Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Jan. 25, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | Timberline Resources Corp | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Entity Central Index Key | 1,288,750 | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 36,027,819 | |
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 | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State Country Name | Delaware | |
Trading Symbol | tlrs |
TIMBERLINE RESOURCES CORPORATIO
TIMBERLINE RESOURCES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Interim period unaudited) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 | |
CURRENT ASSETS: | |||
Cash | $ 240,255 | $ 67,154 | |
Prepaid expenses and other current assets | 252,162 | 20,716 | |
Accounts receivable | 2,633 | ||
TOTAL CURRENT ASSETS | 492,417 | 90,503 | |
PROPERTY, MINERAL RIGHTS AND EQUIPMENT, net | 17,151,019 | 17,125,519 | |
OTHER ASSETS: | |||
Restricted cash | 285,128 | 285,128 | |
Deposits and other assets | 9,750 | 9,750 | |
TOTAL OTHER ASSETS | 294,878 | 294,878 | |
TOTAL ASSETS | 17,938,314 | 17,510,900 | |
CURRENT LIABILITIES: | |||
Accounts payable | 99,680 | 109,680 | |
Accrued expenses | 14,201 | 9,923 | |
Accrued payroll, benefits and taxes | 39,461 | 85,730 | |
Payment obligation | 219,957 | 250,000 | |
TOTAL CURRENT LIABILITIES | 373,299 | 455,333 | |
LONG-TERM LIABILITIES: | |||
Asset retirement obligation | 154,783 | 152,940 | |
TOTAL LONG-TERM LIABILITIES | 154,783 | 152,940 | |
COMMITMENTS AND CONTINGENCIES | [1] | 0 | 0 |
STOCKHOLDERS' EQUITY: | |||
Common stock, $0.001 par value; 200,000,000 shares authorized, 36,027,819 and 33,146,952 shares issued and outstanding, respectively | 36,028 | 33,147 | |
Additional paid-in capital | 71,242,030 | 70,408,144 | |
Accumulated deficit | (53,867,826) | (53,538,664) | |
TOTAL STOCKHOLDERS' EQUITY | 17,410,232 | 16,902,627 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 17,938,314 | $ 17,510,900 | |
[1] | Notes 5 and 10 |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Dec. 31, 2017 | Sep. 30, 2017 |
Statement of financial position | ||
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
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 Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 36,027,819 | 33,146,952 |
Common Stock, Shares Outstanding | 36,027,819 | 33,146,952 |
TIMBERLINE RESOURCES CORPORATI4
TIMBERLINE RESOURCES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING EXPENSES: | ||
Mineral exploration | $ 26,174 | $ 45,728 |
Salaries and benefits | 83,254 | 76,534 |
Professional fees | 72,546 | 91,815 |
Insurance expense | 23,179 | 20,127 |
Gain on disposal of equipment | (2,500) | |
Other general and administrative | 132,504 | 73,086 |
TOTAL OPERATING EXPENSES | 337,657 | 304,790 |
LOSS FROM OPERATIONS | (337,657) | (304,790) |
OTHER INCOME (EXPENSE): | ||
Foreign exchange gain (loss) | 33 | (921) |
Interest expense | (6,171) | |
Miscellaneous other income | 14,633 | 3 |
TOTAL OTHER INCOME (EXPENSE) | 8,495 | (918) |
LOSS BEFORE INCOME TAXES | (329,162) | (305,708) |
INCOME TAX PROVISION (BENEFIT) | 21,000 | |
NET LOSS | (329,162) | (326,708) |
OTHER COMPREHENSIVE INCOME (LOSS): | ||
Unrealized gain (loss) on available-for-sale equity securities, net of tax of $21,000 | (39,000) | |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (39,000) | |
COMPREHENSIVE LOSS | $ (329,162) | $ (365,708) |
NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS, BASIC AND DILUTED | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 34,580,622 | 24,106,952 |
TIMBERLINE RESOURCES CORPORATI5
TIMBERLINE RESOURCES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (329,162) | $ (326,708) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Deferred income tax provision | 21,000 | |
Gain on disposal of equipment | (2,500) | |
Stock-based compensation | 15,000 | |
Accretion of asset retirement obligation | 1,843 | 1,755 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (231,446) | (12,796) |
Accounts receivable | 2,633 | (2,633) |
Accounts payable | (10,000) | (4,462) |
Accrued expenses | 4,278 | (34,000) |
Accrued payroll, benefits and taxes | (46,269) | 24,558 |
Net cash used by operating activities | (335,786) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, mineral rights and equipment | (25,500) | (33,000) |
Proceeds from disposal of equipment | 2,500 | |
