Document and Entity Information
Document and Entity Information | 6 Months Ended |
Feb. 29, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Enertopia Corp. |
Entity Central Index Key | 0001346022 |
Document Period End Date | Feb. 29, 2020 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --08-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 128,471,700 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
UNAUDITED CONDENSED INTERIM BAL
UNAUDITED CONDENSED INTERIM BALANCE SHEETS - USD ($) | Feb. 29, 2020 | Aug. 31, 2019 |
Current | ||
Cash | $ 132,077 | $ 9,758 |
Accounts receivable | 599 | 6,225 |
Prepaid expenses and deposit | 18,788 | 30,262 |
Total current assets | 151,464 | 46,245 |
Total Assets | 151,464 | 46,245 |
Current | ||
Accounts payable | 276,984 | 283,430 |
Loan from related party | 15,479 | |
Due to related parties | 205,390 | 203,221 |
Total Current Liabilities | 482,374 | 502,130 |
STOCKHOLDERS' DEFICIENCY | ||
Common Stock Authorized: 200,000,000 common shares with a par value of $0.001 per share Issued and outstanding: 128,471,700 common shares at February 29, 2020 and 128,471,700 common shares at February 29, 2020 and August 31,2019: 127,471,700 | 128,473 | 127,473 |
Additional paid-in capital | 13,758,598 | 13,730,801 |
Deficit accumulated during the exploration stage | (14,217,981) | (14,314,159) |
Total Stockholders' Deficiency | (330,910) | (455,885) |
Total Liabilities and Stockholders' Deficiency | $ 151,464 | $ 46,245 |
UNAUDITED CONDENSED INTERIM B_2
UNAUDITED CONDENSED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 29, 2020 | Aug. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 128,471,700 | 127,471,700 |
Common Stock, Shares, Outstanding | 128,471,700 | 127,471,700 |
CONDENSED INTERIM STATEMENTS OF
CONDENSED INTERIM STATEMENTS OF STOCKHOLDERS' DEFICIT (UNAUDITED) - USD ($) | COMMON STOCK [Member] | ADDITIONAL PAID-IN CAPITAL [Member] | DEFICIT ACCUMULATED [Member] | Total |
Beginning Balance at Aug. 31, 2018 | $ 119,741 | $ 13,594,497 | $ (13,891,818) | $ (177,580) |
Beginning Balance (Shares) at Aug. 31, 2018 | 119,739,931 | |||
Shares issued for Private Placement on September 21 | $ 2,225 | 44,750 | 46,975 | |
Shares issued for Private Placement on September 21 (Shares) | 2,225,000 | |||
Comprehensive income (loss) | (94,799) | (94,799) | ||
Ending Balance at Nov. 30, 2018 | $ 121,966 | 13,639,247 | (13,986,617) | (225,404) |
Ending Balance (Shares) at Nov. 30, 2018 | 121,964,931 | |||
Beginning Balance at Aug. 31, 2018 | $ 119,741 | 13,594,497 | (13,891,818) | (177,580) |
Beginning Balance (Shares) at Aug. 31, 2018 | 119,739,931 | |||
Comprehensive income (loss) | (299,255) | |||
Ending Balance at Feb. 28, 2019 | $ 121,966 | 13,639,247 | (14,191,073) | (429,860) |
Ending Balance (Shares) at Feb. 28, 2019 | 121,964,931 | |||
Beginning Balance at Nov. 30, 2018 | $ 121,966 | 13,639,247 | (13,986,617) | (225,404) |
Beginning Balance (Shares) at Nov. 30, 2018 | 121,964,931 | |||
Comprehensive income (loss) | (204,456) | (204,456) | ||
Ending Balance at Feb. 28, 2019 | $ 121,966 | 13,639,247 | (14,191,073) | (429,860) |
Ending Balance (Shares) at Feb. 28, 2019 | 121,964,931 | |||
Shares issued for Private Placement on March 27 | $ 5,507 | 91,554 | 97,061 | |
Shares issued for Private Placement on March 27 (shares) | 5,506,769 | |||
Comprehensive income (loss) | (67,128) | (67,128) | ||
Ending Balance at May. 31, 2019 | $ 127,473 | 13,730,801 | (14,258,201) | (399,927) |
Ending Balance (Shares) at May. 31, 2019 | 127,471,700 | |||
Comprehensive income (loss) | (55,958) | (55,958) | ||
Ending Balance at Aug. 31, 2019 | $ 127,473 | 13,730,801 | (14,314,159) | (455,885) |
Ending Balance (Shares) at Aug. 31, 2019 | 127,471,700 | |||
Shares issued for LOI on October 28 | $ 1,000 | 10,489 | 11,489 | |
Shares issued for LOI on October 28 (Shares) | 1,000,000 | |||
Comprehensive income (loss) | (49,607) | (49,607) | ||
Ending Balance at Nov. 30, 2019 | $ 128,473 | 13,741,290 | (14,363,766) | (494,003) |
Ending Balance (Shares) at Nov. 30, 2019 | 128,471,700 | |||
Beginning Balance at Aug. 31, 2019 | $ 127,473 | 13,730,801 | (14,314,159) | (455,885) |
Beginning Balance (Shares) at Aug. 31, 2019 | 127,471,700 | |||
Comprehensive income (loss) | 96,178 | |||
Ending Balance at Feb. 29, 2020 | $ 128,473 | 13,758,598 | (14,217,981) | (330,910) |
Ending Balance (Shares) at Feb. 29, 2020 | 128,471,700 | |||
