Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Nov. 06, 2015 | Dec. 31, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Li3 Energy, Inc. | ||
Entity Central Index Key | 1,334,699 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 483,291,849 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,919,090 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets: | ||
Cash | $ 6,217 | $ 38,490 |
Prepaid expenses and advances | 51,760 | $ 35,781 |
Receivable from BBL for sale of controlling interest in Minera Li | 997,796 | |
Total current assets | $ 1,055,773 | $ 74,271 |
Receivable from BBL for sale of controlling interest in Minera Li | 994,017 | |
Equity investment in Minera Li | $ 7,336,375 | 7,572,425 |
Property and equipment, net | 322 | |
Total non-current assets | $ 7,336,375 | 8,566,764 |
Total assets | 8,392,148 | 8,641,035 |
Current liabilities: | ||
Accounts payable | 358,045 | 239,441 |
Accrued expenses | $ 278,477 | 805,976 |
Accrued registration rights penalties | 518,243 | |
Common stock payable | $ 276,678 | 291,116 |
Note payable | 50,000 | |
Convertible note payable | $ 45,000 | |
Current portion of long-term notes payable to BBL | $ 1,020,000 | |
Current portion of derivative liabilities | 4,040 | $ 142,017 |
Total current liabilities | 1,937,240 | 2,091,793 |
Long-term notes payable to BBL | $ 200,000 | 240,000 |
Derivative liabilities | 1,706,990 | |
Total non-current liabilities | $ 200,000 | 1,946,990 |
Total liabilities | $ 2,137,240 | $ 4,038,783 |
Commitments and contingencies | ||
Common stock subject to rescission, 65,000 shares issued and outstanding | $ 3,041 | $ 3,041 |
Equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.001 par value, 990,000,000 shares authorized; 477,119,526 and 435,006,181 shares issued and outstanding, respectively | $ 477,120 | $ 435,006 |
Additional paid-in capital | 71,808,625 | 70,610,958 |
Accumulated deficit | (66,033,878) | (66,446,753) |
Total stockholders equity | 6,251,867 | 4,599,211 |
Total liabilities and stockholders equity | $ 8,392,148 | $ 8,641,035 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Common stock subject to rescission, shares issued | 65,000 | 65,000 |
Common stock subject to rescission, shares outstanding | 65,000 | 65,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 990,000,000 | 990,000,000 |
Common stock, shares issued | 477,119,526 | 435,006,181 |
Common stock, shares outstanding | 477,119,526 | 435,006,181 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating expenses: | ||
Exploration expenses | $ (47,240) | |
Mineral rights impairment expense | (6,485,438) | |
Gain on sale of mineral rights | 120,000 | |
Loss from Minera Li equity investment | $ (236,050) | (106,589) |
Debt modification expense | (300,000) | |
Gain on settlements, net | 1,536,822 | |
General and administrative expenses | $ (1,390,428) | (2,012,850) |
Total operating expenses | $ (1,626,478) | (7,295,295) |
Other income (expense): | ||
Loss on sale of controlling interest in Minera Li | (43,315) | |
Gain on debt extinguishment | $ 333,769 | 85,864 |
Change in fair value of derivative liability instruments | 1,844,967 | 1,944,388 |
Gain on foreign currency transactions | 1,532 | 51,364 |
Interest expense, net | (140,915) | (1,172,571) |
Total other income | 2,039,353 | 865,730 |
Net income (loss) | $ 412,875 | (6,429,565) |
Net loss attributable to non-controlling interests | 2,596,551 | |
Net income (loss) attributable to Li3 Energy, Inc. | $ 412,875 | $ (3,833,014) |
Net income (loss) per common share - basic | $ 0 | $ (0.01) |
Net income (loss) per common share - diluted | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding - basic | 447,583,953 | 414,294,512 |
Weighted average number of common shares outstanding - diluted | 448,383,953 | 414,294,512 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) | Total | Directors and Employees [Member] | Third Party [Member] | Common Stock [Member] | Common Stock [Member]Directors and Employees [Member] | Common Stock [Member]Third Party [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Directors and Employees [Member] | Additional Paid-In Capital [Member]Third Party [Member] | Deficit Accumulated During the Exploration Stage [Member] | Deficit Accumulated During the Exploration Stage [Member]Directors and Employees [Member] | Deficit Accumulated During the Exploration Stage [Member]Third Party [Member] | Non-Controlling Interest [Member] | Non-Controlling Interest [Member]Directors and Employees [Member] | Non-Controlling Interest [Member]Third Party [Member] |
Balance at Jun. 30, 2013 | $ 11,431,181 | $ 395,497 | $ 69,327,269 | $ (62,613,739) | $ 4,322,154 | ||||||||||
Balance, shares at Jun. 30, 2013 | 395,497,453 | ||||||||||||||
Amortization of stock-based compensation | $ 38,207 | 38,207 | |||||||||||||
Stock issued pursuant to vesting of restricted stock | $ 317 | (317) | |||||||||||||
Stock issued pursuant to vesting of restricted stock, shares | 316,666 | ||||||||||||||
Beneficial conversion feature of convertible debt | $ 700,000 | 700,000 | |||||||||||||
Stock issued for services | $ 258,331 | $ 80,345 | $ 13,055 | $ 3,621 | $ 245,276 | $ 76,724 | |||||||||
Stock issued for services, shares | 13,054,919 | 3,620,802 | |||||||||||||
Stock issued on conversion of debt | 246,315 | $ 22,516 | $ 223,799 | ||||||||||||
Stock issued on conversion of debt, shares | 22,516,341 | ||||||||||||||
Deconsolidation of Maricunga on sale of controlling interest | (1,725,603) | $ (1,725,603) | |||||||||||||
Net income (loss) | (6,429,565) | $ (3,833,014) | $ (2,596,551) | ||||||||||||
Balance at Jun. 30, 2014 | 4,599,211 | $ 435,006 | $ 70,610,958 | $ (66,446,753) | |||||||||||
Balance, shares at Jun. 30, 2014 | 435,006,181 | ||||||||||||||
Amortization of stock-based compensation | $ 7,843 | 7,843 | |||||||||||||
Beneficial conversion feature of convertible debt | |||||||||||||||
Stock issued for services | $ 423,500 | $ 27,144 | $ 396,356 | ||||||||||||
Stock issued for services, shares | 27,143,285 | ||||||||||||||
Stock issued in settlement of registration rights penalties | $ 808,438 | $ 14,970 | $ 793,468 | ||||||||||||
Stock issued in settlement of registration rights penalties, shares | 14,970,060 | ||||||||||||||
Stock issued on conversion of debt | |||||||||||||||
Net income (loss) | $ 412,875 | $ 412,875 | |||||||||||||
Balance at Jun. 30, 2015 | $ 6,251,867 | $ 477,120 | $ 71,808,625 | $ (66,033,878) | |||||||||||
Balance, shares at Jun. 30, 2015 | 477,119,526 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net income (loss) | $ 412,875 | $ (6,429,565) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | $ 322 | 13,577 |
Loss on write off of fixed assets | 4,786 | |
Mineral rights impairment expense | 6,485,438 | |
Gain on sale of mineral rights | (120,000) | |
Loss from Minera Li equity investment | $ 236,050 | 106,589 |
Loss on sale of controlling interest in Minera Li | $ 43,315 | |
Gain on sale of Noto Energy | $ (4,245) | |
Gain on settlements, net | $ (1,536,822) | |
Stock-based compensation | $ 232,843 | 78,425 |
Gain on debt extinguishment | (333,769) | (85,864) |
Change in fair value of derivative liabilities | $ (1,844,967) | (1,944,388) |
Zero coupon interest accretion and amortization of debt discount on convertible notes | 892,548 | |
Amortization of deferred financing costs | 30,592 | |
Gain on foreign currency transactions | $ (1,532) | (51,364) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expenses and advances | (12,090) | 27,957 |
Accretion of interest income on BBL receivable | (3,779) | (1,574) |
Increase in accounts payable | 120,280 | 62,315 |
Increase in accrued expenses | 185,739 | 523,601 |
Net cash used in operating activities | $ (1,012,273) | (1,900,434) |
Cash flows from investing activities | ||
Proceeds from sale of controlling interest in Minera Li | 1,500,000 | |
Deconsolidation of investments | (72) | |
Proceeds from sale of mining properties | 60,000 | |
Amounts recovered from minority shareholders | 1,555,000 | |
Net cash provided by investing activities | 3,114,928 | |
Cash flows from financing activities | ||
Payments on zero coupon convertible debt | (1,930,000) | |
Proceeds from notes payable | 1,088,605 | |
Proceeds from notes payable - BBL | $ 980,000 | 240,000 |
Payments on notes payable | (587,276) | |
Net cash provided by (used in) financing activities | 980,000 | (1,188,671) |
Net (decrease) increase in cash | (32,273) | 25,823 |
Cash at beginning of the year | 38,490 | 12,667 |
Cash at end of the year | $ 6,217 | $ 38,490 |
Supplemental disclosure of cash flow information: | ||
Income taxes | ||
Interest | $ 2,652 | $ 127,523 |
Non-cash financing transactions: | ||
Debt discount due to beneficial conversion feature | 700,000 | |
Debt discount due to warrant derivative liabilities issued with convertible debt | 106,000 | |
Settlement of accrued liabilities through issuance of stock | $ 238,499 | 338,676 |
Issuance of common stock on conversion of debt | $ 246,315 | |
Issuance of common stock to shareholders due to registration rights penalty settlement | $ 808,438 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2015 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Li3 Energy, Inc. (“Li3 Energy” or the “Company”) was incorporated under the laws of the State of Nevada on June 24, 2005. In 2009, the Company established its business focus and strategy toward identifying and pursuing business opportunities in lithium and industrial minerals mining in the Americas. Part of our strategic plan is to ensure that Minera Li (of which the Company owns a non-controlling interest) explores and develops the existing Maricunga Project in Chile while simultaneously identifying other synergistic opportunities with new projects with production potential that could also be advanced in an accelerated manner, with the goal of becoming a company with valuable lithium, potassium, nitrates and other industrial minerals properties. The Company's three wholly owned subsidiaries include: Li3 Energy Peru SRL (“Li3 Peru”), a subsidiary formed in Peru to explore mining opportunities in Peru and in South America; Alfredo Holdings, Ltd. (“Alfredo”), an exempted limited company incorporated under the laws of the Cayman Islands; and Li3 Energy Copiapó, SA (“Li3 Copiapó”), a Chilean corporation, which is a subsidiary of Alfredo. On October 22, 2014, the Company sold 60 100 4,245 On January 27, 2014, the Company entered into a transaction with a third party, BBL SpA (“BBL”), subsequent to which BBL became the majority holder of Minera Li, holding 51 49 60 We have generated no revenues to date and do not anticipate generating any revenues in the near term. Our activities have been limited to capital formation, organization, acquisition of interests in mining properties and limited exploration on the Maricunga Project, of which we currently hold a minority interest. The Company´s operations will be subject to all the risks inherent in the establishment of a developing enterprise and the uncertainties arising from the absence of a significant operating history. We may be unable to locate exploitable quantities of mineral resources or operate on a profitable basis, or we may fail to secure additional funding to support our operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Li3 Peru, Alfredo and Li3 Copiapó. As a result of the Company disposing of its controlling interest in Minera Li on January 27, 2014, the Company deconsolidated Minera Li from its consolidated financial statements and now accounts for its remaining 49 b. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at June 30, 2015 and 2014. The Company has not experienced any losses on its deposits of cash and cash equivalents. c. Mineral Exploration and Development Costs All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is determined to be a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the cost of mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs, including related property and equipment costs. To determine if capitalized costs are in excess of their recoverable amount, periodic evaluation of the carrying value of capitalized costs and any related property and equipment costs are performed based upon expected future cash flows and/or estimated salvage value . 0 6,485,438 d. Impairment of Long-lived Assets Long-lived assets, including mineral rights, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. We account for asset impairment in accordance with FASB ASC 360, Property Plant and Equipment e. Investment in Minera Li As of January 27, 2014, the Company's investment in Minera Li is accounted for under the equity method in accordance with ASC 323 – Equity Investments and Joint Ventures We evaluate equity investments for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an ‘‘other-than-temporary'' decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is ‘‘other-than-temporary'' based on an assessment of all relevant factors, including consideration of our intent and ability to retain the investment. f. Property and Equipment Property and equipment are stated at cost. Equipment and fixtures are being depreciated using the straight-line method over the estimated useful lives ranging from 3 10 g. Income Taxes A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and for net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. For financial statement purposes, we recognize the impact of an uncertain income tax position on the income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company recognizes interest related to income tax matters in income tax expense and penalties related to income tax matters in general and administrative expenses. The Company did not have any uncertain income tax positions or accrued interest included in our consolidated balance sheets at June 30, 2015, or 2014, and did not recognize any interest in its consolidated statements of operations during the years ended June 30, 2015or 2014. At June 30, 2015 and 2014, the Company has recorded $- 0 160,000 40,000 160,000 h. Share-based Payments The Company utilizes the Black-Scholes option pricing model to estimate the fair value of employee stock option awards at the date of grant, which requires the input of highly subjective assumptions, including expected volatility and expected life. Changes in these inputs and assumptions can materially affect the measure of estimated fair value of share-based compensation. These assumptions are subjective and generally require significant analysis and judgment to develop. When estimating fair value, some of the assumptions will be based on, or determined from, external data and other assumptions may be derived from historical experience with stock-based payment arrangements. The appropriate weight to place on historical experience is a matter of judgment, based on relevant facts and circumstances. The Company estimates volatility by considering the historical stock volatility. The Company has opted to use the simplified method for estimating expected term, which is generally equal to the midpoint between the vesting period and the contractual term. i. Fair Value Measurements As defined in FASB ASC Topic No. 820 - 10, fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC Topic No. 820 - 10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements. The statement requires fair value measurements be classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the term of the derivative instruments, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). The Company's valuation models are primarily industry standard models. Level 3 instruments include derivative warrant instruments. The Company does not have sufficient corroborating evidence to support classifying these assets and liabilities as Level 1 or Level 2. As required by FASB ASC Topic No. 820 - 10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company's derivative liabilities are estimated using a modified lattice valuation model. j. Earnings (Loss) per Share Basic net earnings per share amounts are computed by dividing the net income available to Li3 Energy, Inc. shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. For the years ended June 30, 2015 and 2014, the following convertible debt, stock options and warrants to purchase shares of common stock were excluded from the computation of diluted net income or loss per share, as the inclusion of such shares would be anti-dilutive: Year Ended June 30, 2015 June 30, 2014 Stock options 1,250,000 1,450,000 Restricted stock units - 983,333 Stock warrants 89,125,976 155,635,919 Convertible debt - 1,548,205 90,375,976 159,617,457 k. Foreign Currency The Company has determined that the functional currency of the parent company and each of its foreign subsidiaries is U.S. Dollars. Foreign currency transaction gains and losses are included in the statement of operations as other income (expense). l. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has made significant estimates related to the fair value of its mineral assets; the fair value of derivative liabilities; stock-based payments; and contingencies. m. Non-controlling Interests The Company is required to report its non-controlling interests as a separate component of equity. The Company is also required to present the consolidated net income and the portion of the consolidated net income allocable to the non-controlling interests and to the stockholders of the Company separately in its consolidated statements of operations. Losses applicable to the non-controlling interests are allocated to the non-controlling interests even when those losses are in excess of the non-controlling interests' investment basis. During the years ended June 30, 2015 and 2014, the Company recorded a net loss allocable to non-controlling interests of $- 0 2,596,551 40 51 Consolidation Investments - Equity Method and Joint Ventures n. Recent Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on the Company´s consolidated financial position, operations or cash flows. o. Subsequent Events The Company evaluated material events occurring between the end of our fiscal year, June 30, 2015, and through the date when the consolidated financial statements were available to be issued for disclosure consideration. |
GOING CONCERN AND BBL TRANSACTI
GOING CONCERN AND BBL TRANSACTION | 12 Months Ended |
Jun. 30, 2015 | |
GOING CONCERN AND BBL TRANSACTION [Abstract] | |
GOING CONCERN AND BBL TRANSACTION | NOTE 3. GOING CONCERN AND BBL TRANSACTION As of June 30, 2015, the Company had no source of current revenue, a cash balance on hand of $ 6,217 881,467 Pursuant to the terms of the BBL Transaction and the Shareholders Agreement with BBL, the Company has access to the following sources of funding: • Li3 Energy will receive $ 1,000,000 • BBL has provided the Company with a credit facility of $ 1,800,000 100,000 200,000 18 8.5 1,220,000 • BBL will finance Li3 Energy´s share of exploration expenses on the Maricunga Project to the stage of full permitting including environmental, social, and construction, and all studies related to the Maricunga Project to internationally recognized standards. The loans will be due 24 12 The Company's current negative working capital position is not sufficient to maintain its basic operations for at least the next 12 months. In the course of its development activities, the Company has sustained and continues to sustain losses. The Company cannot predict if and when the Company may generate profits. In the event we identify commercial reserves of lithium or other minerals, we will require substantial additional capital to develop those reserves and certain governmental permits to exploit such resources. The Company expects to finance its future operations primarily through future equity or debt financing. However, there exists substantial doubt about the Company's ability to continue as a going concern because there is no assurance that it will be able to obtain such capital, through equity or debt financing, or any combination thereof, on satisfactory terms or at all. Additionally, no assurance can be given that any such financing, if obtained, will be adequate to meet the Company's ultimate capital needs and to support its growth. If adequate capital cannot be obtained on a timely basis and on satisfactory terms, then the Company's operations would be materially negatively impacted. The Company's ability to complete additional offerings is dependent on the state of the debt and/or equity markets at the time of any proposed offering, and such market's reception of the Company and the offering terms. In addition, the Company's ability to complete an offering may be dependent on the status of its exploration activities, which cannot be predicted. There is no assurance that capital in any form would be available to the Company, and if available, on terms and conditions that are acceptable. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to obtain the necessary rights to exploit its mineral rights; meet its financial and operational obligations, to obtain additional financing as may be required until such time as it can generate sources of recurring revenues and to ultimately attain profitability. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
INVESTMENT IN MINERA LI
INVESTMENT IN MINERA LI | 12 Months Ended |
Jun. 30, 2015 | |
INVESTMENT IN MINERA LI [Abstract] | |
INVESTMENT IN MINERA LI | NOTE 4. INVESTMENT IN MINERA LI The Company´s equity investment at June 30, 2015 and 2014 relates to its 49 Balance, July 1, 2013 $ - Add: Fair value of investment in Minera Li recognized on January 27, 2014 7,679,014 Less: Equity in loss of Minera Li (106,589 ) Balance, June 30, 2014 7,572,425 Less: Equity in loss of Minera Li (236,050 ) Balance, June 30, 2015 $ 7,336,375 Minera Li was previously a wholly owned subsidiary of the Company. On January 27, 2014, the Company entered into the BBL Transaction, pursuant to which BBL acquired 11 60 1,500,000 40 5,500,000 51 Concurrent with the execution of the agreement, the Company and BBL also entered into a Shareholders Agreement regarding their joint ownership interest of Minera Li (the “Shareholders Agreement”). Under the Shareholders Agreement, BBL will pay $ 1,000,000 992,443 7,557 997,796 994,017 3,779 1,574 Accounting for the BBL Transaction The Company determined that immediately following the BBL Transaction, it ceased to have voting and management control of Minera Li and therefore accounted for the sale of the 51% of Minera Li by deconsolidating the subsidiary from its consolidated financial statements in accordance with ASC 810 - Consolidation The Company´s remaining 49% interest in Minera Li was recorded as an equity investment in accordance with ASC 323 - Investments - Equity Method and Joint Ventures 7,679,014 43,315 Consideration received Cash proceeds received for sale of shares in Minera Li $ 1,500,000 Fair value of $1,000,000 Additional Payment receivable for sale of shares in Minera Li 992,443 2,492,443 Add: Fair value of retained equity method investment (49% investment in Minera Li) 7,679,014 Carrying amount of non-controlling interest in Minera Li 1,725,603 11,897,060 Less: Carrying amount of net assets of Minera Li at January 27, 2014 (11,940,375 ) Loss on sale of controlling interest in Minera Li $ (43,315 ) The fair value of the remaining 49% investment in Minera Li retained by the Company of $7,679,014 was calculated with reference to the BBL Transaction, whereby BBL paid $ 7,992,443 Summarized Financial Information of Minera Li Set out below is the summarized financial information of Minera Li, which is accounted for using the equity method. The information reflects the amounts presented in the financial statements of Minera Li adjusted for differences in accounting policies between the Company and Minera Li. Our share of income and losses from our equity method investment in Minera Li is included in loss from Minera Li equity investment in the consolidated statements of operations. Summarized Balance Sheets June 30, 2015 June 30, 2014 Current assets $ 122,106 $ 174,613 Non-current assets 17,062,020 17,062,724 Total assets $ 17,184,126 $ 17,237,337 Current liabilities $ 486,329 $ 57,806 Equity 16,697,797 17,179,531 Total liabilities and equity $ 17,184,126 $ 17,237,337 Summarized Statements of Operations Year ended January 27, 2014 June 30, 2015 – June 30, 2014 Revenue $ - $ - Operating expenses: Exploration expenses (22,302 ) (6,643 ) General & administrative expenses (459,432 ) (210,887 ) Total operating expenses (481,734 ) (217,530 ) Net loss $ (481,734 ) $ (217,530 ) |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2015 | |
