Dakota Territory Resource (DTRC) 10-Q 16 Nov 20 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2020	Nov. 10, 2020
Details
Registrant CIK	0001182737
Fiscal Year End	--03-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	000-501191
Entity Registrant Name	Dakota Territory Resource Corp
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	98-0201259
Entity Address, Address Line One	10580 N. McCarran Blvd.
Entity Address, Address Line Two	Building 115-208
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89503
Entity Address, Address Description	Address of principal executive offices
City Area Code	605
Local Phone Number	717-2540
Phone Fax Number Description	Registrant’s telephone number, including area code
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		150,181,631
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Current Assets
Cash and cash equivalents	$ 670,254	$ 146,425
Prepaid Expense and Other Assets, Current	6,333	7,649
Total current assets	676,587	154,074
Mineral Properties, Net	436,481	216,104
Office equipment, net	8,801	0
Total assets	1,121,869	370,178
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Accounts Payable and Accrued Liabilities, Current	550,679	501,818
Accounts payable, related party	1,853,980	1,790,829
Line of credit	27,855	30,082
Note payable to related party	265,000	325,645
Liabilities, Current	2,697,514	2,648,374
Liabilities	3,110,665	2,948,374
Shareholders' deficit:
Preferred Stock	0	0
Common Stock, Value, Issued	70,515	65,417
Additional paid-in capital	4,438,032	2,734,130
Accumulated deficit	(6,497,343)	(5,377,743)
TOTAL SHAREHOLDERS' DEFICIT	(1,988,796)	(2,578,196)
Total liabilities and shareholders' deficit	1,121,869	370,178
Notes payable, net of discount	$ 413,151	$ 300,000

Balance Sheets (Unaudited) - Pa

Balance Sheets (Unaudited) - Parenthetical - $ / shares	Sep. 30, 2020	Mar. 31, 2020
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	70,514,964	65,416,787
Common Stock, Shares, Outstanding	70,514,964	65,416,787

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating expenses:
Exploration costs	$ 355,728	$ 31,158	$ 482,189	$ 39,158
General and administrative expenses	214,372	157,617	365,902	286,460
Total operating expenses	570,100	188,775	848,091	325,618
Operating loss	(570,100)	(188,775)	(848,091)	(325,618)
Other Nonoperating Income (Expense)
Interest income	0	0	2,000	0
Interest expense	(203,765)	(2,942)	(273,509)	(6,209)
(EXPENSE), NET	(203,765)	(2,942)	(271,509)	(6,209)
Net Income (Loss)	$ (773,865)	$ (191,717)	$ (1,119,600)	$ (331,827)
Basic and diluted net loss per common share	$ (0.01)	$ 0	$ (0.02)	$ (0.01)
Basic and diluted weighted-average common shares outstanding	69,288,877	62,619,787	67,476,135	60,203,332

