Document and Entity Information
Document and Entity Information - USD ($) | Sep. 30, 2016 | Mar. 31, 2017 | Jun. 19, 2017 |
Details | |||
Registrant Name | Mexus Gold US | ||
Registrant CIK | 1,355,677 | ||
SEC Form | 10-K | ||
Period End date | Mar. 31, 2017 | ||
Fiscal Year End | --03-31 | ||
Trading Symbol | mxsg | ||
Tax Identification Number (TIN) | 204,092,640 | ||
Number of common stock shares outstanding | 672,578,335 | ||
Public Float | $ 38,209,684 | ||
Filer Category | Smaller Reporting Company | ||
Current with reporting | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Nevada | ||
Entity Address, Address Line One | 1805 N. Carson Street, Suite 150 | ||
Entity Address, City or Town | Carson City | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89,701 | ||
City Area Code | (916) | ||
Local Phone Number | 776-2166 | ||
Entity Listing, Par Value Per Share | $ 0.0747 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | |
CURRENT ASSETS | |||
Cash | $ 90,551 | $ 30,461 | |
Prepaid and other assets | 32,972 | 0 | |
TOTAL CURRENT ASSETS | 123,523 | 30,461 | |
FIXED ASSETS | |||
Property and equipment, net of accumulated depreciation | 505,583 | 527,961 | |
TOTAL FIXED ASSETS | 505,583 | 527,961 | |
OTHER ASSETS | |||
Equipment under construction | 73,456 | 17,018 | |
Equipment held for sale | 0 | 283,216 | |
Property costs | 580,947 | 505,947 | |
Other Assets, Noncurrent | 654,403 | 806,181 | |
TOTAL ASSETS | 1,283,509 | 1,364,603 | |
CURRENT LIABILITIES | |||
Accounts payable and accrued liabilities | 64,734 | 92,151 | |
Accounts payable - related party | 260,860 | 150,198 | |
Notes Payable (net of unamortized debt discount) | 132,897 | 281,127 | |
Notes payable - related parties | 86,755 | 110,519 | |
Promissory Notes (net of unamortized debt discount) | 65,000 | 391,682 | |
TOTAL CURRENT LIABILITIES | 610,246 | 1,025,677 | |
TOTAL LIABILITIES | 610,246 | 1,025,677 | |
CONTINGENT LIABILITIES (Note 14) | [1] | ||
STOCKHOLDERS' EQUITY | |||
Preferred shares | 0 | 0 | |
Common Stock, Value, Issued | 665,555 | 480,607 | |
Additional paid-in capital | 22,379,274 | 18,380,440 | |
Share subscription payable | 571,467 | 614,215 | |
Accumulated deficit | (22,944,033) | (19,137,336) | |
TOTAL STOCKHOLDERS' EQUITY | 673,263 | 338,926 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,283,509 | 1,364,603 | |
Series A Convertible | |||
STOCKHOLDERS' EQUITY | |||
Preferred shares | $ 1,000 | $ 1,000 | |
[1] | Note 14 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Notes Payable, unamortized debt discount | $ 0 | $ 54,112 |
Promissory notes, unamortized debt discount | $ 0 | $ 88,480 |
Preferred Stock, Shares Authorized | 9,000,000 | 9,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares Authorized | 850,000,000 | 850,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 665,556,526 | 480,601,620 |
Common Stock, Shares, Outstanding | 665,556,526 | 480,601,620 |
Series A Convertible | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Outstanding | 1,000,000 | 1,000,000 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUES | ||
Revenues | $ 0 | $ 104,179 |
Total revenues | 0 | 104,179 |
Expenses | ||
Exploration | 304,634 | 241,990 |
General and administrative | 845,605 | 738,586 |
Stock-based expense - consulting services | 1,848,481 | 592,722 |
(Gain) loss on sale of equipment | (100,266) | 47,209 |
Write down of equipment held for sale | 12,308 | 109,135 |
Loss on settlement of accounts payable | 345,500 | 20,448 |
Total operating expenses | 3,256,262 | 1,750,090 |
OTHER INCOME (EXPENSE) | ||
Foreign exchange | (5,973) | 8,255 |
Gain on settlement of warrant liability | 0 | 303,857 |
Interest | (171,746) | (535,697) |
Loss on derivative liabilities | 0 | (17,990) |
Loss on settlement of debt | (372,716) | (389,041) |
Other | 0 | 98,950 |
Total other income (expense) | (550,435) | (531,666) |
NET LOSS BEFORE PROVISION FOR TAX | (3,806,697) | (2,177,577) |
Income Tax Expense (Benefit) | 0 | 0 |
Net Income (Loss) Attributable to Parent | $ (3,806,697) | $ (2,177,577) |
Earnings Per Share, Basic and Diluted | $ (0.01) | $ (0.01) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Preferred Stock | Preferred Class A | Common Stock | Additional Paid-in Capital | Subscription Payable | Retained Earnings | Total |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Mar. 31, 2015 | $ 0 | $ 375 | $ 308,237 | $ 16,100,205 | $ 559,260 | $ (16,959,759) | $ 8,318 |
Shares, Outstanding, Beginning Balance at Mar. 31, 2015 | 0 | 375,000 | 308,236,718 | ||||
Stock Issued During Period, Value, Issued for Services | $ 0 | $ 0 | $ 30,924 | 434,054 | 127,744 | 0 | 592,722 |
Stock Issued During Period, Shares, Issued for Services | 0 | 30,923,591 | |||||
Stock Issued During Period, Value, Purchase of Assets | $ 0 | $ 0 | $ 1,103 | 30,247 | 0 | 0 | 31,350 |
Stock Issued During Period, Shares, Purchase of Assets | 0 | 0 | 1,103,240 | ||||
Stock Issued During Period, Value, New Issues | $ 0 | $ 0 | $ 16,286 | 283,816 | (105,252) | 0 | 194,850 |
Stock Issued During Period, Shares, New Issues | 0 | 0 | 16,286,154 | ||||
Stock Issued During Period, Value, Other | $ 0 | $ 625 | $ 2,900 | 120,923 | 0 | 0 | 124,448 |
Stock Issued During Period, Shares, Other | 0 | 625,000 | 2,900,000 | ||||
Shares issued for convertible note principal and interest | $ 0 | $ 0 | $ 106,941 | 1,124,349 | (62,537) | 0 | 1,168,753 |
Shares issued for convertible note principal and interest, shares | 0 | 0 | 106,936,243 | ||||
Shares issued for settlement of warrant | $ 0 | $ 0 | $ 13,000 | 141,700 | 0 | 0 | 154,700 |
Shares issued for settlement of warrant, shares | 0 | 0 | 13,000,000 | ||||
Shares issued for finance costs | $ 0 | $ 0 | $ 1,216 | 35,254 | 95,000 | 0 | 131,470 |
Shares issued for finance costs, shares | 0 | 0 | 1,215,674 | ||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 0 | $ 0 | $ 0 | 109,892 | 0 | 0 | 109,892 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | 0 | (2,177,577) | (2,177,577) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Mar. 31, 2016 | $ 0 | $ 1,000 | $ 480,607 | 18,380,440 | 614,215 | (19,137,336) | 338,926 |
Shares, Outstanding, Ending Balance at Mar. 31, 2016 | 0 | 1,000,000 | 480,601,620 | ||||
Stock Issued During Period, Value, Issued for Services | $ 0 | $ 0 | $ 52,290 | 1,718,954 | 77,237 | 0 | 1,848,481 |
Stock Issued During Period, Shares, Issued for Services | 0 | 0 | 52,290,066 | ||||
Stock Issued During Period, Value, Purchase of Assets | $ 0 | $ 0 | $ 0 | 0 | 10,000 | 0 | 10,000 |
Stock Issued During Period, Shares, Purchase of Assets | 0 | 0 | 0 | ||||
Stock Issued During Period, Value, New Issues | $ 0 | $ 0 | $ 74,589 | 854,532 | (28,949) | 0 | 900,172 |
Stock Issued During Period, Shares, New Issues | 0 | 0 | 74,596,089 | ||||
Stock Issued During Period, Value, Other | $ 0 | $ 0 | $ 7,186 | 388,538 | 0 | 0 | 395,724 |
Stock Issued During Period, Shares, Other | 0 | 0 | 7,185,991 | ||||
Shares issued for convertible note principal and interest | $ 0 | $ 0 | $ 50,883 | 1,036,810 | (101,036) | 0 | 986,657 |
Shares issued for convertible note principal and interest, shares | 0 | 0 | 50,882,760 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ 0 | 0 | 0 | (3,806,697) | (3,806,697) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Mar. 31, 2017 | $ 0 | $ 1,000 | $ 665,555 | $ 22,379,274 | $ 571,467 | $ (22,944,033) | $ 673,263 |
Shares, Outstanding, Ending Balance at Mar. 31, 2017 | 0 | 1,000,000 | 665,556,526 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (3,806,697) | $ (2,177,577) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation and amortization | 226,632 | 265,708 |
(Gain) loss on sale of equipment | (100,266) | 47,209 |
Loss on settlement of debt and accounts payable | 718,216 | 409,489 |
Stock-based compensation - services | 1,848,481 | 592,722 |
Non-cash Interest expense | 170,035 | 508,871 |
Loss on change in fair value of derivative instrument | 0 | 17,990 |
Gain on settlement of warrant liability | 0 | (303,857) |
Impairment of equipment held for sale | 12,308 | 109,136 |
Changes in operating assets and liabilities: | ||
Increase of other assets | (34,442) | 0 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 146,503 | 173,417 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (819,230) | (356,892) |
Net Cash Provided by (Used in) Investing Activities | ||
Purchase of equipment | (41,502) | (1,660) |
Purchase of equipment under construction | (516) | 0 |
Proceeds from sale of equipment | 163,970 | 68,550 |
Purchase of property | (75,000) | 0 |
Net Cash Provided by (Used in) Investing Activities | 46,952 | 66,890 |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from issuance of notes payable | 58,404 | 203,545 |
Payment of notes payable | (126,208) | (42,264) |
Proceeds from the issuance of convertible promissory notes | 0 | 50,000 |
Payment of convertible promissory notes | 0 | (6,000) |
Advances from related party | 0 | 32,490 |
Payment of advances from related party | 0 | (114,905) |
Proceeds from issuance of common stock, net | 900,172 | 194,850 |
Net Cash Provided by (Used in) Financing Activities | 832,368 | 317,716 |
Cash and Cash Equivalents, Period Increase (Decrease) | 60,090 | 27,714 |
Supplemental Cash Flow Information | ||
Interest Paid | 8,750 | 23,487 |
Income Taxes Paid, Net | 0 | 0 |
Cash Flow, Noncash Investing and Financing Activities Disclosure | ||
Shares issued for settlement of notes payable | 795,746 | 503,960 |
Shares issued for warrant liability | 0 | 154,700 |
Shares issued for equipment purchase | 10,000 | 31,350 |
Shares issued to settle accounts payable | 364,224 | 124,448 |
Shares issued to settle convertible note | 0 | 611,773 |
Shares issued to settle interest payable | 0 | 36,470 |
Discount for derivative liability recognized on issuance of convertible notes | 0 | 67,604 |
Discount for beneficial conversion feature recognized on issuance of notes payable | 0 | 109,892 |
Settlement of note and interest by related party | 0 | 6,142 |
Notes payable settled on issuance of convertible promissory note | 0 | 181,001 |
Stock payable settled on issuance of convertible promissory note | 0 | 168,029 |
Reclassification of equipment held for sale of property and equipment | 230,732 | 322,861 |
Sale of equipment for notes receivable | (1,470) | 0 |
Reclassification of property and equipment under construction from held for sale | 55,922 | 0 |
Notes payable issued to settle accounts payable | $ 0 | $ 77,150 |
Organization and Business of Co
Organization and Business of Company | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Organization and Business of Company | 1. ORGANIZATION AND BUSINESS OF COMPANY Mexus Gold US (the “Company”) was originally incorporated under the laws of the State of Colorado on June 22, 1990 , as U.S.A. Connection, Inc . On October 28, 2005, the Company changed its’ name to Action Fashions, Ltd. On September 18, 2009 , the Company changed its’ domicile to Nevada and changed its’ name to Mexus Gold US to better reflect the Company’s new planned principle business operations. The Company has a fiscal year end of March 31. The Company is a mining company engaged in the evaluation, acquisition, exploration and advancement of gold, silver and copper projects in the State of Sonora, Mexico and the Western United States, as well as, the salvage of precious metals from identifiable sources. |