Beginning Balance at Nov. 30, 2019 | $ 128,473 | 13,741,290 | (14,363,766) | (494,003) |
Beginning Balance (Shares) at Nov. 30, 2019 | 128,471,700 | |||
Stock options granted on February 25 | 17,308 | 17,308 | ||
Comprehensive income (loss) | 145,785 | 145,785 | ||
Ending Balance at Feb. 29, 2020 | $ 128,473 | $ 13,758,598 | $ (14,217,981) | $ (330,910) |
Ending Balance (Shares) at Feb. 29, 2020 | 128,471,700 |
CONDENSED INTERIM STATEMENTS _2
CONDENSED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2020 | Feb. 28, 2019 | Feb. 29, 2020 | Feb. 28, 2019 | |
Expenses | ||||
Accounting and audit | $ 15,476 | $ 15,001 | $ 21,825 | $ 26,123 |
Bank charges and interest expense | 517 | 272 | 1,062 | 481 |
Consulting | 10,500 | 10,500 | 22,950 | |
Mineral exploration costs | 1,047 | 115,360 | 13,625 | 124,532 |
Fees and dues | 10,029 | 7,317 | 15,739 | 21,475 |
Insurance | 3,140 | 3,605 | 6,042 | |
Investor relations | 5,754 | 34,173 | 11,489 | 70,382 |
Legal and professional | 5,020 | 2,748 | 7,410 | 4,670 |
Office and miscellaneous | 9 | 2,471 | 136 | 4,023 |
Research and development | 4,423 | 494 | 4,423 | |
Rent | 489 | 2,375 | 1,963 | 3,696 |
Stock based compensation | 17,308 | 17,308 | ||
Travel | 5,859 | 8,906 | ||
Total expenses | 55,649 | 203,639 | 105,156 | 297,703 |
Loss for the period before other items | (55,649) | (203,639) | (105,156) | (297,703) |
Other income (expense) | ||||
Foreign exchange gain (loss) | 1,434 | (817) | 1,334 | (1,552) |
Income from royalty grant | 200,000 | 200,000 | ||
Income (loss) and comprehensive income (loss) for the period | $ 145,785 | $ (204,456) | $ 96,178 | $ (299,255) |
Basic and diluted earnings (loss) per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 128,471,700 | 111,337,357 | 128,153,019 | 108,019,434 |
CONDENSED INTERIM STATEMENTS _3
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Feb. 29, 2020 | Feb. 28, 2019 | |
Cash flows used in operating activities | ||
Income (loss) | $ 96,178 | $ (299,255) |
Changes to reconcile net loss to net cash used in operating activities | ||
Stock based compensation | 17,308 | |
Shares issued for exploration cost | 11,489 | |
Interest on loan payable | 699 | |
Change in non-cash working capital items: | ||
Accounts receivable | 5,626 | 5,149 |
Prepaid expenses and deposit | 11,474 | 36,286 |
Accounts payable and accrued liabilities | (6,656) | 25,516 |
Due to related parties | 2,169 | 20,397 |
Net cash (used in) from operating activities | 138,287 | (211,907) |
Cash flows from financing activities | ||
Repayment of loan from related party | (15,968) | |
Net proceeds from subscriptions received | 46,975 | |
Net cash (used in) from financing activities | (15,968) | 46,975 |
Increase (Decrease) in cash and cash equivalents | 122,319 | (164,932) |
Cash and cash equivalents, beginning of period | 9,758 | 176,409 |
Cash and cash equivalents, end of period | 132,077 | 11,477 |
Supplemental information of cash flows | ||
Interest paid in cash | 699 | |
Income taxes paid in cash | $ 0 | $ 0 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Feb. 29, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION [Text Block] | 1. ORGANIZATION The unaudited condensed interim financial statements for the period ended February 29, 2020 included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited condensed interim financial statements should be read in conjunction with the August 31, 2019 audited annual financial statements and notes thereto. The Company was formed on November 24, 2004 under the laws of the State of Nevada and commenced operations on November 24, 2004. The Company was an independent natural resource company engaged in the exploration, development and acquisition of natural resources in the United States and Canada. In the fiscal year 2010, the Company shifted its strategic plan from its non-renewal energy operations to its planned renewal energy operations and natural resource acquisition and development. In late summer of 2013, the Company had another business sector in alternative health and wellness. During spring of 2016, the Company shifted its strategic plan to natural resource acquisitions and Lithium brine extraction technology. The Company office is located in Kelowna, B.C., Canada. |
GOING CONCERN UNCERTAINTY
GOING CONCERN UNCERTAINTY | 6 Months Ended |
Feb. 29, 2020 | |
