Dakota Territory Resource (DTRC) 10-Q 11 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Feb. 05, 2021
Details
Registrant CIK	0001182737
Fiscal Year End	--03-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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	141 Glendale Dr.
Entity Address, City or Town	Lead
Entity Address, State or Province	SD
Entity Address, Postal Zip Code	57754
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		151,889,323
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Current Assets
Cash and cash equivalents	$ 1,346,092	$ 146,425
Restricted cash	4,357,246	0
Prepaid Expense and Other Assets, Current	95,253	7,649
Total current assets	5,798,591	154,074
Mineral Properties, Net	5,287,116	216,104
Office equipment, net	19,921	0
Total assets	11,105,628	370,178
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Accounts Payable and Accrued Liabilities, Current	401,714	501,818
Accounts payable, related party	13,211	1,790,829
Dividend payable	4,357,246	0
Line of credit	24,888	30,082
Note payable to related party	920,438	325,645
Liabilities, Current	5,717,497	2,648,374
Notes payable, net of discount	567,179	300,000
Liabilities	6,284,676	2,948,374
Shareholders' deficit:
Preferred Stock	0	0
Common Stock, Value, Issued	151,890	65,417
Additional paid-in capital	12,462,435	2,734,130
Accumulated deficit	(7,793,373)	(5,377,743)
TOTAL SHAREHOLDERS' DEFICIT	4,820,952	(2,578,196)
Total liabilities and shareholders' deficit	$ 11,105,628	$ 370,178

Balance Sheets (Unaudited) - Pa

Balance Sheets (Unaudited) - Parenthetical - $ / shares	Dec. 31, 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	151,889,323	65,416,787
Common Stock, Shares, Outstanding	151,889,323	65,416,787

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Exploration costs	$ 94,335	$ 23,850	$ 576,260	$ 63,008
General and administrative expenses	158,100	164,773	524,266	451,233
Total operating expenses	252,435	188,623	1,100,526	514,241
Operating loss	(252,435)	(188,623)	(1,100,526)	(514,241)
Other Nonoperating Income (Expense)
Interest income	140	0	2,140	0
Interest expense	(1,048,735)	(3,144)	(1,322,244)	(9,353)
Other income (expense)	5,000	0	5,000	0
(EXPENSE), NET	(1,043,595)	(3,144)	(1,315,104)	(9,353)
Net Income (Loss)	$ (1,296,030)	$ (191,767)	$ (2,415,630)	$ (523,594)
Basic and diluted net loss per common share	$ (0.01)	$ 0	$ (0.03)	$ (0.01)
Basic and diluted weighted-average common shares outstanding	125,496,518	62,172,222	84,699,253	63,708,787