Going Concern
Going Concern | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Going Concern | 2. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the year ended March 31, 2017, the Company incurred a net loss of $3,806,697 and used cash in operating activities of $819,230, and at March 31, 2017, had a accumulated deficit of $22,944,033. These factors, among others, raise substantial doubt about the CompanyÂ’s ability to continue as a going concern within one year of the date that the financial statements are issued. The CompanyÂ’s independent registered public accounting firm, in their report on the CompanyÂ’s financial statements for the year ending March 31, 2017, expressed substantial doubt about the CompanyÂ’s ability to continue as a going concern. The Company is dependent upon outside financing to continue operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is managementÂ’s plans to raise necessary funds through a private placement of its common stock to satisfy the capital requirements of the CompanyÂ’s business plan. There is no assurance that the Company will be able to raise the necessary funds, or that if it is successful in raising the necessary funds, that the Company will successfully execute its business plan. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and/or liabilities that might be necessary should the Company be unable to continue as a going concern. The continuation as a going concern is dependent upon the ability of the Company to meet our obligations on a timely basis, and, ultimately to attain profitability. |
Summary of Significant Accounti
Summary of Significant Accounting Principles | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Summary of Significant Accounting Principles | 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s consolidated financial statements. The consolidated financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. Certain 2016 financial statement amounts have been reclassified to conform to the financial statement presentation adopted in the current year. These accounting policies conform to accounting principles generally accepted in the United States of America and are presented in U.S. dollars. Basis of Consolidation The consolidated financial statements include the accounts of the Company and controlled subsidiaries, Mexus Gold Mining, S.A. de C.V. (“Mexus Gold Mining) and Mexus Enterprises S.A. de C.V. (“Mexus Gold Enterprises”). Significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that the estimates used are reasonable. Cash and cash equivalents The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Equipment Equipment consists of mining tools and equipment, watercraft and vehicles which are depreciated on a straight-line basis over their expected useful lives as follows (see Note 6): Mining tools and equipment 7 years Watercrafts 7 years Vehicles 3 years Equipment under Construction Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $73,456 and $17,018 as of March 31, 2017 and 2016, respectively. Equipment under construction at March 31, 2017 comprises a Gold Recovery Cyanide Plant, Hydraulic Drum 12YD, Skid Mounted Mill and Survey Winch Marine. Exploration and Development Costs Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values. Mineral Property Rights Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either 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 a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets Long-Lived Assets In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item. The Company's financial instruments consist of cash, accounts payable, accrued liabilities, advances, notes payable, and a loan payable. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The notes payable, loans payable and secured convertible promissory notes have fixed interest rates therefore the Company is exposed to interest rate risk in that they could not benefit from a decrease in market interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. Foreign Currency Translation The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Mexican Pesos. The Company has not, as of the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Comprehensive Loss ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at March 31, 2017 and 2016, the Company had no items that represent a comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Tax”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Exploration and Development Costs Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values. Mineral Property Rights Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either 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 a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs would be based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets Asset Retirement Obligations In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2017 and 2016, the Company has not recorded AROs associated with legal obligations to retire any of the Company’s mineral properties as the settlement dates are not presently determinable. Revenue Recognition The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. Accounting for Derivative Instruments Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change. Stock-based Compensation The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505. Per Share Data Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU No. 2016-02, Leases. In March 2016, the FASB issued the ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Deposit
Deposit | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Deposit | 4. DEPOSIT Option and Joint Venture Agreement On July 6, 2015, Mexus Gold Mining, S.A. de C.V., a wholly owned Mexican subsidiary of the Company (“Mexus”), entered into an Option and Joint Venture Agreement (“Agreement”) with Minera Real Del Oro, S.A. De C.V., a wholly owned Mexican subsidiary of Argonaut Gold, Inc., a Canadian gold company engaged in exploration, mine development and production activities (“Argonaut”). Pursuant to the Agreement, Mexus granted Argonaut an exclusive and irrevocable option to acquire all rights to Mexus’ mining concessions located in Caborca, Mexico, Sonora State described as the Marta Elena, Julio II-VII and Mexus III Claims (the “Mining Concessions”). According to the Agreement, Mexus will transfer its Mining Concessions into a newly formed Mexican Company (“Newco”), and Argonaut will have the sole option to purchase up to 80% ownership of Newco in accordance with the terms of the Agreement. The initial option period expired on December 31, 2015. A summary of Argonaut’s required payments to Mexus for the option and required expenditures relating to the Mining Concessions were as follows: 1. Argonaut will make a cash payment to Mexus of US$75,000 upon execution of the Agreement plus incur required expenditures relating to the Mining Concessions of not less than US$300,000 by December 31, 2015. 2. In the event that Argonaut desires to extend the option period to June 30, 2016, Argonaut shall pay a cash payment to Mexus of US$125,000 plus incur required expenditures relating to the Mining Concessions of not less than US$500,000. 3. In the event that Argonaut desires to extend the option period to December 31, 2016, Argonaut shall pay a cash payment to Mexus of US$350,000 plus incur required expenditures relating to the Mining Concessions of not less than US$1,000,000. 4. In the event that Argonaut desires to extend the option period to December 31, 2017, Argonaut shall pay a cash payment to Mexus of US$400,000 plus incur required expenditures relating to the Mining Concessions of not less than US$3,300,000. 5. Argonaut is responsible for paying all land taxes, annual concessions or permit fees and the monthly lease of US$1,000 during the term of the Agreement. In addition, prior to July 6, 2016, Argonaut must expend a minimum of US$600,000 in expenditures relating to drilling Reverse Circulation and/or Core or a combination of both drill holes in relation to the Mining Concessions. 6. At any time prior to December 31, 2018, Argonaut may exercise the option, provided that it has incurred minimal expenditures on the project of US$5,000,000 and made cash payments to Mexus equal to US$950,000. Once the option is exercised, Argonaut will hold an 80% interest of Newco and Mexus will hold a 20% interest in Newco. All mining operations will be funded by Argonaut at no cost to Mexus. Newco will be managed by three board members, one of which will be Mexus. Argonaut reserves the right to terminate the Agreement at any time with 30 days written notice provided that the required payments to Mexus have been made in accordance with the terms of the Agreement. On July 7, 2015, Mexus deposited $75,000 of cash received from Argonaut in accordance with this Agreement. The proceeds from the issue of the option is accounted for using the option method. If the option is exercised, the Company will include the option proceeds in the sales value of the property. If the option is not exercised, the Company will recognize the option proceeds as income at the time the option expires. On December 4, 2015, Argonaut notified the Company that it will not exercise its option for the Mining Concessions and the Agreement was terminated. The $75,000 cash deposit received by Mexus on July 7, 2015 is recognized as revenue in the consolidated statement of operations. |
Mineral Properties and Explorat
Mineral Properties and Exploration Costs | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Mineral Properties and Exploration Costs | 5. MINERAL PROPERTIES AND EXPLORATION COSTS The following is a continuity of mineral property acquisition costs capitalized on the consolidated balance sheets during the years ended March 31, 2017 and 2016: Balance March 31, 2016 Cash Payments Share-based Payments Impairment Balance March 31, 2017 Ures Property (a) $ - $ - $ - $ - $ - Santa Elena Mine (b) 505,947 - - - 505,947 San Felix Project (c) - 75,000 - - 75,000 $ 505,947 $ 75,000 $ - $ - $ 580,947 Balance March 31, 2015 Cash Payments Share-based Payments Impairment Balance March 31, 2016 Ures Property (a) $ - $ - $ - $ - $ - Santa Elena Mine (b) 505,947 - - - 505,947 $ 505,947 $ - $ - $ - $ 505,947 The following is a continuity of exploration costs expensed in the consolidated statements of operation: Balance March 31, 2016 Cash Payments Share-based Payments Balance March 31, 2017 Ures Property (a) $ 1,910,649 $ 19,335 $ - $ 1,929,984 Santa Elena Mine (b) 2,786,147 285,299 869,315 3,940,761 $ 4,696,796 $ 304,634 $ 869,315 $ 5,870,745 Balance March 31, 2015 Cash Payments Share-based Payments Balance March 31, 2016 Ures Property (a) $ 1,910,649 $ - $ - $ 1,910,649 Santa Elena Mine (b) 2,331,867 241,990 212,290 2,786,147 $ 4,242,516 $ 241,990 $ 212,290 $ 4,696,796 (a) Ures Property On May 25, 2010, the Company entered into a Mineral Exploration and Mining Lease with Option to Purchase These property rights are owned by Mexus Gold S.A. de C.V. The properties were fully impaired at March 31, 2013 as the reserves were deemed not to be sufficient to warrant further work. (b) Santa