Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Feb. 28, 2015 | Mar. 31, 2015 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Feb-15 | |
Trading Symbol | hndi | |
Entity Registrant Name | HANDENI GOLD INC. | |
Entity Central Index Key | 1297223 | |
Current Fiscal Year End Date | -26 | |
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 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 28, 2015 | 31-May-14 |
Current Assets | ||
Cash | $82,801 | $532,694 |
Amounts receivable | 36,341 | 34,326 |
Prepaid expenses and deposits | 4,637 | 15,076 |
Total Current Assets | 123,779 | 582,096 |
Restricted cash equivalent | 13,806 | 26,522 |
Restricted marketable securities | 0 | 73,600 |
Mineral licenses | 1,650,000 | 1,650,000 |
Property and equipment, net | 2,576 | 55,446 |
TOTAL ASSETS | 1,790,161 | 2,387,664 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 66,105 | 109,432 |
Accounts payable and accrued liabilities - related parties | 422,500 | 277,500 |
Current portion of loans from related parties | 1,125,000 | 1,070,683 |
Total Current Liabilities | 1,613,605 | 1,457,615 |
Loans from related parties | 80,000 | 0 |
Total Liabilities | 1,693,605 | 1,457,615 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity | ||
Common stock Authorized: 500,000,000 shares, $0.001 par value Issued and outstanding: 321,416,654 shares (May 31, 2014 - 321,416,654 shares) | 321,417 | 321,417 |
Additional paid-in capital | 116,414,824 | 116,414,824 |
Donated capital | 305,290 | 222,495 |
Accumulated other comprehensive loss | 0 | -86,400 |
Accumulated deficit | -116,944,975 | -115,942,287 |
Total Stockholders' Equity | 96,556 | 930,049 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,790,161 | $2,387,664 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Feb. 28, 2015 | 31-May-14 |
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 |
Interim_Consolidated_Statement
Interim Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | |
Revenue | $0 | $0 | $0 | $0 |
Expenses | ||||
Consulting fees | 3,610 | 0 | 14,530 | 22,500 |
Depreciation | 14,557 | 46,320 | 52,719 | 143,971 |
Exploration expenses | 35,925 | 70,678 | 174,245 | 180,885 |
Gain on disposal or write-down of equipment | 0 | 0 | -20,058 | -2,820 |
General and administrative | 110,450 | 138,281 | 340,655 | 382,309 |
Interest expense | 28,638 | 23,469 | 82,795 | 58,595 |
Professional | 57,198 | 16,008 | 107,013 | 52,290 |
Rent | 332 | 17,871 | 58,875 | 70,216 |
Travel and investor relations | 4,871 | 9,508 | 32,037 | 14,695 |
Total Expenses | 255,581 | 322,135 | 842,811 | 922,641 |
Loss From Operations | -255,581 | -322,135 | -842,811 | -922,641 |
Other Income (Expenses) | ||||
Impairment of marketable securities | -53,600 | 0 | -140,000 | -1,000,000 |
Loss on marketable securities | -20,000 | 0 | -20,000 | 0 |
Interest income | 28 | 61 | 123 | 216 |
Total other (Expenses) / Income | -73,572 | 61 | -159,877 | -999,784 |
Net Loss | -329,153 | -322,074 | -1,002,688 | -1,922,425 |
Other Comprehensive Loss | ||||
Unrealized gain (loss) on marketable securities | 0 | 15,600 | 0 | -74,400 |
Comprehensive Loss | ($329,153) | ($306,474) | ($1,002,688) | ($1,996,825) |
Net Loss per Share - Basic and Diluted | $0 | $0 | $0 | ($0.01) |
Basic and Diluted Weighted Average Number of Common Shares Outstanding | 321,416,654 | 321,416,654 | 321,416,654 | 321,416,654 |
Interim_Consolidated_Statement1
Interim Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
CASH PROVIDED BY (USED IN): Operating Activities: | ||
Net loss | ($1,002,688) | ($1,922,425) |
Adjustments for non-cash items in net loss: | ||
Depreciation | 52,719 | 143,971 |
Donated capital, services, interest and rent | 82,795 | 58,595 |
Impairment of marketable securities | 140,000 | 1,000,000 |
Loss on marketable securities | 20,000 | 0 |
Loss on unrealized foreign exchange | 2,332 | 1,983 |
Gain on disposal or write-down of equipment | -20,058 | -2,820 |
Changes in non-cash operating working capital: | ||
Amounts receivable | -2,015 | 46,257 |
Prepaid expenses and deposits | 10,439 | 55,336 |
Accounts payable and accrued liabilities | -43,327 | -50,131 |
Due to related parties | 145,000 | 124,319 |
Cash Used in Operating Activities | -614,803 | -544,915 |
Investing Activities: | ||
Proceeds from disposal of equipment | 20,209 | 6,623 |
Redemption of restricted cash equivalent | 10,384 | 0 |
Purchase of property and equipment | 0 | -1,690 |
Cash Provided by Investing Activities | 30,593 | 4,933 |
Financing Activities: | ||
Loan from a related party | 134,317 | 475,000 |
Cash Provided by Financing Activities | 134,317 | 475,000 |
Decrease in cash | -449,893 | -64,982 |
Cash, at beginning of the period | 532,694 | 206,402 |
Cash, at end of the period | $82,801 | $141,420 |
Nature_of_Operations_and_Conti
Nature of Operations and Continuance of Business | 9 Months Ended | ||
Feb. 28, 2015 | |||
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’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 February 28, 2015, the Company has not generated any revenues and has accumulated losses of $116,944,975 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 | 9 Months Ended | ||
Feb. 28, 2015 | |||