PROPERTY AND EQUIPMENT [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment consists of the following: June 30, 2015 June 30, 2014 Leasehold improvement and office equipment $ 1,941 $ 1,941 Field equipment - - Less: Accumulated depreciation (1,941 ) (1,619 ) $ - $ 322 Depreciation expense for the years ended June 30, 2015 and 2014 was $ 322 13,577 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6. RELATED PARTY TRANSACTIONS BBL Following the BBL Transaction on January 27, 2014, BBL owns 51 49 The Company has entered into the following loan agreements with BBL: Agreement Date June 30,2015 June 30, 2014 May 27, 2014 $ 100,000 $ 100,000 June 11, 2014 140,000 140,000 July 23, 2014 200,000 - August 27, 2014 200,000 - October 21, 2014 200,000 - November 25, 2014 180,000 - February 3, 2015 200,000 - Total 1,220,000 240,000 Current portion of notes payable to BBL (1,020,000 ) - Notes payable to BBL $ 200,000 $ 240,000 The total interest accrued on the loans from BBL as of June 30, 2015 and 2014 was $ 79,355 1,048 78,307 1,048 The loans from BBL bear an interest rate of 8.5 18 13 49 580,000 |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Jun. 30, 2015 | |
NOTE PAYABLE [Abstract] | |
NOTE PAYABLE | NOTE 7. NOTE PAYABLE On June 5, 2008, the Company issued an unsecured promissory note to Milestone Enhanced Fund Ltd. (“Milestone”), bearing an interest rate of 8.25 50,000 77,290 |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Jun. 30, 2015 | |
CONVERTIBLE NOTES PAYABLE [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 8. CONVERTIBLE NOTES PAYABLE On April 30, 2009, the Company issued an unsecured Convertible Promissory Note to Milestone, bearing an interest rate of 8.25 45,000 66,879 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Jun. 30, 2015 | |
DERIVATIVE LIABILITIES [Abstract] | |
DERIVATIVE LIABILITIES | NOTE 9. DERIVATIVE LIABILITIES Warrants The Company has determined that certain warrants that the Company has issued contain provisions that protect holders from future issuances of the Company's common stock at prices below such warrants' respective exercise prices and these provisions could result in modification of the warrants exercise price based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 - 40. Activity for derivative warrant instruments during the years ended June 30, 2014 and 2015 was as follows: Decrease in Decrease in Balance at fair value of Balance at fair value of Balance at June 30, derivative June 30, derivative June 30, 2013 liabilities 2014 liabilities 2015 2009 Unit Offering warrants $ 314,835 $ (313,336 ) $ 1,499 $ (1,499 ) $ - First 2010 Unit Offering warrants 361,632 (56,149 ) 305,483 (305,483 ) - Second 2010 Unit Offering warrants 54,411 (8,187 ) 46,224 (46,224 ) - Third 2010 Unit Offering warrants 129,379 (20,694 ) 108,685 (108,685 ) - Incentive warrants 148,289 (38,262 ) 110,027 (110,027 ) - 2011 Unit Offering warrants 190,100 (190,100 ) - - - Lender warrants 52,929 (11,557 ) 41,372 (37,573 ) 3,799 Warrants for advisory services and arranger warrants 10,933 (8,822 ) 2,111 (1,870 ) 241 POSCAN warrants 2,530,887 (1,297,281 ) 1,233,606 (1,233,606 ) - $ 3,793,395 $ (1,944,388 ) $ 1,849,007 $ (1,844,967 ) $ 4,040 The following is a summary of the assumptions used in the modified lattice valuation model as of June 30, 2015 and 2014, respectively: Valuation as of Valuation as of June 30, June 30, 2015 2014 Common stock issuable upon exercise of warrants 89,125,976 155,635,919 Market value of common stock on measurement date (1) $ 0.011 $ 0.0185 Adjusted exercise price $ 0.04 0.25 $ 0.04 0.29 Risk free interest rate (2) 0.11 0.28 % 0.07 0.67 % Warrant lives in years 0.0 2.1 0.0 1.8 Expected volatility (3) 131 175 % 199 307 % Expected dividend yields (4) None None Assumed stock offerings per year over next five years (5) 1 1 Probability of stock offering in any year over five years (6) 100 % 100 % Range of percentage of existing shares offered (7) 21 % 15 20 % Offering price(8) $ 0.02 $ 0.03 0.05 (1) The market value of common stock is the stock price at the close of trading at year-end, as applicable. (2) The risk-free interest rate was determined by management using the 0.5 or 1 - year Treasury Bill as of the respective offering or measurement date. (3) The historical trading volatility was determined by the Company's trading history. (4) Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management estimates the Company will have at least one stock offering per year over the next five years. (6) Management has determined that the probability of a stock offering is 100% during the next year. (7) Management estimates that the percentage of existing shares offered in a stock offering will be between 21% of the shares outstanding. (8) Represents the estimated offering price in future offerings as determined by management. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2015 | |
STOCKHOLDERS EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 10. STOCKHOLDERS' EQUITY There were no sales of the Company's common stock during the years ended June 30, 2015 and 2014. Common Stock Issued for Services Common stock issued for services during the year ended June 30, 2015 The Company issued the following shares of common stock to its Chief Executive Officer (“CEO”) in lieu of cash salary during the year ended June 30, 2015: Date of issuance Number of shares Fair Value Company´s stock price on August 5, 2014 329,822 $ 6,250 $ 0.0205 September 30, 2014 286,872 $ 6,250 $ 0.0248 November 14, 2014 148,157 $ 3,125 $ 0.105 February 10, 2015 664,887 $ 9,375 $ 0.0145 April 15, 2015 412,058 $ 10,875 $ 0.011 Total 1,841,796 $ 35,875 The Company issued the following shares of common stock to its Chief Financial Officer (“CFO”) in lieu of cash salary during the year ended June 30, 2015: Date of issuance Number of shares Fair Value Company´s stock price on August 5, 2014 273,236 $ 4,625 $ 0.0205 September 30, 2014 206,343 $ 4,625 $ 0.0248 November 14, 2014 106,567 $ 2,313 $ 0.105 February 10, 2015 478,243 $ 6,938 $ 0.0145 April 15, 2015 304,923 $ 4,625 $ 0.011 Total 1,369,312 $ 23,126 The number of shares issued to the CEO and CFO in lieu of salary during the year ended June 30, 2015, was determined based on the average price of the Company´s common stock 30 days prior to and including the due date for such salary. On September 30, 2014, the Company issued an aggregate of 2,474,748 49,000 0.0248 2,058,824 49,000 0.0105 3,576,642 49,000 0.0145 2,560,344 37,125 0.012 The number of shares issued to the directors in lieu of directors' fees during the year ended June 30, 2015, was determined based on the average price of the common stock 30 days prior to and including the due date for such fees. In consideration of the Saenz Amendment and the Santillana Amendment (both described in Note 13), on April 9, 2015, the Company issued 8,928,571 125,000 4,285,715 60,000 0.013 Common stock issued for services during the year ended June 30, 2014 On September 12, 2013, the Company agreed to issue 2,206,870 50,000 0.03 16,206 On September 30, 2013, the Company agreed to issue restricted shares of common stock to certain Directors of the Company in settlement of accrued directors' fees. On October 31, 2013, the Company issued 4,688,291 106,000 55,000 0.023 1,831 On December 26, 2013, the Company issued 2,792,553 52,500 0.01 On January 30, 2014, the Company agreed to issue 3,629,630 49,000 0.01 Also on January 30, 2014, the Company agreed to issue 1,413,932 13,998 0.01 141 On April 29, 2014, the Company issued 1,944,445 49,000 0.02 Stock Issued in Settlement of Registration Rights Penalties On March 22, 2011, the Board of Directors approved a private placement offering (the “2011 Offering”) to investors of up to $ 10,000,000 0.27 one 0.001 one-half 0.40 Pursuant to a registration rights agreement for the 2011 Offering, the Company agreed to file a registration statement with the Securities and Exchange Commission within 75 days after the closing date to register the shares of common stock and the shares of common stock underlying the G Warrants under the Securities Act of 1933, as amended, and to use its best efforts to cause such registration statement to become effective within 150 days after the filing date, all at the Company's own expense. Pursuant to the registration rights agreement, in the event the Company failed to meet these deadlines, the Company agreed to pay the investors monetary penalties of 2 518,243 18 Pursuant to the registration rights agreement, any amendment, modification or supplement, and waivers or consents to departures from the provisions of the registration rights agreement were required to be in writing and signed by the Company and the holders of 67 250,000 14,970,060 250,000 518,246 290,195 558,438 Restricted Stock Units There were no restricted stock units granted during the years ended June 30, 2015 and 2014. The Company recorded stock-based compensation expense of $ 2,482 18,262 233,333 83,333 83,333 The Company committed to grant restricted stock units with respect to an aggregate of 800,000 three 5,361 16,351 Stock Option Awards There were no stock options issued during the years ended June 30, 2015 and 2014. During the years ended June 30, 2015 and 2014, the Company recognized stock-based compensation expense of $- 0 3,593 A summary of stock option activity is presented in the table below: Weighted-average Weighted-average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (years) Value Outstanding at June 30, 2013 1,450,000 $ 0.22 3.03 $ - Granted - - - - Exercised - - - - Expired/Forfeited - - - - Outstanding at June 30, 2014 1,450,000 $ 0.22 2.03 $ - Granted - - - - Exercised - - - - Expired/Forfeited (200,000 ) - - - Outstanding at June 30, 2015 1,250,000 $ 0.21 1.2 $ - Exercisable at June 30, 2015 1,250,000 $ 0.21 1.2 $ - As of June 30, 2015, all of the stock options have vested. On April 22, 2015, 200,000 Warrants Summary information regarding common stock warrants outstanding is as follows: Weighted-average Number of Exercise Warrants Price Outstanding at June 30, 2013 163,227,532 $ 0.22 Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions 7,082,043 n/a Expired (14,673,656 ) - Outstanding at June 30, 2014 155,635,919 $ 0.17 Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions 1,988,605 n/a Expired (68,498,548 ) - Outstanding at June 30, 2015 89,125,976 $ 0.15 Warrants outstanding as of June 30, 2015 are as follows: Outstanding Exercisable Exercise number Remaining number Issuance Date price of shares life of shares June 9, 2010 - September 13, 2010 $ 0.18 5,873,377 0.1 0.2 5,873,377 June 9, 2010 - July 13, 2010 $ 0.12 285,981 0.1 0.2 285,981 November 8-15, 2010 $ 0.04 1,869,763 0.4 1,869,763 December 9, 2010 - March 24, 2011 $ 0.10 6,884,765 0.4 0.6 6,884,765 March 24, 2011 $ 0.25 7,756,201 0.7 7,756,201 May 2, 2011 $ 0.24 1,500,000 0.8 1,500,000 May 2, 2011 $ 0.20 75,000 0.8 75,000 August 17, 2012 $ 0.14 62,499,939 0.1 62,499,939 August 17, 2012 $ 0.21 2,380,950 2.1 2,380,950 89,125,976 89,125,976 The warrants outstanding at June 30, 2015 had no intrinsic value. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jun. 30, 2015 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 11. FAIR VALUE MEASUREMENTS The following table sets forth, by level within the fair value hierarchy, the Company's derivative liabilities that were accounted for at fair value on a recurring basis: Quoted Prices In Active Significant Total Markets for Other Significant Carrying Identical Observable Unobservable Value as of Assets Inputs Inputs June 30, Description (Level 1) (Level 2) (Level 3) 2014 As of June 30, 2015 $ - $ - $ 4,040 $ 4,040 As of June 30, 2014 $ - $ - $ 1,849,007 $ 1,849,007 The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as level 3 in the fair value hierarchy: Significant Unobservable Inputs (Level 3) Years Ended June 30, 2015 2014 Beginning balance $ 1,849,007 $ 3,989,849 Change in fair value (1,844,967 ) (1,944,388 ) Additions - 106,000 Fair value of embedded derivative liability reclassified to gain on debt extinguishment upon repayment of debt - (302,454 ) Ending balance $ 4,040 $ 1,849,007 Change in unrealized gains included in earnings $ 1,844,967 $ 1,944,388 Realized gains included in gain on debt extinguishment $ - $ 302,454 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 12. INCOME TAXES The Company files a U.S. federal income tax return. The Company's foreign subsidiaries file income tax returns in their jurisdictions. The components of the consolidated taxable net loss are as follows for the years ended June 30, 2015 and 2014: 2015 2014 U.S. $ (1,530,766 ) $ (2,979,890 ) Foreign (333,718 ) (708,749 ) Total $ (1,864,484 ) $ (3,688,639 ) The components of the Company's deferred tax assets at June 30, 2015 and 2014 are as follows: 2015 2014 Deferred tax assets: Net operating loss carry-forwards $ 7,003,166 $ 6,845,588 Stock-based compensation 166,747 166,747 Impairment of mineral rights 2,205,049 1,775,130 Loss contingency - 173,005 Equity method loss 116,497 36,240 Differences in cost base of equity method investment (621,598 ) (621,598 ) Valuation allowance (8,869,861 ) (8,375,112 ) Net deferred tax assets $ - $ - The following table provides reconciliation between income taxes computed at the federal statutory rate and our provision for income taxes for the years ended June 30, 2015 and 2014: 2015 2014 Federal income taxes at 34 $ 183,655 $ (2,091,036 ) Change in fair value of derivative liability - warrant instruments (627,289 ) (661,092 ) Meals and entertainment 781 300 Restricted stock units 2,667 11,769 Income tax penalty (54,400 ) 13,600 Foreign currency transaction exchange gain (163 ) (11,662 ) Change in valuation allowance 494,749 2,738,121 Provision for income taxes $ - $ - Unless previously utilized, $ 16,500,497 2030 11,363,842 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13. COMMITMENTS AND CONTINGENCIES Nevada Under the BSV Option Agreement, as amended, the Company was required to pay to GeoXplor $ 100,000 57,000 32,600 189,600 189,600 Employment Services Agreements The Company entered into an Employment Services Agreement with our CEO, Mr. Saenz, effective as of August 24, 2011. Under the Employment Services Agreement, the base salary of Mr. Saenz was determined by our Board of Directors. The Employment Services Agreement had an initial term of one year and was automatically renewed for successive one-year terms unless either party delivered timely notice of its intention not to renew. Our Board of Directors also had sole discretion to pay Mr. Saenz an annual bonus at such time and in such amount as it so determined. We granted Mr. Saenz 700,000 On April 8, 2015, the Company entered into Amendment No. 1 (the “Saenz Amendment”) to the Employee Services Agreement with its CEO. Pursuant to the Saenz Amendment, the CEO´s term will terminate on December 31, 2015 unless the parties agree in writing to extend the term prior to that date. The CEO was paid a base salary of $ 10,416 20,833 5,208 8,928,571 125,000 Mr. Saenz's employment by us remains “at-will” and terminable at any time for any reason or for no reason. If Mr. Saenz's employment is terminated by us without cause, we must continue to pay him any base salary at the rate then in effect for a period of 18 months. If we terminate Mr. Saenz's employment without cause, or in connection with a change of control, or if Mr. Saenz terminates the Employment Services Agreement for good reason, or in the event of a termination of employment due to a permanent disability, we will continue to pay him any base salary at the rate then in effect until the termination date. For the duration of the employment period and, unless we terminate Mr. Saenz's employment without cause, for the period until the termination date, Mr. Saenz has agreed not to directly or indirectly compete with any business engaged in by us or proposed to be engaged in by us during the period of his employment anywhere within the countries in which we are then operating. From June 1, 2014 until March 31, 2015, Mr. Saenz agreed to receive $ 3,125 The Company is party to an Employment Services Agreement with Mr. Santillana, dated as of December 1, 2011, amended as of April 10, 2012 (the “Employment Agreement”). Under the Employment Agreement, Mr. Santillana was appointed as our CFO, and we paid Mr. Santillana an annual base salary of $ 185,000 50 250,000 250,000 0.40 On April 8, 2015, the Company entered into Amendment No. 1 (the “Santillana Amendment”) to the Employee Services Agreement with its CFO, dated as of December 1, 2011 (as amended on April 10, 2012). Pursuant to the Santillana Amendment, the CFO´s term will terminate on December 31, 2015 unless the parties agree in writing to extend the term prior to that date. The CFO was paid a base salary of $ 7,708 15,417 3,854 4,285,715 60,000 Mr. Santillana's employment by us is “at-will” and terminable at any time for any reason or for no reason. If Mr. Santillana's employment is terminated by us without cause or in connection with a change of control (as such terms are defined in the Employment Agreement) or if he terminates his employment for Good Reason (as defined in the Employment Agreement), his options will expire nine months after such termination. If we terminate Mr. Santillana's employment without cause, or in connection with a change of control, or if Mr. Santillana terminates his employment for good reason, or in the event of a termination of employment due to a permanent disability, we will continue to pay Mr. Santillana his base salary at the rate then in effect for until the termination date. For the duration of the employment period and, unless we terminate Mr. Santillana's employment without cause, for the period until the termination date, Mr. Santillana has agreed not to directly or indirectly compete with any business engaged in by us or proposed to be engaged in by us during the period of his employment anywhere within the countries in which we are then operating. The foregoing is a summary of the principal terms of the Employment Agreement and the Santillana Amendment and is qualified in its entirety by the detailed provisions of the actual agreements, which are filed as exhibits to this Annual Report and are incorporated herein by reference. From June 1, 2014 until March 31, 2015, Mr. Santillana agreed to receive $ 2,313 Operating Leases Rental expense for office operating leases was $ 30,804 40,958 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14. SUBSEQUENT EVENTS Issuance of Restricted Stock On August 19, 2015, the Company issued an aggregate of 2,663,552 28,500 On August 19, 2015, the Company issued 3,508,771 40,000 Convertible Debt On, July 31, 2015, the Company issued an unsecured promissory note to Mr. Luis Saenz, the CEO of the Company, bearing an interest rate of 3 7,500 January 31, 2016 3 7,500 January 31, 2016 Loan from Directors On November 4, 2015, certain Directors of the Company made an interest free loan to the Company of $ 25,000 December 4, 2015 Expiration of Warrants On July 13, 2015, 5,488,115 671,244 62,499,938 Resignation of Directors On July 20, 2015, Dr. Uong Chon resigned from the Board of Directors of the Company. On October 27, 2015, Mr. Harvey McKenzie resigned from the Board of Directors of the Company due to personal reasons. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of Consolidation | a. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Li3 Peru, Alfredo and Li3 Copiapó. As a result of the Company disposing of its controlling interest in Minera Li on January 27, 2014, the Company deconsolidated Minera Li from its consolidated financial statements and now accounts for its remaining 49 |
Cash and Cash Equivalents | b. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at June 30, 2015 and 2014. The Company has not experienced any losses on its deposits of cash and cash equivalents. |
Mineral Exploration and Development Costs | c. Mineral Exploration and Development Costs All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is determined to be a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the cost of mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs, including related property and equipment costs. To determine if capitalized costs are in excess of their recoverable amount, periodic evaluation of the carrying value of capitalized costs and any related property and equipment costs are performed based upon expected future cash flows and/or estimated salvage value . 0 6,485,438 |
Impairment of Long-lived Assets | d. Impairment of Long-lived Assets Long-lived assets, including mineral rights, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. We account for asset impairment in accordance with FASB ASC 360, Property Plant and Equipment |
Investment in Minera Li | e. Investment in Minera Li As of January 27, 2014, the Company's investment in Minera Li is accounted for under the equity method in accordance with ASC 323 – Equity Investments and Joint Ventures We evaluate equity investments for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an ‘‘other-than-temporary'' decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is ‘‘other-than-temporary'' based on an assessment of all relevant factors, including consideration of our intent and ability to retain the investment. |
Property and Equipment | f. Property and Equipment Property and equipment are stated at cost. Equipment and fixtures are being depreciated using the straight-line method over the estimated useful lives ranging from 3 10 |