Going Concern Uncertainty [Abstract] | |
GOING CONCERN UNCERTAINTY [Text Block] | 2. GOING CONCERN UNCERTAINTY The accompanying unaudited condensed interim financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business for the foreseeable future. The Company had a working capital deficit of $330,910 ($455,885 as at August 31, 2019). In view of these conditions, the ability of the Company to continue as a going concern is in substantial doubt and dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain additional financing as may be required, to receive the continued support of the Company's shareholders, and ultimately to obtain successful operations. There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations. There is significant uncertainty as to whether we can obtain additional financing. These unaudited condensed interim financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying unaudited condensed interim financial statements. Since March 2020, several measures have been implemented in Canada, the United States, and the rest of the world in response to the increased impact from the novel coronavirus ("COVID-19"). While the impact of COVID-19 is expected to be temporary, the current circumstances are dynamic and the impact on our business operations cannot be reasonably estimated at this time. We anticipate this could have an adverse impact on our exploration plans, results of operations, financial position and cash flows during the current fiscal year. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Feb. 29, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES a) Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and the instructions to Securities and Exchange Commission ("SEC") Form 10-Q and Article 10 of SEC Regulation S-X. They do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended August 31, 2019. b) Accounting Estimates 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 expenses during the reporting period. On an ongoing basis, we evaluate our estimates, judgments, and assumptions, including those related to revenue recognition, inventory valuation, and stock based compensation (expense and liability). Our estimates, judgments, and assumptions are based on historical experience, future expectations, and other factors which we believe to be reasonable. Actual results could differ from those estimates and assumptions. c) Recently Adopted Accounting Pronouncements In June 2018, the FASB issued ASU 2018-07, which simplifies the accounting for nonemployee share-based payment transactions. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. The adoption of this ASU did not have any impact on these financial statements. In February 2016, Topic 842, Leases was issued to replace the leases requirements in Topic 840, Leases. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The adoption of this standard did not have any impact on the Company's results of operations, financial condition, cash flows, and financial statement disclosures, as the Company's leases are all for terms of less than 12 months. d) New Accounting Pronouncements In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The standard will be adopted upon the effective date for us beginning September 1, 2020. The adoption of the standard is not expected to have a significant impact on the Company's financial statements. In August 2018, the FASB issued ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. The adoption of this ASU is not expected to have a significant impact on the Company's financial statements. |
MINERAL PROPERTY
MINERAL PROPERTY | 6 Months Ended |
Feb. 29, 2020 | |
Mineral Industries Disclosures [Abstract] | |
MINERAL PROPERTY [Text Block] | 4. MINERAL PROPERTY During the year ended August 30, 2017 the Company staked lode and placer claims on BLM lands in Esmerelda county Nevada covering approximately 160 Acres subject to adjustment. The Company has a 100% interest in the lands and is only responsible for the yearly maintenance fees to keep its 100% interest. The claims are in good standing until August 31, 2020. On February 11, 2020 the Company signed a 1% Royalty agreement with respect to any future commercial lithium production from the Company's Clayton Valley, Nevada claims in exchange for $200,000. The Company has a right of first refusal to repurchase the royalty upon any proposed sale by the royalty holder to a third party. |
