Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Aug. 07, 2020 | |
Details | ||
Registrant Name | Mexus Gold US | |
Registrant CIK | 0001355677 | |
SEC Form | 10-Q/A | |
Period End date | Jun. 30, 2020 | |
Fiscal Year End | --03-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | NV | |
Entity File Number | 000-52413 | |
Entity Tax Identification Number | 20-4092640 | |
Entity Address, Address Line One | 1805 N. Carson Street, #150 | |
Entity Address, City or Town | Carson City | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89701 | |
Entity Address, Address Description | Address of principal executive offices | |
City Area Code | 916 | |
Local Phone Number | 776 2166 | |
Phone Fax Number Description | Issuer’s Telephone Number | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,971,728,728 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (June 30, 2020 Unaudited) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 | |
CURRENT ASSETS | |||
Cash | $ 3,271 | $ 64,173 | |
TOTAL CURRENT ASSETS | 3,271 | 64,173 | |
FIXED ASSETS | |||
Property and equipment, net of accumulated depreciation | 305,719 | 330,888 | |
TOTAL FIXED ASSETS | 305,719 | 330,888 | |
OTHER ASSETS | |||
Property costs | 829,947 | 829,947 | |
Other Assets, Noncurrent | 829,947 | 829,947 | |
TOTAL ASSETS | 1,138,937 | 1,225,008 | |
CURRENT LIABILITIES | |||
Accounts payable and accrued liabilities | 415,464 | 332,795 | |
Accounts payable - related party | 367,628 | 397,469 | |
Notes Payable (net of unamortized debt discount) | 992,090 | 934,248 | |
Notes payable - related parties | 141,169 | 138,169 | |
Promissory Notes (net of unamortized debt discount) | 65,000 | 65,000 | |
Convertible promissory note, net of debt discount | 89,446 | 386,239 | |
Convertible promissory note derivative liability | 215,086 | 486,663 | |
Warrant derivative liability | 34,268 | 39,387 | |
TOTAL CURRENT LIABILITIES | 2,320,151 | 2,779,970 | |
TOTAL LIABILITIES | 2,320,151 | 2,779,970 | |
CONTINGENT LIABILITIES (Note 11) | [1] | ||
STOCKHOLDERS' (DEFICIT) EQUITY | |||
Preferred shares | 0 | 0 | |
Common Stock, Value, Issued | 1,899,219 | 1,593,978 | |
Additional paid-in capital | 29,459,527 | 28,867,921 | |
Share subscription payable | 284,903 | 327,807 | |
Accumulated deficit | (32,825,863) | (32,345,668) | |
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY | (1,181,214) | (1,554,962) | |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | 1,138,937 | 1,225,008 | |
Series A Convertible | |||
STOCKHOLDERS' (DEFICIT) EQUITY | |||
Preferred shares | $ 1,000 | $ 1,000 | |
[1] | Note 12. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (June 30, 2020 Unaudited) - Parenthetical - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Notes Payable, unamortized debt discount | $ 17,930 | $ 43,867 |
Promissory notes, unamortized debt discount | $ 224,093 | $ 262,116 |
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 | 5,000,000,000 | 5,000,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 1,899,223,396 | 1,593,982,604 |
Common Stock, Shares, Outstanding | 1,899,223,396 | 1,593,982,604 |
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 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
EXPENSES | ||
Exploration (net of sale of gold of $117,389 and $0, respectively) | $ 8,128 | $ 194,147 |
General and administrative | 171,720 | 216,639 |
Stock-based expense - consulting services | 86,211 | 238,165 |
Loss on settlement of accounts payable | 0 | 16,400 |
Total operating expenses | 266,059 | 665,351 |
OTHER INCOME (EXPENSE) | ||
Foreign exchange | (1,870) | (1,974) |
Interest | (503,595) | (214,847) |
(Loss) gain on settlement of debt | (162,367) | 15,471 |
Loss on convertible promissory note derivative liability | 453,696 | 27,503 |
Total other expense | (214,136) | (173,847) |
NET LOSS BEFORE PROVISION FOR TAX | (480,195) | (839,198) |
Income Tax Expense (Benefit) | 0 | 0 |
Net Income (Loss) Attributable to Parent | $ (480,195) | $ (839,198) |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 1,776,708,954 | 1,100,530,165 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY (Unaudited) - 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, Beginning Balance at Mar. 31, 2019 | $ 0 | $ 1,000 | $ 1,011,845 | $ 27,064,698 | $ 632,840 | $ (29,127,372) | $ (416,989) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2019 | 0 | 1,000,000 | 1,011,848,975 | ||||
Stock Issued During Period, Value, Issued for Services | $ 0 | $ 0 | $ 12,569 | 204,895 | 20,700 | 0 | 238,164 |
Stock Issued During Period, Shares, Issued for Services | 0 | 0 | 12,569,207 | ||||
Stock Issued During Period, Value, New Issues | $ 0 | $ 0 | $ 114,045 | 114,105 | (22,604) | 0 | 205,546 |
Stock Issued During Period, Shares, New Issues | 0 | 0 | 114,044,994 | ||||
Stock Issued During Period, Value, Other | $ 0 | $ 0 | $ 19,000 | 98,400 | (81,000) | 0 | 36,400 |
Stock Issued During Period, Shares, Other | 0 | 0 | 19,000,000 | ||||
Shares issued for convertible note principal and interest | $ 0 | $ 0 | $ 9,635 | 7,471 | (2,106) | 0 | 15,000 |
Shares issued for convertible note principal and interest, shares | 0 | 0 | 9,635,000 | ||||
Beneficial conversion features | $ 0 | $ 0 | $ 0 | 102,414 | 0 | 0 | 102,414 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ 0 | 0 | 0 | (839,198) | (839,198) |
Shares, Outstanding, Ending Balance at Jun. 30, 2019 | 0 | 1,000,000 | 1,167,098,176 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2019 | $ 0 | $ 1,000 | $ 1,167,094 | 27,591,983 | 547,830 | (29,966,570) | (658,663) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2020 | $ 0 | $ 1,000 | $ 1,593,978 | 28,867,921 | 327,807 | (32,345,668) | (1,554,962) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 0 | 1,000,000 | 1,593,982,604 | ||||
Stock Issued During Period, Value, Issued for Services | $ 0 | $ 0 | $ 23,105 | 78,510 | (15,404) | 0 | 86,211 |
Stock Issued During Period, Shares, Issued for Services | 0 | 0 | 23,105,263 | ||||
Stock Issued During Period, Value, New Issues | $ 0 | $ 0 | $ 26,484 | 7,016 | (23,500) | 0 | 10,000 |
Stock Issued During Period, Shares, New Issues | 0 | 0 | 26,483,333 | ||||
Stock Issued During Period, Value, Other | $ 0 | $ 0 | $ 23,727 | 26,273 | 0 | 0 | 50,000 |
Stock Issued During Period, Shares, Other | 0 | 0 | 23,727,273 | ||||
Shares issued for convertible note principal and interest | $ 0 | $ 0 | $ 230,925 | 473,007 | 0 | 0 | 703,932 |
Shares issued for convertible note principal and interest, shares | 0 | 0 | 230,924,923 | ||||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 0 | $ 0 | $ 1,000 | 6,800 | (4,000) | 0 | 3,800 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | 1,000,000 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ 0 | 0 | 0 | (480,195) | (480,195) |
Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 0 | 1,000,000 | 1,899,223,396 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2020 | $ 0 | $ 1,000 | $ 1,899,219 | $ 29,459,527 | $ 284,903 | $ (32,825,863) | $ (1,181,214) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (480,195) | $ (839,198) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation and amortization | 25,169 | 59,790 |
Gain on settlement of debt and accounts payable | 162,367 | (15,471) |
Stock-based compensation - services | 86,211 | 238,164 |
Non cash Interest expense | 472,269 | 194,882 |
Gain on change in fair value of derivative instrument | (453,696) | (27,503) |
Changes in operating assets and liabilities: | ||
Decrease (Increase) of other assets | 0 | 5,500 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 102,828 | 27,040 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (85,047) | (356,796) |
Net Cash Provided by (Used in) Investing Activities | ||
Purchase of equipment | 0 | (44,125) |
Net Cash Provided by (Used in) Investing Activities | 0 | (44,125) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from issuance of notes payable | 20,000 | 184,000 |
Proceeds from issuance of notes payable - related party | 3,000 | 0 |
Payment of notes payable | (7,000) | (90,000) |
Proceeds from the issuance of convertible promissory notes | 177,000 | 205,000 |
Repayment of convertible promissory note | (178,855) | (111,531) |
Proceeds from issuance of common stock, net | 10,000 | 205,546 |
Net Cash Provided by (Used in) Financing Activities | 24,145 | 393,015 |
Cash and Cash Equivalents, Period Increase (Decrease) | (60,902) | (7,906) |
Supplemental Cash Flow Information | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 0 | 5,270 |
Income Taxes Paid, Net | 0 | 0 |
Cash Flow, Noncash Investing and Financing Activities Disclosure | ||
Shares issued for settlement of notes payable | 3,800 | 6,500 |
Shares issued for settlement of convertible notes | 703,932 | 0 |
Shares issued to settle accounts payable | 0 | 36,400 |
Shares issued to settle accounts payable - related party | 50,000 | 0 |
Note payable issued to settle accounts payable | 0 | 66,754 |
Shares issued in conjunction with the issuance of notes payable and convertible promissory note | 0 | 8,500 |
Discount for beneficial conversion feature recognized on issuance of notes payable | 0 | 102,414 |
Initial value of embedded derivative liability | $ 177,000 | $ 190,502 |
1. ORGANIZATION AND BUSINESS OF
1. ORGANIZATION AND BUSINESS OF COMPANY | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
1. 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 Companys 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. |
2. BASIS OF PREPARATION
2. BASIS OF PREPARATION | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
2. BASIS OF PREPARATION | 2. BASIS OF PREPARATION Pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q, the unaudited condensed consolidated financial statements, footnote disclosures and other information normally included in condensed consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The condensed consolidated financial statements contained in this report are unaudited but, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the condensed consolidated financial statements. All significant inter-company accounts and transactions have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. The condensed consolidated balance sheet at March 31, 2020 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management reviews these estimates and assumptions on an ongoing basis using currently available information. Actual results could differ from those estimates. Three-month figures are not necessarily indicative of the results to be reported at the year end. 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), Mexus Enterprises S.A. de C.V. (Mexus Gold Enterprises) and Mexus Gold MX S.A. DE C.V. (Mexus Gold MX). Significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated 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. The more significant estimates and assumptions by management include, among others, the accrual of potential liabilities, the assumptions used in valuing share-based instruments issued for services, valuation of derivative liabilities and the valuation allowance for deferred tax assets. 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 4): Mining tools and equipment 7 years Watercraft 7 years Vehicles 3 years 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 promissory note 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. Secured convertible promissory note derivative liability is measured at fair value on a recurring basis using Level 3 inputs. 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. 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. Foreign Currency Translation The Companys 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. For the three months ended June 30, 2020 and 2019, 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. 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 June 30, 2020 and March 31, 2020, the Company has not recorded AROs associated with legal obligations to retire any of the Companys mineral properties as the settlement dates are not presently determinable. Revenue Recognition In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services. The provisions of ASC 606 include a five-step process by which we determine revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which we expect to be entitled in exchange for those goods or services. ASC 606 requires us to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, we satisfy the performance obligation. 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. At June 30, 2020 and March 31, 2020, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive: June 30, 2020 March 31, 2020 Common stock issuable upon conversion of notes payable and convertible notes payable 195,655,882 360,182,235 Common stock issuable to satisfy stock payable obligations 48,429,651 68,740,692 Common stock issuable upon conversion of Series A Preferred Stock 1,000,000 1,000,000 Total 245,085,533 429,922,927 Recently Issued Accounting Pronouncements 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. |
3. GOING CONCERN
3. GOING CONCERN | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