Elena Mine Santa Elena Mine (also known as Caborca or Julio) comprise seven concessions with a total of 898.028 hectares of exploration properties located 54km NW of Caborca, State of Sonora, Mexico. These property rights are owned by Mexus Gold Mining S.A. de C.V. On May 19, 2016, Mexus entered into a new joint venture agreement to continue the exploration program under the Exploration, Exploitation and Mining Concessions Agreement (“Marmar Agreement”) with Marmar Holdings SA de CV (“Marmar”) for the Santa Elena property (title 221448) and Marta Elena property (title 221447). The Marmar Agreement requires Mexus to contribute its interest in the Santa Elena and Marta Elena properties and Marmar will bear all costs associated with operations and administration. Profits from net revenues will be distributed 5% Mexus and 95% Marmar until Marmar recovers its operating and administration costs. Thereafter, net revenues with be distributed 50% Mexus and 50% Marmar. (c) San Felix Project Effective January 13, 2017, Mexus Gold Mining, S.A. de C.V., a wholly owned Mexican subsidiary of the Company, entered into a purchase agreement with Jesus Leopoldo Felix Mazon, Leonardo Elias Jaime Perez, and Elia Lizardi Perez, wherein the Company purchased a 50% interest in the “San Felix” mining site located in the La Alameda area of Caborca, State of Sonora, Mexico. The remaining 50% of the site is owned jointly by Mar Holdings S.A. de C.V. and Marco Antonio Martinez Mora. The San Felix mining site contains seven (7) concessions over an area of approximately 26,000 acres. The total purchase price is US$2,000,000 of which the Company is 50% responsible. The required payment schedule is a follows: $150,000 by January 30, 2017, $500,000 by August 13, 2017, $500,000 by March 13, 2018, $500,000 by October 13, 2018, and $350,000 by May 13, 2019. On January 30, 2017, the Company paid $75,000 (50% of $150,000). |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Property and Equipment | 6. PROPERTY & EQUIPMENT Cost Accumulated Depreciation March 31, 2017 Net Book Value March 31, 2016 Net Book Value Mining tools and equipment $ 1,357,585 $ 866,697 $ 490,888 $ 526,311 Vehicles 134,918 120,223 14,695 1,650 $ 1,492,503 $ 986,920 $ 505,583 $ 527,961 During the year ended March 31, 2017, equipment held for sale with a carrying value of $133,216 was reclassified as mining tools and equipment with carrying value of $220,732 resulting in gain on sale of equipment of $99,824 and write down of equipment held for sale of $12,308. During the year ended March 31, 2016, mining tools and equipment with a carrying value of $322,861 was reclassified as held for sale resulting in an impairment of equipment held for sale of $39,645. In addition, equipment with carrying value of $69,490 was written off with no proceeds. During the year ended March 31, 2017 and 2016 equipment of total cost net of accumulated depreciation of $12,942 and $115,759 were sold and a gain of $442 and loss of $47,209 was recognized, respectively. Depreciation expense for the years ended March 31, 2017 and 2016 was $226,632 and $265,708, respectively. |
Accounts Payable - Related Part
Accounts Payable - Related Parties | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Accounts Payable - Related Parties | 7. ACCOUNTS PAYABLE – RELATED PARTIES During the years ended March 31, 2017 and 2016, the Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, of $45,600 and $45,600 , respectively. At March 31, 2017 and 2016, $65,203 and $33,798 for this obligation is outstanding, respectively. Compensation On July 2, 2015, the Company entered into a compensation agreement with Paul D. Thompson, the sole director and officer of the Company. Mr. Thompson is compensated $15,000 per month and has the option to take payment in Company stock valued at an average of 5 days closing price, cash payments or deferred payment in stock or cash. In addition, Mr. Thompson is due 2,000,000 shares of common stock at the end of each fiscal quarter. At March 31, 2017 and 2016, $195,657 and $116,400 of compensation due is included in accounts payable – related party, respectively and $32,600 for 2,000,000 shares of common stock due is included in share subscriptions payable, respectively. |
Notes Payable - Related Parties
Notes Payable - Related Parties | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Notes Payable - Related Parties | 8. NOTES PAYABLE – RELATED PARTIES Notes due to Taurus Gold, Inc. are unsecured, non-interest bearing and due on demand. These notes were accumulated through a series of cash advances to the Company. Taurus Gold, Inc. is controlled by Paul D. Thompson, the sole director and officer of the Company. As of March 31, 2017 and 2016, notes payable due to Taurus Gold Inc. totaled $67,223 and $101,428 , respectively. Notes due to North Pacific Gold were accumulated through a series of cash advances to the Company. North Pacific Gold is controlled by Paul Thompson, Jr., an immediate family member of Paul D. Thompson, the sole director and officer of the Company. This loan was due in 90 days and is in default, unsecured and bears interest of 6% per annum and is repayable in cash or Company common stock at market value at the option of the Company. As of March 31, 2017 and 2016, notes payable due to North Pacific Gold totaled $19,531 and $9,091 , respectively. |
Notes Payable
Notes Payable | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Notes Payable | 9. NOTES PAYABLE During the year ended March 31, 2014, the Company received cash advances of $164,502 from three unrelated shareholders of the Company. These advances are non-interest bearing, unsecured and have no specific terms of repayment. On August 19, 2014, the Company issued 1,750,020 shares of common stock valued at $70,000. The shares were issued in settlement of the convertible promissory note ($0.04 per share) to settle $87,501 in advances. As a result, the Company recorded a gain on settlement of debt of $17,501. On February 28, 2015, the Company issued 2,272,727 shares of common stock valued at $48,636 ($0.0214 per share) to settle $25,000 in advances. As a result, the Company recorded a loss on settlement of debt of $23,636. On August 24, 2015, $37,001 of these advances were settled on issuance of the convertible promissory note. At March 31, 2017 and 2016, the balance of these advances totaled $15,000 and $15,000, respectively. During the years ended March 31, 2017, 2016 and 2015, the Company received no advances, received various advances totaling $290,300 from nineteen investors and received various advances totaling $286,757 from twenty-two investors, respectively. These advances are unsecured and are due within 30 to 180 days of issue. Upon receipt of the cash advances, the Company paid a majority of the investors the value of their investment in shares of common stock of the Company as a finance fee. The investor has the option to be repaid when due by one of the following: (i) In cash (ii) One-half in cash and one—half in shares converted into common stock of the Company or (iii) The entire amount of the investment converted into shares of common stock of the Company. The conversion prices range from $0.0018 per share to $0.040 per share. For one promissory note with principal of $15,000 payments equal to 20% of cash proceeds received by the Company are due when equipment held for sale is sold. During the years ended March 31, 2017 and 2016, note principal and interest of $132,000 and $503,960 was paid through the issuance of shares of common stock, respectively, and $26,500 and $42,264 in cash, respectively. At March 31, 2017 and 2016, the balance of these advances totaled $43,600 and $243,089, respectively. At March 31, 2017 and 2016, debt discount of $0 and $54,112, respectively has been recorded on the consolidated balance sheet related to these cash advances. At March 31, 2017, $43,600 of these notes were in default. There are no default provisions stated in the notes. On January 19, 2016, the Company issued a promissory note (“Note”) with a principal of amount of $77,150 bearing interest of 10% per annum to settle $77,150 in accounts payable due for accounting fees. Payments equal to 15% of cash proceeds received by the Company are due when equipment held for sale is sold. Any unpaid principal and interest is due in full on July 19, 2016. At March 31, 2017 and 2016, the balance of this note was $74,297 and $77,150, respectively. At March 31, 2017, this note was in default. Amortization of debt discount was $54,112 and $70,702 for the years ended March 31, 2017 and 2016, respectively. The amount by which the if-converted value of notes payable exceeds principal of notes payable at March 31, 2017 is $419,118. |
Promissory Notes
Promissory Notes | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Promissory Notes | 10. PROMISSORY NOTES On April 18, 2013, the Company issued Promissory Notes for $255,000 in cash. The Notes bear interest of 4% per annum and are due on December 31, 2013. The Notes are secured by all of Mexus Gold US shares of stock in Mexus Resources S.A. de C.V. and a personal guarantee of Paul D. Thompson. In addition, a fee of 2,550,000 shares of common stock of the Company valued at $501,075 ($0.1965 per share) was paid to the Note holders on April 18, 2013. These financing fees were capitalized in the consolidated balance sheet as deferred finance expense and were being amortized on a straight-line basis, which approximates the effective interest rate method, as interest expense over the life of the Promissory Notes. On August 24, 2015, $100,000 of these were settled on issuance of a convertible promissory note. On December 1, 2015, $60,000 of these were settled on issuance of a convertible promissory note. On September 19, 2016, the Company issued 570,750 shares of common stock with a fair value $44,234 ($0.0775 per share) to settle a promissory note with principal of $20,000. On March 31, 2017, a promissory note with principal of $10,000 was settled for no consideration and recorded as a gain on the consolidated statement of operations. At March 31, 2017 and 2016, outstanding Promissory Notes were $65,000 and $95,000, respectively. As of March 31, 2017, the Company has not made the scheduled payments and is in default on these promissory notes. The default rate on the notes is seven percent. At March 31, 2017 and 2016 accrued interest of $25,399 and $18,013, respectively, is included in accounts payable and accrued liabilities. On August 24, 2015, the Company issued a convertible promissory note (“Note”) for a total amount of $343,973 due on February 24, 2017 to William H. Brinker (“Holder”). The total amount of the Note is due in three equal payments plus any accrued interest at 180 days, 360 days and 540 days from the issuance date. The Holder upon annual election may elect to be paid in cash or stock (but not both) as follows: (a) in cash, with interest at 4% per annum (b) in shares of common stock of the Company, with interest at 12% per annum (“Stock Payment”). For a Stock Payment, the number of shares is determined by multiplying the outstanding principal of the Note by 12% divided by 100% of the average of the closing price of the Stock for ten trading days immediately preceding the payment date. Distinguishing Liabilities from Equity On September 19, 2016, the Company issued 6,665,786 shares of common stock with a fair value $516,597 ($0.0775 per share) to fully settle the Note with principal of $343,973 and a note payable (see Note 9) with principal of $30,000. On December 1, 2015, the Company issued a convertible promissory note (“Note”) dated August 24, 2015 for a total amount of $41,189 due on February 24, 2017 to David Long (“Holder”). The total amount of the Note is due in three equal payments plus any accrued interest at 180 days, 360 days and 540 days from the date of the Note. The Holder upon annual election may elect to be paid in cash or stock (but not both) as follows: (a) in cash, with interest at 4% per annum (b) in shares of common stock of the Company, with interest at 12% per annum (“Stock Payment”). For a Stock Payment, the number of shares is determined by multiplying the outstanding principal of the Note by 12% divided by 100% of the average of the closing price of the Stock for ten trading days immediately preceding the payment date. Distinguishing Liabilities from Equity On September 19, 2016, the Company issued 800,000 shares of common stock with a fair value $62,000 ($0.0775 per share) to fully settle the promissory note with principal of $41,189. Amortization of debt discount was $88,480 and $54,302 for the years ended March 31, 2017 and 2016, respectively. |