RELATED PARTIES TRANSACTION
RELATED PARTIES TRANSACTION | 6 Months Ended |
Feb. 29, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES TRANSACTION [Text Block] | 5. RELATED PARTIES TRANSACTION For the six month period ended February 29, 2020, the Company was party to the following related party transactions: Incurred $10,500 (February 28, 2019: $21,000) to the President of the Company in consulting fees. As at February 29, 2020, the accounts payable to the President of the Company was $205,390 (August 31, 2019: $203,221). The President of the Company voluntarily suspended and terminated accrual of consulting fees commencing on December 1, 2019 and continuing until such time as the Company's financial condition permits a resumption of such cost. During the year ended August 31, 2019, the Company received a short-term loan from the President of the Company in the amount of CAD$20,000 ($15,301). The loan accrued interest at 10% per annum and had an original term of 90 days, to be repaid, with interest, on October 19, 2019. The loan and the related interest, together amounting to $15,968, was repaid to the President of the Company on February 15, 2020. The related party transactions are recorded at the exchange amount established and agreed to between the related parties. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Feb. 29, 2020 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK [Text Block] | 6. COMMON STOCK On September 21, 2018, the Company closed the final tranche of a private placement of 2,225,000 units at a price of CAD$0.03 per unit for gross proceeds of CAD$66,750 (equivalent of $51,678). Each unit consists of one common share of the Company and one non-transferable share purchase warrant, each full warrant entitling the holder to purchase one additional common share of the Company for a period of 36 months from the date of issuance, at a purchase price of $0.05. A cash finders' fee of CAD$6,075 and 202,500 full broker warrants that expire September 21, 2021 was paid to third parties. The broker warrants have the same terms as the warrants issued as part of the unit offering. On March 27, 2019, the Company closed a tranche of a private placement of 5,506,769 units at a price of CAD$0.03 per unit for gross proceeds of CAD$143,176 ($106,809). Each unit consists of one common share of the Company and one non-transferable share purchase warrant, each full warrant entitling the holder to purchase one additional common share of the Company for a period of 48 months from the date of issuance, at a purchase price of $0.04. A cash finders' fee of CAD$13,068 ($9,748) and 502,600 full broker warrants that expire March 27, 2023 was paid to third parties. The broker warrants have the same terms as the warrants issued as part of the unit offering. On October 28, 2019, the Company signed an LOI with Eagle Plains Resources Ltd. ("Eagle Plains"). to earn up to 75% interest in the Pine Channel gold project in Saskatchewan, Canada (the "Pine Channel SK Property"). The terms of the LOI included periodic payments cash payments, exploration expenditures, as well as issuance of common shares of the Company. Upon signing the LOI, the Company issued 1,000,000 of its common shares to Eagle Plains, valued at $11,489. As at February 29, 2020 the Company had 128,471,700 127,471,700 shares issued and outstanding. |
STOCK OPTIONS AND WARRANTS
STOCK OPTIONS AND WARRANTS | 6 Months Ended |
Feb. 29, 2020 | |
Stock Options And Warrants [Abstract] | |
STOCK OPTIONS AND WARRANTS [Text Block] | 7. STOCK OPTIONS AND WARRANTS Stock Options On July 15, 2014, the shareholders approved and adopted at the Annual General Meeting the Company's 2014 Stock Option Plan. On April 14, 2011, the shareholders approved and adopted at the Annual General Meeting to consolidate the Company's 2007 Equity compensation plan and the Company's 2010 Equity Compensation Plan into a new Company 2011 Stock Option Plan. The purpose of these Plans is to advance the interests of the Corporation, through the grant of Options, by providing an incentive mechanism to foster the interest of eligible persons in the success of the Corporation and its affiliates; encouraging eligible persons to remain with the Corporation or its affiliates; and attracting new Directors, Officers, Employees and Consultants. On February 25th, 2020 the Company granted 2,000,000 