Statements of Changes in Shareh

Statements of Changes in Shareholders' Deficit - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity Balance, Starting at Mar. 31, 2019	$ 62,917	$ 2,390,733	$ (4,263,470)	$ (1,809,820)
Shares Outstanding, Starting at Mar. 31, 2019	62,916,787
Net Income (Loss)	$ 0	0	(140,110)	(140,110)
Shares Outstanding, Ending at Jun. 30, 2019	62,916,787
Equity Balance, Ending at Jun. 30, 2019	$ 62,917	2,390,733	(4,403,580)	(1,949,930)
Stock Issued During Period, Value, New Issues	$ 1,000	99,000	0	100,000
Stock Issued During Period, Shares, New Issues	1,000,000
Stock Issued During Period, Value, Issued for Services	$ 1,000	83,700	0	84,700
Stock Issued During Period, Shares, Issued for Services	1,000,000
Stock options issued for services, Value	$ 0	13,026	0	13,026
Stock options issued for services, Shares	0
Net Income (Loss)	$ 0	0	(191,717)	(191,717)
Shares Outstanding, Ending at Sep. 30, 2019	64,916,787
Equity Balance, Ending at Sep. 30, 2019	$ 64,917	2,586,459	(4,595,297)	(1,943,921)
Equity Balance, Starting at Mar. 31, 2020	$ 65,417	2,734,130	(5,377,743)	(2,578,196)
Shares Outstanding, Starting at Mar. 31, 2020	65,416,787
Cashless exercise of stock opinions and warrants, Value	$ 1,498	(1,498)	0	0
Cashless exercise of stock opinions and warrants, Shares	1,498,177
Cash received for unissued shares, Value	$ 0	330,000	0	330,000
Cash received for unissued shares, Shares	0
Debt discount assigned to purchase option, Value	$ 0	1,305,000	0	1,305,000
Debt discount assigned to purchase option, Shares	0
Net Income (Loss)	$ 0	0	(345,735)	(345,735)
Shares Outstanding, Ending at Jun. 30, 2020	66,914,964
Equity Balance, Ending at Jun. 30, 2020	$ 66,915	4,367,632	(5,723,478)	(1,288,931)
Equity Balance, Starting at Mar. 31, 2020	$ 65,417	2,734,130	(5,377,743)	$ (2,578,196)
Shares Outstanding, Starting at Mar. 31, 2020	65,416,787
Cashless exercise of stock opinions and warrants, Shares				1,600,000
Shares Outstanding, Ending at Sep. 30, 2020	70,514,964
Equity Balance, Ending at Sep. 30, 2020	$ 70,515	4,438,032	(6,497,343)	$ (1,988,796)
Equity Balance, Starting at Jun. 30, 2020	$ 66,915	4,367,632	(5,723,478)	(1,288,931)
Shares Outstanding, Starting at Jun. 30, 2020	66,914,964
Issuance of previously unissued shares, Value	$ 1,100	(1,100)	0	0
Issuance of previously unissued shares, Shares	1,100,000
Cash received for unissued shares, Value	$ 0	50,000	0	50,000
Cash received for unissued shares, Shares	0
Common stock issued upon exercise of options, Value	$ 300	23,700	0	24,000
Common stock issued upon exercise of options, Shares	300,000
Common stock issued upon cashless exercise of warrants, Value	$ 2,200	(2,200)	0	0
Common stock issued upon cashless exercise of warrants, Shares	2,200,000
Net Income (Loss)	$ 0	0	(773,865)	(773,865)
Shares Outstanding, Ending at Sep. 30, 2020	70,514,964
Equity Balance, Ending at Sep. 30, 2020	$ 70,515	$ 4,438,032	$ (6,497,343)	$ (1,988,796)

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net Cash Provided by (Used in) Operating Activities
Net Income (Loss)	$ (1,119,600)	$ (331,827)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	124	0
Stock based compensation	0	13,026
Accretion of debt discount	268,151	0
Adjustments to reconcile net loss to net cash used in operating activities:
Prepaid expenses and other assets	1,316	11,301
Accounts payable & accrued liabilities	48,861	(69,422)
Accounts payable, related party	63,151	200,970
Net cash used in operating activities	(737,997)	(175,952)
Cash Flows From Investing Activities:
Purchase of office equipment	(8,925)	0
Investment in mineral properties	(220,377)	0
Net cash used in investing activities	(229,302)	0
Cash flows from financing activities:
Payments on note payable to related party	(60,645)	0
Proceeds from the issuance of note payable	1,150,000	0
Proceeds from the sale of common stock	380,000	100,000
Proceeds from exercise of options	24,000	0
Repayment on line of credit, net	(2,227)	(2,473)
Net cash provided by financing activities	1,491,128	97,527
Net increase (decrease) in cash	523,829	(78,425)
Cash and cash equivalents	146,425	152,590
Cash and cash equivalents	670,254	74,165
Supplemental Disclosure of Cashflow Information
Interest paid	6,865	0
Taxes paid	0	0
Non-cash Investing and Financing Activities:
Common stock issued for prepaid services	$ 0	$ 84,700

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Sep. 30, 2020
Notes
Note 1 - Basis of Presentation	Note 1—Basis of Presentation The accompanying unaudited interim financial statements of Dakota Territory Resource Corp. (“we”, “us”, “our”, the “Company”, the “Corporation”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K, for the year ended March 31, 2020 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended March 31, 2020 as reported in our annual report on Form 10-K, have been omitted.