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 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) | Interim Consolidated Financial Statements | ||
The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended May 31, 2014, included in the Company’s Annual Report on Form 10-K filed on August 19, 2014 with the SEC. | |||
The interim financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at February 28, 2015, and the results of its operations and cash flows for the interim period ended February 28, 2015. The results of operations for the three and nine months ended February 28, 2015 are not necessarily indicative of the results to be expected for future quarters or the full year. | |||
c) | 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, mineral prospecting licenses, stock-based compensation, deferred income tax asset valuation allowances and 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. | |||
d) | 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. | |||
e) | Comprehensive Income (Loss) | ||
ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive income (loss) and its components in the consolidated financial statements. As at February 28, 2015, the Company’s only component of other comprehensive loss and accumulated other comprehensive loss is an unrealized fair value loss on marketable securities. | |||
f) | 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. | |||
g) | 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 based 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. | |||
h) | Property and Equipment | ||
Property and equipment consists of office equipment, automobiles and computer software recorded at cost and depreciated on a straight-line basis as follows: | |||
Automobiles | 3 years | ||
Camp and equipment | 3 years | ||
Office furniture and equipment | 3 years | ||
Software | 1 year | ||
i) | 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. | |||
j) | 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. | |||
k) | 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 of February 28, 2015 and May 31, 2014. | |||
l) | Financial Instruments | ||
ASC 825, Financial Instruments requires an entity to maximize the use of observable inputs, and the fair value of financial instruments, which include cash, restricted cash equivalent, restricted marketable securities, 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. | |||
m) | 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. | |||
n) | 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 consolidated 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. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
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. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
o) | 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 consolidated statement of operations and comprehensive loss 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. | |||
p) | Reclassification | ||
Certain reclassifications have been made to the prior periods’ consolidated financial statements to conform to the current period’s presentation. | |||
q) | Recently Issued Accounting Pronouncements | ||
The Company has adopted all new accounting pronouncements that are mandatorily effective and none have a material impact on its consolidated financial statements. | |||
New accounting pronouncements effective June 1, 2015 | |||
During the period ended February 28, 2015, the Company elected to early adopt Accounting Standards Update No. 2014- 10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this standard allowed the Company to remove the previously disclosed inception-to-date information and all references to exploration stage. | |||
The Company does not believe that there are any other new accounting pronouncements that have been issued that are expected to have a material impact on its financial position or results of operations. |
Amounts_Receivable
Amounts Receivable | 9 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Amounts Receivable [Text Block] | 3 | Amounts Receivable | |||||
The components of amounts receivable are as follows: | |||||||
February 28, | May 31, | ||||||
2015 | 2014 | ||||||
$ | $ | ||||||
Recoverable value added tax | 29,718 | 23,202 | |||||
Recoverable harmonized sales tax | 6,565 | 9,765 | |||||
Other receivable | 58 | 1,359 | |||||
36,341 | 34,326 |
Prepaid_Expenses_and_Deposits
Prepaid Expenses and Deposits | 9 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Prepaid Expenses and Deposits [Text Block] | 4 | Prepaid Expenses and Deposits | |||||
The components of prepaid expenses and deposits are as follows: | |||||||
February 28, | May 31, | ||||||
2015 | 2014 | ||||||
$ | $ | ||||||
General and administrative | 3,601 | 2,343 | |||||
Rent | 1,036 | 12,733 | |||||
4,637 | 15,076 |
Restricted_Cash_Equivalent
Restricted Cash Equivalent | 9 Months Ended | |
Feb. 28, 2015 | ||
Restricted Cash Equivalent [Text Block] | 5 | Restricted Cash Equivalent |
As of February 28, 2015, the Company has pledged a GIC of $13,806 (May 31, 2014: $26,522) as security held on a corporate credit card. |
Restricted_Marketable_Securiti
Restricted Marketable Securities | 9 Months Ended | ||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||