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)
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
Common stock issued for investment of mineral properties, Value				0
Common stock issued upon conversion of debt, Value				0
Shares Outstanding, Ending at Dec. 31, 2019	65,416,787
Equity Balance, Ending at Dec. 31, 2019	$ 65,417	2,635,959	(4,787,064)	(2,085,688)
Equity Balance, Starting at Jun. 30, 2019	$ 62,917	2,390,733	(4,403,580)	(1,949,930)
Shares Outstanding, Starting at Jun. 30, 2019	62,916,787
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)
Stock Issued During Period, Value, New Issues	$ 500	49,500	0	50,000
Stock Issued During Period, Shares, New Issues	500,000
Net Income (Loss)	$ 0	0	(191,767)	(191,767)
Shares Outstanding, Ending at Dec. 31, 2019	65,416,787
Equity Balance, Ending at Dec. 31, 2019	$ 65,417	2,635,959	(4,787,064)	(2,085,688)
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 opions and warrants, Value	$ 1,498	(1,498)	0	0
Cashless exercise of stock opions 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 opions and warrants, Shares				9,850,000
Common stock issued for investment of mineral properties, Value				$ 1,320,000
Common stock issued upon conversion of debt, Value				1,450,000
Shares Outstanding, Ending at Dec. 31, 2020	151,889,323
Equity Balance, Ending at Dec. 31, 2020	$ 151,890	12,462,435	(7,793,373)	4,820,952
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)
Issuance of previously unissued shares, Value	$ 550	(550)	0	0
Issuance of previously unissued shares, Shares	550,000
Common stock issued upon exercise of options, Value	$ 7,650	599,350	0	607,000
Common stock issued upon exercise of options, Shares	7,650,000
Common stock issued upon cashless exercise of warrants, Value	$ 508	(508)	0	0
Common stock issued upon cashless exercise of warrants, Shares	507,692
Stock Issued During Period, Value, New Issues	$ 60,000	8,940,000	0	9,000,000
Stock Issued During Period, Shares, New Issues	60,000,000
Common stock issued for investment of mineral properties, Value	$ 3,000	1,317,000	0	1,320,000
Common stock issued for investment of mineral properties, Shares	3,000,000
Common stock issued upon conversion of debt, Value	$ 9,667	1,440,333	0	1,450,000
Common stock issued upon conversion of debt, Shares	9,666,667
Debt discount on notes payable, related party, Value	$ 0	86,024	0	86,024
Debt discount on notes payable, related party, Shares	0
Cash dividend ($0.055 per share), Value	$ 0	(4,357,246)	0	(4,357,246)
Cash dividend ($0.055 per share), Shares	0
Net Income (Loss)	$ 0	0	(1,296,030)	(1,296,032)
Shares Outstanding, Ending at Dec. 31, 2020	151,889,323
Equity Balance, Ending at Dec. 31, 2020	$ 151,890	$ 12,462,435	$ (7,793,373)	$ 4,820,952

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities
Net Income (Loss)	$ (2,415,630)	$ (523,594)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	868	0
Stock based compensation	0	47,718
Accretion of debt discount	1,315,644	0
Adjustments to reconcile net loss to net cash used in operating activities:
Prepaid expenses and other assets	(87,604)	(4,909)
Accounts payable & accrued liabilities	(100,104)	(60,686)
Accounts payable, related party	(329,621)	269,751
Net cash used in operating activities	(1,616,447)	(271,720)
Cash Flows From Investing Activities:
Purchase of office equipment	(20,789)	0
Investment in mineral properties	(3,751,012)	0
Net cash used in investing activities	(3,771,801)	0
Cash flows from financing activities:
Payments on note payable to related party	(210,645)	0
Proceeds from the issuance of note payable	1,150,000	0
Proceeds from the sale of common stock	9,380,000	150,000
Proceeds from exercise of options and warrants	631,000	0
Repayment on line of credit, net	(5,194)	(3,749)
Net cash provided by financing activities	10,945,161	146,251
Net increase (decrease) in cash	5,556,913	(125,469)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance	146,425	152,590
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	5,703,338	27,121
Supplemental Disclosure of Cashflow Information
Interest paid	6,865	0
Taxes paid	0	0
Non-cash Investing and Financing Activities:
Common stock issued for investment of mineral properties, Value	1,320,000	0
Common stock issued upon conversion of debt, Value	1,450,000	0
Related party accounts payable converted to related party note	1,447,997	0
Common stock issued for prepaid services	$ 0	$ 84,700

Note 1 - Summary of Accounting

Note 1 - Summary of Accounting Policies	9 Months Ended
	Dec. 31, 2020
Notes
Note 1 - Summary of Accounting Policies	Note 1—Summary of Accounting Policies 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. Cash, cash equivalents and restricted cash The Company considered all highly liquid investments with original maturities of three months or less to be cash equivalents. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheets to the same such amounts shown in the statements of cash flows. December 31, 2020 Cash and cash equivalents $ 1,346,092 Restricted cash 4,357,246 Cash, cash equivalents and restricted cash as shown in the Statements of cash flows $ 5,703,338 Restricted cash represents amounts placed in escrow as of December 31, 2020 and paid as a special dividend on January 4, 2021.