3. GOING CONCERN | 3. 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 three months ended June 30, 2020, the Company incurred a net loss of $480,195 and used cash in operating activities of $85,047, and at June 30, 2020, had an accumulated deficit of $32,825,863. At June 30, 2020, the Company is in the exploration stage. These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern within one year of the date that the financial statements are issued. The Companys independent registered public accounting firm, in their report on the Companys financial statements for the year ending March 31, 2020, expressed substantial doubt about the Companys 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 managements plans to raise necessary funds through a private placement of its common stock to satisfy the capital requirements of the Companys 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 Company is unable to predict the effect, if any, that the coronavirus COVID-19 global pandemic may have on its access to the financing markets. 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. |
4. PROPERTY & EQUIPMENT
4. PROPERTY & EQUIPMENT | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
4. PROPERTY & EQUIPMENT | 4. PROPERTY & EQUIPMENT Cost Accumulated Depreciation June 30, 2020 Net Book Value March 31, 2020 Net Book Value Mining tools and equipment $ 1,818,746 $ 1,525,398 $ 293,348 $ 316,392 Vehicles 178,810 166,439 12,371 14,496 $ 1,997,556 $ 1,691,837 $ 305,719 $ 330,888 Depreciation expense for three months ended June 30, 2020 and 2019 was $25,169 and $59,790, respectively. |
5. ACCOUNTS PAYABLE - RELATED P
5. ACCOUNTS PAYABLE - RELATED PARTIES | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
5. ACCOUNTS PAYABLE - RELATED PARTIES | 5. ACCOUNTS PAYABLE RELATED PARTIES During the three months ended June 30, 2020 and 2019, the Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, of $11,400 and $11,400, respectively. At June 30, 2020 and March 31, 2020, $113,624 and $107,161 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 June 30, 2020 and March 31, 2020, $254,004 and $290,308 of compensation due is included in accounts payable related party, respectively and $32,600 for 2,000,000 shares and $32,600 for 2,000,000 shares of common stock due is included in share subscriptions payable, respectively. |
6. NOTES PAYABLE AND NOTES PAYA
6. NOTES PAYABLE AND NOTES PAYABLE RELATED PARTY | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
6. NOTES PAYABLE AND NOTES PAYABLE RELATED PARTY | 6. NOTES PAYABLE AND NOTES PAYABLE RELATED PARTY During the three months ended June 30, 2020, the Company issued the following notes payable: During the period June 12, 2020 to June 15, 2020, the Company issued two (2) promissory notes (Notes) with $20,000 in principal that earn interest at 12% per annum and a term of six months. These promissory notes together with any unpaid accrued interest are payable, at the option of the holder, in cash or shares in the Company valued at the average closing prices of the previous 14 trading days. These Notes has been accounted for in accordance with ASC 480 Distinguishing Liabilities from Equity. During the three months ended June 30, 2020 and 2019, note principal of $2,000 and $6,500, respectively, was paid through the issuance of 1,000,000 shares and 6,500,000 shares of common stock, respectively. In addition, during three months ended June 30, 2020 and 2019, the Company paid $7,000 and $90,000 in cash, respectively, to settle debt. At June 30, 2020 and March 31, 2020, the carrying value of the notes totaled $992,090 (net of unamortized debt discount of $17,930) and $934,248 (net of unamortized debt discount of $43,867), respectively. At June 30, 2020, $1,091,035 of these notes were in default. There are no default provisions stated in these notes. At June 30, 2020 and March 31, 2020, accrued interest of $142,135 and $113,603, respectively, is included in accounts payable and accrued liabilities. Notes payable related party Interest and amortization of debt discount was $46,842 and $47,914 for the three months ended June 30, 2020 and 2019, respectively. The amount by which the if-converted value of notes payable exceeds principal of notes payable at June 30, 2020 is $0. |
7. PROMISSORY NOTE
7. PROMISSORY NOTE | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
7. PROMISSORY NOTE | 7. PROMISSORY NOTE At June 30, 2020 and March 31, 2020, outstanding Promissory Notes were $65,000 and $65,000, respectively. The Note bear interest of 4% per annum and are due on December 31, 2013. The Note is 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. As of June 30, 2020, the Company has not made the scheduled payments and is in default on this promissory note. The default rate on the notes is seven percent. At June 30, 2020 and March 31, 2020, accrued interest of $40,837 and $38,043, respectively, is included in accounts payable and accrued liabilities. |
8. CONVERTIBLE PROMISSORY NOTES
8. CONVERTIBLE PROMISSORY NOTES | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
8. CONVERTIBLE PROMISSORY NOTES | 8. CONVERTIBLE PROMISSORY NOTES Power Up Lending Group Ltd. On October 3, 2019, the Company issued a Convertible Promissory Note (Note) to Power Up Lending Group Ltd. (Holder) in the original principal amount of $82,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing August 15, 2020 for $80,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $50,377 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. From April 13, 2020 to April 22, 2020, the Company issued 49,788,304 shares of common shares of the Company with the fair value $154,491 to the Holder to fully settle the Note resulting in a loss on settlement of $19,953. Interest and amortization of debt discount was $42,155 for the three months ended June 30, 2020. On December 12, 2019, the Company issued a Convertible Promissory Note (Note) to Power Up Lending Group Ltd. (Holder) in the original principal amount of $57,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing September 15, 2020 for $55,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $49,646 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. From June 17, 2020 to June 24, 2020, the Company issued 38,718,750 shares of common shares of the Company with the fair value $137,709 to the Holder to fully settle the Note resulting in a loss on settlement of $43,940. Interest and amortization of debt discount was $52,332 for the three months ended June 30, 2020. On March 2, 2020, the Company issued a Convertible Promissory Note (Note) to Power Up Lending Group Ltd. (Holder) in the original principal amount of $52,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing December 15, 2020 for $50,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $70,613 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At June 30, 2020, the Note is recorded at an accreted value of $64,965 less unamortized debt discount of $28,125. Interest and amortization of debt discount was $27,937 for the three months ended June 30, 2020. On March 26, 2020, the Company issued a Convertible Promissory Note (Note) to Power Up Lending Group Ltd. (Holder) in the original principal amount of $42,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing January 15, 2021 for $40,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $38,003 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At June 30, 2020, the Note is recorded at an accreted value of $49,511 less unamortized debt discount of $24,822. Interest and amortization of debt discount was $21,510 for the three months ended June 30, 2020. On June 9, 2020, the Company issued a Convertible Promissory Note (Note) to Power Up Lending Group Ltd. (Holder) in the original principal amount of $52,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing April 1, 2021 for $50,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $67,285, of which $50,000 was recorded as debt discount and the remainder of $17,285 was recorded expensed and included in gain (loss) on derivative liability. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At June 30, 2020, the Note is recorded at an accreted value of $52,976 less unamortized debt discount of $46,275. Interest and amortization of debt discount was $6,700 for the three months ended June 30, 2020. JSJ Investments Inc. On September 16, 2019, the Company issued a Convertible Promissory Note (Note) to JSJ Investments Inc. (Holder) in the original principal amount of $142,000 less debt discount of $17,000 bearing a 6% annual interest rate and maturing September 16, 2020 for $125,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 35% discount to the average of the two lowest trading prices during the previous fifteen (15) trading days. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $103,604 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. From April 15, 2020 to April 29, 2020, the Company issued 111,917,869 shares of common shares of the Company with the fair value $305,082 to the Holder to fully settle the Note resulting in a loss on settlement of $83,378. Interest and amortization of debt discount was $92,382 for the three months ended June 30, 2020. On June 9, 2020, the Company issued a Convertible Promissory Note (Note) to JSJ Investments Inc. (Holder) in the original principal amount of $130,000 less debt discount of $3,000 bearing a 6% annual interest rate and maturing June 9, 2021 for $127,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 35% discount to the average of the two lowest trading prices during the previous fifteen (15) trading days. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $139,417, of which $127,000 was recorded as debt discount and the remainder of $12,417 was recorded expensed and included in gain (loss) on derivative liability. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At June 30, 2020, the Note is recorded at an accreted value of $131,718 less unamortized debt discount of $119,521. Interest and amortization of debt discount was $12,197 for the three months ended June 30, 2020. Crown Bridge Partners, LLC On November 21, 2019, the Company issued a Convertible Promissory Note (Note) to Crown Bridge Partners, LLC (Holder) in the original principal amount of $27,500 less transaction costs of $3,250 bearing a 12% annual interest rate and maturing November 21, 2020 for $24,250 in cash. This Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 60% of the market price defined as the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $18,608 which was recorded as a debt discount. The Company may repay the Note if repaid within 60 days of date of issue at 125% of the original principal amount plus interest, between 61 days and 120 days at 135% of the original principal amount plus interest and between 121 days and 180 days at 145% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. From June 2, 2020 to June 16, 2020, the Company issued 30,500,000 shares of common shares of the Company with the fair value $106,650 to the Holder to fully settle the Note resulting in a loss on settlement of $77,875. At June 30, 2020, the Note is recorded at an accreted value of $14,365 less unamortized debt discount of $5,349. Interest and amortization of debt discount was $15,789 for the three months ended June 30, 2020. Auctus Fund, LLC On December 19, 2019, the Company entered into a Securities Purchase Agreement with Auctus Fund, LLC, (Holder) relating to the issuance and sale of a Convertible Promissory Note (the Note) with an original principal amount of $112,750 less an original issue discount of $10,000 and transaction costs of $2,750 bearing a 12% annual interest rate and maturing September 15, 2020 for $100,000 in cash. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature and warrant liability was $110,475 which was recorded as a debt discount. After 180 days after the issue date, the Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 50% of the market price defined as the lowest trading price during the twenty-five trading day period ending on the latest trading day prior to the conversion date. The Company may prepay the Note in cash, if repaid within 90 days of date of issue at 135% of the original principal amount plus interest and between 90 days and 180 days at 150% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. On June 15, 2020, the Company paid $178,855 in cash the Holder to fully settle the Note resulting in a gain on settlement of $59,359. Interest and amortization of debt discount was $154,426 for the three months ended June 30, 2020. |
9. CONVERTIBLE PROMISSORY NOTE
9. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
9. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY | 9. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY The Convertible Promissory Notes (Notes) with Power Up Lending Group Ltd., JSJ Investments Inc., Crown Bridge Partners, LLC and Auctus Fund, LLC 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 Companys common stock. The Companys convertible promissory notes derivative liabilities has been measured at fair value using the Black-Scholes model. The inputs into the Black-Scholes models are as follows: March 31, 2020 June 30, 2020 Closing share price $0.0038 $0.0034 Conversion price $0.0026 - $0.0028 $0.0024 - $0.0032 Risk free rate 0.11% - 0.15% 0.14% - 0.15% Expected volatility 201% - 256% 192% - 223% Dividend yield 0% 0% Expected life (years) 0.21 0.79 0.39 0.94 The fair value of the conversion option derivative liabilities is $215,086 and $486,663 at June 30, 2020 and March 31, 2020, respectively. The decrease in the fair value of the conversion option derivative liability for the three months ended June 30, 2020 and 2019 of $448,577 and $27,503, respectively, is recorded as a gain in the unaudited condensed consolidated statements of operations. |