Restricted Marketable Securities [Text Block] | 6 | Restricted Marketable Securities | |||||||||||||||||||||
28-Feb-15 | 31-May-14 | ||||||||||||||||||||||
Fair Value | Other-than- | Fair Value | Other-than- | ||||||||||||||||||||
Based On | temporary | Loss on | Based On | temporary | Accumulated | ||||||||||||||||||
Quoted | Impairment | Marketable | Quoted | Impairment | Unrealized | ||||||||||||||||||
Cost | Market Price | Loss | Securities | Market Price | Loss | Loss | |||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Ruby Creek | 2,760,000 | - | (2,740,000 | ) | (20,000 | ) | 73,600 | (2,600,000 | ) | (86,400 | ) | ||||||||||||
Resources Inc., | |||||||||||||||||||||||
4,000,000 shares | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
On January 13, 2015, the Company reached a binding settlement to its litigation with RCR. Under the terms of the settlement, the Company will return the 4,000,000 shares of restricted RCR common stock to RCR (see Note 13, below). As a result, the Company has recorded a loss on marketable securities of $20,000 related to the pending return of these shares. As of February 28, 2015, the Company has recognized a total of $2,740,000 (May 31, 2014: $2,600,000) in other than temporary impairment on these RCR restricted shares. |
Mineral_Properties_and_License
Mineral Properties and Licenses | 9 Months Ended | ||
Feb. 28, 2015 | |||
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 was 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. | |||
The company now holds a total of approximately 423.03 km2 ( 53% of its previous license area). During October 2014, the Company fulfilled the requirements for its licenses to be uploaded on the Topo Cadastral system of the Ministry of Minerals and Energy of Tanzania. This enables rigorous control and transparency of all aspects of licensing, reporting and renewal of properties. | |||
During the nine months ended February 28, 2015, the Company paid $62,584 (nine months ended February 28, 2014: $54,633) in annual rental and licenses renewal fees for PLs. Such license related fees have been recorded as exploration expenses. | |||
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. | |||
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. As at February 28, 2015 and May 31, 2014, the Company has no capitalized costs related to the Mkuvia Alluvial Gold Project. | |||
On January 13, 2015, the Company reached a binding settlement agreement with regards to its litigation with RCR (see Note 13, below). Based on this agreement with RCR, the Company relinquished its interest in the Mkuvia Alluvial Project. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
Property and Equipment [Text Block] | 8 | Property and Equipment | ||||||||||||
28-Feb-15 | 31-May-14 | |||||||||||||
Accumulated | Net Book | Net Book | ||||||||||||
Cost | Depreciation | Value | Value | |||||||||||
$ | $ | $ | $ | |||||||||||
Automobiles | 290,014 | 290,014 | - | 4,583 | ||||||||||
Camp and equipment | 197,011 | 196,934 | 77 | 42,242 | ||||||||||
Office furniture and equipment | 100,222 | 98,166 | 2,056 | 6,635 | ||||||||||
Software | 7,930 | 7,487 | 443 | 1,986 | ||||||||||
595,177 | 592,601 | 2,576 | 55,446 |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||
Feb. 28, 2015 | |||
Related Party Transactions [Text Block] | 9 | Related Party Transactions | |
a) | The Company has entered into the following facility agreements with related parties: | ||
i) | On December 7, 2012, and as amended on September 4, 2013 and June 18, 2014, the Company entered into a facility agreement with IPP Ltd., a private company controlled by the Chairman of the Company. The funding is in the form of an interest free unsecured loan to the Company of up to $720,000 due June 30, 2015. As of February 28, 2015, IPP Ltd. has fully advanced $720,000 (May 31, 2014: $695,683) to the Company pursuant to this facility agreement. | ||
ii) | On October 9, 2013, and as amended on June 18, 2014, 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 funding is in the form of an interest free unsecured loan to the Company of up to $405,000 due June 30, 2015. As of February 28, 2015, C&F has fully advanced $405,000 (May 31, 2014: $375,000) to the Company pursuant to this facility agreement. | ||
iii) | On November 20, 2014, the Company entered into a facility agreement with C&F. The funding is in the form of an interest-free unsecured loan to the Company of up to $500,000 due May 31, 2017. As of February 28, 2015, C&F has advanced $80,000 to the Company pursuant to this facility agreement. | ||
For the nine months ended February 28, 2015, $82,795 (nine months ended February 28, 2014: $58,595) of deemed interest was calculated at an annual interest rate of 10% which approximates the fair market value of the borrowings, and was recorded as interest expense and donated capital. | |||
b) | During the nine months ended February 28, 2015 and 2014, the Company incurred administration and professional services fees of $108,000 to a director, the current President and Chief Executive Officer (the “CEO”), and there was a total of $270,000 remaining payable as at February 28, 2015 (May 31, 2014: $162,000). In addition, during the nine months ended February 28, 2015 and 2014, the Company incurred geological service fees of $27,000 to a private company controlled by a person who is related to the CEO and there was a total of $Nil fees remaining payable as at February 28, 2015 (May 31, 2014: $3,000). | ||
