Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2014 | Nov. 19, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'Mexus Gold US | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001355677 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 272,361,088 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
CURRENT ASSETS | ' | ' |
Cash | $530 | $0 |
Prepaid and other assets | 94,913 | 81,747 |
Investment in marketable securities | 89,272 | 150,114 |
TOTAL CURRENT ASSETS | 184,715 | 231,861 |
FIXED ASSETS | ' | ' |
Equipment, net of accumulated depreciation | 1,376,223 | 1,567,165 |
TOTAL FIXED ASSETS | 1,376,223 | 1,567,165 |
OTHER ASSETS | ' | ' |
Deferred finance expense | 23,525 | 3,503 |
Equipment under construction | 85,522 | 107,522 |
Property costs | 505,947 | 505,947 |
TOTAL OTHER ASSETS | 614,994 | 616,972 |
TOTAL ASSETS | 2,175,932 | 2,415,998 |
CURRENT LIABILITIES | ' | ' |
Bank overdraft | 0 | 4,053 |
Accounts payable and accrued liabilities | 126,867 | 75,006 |
Accounts payable - related party | 64,941 | 45,966 |
Notes payable | 391,476 | 351,502 |
Note payable - related party | 205,572 | 179,159 |
Promissory notes | 255,000 | 255,000 |
Secured convertible promissory note (net of unamortized debt discount $0 and $88,644, respectively) | 232,870 | 282,861 |
Secured convertible promissory note derivative liability | 415,769 | 954,410 |
Warrant derivative liability | 242,872 | 920,927 |
TOTAL CURRENT LIABILITIES | 1,935,367 | 3,068,884 |
TOTAL LIABILITIES | 1,935,367 | 3,068,884 |
Capital stockAuthorized | ' | ' |
9,000,000 shares of preferred stock, $0.001 par value per share, nil issued and outstanding | 0 | 0 |
1,000,000 shares of Series A Convertible Preferred Stock, $0.001 par value per share | 0 | 0 |
500,000,000 shares of common stock, $0.001 par value per share | 0 | 0 |
375,000 shares of Series A Convertible Preferred Stock (375,000 - March 31, 2014) | 375 | 375 |
268,689,675 shares of common stock (248,103,110 - March 31, 2014) | 268,693 | 248,103 |
Additional paid-in capital | 15,119,677 | 14,104,432 |
Share subscription payable | 576,503 | 952,143 |
Accumulated equity deficit | -15,717,804 | -16,011,903 |
Accumulated other comprehensive income | -6,879 | 53,964 |
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) | 240,565 | -652,886 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $2,175,932 | $2,415,998 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS PARENTHETICALS (Unaudited) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
PARENTHETICALS | ' | ' |
Unamortized debt discount of Secured convertible promissory note | $0 | $88,644 |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 9,000,000 | 9,000,000 |
Series A Convertible Preferred Stock, par value | $0.00 | $0.00 |
Series A Convertible Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Series A Convertible Preferred Stock, shares issued | 375,000 | 375,000 |
Series A Convertible Preferred Stock, shares outstanding | 375,000 | 375,000 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 268,689,675 | 248,103,110 |
Common Stock, Shares Outstanding | 268,689,675 | 248,103,110 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUES | ' | ' | ' | ' |
Revenues | $0 | $72,099 | $999 | $181,416 |
Total revenues | 0 | 72,099 | 999 | 181,416 |
Expenses | ' | ' | ' | ' |
General and administrative | 189,862 | 263,285 | 319,142 | 453,070 |
Exploration costs | 80,889 | 172,910 | 124,651 | 502,679 |
Stock-based expense - consulting services | 119,366 | 167,300 | 176,366 | 204,800 |
Loss on sale of equipment | 0 | 8,840 | 4,672 | 8,840 |
Loss on settlement of debt | 4,206 | 0 | 52,256 | 0 |
Total operating expenses | 394,323 | 612,335 | 677,087 | 1,169,389 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest expense | -148,745 | -270,562 | -240,444 | -432,336 |
Foreign exchange loss | 98 | -70,825 | -6,065 | -79,420 |
Gain (loss) on derivative liabilities | 92,663 | -348,586 | 1,216,696 | -353,269 |
Total Other Income | -55,984 | -689,973 | 970,187 | -865,025 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | -450,307 | -1,230,209 | 294,099 | -1,852,998 |
NET LOSS FROM DISCONTINUED OPERATIONS | 0 | -515,577 | 0 | -932,934 |
NET INCOME (LOSS) | -450,307 | -1,745,786 | 294,099 | -2,785,932 |
OTHER COMPREHENSIVE LOSS | ' | ' | ' | ' |
Unrealized loss on marketable securities | -19,724 | 0 | -60,843 | 0 |
Total Other Comprehensive Loss | -19,724 | 0 | -60,843 | 0 |
COMPREHENSIVE INCOME (LOSS) | ($470,031) | ($1,745,786) | $233,256 | ($2,917,039) |
BASIC LOSS PER SHARE FROM CONTINUING OPERATIONS | ($0.00) | ($0.01) | $0 | ($0.01) |
BASIC LOSS PER SHARE FROM DISCONTINUED OPERATIONS | $0 | ($0.00) | $0 | ($0.00) |
BASIC LOSS PER COMMON SHARE | ($0.00) | ($0.01) | $0 | ($0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING- BASIC | 257,538,138 | 220,275,617 | 2,558,670,944 | 217,441,270 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income (loss) | $294,099 | ($2,917,039) |
Loss from discontinued operations | 0 | 932,534 |
Net income (loss) from continuing operations | 294,099 | -1,984,505 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 167,270 | 177,160 |
Loss on sale of equipment | 4,672 | 0 |
Loss on settlement of debt | 52,256 | 8,840 |
Stock-based compensation - services | 176,366 | 204,800 |
Interest expense | 213,533 | 432,336 |
