request for payment. The note may be converted from time to time, all or any part of the principal plus any unpaid accrued interest ($38,764 as of March 31, 2016) thereof into common stock of the Company at a conversion price per share equal to the greater of i) the closing market price per share of the common stock on the trading day immediately preceding the date of conversion as quoted on the OTC-BB or such other exchange upon which the Company’s shares are then listed or traded, or ii) $200 per share ($20.00 per share after adjustment due to 1 for 200 reverse stock split; $200 per share after a further adjustment due to a 1 for 10 reverse stock split). The conversion price shall be subject to adjustments. The minimum amount to be converted is $10,000. As of March 31, 2016, this note is outstanding. On June 15, 2015, the Company executed a 5% convertible note in the amount of $100,000 that came due December 15, 2015. The note provided for the conversion of all or any part of the principal plus any unpaid accrued interest thereof into common stock of the Company at a conversion price of the lowest bid price less fifty (50%) percent during previous 5 days trading before the conversion date. The Black-Scholes pricing model was used to estimate that fair value of the number of shares that the note could have been converted into at the note’s inception. At the time of the note’s inception it was estimated that the note could have been converted into 1,862,197 shares of common stock. Using the assumptions of a risk free interest rate of 1.1%, dividend yield of 0%, volatility of 234%, and an expected life of 6 months, we have determined these shares to have an approximate fair value of $162,000. The company also recorded a derivative liability since the note may be converted into shares at a variable rate equal to the bid price less fifty percent during the previous 5 days trading before the conversion date. The derivative liability recorded at the time of the note’s inception was approximately $162,500, derivative expense in the amount of approximately $62,500, and a debt discount in the amount of approximately $100,000. On November 15, 2015, the holder of the note exercised the option to convert the note into 2,928,571 shares of our common stock at a price of $0.035 per share. The shares were issued on January 15, 2016.

Line of Credit

Line of Credit	12 Months Ended
	Mar. 31, 2016
Line of Credit
Line of Credit	Note 8 Line of Credit The Company executed a Line of Credit with Wells Fargo Bank in California. The Line of Credit allows the Company to borrow up to $47,500. The Line of Credit bears interest at 7.75% per annum, is unsecured, and due on demand. The balance on this Line of Credit at March 31, 2016 and 2015 was $40,766 and $ 24,740, respectively