Note 2 - Related Party Transact

Note 2 - Related Party Transactions	6 Months Ended
	Sep. 30, 2020
Notes
Note 2 - Related Party Transactions	Note 2—Related Party Transactions The Company regularly engages in related party transactions that involve its officers and directors and/or companies controlled by the officers and directors. Following is an analysis of related party transactions: Mr. Gerald Aberle is the Company’s president, chief executive officer and chief operating officer. He is also a director and significant shareholder of the Company and the owner of Jerikodie, Inc. Under a February 2012 agreement, Jerikodie Inc. earns a fixed consulting fee of $9,000 per month, plus approved expenses. During both the three months ended September 30, 2020 and 2019, Jerikodie, Inc. earned consulting fees of $27,000, and submitted approved expenses of $1,215. For both the nine months ended September 30, 2020 and 2019, Jerikodie, Inc earned consulting fees of $54,000. At September 30, 2020 and March 31, 2020, Mr. Aberle and Jerikode, Inc., on a combined basis, are owed accrued consulting/salary and approved expenses of $729,500 and $720,000, respectively, which amounts are included in accounts payable, related party in the accompanying balance sheets. At March 31, 2020, the Company owed Mr. Aberle $20,500 in unsecured loans. These unsecured loans bear interest of 3% per year and are due on demand or past due. In July 2020, Mr. Aberle was paid in full for these unsecured loans and related accrued interest of $770. Mr. Richard Bachman serves as the Company’s chief geological officer. He is also a director and significant shareholder of the Company and the owner of Minera Teles Pires Inc. Under an October 2005 agreement that expired in March 2020, Minera Teles Pires Inc. earned a $10,000 monthly consulting fee and received $1,500 per month for office rent and expenses. The consulting fee was divided between a $5,000 per month cash payment and a $5,000 per month deferred amount. At both September 30, 2020 and March 31, 2020, Mr. Bachman and Minera Teles Pires Inc., on a combined basis, are owed accrued consulting fees and rent reimbursement of approximately $915,000, which balances are included in accounts payable, related party in the accompanying balance sheets. At March 31, 2020, the Company owed Mr. Bachman $305,145 in unsecured loans. These unsecured loans bear interest at rates ranging from 3% to 4% per year and are due on demand or past due. In June 2020, the Company repaid $40,145 of unsecured loans, plus accrued interest totaling $6,095. At September 30, 2020, the balance of these unsecured loans was $265,000, which is included in notes payable to related parties in the accompanying balance sheets. At September 30, 2020 and March 31, 2020, accrued interest on these loans was $80,325 and $81,164, respectively, and included in accounts payable, related parties in the accompanying balance sheets. At September 30, 2020 and March 31, 2020, the Company owes Mr. Chris Mathers, the Company’s chief financial officer, $123,000 for accrued consulting fees. These balances are included in accounts payable, related party in the accompanying balance sheets. In September 2018, Mr. Stephen T. O’Rourke, a director of the Company, purchased 750,000 shares of our common stock in a private placement for $75,000. Additionally, Mr. O’Rourke, through his consulting firm, entered into a one-year consulting agreement with the Company (i) in September 2018 whereby he was issued a consulting fee of 1,000,000 shares for services rendered, and (ii) in September 2019 whereby he was issued a five-year option to purchase 1,000,000 shares of our common stock at an exercise price of $0.08 per share. Mr. O’Rourke exercised these options for cash in October 2020. Messrs. Aberle and Bachman own a 5% net smelter return royalty on the original 84 unpatented mining claims comprising the Blind Gold Property.