Secured Convertible Promissory
Secured Convertible Promissory Notes | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Secured Convertible Promissory Notes | 11. SECURED CONVERTIBLE PROMISSORY NOTES Typenex Co-Investment, LLC On June 12, 2013, the Company entered into a Securities Purchase Agreement with Typenex Co-Investment, LLC (“Typenex”), for the sale of an 8% Secured Convertible Promissory Note (“Notes”) in the principal amount of $557,500 consisting of an initial tranche of $307,500 comprising of $250,000 of cash at closing, Typenex legal expenses in the amount of $7,500 and a $50,000 original issue discount and an additional tranche $250,000 in cash. On June 12, 2013, the Company closed on the initial tranche and received $250,000 in cash. On August 8, 2013, the Company closed on the second tranche and received $125,000 in cash. The Company has not closed on the final tranche for $125,000 in cash. The Company has no obligation to pay Typenex any amounts on the unfunded portion of the Note. The Notes have a maturity date that is thirteen months after the issuance date. Typenex has been granted a security interest in the property of the Company. At the option of the holder, all principal, costs, charges and interest amounts outstanding under all of the Notes shall be exchanged for shares of the Company’s common stock at the Conversion Price of $0.23 per share. The Conversion Price is subject to an anti-dilution adjustment in the event the Company at any time, while the Notes are outstanding, issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.23 a share. In conjunction with the issuance of the Notes on June 12, 2013, the Company issued a variable number of warrants of the Company’s common stock equal to $278,750 divided by the Market Price. Market Price is defined as the higher of (i) the closing price of the common stock of the Company on June 12, 2013, and (ii) the VWAP of the common stock for the trading day that is two days prior to the exercise date. The Exercise Price The Exercise Price is subject to an anti-dilution adjustment in the event the Company at any time, while the Warrants are outstanding, issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.24 a share. The anti-dilution protection for the Note and Warrants excludes On June 12, 2013, the Company recorded a discount on the Note equal to the fair value of the warrant derivative liability and convertible promissory note derivative liability. This discount is amortized using the effective interest rate method over the term of the Note. Year Ended March 31, 2016 Opening balance $ 102,842 Conversion of principal into shares of common stock (105,623) Amortization of discount on Note and accrued interest 2,781 Closing balance $ - On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015, the Company issued a total of 12,370,789 shares of common stock valued at $242,400 ($0.0196 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $96,336 and loss on settlement of debt of $146,064. JMJ Financial On January 28, 2015, the Company issued a Convertible Promissory Note (“Note”) to JMJ Financial (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. The Company may repay the Note any time and if repaid within 90 days of date of issue, the interest rate is 0%. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.029 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On January 28, 2015, the Company received cash of $50,000 in the first tranche, which was net of original issue discount of $5,000. During the year ended March 31, 2017, the Holder converted 9,195,604 shares of common stock of the Company with a fair value of $152,689 to settle $61,600 of principal and interest. At March 31, 2015, the first tranche of the Note is recorded at a fully accreted value of $85,056 less unamortized debt discount of $67,802. At March 31, 2016 the principal and interest outstanding for the first tranche of the Note was paid in full. LGH Investments, Inc. On April 6, 2015, the Company issued a Convertible Promissory Note (“Note”) to LGH Investments, Inc. (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.019 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On April 6, 2015, the Company received cash of $25,000 in the first tranche, which was net of original issue discount of $2,500. During the year ended March 31, 2016, the Holder converted 9,146,736 shares of common stock of the Company with a fair value of $116,682 to settle $41,800 of principal and interest. At March 31, 2016, the principal and interest outstanding for the first tranche of the Note was paid in full. Lucas Hoppel On June 11, 2015, the Company issued a Convertible Promissory Note (“Note”) to Lucas Hoppel (“Holder”), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lessor of (a) $0.018 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On June 11, 2015, the Company received cash of $25,000 in the first tranche, which was net of original issue discount of $2,500. During the year ended March 31, 2016, the Company issued 20,000,000 shares of common stock of the Company with a fair value of $100,000 and paid $6,000 in cash to settle the Note in full. |
Warrant Derivative Liability
Warrant Derivative Liability | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Warrant Derivative Liability | 12. WARRANT DERIVATIVE LIABILITY The Warrants are subject to anti-dilution adjustments that allow for the reduction in the Exercise Price in the event the Company subsequently issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.24 a share. The Company accounted for the warrants in accordance with ASC Topic 815. Accordingly, the Warrants are not considered to be solely indexed to the CompanyÂ’s own stock and, as such, recorded as a liability. The CompanyÂ’s warrant derivative liability has been measured at fair value at March 31, 2017 and 2016 using a binomial model. Since the Exercise Price contains an anti-dilution adjustment, the probability that the Exercise Price of the Notes would decrease as the share price decreased was incorporated into the valuation calculation. After June 12, 2013, the Company issued common stock for cash at a price of $0.01 per share and the conversion price has been adjusted accordingly. The inputs into the binomial model are as follows: November 12, 2015 March 31, 2015 Market price $ 0.0125 $ 0.0194 Conversion price $ 0.0046 $ 0.0110 Risk free rate 1.20% 0.89% Expected volatility 145% 121% Dividend yield 0% 0% Expected life 32 months 38 months On November 13, 2015, the Company entered into a Warrant Settlement Agreement whereby the Company agreed to issue 30,000,000 shares of common stock of the Company with a fair value of $357,000 ($0.0119 per share) for full settlement and cancelation of the Warrant issued in conjunction The fair value of the warrant derivative liability is $0 at March 31, 2016. The increase (decrease) in the fair value of the warrant liability of $0 and $253,272 has been recorded as a (gain) loss in the consolidated statements of operations for the year ended March 31, 2017 and 2016, respectively. |
Convertible Promissory Note Der
Convertible Promissory Note Derivative Liabilities | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Convertible Promissory Note Derivative Liabilities | 13. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITIES The Convertible Promissory Note with Typenex is subject to anti-dilution adjustments that allow for the reduction in the Conversion Price in the event the Company subsequently issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.23 a share. The Company accounted for the conversion option in accordance with ASC Topic 815. Accordingly, the Conversion Option is not considered to be solely indexed to the Company’s own stock and, as such, recorded as a liability. The Company’s convertible promissory note derivative liabilities have been measured at fair value at March 31, 2015 using a binomial model. Since the Conversion Price contains an anti-dilution adjustment, the probability that the Conversion Price of the Notes would decrease as the share price decreased was incorporated into the valuation calculation. After June 12, 2013, the Company issued common stock for cash at a price of $0.01 per share and the conversion price has been adjusted accordingly. At March 31, 2016, the Convertible Promissory Note with Typenex was paid in full. As such, the fair value of the conversion feature at March 31, 2016 is $0 (See Note 11). The inputs into the binomial model are as follows: March 31, 2015 Closing share price $ 0.0194 Conversion price $ 0.011 Risk free rate 0.14% Expected volatility 180% Dividend yield 0% Expected life 0.5 years Additionally, the Convertible Promissory Notes with JMJ Financial with an issue date of January 28, 2015, LGH Investments, Inc. with an issue date of April 6, 2015 and Lucas Hoppel with an issue date of June 11, 2015 was accounted for under ASC 815. The variable conversion price is not considered predominately based on a fixed monetary amount settleable with a variable number of shares due to the volatility and trading volume of the Company’s common stock. The Company’s convertible promissory note derivative liabilities has been measured at fair value at September 30, 2015, June 11, 2015, April 6, 2015 and March 31, 2015 using the Black-Scholes model. The inputs into the Black-Scholes models are as follows: September 30, 2015 March 31, 2015 Closing share price $ 0.0149 $ 0.0194 Conversion price $ 0.0160 $ 0.019 Risk free rate 0.050% 0.050% Expected volatility 143% - 151% 129% Dividend yield 0% 0% Expected life 1.58 years – 1.95 years 1.83 years The fair value of the conversion option derivatives is $0 at March 31, 2016. The increase (decrease) in the fair value of the of $0 and $(235,282) has been recorded as a (gain) loss in the consolidated statements of operations for the year ended March 31, 2017 and 2016, respectively. At December 31, 2015, the Company determined that it did not have sufficient authorized and unissued shares to settle contractual obligations for stock payable, Series A Convertible Preferred Stock and convertible notes. After allocating available shares of common stock to various contracts, there was a shortfall of 82,731,750 shares to satisfy obligations for convertible notes. As a result, the obligation to deliver shares was reclassified from equity to liabilities and a $198,088 promissory note obligation is recorded on the consolidated balance sheet at December 31, 2015. The inputs into the Black-Scholes models are as follows: December 31, 2015 Closing share price $ 0.0035 Conversion price $ 0.0046 to 0.0110 Risk free rate 0.050% Expected volatility 209% to 271% Dividend yield 0% Expected life 0.12 to 1.15 years At February 4, 2016, the Company approved an amendment of the Company’s articles of incorporation to increase the number of authorized common shares of the Company from 500,000,000 to 850,000,000 shares of common stock. As a result the Company, had sufficient shares of the common stock to settle contractual obligations for stock payable, Series A Convertible Preferred Stock and convertible notes and the obligation to deliver shares was reclassified from liabilities to equity. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Contingent Liabilities | 14. CONTINGENT LIABILITIES An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. While the Company, as of March 31, 2017, does not have a legal obligation associated with the disposal of certain chemicals used in its leaching process, the Company estimates it will incur costs up to $50,000 to neutralize those chemicals at the close of the leaching pond. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Stockholders' Equity (Deficit) | 15. STOCKHOLDERS’ EQUITY (DEFICIT) The stockholders’ equity of the Company comprises the following classes of capital stock as of March 31, 2017 and 2016: Preferred Stock, $0.001 par value per share; 9,000,000 shares authorized, 0 issued and outstanding at March 31, 2017 and 2016. Series A Convertible Preferred Stock (‘Series A Preferred Stock”), $0.001 par value share; 1,000,000 shares authorized: shares issued and outstanding at March 31, 2017 and 2016. Holders of Series A Preferred Stock may convert one share of Series A Preferred Stock into one share of Common Stock. Holders of Series A Preferred Stock have the number of votes determined by multiplying (a) the number of Series A Preferred Stock held by such holder, (b) the number of issued and outstanding Series A Preferred Stock and Common Stock on a fully diluted basis, and (c) 0.000006. Common Stock, par value of $0.001 per share; 850,000,000 shares authorized: and shares issued and outstanding at March 31, 2017 and 2016, respectively. Holders of Common Stock have one vote per share of Common Stock held. Series A Preferred Stock During the year ended March 31, 2016, the Company issued subscriptions payable for 625,000 shares of Series A Preferred Stock ($0.12 per share) to Paul Thompson Sr., Chief Executive Officer and sole director of the Company, for $75,000 for settlement of accounts payable – related party. Common Stock (i) Year Ended March 31, 2017 On May 19, 2016, the Company issued 19,027,777 shares of common stock to satisfy obligations under share subscription agreements for $35,300 in cash receipts included in share subscriptions payable. On April 21, 2016, the Company issued 17,791,176 shares of common stock to satisfy obligations under share subscription agreements for $75,000 for settlement of interest, $47,400 in services and $5,000 in cash receipts included in share subscriptions payable. On May 13, 2016, the Company issued 17,141,176 shares of common stock to satisfy obligations under share subscription agreements for $306,000 for settlement of accounts payable, $2,000 in equipment and $20,000 in cash receipts included in share subscriptions payable. On July 6, 2016, the Company cancelled 1,830,600 shares of common stock previously issued to satisfy obligations under share subscription agreements for $27,459 for settlement of notes payable. On August 12, 2016, the Company issued 8,150,000 shares of common stock to satisfy obligations under share subscription agreements for $305,000 for services and $41,000 in cash receipts included in share subscriptions payable. On August 24, 2016, the Company issued 14,633,333 shares of common stock to satisfy obligations under share subscription agreements for $205,800 for services, $30,000 for settlement of accounts payable, $51,666 for settlement of notes payable and $114,500 in cash receipts included in share subscriptions payable. On August 30, 2016, the Company issued 6,025,000 shares of common stock to satisfy obligations under share subscription agreements for $120,500 in cash receipts included in share subscriptions payable. On September 26, 2016, the Company issued 8,710,000 shares of common stock to satisfy obligations under share subscription agreements for $176,600 for services and $14,200 in cash receipts included in share subscriptions payable. On October 10, 2016, the Company issued 21,283,782 shares of common stock to satisfy obligations under share subscription agreements for $704,539 for settlement of notes payable, $394,265 in services and $93,000 in cash receipts included in share subscriptions payable. On November 11, 2016, the Company issued 2,916,667 shares of common stock to satisfy obligations under share subscription agreements for $2,000 for settlement of notes payable, $8,037 for settlement of accounts payable, $29,463 in services and $10,000 in cash receipts included in share subscriptions payable. On December 2, 2016, the Company issued 14,055,555 shares of common stock to satisfy obligations under share subscription agreements for $5,000 for settlement of notes payable, $20,000 for interest, $44,900 in services and $91,000 in cash receipts included in share subscriptions payable. On December 12, 2016, the Company issued 33,918,729 shares of common stock to satisfy obligations under share subscription agreements for $44,000 for settlement of notes payable, $190,909 for interest, $1,687 for settlement of accounts payable, $22,499 for replacement of cancellation of shares, $251,650 in services and $36,436 in cash receipts included in share subscriptions payable. On December 12, 2016, the Company cancelled 2,248,100 shares of common stock previously issued to satisfy obligations under share subscription agreements for $22,481 for settlement of notes payable. On December 29, 2016, the Company issued 2,583,333 shares of common stock to satisfy obligations under share subscription agreements for $11,700 for services and $24,625 in cash receipts included in share subscriptions payable. On February 6, 2017, the Company issued 2,534,136 shares of common stock to satisfy obligations under share subscription agreements for $61,425 in services and $38,000 in cash receipts included in share subscriptions payable. On February 24, 2017, the Company issued 2,282,378 shares of common stock to satisfy obligations under share subscription agreements for $4,500 for settlement of accounts payable, $33,500 in services and $127,728 in cash receipts included in share subscriptions payable. On February 28, 2017, the Company issued 6,100,000 shares of common stock to satisfy obligations under share subscription agreements for $104,500 in services included in share subscriptions payable. On March 14, 2017, the Company issued 4,207,777 shares of common stock to satisfy obligations under share subscription agreements for $5,000 for settlement of notes payable and $63,000 in cash receipts included in share subscriptions payable. On March 21, 2017, the Company issued 2,086,667 shares of common stock to satisfy obligations under share subscription agreements for $2,000 for settlement of notes payable and $21,000 in cash receipts included in share subscriptions payable. On March 28, 2017, the Company issued 5,586,120 shares of common stock to satisfy obligations under share subscription agreements for $45,500 for settlement of accounts payable, $92,000 in services and $71,832 in cash receipts included in share subscriptions payable. (ii) Year Ended March 31, 2016 On April 14, 2015, the Company issued 1,840,908 shares of common stock to satisfy obligations under share subscription agreements for $21,318 for settlement of notes payable and $7,500 in services included in share subscriptions payable. On April 21, 2015, the Company issued 4,745,452 shares of common stock to satisfy obligations under share subscription agreements for $36,441 for settlement of notes payable, $12,000 in services and $18,800 in cash receipts included in share subscriptions payable. On May 13, 2015, the Company issued 3,176,134 shares of common stock to satisfy obligations under share subscription agreements for $30,289 for settlement of notes payable, $10,000 in equipment and $9,000 in cash receipts included in share subscriptions payable. On June 10, 2015, the Company issued 625,000 shares of Series A Preferred Stock to Paul Thompson Sr., the CEO and sole director of the Company, to satisfy obligations under share subscription agreements for $75,000 for settlement of accounts payable receipts included in share subscriptions payable. On June 10, 2015, the Company issued 5,830,863 shares of common stock to satisfy obligations under share subscription agreements for $49,448 for settlement of accounts payable, $9,534 in services and $22,500 in cash receipts included in share subscriptions payable. On June 23, 2015, the Company issued 1,800,000 shares of common stock to satisfy obligations under share subscription agreements for $12,000 in services and $20,000 in cash receipts included in share subscriptions payable. On July 9, 2015, the Company issued 7,796,966 shares of common stock to satisfy obligations under share subscription agreements for $63,000 for settlement of notes payable, $14,200 in services and $12,500 in cash receipts included in share subscriptions payable. On July 29, 2015, the Company issued 2,078,333 shares of common stock to satisfy obligations under share subscription agreements for $8,490 in services and $15,000 in cash receipts included in share subscriptions payable. On August 6, 2015, the Company issued 2,125,000 shares of common stock to satisfy obligations under share subscription agreements for $25,500 in services included in share subscriptions payable. On August 14, 2015, the Company issued 1,500,000 shares of common stock to satisfy obligations under share subscription agreements for $38,150 in services included in share subscriptions payable. On August 24, 2015, $168,029 of share subscriptions payable for 2,517,040 shares of common stock due William H. Brinker were settled on issuance of the convertible promissory note. On September 2, 2015, the Company issued 10,207,799 shares of common stock to satisfy obligations under share subscription agreements for $207,998 for settlement of notes payable, $29,000 in services and $12,776 in cash receipts included in share subscriptions