During the nine months ended February 28, 2015, the Company also paid $36,000 (nine months ended February 28, 2014: $25,200) representing 60% of annual rental expenses associated with renting the CEO’s family house in Tanzania, pursuant to the Executive Services Agreement. | |||
c) | During the nine months ended February 28, 2015, the Company incurred administration and professional services fees of $96,179 (nine months ended February 28, 2014: $103,561) to the Company’s Chief Financial Officer (the “CFO”). | ||
d) | During the nine months ended February 28, 2015 and 2014, the Company incurred $11,250 of non-executive director’s fees. There was a total of $25,000 fees remaining payable as at February 28, 2015 (May 31, 2014: $23,750). | ||
e) | During the nine months ended February 28, 2015 and 2014, the Company incurred independent directors’ fees of $48,750. As at February 28, 2015, the Company had $127,500 (May 31, 2014: $88,750) of unpaid independent directors’ fees in related party accounts payable and accrued liabilities. |
Common_Stock_and_Additional_Pa
Common Stock and Additional Paid-in Capital | 9 Months Ended | |
Feb. 28, 2015 | ||
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. During the nine months ended February 28, 2015 and the year ended May 31, 2014, the Company had no changes in its common stock and additional paid-in capital. |
Stock_Options
Stock Options | 9 Months Ended | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
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 nine months ended February 28, 2015 and 2014, there were no stock options granted. At February 28, 2015 and May 31, 2014, 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 nine months ended February 28, 2015 and during the year ended May 31, 2014, and there were no intrinsic values of outstanding options at February 28, 2015 and May 31, 2014. As at February 28, 2015 and May 31, 2014, all stock options were fully vested. 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, 2013 | 28,300,000 | 0.23 | 7.56 | - | ||||||||||
Outstanding, May 31, 2014 | 28,300,000 | 0.23 | 6.56 | - | ||||||||||
Outstanding and exercisable, February 28, 2015 | 28,300,000 | 0.23 | 5.82 | - | ||||||||||
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 nine months ended February 28, 2015 and the year ended May 31, 2014, no cashless stock options were exercised. |
Common_Stock_Purchase_Warrants
Common Stock Purchase Warrants | 9 Months Ended | ||||||||||
Feb. 28, 2015 | |||||||||||
Common Stock Purchase Warrants [Text Block] | 12 | Common Stock Purchase Warrants | |||||||||
During the nine months ended February 28, 2015 and the year ended May 31, 2014, there were no stock purchase warrants granted. During the year ended May 31, 2014, 13,554,155 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, 2013 | 13,554,155 | 0.52 | 0.33 | ||||||||
Expired | (13,554,155 | ) | - | - | |||||||
Balance, February 28, 2015 and May 31, 2014 | - | - | - |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Feb. 28, 2015 | ||
Commitments and Contingencies [Text Block] | 13 | Commitments and Contingencies |
On February 8, 2012, RCR filed a lawsuit against the Company in the Supreme Court, State of New York, in which RCR alleged 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. | ||
On January 13, 2015, the Company reached a binding settlement of its litigation with RCR, and is currently waiting for RCR to finalize the formal settlement documentation. The settlement does not require any monetary payment by the Company to RCR. Under the terms of the settlement, the Company will turn over its interest in Ruby Creek Resources (Tanzania) Limited and has agreed to return the 4,000,000 shares of restricted RCR common stock to RCR (See Note 6, above). Both parties have agreed to dismiss their respective claims, with prejudice, and the litigation is now concluded. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
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 cash, 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. Management believes that the recorded values of all of the Company’s other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | ||||||||||||||
As at February 28, 2015, 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 consolidated balance sheet as of February 28, 2015, as follows: | ||||||||||||||
Fair Value Measurements Using | ||||||||||||||
Quoted Prices in | Significant | |||||||||||||
Active Markets | Other | Significant | ||||||||||||
For Identical | Observable | Unobservable | Balance as of | |||||||||||
Instruments | Inputs | Inputs | February 28, | |||||||||||
(Level 1 | ) | (Level 2 | ) | (Level 3 | ) | 2015 | ||||||||
Assets: | ||||||||||||||
Cash | $ | 82,801 | $ | – | $ | – | $ | 82,801 | ||||||
Restricted cash equivalent | 13,806 | – | – | 13,806 | ||||||||||
Total assets measured at fair value | $ | 96,607 | $ | – | $ | – | $ | 96,607 | ||||||
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 consolidated balance sheet as of 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 | $ | 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 |