10. WARRANT LIABILITY
10. WARRANT LIABILITY | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
10. WARRANT LIABILITY | 10. WARRANT LIABILITY In conjunction with the issuance of the Convertible Promissory Note with Auctus Fund, LLC (the Note) on December 19, 2019, the Company issued 10,000,000 warrants with an exercise price of $0.005 and a term of five years. The warrants are subject to down round and other anti-dilution protections. The warrant is tainted and classified as a liability as a result of the issuance of the Note since there is a possibility during the life of the warrant the Company would not have enough authorized shares available if the warrant is exercised. The Companys warrant liability has been measured at fair value at December 19, 2019 and June 30, 2020 using the Black-Scholes. The inputs into the Black-Scholes models are as follows: March 31, 2020 June 30, 2020 Closing share price $0.0038 $0.0034 Conversion price $0.005 $0.005 Risk free rate 0.37% 0.37% Expected volatility 181% 181% Dividend yield 0% 0% Expected life (years) 4.72 4.72 The fair value of the warrant liability is $34,268 and $39,387 at June 30, 2020 and March 31, 2020, respectively. The decrease in the fair value of the warrant liability of $5,119 is recorded as a gain in the unaudited condensed consolidated statements of operations for the three months ended June 30, 2020. |
11. CONTINGENT LIABILITIES
11. CONTINGENT LIABILITIES | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
11. CONTINGENT LIABILITIES | 11. 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 June 30, 2020, 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. |
12. STOCKHOLDERS' EQUITY (DEFIC
12. STOCKHOLDERS' EQUITY (DEFICIT) | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
12. STOCKHOLDERS' EQUITY (DEFICIT) | 12. STOCKHOLDERS EQUITY (DEFICIT) The stockholders equity of the Company comprises the following classes of capital stock as of June 30, 2020 and March 31, 2020: Preferred Stock, $0.001 par value per share; 9,000,000 shares authorized, 0 issued and outstanding at June 30, 2020 and March 31, 2020. Series A Convertible Preferred Stock (Series A Preferred Stock), $0.001 par value share; 1,000,000 shares authorized: 1,000,000 shares issued and outstanding at June 30, 2020 and March 31, 2020. Holders of Series A Preferred Stock may convert one share of Series A Preferred Stock into ten shares 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; 5,000,000,000 shares authorized:1,899,223,396 and 1,593,982,604 shares issued and outstanding at June 30, 2020 and March 31, 2020, respectively. Holders of Common Stock have one vote per share of Common Stock held. Common Stock Issued On April 2, 2020, the Company issued 22,483,333 shares of common stock to satisfy obligations under share subscription agreements of $28,500 for cash and $3,800 for settlement of notes payable and interest included in share subscriptions payable. From April 14, 2020 to May 1, 2020, the Company issued 161,706,173 shares of common stock to satisfy obligations under share subscription agreements of $459,572 for settlement of convertible notes included in share subscriptions payable. On May 4, 2020, the Company issued 31,274,641 shares of common stock to satisfy obligations under share subscription agreements of $53,680 for settlement of services and $54,000 for the settlement of note payable included in share subscriptions payable. On May 11, 2020, the Company issued 1,350,000 shares of common stock to satisfy obligations under share subscription agreements of $5,130 for settlement of services included in share subscriptions payable. On May 12, 2020, the Company issued 7,050,000 shares of common stock to satisfy obligations under share subscription agreements of $14,805 for settlement of services included in share subscriptions payable. On May 21, 2020, the Company issued 7,157,895 shares of common stock to satisfy obligations under share subscription agreements of $28,000 for settlement of services included in share subscriptions payable. From June 4, 2020 to June 25, 2020, the Company issued 69,218,750 shares of common stock to satisfy obligations under share subscription agreements of $244,359 for settlement of convertible notes included in share subscriptions payable. On June 5, 2020, the Company issued 5,000,000 shares of common stock to satisfy obligations under share subscription agreements of $5,000 for settlement of cash included in share subscriptions payable. Common Stock Payable As at June 30, 2020, the Company had total subscriptions payable for 48,429,651 shares of common stock for $48,382 in cash, shares of common stock for interest valued at $1,111, shares of common stock for services valued at $167,459, shares of common stock for notes payable of $20,673 and shares of common stock for equipment of $47,278. |
13. RELATED PARTY TRANSACTIONS
13. RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
13. RELATED PARTY TRANSACTIONS | 13. RELATED PARTY TRANSACTIONS During the three months ended June 30, 2020 and 2019, 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 5 Notes payable Note 6 |
14. SUBSEQUENT EVENTS
14. SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
14. SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS Common Stock Issued On July 13, 2020, the Company issued 5,000,000 shares of common stock to satisfy obligations under share subscription agreements of $20,000 for the settlement of convertible notes included in share subscriptions payable. On July 23, 2020, the Company issued 39,593,568 shares of common stock to satisfy obligations under share subscription agreements of $33,000 for cash and $32,105 for settlement of services included in share subscriptions payable. On July 28, 2020, the Company issued 27,911,764 shares of common stock to satisfy obligations under share subscription agreements of $14,000 for cash, $49,300 for settlement of services and $26,600 for the settlement of convertible notes included in share subscriptions payable. Common Stock Payable For the period of July 1, 2020 to August 7, 2020, the Company issued subscriptions payable for 39,500,000 shares of common stock for $37,000 ($0.0010 per share) in cash and 10,000 ($0.0040 per share) in services. For the period of July 1, 2020 to August 7, 2020, the Company issued subscriptions payable for 12,000,000 shares of common stock for $46,600 ($0.0039 per share) to settle convertible note principal of $10,128. Power Up Lending Group Ltd. On July 17, 2020, the Company issued a Convertible Promissory Note (Note) to Power Up Lending Group Ltd. (Holder) in the original principal amount of $42,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing May 17, 2021 for $40,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holders option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen (15) trading day period ending on the latest complete trading day prior to the conversion date. The Company may repay the Note if repaid in cash within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. |
