Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
31-May-14 | Aug. 18, 2014 | Nov. 30, 2013 | |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-May-14 | ' | ' |
Trading Symbol | 'hndi | ' | ' |
Entity Registrant Name | 'HANDENI GOLD INC. | ' | ' |
Entity Central Index Key | '0001297223 | ' | ' |
Current Fiscal Year End Date | '--05-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 321,416,654 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $724,430 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 31-May-14 | 31-May-13 |
Current Assets | ' | ' |
Cash and cash equivalents | $532,694 | $206,402 |
Amounts receivable | 34,326 | 625,945 |
Prepaid expenses and deposits | 15,076 | 87,786 |
Total Current Assets | 582,096 | 920,133 |
Restricted cash equivalent | 26,522 | 27,805 |
Restricted marketable securities | 73,600 | 140,000 |
Mineral licenses | 1,650,000 | 1,650,000 |
Property and equipment, net | 55,446 | 245,473 |
TOTAL ASSETS | 2,387,664 | 2,983,411 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 109,432 | 87,369 |
Accounts payable and accrued liabilities - related parties | 277,500 | 145,431 |
Loans from related parties | 1,070,683 | 545,683 |
Total Current Liabilities | 1,457,615 | 778,483 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Common stock Authorized: 500,000,000 shares, $0.001 par value Issued and outstanding: 321,416,654 shares (May 31, 2013 - 321,416,654 shares) | 321,417 | 321,417 |
Additional paid-in capital | 116,414,824 | 116,414,824 |
Donated capital | 222,495 | 137,379 |
Accumulated other comprehensive loss | -86,400 | -1,020,000 |
Deficit accumulated during the exploration stage | -115,942,287 | -113,648,692 |
Total Stockholders' Equity | 930,049 | 2,204,928 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $2,387,664 | $2,983,411 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | 31-May-14 | 31-May-13 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 321,416,654 | 321,416,654 |
Common Stock, Shares, Outstanding | 321,416,654 | 321,416,654 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | 125 Months Ended | |
31-May-14 | 31-May-13 | 31-May-14 | |
Revenue | $0 | $0 | $0 |
Expenses | ' | ' | ' |
Consulting fees | 22,500 | 594,608 | 24,092,224 |
Depreciation | 189,200 | 202,726 | 631,809 |
Exploration expenses | 221,977 | 658,756 | 8,277,590 |
(Gain) / Loss on disposal or write-down of equipment | -3,210 | 2,687 | 18,530 |
General and administrative | 524,088 | 786,042 | 3,682,234 |
Impairment of mineral property | 0 | 0 | 77,492,074 |
Interest expenses | 89,869 | 28,379 | 118,248 |
Professional | 141,356 | 186,661 | 2,696,376 |
Rent | 83,994 | 94,096 | 525,672 |
Travel and investor relations | 24,111 | 99,110 | 2,012,507 |
Total Expenses | 1,293,885 | 2,653,065 | 119,547,264 |
Loss From Operations | -1,293,885 | -2,653,065 | -119,547,264 |
Other Income (Expenses) | ' | ' | ' |
Gain on write-down of accrued liabilities | 0 | 0 | 458,058 |
Impairment of marketable securities | -1,000,000 | -1,600,000 | -2,600,000 |
Interest income | 290 | 664 | 1,744 |
Loss on sale of investment securities | 0 | 0 | -57,071 |
Recovery (Loss) on write-down of amounts receivable | 0 | 14,870 | -66,771 |
Mineral property option payments received | 0 | 0 | 3,616,017 |
Recovery of mineral property costs for stock not issuable | 0 | 0 | 2,253,000 |
Total other (Expenses) / Income | -999,710 | -1,584,466 | 3,604,977 |
Net Loss | -2,293,595 | -4,237,531 | -115,942,287 |
Other Comprehensive Loss | ' | ' | ' |
Unrealized gain (loss) on marketable securities | -66,400 | -1,020,000 | -86,400 |
Comprehensive Loss | ($2,359,995) | ($5,257,531) | ($116,028,687) |
Net Loss per Share - Basic and Diluted | ($0.01) | ($0.01) | ' |
Basic and Diluted Weighted Average Number of Common Shares Outstanding | 321,416,654 | 312,898,846 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 125 Months Ended | |
31-May-14 | 31-May-13 | 31-May-14 | |
CASH AND CASH EQUIVALENTS PROVIDED BY (USED IN): Operating Activities: | ' | ' | ' |
Net loss | ($2,293,595) | ($4,237,531) | ($115,942,287) |
Adjustments for non-cash items in net loss: | ' | ' | ' |
Depreciation | 189,200 | 202,726 | 631,809 |
Donated capital, services, interest and rent | 85,116 | 28,379 | 122,495 |
Impairment of marketable securities | 1,000,000 | 1,600,000 | 2,600,000 |
Impairment of mineral property acquisition costs | 0 | 0 | 77,492,074 |
Loss on sale of investment securities | 0 | 0 | 57,071 |
Mineral property option payments | 0 | 0 | -156,017 |
Stock-based compensation | 0 | 488,982 | 20,275,633 |
Loss (Gain) on unrealized foreign exchange | 1,283 | 0 | 1,283 |
Gain on write-down of accrued liabilities | 0 | 0 | -458,058 |
(Recovery) / Loss on write-down of amounts receivable | 0 | -14,870 | 66,771 |
(Gain) / Loss on disposal or write-down of equipment | -3,210 | 2,687 | 18,530 |
Recovery of mineral property costs for stock not issuable | 0 | 0 | -2,253,000 |
Shares received from mineral property option payment | 0 | 0 | -2,760,000 |
Changes in non-cash operating working capital: | ' | ' | ' |
Amount receivable | 591,619 | -8,789 | -101,097 |
Prepaid expenses and deposits | 72,710 | 102,151 | -15,076 |
Accounts payable and accrued liabilities | 22,063 | -46,697 | -101,468 |
Due to related parties | 132,069 | 115,431 | 1,101,443 |
Cash Used in Operating Activities | -202,745 | -1,767,531 | -19,419,894 |
Investing Activities: | ' | ' | ' |
Mineral property acquisition costs | 0 | 0 | -697,677 |
Proceeds from mineral property options | 0 | 0 | 600,000 |
Proceeds from disposal of equipment | 7,013 | 21,578 | 28,591 |
Purchase of restricted cash equivalent | 0 | 28,726 | -27,805 |
Purchase of property and equipment | -2,976 | -8,943 | -734,376 |
Cash Provided (Used) in Investing Activities | 4,037 | 41,361 | -831,267 |
Financing Activities: | ' | ' | ' |
Loan from a related party | 525,000 | 545,683 | 1,070,683 |
Proceeds from issuance of common stock | 0 | 500,000 | 21,034,363 |
Share issuance costs | 0 | 0 | -1,321,191 |
Cash Provided by Financing Activities | 525,000 | 1,045,683 | 20,783,855 |
(Decrease) / Increase in cash and cash equivalents | 326,292 | -680,487 | 532,694 |
Cash and cash equivalents, at beginning of the period | 206,402 | 886,889 | 0 |
Cash and cash equivalents, at end of the period | $532,694 | $206,402 | $532,694 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Stock Subscriptions Receivable [Member] | Common Stock Subscribed [Member] | Donated Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deficit Accumulated During the Development Stage [Member] | Total |
Beginning Balance at Jan. 05, 2004 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.001 per share | $2,000 | ' | ' | ' | ' | ' | ' | $2,000 |
Issuance of common shares for cash at $0.001 per share (Shares) | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.05 per share | 1,050 | 51,450 | ' | ' | ' | ' | ' | 52,500 |
Issuance of common shares for cash at $0.05 per share (Shares) | 1,050,000 | ' | ' | ' | ' | ' | ' | ' |
Share issuance costs | ' | -6,475 | ' | ' | ' | ' | ' | -6,475 |
Donated services | ' | ' | ' | ' | 2,500 | ' | ' | 2,500 |
Common shares subscribed for cash at $0.25 per share | 41 | 10,209 | ' | ' | ' | ' | ' | 10,250 |
Common shares subscribed for cash at $0.25 per share (Shares) | 41,000 | ' | ' | ' | ' | ' | ' | ' |
Net loss for the year | ' | ' | ' | ' | ' | ' | -36,874 | -36,874 |
Ending Balance at May. 31, 2004 | 3,091 | 55,184 | ' | ' | 2,500 | ' | -36,874 | 23,901 |
Ending Balance (Shares) at May. 31, 2004 | 3,091,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.01 per share | 22 | 198 | ' | ' | ' | ' | ' | 220 |
Issuance of common shares for cash at $0.01 per share (Shares) | 22,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock subscribed | ' | ' | ' | 336,766 | ' | ' | ' | 336,766 |
Donated services | ' | ' | ' | ' | 3,500 | ' | ' | 3,500 |
Common shares subscribed for cash at $0.25 per share | 945 | 228,217 | ' | ' | ' | ' | ' | 229,162 |
Common shares subscribed for cash at $0.25 per share (Shares) | 945,400 | ' | ' | ' | ' | ' | ' | ' |
Net loss for the year | ' | ' | ' | ' | ' | ' | -430,090 | -430,090 |
Ending Balance at May. 31, 2005 | 4,058 | 283,599 | ' | 336,766 | 6,000 | ' | -466,964 | 163,459 |
Ending Balance (Shares) at May. 31, 2005 | 4,058,400 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.30 per share | 1,323 | 395,377 | ' | -336,766 | ' | ' | ' | 59,934 |
Issuance of common shares for cash at $0.30 per share (Shares) | 1,322,332 | ' | ' | ' | ' | ' | ' | ' |
Share issuance costs | ' | -2,974 | ' | ' | ' | ' | ' | -2,974 |
Issuance of common shares to acquire mineral properties | 16,000 | 5,604,000 | ' | ' | ' | ' | ' | 5,620,000 |
Issuance of common shares to acquire mineral properties (Shares) | 16,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares gifted to the Company to settle accounts payable | ' | ' | ' | ' | 100,000 | ' | ' | 100,000 |
Net loss for the year | ' | ' | ' | ' | ' | ' | -5,985,395 | -5,985,395 |
Ending Balance at May. 31, 2006 | 21,381 | 6,280,002 | ' | ' | 106,000 | ' | -6,452,359 | -44,976 |
Ending Balance (Shares) at May. 31, 2006 | 21,380,732 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.70 per share | 2,430 | 1,698,670 | ' | ' | ' | ' | ' | 1,701,100 |
Issuance of common shares for cash at $0.70 per share (Shares) | 2,430,133 | ' | ' | ' | ' | ' | ' | ' |
Share issuance costs | ' | -143,900 | ' | ' | ' | ' | ' | -143,900 |
Common shares issued for consulting services | 150 | 105,600 | ' | ' | ' | ' | ' | 105,750 |
Common shares issued for consulting services(shares) | 150,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares issued for mineral licenses acquired | 11,650 | 8,265,100 | ' | ' | ' | ' | ' | 8,276,750 |
Common shares issued for mineral licenses acquired (Shares) | 11,650,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares subscribed for mineral licenses acquired | ' | ' | ' | 2,837,500 | ' | ' | ' | 2,837,500 |
Common shares subscribed for consulting services | ' | ' | ' | 50,000 | ' | ' | ' | 50,000 |
Fair value of stock options granted | ' | 2,482,998 | ' | ' | ' | ' | ' | 2,482,998 |
Donated rent | ' | ' | ' | ' | 3,000 | ' | ' | 3,000 |
Net loss for the year | ' | ' | ' | ' | ' | ' | -16,342,946 | -16,342,946 |
Ending Balance at May. 31, 2007 | 35,611 | 18,688,470 | ' | 2,887,500 | 109,000 | ' | -22,795,305 | -1,074,724 |
Ending Balance (Shares) at May. 31, 2007 | 35,610,865 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.30 per share | 300 | 89,700 | ' | ' | ' | ' | ' | 90,000 |
Issuance of common shares for cash at $0.30 per share (Shares) | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Shares issued for mineral licenses acquired | 900 | 633,600 | ' | -634,500 | ' | ' | ' | ' |
Shares issued for mineral licenses acquired (Shares) | 900,000 | ' | ' | ' | ' | ' | ' | ' |
Share issuance costs | ' | -27,000 | ' | ' | ' | ' | ' | -27,000 |
Common shares issued upon cashless exercise of options(shares) | 4,575,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares subscribed for cash at $0.10 per share | ' | ' | ' | 50,000 | ' | ' | ' | 50,000 |
Common shares subscribed for cash at $0.15 per share | ' | ' | ' | 195,000 | ' | ' | ' | 195,000 |
Common shares issued upon cashless exercise of options | 4,575 | -4,575 | ' | ' | ' | ' | ' | ' |
Net loss for the year | ' | ' | ' | ' | ' | ' | -491,929 | -491,929 |
Ending Balance at May. 31, 2008 | 41,386 | 19,380,195 | ' | 2,498,000 | 109,000 | ' | -23,287,234 | -1,258,653 |
Ending Balance (Shares) at May. 31, 2008 | 41,385,865 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at$0.25 per share | 1,400 | 348,700 | ' | ' | ' | ' | ' | 350,100 |
Issuance of common shares for cash at$0.25 per share (Shares) | 1,400,404 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.30 per share | 500 | 149,500 | ' | ' | ' | ' | ' | 150,000 |
Issuance of common shares for cash at $0.30 per share (Shares) | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.10 per share | 1,000 | 99,000 | ' | -50,000 | ' | ' | ' | 50,000 |
Issuance of common shares for cash at $0.10 per share (Shares) | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.15 per share | 12,001 | 1,787,999 | ' | -195,000 | ' | ' | ' | 1,605,000 |
Issuance of common shares for cash at $0.15 per share (Shares) | 12,000,013 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.20 per share | 6,462 | 1,286,038 | ' | ' | ' | ' | ' | 1,292,500 |
Issuance of common shares for cash at $0.20 per share (Shares) | 6,462,500 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares upon the exercise of options at $0.30 per share | 170 | 50,830 | ' | ' | ' | ' | ' | 51,000 |
Issuance of common shares upon the exercise of options at $0.30 per share (Shares) | 170,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.40 per share | 362 | 144,638 | ' | ' | ' | ' | ' | 145,000 |
Issuance of common shares for cash at $0.40 per share (Shares) | 362,500 | ' | ' | ' | ' | ' | ' | ' |
Share issuance costs | ' | -141,000 | ' | ' | ' | ' | ' | -141,000 |
Common shares issued upon cashless exercise of options(shares) | 3,365,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares subscribed for cash at $0.25 per share | ' | ' | ' | 323,000 | ' | ' | ' | 323,000 |
Common shares issued upon cashless exercise of options | 3,365 | -3,365 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 1,188,706 | ' | ' | ' | ' | ' | 1,188,706 |
Net loss for the year | ' | ' | ' | ' | ' | ' | -4,759,010 | -4,759,010 |
Ending Balance at May. 31, 2009 | 66,646 | 24,291,241 | ' | 2,576,000 | 109,000 | ' | -28,046,244 | -1,003,357 |
Ending Balance (Shares) at May. 31, 2009 | 66,646,282 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at$0.25 per share | 1,392 | 346,608 | ' | -323,000 | ' | ' | ' | 25,000 |
Issuance of common shares for cash at$0.25 per share (Shares) | 1,392,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.20 per share | 75 | 14,925 | ' | ' | ' | ' | ' | 15,000 |