Refund of reclamation and road use bonds | 375,125 | |
Net cash provided (used) by investing activities | (25,500) | 344,625 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of units, net | 821,767 | |
Payment obligation | (30,043) | |
Net cash provided by financing activities | 791,724 | |
Net increase in cash and cash equivalents | 173,101 | 8,839 |
CASH AT BEGINNING OF PERIOD | 67,154 | 82,275 |
CASH AT END OF PERIOD | $ 240,255 | $ 91,114 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 1 - Organization and Description of Business: | NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS: Timberline Resources Corporation (Timberline or the Company, we, us, our) was incorporated in August of 1968 under the laws of the State of Idaho as Silver Crystal Mines, Inc., for the purpose of exploring for precious metal deposits and advancing them to production. In 2008, we reincorporated into the State of Delaware pursuant to a merger agreement approved by our shareholders. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies: | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a. Basis of Presentation and Going Concern The consolidated financial statements for the three-month period ended December 31, 2017 were prepared on the basis that the Company is a going concern, which contemplates the realization of its assets and the settlement of its liabilities in the normal course of operations. These financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. The Companys ability to continue as a going concern is dependent upon its ability to receive cash flow from its operations or to successfully obtain additional financing. While the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company. These factors raise substantial doubt about the Companys ability to continue as a going concern. b. Net Income (Loss) per Share The dilutive effect of convertible and outstanding securities, in periods of future income as of December 31, 2017 and 2016, would be as follows: 2017 2016 Stock options 1,988,334 2,055,419 Warrants 20,840,873 10,000,006 Total possible dilution 22,829,207 12,055,425 At December 31, 2017 and 2016, the effect of the Companys outstanding options and common stock equivalents would have been anti-dilutive. c. Asset retirement obligation d. Available-for-sale equity securities e. Reclassifications |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 3 - Fair Value Measurements: | NOTE 3 FAIR VALUE MEASUREMENTS: The table below sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis and the fair value calculation input hierarchy level that we have determined applies to each asset and liability category. December 31, 2017 September 30, 2017 Input Hierarchy Level Assets: Cash $ 240,255 $ 67,154 Level 1 Restricted cash 285,128 285,128 Level 1 |
Note 4 - Restricted Cash
Note 4 - Restricted Cash | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 4 - Restricted Cash: | NOTE 4 RESTRICTED CASH: Cash that is restricted as to withdrawal or use under the terms of certain contractual arrangements, generally with regulatory agencies, is recorded in Other Assets Restricted cash |
Note 5 - Property Option Agreem
Note 5 - Property Option Agreement | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 5 - Property Option Agreement: | NOTE 5 PROPERTY OPTION AGREEMENT: On March 12, 2015 (the Effective Date), we entered into a property option agreement (Agreement) with Gunpoint Exploration Ltd. (Gunpoint), which closed on March 31, 2015 and was amended on October 19, 2016 (Amended Agreement). Pursuant to the Agreement, Gunpoint granted us an exclusive and irrevocable option (Option) to purchase a 100% interest in Gunpoints Talapoosa project (the Project) in western Nevada. We acquired the right to exercise the Option at any time beginning on March 31, 2015 and ending within thirty (30) months of March 12, 2015, unless sooner terminated (Option Period). Pursuant to the Amended Agreement, we have the right to exercise the Option through March 31, 2019 (Amended Option Period), subject to certain interim payments and cumulative project expenditures. As consideration for the Option, we issued two million (2,000,000) shares of common stock and paid $300,000 in cash. The common stock was valued at fair value on the Effective Date and combined with the cash payments of $300,000 for total consideration of $1,500,000. The common stock