Segment_Disclosures
Segment Disclosures | 9 Months Ended | ||||||||||
Feb. 28, 2015 | |||||||||||
Segment Disclosures [Text Block] | 15 | 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 | $ | 50,169 | $ | 73,610 | $ | 123,779 | |||||
Restricted cash equivalent | 13,806 | - | 13,806 | ||||||||
Mineral licenses | - | 1,650,000 | 1,650,000 | ||||||||
Equipment, net | 895 | 1,681 | 2,576 | ||||||||
Total assets, at February 28, 2015 | $ | 64,870 | $ | 1,725,291 | $ | 1,790,161 | |||||
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 | ||||||||
Property and equipment, net | 4,061 | 51,385 | 55,446 | ||||||||
Total assets, at May 31, 2014 | $ | 252,140 | $ | 2,135,524 | $ | 2,387,664 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||
Feb. 28, 2015 | |||
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 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. | |||
Interim Consolidated Financial Statements [Policy Text Block] | b) | Interim Consolidated Financial Statements | |
The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended May 31, 2014, included in the Company’s Annual Report on Form 10-K filed on August 19, 2014 with the SEC. | |||
The interim financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at February 28, 2015, and the results of its operations and cash flows for the interim period ended February 28, 2015. The results of operations for the three and nine months ended February 28, 2015 are not necessarily indicative of the results to be expected for future quarters or the full year. | |||
Use of Estimates [Policy Text Block] | c) | 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, mineral prospecting licenses, stock-based compensation, deferred income tax asset valuation allowances and 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] | d) | 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] | e) | Comprehensive Income (Loss) | |
ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive income (loss) and its components in the consolidated financial statements. As at February 28, 2015, the Company’s only component of other comprehensive loss and accumulated other comprehensive loss is an unrealized fair value loss on marketable securities. | |||
Cash and Cash Equivalents [Policy Text Block] | f) | 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] | g) | 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 based 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] | h) | Property and Equipment | |
Property and equipment consists of office equipment, automobiles and computer software recorded at cost and depreciated on a straight-line basis as follows: | |||
Automobiles | 3 years | ||
Camp and equipment | 3 years | ||
Office furniture and equipment | 3 years | ||
Software | 1 year | ||
Mineral Property Costs [Policy Text Block] | i) | 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] | j) | 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] | k) | 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 of February 28, 2015 and May 31, 2014. | |||
Financial Instruments [Policy Text Block] | l) | Financial Instruments | |
ASC 825, Financial Instruments requires an entity to maximize the use of observable inputs, and the fair value of financial instruments, which include cash, restricted cash equivalent, restricted marketable securities, 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] | m) | 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] | n) | 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 consolidated 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. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
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. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. | |||
Stock-based Compensation [Policy Text Block] | o) | 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 consolidated statement of operations and comprehensive loss 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. | |||
Reclassification [Policy Text Block] | p) | Reclassification | |
Certain reclassifications have been made to the prior periods’ consolidated financial statements to conform to the current period’s presentation. | |||
Recently Issued Accounting Pronouncements [Policy Text Block] | q) | Recently Issued Accounting Pronouncements | |
The Company has adopted all new accounting pronouncements that are mandatorily effective and none have a material impact on its consolidated financial statements. | |||
New accounting pronouncements effective June 1, 2015 | |||
During the period ended February 28, 2015, the Company elected to early adopt Accounting Standards Update No. 2014- 10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this standard allowed the Company to remove the previously disclosed inception-to-date information and all references to exploration stage. | |||
The Company does not believe that there are any other new accounting pronouncements that have been issued that are expected to have a material impact on its financial position or results of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |
Feb. 28, 2015 | ||