Issuance of common shares for cash at $0.20 per share (Shares) | 75,000 | ' | ' | ' | ' | ' | ' | ' |
Share issuance costs | ' | -13,400 | ' | ' | ' | ' | ' | -13,400 |
Common shares issued upon cashless exercise of options(shares) | 4,200,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares issued upon cashless exercise of options | 4,200 | -4,200 | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 1,519,382 | ' | ' | ' | ' | ' | 1,519,382 |
Net loss for the year | ' | ' | ' | ' | ' | ' | -2,049,304 | -2,049,304 |
Ending Balance at May. 31, 2010 | 72,313 | 26,154,556 | ' | 2,253,000 | 109,000 | ' | -30,095,548 | -1,506,679 |
Ending Balance (Shares) at May. 31, 2010 | 72,313,282 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.05 per share | 22,000 | 1,078,000 | ' | ' | ' | ' | ' | 1,100,000 |
Issuance of common shares for cash at $0.05 per share (Shares) | 22,000,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares upon the exercise of options at $0.30 per share | 130 | 38,870 | ' | ' | ' | ' | ' | 39,000 |
Issuance of common shares upon the exercise of options at $0.30 per share (Shares) | 130,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.45 per share | 27,174 | 12,200,843 | ' | ' | ' | ' | ' | 12,228,017 |
Issuance of common shares for cash at $0.45 per share (Shares) | 27,173,372 | ' | ' | ' | ' | ' | ' | ' |
Share issuance costs | ' | -1,477,401 | ' | ' | ' | ' | ' | -1,477,401 |
Issuance of common shares to acquire mineral properties | 150,000 | 59,850,000 | ' | ' | ' | ' | ' | 60,000,000 |
Issuance of common shares to acquire mineral properties (Shares) | 150,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares issued upon cashless exercise of options(shares) | 13,800,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares upon the exercise of warrants at $0.075 per share | 2,000 | 148,000 | ' | ' | ' | ' | ' | 150,000 |
Issuance of common shares upon the exercise of warrants at $0.075 per share (Shares) | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares issued upon cashless exercise of options | 13,800 | -13,800 | ' | ' | ' | ' | ' | ' |
Issuance of common shares for debt | 5,000 | 3,780,505 | -13,814 | ' | ' | ' | ' | 3,771,691 |
Issuance of common shares for debt (Shares) | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of finders fee warrants | ' | 490,960 | ' | ' | ' | ' | ' | 490,960 |
Stock-based compensation | ' | 9,675,441 | ' | ' | ' | ' | ' | 9,675,441 |
Unrealized gain on marketable securities | ' | ' | ' | ' | ' | 1,240,000 | ' | 1,240,000 |
Net loss for the year | ' | ' | ' | ' | ' | ' | -72,412,056 | -72,412,056 |
Ending Balance at May. 31, 2011 | 292,417 | 111,925,974 | -13,814 | 2,253,000 | 109,000 | 1,240,000 | -102,507,604 | 13,298,973 |
Ending Balance (Shares) at May. 31, 2011 | 292,416,654 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for property | 15,000 | 1,635,000 | ' | ' | ' | ' | ' | 1,650,000 |
Issuance of common shares for property (Shares) | 15,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cancellation of share issue obligation | ' | ' | ' | -2,253,000 | ' | ' | ' | -2,253,000 |
Subscription received | ' | ' | 13,814 | 150,000 | ' | ' | ' | 163,814 |
Stock-based compensation | ' | 1,728,868 | ' | ' | ' | ' | ' | 1,728,868 |
Unrealized loss on marketable securities | ' | ' | ' | ' | ' | -2,840,000 | ' | -2,840,000 |
Net loss for the year | ' | ' | ' | ' | ' | ' | -6,903,557 | -6,903,557 |
Ending Balance at May. 31, 2012 | 307,417 | 115,289,842 | ' | 150,000 | 109,000 | -1,600,000 | -109,411,161 | 4,845,098 |
Ending Balance (Shares) at May. 31, 2012 | 307,416,654 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for independent compensation | 1,000 | 39,000 | ' | ' | ' | ' | ' | 40,000 |
Issuance of common shares for independent compensation (Shares) | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares for cash at $0.05 | 13,000 | 637,000 | ' | -150,000 | ' | ' | ' | 500,000 |
Issuance of common shares for cash at $0.05 (Shares) | 13,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 448,982 | ' | ' | ' | ' | ' | 448,982 |
Deemed interest on interest-free loan from a related party | ' | ' | ' | ' | 28,379 | ' | ' | 28,379 |
Realized loss on marketable securities | ' | ' | ' | ' | ' | 1,600,000 | ' | 1,600,000 |
Impairment of marketable securities | ' | ' | ' | ' | ' | -1,020,000 | ' | -1,020,000 |
Unrealized loss on marketable securities | ' | ' | ' | ' | ' | ' | ' | -1,020,000 |
Net loss for the year | ' | ' | ' | ' | ' | ' | -4,237,531 | -4,237,531 |
Ending Balance at May. 31, 2013 | 321,417 | 116,414,824 | ' | ' | 137,379 | -1,020,000 | -113,648,692 | 2,204,928 |
Ending Balance (Shares) at May. 31, 2013 | 321,416,654 | ' | ' | ' | ' | ' | ' | ' |
Deemed interest on interest-free loan from a related party | ' | ' | ' | ' | 85,116 | ' | ' | 85,116 |
Realized loss on marketable securities | ' | ' | ' | ' | ' | 1,000,000 | ' | 1,000,000 |
Impairment of marketable securities | ' | ' | ' | ' | ' | -66,400 | ' | -66,400 |
Unrealized loss on marketable securities | ' | ' | ' | ' | ' | ' | ' | -66,400 |
Net loss for the year | ' | ' | ' | ' | ' | ' | -2,293,595 | -2,293,595 |
Ending Balance at May. 31, 2014 | $321,417 | $116,414,824 | ' | ' | $222,495 | ($86,400) | ($115,942,287) | $930,049 |
Ending Balance (Shares) at May. 31, 2014 | 321,416,654 | ' | ' | ' | ' | ' | ' | ' |
Nature_of_Operations_and_Conti
Nature of Operations and Continuance of Business | 12 Months Ended | |
31-May-14 | ||
Nature of Operations and Continuance of Business [Text Block] | ' | |
1 | Nature of Operations and Continuance of Business | |
The Company was incorporated in the State of Nevada on January 5, 2004. On February 14, 2012, the Company changed its name from Douglas Lake Minerals Inc. to Handeni Gold Inc. (the “Company”). The Company is an Exploration Stage Company, as defined by Statement of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, Development Stage Entities . The Company’s principal business is the acquisition and exploration of mineral resources located in Tanzania, Africa. The Company has not presently determined whether its properties contain mineral reserves that are economically recoverable. | ||
These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations and to determine the existence, discovery and successful exploitation of economically recoverable reserves in its resource properties, confirmation of the Company’s interests in the underlying properties, and the attainment of profitable operations. As at May 31, 2014, the Company has not generated any revenues and has accumulated losses of $115,942,287 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company plans to raise equity and/or debt financing to fund its operations. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
31-May-14 | |||
Summary of Significant Accounting Policies [Text Block] | ' | ||
2 | Summary of Significant Accounting Policies | ||
a) | Basis of Presentation | ||
These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its subsidiaries described as follows. In June 2011, the Company incorporated in Tanzania a new wholly-owned subsidiary, HG Limited (formerly DLM Tanzania Limited), which undertakes mineral property exploration activities in Tanzania. The Company also has a wholly-owned non-operating Tanzanian subsidiary (Douglas Lake Tanzania Limited). | |||
All significant intercompany transactions and balances have been eliminated. The Company’s fiscal year-end is May 31. | |||
b) | Use of Estimates | ||
The preparation of consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability and useful life of long-lived assets, recoverability of mineral prospecting licenses, valuation of stock-based compensation, deferred income tax asset valuation allowances, and determination of a fair value interest rate on non-interest bearing loans from related parties and recognition of contingent liabilities. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
c) | Basic and Diluted Net Income (Loss) Per Share | ||
The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. | |||
d) | Comprehensive Income (Loss) | ||
ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive income (loss) and its components in the financial statements. As at May 31, 2014, the Company’s only component of other comprehensive income (loss) and accumulated other comprehensive loss is an unrealized fair value loss on marketable securities. | |||
e) | Cash and Cash Equivalents | ||
Cash and cash equivalents are carried at fair value and they comprise cash on hand, deposits held with banks and other highly liquid investments. Highly liquid investments are readily convertible to cash and generally have maturities of three months or less from the time acquired. The Company places its cash and cash equivalents with high quality financial institutions which the Company believes limits credit risk. | |||
f) | Marketable Securities | ||
The Company reports investments in marketable equity securities at fair value based on quoted market prices. All investment securities are designated as available for sale with unrealized gains and losses included in stockholders’ equity. Realized gains and losses are accounted for on the specific identification method. | |||
The Company periodically reviews these investments for other-than-temporary declines in fair value based on the specific identification method. When an other-than-temporary decline has occurred, unrealized losses that are other than temporary are recognized in earnings. When determining whether a decline is other-than-temporary, the Company examines (i) the length of time and the extent to which the fair value of an investment has been lower than its carrying value: (ii) the financial condition and near- term prospects of the investee, including any specific events that may influence the operations of the investee such as changes in technology that may impair the earnings potential of the investee: and (iii) the Company’s intent and ability to retain its investment in the investee for a sufficient period of time to allow for any anticipated recovery in market value. The Company generally believes that an other-than-temporary decline has occurred when the fair value of the investment is below the carrying value for one year, absent of evidence to the contrary. | |||
g) | Property and Equipment | ||
Property and equipment are recorded at cost and depreciated on a straight-line basis as follows: | |||
Automobiles | 3 years | ||
Camp and equipment | 3 years | ||
Computer software | 1 year | ||
Office furniture and equipment | 3 years | ||
h) | Mineral Property Costs | ||
The Company has been in the exploration stage since its inception on January 5, 2004 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral prospecting licenses and mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360, Property, Plant, and Equipment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of- production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. | |||
i) | Long-Lived Assets | ||
In accordance with ASC 360 , Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. | |||
j) | Asset Retirement Obligations | ||
The Company accounts for asset retirement obligations in accordance with the provisions of ASC 440 Asset Retirement and Environmental Obligations which requires the Company to record the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The Company did not have any asset retirement obligations as at May 31, 2014 and 2013. | |||
k) | Financial Instruments | ||
ASC 825, Financial Instruments requires an entity to maximize the use of observable inputs. The fair value of certain financial instruments, which include cash and cash equivalents, restricted cash equivalent, and accounts payable were estimated to approximate their carrying values due to the immediate or short-term maturities of these financial instruments. | |||
The Company’s operations are in Canada and Africa, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. | |||
l) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
m) | Foreign Currency Translation | ||
The functional and reporting currency of the Company is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 830 Foreign Currency Translation Matters , using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average rates are used to translate revenues and expenses. | |||
Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. | |||
To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Canadian dollars (“Cdn$”) and Tanzanian shillings (“TZS”). The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
n) | Stock-based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees , which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options. | |||
ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviours. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. | |||
All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. | |||
o) | Recently Issued Accounting Pronouncements | ||
The Company has adopted all new accounting pronouncements that are mandatorily effective and none impact its consolidated financial statements. The Company does not believe that there are any new accounting pronouncements that have been issued that are expected to have a material impact on its financial position or results of operations. | |||
p) | Reclassification | ||
Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation. |
Amounts_Receivable
Amounts Receivable | 12 Months Ended | |||||||
31-May-14 | ||||||||
Amounts Receivable [Text Block] | ' | |||||||
3 | Amounts Receivable | |||||||
The components of amounts receivable are as follows: | ||||||||
May 31, | May 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Recoverable value added tax | 23,202 | 579,121 | ||||||
Recoverable goods and services tax / harmonized sales tax | 9,765 | 46,588 | ||||||
Other receivables | 1,359 | 236 | ||||||
34,326 | 625,945 | |||||||