stock options with cashless provision to a consultant to serve on the Company's Technology Advisory Board. The incentive stock options are valid for two years and exercisable at a price of $0.02 per share. The fair value of these options was estimated as of the date of the grant to be $0.01 per option by using the Black-Scholes option pricing model with the following assumptions: Expected stock price volatility: 163%; Risk-free interest rate: 1.16%; Expected life: 2 years; Dividend yield: 0%. For the six-month period ended February 29, 2020, the Company recorded $17,308 (February 28, 2019 - $nil) stock based compensation expenses. A summary of the changes in stock options for the six months ended February 29, 2020 is presented below: Options Outstanding Weighted Average Number of Shares Exercise Price Balance, August 31, 2018 8,570,000 $ 0.07 Expired ( 250,000 ) 0.05 Balance, August 31, 2019 8,320,000 $ 0.07 Expired (1,000,000 ) 0.10 Granted 2,000,000 0.02 Balance, February 29, 2020 9,320,000 $ 0.05 The Company has the following options outstanding and exercisable. February 29, 2020 Options outstanding and exercisable Number Remaining Exercise prices of shares contractual life $0.05 1,100,000 0.65 years $0.07 800,000 1.56 years $0.07 1,535,000 1.89 years $0.07 1,500,000 1.92 years $0.02 2,000,000 1.99 years $0.10 500,000 2.17 years $0.05 800,000 2.66 years $0.06 535,000 3.20 years $0.07 550,000 3.23 years 9,320,000 1.74 years August 31, 2019 Options outstanding and exercisable Number Remaining Exercise prices of shares contractual life $0.07 550,000 3.73 years $0.06 535,000 3.70 years $0.05 800,000 3.16 years $0.10 500,000 2.67 years $0.07 1,500,000 2.42 years $0.07 1,535,000 2.39 years $0.07 800,000 2.05 years $0.05 1,100,000 1.15 years $0.10 1,000,000 0.18 years 8,320,000 2.38 years *The aggregate intrinsic value for options outstanding and exercisable as at February 29, 2020 was$Nil. Warrants During the year ended August 31, 2019, the Company issued 7,731,769 warrants attached to units in private placements and 705,100 broker warrants in connection with the private placements. The fair value of the brokers warrants was $12,861, recorded as share issuance costs off-setting the gross proceeds of private placements in additional-paid-in-capital, and was calculated using the Black Scholes option pricing model, with the following weighted average assumptions: expected volatility 150%, risk-free interest rate: 2.38%, expected life: 3.71 years, dividend yield: 0.00%. A summary of warrants as at February 29, 2020 and August 31, 2019 is as follows: Warrants Outstanding Weighted Average Number of warrants Exercise Price Balance, August 31, 2018 40,739,060 $ 0.06 Expired (23,034,470 ) 0.07 Issued 8,436,869 0.04 Balance, August 31, 2019 26,141,459 $ 0.06 Expired (8,473,000 ) 0.06 Balance, February 29, 2020 17,668,459 $ 0.05 The Company has the following warrants outstanding and exercisable. Number Exercise Expiry Outstanding 1 Price Date 1,891,590 $ 0.075 May 11, 2020 2,540,000 $ 0.075 May 25, 2020 4,800,000 $ 0.050 August 31, 2021 2,427,500 $ 0.050 September 21, 2021 6,009,369 $ 0.040 March 27, 2023 17,668,459 1. Each warrant entitles a holder to purchase one common share |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 6 Months Ended |
Feb. 29, 2020 | |
Segment Reporting [Abstract] | |
SEGMENTED INFORMATION [Text Block] | 8. SEGMENTED INFORMATION As at February 29, 2020 and August 31, 2019, the Company is operating its business in one reportable segment: natural resource acquisitions. All of the Company's material long-lived assets are located in the United States. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Feb. 29, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | a) Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and the instructions to Securities and Exchange Commission ("SEC") Form 10-Q and Article 10 of SEC Regulation S-X. They do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended August 31, 2019. |
Accounting Estimates [Policy Text Block] | b) Accounting Estimates 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 expenses during the reporting period. On an ongoing basis, we evaluate our estimates, judgments, and assumptions, including those related to revenue recognition, inventory valuation, and stock based compensation (expense and liability). Our estimates, judgments, and assumptions are based on historical experience, future expectations, and other factors which we believe to be reasonable. Actual results could differ from those estimates and assumptions. |