Income Taxes | g. Income Taxes A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and for net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. For financial statement purposes, we recognize the impact of an uncertain income tax position on the income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company recognizes interest related to income tax matters in income tax expense and penalties related to income tax matters in general and administrative expenses. The Company did not have any uncertain income tax positions or accrued interest included in our consolidated balance sheets at June 30, 2015, or 2014, and did not recognize any interest in its consolidated statements of operations during the years ended June 30, 2015or 2014. At June 30, 2015 and 2014, the Company has recorded $- 0 160,000 40,000 160,000 |
Share-based Payments | h. Share-based Payments The Company utilizes the Black-Scholes option pricing model to estimate the fair value of employee stock option awards at the date of grant, which requires the input of highly subjective assumptions, including expected volatility and expected life. Changes in these inputs and assumptions can materially affect the measure of estimated fair value of share-based compensation. These assumptions are subjective and generally require significant analysis and judgment to develop. When estimating fair value, some of the assumptions will be based on, or determined from, external data and other assumptions may be derived from historical experience with stock-based payment arrangements. The appropriate weight to place on historical experience is a matter of judgment, based on relevant facts and circumstances. The Company estimates volatility by considering the historical stock volatility. The Company has opted to use the simplified method for estimating expected term, which is generally equal to the midpoint between the vesting period and the contractual term. |
Fair Value Measurements | i. Fair Value Measurements As defined in FASB ASC Topic No. 820 - 10, fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC Topic No. 820 - 10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements. The statement requires fair value measurements be classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the term of the derivative instruments, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). The Company's valuation models are primarily industry standard models. Level 3 instruments include derivative warrant instruments. The Company does not have sufficient corroborating evidence to support classifying these assets and liabilities as Level 1 or Level 2. As required by FASB ASC Topic No. 820 - 10, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The fair value of the Company's derivative liabilities are estimated using a modified lattice valuation model. |
Earnings (Loss) per Share | j. Earnings (Loss) per Share Basic net earnings per share amounts are computed by dividing the net income available to Li3 Energy, Inc. shareholders by the weighted average number of common shares outstanding over the reporting period. In periods in which the Company reports a net loss, dilutive securities are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive. For the years ended June 30, 2015 and 2014, the following convertible debt, stock options and warrants to purchase shares of common stock were excluded from the computation of diluted net income or loss per share, as the inclusion of such shares would be anti-dilutive: Year Ended June 30, 2015 June 30, 2014 Stock options 1,250,000 1,450,000 Restricted stock units - 983,333 Stock warrants 89,125,976 155,635,919 Convertible debt - 1,548,205 90,375,976 159,617,457 |
Foreign Currency | k. Foreign Currency The Company has determined that the functional currency of the parent company and each of its foreign subsidiaries is U.S. Dollars. Foreign currency transaction gains and losses are included in the statement of operations as other income (expense). |
Use of Estimates and Assumptions | l. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has made significant estimates related to the fair value of its mineral assets; the fair value of derivative liabilities; stock-based payments; and contingencies. |
Non-controlling Interests | m. Non-controlling Interests The Company is required to report its non-controlling interests as a separate component of equity. The Company is also required to present the consolidated net income and the portion of the consolidated net income allocable to the non-controlling interests and to the stockholders of the Company separately in its consolidated statements of operations. Losses applicable to the non-controlling interests are allocated to the non-controlling interests even when those losses are in excess of the non-controlling interests' investment basis. During the years ended June 30, 2015 and 2014, the Company recorded a net loss allocable to non-controlling interests of $- 0 2,596,551 40 51 Consolidation Investments - Equity Method and Joint Ventures |
Recent Accounting Pronouncements | n. Recent Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on the Company´s consolidated financial position, operations or cash flows. |
Subsequent Events | o. Subsequent Events The Company evaluated material events occurring between the end of our fiscal year, June 30, 2015, and through the date when the consolidated financial statements were available to be issued for disclosure consideration. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of Antidilutive Securities | Year Ended June 30, 2015 June 30, 2014 Stock options 1,250,000 1,450,000 Restricted stock units - 983,333 Stock warrants 89,125,976 155,635,919 Convertible debt - 1,548,205 90,375,976 159,617,457 |
INVESTMENT IN MINERA LI (Tables
INVESTMENT IN MINERA LI (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
INVESTMENT IN MINERA LI [Abstract] | |
Summary of Investment | Balance, July 1, 2013 $ - Add: Fair value of investment in Minera Li recognized on January 27, 2014 7,679,014 Less: Equity in loss of Minera Li (106,589 ) Balance, June 30, 2014 7,572,425 Less: Equity in loss of Minera Li (236,050 ) Balance, June 30, 2015 $ 7,336,375 |
Schedule of Equity Investment Accounting | Consideration received Cash proceeds received for sale of shares in Minera Li $ 1,500,000 Fair value of $1,000,000 Additional Payment receivable for sale of shares in Minera Li 992,443 2,492,443 Add: Fair value of retained equity method investment (49% investment in Minera Li) 7,679,014 Carrying amount of non-controlling interest in Minera Li 1,725,603 11,897,060 Less: Carrying amount of net assets of Minera Li at January 27, 2014 (11,940,375 ) Loss on sale of controlling interest in Minera Li $ (43,315 ) |
Summarized Financial Information of Minera Li | Summarized Balance Sheets June 30, 2015 June 30, 2014 Current assets $ 122,106 $ 174,613 Non-current assets 17,062,020 17,062,724 Total assets $ 17,184,126 $ 17,237,337 Current liabilities $ 486,329 $ 57,806 Equity 16,697,797 17,179,531 Total liabilities and equity $ 17,184,126 $ 17,237,337 Summarized Statements of Operations Year ended January 27, 2014 June 30, 2015 – June 30, 2014 Revenue $ - $ - Operating expenses: Exploration expenses (22,302 ) (6,643 ) General & administrative expenses (459,432 ) (210,887 ) Total operating expenses (481,734 ) (217,530 ) Net loss $ (481,734 ) $ (217,530 ) |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
PROPERTY AND EQUIPMENT [Abstract] | |
Schedule of Property and Equipment | June 30, 2015 June 30, 2014 Leasehold improvement and office equipment $ 1,941 $ 1,941 Field equipment - - Less: Accumulated depreciation (1,941 ) (1,619 ) $ - $ 322 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
Schedule of Loan Agreements | Agreement Date June 30,2015 June 30, 2014 May 27, 2014 $ 100,000 $ 100,000 June 11, 2014 140,000 140,000 July 23, 2014 200,000 - August 27, 2014 200,000 - October 21, 2014 200,000 - November 25, 2014 180,000 - February 3, 2015 200,000 - Total 1,220,000 240,000 Current portion of notes payable to BBL (1,020,000 ) - Notes payable to BBL $ 200,000 $ 240,000 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
DERIVATIVE LIABILITIES [Abstract] | |
Schedule of Derivative Instrument Activity | Decrease in Decrease in Balance at fair value of Balance at fair value of Balance at June 30, derivative June 30, derivative June 30, 2013 liabilities 2014 liabilities 2015 2009 Unit Offering warrants $ 314,835 $ (313,336 ) $ 1,499 $ (1,499 ) $ - First 2010 Unit Offering warrants 361,632 (56,149 ) 305,483 (305,483 ) - Second 2010 Unit Offering warrants 54,411 (8,187 ) 46,224 (46,224 ) - Third 2010 Unit Offering warrants 129,379 (20,694 ) 108,685 (108,685 ) - Incentive warrants 148,289 (38,262 ) 110,027 (110,027 ) - 2011 Unit Offering warrants 190,100 (190,100 ) - - - Lender warrants 52,929 (11,557 ) 41,372 (37,573 ) 3,799 Warrants for advisory services and arranger warrants 10,933 (8,822 ) 2,111 (1,870 ) 241 POSCAN warrants 2,530,887 (1,297,281 ) 1,233,606 (1,233,606 ) - $ 3,793,395 $ (1,944,388 ) $ 1,849,007 $ (1,844,967 ) $ 4,040 |
Schedule of Fair Value Assumptions | Valuation as of Valuation as of June 30, June 30, 2015 2014 Common stock issuable upon exercise of warrants 89,125,976 155,635,919 Market value of common stock on measurement date (1) $ 0.011 $ 0.0185 Adjusted exercise price $ 0.04 0.25 $ 0.04 0.29 Risk free interest rate (2) 0.11 0.28 % 0.07 0.67 % Warrant lives in years 0.0 2.1 0.0 1.8 Expected volatility (3) 131 175 % 199 307 % Expected dividend yields (4) None None Assumed stock offerings per year over next five years (5) 1 1 Probability of stock offering in any year over five years (6) 100 % 100 % Range of percentage of existing shares offered (7) 21 % 15 20 % Offering price(8) $ 0.02 $ 0.03 0.05 (1) The market value of common stock is the stock price at the close of trading at year-end, as applicable. (2) The risk-free interest rate was determined by management using the 0.5 or 1 - year Treasury Bill as of the respective offering or measurement date. (3) The historical trading volatility was determined by the Company's trading history. (4) Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future. (5) Management estimates the Company will have at least one stock offering per year over the next five years. (6) Management has determined that the probability of a stock offering is 100% during the next year. (7) Management estimates that the percentage of existing shares offered in a stock offering will be between 21% of the shares outstanding. (8) Represents the estimated offering price in future offerings as determined by management. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
STOCKHOLDERS EQUITY [Abstract] | |
Schedule of Common Stock Issued for Services | Date of issuance Number of shares Fair Value Company´s stock price on August 5, 2014 329,822 $ 6,250 $ 0.0205 September 30, 2014 286,872 $ 6,250 $ 0.0248 November 14, 2014 148,157 $ 3,125 $ 0.105 February 10, 2015 664,887 $ 9,375 $ 0.0145 April 15, 2015 412,058 $ 10,875 $ 0.011 Total 1,841,796 $ 35,875 The Company issued the following shares of common stock to its Chief Financial Officer (“CFO”) in lieu of cash salary during the year ended June 30, 2015: Date of issuance Number of shares Fair Value Company´s stock price on August 5, 2014 273,236 $ 4,625 $ 0.0205 September 30, 2014 206,343 $ 4,625 $ 0.0248 November 14, 2014 106,567 $ 2,313 $ 0.105 February 10, 2015 478,243 $ 6,938 $ 0.0145 April 15, 2015 304,923 $ 4,625 $ 0.011 Total 1,369,312 $ 23,126 |
Schedule of Stock Option Activity | Weighted-average Weighted-average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Term (years) Value Outstanding at June 30, 2013 1,450,000 $ 0.22 3.03 $ - Granted - - - - Exercised - - - - Expired/Forfeited - - - - Outstanding at June 30, 2014 1,450,000 $ 0.22 2.03 $ - Granted - - - - Exercised - - - - Expired/Forfeited (200,000 ) - - - Outstanding at June 30, 2015 1,250,000 $ 0.21 1.2 $ - Exercisable at June 30, 2015 1,250,000 $ 0.21 1.2 $ - |