The Company had recoverable value added tax (“VAT”) of $23,202 (TZS 38,566,758) as at May 31, 2014 and $579,121 (TZS 920,601,669) as at May 31, 2013. During the year ended May 31, 2014, the Company had received from the Tanzania Revenue Authority $507,916 (TZS 845,117,520) recoverable value added tax refund, net of taxes and interest. |
Prepaid_Expenses_and_Deposits
Prepaid Expenses and Deposits | 12 Months Ended | |||||||
31-May-14 | ||||||||
Prepaid Expenses and Deposits [Text Block] | ' | |||||||
4 | Prepaid Expenses and Deposits | |||||||
The components of prepaid expenses and deposits are as follows: | ||||||||
May 31, | May 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
General and administrative | 2,343 | 7,768 | ||||||
Rent | 12,733 | 80,018 | ||||||
15,076 | 87,786 |
Restricted_Cash_Equivalent
Restricted Cash Equivalent | 12 Months Ended | |
31-May-14 | ||
Restricted Cash Equivalent [Text Block] | ' | |
5 | Restricted Cash Equivalent | |
As at May 31, 2014, the Company has pledged a GIC of $26,522 (May 31, 2013: $27,805) as security held on corporate credit cards. The $1,283 difference compared to May 31, 2013 was loss on unrealized Canadian dollar foreign exchange. |
Restricted_Marketable_Securiti
Restricted Marketable Securities | 12 Months Ended | ||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||
Restricted Marketable Securities [Text Block] | ' | ||||||||||||||||||||||
6 | Restricted Marketable Securities | ||||||||||||||||||||||
31-May-14 | 31-May-13 | ||||||||||||||||||||||
Fair Value | Other-than- | Fair Value | Other-than- | ||||||||||||||||||||
Based On | temporary | Accumulated | Based On | temporary | Accumulated | ||||||||||||||||||
Quoted | Impairment | Unrealized | Quoted | Impairment | Unrealized | ||||||||||||||||||
Cost | Market Price | Loss | Loss | Market Price | Loss | Loss | |||||||||||||||||
Ruby Creek | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Resources Inc., 4,000,000 shares | 2,760,000 | 73,600 | (2,600,000 | ) | (86,400 | ) | 140,000 | (1,600,000 | ) | (1,020,000 | ) | ||||||||||||
The four million restricted shares of common stock of Ruby Creek Resources Inc. (“RCR”) were issued to the Company on December 16, 2010 as partial consideration to purchase the mineral property interests under the agreements between RCR and the Company. The initial fair market value of these shares was $2,760,000 based on RCR’s quoted stock price on the issuance date. Refer to Note 7b) for details on the agreements with RCR. As of May 31, 2014, the fair market value of these shares was $73,600 (May 31, 2013: $140,000) based on RCR’s quoted stock price and recorded as non-current assets. During the year ended May 31, 2014, the Company determined that $1,000,000 (May 31, 2013: $1,600,000) of unrealized losses were other than temporary and were recognized in net loss, and were removed from accumulated other comprehensive loss. As at May 31, 2014, the Company recognized a total of $2,600,000 other-than-temporary impairment of these RCR restricted shares. | |||||||||||||||||||||||
Mineral_Properties_and_License
Mineral Properties and Licenses | 12 Months Ended | ||
31-May-14 | |||
Mineral Properties and Licenses [Text Block] | ' | ||
7 | Mineral Properties and Licenses | ||
a) | Handeni Properties, Tanzania, Africa | ||
Prospecting Licenses (“PLs”) | |||
On September 21, 2010, the Company completed a Mineral Property Acquisition Agreement with IPP Gold Limited (“IPP Gold”), and the Company acquired four PLs totaling approximately 800 square kilometers, located in the Handeni District of Tanzania (the “Handeni Properties”). IPP Gold retained a 2.5% net smelter royalty (“NSR”) on the Handeni Properties and the Company has the option to reduce the NSR to 1.25% by paying $5,000,000. If the NSR is reduced to 1.25% the maximum NSR for any year is capped at $1,000,000. In any year the NSR payment is less than $1,000,000 the difference between the actual NSR payment and $1,000,000 will be carried forward to subsequent years. In addition if the London spot price for gold is equal to or greater than $1,500 then the NSR will increase from 2.5% to 3%. The Company issued 133,333,333 restricted shares of common stock to IPP Gold to acquire the Handeni Properties and no further payments to IPP Gold in shares or cash are required. | |||
On September 1, 2010, the Company entered into a Transaction Fee Agreement with a consultant for services related to soliciting offers from and in assisting in the negotiation with potential Company financiers, purchasers, acquisition targets and/or joint venture development partners (each such party being a “Potential Investor”). The initial term of the agreement is a period of 60 days and automatically renews monthly unless otherwise specifically renewed in writing by each party or terminated by the Company. Pursuant to the agreement, the Company agreed to pay the consultant a transaction fee for each completed property acquisition transaction in Tanzania (a “Completed Transaction”). The transaction fee is 12.5% of the shares issuable under each Completed Transaction, payable in restricted common shares at the lowest priced security issuable under each Completed Transaction. On September 30, 2010, the Company issued 16,666,667 restricted shares of common stock pursuant to the Transaction Fee Agreement in relation to the acquisition of the Handeni Properties. | |||
The fair value of the 133,333,333 shares of the Company’s common stock issued to IPP Gold pursuant to the Acquisition Agreement and the 16,666,667 shares of the Company’s common stock issued pursuant to the Transaction Fee Agreement totaled $60,000,000. | |||
On November 30, 2010, the capitalized acquisition costs of the Handeni Properties were tested for impairment by the Company’s management as required by ASC 360. Management determined that no positive cash flows from the Handeni Properties could be identified or supported and a full impairment loss was recognized in expenses for the $60,000,000 acquisition cost. | |||
Under Tanzanian law, 50% of the area of PLs need to be relinquished following a period of three years after allocation of the PLs to the Company (1998 Mining Act applicable to the Companies’ PLs). On August 16, 2013, the Company applied for renewal of two of the licenses that expired in September 2013 and two of the licenses that expired in October 2013. The Company has received four renewal PLs of the renewal areas under PL6742/2010, PL6744/2010, PL6743/2010 and PL6779/2010 effective on October 5, 2013, September 13, 2013, October 13, 2013 and September 13, 2013, respectively. These four PLs are valid until October 4, 2016, September 12, 2016, October 12, 2016 and September 12, 2016, respectively. The total area occupied by the renewal licenses is approximately 359.80 km 2 or 45% of the original area. In addition to applying for the remainder of the license areas, the Company submitted application for additional license areas taking our total license area to approximately 52% of the original 800 km 2 . The outcome of these applications is still pending. | |||
Primary Mining Licenses (“PMLs”), | |||
On August 5, 2011, the Company entered a Mineral Property Acquisition Agreement (the “2011 Acquisition Agreement”) with Handeni Resources Limited (“Handeni Resources”), a limited liability company registered under the laws of Tanzania. The Chairman of the Board of Directors of the Company has an existing ownership and/or beneficial interest(s) in Handeni Resources. Pursuant to the 2011 Acquisition Agreement, the Company had an exclusive option to acquire from Handeni Resources a 100% interest in mineral licenses covering an area of approximately 2.67 square kilometers to the east of Magambazi Hill, which is adjacent to the area covered by the Company’s four existing PLs in the Handeni District. | |||
On November 30, 2011, the Company completed the 2011 Acquisition Agreement and issued 15,000,000 restricted common shares to Handeni Resources as payment. As at November 30, 2011, the fair market price of the Company’s common stock was $0.11 per share; accordingly, the Company recorded a total fair market value of $1,650,000 as the mineral licenses acquisition cost. | |||
To comply with the laws and regulations of the Republic of Tanzania whereby foreign companies may not own PMLs, on July 19, 2012, the Company entered into an Addendum agreement to the 2011 Acquisition Agreement whereby Handeni Resources, on behalf of the Company, administers the 32 PMLs until such time as a mining license on the 32 PMLs ( 2.67 km 2 ) have been allocated. During this period Handeni Resources is conducting exploration and mining activities on the PMLs as directed by the Company. | |||
During the year ended May 31, 2014, the Company paid $59,333 of annual rental and license renewal application fees for PLs, and during the year ended May 31, 2013, the Company paid $106,081 in annual rental and license renewal fees related to the Company’s four PLs and 32 PMLs. Such license related fees were recorded as exploration expenses. | |||
b) | Mkuvia Alluvial Gold Project, Tanzania, Africa | ||
The Mkuvia Alluvial Gold Project was comprised of four PLs covering a total area of 380 square kilometers located in the Nachingwea District, Lindi Region of the Republic of Tanzania. The Company is aware that the four PLs expired during May and June of 2012. The Company is currently evaluating whether any viable interest remains in these PLs, but no final determination has been made as of yet. As at May 31, 2014 and 2013, the Company has no capitalized costs related to the Mkuvia Alluvial Gold Project. | |||
By way of background, on June 27, 2008, the Company entered into a Joint Venture Agreement that grants the Company the right to explore for minerals on properties in Liwale and Nachigwea Districts of Tanzania known as the Mkuvia Alluvial Gold Project, in consideration for the payment of $1,000,000 (paid) upon signing the agreement and $540,000 over five years beginning July 15, 2008. The $540,000 is payable in stages on a quarterly basis of which $80,000 must be paid in the first year, and $460,000 over the next five years. The holder of the property licenses retains a net smelter royalty return of 3%. | |||
On June 5, 2009, the Company entered into a new joint venture which reduced the area covered by the original agreement to approximately 380 square kilometers. Pursuant to the new joint venture agreement, the Company was required to pay $40,000 upon the signing of the new agreement. In addition, the joint venture partner is still entitled to receive a perpetual net smelter royalty return of 3% from any product realized from the property underlying the prospecting licenses. By entering into the new joint venture agreement, the Company is no longer required to pay the balance of the $460,000 previously due under the prior joint venture agreement. The new joint venture agreement covers prospecting licenses No. 5673/2009, No. 5669/2009, No. 5664/2009, and No. 5662/2009, all of which were renewed on June 12, 2009 for a period of three years. | |||
On November 7, 2009, the Company entered into its first agreement with Ruby Creek Resources Inc. (“RCR”) in which RCR has the right to acquire a 70% interest in 125 square kilometers of the Company’s interest in the 380 square kilometers covered by the four prospecting licenses in the Mkuvia Alluvial Gold Project in consideration for $3,000,000 payable as follows: | |||
i) | $100,000 within 5 business days of signing the agreement (received); | ||
ii) | $150,000 within 15 business days of signing the agreement (received); | ||
iii) | $100,000 upon satisfactory completion of RCR due diligence (received); | ||
iv) | $400,000 upon closing and receipt the first mining license; | ||
v) | $750,000 payable within 12 months of closing; | ||
vi) | $750,000 payable within 24 months of closing; and | ||
vii) | $750,000 payable within 36 months of closing. This payment may be made in common shares of RCR. The shares will be valued at the 10 day average trading price of RCR’s common stock prior to the payment date. | ||
During fiscal 2010, the Company recognized $350,000 in other income for the receipt of option payments. | |||
On May 24, 2010, in a second agreement (fully executed on June 16, 2010) between RCR and the Company, RCR has to the right to earn a 70% interest in the remaining 255 square kilometers of the 380 square kilometer Mkuvia Alluvial Gold Project by making additional payments totaling $6,000,000 to the Company. | |||
The schedule by which RCR is to pay such $6,000,000 to the Company is as follows: | |||
i) | $200,000 due within seven days of execution of the Agreement (received) with $100,000 applied towards costs of environmental permitting and the initial mining license (applied); | ||
ii) | $150,000 (received) plus the issuance of four million restricted shares of common stock of RCR, with an agreed upon value of $0.80 per share for a deemed valuation of $3,200,000, within 30 days of the receipt of Certificates of Acknowledgement for all underlying and related Agreements from the Commissioner for Minerals in Tanzania as required by the Mining Act of Tanzania (Certificates of Acknowledgement received August 12, 2010). The four million restricted shares of common stock of RCR were issued to the Company on December 16, 2010 and had a fair market value totaling $2,760,000 (Note 6) based on RCR’s quoted stock price on that date. | ||
iii) | $450,000 on June 1, 2011 (unpaid); | ||
iv) | $1,000,000 on June 1, 2012 (unpaid); and | ||
v) | $1,000,000 on June 1, 2013 (which may be satisfied by the issuance of stock by RCR). | ||
Thus, the combined payments under the November 7, 2009 and the May 24, 2010 agreements provided for a total commitment of $9,000,000 payable to the Company by RCR to purchase a 70% interest in the entire 380 square kilometer Mkuvia Alluvial Gold Project. The ownership structure of the interest in the Mkuvia Alluvial Gold Project shall be a 70% interest RCR, a 25% interest for the Company, and a 5% interest for Mr. Mkuvia Maita, the original owner of the underlying prospecting licenses. In addition, Mr. Maita retains a 3% net smelter royalty. | |||