Schedule of Property, Plant and Equipment Estimated Useful Lives [Table Text Block] | Automobiles | 3 years |
Camp and equipment | 3 years | |
Office furniture and equipment | 3 years | |
Software | 1 year |
Amounts_Receivable_Tables
Amounts Receivable (Tables) | 9 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Schedule of Amounts Receivable [Table Text Block] | February 28, | May 31, | |||||
2015 | 2014 | ||||||
$ | $ | ||||||
Recoverable value added tax | 29,718 | 23,202 | |||||
Recoverable harmonized sales tax | 6,565 | 9,765 | |||||
Other receivable | 58 | 1,359 | |||||
36,341 | 34,326 |
Prepaid_Expenses_and_Deposits_
Prepaid Expenses and Deposits (Tables) | 9 Months Ended | ||||||
Feb. 28, 2015 | |||||||
Schedule of Prepaid Expenses and Deposits [Table Text Block] | February 28, | May 31, | |||||
2015 | 2014 | ||||||
$ | $ | ||||||
General and administrative | 3,601 | 2,343 | |||||
Rent | 1,036 | 12,733 | |||||
4,637 | 15,076 |
Restricted_Marketable_Securiti1
Restricted Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||||
Schedule of Restricted Marketable Securities [Table Text Block] | 28-Feb-15 | 31-May-14 | |||||||||||||||||||||
Fair Value | Other-than- | Fair Value | Other-than- | ||||||||||||||||||||
Based On | temporary | Loss on | Based On | temporary | Accumulated | ||||||||||||||||||
Quoted | Impairment | Marketable | Quoted | Impairment | Unrealized | ||||||||||||||||||
Cost | Market Price | Loss | Securities | Market Price | Loss | Loss | |||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Ruby Creek | 2,760,000 | - | (2,740,000 | ) | (20,000 | ) | 73,600 | (2,600,000 | ) | (86,400 | ) | ||||||||||||
Resources Inc., | |||||||||||||||||||||||
4,000,000 shares | |||||||||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | 28-Feb-15 | 31-May-14 | ||||||||||||
Accumulated | Net Book | Net Book | ||||||||||||
Cost | Depreciation | Value | Value | |||||||||||
$ | $ | $ | $ | |||||||||||
Automobiles | 290,014 | 290,014 | - | 4,583 | ||||||||||
Camp and equipment | 197,011 | 196,934 | 77 | 42,242 | ||||||||||
Office furniture and equipment | 100,222 | 98,166 | 2,056 | 6,635 | ||||||||||
Software | 7,930 | 7,487 | 443 | 1,986 | ||||||||||
595,177 | 592,601 | 2,576 | 55,446 |
Stock_Options_Tables
Stock Options (Tables) | 9 Months Ended | |||||||||||||
Feb. 28, 2015 | ||||||||||||||
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, 2013 | 28,300,000 | 0.23 | 7.56 | - | ||||||||||
Outstanding, May 31, 2014 | 28,300,000 | 0.23 | 6.56 | - | ||||||||||
Outstanding and exercisable, February 28, 2015 | 28,300,000 | 0.23 | 5.82 | - |
Common_Stock_Purchase_Warrants1
Common Stock Purchase Warrants (Tables) | 9 Months Ended | ||||||||||
Feb. 28, 2015 | |||||||||||
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, 2013 | 13,554,155 | 0.52 | 0.33 | ||||||||
Expired | (13,554,155 | ) | - | - | |||||||
Balance, February 28, 2015 and May 31, 2014 | - | - | - |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Feb. 28, 2015 | 31-May-14 | |||||||||||||||||||||||||||
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 | February 28, | Instruments | Inputs | Inputs | May 31, | |||||||||||||||||||||
(Level 1 | ) | (Level 2 | ) | (Level 3 | ) | 2015 | (Level 1 | ) | (Level 2 | ) | (Level 3 | ) | 2014 | |||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||
Cash | $ | 82,801 | $ | – | $ | – | $ | 82,801 | Cash | $ | 532,694 | $ | – | $ | – | $ | 532,694 | |||||||||||
Restricted cash equivalent | 13,806 | – | – | 13,806 | Restricted cash equivalent | 26,522 | – | – | 26,522 | |||||||||||||||||||
Restricted marketable securities | 73,600 | – | – | 73,600 | ||||||||||||||||||||||||
Total assets measured at fair value | $ | 96,607 | $ | – | $ | – | $ | 96,607 | ||||||||||||||||||||
Total assets measured at fair value | $ | 632,816 | $ | – | $ | – | $ | 632,816 |
Segment_Disclosures_Tables
Segment Disclosures (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2015 | 31-May-14 | |||||||||||||||||||||
Schedule of Segment Reporting Information [Table Text Block] | Canada | Tanzania, Africa | Total | Canada | Tanzania, Africa | Total | ||||||||||||||||
Current assets | $ | 50,169 | $ | 73,610 | $ | 123,779 | Current assets | $ | 147,957 | $ | 434,139 | $ | 582,096 | |||||||||
Restricted cash equivalent | 13,806 | - | 13,806 | Restricted cash equivalent | 26,522 | - | 26,522 | |||||||||||||||
Mineral licenses | - | 1,650,000 | 1,650,000 | Restricted marketable securities | 73,600 | - | 73,600 | |||||||||||||||
Equipment, net | 895 | 1,681 | 2,576 | Mineral licenses | - | 1,650,000 | 1,650,000 | |||||||||||||||
Total assets, at February 28, 2015 | $ | 64,870 | $ | 1,725,291 | $ | 1,790,161 | Property and equipment, net | 4,061 | 51,385 | 55,446 | ||||||||||||
Total assets, at May 31, 2014 | $ | 252,140 | $ | 2,135,524 | $ | 2,387,664 |
Nature_of_Operations_and_Conti1
Nature of Operations and Continuance of Business (Narrative) (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Nature Of Operations And Continuance Of Business 1 | $116,944,975 |
Restricted_Cash_Equivalent_Nar
Restricted Cash Equivalent (Narrative) (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Restricted Cash Equivalent 1 | $13,806 |
Restricted Cash Equivalent 2 | $26,522 |
Restricted_Marketable_Securiti2