Recently Adopted Accounting Pronouncements [Policy Text Block] | c) Recently Adopted Accounting Pronouncements In June 2018, the FASB issued ASU 2018-07, which simplifies the accounting for nonemployee share-based payment transactions. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. The adoption of this ASU did not have any impact on these financial statements. In February 2016, Topic 842, Leases was issued to replace the leases requirements in Topic 840, Leases. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The adoption of this standard did not have any impact on the Company's results of operations, financial condition, cash flows, and financial statement disclosures, as the Company's leases are all for terms of less than 12 months. |
New Accounting Pronouncements [Policy Text Block] | d) New Accounting Pronouncements In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The standard will be adopted upon the effective date for us beginning September 1, 2020. The adoption of the standard is not expected to have a significant impact on the Company's financial statements. In August 2018, the FASB issued ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. The adoption of this ASU is not expected to have a significant impact on the Company's financial statements. |
STOCK OPTIONS AND WARRANTS (Tab
STOCK OPTIONS AND WARRANTS (Tables) | 6 Months Ended |
Feb. 29, 2020 | |
Stock Options And Warrants [Abstract] | |
Schedule of Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Weighted Average Number of Shares Exercise Price Balance, August 31, 2018 8,570,000 $ 0.07 Expired ( 250,000 ) 0.05 Balance, August 31, 2019 8,320,000 $ 0.07 Expired (1,000,000 ) 0.10 Granted 2,000,000 0.02 Balance, February 29, 2020 9,320,000 $ 0.05 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | February 29, 2020 Options outstanding and exercisable Number Remaining Exercise prices of shares contractual life $0.05 1,100,000 0.65 years $0.07 800,000 1.56 years $0.07 1,535,000 1.89 years $0.07 1,500,000 1.92 years $0.02 2,000,000 1.99 years $0.10 500,000 2.17 years $0.05 800,000 2.66 years $0.06 535,000 3.20 years $0.07 550,000 3.23 years 9,320,000 1.74 years August 31, 2019 Options outstanding and exercisable Number Remaining Exercise prices of shares contractual life $0.07 550,000 3.73 years $0.06 535,000 3.70 years $0.05 800,000 3.16 years $0.10 500,000 2.67 years $0.07 1,500,000 2.42 years $0.07 1,535,000 2.39 years $0.07 800,000 2.05 years $0.05 1,100,000 1.15 years $0.10 1,000,000 0.18 years 8,320,000 2.38 years *The aggregate intrinsic value for options outstanding and exercisable as at February 29, 2020 was$Nil. |
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | Warrants Outstanding Weighted Average Number of warrants Exercise Price Balance, August 31, 2018 40,739,060 $ 0.06 Expired (23,034,470 ) 0.07 Issued 8,436,869 0.04 Balance, August 31, 2019 26,141,459 $ 0.06 Expired (8,473,000 ) 0.06 Balance, February 29, 2020 17,668,459 $ 0.05 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number Exercise Expiry Outstanding 1 Price Date 1,891,590 $ 0.075 May 11, 2020 2,540,000 $ 0.075 May 25, 2020 4,800,000 $ 0.050 August 31, 2021 2,427,500 $ 0.050 September 21, 2021 6,009,369 $ 0.040 March 27, 2023 17,668,459 1. Each warrant entitles a holder to purchase one common share |
GOING CONCERN UNCERTAINTY (Narr
GOING CONCERN UNCERTAINTY (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | Feb. 29, 2020 | Feb. 28, 2019 | Aug. 31, 2019 | |
Going Concern Uncertainty [Abstract] | |||||||||
Working Capital Deficit | $ (330,910) | $ (455,885) | |||||||
Net loss | $ 145,785 | $ (49,607) | $ (55,958) | $ (67,128) | $ (204,456) | $ (94,799) | 96,178 | $ (299,255) | |
Cumulative Losses | $ (14,217,981) | $ (14,314,159) | $ (14,217,981) | $ (14,314,159) |
MINERAL PROPERTY (Narrative) (D
MINERAL PROPERTY (Narrative) (Details) - USD ($) | Feb. 11, 2020 | Feb. 29, 2020 | Feb. 29, 2020 |
Mineral Industries Disclosures [Abstract] | |||
Percentage of land rights interest | 100.00% | ||
Percentage of royalty agreement | 1.00% | ||
Income from royalty grant | $ 200,000 | $ 200,000 |
RELATED PARTIES TRANSACTION (Na
RELATED PARTIES TRANSACTION (Narrative) (Details) | 1 Months Ended | 6 Months Ended | |||