Impairment of equipment included in exploration costs | 0 | 7,500 |
Bad debt expense - related party | 0 | 247,509 |
Gain (loss) on derivatives | -1,216,696 | 353,269 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid and other assets | -13,166 | 3,964 |
Accounts payable and accrued liabilities, including related parties | 70,836 | 50,015 |
NET CASH USED IN OPERTATING ACTIVITIES | -250,830 | -499,112 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchase of equipment | 0 | -33,586 |
Purchase of equipment under construction | 0 | -47,647 |
Issuance of notes receivable | 0 | -247,509 |
Proceeds from sale of equipment | 41,000 | 7,800 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITES | 41,000 | -320,942 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Bank overdraft | -4,053 | 5,945 |
Proceeds from issuance of notes payable | 168,000 | 302,265 |
Payments on notes payable | 0 | -50,000 |
Proceeds from issuance of convertible promissory notes | 0 | 375,000 |
Advances from related party | 61,741 | 156,974 |
Payment on advances from related party | -35,328 | -35,834 |
Proceeds from issuance of common stock | 20,000 | 893,537 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 210,360 | 1,647,887 |
NET CASH USED IN OPERATING ACTIVITIES- DISCONTINUED OPERATIONS | 0 | -932,534 |
INCREASE (DECREASE) IN CASH | 530 | -104,701 |
CASH, BEGINNING OF PERIOD | 0 | 104,701 |
LESS: CASH DISCONTINUED OPERATIONS END OF PERIOD | 0 | 0 |
CASH, CONTINUING OPERATIONS AT THE END OF PERIOD | 530 | 0 |
Supplemental disclosure of cash flow information: | ' | ' |
Interest paid | 0 | 21,250 |
Taxes paid | 0 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Shares issued for accounts payable, including related party | 0 | 19,930 |
Shares issued for notes payable | 228,828 | 0 |
Shares issued and unissued for equipment purchase | 0 | 107,300 |
Shares issued for mineral property | 0 | 15,150 |
Reclassified prepaid to fixed assets | 0 | 16,296 |
Fixed asset reclassified to equipment under construction | $0 | $7,300 |
ORGANIZATION_AND_BUSINESS_OF_C
ORGANIZATION AND BUSINESS OF COMPANY | 6 Months Ended |
Sep. 30, 2014 | |
ORGANIZATION AND BUSINESS OF COMPANY: | ' |
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. |
BASIS_OF_PREPARATION
BASIS OF PREPARATION | 6 Months Ended |
Sep. 30, 2014 | |
BASIS OF PREPARATION | ' |
BASIS OF PREPARATION | ' |
2. BASIS OF PREPARATION | |
Pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q, the consolidated financial statements, footnote disclosures and other information normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The 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 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 consolidated balance sheet at March 31, 2014 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 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. | |
Cash and Cash Equivalents | |
The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. | |
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. | |
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. | |
Our investment in marketable securities is measured at fair value on a recurring basis using Level 1 inputs. | |
Our warrant derivative liability and 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. | |
Deferred Financing Costs | |
Deferred financing costs are amortized to interest expense based on the terms of the related debt instruments on a straight-line basis, which approximates the effective interest rate method. | |
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. | |
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. | |
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. |
GOING_CONCERN
GOING CONCERN | 6 Months Ended |
Sep. 30, 2014 | |
GOING CONCERN | ' |
GOING CONCERN | ' |
3. GOING CONCERN | |
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company has a limited operating history and limited funds and has an accumulated deficit of $15,717,804 at September 30, 2014. These factors, among others, may indicate that the Company may not be able 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 management’s plans to raise necessary funds through a private placement of its common stock to satisfy the capital requirements of the Company’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 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. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY | 6 Months Ended |
Sep. 30, 2014 | |
RECENT ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY | ' |
RECENT ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY | ' |
4. RECENT ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY | |
In August 2014, the FASB ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, amending FASB Accounting Standards Subtopic 205-40 to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, the amendments (1) provide a definition of the term “substantial doubt,” (2) require an evaluation every reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that financial statements are issued. ASU 2014-15 is effective for fiscal years ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating ASU 2014-15 and does not anticipate a material impact on its consolidated financial statements. |
ACCOUNTS_PAYABLE_RELATED_PARTI
ACCOUNTS PAYABLE - RELATED PARTIES | 6 Months Ended |
Sep. 30, 2014 | |
ACCOUNTS PAYABLE - RELATED PARTIES: | ' |