was issued on March 31, 2015 into escrow with periodic releases to Gunpoint. The shares are irrevocable and were released to Gunpoint as follows: 25% on September 12, 2015; 25% on March 12, 2016; 25% on September 12, 2016; and 25% on March 12, 2017. All of the shares have been released from escrow. Gunpoint will retain the total of 2,000,000 shares, even if we do not exercise the Option. Pursuant to the Amended Agreement, during the Amended Option Period, we are required to make the following expenditures and stock issuances in order to retain the Option: · · · · Upon the date that Gunpoint receives all of the required payments and stock issuances (the Closing Date), we will have earned a 100% interest in the Project. For a period of five years following the Closing Date (Contingent Payment Period), should the daily price of gold (as determined by the London PM Fix) average greater than or equal to $1,600 per ounce over any 90-day period (Trigger Event), we will pay Gunpoint an additional payment of $10 million (the Contingent Payment), of which a minimum of $5 million will be payable within six months of the Trigger Event and the remaining $5 million payable within twelve months of the Trigger Event. The Contingent Payment is payable with 50% in cash and 50% in common shares of the Company, at our sole discretion. Following our exercise of the Option, effective as of the Closing Date, Gunpoint reserves a one-percent (1%) net smelter returns royalty in all minerals mined and removed from the Project (the Royalty). The Companys option granted in the Agreement to purchase the Royalty from Gunpoint at any time for a cash payment of $3 million was eliminated in the Amended Agreement. |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 6 - Accrued Expenses: | NOTE 6 ACCRUED EXPENSES: As of December 31, 2017 and September 30, 2017, we had accrued $14,201 and $9,923 in expenses, respectively. The components of the accrued expenses are: Description December 31, 2017 September 30, 2017 Interest expense $ 1,076 $ - Other expenses 13,125 9,923 Total accrued expenses $ 14,201 $ 9,923 |
Note 7 - Payment Obligation
Note 7 - Payment Obligation | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 7 - Payment Obligation: | NOTE 7 PAYMENT OBLIGATION: On September 12, 2017, we entered into an agreement (the Payment Agreement) with a creditor (the Creditor) to pay by way of a payment plan an existing obligation of $250,000 (the Debt) related to a potential corporate transaction in 2015 that was not completed. Pursuant to the Payment Agreement, we agreed to pay the Debt to the Creditor, including interest, on or before September 12, 2020. Interest accrues on the unpaid principal amount of the Debt at a rate of prime, as such rate may change from time to time, plus 3% per annum. We agreed to pay the Creditor 5% of the gross proceeds of any funds raised, whether though equity sales, debt, or sales of assets. If the gross proceeds of any equity financing are at least $1 million, then we agreed to also commence monthly installment payments of $10,000 until the Debt is paid. During the three months ended December 31, 2017, we paid $34,363 to the Creditor from proceeds of a private placement, with $30,043 being applied to principal of the Debt and $4,320 being applied to interest. |
Note 8 - Common Stock, Warrants
Note 8 - Common Stock, Warrants and Preferred Stock | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 8 - Common Stock, Warrants and Preferred Stock: | NOTE 8 COMMON STOCK, WARRANTS AND PREFERRED STOCK: Private Placement On October 12, 2017, we initiated Each Unit in the Offering consisted of one share of common stock of the Company and one common share purchase warrant (each a Warrant), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.45 per share until the warrant expiration date of October 31, 2022. During the three months ended December 31, 2017 we closed the sale of two tranches of the Offering. In the aggregate, we sold a total of 2,880,867 Units at a price of $0.30 per unit for gross proceeds of $864,260. Warrants During the three months ended December 31, 2017, 2,880,867 warrants were issued pursuant to the Offering. No warrants expired during the three months ended December 31, 2017. At December 31, 2017, there were 9,960,006 warrants outstanding with an exercise price of $0.25 per share that expire on May 31, 2019, 8,000,000 