b) | Mkuvia Alluvial Gold Project, Tanzania, Africa (continued) | ||
On June 3, 2010, the Company and RCR incorporated Ruby Creek Resources (Tanzania) Limited (“Ruby Creek Tanzania”) to manage the mining operations in the Mkuvia Gold Project in Tanzania. Ruby Creek Resources (Tanzania) Limited, a joint venture company (the “Joint Venture Company”), is owned by Ruby Creek Resources ( 70%), the Company ( 25%) and Mr. Mkuvia Maita ( 5%). | |||
During fiscal 2011 the Company recognized a total of $3,110,000 in other income for the receipt of the shares at fair market value and the option payments (i) and (ii). The Company has not yet received the $450,000 option payment (iii) nor received the $1,000,000 option payment (iv) which are overdue and the agreement is in default. Prospecting licenses numbered 5664/2009 and 5669/2009, which form a part of the joint venture project, were allegedly registered to a third party without the Company’s approval. | |||
RCR filed a lawsuit against the Company in the Supreme Court, State of New York, on February 8, 2012, alleging the Company’s involvement in a fraudulent transfer and breach of agreements. On May 21, 2012, in answering RCR’s claim in New York, the Company counter claimed against RCR. The Company is of the view that such allegations are without merit and intends to continue vigorously contest the action in New York. (More details see Note 13, below). |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Property and Equipment [Text Block] | ' | |||||||||||||
8 | Property and Equipment | |||||||||||||
31-May-14 | 31-May-13 | |||||||||||||
Accumulated | Net Book | Net Book | ||||||||||||
Cost | Depreciation | Value | Value | |||||||||||
$ | $ | $ | $ | |||||||||||
Automobile vehicles | 338,928 | 334,345 | 4,583 | 98,149 | ||||||||||
Camp and equipment | 197,011 | 154,769 | 42,242 | 107,913 | ||||||||||
Office furniture and equipment | 100,222 | 93,587 | 6,635 | 37,325 | ||||||||||
Software | 8,080 | 6,094 | 1,986 | 2,086 | ||||||||||
644,241 | 588,795 | 55,446 | 245,473 |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
31-May-14 | |||
Related Party Transactions [Text Block] | ' | ||
9 | Related Party Transactions | ||
a) | On December 7, 2012, the Company entered into a facility agreement with IPP Ltd., a private company controlled by the chairman of the Company. The facility is an interest free unsecured loan to the Company of up to $720,000 by way of monthly drawdowns of a maximum amount of $100,000 per calendar month up to and including June 2013, due December 31, 2013. On September 4, 2013, the loan repayment due date has been amended and extended from December 31, 2013 to June 30, 2014 (See Note 19(a)). As of May 31, 2014, IPP Ltd. has advanced $695,683 to the Company pursuant to this facility agreement. | ||
On October 9, 2013, the Company entered into a facility agreement with Consultancy & Finance Company Associates Ltd. (“C&F”), a private company controlled by the chairman of the Company. The facility is an interest free unsecured loan to the Company of up to $405,000 by way of monthly drawdowns of a maximum amount of $75,000 per calendar month due June 30, 2014 (See Note 19(a)). As of May 31, 2014, C&F has advanced $375,000 to the Company pursuant to this facility agreement. | |||
For the year ended May 31, 2014, $85,116 (May 31, 2013 - $28,379) of deemed interest was calculated at an annual interest rate of 10% which approximates the fair market value, and was recorded as interest expense and donated capital. | |||
b) | During the year ended May 31, 2014, the Company incurred administration and professional services fees of $144,000 (May 31, 2013 - $144,000) to a director, the current President and Chief Executive Officer (the “CEO”) and $162,000 remains payable as at May 31, 2014 (May 31, 2013 - $39,000). In addition, the Company incurred geological and other service fees of $36,000 (May 31, 2013 - $54,000) to a private company controlled by a person who is related to the CEO and $3,000 remains payable as at May 31, 2014 (May 31, 2013 - $10,000). | ||
During the year ended May 31, 2014, the Company also paid $25,200 representing 60% of rental expenses associated with renting the CEO’s family house in Tanzania, pursuant to the Executive Services Agreement. | |||
c) | During the year ended May 31, 2014, the Company incurred administration and professional services fees of $135,100 (May 31, 2013 - $141,476) to the Company’s current Chief Financial Officer (the “CFO”). | ||
d) | During the year ended May 31, 2014, the Company incurred $3,750 of non-executive director’s fees and during the year ended May 31, 2013, the Company paid $48,000 of administration and consulting fees and incurred $20,000 of non-executive director fees to a director. $23,750 remains payable as at May 31, 2014 (May 31, 2013 - $20,000). | ||
e) | Effective on June 1, 2013, the Board of Directors (the “Board”) approved a reduction of monetary compensation to independent directors and/or non-executive directors of the Company as follows: | ||
-1 | annual independent director fees of $30,000 has been reduced to $15,000, subject to attending a minimum of four Board meeting a year; any applicable director’s fees shall be reduced by 25% for each board meeting less than four which is not attended. | ||
-2 | meeting attendance fees of $1,000 per meeting has been waived; | ||
-3 | additional annual fees of $10,000 to the Company’s Board Committee Chairperson has been reduced to $5,000 ; and | ||
-4 | additional annual fees of $20,000 to the Vice Chairman of the Board has been reduced to $10,000. | ||
Accordingly, the Company incurred independent directors’ fees of $65,000 during the year ended May 31, 2014 (May 31, 2013 - $190,250). As at May 31, 2014, the Company had $88,750 (May 31, 2013 - $93,250) payable. | |||
During the year ended May 31, 2013, the Company granted to each independent director 200,000 stock options at a price of $0.08 per share exercisable for 10 years for a total of 1,000,000 stock options and 200,000 shares of the Company’s common stock with a fair value of $0.04 per share for a total of 1,000,000 shares as stock-based compensation. Such stock options and shares were granted under the Company’s November 2010 Stock Incentive Plan. Two of these independent directors resigned respectively during the fiscal year ended May 31, 2013 and the related 400,000 granted stock options were forfeited. |
Common_Stock_and_Additional_Pa
Common Stock and Additional Paid-in Capital | 12 Months Ended | ||||||||||
31-May-14 | |||||||||||
Common Stock and Additional Paid-in Capital [Text Block] | ' | ||||||||||
10 | Common Stock and Additional Paid-in Capital | ||||||||||
The authorized common stock of the Company consists of 500,000,000 shares, with $0.001 par value. The following is a summary of the Company’s issued and outstanding common stock during the fiscal years ended May 31, 2014 and 2013: | |||||||||||
Common Stock | Additional Paid-In | ||||||||||
Shares | Par Value | Capital | |||||||||
# | $ | $ | |||||||||
Balance as at May 31, 2012 | 307,416,654 | 307,417 | 115,289,842 | ||||||||
Shares Issued for Independent Directors’ Compensation | 1,000,000 | 1,000 | 39,000 | ||||||||
Shares Issued for cash at $0.05 per share | 13,000,000 | 13,000 | 637,000 | ||||||||
Value Assigned to Options Granted or Vested | - | - | 448,982 | ||||||||
Balance as at May 31, 2013 | 321,416,654 | 321,417 | 116,414,824 | ||||||||
Shares Issued | - | - | - | ||||||||
Balance as at May 31, 2014 | 321,416,654 | 321,417 | 116,414,824 | ||||||||
For the Year ended May 31, 2014 | |||||||||||
During the year ended May 31, 2014, the Company had no changes in its common stock and additional paid-in capital. | |||||||||||
For the Year Ended May 31, 2013 | |||||||||||
During the year ended May 31, 2013, the Company received proceeds of $500,000 for share subscriptions pursuant to the Company’s private placements. In January 2013, the Company completed these private placements and issued 13,000,000 shares of the Company’s common stock at $0.05 per share. | |||||||||||
Pursuant to the Board of Directors approved compensation package to its independent directors, on July 4, 2012, the Company granted each independent director, as fully paid and non-assessable, 200,000 shares of the Company’s common stock with a fair value of $0.04 per share for a total of 1,000,000 shares as stock-based compensation. Such shares were granted under the Company’s November 2010 Stock Incentive Plan. |
Stock_Options
Stock Options | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Stock Options [Text Block] | ' | |||||||||||||
11 | Stock Options | |||||||||||||
The Company adopted an Stock Option Plan, dated November 29, 2010 (the “November 2010 Stock Incentive Plan”), under which the Company is authorized to grant stock options to acquire up to a total of 40,000,000 shares of common shares. During the year ended May 31, 2014, there were no stock options granted. On July 4, 2012, the Company granted stock options to its independent directors to acquire a total of 1,000,000 common shares at an exercise price of $0.08 per share exercisable for 10 years, and during the year ended May 31, 2013, 1,000,000 vested options were forfeited. As at May 31, 2014 and 2013, the Company had 10,700,000 shares of common stock available to be issued under the November 2010 Stock Incentive Plan. | ||||||||||||||
There were no stock options exercised during the years ended May 31, 2014 and 2013, and there was no intrinsic value of outstanding options as at May 31, 2014 and 2013. The following table summarizes the continuity of the Company’s stock options: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||
Number of | Average | Contractual | Intrinsic | |||||||||||
Options | Exercise Price | Term | Value | |||||||||||
# | $ | (years) | $ | |||||||||||
Outstanding, May 31, 2012 | 28,300,000 | 0.24 | 8.53 | - | ||||||||||
Granted | 1,000,000 | 0.08 | 9.1 | - | ||||||||||
Forfeited | (1,000,000 | ) | 0.15 | 8.14 | - | |||||||||
Outstanding, May 31, 2013 | 28,300,000 | 0.23 | 7.56 | - | ||||||||||
Granted | - | - | - | - | ||||||||||
Forfeited | - | - | - | - | ||||||||||
Outstanding, May 31, 2014 | 28,300,000 | 0.23 | 6.56 | - | ||||||||||
Exercisable, May 31, 2014 | 28,300,000 | 0.23 | 6.56 | - | ||||||||||
The stock options outstanding are exercisable for cash or on a cashless exercise basis using a prorated formula whereby the number of shares issuable is equal to (a) the average closing price for the five days prior to exercise date (“ACP”) in excess of the exercise price, divided by (b) the exercise price multiplied by (c) the number of options exercised. During the years ended May 31, 2014 and 2013, no cashless stock options were exercised. | ||||||||||||||
As at May 31, 2014 and 2013, all non-vested stock options were vested and there was $Nil of unrecognized compensation costs related to non-vested stock option agreements. |
Common_Stock_Purchase_Warrants
Common Stock Purchase Warrants | 12 Months Ended | ||||||||||
31-May-14 | |||||||||||
Common Stock Purchase Warrants [Text Block] | ' | ||||||||||
12 | Common Stock Purchase Warrants | ||||||||||
During the year ended May 31, 2014 and 2013, there were no stock purchase warrants granted. During the year ended May 31, 2014, 13,554,155 (May 31, 2013: 40,162,262) stock purchase warrants expired. The following table summarizes the continuity of the Company’s share purchase warrants: | |||||||||||
Weighted | Weighted Average | ||||||||||
Average | Remaining Contractual | ||||||||||
Number of Warrants | Exercise Price | Life | |||||||||
# | $ | (years) | |||||||||
Balance, May 31, 2012 | 53,716,417 | 0.33 | 0.67 | ||||||||
Expired | (40,162,262 | ) | 0.26 | - | |||||||
Balance, May 31, 2013 | 13,554,155 | 0.52 | 0.33 | ||||||||
Expired | (13,554,155 | ) | - | - | |||||||
Balance, May 31, 2014 | - | - | - |
Commitments_and_Contingency
Commitments and Contingency | 12 Months Ended | |
31-May-14 | ||
Commitments and Contingency [Text Block] | ' | |
13 | Commitments and Contingency | |
On February 8, 2012, RCR filed a lawsuit against the Company in the Supreme Court, State of New York, in which RCR alleges that the Company participated in a fraudulent transfer of certain mineral property interests in Tanzania that RCR had the right to purchase pursuant to a series of agreements with the Company (see Note 7(b)). | ||
On February 23, 2012, the Company filed a lawsuit against RCR in the Supreme Court of British Columbia (the “British Columbia Action”), seeking relief for RCR’s breach of its payment obligations under these agreements and seeking an order that RCR remove the U.S. restrictive legend from RCR shares issued to the Company (see Note 6) under the agreements. As at May 31, 2014, RCR is in default with respect to $1.45 million in scheduled payments due to the Company under the agreements. | ||
In addition to the British Columbia Action, on May 21, 2012, in answering RCR’s claim in New York, the Company counter claimed against RCR on the basis of the alleged breaches set out in the British Columbia Action (the “New York Counter Claim”). On November 19, 2012, the British Columbia Action was dismissed on the grounds that the Court in British Columbia did not have jurisdiction and further that the dismissal was without prejudice to either of the Company’s and RCR’s respective actions in New York against one another. This Order was granted by consent of both the Company and RCR. | ||
The Company is of the view that RCR’s allegations are without merit and intends to continue to vigorously defend against the RCR lawsuit and to pursue its claims against RCR in New York. The New York action is now in the deposition phase and is proceeding toward the end of discovery. No future legal costs that may be incurred have been accrued as an expense and no loss or gain from the lawsuit and claim can be reasonably estimated or recorded at this time. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Fair Value Measurements [Text Block] | ' | |||||||||||||