payable. On September 18, 2015, the Company issued 1,109,090 shares of common stock to satisfy obligations under share subscription agreements for $10,000 for settlement of notes payable and $2,000 in cash receipts included in share subscriptions payable. On September 21, 2015, the Company issued 6,500,000 shares of common stock to satisfy obligations under share subscription agreements $97,250 in services and $10,000 in cash receipts included in share subscriptions payable. On September 30, 2015, the Company issued 750,000 shares of common stock to satisfy obligations under share subscription agreement for $45,000 in services. On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015, the Company issued a total of 12,370,789 shares of common stock valued at $242,400 ($0.0196 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $96,336 and loss on settlement of debt of $146,064. On December 7, 2015, the Company issued 7,005,194 shares of common stock to satisfy obligations under share subscription agreements for $56,000 in services and $30,122 in cash receipts included in share subscriptions payable. On December 18, 2015, the Company issued 13,896,345 shares of common stock to satisfy obligations under share subscription agreements for $148,804 for settlement of notes payable, $26,325 in services, $21,350 in equipment and $12,500 in cash receipts included in share subscriptions payable. On December 23, 2015, the Company issued 8,669,993 shares of common stock to satisfy obligations under share subscription agreements for $21,297 for settlement of notes payable, $59,800 in services and $11,000 in cash receipts included in share subscriptions payable. On July 28, 2015, August 10, 2015, August 24, 2015, September 1, 2015, September 15, 2015 and September 24, 2015, October 2, 2015 and October 20, 2015, the Company issued a total of 9,195,604 shares of common stock valued at $152,689 ($0.0166 per share) to JMJ Financial for conversion of principal and interest of $61,600 and loss on settlement of debt of $91,089. On October 15, 2015, October 26, 2015, November 4, 2015, November 11, 2015 and November 13, 2015, the Company issued a total of 9,146,739 shares of common stock valued at $116,682 ($0.0128 per share) to LGH Investments, Inc. for conversion of principal and interest of $41,800 and loss on settlement of debt of $74,882. On November 13, 2015, the Company entered into a Warrant Settlement Agreement whereby the Company agreed to issue 30,000,000 shares of common stock of the Company with a fair value of $357,000 ($0.0119 per share) for full settlement and cancelation of the Warrant issued in conjunction On December 16, 2015, the Company issued a total of 20,000,000 shares of common stock valued at $100,000 ($0.005 per share) and paid $6,000 in cash to Lucas Hoppel for conversion of principal and interest of $31,980 and loss on settlement of debt of $74,020. On January 15, 2016, the Company issued 9,256,711 shares of common stock to satisfy obligations under share subscription agreements for $30,000 in services and $51,750 in cash receipts included in share subscriptions payable. On February 9, 2016, the Company issued 9,112,985 shares of common stock to satisfy obligations under share subscription agreements for $18,430 in services, $30,818 for settlement in notes payable and $14,000 in cash receipts included in share subscriptions payable. On March 15, 2016, 5,750,000 shares of common stock previously issued to satisfy obligations under share subscription agreements for $24,200 in services and $58,125 in cash receipts were returned to treasury and included in share subscriptions payable. Common Stock Payable (i) Year Ended March 31, 2017 As at March 31, 2017, the Company had total subscriptions payable for 26,024,576 shares of common stock for $260,287 in cash, shares of common stock for equipment valued at $10,500, shares of common stock for interest valued at $5,000, shares of common stock for services valued at $286,680 and common stock for settlement of notes payable valued at $9,000. (ii) Year Ended March 31, 2016 Aa at March 31, 2016, the Company had total subscriptions payable for 81,781,794 shares of common stock for $282,589 in cash, shares of common stock for services valued at $213,453, stock for purchase of equipment valued at $500, common stock for settlement of notes payable valued at $13,673, stock for settlement of interest payable valued at $104,000. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Related Party Transactions | 16. RELATED PARTY TRANSACTIONS During the years ended March 31, 2017 and 2016, the Company entered into the following transactions with related parties: Paul D. Thompson, sole director and officer of the Company Taurus Gold, Inc., controlled by Paul D. Thompson Accounts payable – related parties – Note 7 Notes payable – related parties – Note 8 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Income Taxes | 17. INCOME TAXES The Company had no income tax expense due to operating loss incurred for the years ended March 31, 2017 and 2016. The tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets and liabilities at March 31, 2017 and 2016 are comprised of the following: Year Ended March 31, 2017 Year Ended March 31, 2016 Deferred tax assets: Net-operating loss carryforward $ 5,465,982 $ 5,060,710 Total deferred tax assets 5,465,982 5,060,710 Valuation allowance (5,465,982) (5,060,710) Deferred tax assets, net of allowance $ - $ - Year Ended March 31, 2017 Year Ended March 31, 2016 Federal Current $ - $ - Deferred 5,465,982 5,060,710 State Current - - Deferred - - Change in valuation allowance (5,465,982) (5,060,710) Income tax provision $ - $ - At March 31, 2017, the Company had net operating loss carry forwards for federal tax purposes of approximately $15.6 million which expires in years 2030 through 2036. It appears that the Company had generated net operating losses, since 2010, which the CompanyÂ’s preliminary analysis indicates would be subject to significant limitations pursuant to Internal Revenue Code Section 382. The Company has not completed its IRC Section 382 Valuation, as required and the NOLÂ’s because of potential Change of Ownerships might be completely worthless. Therefore, Management of the Company has recorded a Full Valuation Reserve; since it is more likely than not that no benefit will be realized for the Deferred Tax Assets. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. In case the deferred tax assets will not be realized in future periods, the Company has provided a valuation allowance for the full amount of the deferred tax assets at March 31, 2017. The valuation allowance increased by approximately $0.4 million as of March 31, 2017. Corporations resident in Mexico are taxable on their worldwide income from all sources, including profits from business and property. The Company is subject to Mexico tax at a rate of 30% on taxable income, if any, from Mexico operations. The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows: Year Ended March 31, 2017 Year Ended March 31, 2016 Statutory Federal Income Tax Rate 35% 35% Change in valuation allowance (35%) (35%) Income tax provision $ - $ - The Company has not identified any uncertain tax positions requiring a reserve as of March 31, 2017. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2017 | |
Notes | |
Subsequent Events | 18. SUBSEQUENT EVENTS Common Stock Payable From the period of April 1, 2017 to June 19, 2017, the Company issued subscriptions payable for 1,550,000 shares of common stock ($0.0406 per share) for $63,000 in cash. From the period of April 1, 2017 to June 19, 2017, the Company issued subscriptions payable for 1,800,000 shares of common stock ($0.1079 per share) for $189,260 in cash. From the period of April 1, 2017 to July 10, 2017, the Company issued subscriptions payable for 500,000 shares of common stock ($0.0650 per share) for $32,485 in settlement of notes payable. Common Stock On April 11, 2017 , the Company issued 1,097,826 shares of common stock to satisfy obligations under share subscription agreements for $9,000 in equipment and $50,000 in cash receipts included in share subscriptions payable. On April 17, 2017 , the Company issued 621,954 shares of common stock to satisfy obligations under share subscription agreements for $15,000 in services and $25,000 in cash receipts included in share subscriptions payable. On May 15, 2017 , the Company issued 108,696 shares of common stock to satisfy obligations under share subscription agreements for $10,000 in services included in share subscriptions payable. On June 2, 2017 , the Company issued 4,593,333 shares of common stock to satisfy obligations under share subscription agreements for $41,100 in services and $36,500 in cash receipts included in share subscriptions payable. On July 5, 2017 , the Company issued 600,000 shares of common stock to satisfy obligations under share subscription agreements for $5,760 in services and $32,485 in settlement of notes payable included in share subscriptions payable. |
Summary of Significant Accoun25
Summary of Significant Accounting Principles: Basis of Consolidation (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of the Company and controlled subsidiaries, Mexus Gold Mining, S.A. de C.V. (“Mexus Gold Mining) and Mexus Enterprises S.A. de C.V. (“Mexus Gold Enterprises”). Significant intercompany accounts and transactions have been eliminated. |
Summary of Significant Accoun26
Summary of Significant Accounting Principles: Use of Estimates (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that the estimates used are reasonable. |
Summary of Significant Accoun27
Summary of Significant Accounting Principles: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Summary of Significant Accoun28
Summary of Significant Accounting Principles: Equipment (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Equipment | Equipment Equipment consists of mining tools and equipment, watercraft and vehicles which are depreciated on a straight-line basis over their expected useful lives as follows (see Note 6): Mining tools and equipment 7 years Watercrafts 7 years Vehicles 3 years |
Summary of Significant Accoun29
Summary of Significant Accounting Principles: Equipment under Construction (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Equipment under Construction | Equipment under Construction Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $73,456 and $17,018 as of March 31, 2017 and 2016, respectively. Equipment under construction at March 31, 2017 comprises a Gold Recovery Cyanide Plant, Hydraulic Drum 12YD, Skid Mounted Mill and Survey Winch Marine. |
Summary of Significant Accoun30
Summary of Significant Accounting Principles: Exploration and Development Costs, Policy (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Exploration and Development Costs, Policy | Exploration and Development Costs Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values. |
Summary of Significant Accoun31
Summary of Significant Accounting Principles: Mineral Property Rights, Policy (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Mineral Property Rights, Policy | Mineral Property Rights Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either 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 a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets |
Summary of Significant Accoun32
Summary of Significant Accounting Principles: Long-Lived Assets (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Long-Lived Assets | Long-Lived Assets In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. |
Summary of Significant Accoun33
Summary of Significant Accounting Principles: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item. The Company's financial instruments consist of cash, accounts payable, accrued liabilities, advances, notes payable, and a loan payable. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The notes payable, loans payable and secured convertible promissory notes have fixed interest rates therefore the Company is exposed to interest rate risk in that they could not benefit from a decrease in market interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. |
Summary of Significant Accoun34
Summary of Significant Accounting Principles: Foreign Currency Translation (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Foreign Currency Translation | Foreign Currency Translation The CompanyÂ’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Mexican Pesos. The Company has not, as of the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Summary of Significant Accoun35
Summary of Significant Accounting Principles: Comprehensive Loss (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Comprehensive Loss | Comprehensive Loss ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at March 31, 2017 and 2016, the Company had no items that represent a comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements. |
Summary of Significant Accoun36
Summary of Significant Accounting Principles: Income Taxes (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Tax”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
Summary of Significant Accoun37
Summary of Significant Accounting Principles: Exploration and Development Costs (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Exploration and Development Costs | Exploration and Development Costs Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values. |
Summary of Significant Accoun38
Summary of Significant Accounting Principles: Mineral Property Rights (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Mineral Property Rights | Mineral Property Rights Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either 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 a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs would be based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets |
Summary of Significant Accoun39
Summary of Significant Accounting Principles: Asset Retirement Obligations (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Asset Retirement Obligations | Asset Retirement Obligations In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2017 and 2016, the Company has not recorded AROs associated with legal obligations to retire any of the CompanyÂ’s mineral properties as the settlement dates are not presently determinable. |
Summary of Significant Accoun40
Summary of Significant Accounting Principles: Revenue Recognition (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured. |
Summary of Significant Accoun41
Summary of Significant Accounting Principles: Accounting for Derivative Instruments (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Accounting for Derivative Instruments | Accounting for Derivative Instruments Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change. |
Summary of Significant Accoun42
Summary of Significant Accounting Principles: Stock-based Compensation (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Stock-based Compensation | Stock-based Compensation The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505. |
Summary of Significant Accoun43
Summary of Significant Accounting Principles: Per Share Data (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Per Share Data | Per Share Data Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. |
Summary of Significant Accoun44
Summary of Significant Accounting Principles: Recently Issued Accounting Pronouncements (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU No. 2016-02, Leases. In March 2016, the FASB issued the ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Mineral Properties and Explor45
Mineral Properties and Exploration Costs: Schedule of Mineral Property Acquisition Costs capitalized on the Consolidated Balance Sheets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Mineral Property Acquisition Costs capitalized on the Consolidated Balance Sheets | Balance March 31, 2016 Cash Payments Share-based Payments Impairment Balance March 31, 2017 Ures Property (a) $ - $ - $ - $ - $ - Santa Elena Mine (b) 505,947 - - - 505,947 San Felix Project (c) - 75,000 - - 75,000 $ 505,947 $ 75,000 $ - $ - $ 580,947 Balance March 31, 2015 Cash Payments Share-based Payments Impairment Balance March 31, 2016 Ures Property (a) $ - $ - $ - $ - $ - Santa Elena Mine (b) 505,947 - - - 505,947 $ 505,947 $ - $ - $ - $ 505,947 |
Mineral Properties and Explor46
Mineral Properties and Exploration Costs: Schedule of Mineral Property Acquisition Costs capitalized on the Consolidated Statements of Operation (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Mineral Property Acquisition Costs capitalized on the Consolidated Statements of Operation | Balance March 31, 2016 Cash Payments Share-based Payments Balance March 31, 2017 Ures Property (a) $ 1,910,649 $ 19,335 $ - $ 1,929,984 Santa Elena Mine (b) 2,786,147 285,299 869,315 3,940,761 $ 4,696,796 $ 304,634 $ 869,315 $ 5,870,745 Balance March 31, 2015 Cash Payments Share-based Payments Balance March 31, 2016 Ures Property (a) $ 1,910,649 $ - $ - $ 1,910,649 Santa Elena Mine (b) 2,331,867 241,990 212,290 2,786,147 $ 4,242,516 $ 241,990 $ 212,290 $ 4,696,796 |
Property and Equipment_ Propert
Property and Equipment: Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Property, Plant and Equipment | Cost Accumulated Depreciation March 31, 2017 Net Book Value March 31, 2016 Net Book Value Mining tools and equipment $ 1,357,585 $ 866,697 $ 490,888 $ 526,311 Vehicles 134,918 120,223 14,695 1,650 $ 1,492,503 $ 986,920 $ 505,583 $ 527,961 |
Secured Convertible Promissor48
Secured Convertible Promissory Notes: Schedule of Discount on Note (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Discount on Note | Year Ended March 31, 2016 Opening balance $ 102,842 Conversion of principal into shares of common stock (105,623) Amortization of discount on Note and accrued interest 2,781 Closing balance $ - |
Warrant Derivative Liability_ S
Warrant Derivative Liability: Schedule of Inputs to Binomial Model (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Inputs to Binomial Model | November 12, 2015 March 31, 2015 Market price $ 0.0125 $ 0.0194 Conversion price $ 0.0046 $ 0.0110 Risk free rate 1.20% 0.89% Expected volatility 145% 121% Dividend yield 0% 0% Expected life 32 months 38 months |
Convertible Promissory Note D50
Convertible Promissory Note Derivative Liabilities: Schedule of Convertible Promissory Note Inputs into the Binomial Model (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Convertible Promissory Note Inputs into the Binomial Model | March 31, 2015 Closing share price $ 0.0194 Conversion price $ 0.011 Risk free rate 0.14% Expected volatility 180% Dividend yield 0% Expected life 0.5 years |
Convertible Promissory Note D51
Convertible Promissory Note Derivative Liabilities: Schedule of Convertible Promissory Note Inputs into the Black Scholes Models (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Convertible Promissory Note Inputs into the Black Scholes Models | September 30, 2015 March 31, 2015 Closing share price $ 0.0149 $ 0.0194 Conversion price $ 0.0160 $ 0.019 Risk free rate 0.050% 0.050% Expected volatility 143% - 151% 129% Dividend yield 0% 0% Expected life 1.58 years – 1.95 years 1.83 years |
Convertible Promissory Note D52
Convertible Promissory Note Derivative Liabilities: Schedule of Convertible Promissory Note Inputs into the Black Scholes Models after obligation to deliver shares was reclassified (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Convertible Promissory Note Inputs into the Black Scholes Models after obligation to deliver shares was reclassified | December 31, 2015 Closing share price $ 0.0035 Conversion price $ 0.0046 to 0.0110 Risk free rate 0.050% Expected volatility 209% to 271% Dividend yield 0% Expected life 0.12 to 1.15 years |
Income Taxes_ Schedule of Defer
Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Year Ended March 31, 2017 Year Ended March 31, 2016 Deferred tax assets: Net-operating loss carryforward $ 5,465,982 $ 5,060,710 Total deferred tax assets 5,465,982 5,060,710 Valuation allowance (5,465,982) (5,060,710) Deferred tax assets, net of allowance $ - $ - |
Income Taxes_ Schedule of Compo
Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | Year Ended March 31, 2017 Year Ended March 31, 2016 Federal Current $ - $ - Deferred 5,465,982 5,060,710 State Current - - Deferred - - Change in valuation allowance (5,465,982) (5,060,710) Income tax provision $ - $ - |
Income Taxes_ Schedule of Effec
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended March 31, 2017 Year Ended March 31, 2016 Statutory Federal Income Tax Rate 35% 35% Change in valuation allowance (35%) (35%) Income tax provision $ - $ - |
Organization and Business of 56
Organization and Business of Company: Common Stock (Details) | 12 Months Ended |
Mar. 31, 2017 | |
Details | |
Registrant Name | Mexus Gold US |
Entity Incorporation, Date of Incorporation | Jun. 22, 1990 |
Entity Information, Former Legal or Registered Name | U.S.A. Connection, Inc |
Entity Information, Date to Change Former Legal or Registered Name | Sep. 18, 2009 |
Entity Incorporation, State Country Name | Nevada |
Going Concern_ Common Stock (De
Going Concern: Common Stock (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Details | ||
Net Income (Loss) Attributable to Parent | $ (3,806,697) | $ (2,177,577) |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (819,230) | (356,892) |
Accumulated deficit | $ (22,944,033) | $ (19,137,336) |
Summary of Significant Accoun58
Summary of Significant Accounting Principles: Equipment under Construction: Common Stock (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Details | ||
Equipment under construction | $ 73,456 | $ 17,018 |
Deposit_ Common Stock (Details)
Deposit: Common Stock (Details) | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Details | |
Business Acquisition, Pro Forma Revenue | $ 75,000 |
Mineral Properties and Explor60
Mineral Properties and Exploration Costs: Common Stock (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Ures Property | ||
Property, Capitalized on Consolidated Balance Sheets, Balance | $ 0 | $ 0 |
Property, Capitalized on Consolidated Blance Sheets, Cash Payments | 0 | 0 |
Property, Capitalized on Consolidated Blance Sheets, Share-based Payments | 0 | 0 |
Property, Capitalized on Consolidated Balance Sheets, Impairment | 0 | 0 |
Property, Capitalized on Consolidated Balance Sheets, Balance | 0 | 0 |