Schedule of Warrant Activity | Weighted-average Number of Exercise Warrants Price Outstanding at June 30, 2013 163,227,532 $ 0.22 Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions 7,082,043 n/a Expired (14,673,656 ) - Outstanding at June 30, 2014 155,635,919 $ 0.17 Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions 1,988,605 n/a Expired (68,498,548 ) - Outstanding at June 30, 2015 89,125,976 $ 0.15 |
Schedule of Warrants Outstanding | Outstanding Exercisable Exercise number Remaining number Issuance Date price of shares life of shares June 9, 2010 - September 13, 2010 $ 0.18 5,873,377 0.1 0.2 5,873,377 June 9, 2010 - July 13, 2010 $ 0.12 285,981 0.1 0.2 285,981 November 8-15, 2010 $ 0.04 1,869,763 0.4 1,869,763 December 9, 2010 - March 24, 2011 $ 0.10 6,884,765 0.4 0.6 6,884,765 March 24, 2011 $ 0.25 7,756,201 0.7 7,756,201 May 2, 2011 $ 0.24 1,500,000 0.8 1,500,000 May 2, 2011 $ 0.20 75,000 0.8 75,000 August 17, 2012 $ 0.14 62,499,939 0.1 62,499,939 August 17, 2012 $ 0.21 2,380,950 2.1 2,380,950 89,125,976 89,125,976 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Schedule of Assets and Liabilities Measured on a Recurring Basis | Quoted Prices In Active Significant Total Markets for Other Significant Carrying Identical Observable Unobservable Value as of Assets Inputs Inputs June 30, Description (Level 1) (Level 2) (Level 3) 2014 As of June 30, 2015 $ - $ - $ 4,040 $ 4,040 As of June 30, 2014 $ - $ - $ 1,849,007 $ 1,849,007 |
Schedule of Reconciliation of Changes in Fair Value | Significant Unobservable Inputs (Level 3) Years Ended June 30, 2015 2014 Beginning balance $ 1,849,007 $ 3,989,849 Change in fair value (1,844,967 ) (1,944,388 ) Additions - 106,000 Fair value of embedded derivative liability reclassified to gain on debt extinguishment upon repayment of debt - (302,454 ) Ending balance $ 4,040 $ 1,849,007 Change in unrealized gains included in earnings $ 1,844,967 $ 1,944,388 Realized gains included in gain on debt extinguishment $ - $ 302,454 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
INCOME TAXES [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | 2015 2014 U.S. $ (1,530,766 ) $ (2,979,890 ) Foreign (333,718 ) (708,749 ) Total $ (1,864,484 ) $ (3,688,639 ) |
Schedule of Deferred Tax Assets and Liabilities | 2015 2014 Deferred tax assets: Net operating loss carry-forwards $ 7,003,166 $ 6,845,588 Stock-based compensation 166,747 166,747 Impairment of mineral rights 2,205,049 1,775,130 Loss contingency - 173,005 Equity method loss 116,497 36,240 Differences in cost base of equity method investment (621,598 ) (621,598 ) Valuation allowance (8,869,861 ) (8,375,112 ) Net deferred tax assets $ - $ - |
Schedule of Reconciliation of Income Taxes | 2015 2014 Federal income taxes at 34 $ 183,655 $ (2,091,036 ) Change in fair value of derivative liability - warrant instruments (627,289 ) (661,092 ) Meals and entertainment 781 300 Restricted stock units 2,667 11,769 Income tax penalty (54,400 ) 13,600 Foreign currency transaction exchange gain (163 ) (11,662 ) Change in valuation allowance 494,749 2,738,121 Provision for income taxes $ - $ - |
ORGANIZATION AND DESCRIPTION 30
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details) - USD ($) | 12 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Oct. 22, 2014 | Oct. 21, 2014 | Jan. 27, 2014 | Dec. 31, 2013 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS [Abstract] | ||||||
Acquired ownership percentage | 60.00% | 60.00% | ||||
Ownership percentage of BBL | 51.00% | |||||
Ownership percentage of Li3 Energy | 49.00% | 100.00% | 51.00% | 40.00% | ||
Gain on sale of Noto Energy | $ 4,245 |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Oct. 22, 2014 | Oct. 21, 2014 | Jan. 27, 2014 | Dec. 31, 2013 | |
Ownership percentage of Li3 Energy | 49.00% | 100.00% | 51.00% | 40.00% | ||
Mineral Rights Impairment Expense | $ 6,485,438 | |||||
Accrued income tax penalties | $ 0 | 160,000 | ||||
Penalties expense | 40,000 | |||||
Reversal of accrued income tax penalties | $ 160,000 | |||||
Net loss attributable to non-controlling interests | $ 2,596,551 | |||||
Acquired ownership percentage | 60.00% | 60.00% | ||||
Ownership percentage of BBL | 51.00% | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Antidilutive Securities) (Details) - shares | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 90,375,976 | 159,617,457 |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 1,250,000 | 1,450,000 |
Restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 983,333 | |
Stock warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 89,125,976 | 155,635,919 |
Convertible debt [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted net loss per share | 1,548,205 |
GOING CONCERN AND BBL TRANSAC33
GOING CONCERN AND BBL TRANSACTION (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
GOING CONCERN AND BBL TRANSACTION [Abstract] | |||
Cash | $ 6,217 | $ 38,490 | $ 12,667 |
Negative working capital | $ 881,467 | ||
Receivable from BBL for sale of controlling interest in Minera Li | $ 994,017 | ||
Interest rate | 12.00% | ||
Term of loan installment payments | 24 months | ||
BBL Loan [Member] | |||
Interest rate | 8.50% | ||
Line of credit, amount outstanding | $ 1,220,000 | ||
Term of loan installment payments | 18 months | ||
Project Milestone Completion [Member] | |||
Receivable from BBL for sale of controlling interest in Minera Li | $ 1,000,000 | ||
Maximum borrowing capacity | 1,800,000 | ||
Initial draw amount | 100,000 | ||
Monthly draw amount | $ 200,000 |
INVESTMENT IN MINERA LI (Invest
INVESTMENT IN MINERA LI (Investment in Associates) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Beginning balance | $ 7,572,425 | |
Less: Equity in loss of Minera Li | (236,050) | $ (106,589) |
Ending balance | 7,336,375 | $ 7,572,425 |
Minera Li [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Beginning balance | 7,572,425 | |
Add: Fair value of investment in Minera Li recognized on January 27, 2014 | $ 7,679,014 | |
Less: Equity in loss of Minera Li | (236,050) | (106,589) |
Ending balance | $ 7,336,375 | $ 7,572,425 |
INVESTMENT IN MINERA LI (Narrat
INVESTMENT IN MINERA LI (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 27, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Receivable from BBL for sale of controlling interest in Minera Li | $ 994,017 | ||
Loss on sale of controlling interest in Minera Li | $ (43,315) | ||
Receivable from BBL for sale of controlling interest in Minera Li | $ 997,796 | ||
Minera Li [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current ownership percentage | 51.00% | 49.00% | |
Stock issued for acquisition of mineral rights (in shares) | 11 | 40 | |
Stock issued for acquisition of mineral rights | $ 1,500,000 | $ 5,500,000 | |
Investment owned, shares | 60 | 49 | |
Interest income | $ 7,557 | $ 3,779 | $ 1,574 |
Receivable from BBL for sale of controlling interest in Minera Li | 1,000,000 | 992,443 | 994,017 |
Fair value of retained equity method investment (49% investment in Minera Li) | 7,679,014 | 7,679,014 | |
Loss on sale of controlling interest in Minera Li | $ (43,315) | ||
Consideration received | $ 7,992,443 | ||
Receivable from BBL for sale of controlling interest in Minera Li | $ 997,796 |
INVESTMENT IN MINERA LI (Fair V
INVESTMENT IN MINERA LI (Fair Value of Investment) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jan. 27, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from sale of controlling interest in Minera Li | $ 1,500,000 | ||
Loss on sale of controlling interest in Minera Li | (43,315) | ||
Minera Li [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from sale of controlling interest in Minera Li | 1,500,000 | ||
Investment fair value | 992,443 | ||
Total consideration received | 2,492,443 | ||
Fair value of retained equity method investment (49% investment in Minera Li) | 7,679,014 | $ 7,679,014 | |
Carrying amount of non-controlling interest in Minera Li | 1,725,603 | ||
Total carrying amount | 11,897,060 | ||
Carrying amount of net assets of Minera Li at January 27, 2014 | (11,940,375) | ||
Loss on sale of controlling interest in Minera Li | $ (43,315) |
INVESTMENT IN MINERA LI (Summar
INVESTMENT IN MINERA LI (Summarized Financial Information of Investment) (Details) - Minera Li [Member] - USD ($) | 5 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 174,613 | $ 122,106 |
Non-current assets | 17,062,724 | 17,062,020 |
Total assets | 17,237,337 | 17,184,126 |
Current liabilities | 57,806 | 486,329 |
Equity | 17,179,531 | 16,697,797 |
Total liabilities and equity | $ 17,237,337 | $ 17,184,126 |
Revenue | ||
Exploration expenses | $ (6,643) | $ (22,302) |
General and administrative expenses | (210,887) | (459,432) |
Total operating expenses | (217,530) | (481,734) |
Net loss | $ (217,530) | $ (481,734) |
PROPERTY AND EQUIPMENT (Schedul
PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (1,941) | $ (1,619) |
Property and equipment, net | 322 | |
Leasehold Improvement and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,941 | $ 1,941 |
Field Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
PROPERTY AND EQUIPMENT [Abstract] | ||
Depreciation | $ 322 | $ 13,577 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Oct. 21, 2014 | Jan. 27, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||||
Ownership percentage of Li3 Energy | 49.00% | 100.00% | 51.00% | 40.00% | |
Interest rate | 12.00% | ||||
Term of loan installment payments | 24 months | ||||
BBL Loan [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate | 8.50% | ||||
Term of loan installment payments | 18 months | ||||
Accrued interest payable | $ 79,355 | $ 1,048 | |||
Interest expense on debt | 78,307 | $ 1,048 | |||
Line of credit, amount outstanding | 1,220,000 | ||||
BBL Credit Facility [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of credit, amount outstanding | $ 580,000 | ||||
Minera Li [Member] | |||||
Related Party Transaction [Line Items] | |||||
Investment owned, shares | 49 | 60 | |||
Minera Li [Member] | BBL Loan [Member] | |||||
Related Party Transaction [Line Items] | |||||
Investment owned, shares | 13 |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Loan Agreements) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transaction [Line Items] | ||
Total | $ 1,220,000 | $ 240,000 |
Current portion of notes payable to BBL | (1,020,000) | |
Notes payable to BBL | 200,000 | $ 240,000 |
Note One [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 100,000 | 100,000 |
Agreement Date | May 27, 2014 | |
Note Two [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 140,000 | $ 140,000 |
Agreement Date | Jun. 20, 2014 | |
Note Three [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 200,000 | |
Agreement Date | Jul. 23, 2014 | |
Note Four [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 200,000 | |
Agreement Date | Aug. 27, 2014 | |
Note Five [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 200,000 | |
Agreement Date | Oct. 21, 2014 | |
Note Six [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 180,000 | |
Agreement Date | Nov. 25, 2014 | |
Note Seven [Member] | ||
Related Party Transaction [Line Items] | ||
Total | $ 200,000 | |
Agreement Date | Feb. 3, 2015 |
NOTE PAYABLE (Details)
NOTE PAYABLE (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 05, 2008 | Jun. 30, 2015 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | |||
Interest rate | 12.00% | ||
Gain on debt extinguishment | $ 333,769 | $ 85,864 | |
Milestone Enhanced Fund Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Issuance of promissory note | $ 50,000 | ||