Note 3 - Mineral Properties

Note 3 - Mineral Properties	6 Months Ended
	Sep. 30, 2020
Notes
Note 3 - Mineral Properties	Note 3—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 26.16 acres of the Squaw and Rubber Neck Lodes that comprise Mineral Survey 1706 in the Black Hills of South Dakota. 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. On May 7, 2019, the Company extended the lease with option to purchase agreement for Mineral Survey 1706 for an additional 5-year period. The property is part of the Homestake Paleoplacer Property, and the Company has maintained the option to purchase the mineral property for $150,000. On March 3, 2014, the Company completed the acquisition of approximately 565.24 mineral acres in the Northern Black Hills of South Dakota. The acquisition increased the Company’s mineral interests in the Homestake District by nearly 23%, to over 3,057 acres. As part of the property acquisition, the Company purchased an additional 64.39 mineral acres located immediately southwest and contiguous to our Paleoplacer Property, including mineral title to the historic Gustin, Minerva and Deadbroke Gold Mines. The purchase price of the mineral interests was $33,335. On April 5, 2017, the Company acquired options to purchase a combination of surface and mineral titles to 284 acres in the Homestake District of the Northern Black Hills of South Dakota. The acquisition included 61 acres located immediately south and contiguous with our City Creek Property; 82 acres located approximately one half mile south of our Blind Gold Property at the western fringe of the historic Maitland Gold Mine; and 141 acres located immediately north and contiguous to our Homestake Paleoplacer Property. The Company is required to make annual lease payments totaling $20,000 for a period of 5 years, of which $20,000 was due upon execution of the agreement. The Company has an option to purchase the mineral properties for total price of $626,392. As of September 30, 2020, the Company is current on all required annual lease payments. In November 2018, we acquired 42 unpatented lode mining claims covering approximately 718 acres located immediately to the north and adjacent to the Company’s City Creek Property. Through this staking, the City Creek project area was expanded from approximately 449 acres to 1,167 acres. In September 2019, the Company completed the acquisition of 106 unpatented lode mining claims covering approximately 1,167 acres in close proximity to the historic Tinton Gold Camp. The Tinton area was the site of placer mining activity between 1876 and the turn of the century. On March 6, 2020, the Company acquired 65 unpatented lode mining claims covering approximately 1,152 acres in the Homestake District of the Black Hills of South Dakota. The property is contiguous to the Company's Blind Gold Property and is the subject to historic prospecting activity. On May 18, 2020, the Company increased its land holdings in the Black Hills through the staking of 70 unpatented lode mining claims covering approximately 1,120 acres located on the western margin of the structural corridor that extends north of the Homestake Gold Mine. The West Corridor property is located just south of the mineral property Dakota Territory acquired from Deadbroke Mining Company in the Maitland Area in March of 2014, just north of the producing Wharf Mine (Coeur Mining) and just to the south and east of the former Richmond Hill Mine (Barrick Gold). On July 23, 2020 the Company announced that it had substantially increased its land holdings in the Black Hills of South Dakota through the staking of 166 unpatented lode mining claims covering approximately 3,152 acres located immediately north and adjacent to the Company’s City Creek Property. The project area was first expanded in 2018 on the basis of inversion modeling of historical geophysical survey data. Subsequent reconnaissance and preliminary analysis of the Company’s new geophysical data provided evidence of underlying shear fabric on a similar orientation with the productive structural corridor north of the Homestake Mine. On September 15, 2020 the Company increased its land holdings in the Homestake District of the Black Hills of South Dakota through the staking of 50 unpatented lode mining claims covering approximately 840 acres at the historic Ragged Top Gold Camp. Tertiary-aged gold mineralization in the Ragged Top area is hosted primarily in the Paha Sapa Limestone formation and has been mined from both vertical fissures called “Verticals” and from collapsed breccias. The Company’s Ragged Top property acquisition is located just northwest of the producing Wharf Mine (Coeur Mining) and approximately 3 miles southwest of the former Richmond Hill Mine (Barrick Gold). We have completed a broad high definition airborne geophysical survey to enhance our previous drill targeting, as well as to screen the entire Northern Hills area for new areas of interest and additional targets. We believe the Homestake District holds exceptional discovery potential and it is our intent to continue to consolidate our dominant land position and to conduct systematic exploration of the district within our Company. September 30, March 31, 2020 2020 Capitalized costs $ 436,481 $ 216,104 Accumulated amortization - - Impairment - - Capitalized costs, net $ 436,481 $ 216,104