Property, Capitalized on Consolidated Statement of Operations, Balance | 1,910,649 | 1,910,649 |
Property, Capitalized on Consolidated Statement of Operations, Cash Payments | 19,335 | 0 |
Property, Capitalized on Consolidated Statements of Operations, Share-based Payments | 0 | 0 |
Property, Capitalized on Consolidated Statement of Operations, Balance | 1,929,984 | 1,910,649 |
Santa Elena Mine | ||
Property, Capitalized on Consolidated Balance Sheets, Balance | 505,947 | 505,947 |
Property, Capitalized on Consolidated Blance Sheets, Cash Payments | 0 | 0 |
Property, Capitalized on Consolidated Blance Sheets, Share-based Payments | 0 | 0 |
Property, Capitalized on Consolidated Balance Sheets, Impairment | 0 | 0 |
Property, Capitalized on Consolidated Balance Sheets, Balance | 505,947 | 505,947 |
Property, Capitalized on Consolidated Statement of Operations, Balance | 2,786,147 | 2,331,867 |
Property, Capitalized on Consolidated Statement of Operations, Cash Payments | 285,299 | 241,990 |
Property, Capitalized on Consolidated Statements of Operations, Share-based Payments | 869,315 | 212,290 |
Property, Capitalized on Consolidated Statement of Operations, Balance | 3,940,761 | 2,786,147 |
San Felix Project | ||
Property, Capitalized on Consolidated Balance Sheets, Balance | 0 | |
Property, Capitalized on Consolidated Blance Sheets, Cash Payments | 75,000 | |
Property, Capitalized on Consolidated Blance Sheets, Share-based Payments | 0 | |
Property, Capitalized on Consolidated Balance Sheets, Impairment | 0 | |
Property, Capitalized on Consolidated Balance Sheets, Balance | 75,000 | 0 |
Property, Capitalized on Consolidated Balance Sheets, Balance | 505,947 | 505,947 |
Property, Capitalized on Consolidated Blance Sheets, Cash Payments | 75,000 | 0 |
Property, Capitalized on Consolidated Blance Sheets, Share-based Payments | 0 | 0 |
Property, Capitalized on Consolidated Balance Sheets, Impairment | 0 | 0 |
Property, Capitalized on Consolidated Balance Sheets, Balance | 580,947 | 505,947 |
Property, Capitalized on Consolidated Statement of Operations, Balance | 4,696,796 | 4,242,516 |
Property, Capitalized on Consolidated Statement of Operations, Cash Payments | 304,634 | 241,990 |
Property, Capitalized on Consolidated Statements of Operations, Share-based Payments | 869,315 | 212,290 |
Property, Capitalized on Consolidated Statement of Operations, Balance | $ 5,870,745 | $ 4,696,796 |
Property and Equipment_ Common
Property and Equipment: Common Stock (Details) | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Equipment | |
Property, Net Book Value | $ 526,311 |
Property, Cost | 1,357,585 |
Property, Accumulated Depreciation | 866,697 |
Property, Net Book Value | 490,888 |
Vehicles | |
Property, Net Book Value | 1,650 |
Property, Cost | 134,918 |
Property, Accumulated Depreciation | 120,223 |
Property, Net Book Value | 14,695 |
Property, Net Book Value | 527,961 |
Property, Cost | 1,492,503 |
Property, Accumulated Depreciation | 986,920 |
Property, Net Book Value | $ 505,583 |
Accounts Payable - Related Pa62
Accounts Payable - Related Parties: Common Stock (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Details | ||
Rent expense - related party | $ 45,600 | $ 45,600 |
Rent outstanding - related party | $ 65,203 | $ 33,798 |
Notes Payable - Related Parti63
Notes Payable - Related Parties: Common Stock (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Taurus Gold, Inc. | ||
Notes Payable | $ 67,223 | $ 101,428 |
North Pacific Gold | ||
Notes Payable | $ 19,531 | $ 9,091 |
Secured Convertible Promissor64
Secured Convertible Promissory Notes: Common Stock (Details) | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Details | |
Note Balance | $ 102,842 |
Conversion of principal into shares of common stock | (105,623) |
Amortization of discount on Note and accrued interest | 2,781 |
Note Balance | $ 0 |
Convertible Promissory Note D65
Convertible Promissory Note Derivative Liabilities: Common Stock (Details) - $ / shares | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 |
Closing share price | $ 0.0035 | $ 0.0149 | $ 0.0194 |
Conversion price | $ 0.0160 | $ 0.019 | |
Risk free rate | 0.05% | 0.05% | 0.05% |
Expected volatility | 129.00% | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life | 1 year 9 months 29 days | ||
Minimum | |||
Conversion price | $ 0.0046 | ||
Expected volatility | 209.00% | 143.00% | |
Expected life | 1 month 13 days | 1 year 6 months 29 days | |
Maximum | |||
Conversion price | $ 0.0110 | ||
Expected volatility | 271.00% | 151.00% | |
Expected life | 1 year 1 month 24 days | 1 year 11 months 12 days |
Stockholders' Equity (Deficit)_
Stockholders' Equity (Deficit): Preferred Stock (Details) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 9,000,000 | 9,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Stockholders' Equity (Deficit67
Stockholders' Equity (Deficit): Series A Convertible Preferred Stock (Details) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 9,000,000 | 9,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Series A Convertible | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Outstanding | 1,000,000 | 1,000,000 |
Stockholders' Equity (Deficit68
Stockholders' Equity (Deficit): Common Stock (Details) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 850,000,000 | 850,000,000 |
Common Stock, Shares, Issued | 665,556,526 | 480,601,620 |
Common Stock, Shares, Outstanding | 665,556,526 | 480,601,620 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details) - shares | Mar. 31, 2017 | Mar. 31, 2016 |
Common Stock, Shares, Issued | 665,556,526 | 480,601,620 |
On May 19, 2016 | ||
Common Stock, Shares, Issued | 19,027,777 | |
On April 21, 2016 | ||
Common Stock, Shares, Issued | 17,791,176 | |
On May 13, 2016 | ||
Common Stock, Shares, Issued | 17,141,176 | |
On July 6, 2016 | ||
Common Stock, Shares, Issued | 1,830,600 | |
On August 12, 2016 | ||
Common Stock, Shares, Issued | 8,150,000 | |
On August 24, 2016 | ||
Common Stock, Shares, Issued | 14,633,333 | |
On August 30, 2016 | ||
Common Stock, Shares, Issued | 6,025,000 | |
On September 26, 2016 | ||
Common Stock, Shares, Issued | 8,710,000 | |
On October 10, 2016 | ||
Common Stock, Shares, Issued | 21,283,782 | |
On November 11, 2016 | ||
Common Stock, Shares, Issued | 2,916,667 | |
On December 2, 2016 | ||
Common Stock, Shares, Issued | 14,055,555 | |
On December 12, 2016 | ||
Common Stock, Shares, Issued | 33,918,729 | |
On December 29, 2016 | ||
Common Stock, Shares, Issued | 2,583,333 | |
On February 6, 2017 | ||
Common Stock, Shares, Issued | 2,534,136 | |
On February 24, 2017 | ||
Common Stock, Shares, Issued | 2,282,378 | |
On February 28, 2017 | ||
Common Stock, Shares, Issued | 6,100,000 | |
On March 14, 2017 | ||
Common Stock, Shares, Issued | 4,207,777 | |
On March 21, 2017 | ||
Common Stock, Shares, Issued | 2,086,667 | |
On March 28, 2017 | ||
Common Stock, Shares, Issued | 5,586,120 | |
On April 14, 2015 | ||
Common Stock, Shares, Issued | 1,840,908 | |
On April 21, 2015 | ||
Common Stock, Shares, Issued | 4,745,452 | |
On May 13, 2015 | ||
Common Stock, Shares, Issued | 3,176,134 | |
On June 10, 2015 (a) | ||
Common Stock, Shares, Issued | 625,000 | |
On June 10, 2015 (b) | ||
Common Stock, Shares, Issued | 5,830,863 | |
On June 23, 2015 | ||
Common Stock, Shares, Issued | 1,800,000 | |
On July 9, 2015 | ||
Common Stock, Shares, Issued | 7,796,966 | |
On July 29, 2015 | ||
Common Stock, Shares, Issued | 2,078,333 | |
On August 6, 2015 | ||
Common Stock, Shares, Issued | 2,125,000 | |
On August 14, 2015 | ||
Common Stock, Shares, Issued | 1,500,000 | |
On September 2, 2015 | ||
Common Stock, Shares, Issued | 10,207,799 | |
On September 18, 2015 | ||
Common Stock, Shares, Issued | 1,109,090 | |
On September 21, 2015 | ||
Common Stock, Shares, Issued | 6,500,000 | |
On September 30, 2015 | ||
Common Stock, Shares, Issued | 750,000 | |
On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015 | ||
Common Stock, Shares, Issued | 12,370,789 | |
On December 7, 2015 | ||
Common Stock, Shares, Issued | 7,005,194 | |
On December 18, 2015 | ||
Common Stock, Shares, Issued | 13,896,345 | |
On December 23, 2015 | ||
Common Stock, Shares, Issued | 8,669,993 | |
On July 28, 2015, August 10, 2015, August 24, 2015, September 1, 2015, September 15, 2015 and September 24, 2015, October 2, 2015 and October 20, 2015 | ||
Common Stock, Shares, Issued | 9,195,604 | |
On October 15, 2015, October 26, 2015, November 4, 2015, November 11, 2015 and November 13, 2015 | ||
Common Stock, Shares, Issued | 9,146,739 | |
On November 13, 2015 | ||
Common Stock, Shares, Issued | 30,000,000 | |
On December 16, 2015 | ||
Common Stock, Shares, Issued | 20,000,000 | |
On January 15, 2016 | ||
Common Stock, Shares, Issued | 9,256,711 | |
On February 9, 2016 | ||
Common Stock, Shares, Issued | 9,112,985 |
Income Taxes_ Schedule of Def70
Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred Tax Assets, Gross | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 5,465,982 | $ 5,060,710 |
Deferred Tax Assets, Gross | 5,465,982 | 5,060,710 |
Deferred Tax Assets, Valuation Allowance | (5,465,982) | (5,060,710) |
Deferred Tax Assets, Net of Valuation Allowance | $ 0 | $ 0 |
Income Taxes_ Schedule of Com71
Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Details | ||
Current Federal Tax Expense (Benefit) | $ 0 | $ 0 |
Deferred Federal Income Tax Expense (Benefit) | 5,465,982 | 5,060,710 |
Current State and Local Tax Expense (Benefit) | 0 | 0 |
Deferred State and Local Income Tax Expense (Benefit) | 0 | 0 |
Deferred Tax Assets, Valuation Allowance | (5,465,982) | (5,060,710) |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Income Taxes_ Schedule of Eff72
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Details | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (35.00%) | (35.00%) |
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | 0.00% |
Subsequent Events_ Common Stock
Subsequent Events: Common Stock Payable (Details) | 12 Months Ended |
Mar. 31, 2017 | |
Event 1 | |
Subsequent Event, Description | the Company issued subscriptions payable for 1,550,000 shares of common stock ($0.0406 per share) |
Event 2 | |
Subsequent Event, Description | the Company issued subscriptions payable for 1,800,000 shares of common stock ($0.1079 per share) |
Event 7 | |
Subsequent Event, Description | the Company issued subscriptions payable for 500,000 shares of common stock ($0.0650 per share) |
Subsequent Events_ Common Sto74
Subsequent Events: Common Stock (Details) | 12 Months Ended |
Mar. 31, 2017 | |
Event 3 | |
Subsequent Event, Date | Apr. 11, 2017 |
Subsequent Event, Description | the Company issued 1,097,826 shares of common stock |
Event 4 | |
Subsequent Event, Date | Apr. 17, 2017 |
Subsequent Event, Description | the Company issued 621,954 shares of common stock |
Event 5 | |
Subsequent Event, Date | May 15, 2017 |
Subsequent Event, Description | the Company issued 108,696 shares of common stock |
Event 6 | |
Subsequent Event, Date | Jun. 2, 2017 |
Subsequent Event, Description | the Company issued 4,593,333 shares of common stock |
Event 8 | |
Subsequent Event, Date | Jul. 5, 2017 |
Subsequent Event, Description | the Company issued 600,000 shares of common stock |