14 | Fair Value Measurements | |||||||||||||
ASC 820 requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | ||||||||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||||||||||||||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | ||||||||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||||||||
Pursuant to ASC 820, the fair value of our cash and cash equivalents, restricted cash equivalent and restricted marketable securities are determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. As at May 31, 2014, there were no liabilities measured at fair value on a recurring basis presented on the Company’s consolidated balance sheet. Assets measured at fair value on a recurring basis were presented on the Company’s balance sheet as at May 31, 2014, as follows: | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Quoted Prices in | Significant | |||||||||||||
Active Markets | Other | Significant | ||||||||||||
For Identical | Observable | Unobservable | Balance as of | |||||||||||
Instruments | Inputs | Inputs | May 31, | |||||||||||
(Level 1 | ) | (Level 2 | ) | (Level 3 | ) | 2014 | ||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 532,694 | $ | – | $ | – | $ | 532,694 | ||||||
Restricted cash equivalent | 26,522 | – | – | 26,522 | ||||||||||
Restricted marketable securities | 73,600 | – | – | 73,600 | ||||||||||
Total assets measured at fair value | $ | 632,816 | $ | – | $ | – | $ | 632,816 | ||||||
As at May 31, 2013, there were no liabilities measured at fair value on a recurring basis presented on the Company’s consolidated balance sheet. Assets measured at fair value on a recurring basis were presented on the Company’s balance sheet as at May 31, 2013, as follows: | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Quoted Prices in | Significant | |||||||||||||
Active Markets | Other | Significant | ||||||||||||
For Identical | Observable | Unobservable | Balance as of | |||||||||||
Instruments | Inputs | Inputs | May 31, | |||||||||||
(Level 1 | ) | (Level 2 | ) | (Level 3 | ) | 2013 | ||||||||
Assets: | ||||||||||||||
Cash and cash equivalents | $ | 206,402 | $ | – | $ | – | $ | 206,402 | ||||||
Restricted cash equivalent | 27,805 | – | – | 27,805 | ||||||||||
Restricted marketable securities | 140,000 | – | – | 140,000 | ||||||||||
Total assets measured at fair value | $ | 374,207 | $ | – | $ | – | $ | 374,207 |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | |||||||
31-May-14 | ||||||||
Stock-based Compensation [Text Block] | ' | |||||||
15 | Stock-based Compensation | |||||||
The fair values for stock options granted were estimated at the date of grant using the Black-Scholes option pricing model under the following weighted average assumptions: | ||||||||
For the Years Ended, | ||||||||
31-May-14 | 31-May-13 | |||||||
Expected dividend yield | - | 0% | ||||||
Risk-free interest rate | - | 2.32% | ||||||
Expected volatility | - | 164% | ||||||
Expected option life (in years) | - | 8.89 | ||||||
The weighted average fair value of stock options granted during the year ended May 31, 2014 was $Nil (May 31, 2013 - $0.03 per share). During the years ended May 31, 2014 and 2013, the Company expensed the following stock-based compensation as consulting fees or general and administrative fees. | ||||||||
For the Years Ended | ||||||||
31-May-14 | 31-May-13 | |||||||
Fair value for stock options | $ | - | $ | 448,982 | ||||
Fair value for common stock shares granted to independent directors | - | 40,000 | ||||||
Total stock based compensation | $ | - | $ | 488,982 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||
31-May-14 | |||||||||||
Supplemental Cash Flow Information [Text Block] | ' | ||||||||||
16 | Supplemental Cash Flow Information | ||||||||||
Investing and financing activities that do not have a direct impact on current cash flows are excluded from the cash flow statements. A summary of non-cash transactions and other cash information for the years ended May 31, 2014 and 2013, and for the accumulated from January 5, 2004, the date of inception, to May 31, 2014 is as follows: | |||||||||||
Accumulated from | |||||||||||
5-Jan-04 | |||||||||||
For the Years Ended, | (Date of Inception) to | ||||||||||
31-May-14 | 31-May-13 | 31-May-14 | |||||||||
Changes in non-cash financing and investing activities: | |||||||||||
Common stock issued to settle related party payable | $ | - | $ | - | $ | 619,306 | |||||
Common stock issued for an former executive's compensation | - | - | 3,035,505 | ||||||||
Common stock issued for independent directors' compensation | - | 40,000 | 40,000 | ||||||||
Common stock issued for mineral licenses acquired | - | - | 76,446,750 | ||||||||
Common stock gifted to the Company to settle liabilities | - | - | 100,000 | ||||||||
Investment securities received and sold | - | - | 79,603 | ||||||||
Other cash flow information: | |||||||||||
Interest paid | $ | 4,753 | $ | - | $ | 4,753 | |||||
Income taxes paid | - | - | - |
Segment_Disclosures
Segment Disclosures | 12 Months Ended | ||||||||||
31-May-14 | |||||||||||
Segment Disclosures [Text Block] | ' | ||||||||||
17 | Segment Disclosures | ||||||||||
The Company operates in one reportable segment, being the acquisition and exploration of mineral properties. Segmented information has been compiled based on the geographic regions that the Company and its subsidiary registered and performed exploration and administration activities. | |||||||||||
Assets by geographical segment are as follows: | |||||||||||
Canada | Tanzania, Africa | Total | |||||||||
Current assets | $ | 147,957 | $ | 434,139 | $ | 582,096 | |||||
Restricted cash equivalent | 26,522 | - | 26,522 | ||||||||
Restricted marketable securities | 73,600 | - | 73,600 | ||||||||
Mineral licenses | - | 1,650,000 | 1,650,000 | ||||||||
Equipment, net | 4,061 | 51,385 | 55,446 | ||||||||
Total assets, at May 31, 2014 | $ | 252,140 | $ | 2,135,524 | $ | 2,387,664 | |||||
Canada | Tanzania, Africa | Total | |||||||||
Current assets | $ | 191,292 | $ | 728,841 | $ | 920,133 | |||||
Restricted cash equivalent | 27,805 | - | 27,805 | ||||||||
Restricted marketable securities | 140,000 | - | 140,000 | ||||||||
Mineral licenses | - | 1,650,000 | 1,650,000 | ||||||||
Equipment, net | 7,722 | 237,751 | 245,473 | ||||||||
Total assets, at May 31, 2013 | $ | 366,819 | $ | 2,616,592 | $ | 2,983,411 | |||||
Net loss by geographical segment is as follows: | |||||||||||
For the Year Ended May 31, 2014 | |||||||||||
Net Loss | $ | 1,421,669 | $ | 871,926 | $ | 2,293,595 | |||||
For the Year Ended May 31, 2013 | |||||||||||
Net Loss | $ | 2,767,929 | $ | 1,469,602 | $ | 4,237,531 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
31-May-14 | ||||||||
Income Taxes [Text Block] | ' | |||||||
18 | Income Taxes | |||||||
The Company accounts for income taxes under ASC 740, Income Taxes . Deferred income tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The measurement of deferred income tax assets is reduced, if necessary, by a valuation allowance for any tax benefits, which are, on a more likely than not basis, not expected to be realized. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. | ||||||||
The Company is subject to U.S. federal and state income tax and has concluded substantially all U.S. federal and state income tax matters for tax years through May 31, 2011. The tax filings for years from 2012 to 2014 are subject to audit by U.S. jurisdictions. The Company’s Canadian office has filed its Canadian corporate income tax returns under the “Voluntary Disclosure Program”, and the tax filings for years from 2012 to 2014 are subject to audit by Canadian jurisdictions. The Company’s Tanzania subsidiaries are subject to Tanzania income tax, the tax filings for the years from 2012 to 2014 are subjected to audit by Tanzania jurisdictions. | ||||||||
Income tax expense differs from the amount that would result from applying the U.S. federal income tax rates to earnings before income taxes. The Company has net operating losses carried forward of approximately $26 million available to offset taxable income in future years which begin expiring in fiscal 2025. Pursuant to ASC 740, the potential benefits of the net operating losses carried forward has not been recognized in the financial statements since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. | ||||||||
The income tax benefit differs from the amount computed by applying the federal income tax rate of 35% to net loss before income taxes for the years ended May 31, 2014 and 2013 as a result of the following: | ||||||||
May 31, | May 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Loss before taxes | (2,293,595 | ) | (4,237,531 | ) | ||||
Statutory rate | 35% | 35% | ||||||
Computed expected tax recovery | (802,758 | ) | (1,483,136 | ) | ||||
Permanent differences | 305,184 | 953,241 | ||||||
Foreign tax rate differences | 43,597 | 59,789 | ||||||
Valuation allowance change | 453,977 | 470,106 | ||||||
Provision for income taxes | – | – | ||||||
The significant components of deferred income tax assets and liabilities at May 31, 2014 and 2013, after applying enacted federal income tax rates, are as follows: | ||||||||
May 31, | May 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Net operating losses carried forward | 9,979,715 | 8, 857,785 | ||||||
Capital losses available | 19,975 | 19,975 | ||||||
Mineral properties tax basis in excess of book value | 2,935,354 | 3,603,307 | ||||||
Valuation allowance | (12,935,044 | ) | (12,481,067 | ) | ||||
Net deferred income tax asset | – | – | ||||||
The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. When circumstances change and which cause a change in management’s judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
31-May-14 | |||
Subsequent Events [Text Block] | ' | ||
19 | Subsequent Events | ||
a) | On June 18, 2014, the Company’s loans repayment due date has been amended and extended from June 30, 2014 to June 30, 2015 by the Company and IPP Ltd. and C&F, respectively (see Note 9a)) | ||
b) | Pursuant to the Executive Services Agreement between the Company and the CEO, the Company needs to pay 60% of rental expenses associated with renting the CEO’s family house in Tanzania. On June 23, 2014, the Company entered into a lease agreement for occupancy of a residential facility in Tanzania for a 24 month period beginning on August 1, 2014. The annual lease payments, 40% of which will be reimbursed by the CEO, are as follows; | ||
• | $15,000 at signing of the agreement; | ||
• | $45,000 prior to the beginning of the lease period on August 1, 2014; and | ||
• | $60,000 prior to the beginning of the second year prior to August 1, 2015. | ||
c) | The Company has acquired two additional PLs for an area of 33.62 km 2 (PL10000/2014) and an area of 12.32 km 2 (PL9853/2014), in addition to the 4 renewed PLs. This increases the company’s land holding in the Handeni district to 405.74 km 2 . |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
31-May-14 | |||
Basis of Presentation [Policy Text Block] | ' | ||
a) | Basis of Presentation | ||
These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its subsidiaries described as follows. In June 2011, the Company incorporated in Tanzania a new wholly-owned subsidiary, HG Limited (formerly DLM Tanzania Limited), which undertakes mineral property exploration activities in Tanzania. The Company also has a wholly-owned non-operating Tanzanian subsidiary (Douglas Lake Tanzania Limited). | |||
All significant intercompany transactions and balances have been eliminated. The Company’s fiscal year-end is May 31. | |||
Use of Estimates [Policy Text Block] | ' | ||
b) | Use of Estimates | ||
The preparation of consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability and useful life of long-lived assets, recoverability of mineral prospecting licenses, valuation of stock-based compensation, deferred income tax asset valuation allowances, and determination of a fair value interest rate on non-interest bearing loans from related parties and recognition of contingent liabilities. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Basic and Diluted Net Income (Loss) Per Share [Policy Text Block] | ' | ||
c) | Basic and Diluted Net Income (Loss) Per Share | ||
The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. | |||
Comprehensive Income (Loss) [Policy Text Block] | ' | ||
d) | Comprehensive Income (Loss) | ||
ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive income (loss) and its components in the financial statements. As at May 31, 2014, the Company’s only component of other comprehensive income (loss) and accumulated other comprehensive loss is an unrealized fair value loss on marketable securities. | |||
Cash and Cash Equivalents [Policy Text Block] | ' | ||
e) | Cash and Cash Equivalents | ||
Cash and cash equivalents are carried at fair value and they comprise cash on hand, deposits held with banks and other highly liquid investments. Highly liquid investments are readily convertible to cash and generally have maturities of three months or less from the time acquired. The Company places its cash and cash equivalents with high quality financial institutions which the Company believes limits credit risk. | |||
Marketable Securities [Policy Text Block] | ' | ||
f) | Marketable Securities | ||
The Company reports investments in marketable equity securities at fair value based on quoted market prices. All investment securities are designated as available for sale with unrealized gains and losses included in stockholders’ equity. Realized gains and losses are accounted for on the specific identification method. | |||