Note 4 - Notes Payable

Note 4 - Notes Payable	6 Months Ended
	Sep. 30, 2020
Notes
Note 4 - Notes Payable	Note 4—Notes Payable JR Resources Corp. In February 2020, we entered into a $300,000 unsecured promissory note agreement with JR Resources Corp. (“JR”). The note bore interest at 3.0% per year and was due May 5, 2021. In May 2020, JR and the Company entered into an amended and restated promissory note in the amount of $1,450,000, which includes the $300,000 that was advanced in February 2020 and an additional $1,150,000 that was advanced in May 2020. The amended and restated unsecured note bears interest at 0.25% per year, compounded annually, and matures on December 31, 2021. At maturity, the principal amount of the note, together with any accrued but unpaid interest, will be due and payable in cash, provided that, if and to the extent that the Company does not pay this note in cash on the maturity date, then JR will be required to exercise, and will in fact be deemed to have exercised, its right to convert such unpaid portion of the note into shares of Company common stock. The conversion price is $0.15 per share through December 31, 2020 and, thereafter, the lesser of $0.15 per share on the volume weighted average price of Company common stock for the five consecutive trading days immediately preceding the date of such conversion (with a floor of $0.10 per share). The note has customary event of default provisions and, upon an event of default, JR will be required to convert the unpaid portion of the note into the shares of Company common stock, if not paid in cash by the Company. On October 15, 2020, and as a part of the first closing of our agreement with JR Resources, this promissory note was converted into 9,666,667 shares of the Company’s common stock (See Note 7 – Subsequent Events). In connection with the promissory note agreement with JR, the Company granted JR an option to purchase up to 142,566,667 shares of common stock at $0.15 per share in one or more closings on or prior to October 15, 2020. The proceeds from the debt issuance were allocated between the debt instrument and the purchase option based on their estimated relative fair values (management calculated the initial estimated fair values, to be followed up with a third-party valuation). The Company estimated that $1,305,000 of the total proceeds was allocable to the purchase option and recognized through a charge to additional paid-in capital with a corresponding discount on the debt. The debt discount will be amortized to interest expense over the remaining life of the note using the effective interest method. For the six and three months ended September 30, 2020, the Company recognized additional interest expense of approximately $268,000 and $201,000, respectively, related to amortization of the debt discount. Notes Payable to Related Party As of June 30, 2020, Mr. Aberle, the chief executive officer and a director of the Company, and/or his affiliates had lent the Company an aggregate of $20,500, which loans were unsecured obligations of the Company, bearing interest at an annual rate of 3%, and were currently due on demand or past due. In July 2020, the Company repaid Mr. Aberle the outstanding principal and accrued interest. As of September 30, 2020, the Company owed Mr. Bachman, the CGO and a director of the Company, and/or his affiliates a principal amount of $265,000 and accrued interest of $80,325. These loans are unsecured obligations of the Company, bearing interest at annual rates of between 3% and 4%, and are due on demand or past due.

Note 5 - Line of Credit

Note 5 - Line of Credit	6 Months Ended
	Sep. 30, 2020
Notes
Note 5 - Line of Credit	Note 5—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 September 30, 2020 was approximately $27,900.

Note 6 - Common Stock, Options

Note 6 - Common Stock, Options and Warrants	6 Months Ended
	Sep. 30, 2020
Notes
Note 6 - Common Stock, Options and Warrants	Note 6—Common Stock, Options and Warrants Our authorized capital stock consists of 300,000,000 shares of common stock, with a par value of $0.001 per share, and 10,000,000 preferred shares with a par value of $0.001 per share. In June 2020, an option to purchase 1,300,000 shares of common stock was exercised on a cashless basis by our chief financial officer, resulting in the issuance of 1,083,333 shares of common stock. In June 2020, a warrant to purchase 500,000 shares of common stock was exercised on a cashless basis by a consultant, resulting in the issuance of 414,844 shares of common stock. In June 2020, a 5-year option to purchase 150,000 shares of our common stock at an exercise price of $0.15 were granted to a consultant. In July 2020, warrants to purchase 3,300,000 shares of our common stock were exercised for $330,000 by investors. In July 2020, an option to purchase 300,000 shares of common stock was exercised for $24,000 by a consultant. In September 2020, a warrant to purchase 500,000 shares of common stock was exercised for $50,000 from an investor. These shares were not issued until October 2020. At September 30, 2020, the total issued and outstanding shares of our common stock were 70,514,964. Concurrent with the issuance of the May 2020 JR note, the Company provided JR the option to acquire up to 142,566,667 shares of common stock at $0.15 per share (see Note 7 – Subsequent Events). Common Stock Options and Warrants A summary of the Company's stock option activity and related information for the period ended September 30, 2020 is as follows: Options Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 8,450,000 $ 0.07 4.40 Granted 2,350,000 0.08 4.18 Cancelled/Expired - - - Exercised (1,600,000) 0.08 4.48 Outstanding and exercisable September 30, 2020 8,700,000 $ 0.08 5.14 A summary of the Company's stock warrant activity and related information for the period ended September 30, 2020 is as follows: Warrants Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 4,300,000 $ 0.10 1.99 Granted - - - Cancelled/Expired - - - Exercised (4,300,000) 0.10 - Outstanding and exercisable June 30, 2020 0 $ 0.00 0.00