Feb. 15, 2020USD ($) | Feb. 29, 2020USD ($) | Feb. 28, 2019USD ($) | Aug. 31, 2019CAD ($) | Aug. 31, 2019USD ($) | |
Due to related parties | $ 205,390 | $ 203,221 | |||
Loan from related party | 15,479 | ||||
Repayment of loan from related party | 15,968 | ||||
President [Member] | |||||
Consulting Fees | 10,500 | $ 21,000 | |||
Due to related parties | $ 205,390 | 203,221 | |||
Loan from related party | $ 20,000 | $ 15,301 | |||
Interest rate on loan | 10.00% | 10.00% | |||
Repayment of loan from related party | $ 15,968 |
COMMON STOCK (Narrative) (Detai
COMMON STOCK (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
Oct. 28, 2019USD ($)shares | Mar. 27, 2019CAD ($)$ / sharesshares | Mar. 27, 2019USD ($)$ / sharesshares | Sep. 21, 2018CAD ($)$ / sharesshares | Sep. 21, 2018USD ($)$ / sharesshares | Aug. 31, 2019$ / sharesshares | Feb. 29, 2020shares | |
Stockholders Equity Note [Line Items] | |||||||
Units Issued During Period, Units | 5,506,769 | 5,506,769 | 2,225,000 | 2,225,000 | |||
Units Issued During Period, Per Unit Amount | $ / shares | $ 0.03 | $ 0.03 | |||||
Units Issued During Period, Value | $ 143,176 | $ 106,809 | $ 66,750 | $ 51,678 | |||
Class of Warrant or Right, Grants in Period, Contractual Term | 48 months | 48 months | 36 months | 36 months | |||
Class of Warrant or Right, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.04 | $ 0.05 | $ 0.04 | ||||
Payments of Stock Issuance Costs | $ 13,068 | $ 9,748 | $ 6,075 | ||||
Class of Warrant or Right, Grants in Period, Net of Forfeitures | 502,600 | 502,600 | 202,500 | 202,500 | 8,436,869 | ||
Common Stock, Shares, Issued | 127,471,700 | 128,471,700 | |||||
Common Stock, Shares, Outstanding | 127,471,700 | 128,471,700 | |||||
Eagle Plains Resources Ltd [Member] | |||||||
Stockholders Equity Note [Line Items] | |||||||
Percentage of ownership interest under Letter of Intent | 75.00% | ||||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | ||||||
Stock Issued During Period, Value, New Issues | $ | $ 11,489 |
STOCK OPTIONS AND WARRANTS (Nar
STOCK OPTIONS AND WARRANTS (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Feb. 25, 2020 | Mar. 27, 2019 | Sep. 21, 2018 | Feb. 29, 2020 | Feb. 29, 2020 | Feb. 28, 2019 | Aug. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 2,000,000 | 2,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 2 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.02 | $ 0.02 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.01 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 163.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.16% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
Stock based compensation | $ 17,308 | $ 17,308 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | |||||||
Class of Warrant or Right, Grants in Period, Net of Forfeitures | 502,600 | 202,500 | 8,436,869 | ||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term | 2 years | ||||||
Warrants attached to units [Member] | |||||||
Class of Warrant or Right, Grants in Period, Net of Forfeitures | 7,731,769 | ||||||
Brokers warrants [Member] | |||||||
Class of Warrant or Right, Grants in Period, Net of Forfeitures | 705,100 | ||||||
Warrants Issued During Period, Value | $ 12,861 | ||||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Volatility Rate | 150.00% | ||||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Risk Free Interest Rate | 2.38% | ||||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term | 3 years 8 months 15 days | ||||||
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Dividend Rate | 0.00% |
SEGMENTED INFORMATION (Narrativ
SEGMENTED INFORMATION (Narrative) (Details) | 6 Months Ended |
Feb. 29, 2020Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
STOCK OPTIONS AND WARRANTS - Sc
STOCK OPTIONS AND WARRANTS - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Feb. 25, 2020 | Feb. 29, 2020 | Aug. 31, 2019 | |
Stock Options And Warrants [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning of Period | 8,320,000 | 8,570,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ 0.07 | $ 0.07 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (1,000,000) | (250,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 0.10 | $ 0.05 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 2,000,000 | 2,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.02 | $ 0.02 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, End of Period | 9,320,000 | 8,320,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period | $ 0.05 | $ 0.07 |