Note 2 - Related Party Transact

Note 2 - Related Party Transactions	9 Months Ended
	Dec. 31, 2020
Notes
Note 2 - Related Party Transactions	Note 2—Related Party Transactions The Company 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. In October 2020, the Company paid Jerikodie, Inc, $200,000 of the approximate $729,500 owed to it for consulting fees and issued a note payable to Jerikodie for the remaining balance of approximately $529,500 bearing interest at 0.25% per year. Payments of $100,000 plus accrued interest are due quarterly, beginning with the quarter ending March, 2021 and continuing until the note is fully repaid. At March 31, 2020, the Company owed Mr. Aberle, individually, $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 (“CGO”). He is also a director and significant shareholder of the Company and the owner of Minera Teles Pires Inc. (“Minera Teles”). Under an October 2005 agreement that expired in March 2020, Minera Teles 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. The Company also owed Mr. Bachman, individually, $305,145 in unsecured loans. These unsecured loans bear interest at rates ranging from 3% to 4% per year and are due on demand. In June 2020, the Company repaid $40,145 of unsecured loans, plus accrued interest totaling $6,095. In October 2020, the Company paid Minera Teles $200,000 for amounts owed for prior services and combined the remaining amount owed of approximately $795,500 with amounts owed under the unsecured loans, including unpaid interest, into a new note in the amount of $1,055,310, bearing interest at 0.25% per year. A payment of $145,000 was made in December 2020, a payment of $50,000 is due in March 2021 and quarterly payments of $100,000 plus accrued interest beginning with the quarter ending June 2021, and continuing until the note is fully repaid. In October 2020, the Company issued a note payable to WCM Associates, LP, an entity controlled by the Company’s CFO, in the amount of $123,000, bearing interest at 0.25% per year, for amounts owed for consulting fees. The note required an initial payment in the amount of $86,500 due on January 1, 2021 and subsequent payments in the amount of $25,000 plus accrued interest, due on the last day of each quarter, beginning with the quarter ending March, 2021, and continuing until the note is fully repaid. As of the date of this filing, Mr. Mathers has been paid in full. In connection with the notes payable issued in 2020, as discussed above, the Company determined that the 0.25% contractual rate represents a below-market interest rate. Interest was imputed on the notes payable at 5.00% interest resulting in a discount at issuance of $86,024. During the three months ended December 31, 2020, the Company recognized amortization of the debt discount of $10,644 in interest expense, with the remaining unamortized discount to be recognized into interest expense over the remaining life of the notes using the effective interest method. 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. In October and December 2020, options to purchase 4,300,000 shares of common stock were exercised for $344,000 by our officers and directors. Messrs. Aberle and Bachman own a 5% net smelter return royalty on the original 84 unpatented mining claims that comprised the Blind Gold Property.

Note 3 - Mineral Properties

Note 3 - Mineral Properties	9 Months Ended
	Dec. 31, 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 the City Creek Property; 82 acres located approximately one half mile south of the Blind Gold Property at the western fringe of the historic Maitland Gold Mine; and 141 acres located immediately north and contiguous to the 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 December 31, 2020, the Company is current on all required annual lease payments. In November 2018, the Company 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). 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, or $1.32 million. 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. On November 30, 2020 the Company announced the acquisition of 64 unpatented lode mining claims covering approximately 1,092 acres located south and to the west of the former Homestake Gold Mine. The Poorman Anticline Property covers the southwestern-most extension of the Homestake iron-formation host in the district. Gold mineralization was discovered underground on the 2600 and 4100 foot levels in the far western extents of the Homestake Mine in the 1950's and 60’s with little known historic follow-up exploration in the Poorman Anticline closer to surface. Dakota Territory’s targeting in the Poorman Anticline is based on the presence of the Homestake iron-formation host and projected intersections with important shear fabric that is known to have conducted fluids necessary to the deposition of gold mineralization in the northern extents of the structural corridor. In August 2020, the Company completed a broad high definition airborne geophysical survey to enhance the Company’s previous drill targeting, as well as to screen the entire Northern Hills area for new areas of interest and additional targets. Management believes the Homestake District holds exceptional discovery potential and it is the Company’s intent to continue to consolidate the Company’s dominant land position and to conduct systematic exploration of the district. At December 31, 2020 and March 31, 2020, the Company’s mineral properties totaled $5,287,116 and $216,104, respectively. As of December 31, 2020, the Company is in the exploration stage and has not commenced amortization of the properties.