warrants outstanding with an exercise price of $0.40 per share that expire on January 31, 2020, and 2,880,867 warrants outstanding with an exercise price of $0.45. In aggregate, as of December 31, 2017, there were 20,840,873 warrants outstanding at a weighted average exercise price of $0.335. Preferred Stock We are authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value. Our board of directors is authorized to issue the preferred stock from time to time in series, and is further authorized to establish such series, to fix and determine the variations in the relative rights and preferences as between series, to fix voting rights, if any, for each series, and to allow for the conversion of preferred stock into common stock. There is no preferred stock issued as of December 31, 2017. |
Note 9 - Stock-based Awards
Note 9 - Stock-based Awards | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 9 - Stock-based Awards: | NOTE 9 STOCK-BASED AWARDS: During the three months ended December 31, 2017, no options were granted and 62,500 options vested. In March, 2017, 250,000 stock options with an exercise price of $0.33 and a five-year term were granted to a consultant company. The fair value of all of the options granted was $60,000 ($0.24 per option). The options vested quarterly over a one-year period, including 25% of which (62,500 options) vested on December 15, 2017. The fair value of the 62,500 options that vested during the three months ended December 31, 2017 was $15,000 and was classified as other general and administrative expense. The value of all of the 250,000 options has now been recognized evenly over the past four quarters as the options vested. The value of the options was estimated on the date of grant with a Black-Scholes option-pricing model using the assumptions noted in the following table: Expected volatility 128.2% Stock price on date of grant $0.33 Expected dividends - Expected term (in years) 3 Risk-free rate 1.68% Expected forfeiture rate 0% The following is a summary of our options issued under the Amended 2005 Equity Incentive Plan and the 2015 Stock and Incentive Plan: Options Weighted Average Exercise Price Outstanding at September 30, 2017 2,233,334 $ 0.41 Expired (245,000) (0.41) Outstanding and exercisable at December 31, 2017 1,988,334 $ 0.41 Average remaining contractual term of options outstanding and exercisable at December 31, 2017 (years) 3.19 The aggregate of options exercisable as of December 31, 2017 had an intrinsic value of nil, based on the closing price of $0.23 per share of our common stock on December 31, 2017. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 10 - Commitments and Contingencies: | NOTE 10 COMMITMENTS AND CONTINGENCIES : Mineral Exploration A portion of our mining claims on our properties are subject to lease and option agreements with various terms, obligations, and royalties payable in certain circumstances. Pursuant to the Amended Option Agreement at Talapoosa (see Note 5), we had an obligation to make a payment of $1 million by March 31, 2017, which payment was made. There are also future payment and property expenditure obligations of $17.5 million, including $2 million due by March 31, 2018 and $8 million due by March 31, 2019. We pay federal and county claim maintenance fees on unpatented claims that are included in our mineral exploration properties. Should we continue to explore all of our mineral properties we expect annual fees to total approximately $285,000 per year in the future. While we recognize that we will not be able to meet these obligations with our current cash balances, we do expect to make these required payments with proceeds from expected capital raises. We expect to obtain additional capital through refunds of excess restricted cash held for exploration bonds and financing transactions such as equity investments, asset sales, joint ventures, debt facilities, or other types of strategic arrangements. Real Estate Lease Commitments As of December 31, 2017, the Company has no real estate lease commitments. The Companys office in Coeur dAlene, Idaho and its facilities in Sparks, Nevada and Eureka, Nevada are rented on a month-to-month basis. Total office lease and rental expense from continuing operations is included in the following line items in the consolidated statements of operations and comprehensive income (loss): Three months ended December 31, 2017 2016 Mineral exploration expenses $ 12,900 $ 12,900 Other general and administrative expenses 10,500 10,500 Total $ 23,400 $ 23,400 Employment Agreements The Company has an employment agreement with an executive employee that requires certain termination benefits and payments in defined circumstances. |