STOCK OPTIONS AND WARRANTS - Di
STOCK OPTIONS AND WARRANTS - Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Feb. 29, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Exercise prices | $ 0.05 | $ 0.07 | $ 0.07 |
Number of shares | 9,320,000 | 8,320,000 | 8,570,000 |
Remaining contractual life | 1 year 8 months 26 days | 2 years 4 months 17 days | |
Option exercise price 1 [Member] | |||
Exercise prices | $ 0.05 | $ 0.07 | |
Number of shares | 1,100,000 | 550,000 | |
Remaining contractual life | 7 months 24 days | 3 years 8 months 23 days | |
Option exercise price 2 [Member] | |||
Exercise prices | $ 0.07 | $ 0.06 | |
Number of shares | 800,000 | 535,000 | |
Remaining contractual life | 1 year 6 months 21 days | 3 years 8 months 12 days | |
Option exercise price 3 [Member] | |||
Exercise prices | $ 0.07 | $ 0.05 | |
Number of shares | 1,535,000 | 800,000 | |
Remaining contractual life | 1 year 10 months 20 days | 3 years 1 month 28 days | |
Option exercise price 4 [Member] | |||
Exercise prices | $ 0.07 | $ 0.10 | |
Number of shares | 1,500,000 | 500,000 | |
Remaining contractual life | 1 year 11 months 1 day | 2 years 8 months 1 day | |
Option exercise price 5 [Member] | |||
Exercise prices | $ 0.02 | $ 0.07 | |
Number of shares | 2,000,000 | 1,500,000 | |
Remaining contractual life | 1 year 11 months 26 days | 2 years 5 months 1 day | |
Option exercise price 6 [Member] | |||
Exercise prices | $ 0.10 | $ 0.07 | |
Number of shares | 500,000 | 1,535,000 | |
Remaining contractual life | 2 years 2 months 1 day | 2 years 4 months 20 days | |
Option exercise price 7 [Member] | |||
Exercise prices | $ 0.05 | $ 0.07 | |
Number of shares | 800,000 | 800,000 | |
Remaining contractual life | 2 years 7 months 28 days | 2 years 18 days | |
Option exercise price 8 [Member] | |||
Exercise prices | $ 0.06 | $ 0.05 | |
Number of shares | 535,000 | 1,100,000 | |
Remaining contractual life | 3 years 2 months 12 days | 1 year 1 month 24 days | |
Option exercise price 9 [Member] | |||
Exercise prices | $ 0.07 | $ 0.10 | |
Number of shares | 550,000 | 1,000,000 | |
Remaining contractual life | 3 years 2 months 23 days | 2 months 4 days |
STOCK OPTIONS AND WARRANTS - _2
STOCK OPTIONS AND WARRANTS - Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) - $ / shares | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 27, 2019 | Sep. 21, 2018 | Feb. 29, 2020 | Aug. 31, 2019 | |
Stock Options And Warrants [Abstract] | ||||
Class of Warrant or Right, Outstanding, Beginning of Period | 40,739,060 | 26,141,459 | 40,739,060 | |
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ 0.06 | $ 0.06 | $ 0.06 | |
Class of Warrant or Right, Expirations in Period | (8,473,000) | (23,034,470) | ||
Class of Warrant or Right, Expirations in Period, Weighted Average Exercise Price | $ 0.06 | $ 0.07 | ||
Class of Warrant or Right, Grants in Period, Net of Forfeitures | 502,600 | 202,500 | 8,436,869 | |
Class of Warrant or Right, Grants in Period, Weighted Average Exercise Price | $ 0.04 | $ 0.05 | $ 0.04 | |
Class of Warrant or Right, Outstanding, End of Period | 17,668,459 | 26,141,459 | ||
Class of Warrant or Right, Outstanding, Weighted Average Exercise Price, End of Period | $ 0.05 | $ 0.06 |
STOCK OPTIONS AND WARRANTS - _3
STOCK OPTIONS AND WARRANTS - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - $ / shares | Feb. 29, 2020 | Aug. 31, 2019 | Aug. 31, 2018 |
Class of Warrant or Right [Line Items] | |||
Number Outstanding | 17,668,459 | 26,141,459 | 40,739,060 |
Warrant exercise price 1 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number Outstanding | 1,891,590 | ||
Exercise Price | $ 0.075 | ||
Warrant exercise price 2 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number Outstanding | 2,540,000 | ||
Exercise Price | $ 0.075 | ||
Warrant exercise price 3 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number Outstanding | 4,800,000 | ||
Exercise Price | $ 0.050 | ||
Warrant exercise price 4 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number Outstanding | 2,427,500 | ||
Exercise Price | $ 0.050 | ||
Warrant exercise price 5 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number Outstanding | 6,009,369 | ||
Exercise Price | $ 0.040 |