The Company periodically reviews these investments for other-than-temporary declines in fair value based on the specific identification method. When an other-than-temporary decline has occurred, unrealized losses that are other than temporary are recognized in earnings. When determining whether a decline is other-than-temporary, the Company examines (i) the length of time and the extent to which the fair value of an investment has been lower than its carrying value: (ii) the financial condition and near- term prospects of the investee, including any specific events that may influence the operations of the investee such as changes in technology that may impair the earnings potential of the investee: and (iii) the Company’s intent and ability to retain its investment in the investee for a sufficient period of time to allow for any anticipated recovery in market value. The Company generally believes that an other-than-temporary decline has occurred when the fair value of the investment is below the carrying value for one year, absent of evidence to the contrary. | |||
Property and Equipment [Policy Text Block] | ' | ||
g) | Property and Equipment | ||
Property and equipment are recorded at cost and depreciated on a straight-line basis as follows: | |||
Automobiles | 3 years | ||
Camp and equipment | 3 years | ||
Computer software | 1 year | ||
Office furniture and equipment | 3 years | ||
Mineral Property Costs [Policy Text Block] | ' | ||
h) | Mineral Property Costs | ||
The Company has been in the exploration stage since its inception on January 5, 2004 and has not yet realized any revenues from its planned operations. It is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral prospecting licenses and mineral property acquisition costs are initially capitalized. The Company assesses the carrying costs for impairment under ASC 360, Property, Plant, and Equipment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of- production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. | |||
Long-Lived Assets [Policy Text Block] | ' | ||
i) | Long-Lived Assets | ||
In accordance with ASC 360 , Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. | |||
Asset Retirement Obligations [Policy Text Block] | ' | ||
j) | Asset Retirement Obligations | ||
The Company accounts for asset retirement obligations in accordance with the provisions of ASC 440 Asset Retirement and Environmental Obligations which requires the Company to record the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The Company did not have any asset retirement obligations as at May 31, 2014 and 2013. | |||
Financial Instruments [Policy Text Block] | ' | ||
k) | Financial Instruments | ||
ASC 825, Financial Instruments requires an entity to maximize the use of observable inputs. The fair value of certain financial instruments, which include cash and cash equivalents, restricted cash equivalent, and accounts payable were estimated to approximate their carrying values due to the immediate or short-term maturities of these financial instruments. | |||
The Company’s operations are in Canada and Africa, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. | |||
Income Taxes [Policy Text Block] | ' | ||
l) | Income Taxes | ||
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |||
Foreign Currency Translation [Policy Text Block] | ' | ||
m) | Foreign Currency Translation | ||
The functional and reporting currency of the Company is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 830 Foreign Currency Translation Matters , using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average rates are used to translate revenues and expenses. | |||
Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. | |||
To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Canadian dollars (“Cdn$”) and Tanzanian shillings (“TZS”). The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
Stock-based Compensation [Policy Text Block] | ' | ||
n) | Stock-based Compensation | ||
The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees , which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based awards made to employees and directors, including stock options. | |||
ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviours. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. | |||
All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. | |||
Recently Issued Accounting Pronouncements [Policy Text Block] | ' | ||
o) | Recently Issued Accounting Pronouncements | ||
The Company has adopted all new accounting pronouncements that are mandatorily effective and none impact its consolidated financial statements. The Company does not believe that there are any new accounting pronouncements that have been issued that are expected to have a material impact on its financial position or results of operations. | |||
Reclassification [Policy Text Block] | ' | ||
p) | Reclassification | ||
Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
31-May-14 | |||
Schedule of Property, Plant and Equipment Estimated Useful Lives [Table Text Block] | ' | ||
Automobiles | 3 years | ||
Camp and equipment | 3 years | ||
Computer software | 1 year | ||
Office furniture and equipment | 3 years |
Amounts_Receivable_Tables
Amounts Receivable (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Schedule of Amounts Receivable [Table Text Block] | ' | |||||||
May 31, | May 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Recoverable value added tax | 23,202 | 579,121 | ||||||
Recoverable goods and services tax / harmonized sales tax | 9,765 | 46,588 | ||||||
Other receivables | 1,359 | 236 | ||||||
34,326 | 625,945 |
Prepaid_Expenses_and_Deposits_
Prepaid Expenses and Deposits (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Schedule of Prepaid Expenses and Deposits [Table Text Block] | ' | |||||||
May 31, | May 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
General and administrative | 2,343 | 7,768 | ||||||
Rent | 12,733 | 80,018 | ||||||
15,076 | 87,786 |
Restricted_Marketable_Securiti1
Restricted Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||
Schedule of Restricted Marketable Securities [Table Text Block] | ' | ||||||||||||||||||||||
31-May-14 | 31-May-13 | ||||||||||||||||||||||
Fair Value | Other-than- | Fair Value | Other-than- | ||||||||||||||||||||
Based On | temporary | Accumulated | Based On | temporary | Accumulated | ||||||||||||||||||
Quoted | Impairment | Unrealized | Quoted | Impairment | Unrealized | ||||||||||||||||||
Cost | Market Price | Loss | Loss | Market Price | Loss | Loss | |||||||||||||||||
Ruby Creek | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Resources Inc., 4,000,000 shares | 2,760,000 | 73,600 | (2,600,000 | ) | (86,400 | ) | 140,000 | (1,600,000 | ) | (1,020,000 | ) |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
31-May-14 | 31-May-13 | |||||||||||||
Accumulated | Net Book | Net Book | ||||||||||||
Cost | Depreciation | Value | Value | |||||||||||
$ | $ | $ | $ | |||||||||||
Automobile vehicles | 338,928 | 334,345 | 4,583 | 98,149 | ||||||||||
Camp and equipment | 197,011 | 154,769 | 42,242 | 107,913 | ||||||||||
Office furniture and equipment | 100,222 | 93,587 | 6,635 | 37,325 | ||||||||||
Software | 8,080 | 6,094 | 1,986 | 2,086 | ||||||||||
644,241 | 588,795 | 55,446 | 245,473 |
Common_Stock_and_Additional_Pa1
Common Stock and Additional Paid-in Capital (Tables) | 12 Months Ended | ||||||||||
31-May-14 | |||||||||||
Schedule of Common Stock Outstanding [Table Text Block] | ' | ||||||||||
Common Stock | Additional Paid-In | ||||||||||
Shares | Par Value | Capital | |||||||||
# | $ | $ | |||||||||
Balance as at May 31, 2012 | 307,416,654 | 307,417 | 115,289,842 | ||||||||
Shares Issued for Independent Directors’ Compensation | 1,000,000 | 1,000 | 39,000 | ||||||||
Shares Issued for cash at $0.05 per share | 13,000,000 | 13,000 | 637,000 | ||||||||
Value Assigned to Options Granted or Vested | - | - | 448,982 | ||||||||
Balance as at May 31, 2013 | 321,416,654 | 321,417 | 116,414,824 | ||||||||
Shares Issued | - | - | - | ||||||||
Balance as at May 31, 2014 | 321,416,654 | 321,417 | 116,414,824 |
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | |||||||||||||
31-May-14 | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||
Number of | Average | Contractual | Intrinsic | |||||||||||
Options | Exercise Price | Term | Value | |||||||||||
# | $ | (years) | $ | |||||||||||
Outstanding, May 31, 2012 | 28,300,000 | 0.24 | 8.53 | - | ||||||||||
Granted | 1,000,000 | 0.08 | 9.1 | - | ||||||||||
Forfeited | (1,000,000 | ) | 0.15 | 8.14 | - | |||||||||
Outstanding, May 31, 2013 | 28,300,000 | 0.23 | 7.56 | - | ||||||||||
Granted | - | - | - | - | ||||||||||
Forfeited | - | - | - | - | ||||||||||
Outstanding, May 31, 2014 | 28,300,000 | 0.23 | 6.56 | - | ||||||||||
Exercisable, May 31, 2014 | 28,300,000 | 0.23 | 6.56 | - |
Common_Stock_Purchase_Warrants1
Common Stock Purchase Warrants (Tables) | 12 Months Ended | ||||||||||
31-May-14 | |||||||||||
Schedule of Share Purchase Warrants Activity [Table Text Block] | ' | ||||||||||
Weighted | Weighted Average | ||||||||||
Average | Remaining Contractual | ||||||||||
Number of Warrants | Exercise Price | Life | |||||||||
# | $ | (years) | |||||||||
Balance, May 31, 2012 | 53,716,417 | 0.33 | 0.67 | ||||||||
Expired | (40,162,262 | ) | 0.26 | - | |||||||
Balance, May 31, 2013 | 13,554,155 | 0.52 | 0.33 | ||||||||
Expired | (13,554,155 | ) | - | - | |||||||
Balance, May 31, 2014 | - | - | - |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
31-May-14 | 31-May-13 | |||||||||||||||||||||||||||
Schedule of Assets at Fair Value [Table Text Block] | ' | ' | ||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||
Quoted Prices in | Significant | Quoted Prices in | Significant | |||||||||||||||||||||||||
Active Markets | Other | Significant | Active Markets | Other | Significant | |||||||||||||||||||||||
For Identical | Observable | Unobservable | Balance as of | For Identical | Observable | Unobservable | Balance as of | |||||||||||||||||||||
Instruments | Inputs | Inputs | May 31, | Instruments | Inputs | Inputs | May 31, | |||||||||||||||||||||
(Level 1 | ) | (Level 2 | ) | (Level 3 | ) | 2014 | (Level 1 | ) | (Level 2 | ) | (Level 3 | ) | 2013 | |||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 532,694 | $ | – | $ | – | $ | 532,694 | Cash and cash equivalents | $ | 206,402 | $ | – | $ | – | $ | 206,402 | |||||||||||
Restricted cash equivalent | 26,522 | – | – | 26,522 | Restricted cash equivalent | 27,805 | – | – | 27,805 | |||||||||||||||||||
Restricted marketable securities | 73,600 | – | – | 73,600 | Restricted marketable securities | 140,000 | – | – | 140,000 | |||||||||||||||||||
Total assets measured at fair value | $ | 632,816 | $ | – | $ | – | $ | 632,816 | Total assets measured at fair value | $ | 374,207 | $ | – | $ | – | $ | 374,207 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||
For the Years Ended, | ||||||||
31-May-14 | 31-May-13 | |||||||
Expected dividend yield | - | 0% | ||||||
Risk-free interest rate | - | 2.32% | ||||||
Expected volatility | - | 164% | ||||||
Expected option life (in years) | - | 8.89 | ||||||
Schedule of Stock Based Compensation [Table Text Block] | ' | |||||||
For the Years Ended | ||||||||
31-May-14 | 31-May-13 | |||||||
Fair value for stock options | $ | - | $ | 448,982 | ||||
Fair value for common stock shares granted to independent directors | - | 40,000 | ||||||
Total stock based compensation | $ | - | $ | 488,982 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||
31-May-14 | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||
Accumulated from | |||||||||||
5-Jan-04 | |||||||||||
For the Years Ended, | (Date of Inception) to | ||||||||||
31-May-14 | 31-May-13 | 31-May-14 | |||||||||
Changes in non-cash financing and investing activities: | |||||||||||
Common stock issued to settle related party payable | $ | - | $ | - | $ | 619,306 | |||||
Common stock issued for an former executive's compensation | - | - | 3,035,505 | ||||||||
Common stock issued for independent directors' compensation | - | 40,000 | 40,000 | ||||||||
Common stock issued for mineral licenses acquired | - | - | 76,446,750 | ||||||||
Common stock gifted to the Company to settle liabilities | - | - | 100,000 | ||||||||
Investment securities received and sold | - | - | 79,603 | ||||||||
Other cash flow information: | |||||||||||
Interest paid | $ | 4,753 | $ | - | $ | 4,753 | |||||
Income taxes paid | - | - | - |
Segment_Disclosures_Tables
Segment Disclosures (Tables) | 12 Months Ended | |||||||||||||||||||||
31-May-14 | 31-May-13 | |||||||||||||||||||||
Schedule of Segment Reporting Information [Table Text Block] | ' | ' | ||||||||||||||||||||
Canada | Tanzania, Africa | Total | Canada | Tanzania, Africa | Total | |||||||||||||||||
Current assets | $ | 147,957 | $ | 434,139 | $ | 582,096 | Current assets | $ | 191,292 | $ | 728,841 | $ | 920,133 | |||||||||
Restricted cash equivalent | 26,522 | - | 26,522 | Restricted cash equivalent | 27,805 | - | 27,805 | |||||||||||||||
Restricted marketable securities | 73,600 | - | 73,600 | Restricted marketable securities | 140,000 | - | 140,000 | |||||||||||||||
Mineral licenses | - | 1,650,000 | 1,650,000 | Mineral licenses | - | 1,650,000 | 1,650,000 | |||||||||||||||
Equipment, net | 4,061 | 51,385 | 55,446 | Equipment, net | 7,722 | 237,751 | 245,473 | |||||||||||||||
Total assets, at May 31, 2014 | $ | 252,140 | $ | 2,135,524 | $ | 2,387,664 | Total assets, at May 31, 2013 | $ | 366,819 | $ | 2,616,592 | $ | 2,983,411 | |||||||||
Schedule of Net loss by geographical segment [Table Text Block] | ' | ' | ||||||||||||||||||||
For the Year Ended May 31, 2014 | For the Year Ended May 31, 2013 | |||||||||||||||||||||
Net Loss | $ | 1,421,669 | $ | 871,926 | $ | 2,293,595 | Net Loss | $ | 2,767,929 | $ | 1,469,602 | $ | 4,237,531 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
31-May-14 | ||||||||
Schedule of Provision for Income Taxes [Table Text Block] | ' | |||||||
May 31, | May 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Loss before taxes | (2,293,595 | ) | (4,237,531 | ) | ||||
Statutory rate | 35% | 35% | ||||||