Restricted Marketable Securities (Narrative) (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Restricted Marketable Securities 1 | $2,760,000 |
Restricted Marketable Securities 2 | 4,000,000 |
Restricted Marketable Securities 3 | 20,000 |
Restricted Marketable Securities 4 | 2,740,000 |
Restricted Marketable Securities 5 | $2,600,000 |
Mineral_Properties_and_License1
Mineral Properties and Licenses (Narrative) (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
D | |
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 | 423.03 |
Mineral Properties And Licenses 21 | 53.00% |
Mineral Properties And Licenses 22 | 62,584 |
Mineral Properties And Licenses 23 | 54,633 |
Mineral Properties And Licenses 24 | 100.00% |
Mineral Properties And Licenses 25 | 2.67 |
Mineral Properties And Licenses 26 | 15,000,000 |
Mineral Properties And Licenses 27 | $0.11 |
Mineral Properties And Licenses 28 | $1,650,000 |
Mineral Properties And Licenses 29 | 32 |
Mineral Properties And Licenses 30 | 32 |
Mineral Properties And Licenses 31 | 2.67 |
Mineral Properties And Licenses 32 | 380 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Related Party Transactions 1 | $720,000 |
Related Party Transactions 2 | 720,000 |
Related Party Transactions 3 | 695,683 |
Related Party Transactions 4 | 405,000 |
Related Party Transactions 5 | 405,000 |
Related Party Transactions 6 | 375,000 |
Related Party Transactions 7 | 500,000 |
Related Party Transactions 8 | 80,000 |
Related Party Transactions 9 | 82,795 |
Related Party Transactions 10 | 58,595 |
Related Party Transactions 11 | 10.00% |
Related Party Transactions 12 | 108,000 |
Related Party Transactions 13 | 270,000 |
Related Party Transactions 14 | 162,000 |
Related Party Transactions 15 | 27,000 |
Related Party Transactions 16 | 0 |
Related Party Transactions 17 | 3,000 |
Related Party Transactions 18 | 36,000 |
Related Party Transactions 19 | 25,200 |
Related Party Transactions 20 | 60.00% |
Related Party Transactions 21 | 96,179 |
Related Party Transactions 22 | 103,561 |
Related Party Transactions 23 | 11,250 |
Related Party Transactions 24 | 25,000 |
Related Party Transactions 25 | 23,750 |
Related Party Transactions 26 | 48,750 |
Related Party Transactions 27 | 127,500 |
Related Party Transactions 28 | $88,750 |
Common_Stock_and_Additional_Pa1
Common Stock and Additional Paid-in Capital (Narrative) (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Common Stock And Additional Paid-in Capital 1 | 500,000,000 |
Common Stock And Additional Paid-in Capital 2 | $0.00 |
Stock_Options_Narrative_Detail
Stock Options (Narrative) (Details) | 9 Months Ended |
Feb. 28, 2015 | |
Stock Options 1 | 40,000,000 |
Stock Options 2 | 10,700,000 |
Common_Stock_Purchase_Warrants2
Common Stock Purchase Warrants (Narrative) (Details) | 9 Months Ended |
Feb. 28, 2015 | |
Common Stock Purchase Warrants 1 | 13,554,155 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) | 9 Months Ended |
Feb. 28, 2015 | |
Commitments And Contingencies 1 | 4,000,000 |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment Estimated Useful Lives (Details) | 9 Months Ended |
Feb. 28, 2015 | |
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 | 3 |
Summary Of Significant Accounting Policies Schedule Of Property, Plant And Equipment 4 | 1 |
Schedule_of_Amounts_Receivable
Schedule of Amounts Receivable (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Amounts Receivable Schedule Of Amounts Receivable 1 | $29,718 |
Amounts Receivable Schedule Of Amounts Receivable 2 | 23,202 |
Amounts Receivable Schedule Of Amounts Receivable 3 | 6,565 |
Amounts Receivable Schedule Of Amounts Receivable 4 | 9,765 |
Amounts Receivable Schedule Of Amounts Receivable 5 | 58 |
Amounts Receivable Schedule Of Amounts Receivable 6 | 1,359 |
Amounts Receivable Schedule Of Amounts Receivable 7 | 36,341 |
Amounts Receivable Schedule Of Amounts Receivable 8 | $34,326 |
Schedule_of_Prepaid_Expenses_a
Schedule of Prepaid Expenses and Deposits (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 1 | $3,601 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 2 | 2,343 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 3 | 1,036 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 4 | 12,733 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 5 | 4,637 |
Prepaid Expenses And Deposits Schedule Of Prepaid Expenses And Deposits 6 | $15,076 |
Schedule_of_Restricted_Marketa
Schedule of Restricted Marketable Securities (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
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 | 0 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 4 | -2,740,000 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 5 | -20,000 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 6 | 73,600 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 7 | -2,600,000 |
Restricted Marketable Securities Schedule Of Restricted Marketable Securities 8 | ($86,400) |
Schedule_of_Property_Plant_and1
Schedule of Property, Plant and Equipment (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Property And Equipment Schedule Of Property, Plant And Equipment 1 | $290,014 |
Property And Equipment Schedule Of Property, Plant And Equipment 2 | 290,014 |
Property And Equipment Schedule Of Property, Plant And Equipment 3 | 0 |