Interest rate | 8.25% | ||
Maturity date | Jun. 5, 2009 | ||
Gain on debt extinguishment | $ 77,290 |
CONVERTIBLE NOTES PAYABLE (Deta
CONVERTIBLE NOTES PAYABLE (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2009 | Jun. 05, 2008 | Jun. 30, 2015 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Interest rate | 12.00% | |||
Gain on debt extinguishment | $ 333,769 | $ 85,864 | ||
Milestone Enhanced Fund Ltd [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance of promissory note | $ 50,000 | |||
Interest rate | 8.25% | |||
Maturity date | Jun. 5, 2009 | |||
Gain on debt extinguishment | 77,290 | |||
Milestone Enhanced Fund Ltd [Member] | Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance of promissory note | $ 45,000 | |||
Interest rate | 8.25% | |||
Maturity date | Nov. 8, 2010 | |||
Gain on debt extinguishment | $ 66,879 |
DERIVATIVE LIABILITIES (Schedul
DERIVATIVE LIABILITIES (Schedule of Derivative Instrument Activity) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||
Balance | $ 1,849,007 | $ 3,793,395 |
Decrease in fair value of derivative liabilities | (1,844,967) | (1,944,388) |
Balance | 4,040 | 1,849,007 |
Unit Offering Warrants 2009 [Member] | ||
Derivative [Line Items] | ||
Balance | 1,499 | 314,835 |
Decrease in fair value of derivative liabilities | $ (1,499) | (313,336) |
Balance | 1,499 | |
First 2010 Unit Offering Warrants [Member] | ||
Derivative [Line Items] | ||
Balance | $ 305,483 | 361,632 |
Decrease in fair value of derivative liabilities | $ (305,483) | (56,149) |
Balance | 305,483 | |
Second 2010 Unit Offering Warrants [Member] | ||
Derivative [Line Items] | ||
Balance | $ 46,224 | 54,411 |
Decrease in fair value of derivative liabilities | $ (46,224) | (8,187) |
Balance | 46,224 | |
Third 2010 Unit Offering Warrants [Member] | ||
Derivative [Line Items] | ||
Balance | $ 108,685 | 129,379 |
Decrease in fair value of derivative liabilities | $ (108,685) | (20,694) |
Balance | 108,685 | |
Incentive Warrants [Member] | ||
Derivative [Line Items] | ||
Balance | $ 110,027 | 148,289 |
Decrease in fair value of derivative liabilities | $ (110,027) | (38,262) |
Balance | 110,027 | |
Unit Offering Warrants 2011 [Member] | ||
Derivative [Line Items] | ||
Balance | 190,100 | |
Decrease in fair value of derivative liabilities | $ (190,100) | |
Balance | ||
Lender Warrant [Member] | ||
Derivative [Line Items] | ||
Balance | $ 41,372 | $ 52,929 |
Decrease in fair value of derivative liabilities | (37,573) | (11,557) |
Balance | 3,799 | 41,372 |
Warrants For Advisory Services and Arranger Warrants [Member] | ||
Derivative [Line Items] | ||
Balance | 2,111 | 10,933 |
Decrease in fair value of derivative liabilities | (1,870) | (8,822) |
Balance | 241 | 2,111 |
POSCAN Warrants [Member] | ||
Derivative [Line Items] | ||
Balance | 1,233,606 | 2,530,887 |
Decrease in fair value of derivative liabilities | $ (1,233,606) | (1,297,281) |
Balance | $ 1,233,606 |
DERIVATIVE LIABILITIES (Sched45
DERIVATIVE LIABILITIES (Schedule of Fair Value Assumptions) (Details) - $ / shares | 12 Months Ended | ||||||||||||
Jun. 30, 2015 | Jun. 30, 2014 | May. 20, 2015 | Apr. 09, 2015 | Feb. 10, 2015 | Nov. 14, 2014 | Sep. 30, 2014 | Apr. 29, 2014 | Jan. 30, 2014 | Sep. 30, 2013 | Sep. 12, 2013 | Mar. 22, 2011 | ||
Derivative [Line Items] | |||||||||||||
Common stock issuable upon exercise of warrants | 10,000,000 | ||||||||||||
Market value of common stock on measurement date | $ 0.27 | $ 0.012 | $ 0.013 | $ 0.0145 | $ 0.0105 | $ 0.0248 | $ 0.02 | $ 0.01 | $ 0.023 | $ 0.03 | |||
Warrant [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Common stock issuable upon exercise of warrants | 89,125,976 | 155,635,919 | |||||||||||
Market value of common stock on measurement date | [1] | $ 0.011 | $ 0.0185 | ||||||||||
Expected dividend yields | [2] | 0.00% | 0.00% | ||||||||||
Assumed stock offerings per year over next five years | [3] | 1 | 1 | ||||||||||
Probability of stock offering in any year over five years | [4] | 100.00% | 100.00% | ||||||||||
Range of percentage of existing shares offered | [5] | 21.00% | |||||||||||
Offering price | [6] | $ 0.02 | |||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Adjusted exercise price | $ 0.25 | $ 0.29 | |||||||||||
Risk free interest rate | [7] | 0.28% | 0.67% | ||||||||||
Warrant lives in years | 2 years 1 month 6 days | 1 year 9 months 18 days | |||||||||||
Expected volatility | [8] | 175.00% | 307.00% | ||||||||||
Range of percentage of existing shares offered | [5] | 20.00% | |||||||||||
Offering price | [6] | $ 0.05 | |||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Adjusted exercise price | $ 0.04 | $ 0.04 | |||||||||||
Risk free interest rate | [7] | 0.11% | 0.07% | ||||||||||
Warrant lives in years | 0 years | 0 years | |||||||||||
Expected volatility | [8] | 131.00% | 199.00% | ||||||||||
Range of percentage of existing shares offered | [5] | 15.00% | |||||||||||
Offering price | [6] | $ 0.03 | |||||||||||
[1] | The market value of common stock is the stock price at the close of trading at year-end, as applicable. | ||||||||||||
[2] | Management determined the dividend yield to be -0-% based upon its expectation that it will not pay dividends for the foreseeable future. | ||||||||||||
[3] | Management estimates the Company will have at least one stock offering per year over the next five years. | ||||||||||||
[4] | Management has determined that the probability of a stock offering is 100% during the next year. | ||||||||||||
[5] | Management estimates that the percentage of existing shares offered in a stock offering will be between 21% of the shares outstanding. | ||||||||||||
[6] | Represents the estimated offering price in future offerings as determined by management. | ||||||||||||
[7] | The risk-free interest rate was determined by management using the 0.5 or 1 - year Treasury Bill as of the respective offering or measurement date. | ||||||||||||
[8] | The historical trading volatility was determined by the Company's trading history. |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||||
May. 20, 2015 | Apr. 14, 2015 | Apr. 09, 2015 | Feb. 10, 2015 | Nov. 14, 2014 | Sep. 30, 2014 | Apr. 29, 2014 | Jan. 30, 2014 | Dec. 26, 2013 | Sep. 30, 2013 | Sep. 12, 2013 | Dec. 01, 2011 | Aug. 24, 2011 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 23, 2014 | Mar. 22, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Options expired | 200,000 | ||||||||||||||||
Stock-based compensation | $ 232,843 | $ 78,425 | |||||||||||||||
Stock issued for services | $ 37,125 | $ 49,000 | $ 49,000 | $ 49,000 | $ 49,000 | $ 13,998 | $ 106,000 | $ 50,000 | |||||||||
Stock issued for services, shares | 2,560,344 | 3,576,642 | 2,058,824 | 2,474,748 | 1,944,445 | 1,413,932 | 4,688,291 | 2,206,870 | |||||||||
Stock issued for settlement of obligations, shares | 14,970,060 | ||||||||||||||||
Stock issued for settlement of obligations | $ 250,000 | $ 808,438 | |||||||||||||||
Accrued liabilities | $ 55,000 | ||||||||||||||||
Penalties accrual | 518,246 | 518,243 | |||||||||||||||
Exercise price | $ 0.40 | ||||||||||||||||
Common stock issuable upon exercise of warrants | 10,000,000 | ||||||||||||||||
Shares called by warrant | 0.5 | ||||||||||||||||
Gain (loss) on settlements, net | $ (141) | $ (1,831) | $ (16,206) | ||||||||||||||
Stock price | $ 0.012 | $ 0.013 | $ 0.0145 | $ 0.0105 | $ 0.0248 | $ 0.02 | $ 0.01 | $ 0.023 | $ 0.03 | $ 0.27 | |||||||
Registration penalty, additional paid-in-capital | $ 558,438 | ||||||||||||||||
Penalties accrual, accrued interest | $ 290,195 | ||||||||||||||||
Penalties accrual, interest rate | 18.00% | ||||||||||||||||
Registration penalty, maximum amount | $ 250,000 | ||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Monthly penalty percentage | 2.00% | ||||||||||||||||
Trigger stock ownership percentage | 67.00% | ||||||||||||||||
Number of shares per unit | 1 | ||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting period | 3 years | ||||||||||||||||
Number of shares authorized | 800,000 | ||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock-based compensation | $ 0 | $ 3,593 | |||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock issued for services | $ 125,000 | $ 52,500 | |||||||||||||||
Stock issued for services, shares | 8,928,571 | 2,792,553 | |||||||||||||||
Stock issued pursuant to vesting of restricted stock, shares | 700,000 | 233,333 | |||||||||||||||
Exercise price | $ 0.40 | ||||||||||||||||
Stock price | $ 0.01 | ||||||||||||||||
Chief Financial Officer [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock issued for services | $ 60,000 | ||||||||||||||||
Stock issued for services, shares | 4,285,715 | ||||||||||||||||
Stock issued pursuant to vesting of restricted stock, shares | 250,000 | 83,333 | 83,333 | ||||||||||||||
Common stock issuable upon exercise of warrants | 250,000 | ||||||||||||||||
Director [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock issued for services | $ 49,000 | ||||||||||||||||
Stock issued for services, shares | 3,629,630 | ||||||||||||||||
Stock price | $ 0.01 | ||||||||||||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock-based compensation | $ 5,361 | $ 16,351 | |||||||||||||||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock-based compensation | $ 2,482 | $ 18,262 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Common Stock Issued for Services) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Apr. 09, 2015 | Jun. 30, 2015 | May. 20, 2015 | Feb. 10, 2015 | Nov. 14, 2014 | Sep. 30, 2014 | Apr. 29, 2014 | Jan. 30, 2014 | Dec. 26, 2013 | Sep. 30, 2013 | Sep. 12, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Companys stock price on grant date | $ 0.013 | $ 0.27 | $ 0.012 | $ 0.0145 | $ 0.0105 | $ 0.0248 | $ 0.02 | $ 0.01 | $ 0.023 | $ 0.03 | |
Chief Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 8,928,571 | 1,841,796 | |||||||||
Fair Value | $ 125,000 | $ 35,875 | |||||||||
Companys stock price on grant date | $ 0.01 | ||||||||||
Chief Executive Officer [Member] | Transaction One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 329,822 | ||||||||||
Fair Value | $ 6,250 | ||||||||||
Companys stock price on grant date | $ 0.0205 | ||||||||||
Chief Executive Officer [Member] | Transaction Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 286,872 | ||||||||||
Fair Value | $ 6,250 | ||||||||||
Companys stock price on grant date | $ 0.0248 | ||||||||||
Chief Executive Officer [Member] | Transaction Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 148,157 | ||||||||||
Fair Value | $ 3,125 | ||||||||||
Companys stock price on grant date | $ 0.105 | ||||||||||
Chief Executive Officer [Member] | Transaction Four [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 664,887 | ||||||||||
Fair Value | $ 9,375 | ||||||||||
Companys stock price on grant date | $ 0.0145 | ||||||||||
Chief Executive Officer [Member] | Transaction Five [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 412,058 | ||||||||||
Fair Value | $ 10,875 | ||||||||||
Companys stock price on grant date | $ 0.011 | ||||||||||
Chief Financial Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 4,285,715 | 1,369,312 | |||||||||
Fair Value | $ 60,000 | $ 23,126 | |||||||||
Chief Financial Officer [Member] | Transaction One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 273,236 | ||||||||||
Fair Value | $ 4,625 | ||||||||||
Companys stock price on grant date | $ 0.0205 | ||||||||||
Chief Financial Officer [Member] | Transaction Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 206,343 | ||||||||||
Fair Value | $ 4,625 | ||||||||||