Common Stock

Common Stock	12 Months Ended
	Mar. 31, 2016
Common Stock:
Common Stock	Note 9 Common Stock On May 15, 2015, we issued 25,000 shares of our restricted common stock, at $0.35 per share, to a consultant for services valued at $8,750. On June 3, 2015, the Company entered into a second one-year consulting agreement with Dr. Michael Terry, a former Homestake Geologic Researcher, to continue the research begun through the Company’s first consulting agreement with Dr. Terry entered into on January 31, 2014. The new one-year agreement provides for compensation of 100,000 restricted shares of fully-earned Company common stock upon execution of the agreement and cash consideration in the amount of $1,500 per month, plus approved expenses. We have determined these shares to have an approximate fair value of $9,000. As of the date of this filing, these shares have not been issued. On December 1, 2015, we issued 25,000 shares of our restricted common stock, at $0.35 per share, to a consultant for services valued at $8,750. On January 29, 2016, we issued 2,928,571 shares of our common stock, at $0.035 per share, for the conversion of outstanding note principal and accrued interest in the amount of $102,500. On February 11, 2016, the Company entered into a six month consulting agreement with a consultant for consulting and business advisory services. The consulting agreement provides for compensation of 250,000 restricted shares of fully-earned Company common stock upon execution of the agreement and an option to purchase 250,000 shares of common stock at a price of $0.06 per share under a 5 year term. We have determined that the 250,000 common shares to have an approximate fair value of $15,000. As of the date of this filing, these shares have not been issued. The Black-Scholes pricing model was used to estimate the fair value of the 250,000 options issued during the period, using the assumptions of a risk free interest rate of 1.1%, dividend yield of 0%, volatility of 213%, and an expected life of 5 years. We have determined these options to have an approximate fair value of $11,787. On March 4, 2016, we received $15,000 from an investor for 250,000 shares of our common stock at a price of $0.06 per share. As of the date of this filing, these shares have not been issued. Equity Compensation Plan On March 19, 2013, we entered into an agreement with Wm Chris Mathers to compensate Mr. Mathers as the Company’s CFO with 100,000 shares of the Company’s stock upon execution of the consulting agreement, and an option to purchase 1,000,000 shares valued at $0.14 per share under a 5 year term expiring March 19, 2018. As of the date of this filing all 1,000,000 options have vested. These options vest 25% upon the execution of the agreement and 25% upon each six month anniversary from the date of the agreement, provided Mr. Mathers continues to provide consulting or employment services to the Company on the vesting dates. The Black-Scholes pricing model was used to estimate the fair value of the 1,000,000 options issued during the period, using the assumptions of a risk free interest rate of 1.1%, dividend yield of 0%, volatility of 482%, and an expected life of 5 years. We have determined these options to have an approximate fair value of $140,000. Since Mr. Mathers award vests over an 18 month period, the Company is expensing a total of approximately $5,833 monthly, beginning in April 2013, for this award over the 18 month vesting period in accordance with FASB ASC 718. A total of $35,000 was expensed for the year ended March 31, 2015 as stock based compensation. On November 11, 2013 the Company entered into a one-year consulting agreement with Lyons Capital, LLC to provide strategic advisory services and to provide the Company introductions to potential institutional investors through Lyons Capital’s Wall Street Conferences. Lyons Capital received 1,000,000 warrants to purchase restricted common shares of our stock with a strike price of $0.23 per share, expiring on December 10, 2016. The fair value of the warrants issued was $349,224 and vest upon issuance. Variables used in the Black-Scholes option-pricing model for the warrants issued include: (1) discount rate of 1.10%, (2) term of 2.75 years, (3) expected volatility of 361%, and (4) zero expected dividends. On January 25, 2015 the Company authorized the issuance of a total of 5,200,000 options to purchase the Company’s restricted common stock. The Company’s Board of Directors authorized and implemented the options by virtue of its adopting a plan entitled the “2015 Omnibus Incentive Plan.” The options are good for a period of ten years from January 25, 2015, expiring on January 25, 2025. The exercise price per share is $0.08 based upon the closing price of the Company’s common stock on January 23, 2015 of $0.07 per share. All options vest immediately. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 5.2 million options issued during the period, using the assumptions of a risk free interest rate of 1.10%, dividend yield of 0%, volatility of 341% and an expected life of 10 years. These options were expensed immediately in the amount of approximately $364,000. On March 27, 2015 the Company authorized the issuance of an additional 900,000 options to purchase the Company’s restricted common stock for the three members of the Company’s Strategic Advisory Board. The options are exercisable for a period of ten years from March 27, 2015, expiring on March 27, 2025. The exercise price per share is $0.13 based upon the closing price of the Company’s common stock on March 27, 2015 of $0.11 per share. All options vest immediately. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 900,000 options issued during the period, using the assumptions of a risk free interest rate of 1.10%, dividend yield of 0%, volatility of 1,918% and an expected life of 10 years. These options were expensed immediately in the amount of approximately $99,000. The Company relied upon the exemption from registration provided by Section 4(2) of the Securities Act of 1933, and Rule 506 of Regulation D promulgated thereunder, with respect to the issuance of the options for the sale of the restricted stock. The Purchasers of these securities were “accredited investors” pursuant to Section 501(a) of the Securities Act, who provided the Company with representations, warranties and information concerning their qualifications as “accredited investors.” The Company provided and made available to the Purchasers full information regarding our business and operations. There was no general solicitation in connection with the offer or sale of the restricted securities. The Purchasers acquired the options to purchase the restricted common stock for their own accounts, for investment purposes and not with a view to public resale or distribution thereof within the meaning of the Securities Act. By their terms, the options are not transferable. By virtue of restrictions on the shares issuable by the Company when the options are exercised, the restricted shares so purchased cannot be sold unless pursuant to an effective registration statement by the Company, or by an exemption from registration requirements of Section 5 of the Securities Act—the existence of any such exemption subject to legal review and approval by the Company. At March 31, 2016, the total issued and outstanding shares were 56,716,787.