Property And Equipment Schedule Of Property, Plant And Equipment 4 | 4,583 |
Property And Equipment Schedule Of Property, Plant And Equipment 5 | 197,011 |
Property And Equipment Schedule Of Property, Plant And Equipment 6 | 196,934 |
Property And Equipment Schedule Of Property, Plant And Equipment 7 | 77 |
Property And Equipment Schedule Of Property, Plant And Equipment 8 | 42,242 |
Property And Equipment Schedule Of Property, Plant And Equipment 9 | 100,222 |
Property And Equipment Schedule Of Property, Plant And Equipment 10 | 98,166 |
Property And Equipment Schedule Of Property, Plant And Equipment 11 | 2,056 |
Property And Equipment Schedule Of Property, Plant And Equipment 12 | 6,635 |
Property And Equipment Schedule Of Property, Plant And Equipment 13 | 7,930 |
Property And Equipment Schedule Of Property, Plant And Equipment 14 | 7,487 |
Property And Equipment Schedule Of Property, Plant And Equipment 15 | 443 |
Property And Equipment Schedule Of Property, Plant And Equipment 16 | 1,986 |
Property And Equipment Schedule Of Property, Plant And Equipment 17 | 595,177 |
Property And Equipment Schedule Of Property, Plant And Equipment 18 | 592,601 |
Property And Equipment Schedule Of Property, Plant And Equipment 19 | 2,576 |
Property And Equipment Schedule Of Property, Plant And Equipment 20 | $55,446 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
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 | 0.23 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 3 | 7.56 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 5 | 28,300,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.23 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 7 | 6.56 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 9 | 28,300,000 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 10 | 0.23 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 11 | 5.82 |
Stock Options Schedule Of Share-based Compensation, Stock Options, Activity 12 | $0 |
Schedule_of_Share_Purchase_War
Schedule of Share Purchase Warrants Activity (Details) (USD $) | 9 Months Ended |
Feb. 28, 2015 | |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 1 | $13,554,155 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 2 | 0.52 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 3 | 0.33 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 4 | -13,554,155 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 5 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 6 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 7 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 8 | 0 |
Common Stock Purchase Warrants Schedule Of Share Purchase Warrants Activity 9 | $0 |
Schedule_of_Assets_at_Fair_Val
Schedule of Assets at Fair Value (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Feb. 28, 2015 | 31-May-14 | |
Fair Value Measurements Schedule Of Assets At Fair Value 1 | $82,801 | |
Fair Value Measurements Schedule Of Assets At Fair Value 2 | 0 | |
Fair Value Measurements Schedule Of Assets At Fair Value 3 | 0 | |
Fair Value Measurements Schedule Of Assets At Fair Value 2 | 82,801 | |
Fair Value Measurements Schedule Of Assets At Fair Value 3 | 13,806 | |
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 | 13,806 | |
Fair Value Measurements Schedule Of Assets At Fair Value 7 | 96,607 | |
Fair Value Measurements Schedule Of Assets At Fair Value 10 | 0 | |
Fair Value Measurements Schedule Of Assets At Fair Value 11 | 0 | |
Fair Value Measurements Schedule Of Assets At Fair Value 8 | 96,607 | |
Fair Value Measurements Schedule Of Assets At Fair Value 1 | 532,694 | |
Fair Value Measurements Schedule Of Assets At Fair Value 2 | 0 | |
Fair Value Measurements Schedule Of Assets At Fair Value 3 | 0 | |
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 14 | 0 | |
Fair Value Measurements Schedule Of Assets At Fair Value 15 | 0 | |
Fair Value Measurements Schedule Of Assets At Fair Value 12 | $632,816 |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Feb. 28, 2015 | 31-May-14 | |
Segment Disclosures Schedule Of Segment Reporting Information 1 | $50,169 | |
Segment Disclosures Schedule Of Segment Reporting Information 2 | 73,610 | |
Segment Disclosures Schedule Of Segment Reporting Information 3 | 123,779 | |
Segment Disclosures Schedule Of Segment Reporting Information 4 | 13,806 | |
Segment Disclosures Schedule Of Segment Reporting Information 5 | 0 | |
Segment Disclosures Schedule Of Segment Reporting Information 6 | 13,806 | |
Segment Disclosures Schedule Of Segment Reporting Information 7 | 0 | |
Segment Disclosures Schedule Of Segment Reporting Information 8 | 1,650,000 | |
Segment Disclosures Schedule Of Segment Reporting Information 9 | 1,650,000 | |
Segment Disclosures Schedule Of Segment Reporting Information 10 | 895 | |
Segment Disclosures Schedule Of Segment Reporting Information 11 | 1,681 | |
Segment Disclosures Schedule Of Segment Reporting Information 12 | 2,576 | |
Segment Disclosures Schedule Of Segment Reporting Information 13 | 64,870 | |
Segment Disclosures Schedule Of Segment Reporting Information 14 | 1,725,291 | |
Segment Disclosures Schedule Of Segment Reporting Information 15 | 1,790,161 | |
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 |