Computed expected tax recovery | (802,758 | ) | (1,483,136 | ) | ||||
Permanent differences | 305,184 | 953,241 | ||||||
Foreign tax rate differences | 43,597 | 59,789 | ||||||
Valuation allowance change | 453,977 | 470,106 | ||||||
Provision for income taxes | – | – | ||||||
Schedule of Deferred Income Tax Assets and Liabilities [Table Text Block] | ' | |||||||
May 31, | May 31, | |||||||
2014 | 2013 | |||||||
$ | $ | |||||||
Net operating losses carried forward | 9,979,715 | 8, 857,785 | ||||||
Capital losses available | 19,975 | 19,975 | ||||||
Mineral properties tax basis in excess of book value | 2,935,354 | 3,603,307 | ||||||
Valuation allowance | (12,935,044 | ) | (12,481,067 | ) | ||||
Net deferred income tax asset | – | – |
Nature_of_Operations_and_Conti1
Nature of Operations and Continuance of Business (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Nature Of Operations And Continuance Of Business 1 | $115,942,287 |
Amounts_Receivable_Narrative_D
Amounts Receivable (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Amounts Receivable 1 | $23,202 |
Amounts Receivable 2 | 38,566,758 |
Amounts Receivable 3 | 579,121 |
Amounts Receivable 4 | 920,601,669 |
Amounts Receivable 5 | $507,916 |
Amounts Receivable 6 | 845,117,520 |
Restricted_Cash_Equivalent_Nar
Restricted Cash Equivalent (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Restricted Cash Equivalent 1 | $26,522 |
Restricted Cash Equivalent 2 | 27,805 |
Restricted Cash Equivalent 3 | $1,283 |
Restricted_Marketable_Securiti2
Restricted Marketable Securities (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Restricted Marketable Securities 1 | $2,760,000 |
Restricted Marketable Securities 2 | 73,600 |
Restricted Marketable Securities 3 | 140,000 |
Restricted Marketable Securities 4 | 1,000,000 |
Restricted Marketable Securities 5 | 1,600,000 |
Restricted Marketable Securities 6 | $2,600,000 |
Mineral_Properties_and_License1
Mineral Properties and Licenses (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
D | |
M | |
km | |
Mineral Properties And Licenses 1 | 800 |
Mineral Properties And Licenses 2 | 2.50% |
Mineral Properties And Licenses 3 | 1.25% |
Mineral Properties And Licenses 4 | $5,000,000 |
Mineral Properties And Licenses 5 | 1.25% |
Mineral Properties And Licenses 6 | 1,000,000 |
Mineral Properties And Licenses 7 | 1,000,000 |
Mineral Properties And Licenses 8 | 1,000,000 |
Mineral Properties And Licenses 9 | 1,500 |
Mineral Properties And Licenses 10 | 2.50% |
Mineral Properties And Licenses 11 | 3.00% |
Mineral Properties And Licenses 12 | 133,333,333 |
Mineral Properties And Licenses 13 | 60 |
Mineral Properties And Licenses 14 | 12.50% |
Mineral Properties And Licenses 15 | 16,666,667 |
Mineral Properties And Licenses 16 | 133,333,333 |
Mineral Properties And Licenses 17 | 16,666,667 |
Mineral Properties And Licenses 18 | 60,000,000 |
Mineral Properties And Licenses 19 | 60,000,000 |
Mineral Properties And Licenses 20 | 50.00% |
Mineral Properties And Licenses 21 | 359.8 |
Mineral Properties And Licenses 22 | 45.00% |
Mineral Properties And Licenses 23 | 52.00% |
Mineral Properties And Licenses 24 | 800 |
Mineral Properties And Licenses 25 | 100.00% |
Mineral Properties And Licenses 26 | 2.67 |
Mineral Properties And Licenses 27 | 15,000,000 |
Mineral Properties And Licenses 28 | $0.11 |
Mineral Properties And Licenses 29 | 1,650,000 |
Mineral Properties And Licenses 30 | 32 |
Mineral Properties And Licenses 31 | 32 |
Mineral Properties And Licenses 32 | 2.67 |
Mineral Properties And Licenses 33 | 2 |
Mineral Properties And Licenses 34 | 59,333 |
Mineral Properties And Licenses 35 | 106,081 |
Mineral Properties And Licenses 36 | 32 |
Mineral Properties And Licenses 37 | 380 |
Mineral Properties And Licenses 38 | 1,000,000 |
Mineral Properties And Licenses 39 | 540,000 |
Mineral Properties And Licenses 40 | 540,000 |
Mineral Properties And Licenses 41 | 80,000 |
Mineral Properties And Licenses 42 | 460,000 |
Mineral Properties And Licenses 43 | 3.00% |
Mineral Properties And Licenses 44 | 380 |
Mineral Properties And Licenses 45 | 40,000 |
Mineral Properties And Licenses 46 | 3.00% |
Mineral Properties And Licenses 47 | 460,000 |
Mineral Properties And Licenses 48 | 70.00% |
Mineral Properties And Licenses 49 | 125 |
Mineral Properties And Licenses 50 | 380 |
Mineral Properties And Licenses 51 | 3,000,000 |
Mineral Properties And Licenses 52 | 100,000 |
Mineral Properties And Licenses 53 | 5 |
Mineral Properties And Licenses 54 | 150,000 |
Mineral Properties And Licenses 55 | 15 |
Mineral Properties And Licenses 56 | 100,000 |
Mineral Properties And Licenses 57 | 400,000 |
Mineral Properties And Licenses 58 | 750,000 |
Mineral Properties And Licenses 59 | 12 |
Mineral Properties And Licenses 60 | 750,000 |
Mineral Properties And Licenses 61 | 24 |
Mineral Properties And Licenses 62 | 750,000 |
Mineral Properties And Licenses 63 | 36 |
Mineral Properties And Licenses 64 | 10 |
Mineral Properties And Licenses 65 | 350,000 |
Mineral Properties And Licenses 66 | 70.00% |
Mineral Properties And Licenses 67 | 255 |
Mineral Properties And Licenses 68 | 380 |
Mineral Properties And Licenses 69 | 6,000,000 |
Mineral Properties And Licenses 70 | 6,000,000 |
Mineral Properties And Licenses 71 | 200,000 |
Mineral Properties And Licenses 72 | 100,000 |
Mineral Properties And Licenses 73 | 150,000 |
Mineral Properties And Licenses 74 | $0.80 |
Mineral Properties And Licenses 75 | 3,200,000 |
Mineral Properties And Licenses 76 | 30 |
Mineral Properties And Licenses 77 | 2,760,000 |
Mineral Properties And Licenses 78 | 450,000 |
Mineral Properties And Licenses 79 | 1,000,000 |
Mineral Properties And Licenses 80 | 1,000,000 |
Mineral Properties And Licenses 81 | 9,000,000 |
Mineral Properties And Licenses 82 | 70.00% |
Mineral Properties And Licenses 83 | 380 |
Mineral Properties And Licenses 84 | 70.00% |
Mineral Properties And Licenses 85 | 25.00% |
Mineral Properties And Licenses 86 | 5.00% |
Mineral Properties And Licenses 87 | 3.00% |
Mineral Properties And Licenses 88 | 70.00% |
Mineral Properties And Licenses 89 | 25.00% |
Mineral Properties And Licenses 90 | 5.00% |
Mineral Properties And Licenses 91 | 3,110,000 |
Mineral Properties And Licenses 92 | 450,000 |
Mineral Properties And Licenses 93 | $1,000,000 |
Mineral Properties And Licenses 94 | 5,669 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Y | |
Related Party Transactions 1 | $720,000 |
Related Party Transactions 2 | 100,000 |
Related Party Transactions 3 | 695,683 |
Related Party Transactions 4 | 405,000 |
Related Party Transactions 5 | 75,000 |
Related Party Transactions 6 | 375,000 |
Related Party Transactions 7 | 85,116 |
Related Party Transactions 8 | 28,379 |
Related Party Transactions 9 | 10.00% |
Related Party Transactions 10 | 144,000 |
Related Party Transactions 11 | 144,000 |
Related Party Transactions 12 | 162,000 |
Related Party Transactions 13 | 39,000 |
Related Party Transactions 14 | 36,000 |
Related Party Transactions 15 | 54,000 |
Related Party Transactions 16 | 3,000 |
Related Party Transactions 17 | 10,000 |
Related Party Transactions 18 | 25,200 |
Related Party Transactions 19 | 60.00% |
Related Party Transactions 20 | 135,100 |
Related Party Transactions 21 | 141,476 |
Related Party Transactions 22 | 3,750 |
Related Party Transactions 23 | 48,000 |
Related Party Transactions 24 | 20,000 |
Related Party Transactions 25 | 23,750 |
Related Party Transactions 26 | 20,000 |
Related Party Transactions 27 | 30,000 |
Related Party Transactions 28 | 15,000 |
Related Party Transactions 29 | 25.00% |
Related Party Transactions 30 | 1,000 |
Related Party Transactions 31 | 10,000 |
Related Party Transactions 32 | 5,000 |
Related Party Transactions 33 | 20,000 |
Related Party Transactions 34 | 10,000 |
Related Party Transactions 35 | 65,000 |
Related Party Transactions 36 | 190,250 |
Related Party Transactions 37 | 88,750 |
Related Party Transactions 38 | $93,250 |
Related Party Transactions 39 | 200,000 |
Related Party Transactions 40 | $0.08 |
Related Party Transactions 41 | 10 |
Related Party Transactions 42 | 1,000,000 |
Related Party Transactions 43 | 200,000 |
Related Party Transactions 44 | $0.04 |
Related Party Transactions 45 | 1,000,000 |
Related Party Transactions 46 | 400,000 |
Common_Stock_and_Additional_Pa2
Common Stock and Additional Paid-in Capital (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Common Stock And Additional Paid-in Capital 1 | 500,000,000 |
Common Stock And Additional Paid-in Capital 2 | $0.00 |
Common Stock And Additional Paid-in Capital 3 | $500,000 |
Common Stock And Additional Paid-in Capital 4 | 13,000,000 |
Common Stock And Additional Paid-in Capital 5 | $0.05 |
Common Stock And Additional Paid-in Capital 6 | 200,000 |
Common Stock And Additional Paid-in Capital 7 | $0.04 |
Common Stock And Additional Paid-in Capital 8 | 1,000,000 |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Y | |
Stock Options 1 | 40,000,000 |
Stock Options 2 | 1,000,000 |
Stock Options 3 | $0.08 |
Stock Options 4 | 10 |
Stock Options 5 | 1,000,000 |
Stock Options 6 | 10,700,000 |
Stock Options 7 | $0 |
Common_Stock_Purchase_Warrants2
Common Stock Purchase Warrants (Narrative) (Details) | 12 Months Ended |
31-May-14 | |
Common Stock Purchase Warrants 1 | 13,554,155 |
Common Stock Purchase Warrants 2 | 40,162,262 |
Commitments_and_Contingency_Na
Commitments and Contingency (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Commitments And Contingency 1 | $1,450,000 |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Stock-based Compensation 1 | $0 |
Stock-based Compensation 2 | $0.03 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | 31-May-14 |
Income Taxes 1 | $26 |
Income Taxes 2 | 35.00% |
Subsequent_Events_Narrative_De
Subsequent Events (Narrative) (Details) (USD $) | 12 Months Ended |
31-May-14 | |
km | |
M | |
Subsequent Events 1 | 60.00% |
Subsequent Events 2 | 24 |
Subsequent Events 3 | 40.00% |
Subsequent Events 4 | $15,000 |
Subsequent Events 5 | 45,000 |
Subsequent Events 6 | $60,000 |
Subsequent Events 7 | 33.62 |
Subsequent Events 8 | 12.32 |
Subsequent Events 9 | 4 |
Subsequent Events 10 | 405.74 |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment Estimated Useful Lives (Details) | 12 Months Ended |
31-May-14 | |
Y | |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 1 | 3 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 2 | 3 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 3 | 1 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 4 | 3 |
Schedule_of_Amounts_Receivable
Schedule of Amounts Receivable (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Amounts Receivable Schedule Of Amounts Receivable 1 | $23,202 |
Amounts Receivable Schedule Of Amounts Receivable 2 | 579,121 |
Amounts Receivable Schedule Of Amounts Receivable 3 | 9,765 |
Amounts Receivable Schedule Of Amounts Receivable 4 | 46,588 |
Amounts Receivable Schedule Of Amounts Receivable 5 | 1,359 |
Amounts Receivable Schedule Of Amounts Receivable 6 | 236 |
Amounts Receivable Schedule Of Amounts Receivable 7 | 34,326 |
Amounts Receivable Schedule Of Amounts Receivable 8 | $625,945 |
Schedule_of_Prepaid_Expenses_a
Schedule of Prepaid Expenses and Deposits (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 1 | $2,343 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 2 | 7,768 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 3 | 12,733 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 4 | 80,018 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 5 | 15,076 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 6 | $87,786 |
Schedule_of_Restricted_Marketa
Schedule of Restricted Marketable Securities (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 1 | 4,000,000 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 2 | $2,760,000 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 3 | 73,600 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 4 | -2,600,000 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 5 | -86,400 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 6 | 140,000 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 7 | -1,600,000 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 8 | ($1,020,000) |
Schedule_of_Property_Plant_and1
Schedule of Property, Plant and Equipment (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Property And Equipment Schedule Of Property, Plant And Equipment 1 | $338,928 |
Property And Equipment Schedule Of Property, Plant And Equipment 2 | 334,345 |
Property And Equipment Schedule Of Property, Plant And Equipment 3 | 4,583 |
Property And Equipment Schedule Of Property, Plant And Equipment 4 | 98,149 |
Property And Equipment Schedule Of Property, Plant And Equipment 5 | 197,011 |
Property And Equipment Schedule Of Property, Plant And Equipment 6 | 154,769 |
Property And Equipment Schedule Of Property, Plant And Equipment 7 | 42,242 |
Property And Equipment Schedule Of Property, Plant And Equipment 8 | 107,913 |
Property And Equipment Schedule Of Property, Plant And Equipment 9 | 100,222 |
Property And Equipment Schedule Of Property, Plant And Equipment 10 | 93,587 |
Property And Equipment Schedule Of Property, Plant And Equipment 11 | 6,635 |
Property And Equipment Schedule Of Property, Plant And Equipment 12 | 37,325 |
Property And Equipment Schedule Of Property, Plant And Equipment 13 | 8,080 |
Property And Equipment Schedule Of Property, Plant And Equipment 14 | 6,094 |
Property And Equipment Schedule Of Property, Plant And Equipment 15 | 1,986 |
Property And Equipment Schedule Of Property, Plant And Equipment 16 | 2,086 |
Property And Equipment Schedule Of Property, Plant And Equipment 17 | 644,241 |
Property And Equipment Schedule Of Property, Plant And Equipment 18 | 588,795 |
Property And Equipment Schedule Of Property, Plant And Equipment 19 | 55,446 |
Property And Equipment Schedule Of Property, Plant And Equipment 20 | $245,473 |
Schedule_of_Common_Stock_Outst