Note 4 - Notes Payable

Note 4 - Notes Payable	9 Months Ended
	Dec. 31, 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. 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. On October 15, 2020, and as a part of the first closing of our agreement with JR Resources, the promissory note was converted into 9,666,667 shares of the Company’s common stock. In connection with the conversion, the Company recognized the remaining $1,036,849 of unamortized debt discount as interest expense. For the nine and three months ended December 31, 2020, the Company recognized additional interest expense of approximately $1,316,000 and $1,047,000, respectively, related to amortization of debt discount.

Note 5 - Line of Credit

Note 5 - Line of Credit	9 Months Ended
	Dec. 31, 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 December 31, 2020 was approximately $25,000.

Note 6 - Common Stock, Options

Note 6 - Common Stock, Options and Warrants	9 Months Ended
	Dec. 31, 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 issued in October 2020. In connection with 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. On October 15, 2020, JR exercised the first closing of the option agreement and acquired 60,000,000 shares of common stock for total consideration of $9.0 million. JR has the right to purchase up to 72,900,000 additional shares of common stock for up to $10,935,000 on or prior to February 15, 2021. JR also converted the outstanding principal on its convertible promissory note totaling $1,450,000 into 9,666,667 shares of common stock (See Note 4 – Notes Payable for additional information). In October 2020, the Company issued 3,000,000 shares valued at $1.32 million to Barrick in connection with the acquisition of the Maitland Gold Property as further described in Note 3 – Mineral Properties. During the three months ended December 31, 2020, the holders of 7,650,000 common stock option with exercise prices ranging from $0.06 to $0.08 per share, exercised such options for total consideration of $607,000. During the three months ended December 31, 2020, the holders of 600,000 common stock options with exercise prices of $0.08 per share, exercised such options on a cashless basis for a total of 507,692 shares of common stock. 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 thereof, there were 150,181,631 shares of common stock issued and outstanding and common stock options 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. As of December 31, 2020, the cash dividend totaling $4,357,246 is being held in escrow and is presented under restricted cash and dividend payable in the accompanying balance sheet. At December 31, 2020, there were 151,889,323 shares of our common stock outstanding. Common Stock Options and Warrants A summary of the Company's stock option activity and related information for the period ended December 31, 2020 is as follows: Options Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 7,950,000 $ 0.08 4.40 Granted 2,200,000 0.08 4.11 Cancelled/Expired - - - Exercised (9,850,000) 0.08 4.37 Outstanding and exercisable December 31, 2020 300,000 $ 0.08 2.69 A summary of the Company's stock warrant activity and related information for the period ended December 31, 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 December 31, 2020 - $ - -