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2016
Subsequent Events:
Subsequent Events	Note 10 Subsequent Events On April 14, 2016, Director Tony Kamin resigned his position as a Director with the registrant. Mr. Kamin did not hold a position on any committee of the board of directors at the time of his resignation. Mr. Kamin’s decision to resign his position was not caused by a disagreement with the registrant on any matter relating to the registrant’s operations, policies or practices. On April 19, 2016, we received $5,000 from an investor for the purchase of 50,000 shares of our common stock at $0.10 per share. On May 12, 2016, our CEO repaid a loan made to him by the Company in the amount of $12,500.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2016
Accounting Policies (Policies):
Basis of Presentation	Basis of Presentation Our financial records are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States.
Use of Estimates, Policy	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of demand deposits at commercial banks.
Revenue Recognition, Policy	Revenue Recognition We recognize revenue when persuasive evidence of an arrangement exists, services have been performed, the sales price is fixed or determinable, and collection is probable. We have yet to generate any revenue.
Mineral Property Costs	Mineral Property Costs We have been in the exploration stage since inception and have not yet realized any revenues from its planned operations. All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If we do not continue with exploration after the completion of the feasibility study, the associated capitalized costs will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if the capitalized mineral property costs are in excess of their recoverable amount, we conduct periodic evaluation of the carrying value of capitalized costs and any related property and equipment costs based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets
Fair Value Measurement, Policy	Fair Value Measurements We account for assets and liabilities measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures • Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. Our financial instruments consist principally of cash, accounts payable, accrued liabilities and notes payable. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term nature or the underlying terms are consistent with market terms. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.
Environmental Costs	Environmental Costs Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue general, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company’s commitments to plan of action based on the then known facts.
Income Taxes	Income Taxes Income taxes are computed using the asset and liability method, in accordance with ASC 740, Income Taxes
Basic and Diluted Loss Per Share	Basic and Diluted Loss Per Share We compute loss per share in accordance with ASC 260, Earnings Per Share
Stock-Based Compensation	Stock-Based Compensation The Company estimates the fair value of share-based compensation using the Black-Scholes valuation model, in accordance with the provisions of ASC 718, Compensation - Stock Compensation ASC 505, Equity
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements between March 31, 2016 and the date of this filing are not expected to have a significant impact on our operations, financial position, or cash flow, nor does the Company expect the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on our results of operations, financial position or cash flows.

Schedule of Minerals properties

Schedule of Minerals properties (Tables)	12 Months Ended
	Mar. 31, 2016
Schedule of Minerals properties:
Schedule of Capitalized Costs	The Company plans to commence an exploratory program on these mineral properties as soon as financing can be arranged. March 31, March 31, 2016 2015 Capitalized costs $ 199,566 $ 191,566 Accumulated amortization - - Impairment - - Capitalized costs, net $ 199,566 $ 191,566

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2016
Income Taxes (Tables):
Statutory federal income tax for the years ended March 31, 2016 and 2015	The following table sets forth a reconciliation of the statutory federal income tax for the years ended March 31, 2016 and 2015: 2016 2015 Loss before income taxes $ (529,498) $ (1,323,088) Income tax benefit computed at statutory rates $ (180,000) $ (450,000) Increase in valuation allowance 154,000 190,000 Temporary differences, stock compensation 18,000 251,000 Temporary differences, exploration costs 8,000 9,000 Tax benefit $ - $ -
Significant components of our deferred tax asset at March 31, 2016 and 2015	Significant components of our deferred tax asset at March 31, 2016 and 2015 are as follows: 2016 2015 Deferred tax assets (liability) Net operating loss carryforwards $ 2,700,000 $ 2,546,000 Net capital loss carryforwards 527,000 527,000 Less: valuation allowance (3,227,000) (3,073,000) Net deferred tax assets $ - $ -