Note 2 - Summary of Significa16
Note 2 - Summary of Significant Accounting Policies: a. Basis of Presentation and going concern (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
a. Basis of Presentation and going concern | a. Basis of Presentation and Going Concern |
Note 2 - Summary of Significa17
Note 2 - Summary of Significant Accounting Policies: Substantial Doubt about Going Concern (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Substantial Doubt about Going Concern | The consolidated financial statements for the three-month period ended December 31, 2017 were prepared on the basis that the Company is a going concern, which contemplates the realization of its assets and the settlement of its liabilities in the normal course of operations. These financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. The Companys ability to continue as a going concern is dependent upon its ability to receive cash flow from its operations or to successfully obtain additional financing. While the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company. These factors raise substantial doubt about the Companys ability to continue as a going concern. |
Note 2 - Summary of Significa18
Note 2 - Summary of Significant Accounting Policies: b. Net Income (Loss) per Share (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
b. Net Income (Loss) per Share | b. Net Income (Loss) per Share The dilutive effect of convertible and outstanding securities, in periods of future income as of December 31, 2017 and 2016, would be as follows: 2017 2016 Stock options 1,988,334 2,055,419 Warrants 20,840,873 10,000,006 Total possible dilution 22,829,207 12,055,425 At December 31, 2017 and 2016, the effect of the Companys outstanding options and common stock equivalents would have been anti-dilutive. |
Note 2 - Summary of Significa19
Note 2 - Summary of Significant Accounting Policies: c. Asset Retirement Obligation (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
c. Asset Retirement Obligation | c. Asset retirement obligation |
Note 2 - Summary of Significa20
Note 2 - Summary of Significant Accounting Policies: d. Available-for-sale equity securities (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
d. Available-for-sale equity securities | d. Available-for-sale equity securities |
Note 2 - Summary of Significa21
Note 2 - Summary of Significant Accounting Policies: e. Reclassifications (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
e. Reclassifications | e. Reclassifications |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies: b. Net Income (Loss) per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 2017 2016 Stock options 1,988,334 2,055,419 Warrants 20,840,873 10,000,006 Total possible dilution 22,829,207 12,055,425 |
Note 3 - Fair Value Measureme23
Note 3 - Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | December 31, 2017 September 30, 2017 Input Hierarchy Level Assets: Cash $ 240,255 $ 67,154 Level 1 Restricted cash 285,128 285,128 Level 1 |
Note 6 - Accrued Expenses_ Sche
Note 6 - Accrued Expenses: Schedule of Accrued Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Accrued Liabilities | Description December 31, 2017 September 30, 2017 Interest expense $ 1,076 $ - Other expenses 13,125 9,923 Total accrued expenses $ 14,201 $ 9,923 |
Note 9 - Stock-based Awards_ Sc
Note 9 - Stock-based Awards: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Expected volatility 128.2% Stock price on date of grant $0.33 Expected dividends - Expected term (in years) 3 Risk-free rate 1.68% Expected forfeiture rate 0% |
Note 9 - Stock-based Awards_ Sh
Note 9 - Stock-based Awards: Share-based Compensation, Stock Options, Activity (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Share-based Compensation, Stock Options, Activity | Options Weighted Average Exercise Price Outstanding at September 30, 2017 2,233,334 $ 0.41 Expired (245,000) (0.41) Outstanding and exercisable at December 31, 2017 1,988,334 $ 0.41 Average remaining contractual term of options outstanding and exercisable at December 31, 2017 (years) 3.19 |