Note 7 - Subsequent Events

Note 7 - Subsequent Events	9 Months Ended
	Dec. 31, 2020
Notes
Note 7 - Subsequent Events	Note 7 – Subsequent Events On January 4, 2021, the Company purchased an office building located at 141 Glendale Dr., Lead, South Dakota 57754 to serve as the Company’s new corporate headquarters. The cash purchase price of the building, furniture, fixtures and other property was approximately $755,000. The building, built in the 1890’s as a railroad roundhouse, was completely renovated between 2000 and 2010 and is approximately 13,500 square feet with mixed use office and retail. On January 20, 2021, the Company entered into a note payable with JR in the amount of $300,000 for additional working capital. The note does not bear interest and is due and payable in cash on December 31, 2021. However, upon the occurrence of a change in control of the Company pursuant to the May 2020 agreement, the unpaid principal amount of the loan outstanding at the time of such change in control closing shall be applied to and considered an investment amount paid by JR. On January 26, 2021, the Company announced the acquisition of 158 unpatented lode mining claims covering approximately 2,740 acres. The acquisition was based on continuing analysis of the Company’s historic data sets coupled with new insights derived from the Company’s district-scale airborne geophysical survey flown during the summer of 2020. At the west side of the Homestake District, the Tinton property was extended to the north and northwest adding approximately 1,966 acres to the original claim block. In the central region of the District, the West Corridor property was extended west to Cleopatra Creek covering approximately 275 additional acres between Richmond Hill and Wharf gold mines, and the Blind Gold Property was further expanded west, adding approximately 499 acres immediately north of the Richmond Hill Mine. On February 2, 2021, the Company announced the hiring of Mark Rantapaa to fill the position of Manager of Black Hills Operations. Mr. Rantapaa is responsible for the conduct of all of the Company’s exploration and mining activities in the Black Hills and has been charged with development of policy and programs necessary to the achievement of Dakota Territory’s goals for excellence in health, safety and environmental performance.

Note 1 - Summary of Accountin_2

Note 1 - Summary of Accounting Policies: Schedule of Reconciliation of cash and cash equivalents and restricted cash (Tables)	9 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Reconciliation of cash and cash equivalents and restricted cash	December 31, 2020 Cash and cash equivalents $ 1,346,092 Restricted cash 4,357,246 Cash, cash equivalents and restricted cash as shown in the Statements of cash flows $ 5,703,338

Note 6 - Common Stock, Option_2

Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Stock Options, Activity (Tables)	9 Months Ended
	Dec. 31, 2020
Tables/Schedules
Schedule of Share-based Compensation, Stock Options, Activity	Options Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 7,950,000 $ 0.08 4.40 Granted 2,200,000 0.08 4.11 Cancelled/Expired - - - Exercised (9,850,000) 0.08 4.37 Outstanding and exercisable December 31, 2020 300,000 $ 0.08 2.69

Note 6 - Common Stock, Option_3

Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Warrants, Activity (Tables)	9 Months Ended
	Dec. 31, 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 December 31, 2020 - $ - -

Note 1 - Summary of Accountin_3

Note 1 - Summary of Accounting Policies: Schedule of Reconciliation of cash and cash equivalents and restricted cash (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Details
Cash and cash equivalents	$ 1,346,092	$ 146,425
Restricted cash	4,357,246	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 5,703,338	$ 146,425	$ 27,121	$ 152,590

Note 5 - Line of Credit (Detail

Note 5 - Line of Credit (Details)	9 Months Ended
	Dec. 31, 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	Dec. 31, 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

Note 6 - Common Stock, Option_5

Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Stock Options, Activity (Details)	9 Months Ended
	Dec. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	7,950,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 0.08
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	2,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	0
Cashless exercise of stock opions and warrants, Shares	(9,850,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	300,000
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	2.69

Note 6 - Common Stock, Option_6

Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Warrants, Activity (Details)	9 Months Ended
	Dec. 31, 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)	9 Months Ended
	Dec. 31, 2020USD ($)
Event 1
Subsequent Event, Date	Jan. 4, 2021
Subsequent Event, Description	Company purchased an office building
Event 2
Subsequent Event, Date	Jan. 20, 2021
Subsequent Event, Description	Company entered into a note payable with JR
Debt Instrument, Issuance Date	Jan. 20, 2021
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Debt Instrument, Payment Terms	payable in cash
Debt Instrument, Maturity Date	Dec. 31, 2021
Event 3
Subsequent Event, Date	Jan. 26, 2021
Subsequent Event, Description	Company announced the acquisition of 158 unpatented lode mining claims
Event 4
Subsequent Event, Date	Feb. 2, 2021
Subsequent Event, Description	Company announced the hiring of Mark Rantapaa to fill the position of Manager of Black Hills Operations