Schedule of Notes Payable and M

Schedule of Notes Payable and Maturities of Debt (Tables)	12 Months Ended
	Mar. 31, 2016
Schedule of Notes Payable and Maturities of Debt
Schedule of Notes Payable and Maturities of Debt	The following promissory notes payable are unsecured and bear interest at 5% per annum. They are due on demand: Date Maturity Interest rate Principal Interest Total Nov 15, 2005 On demand 5% per annum $ 82,775 $ 43,135 $ 125,910 Dec 01, 2005 On demand 5% per annum $ 18,800 $ 9,750 $ 28,550 Jan 06, 2006 On demand 5% per annum $ 100,000 $ 51,298 $ 151,298 Jul 14, 2006 On demand 5% per annum $ 103,975 $ 50,264 $ 154,239 Total $ 305,550 $ 154,447 $ 459,997

Organization and Nature of Bu21

Organization and Nature of Business (Details)	Mar. 03, 2014USD ($)	Feb. 24, 2014$ / shares	Dec. 31, 2012$ / sharesshares	Mar. 09, 2012
Organization and Nature of Business Details
Company concurrently effected a reverse stock split and for one share required shares are				10
Company completed an agreement to acquire unpatented lode mining claims			57
Company completed an agreement to acquire unpatented lode mining claims in acres			853
Shares of the Company's common stock issued in exchange under the agreement | shares			1,000,000
Per share value on the transaction date | $ / shares			$ 0.15
Company acquired surface and mineral title to the acres of the Squaw and Rubber Neck Lodes | $ / shares		$ 26.16
Company completed an acquisition of approximately mineral acres in Northern Black Hills of South Dakota	$ 565.24
Increase in mineral interests in Homestake District after acquiring mineral acres in the Northern Black Hills, percent	23.00%
Increase in mineral interests in Homestake District after acquiring mineral acres in the Northern Black Hills, acres	$ 3,057
Company purchased additional mineral acres	$ 64.39

Going Concern (Details)

Going Concern (Details)	Mar. 31, 2016USD ($)
Going Concern Details
Accumulated deficit since inception	$ 3,484,000
Working capital deficit	$ 1,882,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Mar. 31, 2016	Jun. 29, 2015	Mar. 31, 2015	Mar. 01, 2014	Sep. 01, 2013	Mar. 19, 2013	Feb. 24, 2012	Oct. 01, 2005
Related Party Transactions Details
Fixed Consulting fee per month to Minera Teles Pires Inc.								$ 10,000
Payment of consulting fees								5,000
Balance of consulting fees deferred until financing is obtained								5,000
Payment per month for office rent and expenses								$ 1,500
Owed Minera Teles Pires for management fees and out of pocket expenses	$ 385,000		$ 247,000
President and CEO borrowed		$ 12,500
Payment of fixed consulting fees per month to Jerikodie, Inc							$ 9,000
Owed Jerikodie, Inc. for management fees and out of pocket expenses	291,000		183,000
Amount to be paid as compensation per month to Mr. Mathers as Company's CFO				$ 3,000	$ 2,000	$ 1,000
Amount owed to Mr. Mathers for consulting fees	$ 61,000		$ 25,000

Related Party Transactions - Du

Related Party Transactions - During the period (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transactions - During the period Details
Incurred in management fees and rent from Minera Teles Pires Inc	$ 138,000	$ 138,000
Incurred in consulting fees from Jerikodie, Inc	108,000	108,000
Incurred in compensation to Mr. Mathers	$ 36,000	$ 36,000

Mineral Properties Reorganizati

Mineral Properties Reorganization (Details)	Mar. 03, 2014USD ($)	Feb. 24, 2014USD ($)	Dec. 28, 2012USD ($)$ / sharesshares	Sep. 26, 2012
Mineral Properties Reorganization Details
Unpatented lode mining claims			57	84
Area (in acres) located in the Black Hills of South Dakota			853	1,600
Common shares issued in lieu of mining claims | shares			1,000,000
Value per share of common shares issued in lieu of mining claims | $ / shares			$ 0.15
Value of shares issued			$ 150,000
Company acquired surface and mineral title of the Squaw and Rubber Neck Lodes in acres		26.16
The Company is required to make annual lease payments for a period of 5 years		$ 8,000
Amount due upon execution of the agreement		8,000
The Company has an option to purchase the mineral property		$ 120,000
Company completed the acquisition of approximately mineral acres in the Northern Black Hills	565.24
The acquisition increased our mineral interests in the Homestake District by nearly 3057 acres	23.00%
The purchase price of the mineral interests	$ 33,335
Purchased an additional mineral acres located immediately southwest	64.39