Schedule of Common Stock Outstanding (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 1 | $307,416,654 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 2 | 307,417 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 3 | 115,289,842 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 4 | 1,000,000 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 5 | 1,000 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 6 | 39,000 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 7 | $0.05 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 8 | 13,000,000 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 9 | 13,000 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 10 | 637,000 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 11 | 0 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 12 | 0 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 13 | 448,982 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 14 | 321,416,654 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 15 | 321,417 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 16 | 116,414,824 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 17 | 0 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 18 | 0 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 19 | 0 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 20 | 321,416,654 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 21 | 321,417 |
Common Stock And Additional Paid-in Capital Schedule Of Common Stock Outstanding 22 | $116,414,824 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 1 | $28,300,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 2 | 0.24 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 3 | 8.53 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 5 | 1,000,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.08 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 7 | 9.1 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 9 | -1,000,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 10 | 0.15 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 11 | 8.14 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 12 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 13 | 28,300,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 14 | 0.23 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 15 | 7.56 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 16 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 17 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 18 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 19 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 20 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 21 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 22 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 23 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 24 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 25 | 28,300,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 26 | 0.23 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 27 | 6.56 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 28 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 29 | 28,300,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 30 | 0.23 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 31 | 6.56 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 32 | $0 |
Schedule_of_Share_Purchase_War
Schedule of Share Purchase Warrants Activity (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 1 | $53,716,417 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 2 | 0.33 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 3 | 0.67 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 4 | -40,162,262 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 5 | 0.26 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 6 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 7 | 13,554,155 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 8 | 0.52 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 9 | 0.33 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 10 | -13,554,155 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 11 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 12 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 13 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 14 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 15 | $0 |
Schedule_of_Assets_at_Fair_Val
Schedule of Assets at Fair Value (Details) (USD $) | 12 Months Ended | |
31-May-14 | 31-May-13 | |
Fair Value Measurements Schedule Of Assets At Fair Value 1 | $532,694 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 2 | 532,694 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 3 | 26,522 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 4 | 0 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 5 | 0 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 6 | 26,522 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 7 | 73,600 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 8 | 0 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 9 | 0 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 10 | 73,600 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 11 | 632,816 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 12 | 632,816 | ' |
Fair Value Measurements Schedule Of Assets At Fair Value 1 | ' | 206,402 |
Fair Value Measurements Schedule Of Assets At Fair Value 2 | ' | 206,402 |
Fair Value Measurements Schedule Of Assets At Fair Value 3 | ' | 27,805 |
Fair Value Measurements Schedule Of Assets At Fair Value 4 | ' | 0 |
Fair Value Measurements Schedule Of Assets At Fair Value 5 | ' | 0 |
Fair Value Measurements Schedule Of Assets At Fair Value 6 | ' | 27,805 |
Fair Value Measurements Schedule Of Assets At Fair Value 7 | ' | 140,000 |
Fair Value Measurements Schedule Of Assets At Fair Value 8 | ' | 0 |
Fair Value Measurements Schedule Of Assets At Fair Value 9 | ' | 0 |
Fair Value Measurements Schedule Of Assets At Fair Value 10 | ' | 140,000 |
Fair Value Measurements Schedule Of Assets At Fair Value 11 | ' | 374,207 |
Fair Value Measurements Schedule Of Assets At Fair Value 12 | ' | $374,207 |
Schedule_of_Sharebased_Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended |
31-May-14 | |
Stock-based Compensation Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 1 | 0.00% |
Stock-based Compensation Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 2 | 2.32% |
Stock-based Compensation Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 3 | 164.00% |
Stock-based Compensation Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 4 | 8.89 |
Schedule_of_Stock_Based_Compen
Schedule of Stock Based Compensation (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Stock-based Compensation Schedule Of Stock Based Compensation 1 | $0 |
Stock-based Compensation Schedule Of Stock Based Compensation 2 | 448,982 |
Stock-based Compensation Schedule Of Stock Based Compensation 3 | 0 |
Stock-based Compensation Schedule Of Stock Based Compensation 4 | 40,000 |
Stock-based Compensation Schedule Of Stock Based Compensation 5 | 0 |
Stock-based Compensation Schedule Of Stock Based Compensation 6 | $488,982 |
Schedule_of_Cash_Flow_Suppleme
Schedule of Cash Flow, Supplemental Disclosures (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 1 | $0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 2 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 3 | 619,306 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 4 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 5 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 6 | 3,035,505 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 7 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 8 | 40,000 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 9 | 40,000 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 10 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 11 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 12 | 76,446,750 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 13 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 14 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 15 | 100,000 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 16 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 17 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 18 | 79,603 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 19 | 4,753 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 20 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 21 | 4,753 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 22 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 23 | 0 |
Supplemental Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 24 | $0 |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information (Details) (USD $) | 12 Months Ended | |
31-May-14 | 31-May-13 | |
Segment Disclosures Schedule Of Segment Reporting Information 1 | $147,957 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 2 | 434,139 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 3 | 582,096 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 4 | 26,522 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 5 | 0 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 6 | 26,522 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 7 | 73,600 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 8 | 0 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 9 | 73,600 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 10 | 0 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 11 | 1,650,000 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 12 | 1,650,000 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 13 | 4,061 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 14 | 51,385 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 15 | 55,446 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 16 | 252,140 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 17 | 2,135,524 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 18 | 2,387,664 | ' |
Segment Disclosures Schedule Of Segment Reporting Information 1 | ' | 191,292 |
Segment Disclosures Schedule Of Segment Reporting Information 2 | ' | 728,841 |
Segment Disclosures Schedule Of Segment Reporting Information 3 | ' | 920,133 |
Segment Disclosures Schedule Of Segment Reporting Information 4 | ' | 27,805 |
Segment Disclosures Schedule Of Segment Reporting Information 5 | ' | 0 |
Segment Disclosures Schedule Of Segment Reporting Information 6 | ' | 27,805 |
Segment Disclosures Schedule Of Segment Reporting Information 7 | ' | 140,000 |
Segment Disclosures Schedule Of Segment Reporting Information 8 | ' | 0 |
Segment Disclosures Schedule Of Segment Reporting Information 9 | ' | 140,000 |
Segment Disclosures Schedule Of Segment Reporting Information 10 | ' | 0 |
Segment Disclosures Schedule Of Segment Reporting Information 11 | ' | 1,650,000 |
Segment Disclosures Schedule Of Segment Reporting Information 12 | ' | 1,650,000 |
Segment Disclosures Schedule Of Segment Reporting Information 13 | ' | 7,722 |
Segment Disclosures Schedule Of Segment Reporting Information 14 | ' | 237,751 |
Segment Disclosures Schedule Of Segment Reporting Information 15 | ' | 245,473 |
Segment Disclosures Schedule Of Segment Reporting Information 16 | ' | 366,819 |
Segment Disclosures Schedule Of Segment Reporting Information 17 | ' | 2,616,592 |
Segment Disclosures Schedule Of Segment Reporting Information 18 | ' | $2,983,411 |
Schedule_of_Net_loss_by_geogra
Schedule of Net loss by geographical segment (Details) (USD $) | 12 Months Ended | |
31-May-14 | 31-May-13 | |
Segment Disclosures Schedule Of Net Loss By Geographical Segment 1 | $1,421,669 | ' |
Segment Disclosures Schedule Of Net Loss By Geographical Segment 2 | 871,926 | ' |
Segment Disclosures Schedule Of Net Loss By Geographical Segment 3 | 2,293,595 | ' |
Segment Disclosures Schedule Of Net Loss By Geographical Segment 1 | ' | 2,767,929 |
Segment Disclosures Schedule Of Net Loss By Geographical Segment 2 | ' | 1,469,602 |
Segment Disclosures Schedule Of Net Loss By Geographical Segment 3 | ' | $4,237,531 |
Schedule_of_Provision_for_Inco
Schedule of Provision for Income Taxes (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Income Taxes Schedule Of Provision For Income Taxes 1 | ($2,293,595) |
Income Taxes Schedule Of Provision For Income Taxes 2 | -4,237,531 |
Income Taxes Schedule Of Provision For Income Taxes 3 | 35.00% |
Income Taxes Schedule Of Provision For Income Taxes 4 | 35.00% |
Income Taxes Schedule Of Provision For Income Taxes 5 | -802,758 |
Income Taxes Schedule Of Provision For Income Taxes 6 | -1,483,136 |
Income Taxes Schedule Of Provision For Income Taxes 7 | 305,184 |
Income Taxes Schedule Of Provision For Income Taxes 8 | 953,241 |
Income Taxes Schedule Of Provision For Income Taxes 9 | 43,597 |
Income Taxes Schedule Of Provision For Income Taxes 10 | 59,789 |
Income Taxes Schedule Of Provision For Income Taxes 11 | 453,977 |
Income Taxes Schedule Of Provision For Income Taxes 12 | 470,106 |
Income Taxes Schedule Of Provision For Income Taxes 13 | 0 |
Income Taxes Schedule Of Provision For Income Taxes 14 | $0 |
Schedule_of_Deferred_Income_Ta
Schedule of Deferred Income Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended |
31-May-14 | |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 1 | $9,979,715 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 2 | 8 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 3 | 857,785 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 4 | 19,975 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 5 | 19,975 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 6 | 2,935,354 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 7 | 3,603,307 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 8 | -12,935,044 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 9 | -12,481,067 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 10 | 0 |
Income Taxes Schedule Of Deferred Income Tax Assets And Liabilities 11 | $0 |