2. BASIS OF PREPARATION_ Basis
2. BASIS OF PREPARATION: Basis of Consolidation (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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), Mexus Enterprises S.A. de C.V. (Mexus Gold Enterprises) and Mexus Gold MX S.A. DE C.V. (Mexus Gold MX). Significant intercompany accounts and transactions have been eliminated. |
2. BASIS OF PREPARATION_ Use of
2. BASIS OF PREPARATION: Use of Estimates (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of consolidated 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. The more significant estimates and assumptions by management include, among others, the accrual of potential liabilities, the assumptions used in valuing share-based instruments issued for services, valuation of derivative liabilities and the valuation allowance for deferred tax assets. |
2. BASIS OF PREPARATION_ Cash a
2. BASIS OF PREPARATION: Cash and cash equivalents (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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. |
2. BASIS OF PREPARATION_ Equipm
2. BASIS OF PREPARATION: Equipment (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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 4): Mining tools and equipment 7 years Watercraft 7 years Vehicles 3 years |
2. BASIS OF PREPARATION_ Explor
2. BASIS OF PREPARATION: Exploration and Development Costs (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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. |
2. BASIS OF PREPARATION_ Minera
2. BASIS OF PREPARATION: Mineral Property Rights (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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 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 |
2. BASIS OF PREPARATION_ Long-L
2. BASIS OF PREPARATION: Long-Lived Assets (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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. |
2. BASIS OF PREPARATION_ Fair V
2. BASIS OF PREPARATION: Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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 promissory note 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. Secured convertible promissory note derivative liability is measured at fair value on a recurring basis using Level 3 inputs. 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. |
2. BASIS OF PREPARATION_ Deriva
2. BASIS OF PREPARATION: Derivative Instruments (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Derivative Instruments | 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. |
2. BASIS OF PREPARATION_ Foreig
2. BASIS OF PREPARATION: Foreign Currency Translation (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Foreign Currency Translation | Foreign Currency Translation The Companys 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. |
2. BASIS OF PREPARATION_ Compre
2. BASIS OF PREPARATION: Comprehensive Loss (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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. For the three months ended June 30, 2020 and 2019, 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. |
2. BASIS OF PREPARATION_ Income
2. BASIS OF PREPARATION: Income Taxes (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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. |
2. BASIS OF PREPARATION_ Asset
2. BASIS OF PREPARATION: Asset Retirement Obligations (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and March 31, 2020, the Company has not recorded AROs associated with legal obligations to retire any of the Companys mineral properties as the settlement dates are not presently determinable. |
2. BASIS OF PREPARATION_ Revenu
2. BASIS OF PREPARATION: Revenue Recognition (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Revenue Recognition | Revenue Recognition In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services. The provisions of ASC 606 include a five-step process by which we determine revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which we expect to be entitled in exchange for those goods or services. ASC 606 requires us to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, we satisfy the performance obligation. |
2. BASIS OF PREPARATION_ Stock-
2. BASIS OF PREPARATION: Stock-based Compensation (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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. |
2. BASIS OF PREPARATION_ Per Sh
2. BASIS OF PREPARATION: Per Share Data (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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. At June 30, 2020 and March 31, 2020, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive: June 30, 2020 March 31, 2020 Common stock issuable upon conversion of notes payable and convertible notes payable 195,655,882 360,182,235 Common stock issuable to satisfy stock payable obligations 48,429,651 68,740,692 Common stock issuable upon conversion of Series A Preferred Stock 1,000,000 1,000,000 Total 245,085,533 429,922,927 |
2. BASIS OF PREPARATION_ Recent
2. BASIS OF PREPARATION: Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements 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. |
2. BASIS OF PREPARATION_ Equi_2
2. BASIS OF PREPARATION: Equipment: Schedule of Depreciation (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of Depreciation | Mining tools and equipment 7 years Watercraft 7 years Vehicles 3 years |
2. BASIS OF PREPARATION_ Per _2
2. BASIS OF PREPARATION: Per Share Data: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | June 30, 2020 March 31, 2020 Common stock issuable upon conversion of notes payable and convertible notes payable 195,655,882 360,182,235 Common stock issuable to satisfy stock payable obligations 48,429,651 68,740,692 Common stock issuable upon conversion of Series A Preferred Stock 1,000,000 1,000,000 Total 245,085,533 429,922,927 |
4. PROPERTY & EQUIPMENT_ Proper
4. PROPERTY & EQUIPMENT: Property, Plant and Equipment (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Property, Plant and Equipment | Cost Accumulated Depreciation June 30, 2020 Net Book Value March 31, 2020 Net Book Value Mining tools and equipment $ 1,818,746 $ 1,525,398 $ 293,348 $ 316,392 Vehicles 178,810 166,439 12,371 14,496 $ 1,997,556 $ 1,691,837 $ 305,719 $ 330,888 |
9. CONVERTIBLE PROMISSORY NOT_2
9. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY: Schedule of Convertible Promissory Note Inputs into the Black Scholes Models (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of Convertible Promissory Note Inputs into the Black Scholes Models | March 31, 2020 June 30, 2020 Closing share price $0.0038 $0.0034 Conversion price $0.0026 - $0.0028 $0.0024 - $0.0032 Risk free rate 0.11% - 0.15% 0.14% - 0.15% Expected volatility 201% - 256% 192% - 223% Dividend yield 0% 0% Expected life (years) 0.21 0.79 0.39 0.94 |
10. WARRANT LIABILITY_ Schedule
10. WARRANT LIABILITY: Schedule of Fair Value Measurement of Warrant Liability (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of Fair Value Measurement of Warrant Liability | March 31, 2020 June 30, 2020 Closing share price $0.0038 $0.0034 Conversion price $0.005 $0.005 Risk free rate 0.37% 0.37% Expected volatility 181% 181% Dividend yield 0% 0% Expected life (years) 4.72 4.72 |
1. ORGANIZATION AND BUSINESS _2
1. ORGANIZATION AND BUSINESS OF COMPANY (Details) | 3 Months Ended |
Jun. 30, 2020 | |
Details | |
Registrant Name | Mexus Gold US |
Entity Incorporation, Date of Incorporation | Jun. 22, 1990 |
Entity Incorporation, State or Country Code | NV |
2. BASIS OF PREPARATION_ Equi_3
2. BASIS OF PREPARATION: Equipment: Schedule of Depreciation (Details) | 3 Months Ended |
Jun. 30, 2020 | |
Mining tools and equipment | |
Property, Plant and Equipment, Useful Life | 7 years |
Watercrafts | |
Property, Plant and Equipment, Useful Life | 7 years |
Vehicles | |
Property, Plant and Equipment, Useful Life | 3 years |
2. BASIS OF PREPARATION_ Per _3
2. BASIS OF PREPARATION: Per Share Data: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | Jun. 30, 2020 | Mar. 31, 2020 |
Details | ||
Common stock issuable upon conversion of convertible notes payable | 195,655,882 | 360,182,235 |
Common stock issuable to satisfy stock payable obligations | 48,429,651 | 68,740,692 |
Common stock issuable upon conversion of Series A Preferred Stock | 1,000,000 | 1,000,000 |
Outstanding Securities excluded | 245,085,533 | 429,922,927 |
3. GOING CONCERN (Details)
3. GOING CONCERN (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Details | |||
Net Income (Loss) Attributable to Parent | $ (480,195) | $ (839,198) | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (85,047) | $ (356,796) | |
Accumulated deficit | $ (32,825,863) | $ (32,345,668) |
4. PROPERTY & EQUIPMENT_ Prop_2
4. PROPERTY & EQUIPMENT: Property, Plant and Equipment (Details) | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Equipment | |
Property, Cost | $ 1,818,746 |
Property, Accumulated Depreciation | 1,525,398 |
Property, Net Book Value, end of period | 293,348 |
Property, Net Book Value, start of period | 316,392 |
Vehicles | |
Property, Cost | 178,810 |
Property, Accumulated Depreciation | 166,439 |
Property, Net Book Value, end of period | 12,371 |
Property, Net Book Value, start of period | 14,496 |
Property, Cost | 1,997,556 |
Property, Accumulated Depreciation | 1,691,837 |
Property, Net Book Value, end of period | 305,719 |
Property, Net Book Value, start of period | $ 330,888 |
4. PROPERTY & EQUIPMENT (Detail
4. PROPERTY & EQUIPMENT (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Details | ||
Depreciation and amortization | $ 25,169 | $ 59,790 |
5. ACCOUNTS PAYABLE - RELATED_2
5. ACCOUNTS PAYABLE - RELATED PARTIES (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Details | |||
Rent expense - related party | $ 11,400 | $ 11,400 | |
Rent outstanding - related party | 113,624 | $ 107,161 | |
Compensation due, included in accounts payable | 254,004 | 290,308 | |
Compensation due, included in share subscriptions payable | $ 32,600 | $ 32,600 |
6. NOTES PAYABLE AND NOTES PA_2
6. NOTES PAYABLE AND NOTES PAYABLE RELATED PARTY (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Details | |||
Notes Payable (net of unamortized debt discount) | $ 992,090 | $ 934,248 | |
Notes Payable, unamortized debt discount | 17,930 | 43,867 | |
Notes payable - related parties | 141,169 | $ 138,169 | |
Amortization of Debt Discount (Premium) | $ 46,842 | $ 47,914 |
7. PROMISSORY NOTE (Details)
7. PROMISSORY NOTE (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Promissory Notes (net of unamortized debt discount) | $ 65,000 | $ 65,000 |
Promissory Note #1 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
8. CONVERTIBLE PROMISSORY NOT_2
8. CONVERTIBLE PROMISSORY NOTES: Power Up Lending Group Ltd (Details) | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Convertible Promissory Note #1 | |
Debt Instrument, Issuance Date | Oct. 3, 2019 |
Debt Instrument, Face Amount | $ 82,500 |
Payments of Debt Issuance Costs | $ 2,500 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Maturity Date | Aug. 15, 2020 |
Proceeds from Loans | $ 80,000 |
Convertible Promissory Note #2 | |
Debt Instrument, Issuance Date | Dec. 12, 2019 |
Debt Instrument, Face Amount | $ 57,500 |
Payments of Debt Issuance Costs | $ 2,500 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Maturity Date | Sep. 15, 2020 |
Proceeds from Loans | $ 55,000 |
Convertible Promissory Note #3 | |
Debt Instrument, Issuance Date | Mar. 2, 2020 |
Debt Instrument, Face Amount | $ 52,500 |
Payments of Debt Issuance Costs | $ 2,500 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Maturity Date | Dec. 15, 2020 |
Proceeds from Loans | $ 50,000 |
Convertible Promissory Note #4 | |
Debt Instrument, Issuance Date | Mar. 26, 2020 |
Debt Instrument, Face Amount | $ 42,500 |
Payments of Debt Issuance Costs | $ 2,500 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Maturity Date | Jan. 15, 2021 |
Proceeds from Loans | $ 40,000 |
Convertible Promissory Note #5 | |
Debt Instrument, Issuance Date | Jun. 9, 2020 |
Debt Instrument, Face Amount | $ 52,500 |
Payments of Debt Issuance Costs | $ 2,500 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Maturity Date | Apr. 1, 2021 |
Proceeds from Loans | $ 50,000 |
8. CONVERTIBLE PROMISSORY NOT_3
8. CONVERTIBLE PROMISSORY NOTES: JSJ Investments Inc (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Notes Payable, unamortized debt discount | $ 17,930 | $ 43,867 |
Debt Instrument 6 | ||
Debt Instrument, Issuance Date | Sep. 16, 2019 | |
Debt Instrument, Face Amount | $ 142,000 | |
Notes Payable, unamortized debt discount | $ 17,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Debt Instrument, Maturity Date | Sep. 16, 2020 | |
Proceeds from Loans | $ 125,000 | |
Debt Instrument 7 | ||
Debt Instrument, Issuance Date | Jun. 9, 2020 | |
Debt Instrument, Face Amount | $ 130,000 | |
Notes Payable, unamortized debt discount | $ 3,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Debt Instrument, Maturity Date | Jun. 9, 2021 | |
Proceeds from Loans | $ 127,000 |
8. CONVERTIBLE PROMISSORY NOT_4