Exploratory program of mineral

Exploratory program of mineral properties (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Exploratory program of mineral properties
Capitalized costs	$ 199,566	$ 191,566
Accumulated amortization	0
Impairment	0
Capitalized costs, net	$ 199,566	$ 191,566

Reconciliation of the statutory

Reconciliation of the statutory federal income tax (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of the statutory federal income tax
Loss before income taxes	$ (529,498)	$ (1,323,088)
Income tax benefit computed at statutory rates	(180,000)	(450,000)
Increase in valuation allowance	154,000	190,000
Temporary differences, stock compensation	18,000	251,000
Temporary differences, exploration costs	8,000	$ 9,000
Tax benefit	$ 0

Significant components of defer

Significant components of deferred tax assets (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Deferred tax assets (liability)
Net operating loss carryforwards	$ 2,700,000	$ 2,546,000
Net capital loss carryforwards	527,000	527,000
Less: valuation allowance	(3,227,000)	$ (3,073,000)
Net deferred tax assets	0
Net operating loss carry forward amount	$ 7,941,000

Promissory Notes Payable unsecu

Promissory Notes Payable unsecured and due on demand (Details)	Nov. 15, 2005USD ($)
Unsecured promissory notes payable on demand
Interest rate per annum on promissory notes	5.00%
Principal amount of promissory notes	$ 82,775
Interest amount on promissory notes	43,135
Total of promissory notes	$ 125,910

Notes Payable to Related Party

Notes Payable to Related Party (Details)	Mar. 31, 2016USD ($)
Notes Payable to Related Party
Notes payable to its President ranged in amount minimum	$ 10,000
Notes payable to its President ranged in amount maximum	$ 50,000
Interest rate per annum	12.00%
Accrued Interest forgiven by President	$ 57,817
New Note is unsecured, with a principal amount	$ 265,000
New Unsecured note Interest rate per annum	4.00%
Company will apply percent of the gross proceeds from any equity financing	10.00%
Equity financing exceeding amount (in million) on which 10% applied	0.5

Convertible Notes Payable (Deta

Convertible Notes Payable (Details) - USD ($)	Mar. 31, 2016	Nov. 15, 2015	Jun. 15, 2015	Aug. 14, 2008
Convertible Notes Payable Details
Percentage of interest on convertible note executed			5.00%	5.00%
Amount of convertible note executed			$ 100,000	$ 100,000
Amount of the principal plus any unpaid accrued interest as of	$ 38,764
Conversion rate per share				$ 200
Conversion rate per share after 1 for 200 reverse stock split				20
Conversion rate per share after 1 for 10 reverse stock split				$ 200
Minimum amount to be converted				$ 10,000
Note converted into shares of common stock			1,862,197
Fair value of the shares converted			$ 162,000
Derivative liability recorded			162,500
Derivative expenses approximately			62,500
Debt discount recorded			$ 100,000
The holder of the 5% convertible note exercised the option to convert note into shares		2,928,571
Common stock at a price per share		$ 0.035

Assumptions using the Black-Sch

Assumptions using the Black-Scholes pricing model (Details)	Jun. 15, 2015
Assumptions using the Black-Scholes pricing model
Risk free interest rate	1.10%
Dividend yield	0.00%
Volatility	234.00%
Expected life in months	6

Line Of Credit Note With Wells

Line Of Credit Note With Wells Fargo Bank (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Line Of Credit Note With Wells Fargo Bank
Maximum allowed limit for the line of credit note with Wells Fargo Bank	$ 47,500
The Line of Credit bears interest per annum	7.75%	7.75%
Balance of line of credit	$ 40,766	$ 24,740