Companys stock price on grant date | $ 0.0248 | ||||||||||
Chief Financial Officer [Member] | Transaction Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 106,567 | ||||||||||
Fair Value | $ 2,313 | ||||||||||
Companys stock price on grant date | $ 0.105 | ||||||||||
Chief Financial Officer [Member] | Transaction Four [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 478,243 | ||||||||||
Fair Value | $ 6,938 | ||||||||||
Companys stock price on grant date | $ 0.0145 | ||||||||||
Chief Financial Officer [Member] | Transaction Five [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares | 304,923 | ||||||||||
Fair Value | $ 4,625 | ||||||||||
Companys stock price on grant date | $ 0.011 |
STOCKHOLDERS' EQUITY (Schedul48
STOCKHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Number of Shares | |||
Outstanding, beginning balance | 1,450,000 | 1,450,000 | |
Granted | |||
Exercised | |||
Expired/Forfeited | (200,000) | ||
Outstanding, ending balance | 1,250,000 | 1,450,000 | 1,450,000 |
Exercisable at June 30, 2015 | 1,250,000 | ||
Weighted-average Exercise Price | |||
Outstanding, beginning balance | $ 0.22 | $ 0.22 | |
Granted | |||
Exercised | |||
Expired/Forfeited | |||
Outstanding, ending balance | $ 0.21 | $ 0.22 | $ 0.22 |
Exercisable at June 30, 2015 | $ 0.21 | ||
Weighted-average Remaining Contractual Term (years) | |||
Outstanding | 1 year 2 months 12 days | 2 years 11 days | 3 years 11 days |
Exercisable | 1 year 2 months 12 days | ||
Aggregate Intrinsic Value | |||
Outstanding | |||
Exercisable |
STOCKHOLDERS' EQUITY (Schedul49
STOCKHOLDERS' EQUITY (Schedule of Warrant Activity) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Warrants | ||
Outstanding, beginning balance | 1,450,000 | 1,450,000 |
Expired | (200,000) | |
Outstanding, ending balance | 1,250,000 | 1,450,000 |
Weighted-average Exercise Price | ||
Outstanding, beginning balance | $ 0.22 | $ 0.22 |
Expired | ||
Outstanding, ending balance | $ 0.21 | $ 0.22 |
Warrant [Member] | ||
Number of Warrants | ||
Outstanding, beginning balance | 155,635,919 | 163,227,532 |
Additional shares issuable upon exercise of warrants as a result of adjustments pursuant to anti-dilution provisions | 1,988,605 | 7,082,043 |
Expired | (68,498,548) | (14,673,656) |
Outstanding, ending balance | 89,125,976 | 155,635,919 |
Weighted-average Exercise Price | ||
Outstanding, beginning balance | $ 0.17 | $ 0.22 |
Expired | ||
Outstanding, ending balance | $ 0.15 | $ 0.17 |
STOCKHOLDERS' EQUITY (Schedul50
STOCKHOLDERS' EQUITY (Schedule of Warrants Outstanding) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2015 | Mar. 22, 2011 | |
Exercise price | $ 0.40 | |
Outstanding number of shares | 89,125,976 | |
Exercisable number of shares | 89,125,976 | |
Warrants One [Member] | ||
Exercise price | $ 0.18 | |
Outstanding number of shares | 5,873,377 | |
Exercisable number of shares | 5,873,377 | |
Warrants One [Member] | Maximum [Member] | ||
Issuance Date | Sep. 13, 2010 | |
Remaining life | 2 months 12 days | |
Warrants One [Member] | Minimum [Member] | ||
Issuance Date | Jun. 9, 2010 | |
Remaining life | 1 month 6 days | |
Warrants Two [Member] | ||
Exercise price | $ 0.12 | |
Outstanding number of shares | 285,981 | |
Exercisable number of shares | 285,981 | |
Warrants Two [Member] | Maximum [Member] | ||
Issuance Date | Jul. 13, 2010 | |
Remaining life | 2 months 12 days | |
Warrants Two [Member] | Minimum [Member] | ||
Issuance Date | Jun. 9, 2010 | |
Remaining life | 1 month 6 days | |
Warrants Three [Member] | ||
Exercise price | $ 0.04 | |
Outstanding number of shares | 1,869,763 | |
Remaining life | 4 months 24 days | |
Exercisable number of shares | 1,869,763 | |
Warrants Three [Member] | Maximum [Member] | ||
Issuance Date | Nov. 15, 2010 | |
Warrants Three [Member] | Minimum [Member] | ||
Issuance Date | Nov. 8, 2010 | |
Warrants Four [Member] | ||
Exercise price | $ 0.10 | |
Outstanding number of shares | 6,884,765 | |
Exercisable number of shares | 6,884,765 | |
Warrants Four [Member] | Maximum [Member] | ||
Issuance Date | Mar. 24, 2011 | |
Remaining life | 7 months 6 days | |
Warrants Four [Member] | Minimum [Member] | ||
Issuance Date | Dec. 9, 2010 | |
Remaining life | 4 months 24 days | |
Warrants Five [Member] | ||
Issuance Date | Mar. 24, 2011 | |
Exercise price | $ 0.25 | |
Outstanding number of shares | 7,756,201 | |
Remaining life | 8 months 12 days | |
Exercisable number of shares | 7,756,201 | |
Warrants Six [Member] | ||
Issuance Date | May 2, 2011 | |
Exercise price | $ 0.24 | |
Outstanding number of shares | 1,500,000 | |
Remaining life | 9 months 18 days | |
Exercisable number of shares | 1,500,000 | |
Warrants Seven [Member] | ||
Issuance Date | May 2, 2011 | |
Exercise price | $ 0.20 | |
Outstanding number of shares | 75,000 | |
Remaining life | 9 months 18 days | |
Exercisable number of shares | 75,000 | |
Warrants Eight [Member] | ||
Issuance Date | Aug. 17, 2012 | |
Exercise price | $ 0.14 | |
Outstanding number of shares | 62,499,939 | |
Remaining life | 1 month 6 days | |
Exercisable number of shares | 62,499,939 | |
Warrants Nine [Member] | ||
Issuance Date | Aug. 17, 2012 | |
Exercise price | $ 0.21 | |
Outstanding number of shares | 2,380,950 | |
Remaining life | 2 years 1 month 6 days | |
Exercisable number of shares | 2,380,950 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ 4,040 | $ 1,849,007 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ 4,040 | $ 1,849,007 |
FAIR VALUE MEASUREMENTS (Sche52
FAIR VALUE MEASUREMENTS (Schedule of Reconciliation of Changes in Fair Value) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 1,849,007 | $ 3,989,849 |
Change in fair value | $ (1,844,967) | (1,944,388) |
Additions | 106,000 | |
Fair value of embedded derivative liability reclassified to gain on debt extinguishment upon repayment of debt | (302,454) | |
Ending balance | $ 4,040 | 1,849,007 |
Change in unrealized gains included in earnings | $ 1,844,967 | 1,944,388 |
Realized gains included in gain on debt extinguishment | $ 302,454 |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Total consolidated net income (loss) before income taxes | $ (1,864,484) | $ (3,688,639) |
U.S. [Member] | ||
Total consolidated net income (loss) before income taxes | (1,530,766) | (2,979,890) |
Foreign [Member] | ||
Total consolidated net income (loss) before income taxes | $ (333,718) | $ (708,749) |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax assets: | ||
Net operating loss carry-forwards | $ 7,003,166 | $ 6,845,588 |
Stock-based compensation | 166,747 | 166,747 |
Impairment of mineral rights | $ 2,205,049 | 1,775,130 |
Loss contingency | 173,005 | |
Equity method loss | $ 116,497 | 36,240 |
Differences in cost base of equity method investment | (621,598) | (621,598) |
Valuation allowance | $ (8,869,861) | $ (8,375,112) |
Net deferred tax assets |
INCOME TAXES (Schedule of Recon
INCOME TAXES (Schedule of Reconciliation of Income Taxes) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
INCOME TAXES [Abstract] | ||
Federal income taxes at 34% | $ 183,655 | $ (2,091,036) |
Change in fair value of derivative liability - warrant instruments | (627,289) | (661,092) |
Meals and entertainment | 781 | 300 |
Restricted stock units | 2,667 | 11,769 |
Income tax penalty | (54,400) | 13,600 |
Foreign currency transaction exchange gain | (163) | (11,662) |
Change in valuation allowance | $ 494,749 | $ 2,738,121 |
Provision for income taxes |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
INCOME TAXES [Abstract] | |
Net operating loss carryforwards | $ 16,500,497 |
Net operating loss carryforwards, expiration | Dec. 31, 2030 |
Net operating loss carryforwards, indefinite | $ 11,363,842 |
Federal tax rate | 34.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | 40 Months Ended | 43 Months Ended | |||||
Apr. 09, 2015 | Dec. 01, 2011 | Aug. 24, 2011 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2013 | Mar. 22, 2011 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |||||||||||
Rent expense | $ 30,804 | $ 40,958 | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||||
Accrued liabilities | $ 55,000 | ||||||||||
Common stock issuable upon exercise of warrants | 10,000,000 | ||||||||||
Exercise price | $ 0.40 | ||||||||||
Gain on debt extinguishment | 333,769 | $ 85,864 | |||||||||
Chief Executive Officer [Member] | |||||||||||
Long-term Purchase Commitment [Line Items] | |||||||||||
Officer salary | $ 10,416 | $ 3,125 | $ 185,000 | $ 20,833 | |||||||
Exercise price | $ 0.40 | $ 0.40 | |||||||||
Stock issued, share-based compensation | $ 125,000 | $ 35,875 | |||||||||
Stock issued, share-based compensation, shares | 8,928,571 | 1,841,796 | |||||||||
Stock issued, restricted stock units, shares | 700,000 | 233,333 | |||||||||
Chief Executive Officer [Member] | Future Amount [Member] | |||||||||||
Long-term Purchase Commitment [Line Items] | |||||||||||
Officer salary | $ 5,208 | ||||||||||
Chief Financial Officer [Member] | |||||||||||
Long-term Purchase Commitment [Line Items] | |||||||||||
Officer salary | $ 7,708 | $ 2,313 | $ 15,417 | ||||||||
Common stock issuable upon exercise of warrants | 250,000 | ||||||||||
Stock issued, share-based compensation | $ 60,000 | $ 23,126 | |||||||||
Stock issued, share-based compensation, shares | 4,285,715 | 1,369,312 | |||||||||
Stock issued, restricted stock units, shares | 250,000 | 83,333 | 83,333 | ||||||||
Bonus, percentage of salary | 50.00% | ||||||||||
Chief Financial Officer [Member] | Future Amount [Member] | |||||||||||
Long-term Purchase Commitment [Line Items] | |||||||||||
Officer salary | $ 3,854 | ||||||||||
GeoXplor [Member] | |||||||||||
Long-term Purchase Commitment [Line Items] | |||||||||||
Purchase obligation | 100,000 | ||||||||||
Nevada Claims [Member] | |||||||||||
Long-term Purchase Commitment [Line Items] | |||||||||||
Purchase obligation | 57,000 | ||||||||||
Accrued liabilities | $ 189,600 | 189,600 | |||||||||
Gain on debt extinguishment | 189,600 | ||||||||||
Nevada State Taxes [Member] | |||||||||||
Long-term Purchase Commitment [Line Items] | |||||||||||
Purchase obligation | $ 32,600 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Jul. 13, 2015 | Nov. 04, 2015 | Sep. 24, 2015 | Sep. 13, 2015 | Aug. 19, 2015 | Aug. 17, 2015 | Jul. 31, 2015 | Apr. 14, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Subsequent Event [Line Items] | ||||||||||
Interest rate | 12.00% | |||||||||
Stock issued for settlement of obligations | $ 250,000 | $ 808,438 | ||||||||
Stock issued for settlement of obligations, shares | 14,970,060 | |||||||||
Options expired | 200,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Issuance of promissory note | $ 25,000 | |||||||||
Maturity date | Dec. 4, 2015 | Mar. 24, 2016 | ||||||||
Options expired | 5,488,115 | 671,244 | ||||||||
Subsequent Event [Member] | Transaction One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Issuance of promissory note | $ 7,500 | |||||||||
Interest rate | 3.00% | |||||||||
Maturity date | Jan. 31, 2016 | |||||||||
Stock issued for settlement of obligations | $ 28,500 | |||||||||
Stock issued for settlement of obligations, shares | 2,663,552 | |||||||||
Subsequent Event [Member] | Transaction Two [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Issuance of promissory note | $ 7,500 | |||||||||
Interest rate | 3.00% | |||||||||
Maturity date | Jan. 31, 2016 | |||||||||
Stock issued for settlement of obligations | $ 40,000 | |||||||||
Stock issued for settlement of obligations, shares | 3,508,771 | |||||||||
Subsequent Event [Member] | POSCAN Warrants [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Options expired | 62,499,938 |