Note 7 - Subsequent Events

Note 7 - Subsequent Events	6 Months Ended
	Sep. 30, 2020
Notes
Note 7 - Subsequent Events	Note 7 – Subsequent Events In May 2020, the Company entered into an agreement with JR whereby JR loaned the Company an aggregate of $1,450,000 and the Company granted JR the right to purchase up to 142,566,667 shares of common stock at $0.15 per share in one or more closings on or prior to October 15, 2020 (“Agreement”). On October 15, 2020, the Company and JR effected the first closing under this Agreement whereby JR purchased 69,666,667 shares of the Company’s common stock for aggregate consideration of $10,450,000, including $9,000,000 in cash and $1,450,000 upon conversion of the principal amount of the May 2020 promissory note. Additionally, the Company and JR entered into an amending agreement on October 15, 2020 (“Amending Agreement”) whereby (i) it was agreed to extend the balance of the May 2020 purchase right until February 15, 2021, which will allow JR the option to purchase up to an additional 72,900,000 shares of common stock for up to an additional $10,935,000, and (ii) the Company created two director vacancies and agreed to allow for two JR nominees to be appointed, of which Alex Morrison was appointed as a director to fill one vacancy. On October 23, 2020, the Company closed the purchase of the Maitland Gold Property in the Black Hills of South Dakota from Homestake Mining Company of California, a wholly owned subsidiary of Barrick Gold Corporation (“Barrick”), for total consideration of $4.82 million, comprised of $3.5 million cash and the issuance of 3 million shares of Company common stock valued at $0.44 per share. Additionally, Barrick will retain a 2.5% net smelter returns royalty on the property. The 2,112 mineral-acre Maitland acquisition will secure an important component of the Company’s strategy for the structural corridor that extends from the Homestake Gold Mine to the Company’s Blind Gold Property at the northern end of the Black Hills District. In October 2020, the Company paid Jerikodie, Inc, an entity controlled by our CEO, $200,000 of the approximate $729,500 owed to it for consulting fees. We issued a note payable to Jerikodie for the remaining balance of approximately $529,500. Payments of $100,000 plus accrued interest at 0.25% per year are due beginning with the quarter ending March, 2021 and continuing until the note is fully repaid. In October 2020, we paid Minera Teles Pires, Inc. an entity controlled by our CGO, $200,000 for amounts owed for prior services. Subsequently, amounts owed to our CGO, individually, and the unpaid balance on the Minera Teles Pires, Inc. note were combined into a new note in the amount of $1,060,500. Payments of $100,000 plus accrued interest at 0.25% per year are due beginning with the quarter ending March, 2021, and continuing until the note is fully repaid. In October 2020, the Company issued a note payable to WCM Associates, LP, an entity controller by our CFO, in the amount of $123,000 for amounts owed for consulting fees. An initial payment in the amount of $86,500 is due on January 1, 2021 with subsequent payments in the amount of $25,000 plus accrued interest at 0.25% per year, due on the last day of each quarter, beginning with the quarter ending March, 2021, and continuing until the note is fully repaid. In October 2020, options to purchase 5,000,000 shares of common stock were exercised for $400,000 by our directors. In October 2020, options to purchase 1,800,000 shares of common stock were exercised for $144,000 by investors. In October 2020, warrants to purchase 500,000 shares of common stock were exercised for $50,000 by an investor. On November 13, 2020, the Company declared a special cash dividend of $0.055 per common share, payable January 4, 2021 to holders of record on December 22, 2020. As of the date hereof, there are 150,181,631 shares of common stock issued and outstanding and common stock ooptions to purchase 1,800,000 shares of common stock; holders of 72,666,667 shares of common stock have contractually relinquished and waived their right to receive this special cash dividend.

Note 3 - Mineral Properties_ Sc

Note 3 - Mineral Properties: Schedule of Exploratory Program (Tables)	6 Months Ended
	Sep. 30, 2020
Tables/Schedules
Schedule of Exploratory Program	September 30, March 31, 2020 2020 Capitalized costs $ 436,481 $ 216,104 Accumulated amortization - - Impairment - - Capitalized costs, net $ 436,481 $ 216,104

Note 6 - Common Stock, Option_2

Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Stock Options, Activity (Tables)	6 Months Ended
	Sep. 30, 2020
Tables/Schedules
Schedule of Share-based Compensation, Stock Options, Activity	Options Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 8,450,000 $ 0.07 4.40 Granted 2,350,000 0.08 4.18 Cancelled/Expired - - - Exercised (1,600,000) 0.08 4.48 Outstanding and exercisable September 30, 2020 8,700,000 $ 0.08 5.14