Note 10 - Commitments and Con27
Note 10 - Commitments and Contingencies: Schedule of Rent Expense (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Rent Expense | Three months ended December 31, 2017 2016 Mineral exploration expenses $ 12,900 $ 12,900 Other general and administrative expenses 10,500 10,500 Total $ 23,400 $ 23,400 |
Note 1 - Organization and Des28
Note 1 - Organization and Description of Business (Details) | 3 Months Ended |
Dec. 31, 2017 | |
Details | |
Entity Incorporation, State Country Name | Delaware |
Note 2 - Summary of Significa29
Note 2 - Summary of Significant Accounting Policies: b. Net Income (Loss) per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Details | ||
Stock options | 1,988,334 | 2,055,419 |
Warrants | 20,840,873 | 10,000,006 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,829,207 | 12,055,425 |
Note 3 - Fair Value Measureme30
Note 3 - Fair Value Measurements: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
Details | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 240,255 | $ 67,154 |
Restricted Cash and Cash Equivalents, Current | $ 285,128 | $ 285,128 |
Note 5 - Property Option Agre31
Note 5 - Property Option Agreement (Details) - USD ($) | Mar. 31, 2017 | Sep. 30, 2015 |
Details | ||
Share issuance on equity method investment | 2,000,000 | |
Cash payment on equity method investment | $ 300,000 | |
Payments to Acquire Equity Method Investments | $ 1,500,000 | |
Stock Issued During Period, Shares, Other | 1,000,000 | |
Stock Issued During Period, Value, Other | $ 480,000 |
Note 6 - Accrued Expenses (Deta
Note 6 - Accrued Expenses (Details) - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
Details | ||
Accrued expenses | $ 14,201 | $ 9,923 |
Note 6 - Accrued Expenses_ Sc33
Note 6 - Accrued Expenses: Schedule of Accrued Liabilities (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Details | ||
Interest Expense, Other | $ 1,076 | |
Other Expenses | 13,125 | $ 9,923 |
Accrued expenses | $ 14,201 | $ 9,923 |
Note 7 - Payment Obligation (De
Note 7 - Payment Obligation (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Details | ||
Payment obligation | $ 219,957 | $ 250,000 |
Debt Instrument, Periodic Payment | 34,363 | |
Debt Instrument, Periodic Payment, Principal | 30,043 | |
Debt Instrument, Periodic Payment, Interest | $ 4,320 |
Note 8 - Common Stock, Warran35
Note 8 - Common Stock, Warrants and Preferred Stock (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Details | ||
Private Placement Units Sold | 2,880,867 | |
Private Placement Units Price Per Unit | $ 0.30 | |
Proceeds from issuance of private placement units | $ 864,260 | |
Warrants issued | 2,880,867 | |
Class of Warrant or Right, Outstanding | 20,840,873 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.335 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Note 9 - Stock-based Awards_ 36
Note 9 - Stock-based Awards: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended |
Dec. 31, 2017$ / shares | |
Details | |
Fair Value Assumptions, Expected Volatility Rate | 128.20% |
Represents the per-share monetary value of StockPriceOnDateOfGrant, during the indicated time period. | $ 0.33 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years |
Fair Value Assumptions, Risk Free Interest Rate | 1.68% |
Sharebased Compensation Arrangement By Sharebased Payment Award FairValue Assumptions Expected Forfeiture Rate | 0.00% |
Note 9 - Stock-based Awards_ 37
Note 9 - Stock-based Awards: Share-based Compensation, Stock Options, Activity (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Details | ||
Exercisable | 1,988,334 | 2,233,334 |
Weighted Average Exercise Price, Exercisable | $ 0.41 | $ 0.41 |
Expired | (245,000) | |
Weighted Average Exercise Price, Expired | $ (0.41) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 2 months 8 days |
Note 10 - Commitments and Con38
Note 10 - Commitments and Contingencies (Details) | 3 Months Ended |
Dec. 31, 2017USD ($) | |
Details | |
Expected annual fees, mineral exploration properties | $ 285,000 |
Note 10 - Commitments and Con39
Note 10 - Commitments and Contingencies: Schedule of Rent Expense (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Details | ||
Results of Operations Exploration Expense Mining | $ 12,900 | $ 12,900 |
General and administrative | 10,500 | 10,500 |
Operating Leases, Rent Expense | $ 23,400 | $ 23,400 |