8. CONVERTIBLE PROMISSORY NOTES: Crown Bridge Partners, LLC (Details) - Convertible Promissory Note #8 | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Debt Instrument, Issuance Date | Nov. 21, 2019 |
Debt Instrument, Face Amount | $ 27,500 |
Payments of Debt Issuance Costs | $ 3,250 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Maturity Date | Nov. 21, 2020 |
Proceeds from Loans | $ 24,250 |
8. CONVERTIBLE PROMISSORY NOT_5
8. CONVERTIBLE PROMISSORY NOTES: Auctus Fund, LLC (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Notes Payable, unamortized debt discount | $ 17,930 | $ 43,867 |
Convertible Promissory Note #9 | ||
Debt Instrument, Issuance Date | Dec. 19, 2019 | |
Debt Instrument, Face Amount | $ 112,750 | |
Notes Payable, unamortized debt discount | 10,000 | |
Payments of Debt Issuance Costs | $ 2,750 | |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |
Debt Instrument, Maturity Date | Sep. 15, 2020 | |
Proceeds from Loans | $ 100,000 |
9. CONVERTIBLE PROMISSORY NOT_3
9. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY: Schedule of Convertible Promissory Note Inputs into the Black Scholes Models (Details) | Mar. 31, 2020$ / shares | Jun. 30, 2019$ / shares | Jun. 30, 2020$ / shares |
Closing share price | $ 0.0038 | $ 0.0034 | $ 0.0034 |
Dividend yield | 0 | 0 | |
Expected life (years) | 9 months 14 days | 11 months 8 days | |
Minimum | |||
Conversion price | $ 0.0026 | $ 0.0024 | |
Risk free rate | 0.0011 | 0.0014 | |
Expected volatility | 2.0100 | 1.9200 | |
Maximum | |||
Conversion price | $ 0.0028 | $ 0.0032 | |
Risk free rate | 0.0015 | 0.0015 | |
Expected volatility | 2.5600 | 2.2300 |
9. CONVERTIBLE PROMISSORY NOT_4
9. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Details | ||
Convertible promissory note derivative liability | $ 215,086 | $ 486,663 |
10. WARRANT LIABILITY_ Schedu_2
10. WARRANT LIABILITY: Schedule of Fair Value Measurement of Warrant Liability (Details) - $ / shares | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 |
Details | |||
Closing share price | $ 0.0034 | $ 0.0038 | $ 0.0034 |
Conversion price | $ 0.005 | $ 0.005 | |
Risk free rate | 0.37% | 0.37% | |
Expected volatility | 181.00% | 181.00% | |
Dividend yield | 0.00% | 0.00% | |
Expected life (years) | 4 years 8 months 19 days | 4 years 8 months 19 days |
12. STOCKHOLDERS' EQUITY (DEF_2
12. STOCKHOLDERS' EQUITY (DEFICIT) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
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 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 5,000,000,000 | 5,000,000,000 |
Common Stock, Shares, Issued | 1,899,223,396 | 1,593,982,604 |
Common Stock, Shares, Outstanding | 1,899,223,396 | 1,593,982,604 |
Common stock issuable to satisfy stock payable obligations | 48,429,651 | 68,740,692 |
Stock Issuance #1 | ||
Sale of Stock, Transaction Date | Apr. 2, 2020 | |
Stock Issued During Period, Shares, New Issues | 22,483,333 | |
Stock Issuance #2 | ||
Stock Issued During Period, Shares, New Issues | 161,706,173 | |
Stock Issued | $ 459,572 | |
Stock Issuance #2 | Minimum | ||
Sale of Stock, Transaction Date | Apr. 14, 2020 | |
Stock Issuance #2 | Maximum | ||
Sale of Stock, Transaction Date | May 1, 2020 | |
Stock Issuance #3 | ||
Sale of Stock, Transaction Date | May 4, 2020 | |
Stock Issued During Period, Shares, New Issues | 31,274,641 | |
Stock Issuance #4 | ||
Sale of Stock, Transaction Date | May 11, 2020 | |
Stock Issued During Period, Shares, New Issues | 1,350,000 | |
Stock Issued | $ 5,130 | |
Stock Issuance #5 | ||
Sale of Stock, Transaction Date | May 12, 2020 | |
Stock Issued During Period, Shares, New Issues | 7,050,000 | |
Stock Issued | $ 14,805 | |
Stock Issuance #6 | ||
Sale of Stock, Transaction Date | May 21, 2020 | |
Stock Issued During Period, Shares, New Issues | 7,157,895 | |
Stock Issued | $ 28,000 | |
Stock Issuance #7 | ||
Stock Issued During Period, Shares, New Issues | 69,218,750 | |
Stock Issued | $ 244,359 | |
Stock Issuance #7 | Minimum | ||
Sale of Stock, Transaction Date | Jun. 4, 2020 | |
Stock Issuance #7 | Maximum | ||
Sale of Stock, Transaction Date | Jun. 25, 2020 | |
Stock Issuance #8 | ||
Sale of Stock, Transaction Date | Jun. 5, 2020 | |
Stock Issued During Period, Shares, New Issues | 5,000,000 | |
Stock Issued | $ 5,000 | |
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 |
14. SUBSEQUENT EVENTS_ Common S
14. SUBSEQUENT EVENTS: Common Stock Issued (Details) | 3 Months Ended |
Jun. 30, 2020USD ($)shares | |
Event 1 | |
Subsequent Event, Date | Jul. 13, 2020 |
Sale of Stock, Transaction Date | Jul. 13, 2020 |
Subsequent Event, Description | Company issued 5,000,000 shares of common stock to satisfy obligations under share subscription agreements |
Stock Issued During Period, Shares, New Issues | 5,000,000 |
Stock Issued | $ | $ 20,000 |
Event 2 | |
Subsequent Event, Date | Jul. 23, 2020 |
Sale of Stock, Transaction Date | Jul. 23, 2020 |
Subsequent Event, Description | Company issued 39,593,568 shares of common stock to satisfy obligations under share subscription agreements |
Stock Issued During Period, Shares, New Issues | 39,593,568 |
Event 3 | |
Subsequent Event, Date | Jul. 28, 2020 |
Sale of Stock, Transaction Date | Jul. 28, 2020 |
Subsequent Event, Description | Company issued 27,911,764 shares of common stock to satisfy obligations under share subscription agreements |
Stock Issued During Period, Shares, New Issues | 27,911,764 |
14. SUBSEQUENT EVENTS_ Common_2
14. SUBSEQUENT EVENTS: Common Stock Payable (Details) | 3 Months Ended |
Jun. 30, 2020 | |
Event 4 | |
Subsequent Event, Description | Company issued subscriptions payable for 39,500,000 shares of common stock |
Event 4 | Minimum | |
Sale of Stock, Transaction Date | Jul. 1, 2020 |
Subsequent Event, Date | Jul. 1, 2020 |
Event 4 | Maximum | |
Sale of Stock, Transaction Date | Aug. 7, 2020 |
Subsequent Event, Date | Aug. 7, 2020 |
Event 5 | |
Subsequent Event, Description | Company issued subscriptions payable for 12,000,000 shares of common stock |
Event 5 | Minimum | |
Sale of Stock, Transaction Date | Jul. 1, 2020 |
Subsequent Event, Date | Jul. 1, 2020 |
Event 5 | Maximum | |
Sale of Stock, Transaction Date | Aug. 7, 2020 |
Subsequent Event, Date | Aug. 7, 2020 |
14. SUBSEQUENT EVENTS_ Power Up
14. SUBSEQUENT EVENTS: Power Up Lending Group Ltd (Details) - Event 6 | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Sale of Stock, Transaction Date | Jul. 17, 2020 |
Subsequent Event, Date | Jul. 17, 2020 |
Subsequent Event, Description | Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. |
Debt Instrument, Description | Convertible Promissory Note |
Debt Instrument, Face Amount | $ 42,500 |
Payments of Debt Issuance Costs | $ 2,500 |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Debt Instrument, Maturity Date | May 17, 2021 |
Proceeds from Loans | $ 40,000 |