Note 6 - Common Stock, Option_3

Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Warrants, Activity (Tables)	6 Months Ended
	Sep. 30, 2020
Tables/Schedules
Schedule of Share-based Compensation, Warrants, Activity	Warrants Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 4,300,000 $ 0.10 1.99 Granted - - - Cancelled/Expired - - - Exercised (4,300,000) 0.10 - Outstanding and exercisable June 30, 2020 0 $ 0.00 0.00

Note 3 - Mineral Properties_ _2

Note 3 - Mineral Properties: Schedule of Exploratory Program (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Details
Capitalized costs	$ 216,104	$ 436,481
Accumulated amortization	0	0
Impairment	0	0
Capitalized costs, net	$ 216,104	$ 436,481

Note 5 - Line of Credit (Detail

Note 5 - Line of Credit (Details)	6 Months Ended
	Sep. 30, 2020USD ($)
Details
Line of Credit Facility, Description	Company executed a Line of Credit with Wells Fargo Bank in California
Line of Credit Facility, Maximum Borrowing Capacity	$ 47,500
Line of Credit Facility, Interest Rate During Period	7.75%
Line of Credit Facility, Collateral	unsecured
Line of Credit Facility, Covenant Terms	due on demand

Note 6 - Common Stock, Option_4

Note 6 - Common Stock, Options and Warrants (Details) - $ / shares	Sep. 30, 2020	Mar. 31, 2020
Details
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	70,514,964	65,416,787

Note 6 - Common Stock, Option_5

Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Stock Options, Activity (Details)	6 Months Ended
	Sep. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	8,450,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 0.07
Share-based compensation arrangement by share-based payment award, Options outstanding, Weighted Average Remaining Life in Years	4.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,350,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	0
Cashless exercise of stock opinions and warrants, Shares	(1,600,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	8,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares	$ 0.08
Share-based compensation arrangement by share-based payment award, Options outstanding, Weighted Average Remaining Life in Years	5.14

Note 6 - Common Stock, Option_6

Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Warrants, Activity (Details)	6 Months Ended
	Sep. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Outstanding, Number	4,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 0.10
Share-based compensation arrangement by share-based payment award,Warrants, Weighted Average Remaining Life in Years, Starting Balance	1.99
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Granted	0
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Expirations	0
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Exercised	(4,300,000)
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Outstanding, Number	0
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 0
Share-based compensation arrangement by share-based payment award,Warrants, Weighted Average Remaining Life in Years, Ending Balance	0

Note 7 - Subsequent Events (Det

Note 7 - Subsequent Events (Details)	6 Months Ended
	Sep. 30, 2020
Event 1
Subsequent Event, Description	Company entered into an agreement with JR whereby JR loaned the Company an aggregate of $1,450,000 and the Company granted JR the right to purchase up to 142,566,667 shares of common stock at $0.15 per share in one or more closings on or prior to October 15, 2020
Event 2
Subsequent Event, Description	Company closed the purchase of the Maitland Gold Property in the Black Hills of South Dakota from Homestake Mining Company of California, a wholly owned subsidiary of Barrick Gold Corporation (“Barrick”)
Subsequent Event, Date	Oct. 23, 2020
Event 3
Subsequent Event, Description	Company paid Jerikodie, Inc, an entity controlled by our CEO, $200,000 of the approximate $729,500 owed to it for consulting fees
Event 4
Subsequent Event, Description	we paid Minera Teles Pires, Inc. an entity controlled by our CGO, $200,000 for amounts owed for prior services
Event 5
Subsequent Event, Description	the Company issued a note payable to WCM Associates, LP, an entity controller by our CFO, in the amount of $123,000 for amounts owed for consulting fees
Event 6
Subsequent Event, Description	options to purchase 5,000,000 shares of common stock were exercised
Event 7
Subsequent Event, Description	options to purchase 1,800,000 shares of common stock were exercised
Event 8
Subsequent Event, Description	warrants to purchase 500,000 shares of common stock were exercised
Event 9
Subsequent Event, Description	Company declared a special cash dividend of $0.055 per common share
Subsequent Event, Date	Nov. 13, 2020