Capital stock transactions (Det

Capital stock transactions (Details)	Feb. 11, 2016USD ($)$ / sharesshares	Jan. 29, 2016USD ($)$ / sharesshares	Dec. 01, 2015USD ($)$ / sharesshares	Jun. 03, 2015USD ($)shares	May 15, 2015USD ($)$ / sharesshares
Capital stock transactions
Issued share restricted common stock			25,000		25,000
Issued share restricted common stock per share | $ / shares			$ 0.35		$ 0.35
Shares of restricted common stock for services valued | $			$ 8,750		$ 8,750
One-year agreement for compensation of restricted shares				100,000
Cash consideration per month | $				$ 1,500
One-year agreement for compensation of restricted shares fair value | $				$ 9,000
Issued share for the conversion of outstanding note		2,928,571
Issued share for the conversion of outstanding note par value | $ / shares		$ 0.035
Issued share for the conversion of outstanding note value | $		$ 102,500
Consulting agreement provides compensation of restricted shares	250,000
Option to purchase shares of common stock	250,000
Option to purchase shares of common stock at a price | $ / shares	$ 0.06
Option to purchase shares of common stock in term in years	5
Common shares	250,000
Common shares fair value	15,000
Fair value of options issued	250,000
Received from an investor shares of common stock	250,000
Received from an investor shares of common stock value | $	$ 15,000
Received from an investor shares of common stock at a price per share | $ / shares	$ 0.06

Fair value of assumption (Detai

Fair value of assumption (Details)	Feb. 11, 2016shares
Fair value of assumption
Risk free interest rate	1.10%
Dividend yield	0.00%
Volatility	213.00%
Expected life in years	5
Fair value of options	11,787

Equity Compensation Plan (Detai

Equity Compensation Plan (Details)	Mar. 31, 2016shares	Mar. 27, 2015USD ($)$ / sharesshares	Jan. 25, 2015USD ($)$ / sharesshares	Nov. 11, 2013$ / sharesshares	Mar. 19, 2013USD ($)$ / sharesshares
Equity Compensation Plan Details
Issue of Company's stock upon execution of the consulting agreement to Company's CFO | $					$ 100,000
No of shares for CEO under optional purchase					1,000,000
Par value of share for CEO under optional purchase | $ / shares					$ 0.14
Expiry term in years					5
Options have vested					1,000,000
Options vest in percentage					25.00%
Options vest for six months					25.00%
No of shares used to estimate the fair value Black-Scholes pricing model					1,000,000
Risk free interest rate		1.10%	1.10%		1.10%
Dividend yield rate		0.00%	0.00%	0.00%	0.00%
Volatility rate			341.00%		482.00%
Expected life in years			10		5
Discount rate				1.10%
Expected volatility		1918.00%		361.00%
Fair value of shares under options			5,200,000		140,000
Company is expensing a monthly expenditure over an 18 month period | $					$ 5,833
Lyons Capital received warrants to purchase restricted common shares of our stock				1,000,000
Strike price per share | $ / shares				$ 0.23
Fair value of the warrants issued was				349,224
Company authorized the issuance of a total of options to purchase the Company's restricted common stock			5,200,000
Exercise per share | $ / shares		$ 0.13	$ 0.08
Company authorized the issuance of a total of options to purchase the Company's restricted common stock per share | $ / shares			$ 0.07
Options were expensed | $		$ 99,000	$ 364,000
Company authorized issuance of additional options to purchase the Company's restricted common stock		900,000
Company authorized issuance of additional options to purchase the Company's restricted common stock per share | $ / shares		$ 0.11
Total issued and outstanding shares	56,716,787

Equity Compensation Plan - Duri

Equity Compensation Plan - During the Period (Details)	12 Months Ended
	Mar. 31, 2015USD ($)
Equity Compensation Plan - During the Period
Amount expensed as stock based compensation	$ 35,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	May 12, 2016	Apr. 19, 2016
Subsequent Events Details
Received from an investor for purchase of shares of common stock		50,000
Received from an investor for purchase of shares of common stock value		$ 5,000
Received from an investor for purchase of shares of common stock par value		$ 0.10
CEO repaid a loan	$ 12,500