ACCOUNTS PAYABLE - RELATED PARTIES | ' |
5. ACCOUNTS PAYABLE – RELATED PARTIES | |
During the six months ended September 30, 2014 and 2013, the Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, of $22,800 and $22,800, respectively. At September 30, 2014 and March 31, 2014, $64,941 and $45,966 for this obligation is outstanding, respectively. |
PAYABLE
PAYABLE | 6 Months Ended |
Sep. 30, 2014 | |
PAYABLE: | ' |
PAYABLE | ' |
6. PAYABLE | |
During the six months ended September 30, 2014, the Company received various cash advances of $39,000 from three investors. These advances are unsecured, earn interest at 10% per annum and are due within 90 days of issue. One-half of the cash advances received by the Company may be converted into shares of common stock of the Company, at the option of the holder, at either $0.03 per share or $0.04 per share depending on the date the cash advance was received. These notes are now in default. There is no default provisions stated in the notes. | |
During the six months ended September 30, 2014, the Company received various cash advances of $129,000 from ten investors. These advances are unsecured and are due within 90 days of issue. Upon receipt of the cash advance the Company paid each 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 within 90 days 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 $0.025 per share to $0.400 per share. At September 30, 2014 and March 31, 2014, deferred finance expense of $23,535 and $0, and debt discount of $23,535 and $0, respectively is recorded on the consolidated balance sheet related to these cash advances. | |
Defaulted Senior Notes | |
On February 16, 2010, the Company made an unsecured Promissory Note Agreement with William McCreary in the amount of $2,500 at eight percent interest and due on demand or no later than September 1, 2010. The Company has not made the scheduled payments and is in default on this note as of December 31, 2011. The default rate on the note is eight percent. At September 30, 2014 and March 31, 2014, the balances on this note totalled $2,500 and $2,500, respectively. At September 30, 2014 and March 31, 2014, accrued interest of $3,489 and $3,185 on this note have been included in accounts payable and accrued liabilities, respectively. |
NOTES_PAYABLE_RELATED_PARTY
NOTES PAYABLE - RELATED PARTY | 6 Months Ended |
Sep. 30, 2014 | |
Notes payable related party | ' |
NOTES PAYABLE - RELATED PARTY | ' |
7. NOTES PAYABLE – RELATED PARTY | |
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 September 30, 2014 and March 31, 2014, notes payable due to Taurus Gold Inc. totalled $205,572 and $179,159, respectively. |
PROMISSORY_NOTES
PROMISSORY NOTES | 6 Months Ended |
Sep. 30, 2014 | |
PROMISSORY NOTES: | ' |
PROMISSORY NOTES | ' |
8. 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 September 30, 2014. 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 are capitalized in the consolidated balance sheet as deferred finance expense and are being amortized on a straight-line basis, which approximates the effective interest rate method, as interest expense over the life of the Promissory Notes. At September 30, 2014 and March 31, 2014, deferred finance expense of $0 and $3,503, respectively related to these promissory notes were recorded on the consolidated balance sheet. | |
As of September 30, 2014, 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. Accrued interest of $20,909 is included in accounts payable and accrued liabilities. |
SECURED_CONVERTIBLE_PROMISSORY
SECURED CONVERTIBLE PROMISSORY NOTES | 6 Months Ended | ||
Sep. 30, 2014 | |||
SECURED CONVERTIBLE PROMISSORY NOTES: | ' | ||
SECURED CONVERTIBLE PROMISSORY NOTES | ' | ||
9. SECURED CONVERTIBLE PROMISSORY NOTES | |||
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 Notes (“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 of the warrants are $0.24 per share. 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 (a) the Company’s issuance of securities in connection with strategic license agreements and other partnering arrangements so long as any such issuances are not for the purpose of raising capital and in which holders of such securities or debt are not at any time granted registration rights, and (b) the Company’s issuance of Common Stock or the issuance or grant of options to purchase Common Stock to employees, directors, officers and consultants, authorized by the Company’s board of directors in place on June 12, 2013. After three months after the issuance date, monthly installments are due on the Note payable at the option of the Company (i) in cash (ii) in shares of common stock of the Company discounted depending on the Company’s share price at either 30% or 35%, or (iii) in any combination of cash or shares. | |||
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. | |||
Six months Ended September 30, | |||
2014 | 2013 | ||
Cash advanced on closing of the initial tranche and second tranche | |||
$ 375,000 | $ - | ||
Discounts on Note | |||
Fair value of warrant derivative liability | -219,372 | - | |
Fair value of convertible promissory note liability | -75,218 | - | |
Loss on derivative liabilities | 14,734 | - | |
Conversion of principal and interest into shares of common stock | -234,227 | - | |
Amortization of discount on Note | 371,953 | - | |
$ 232,870 | $ - | ||
Default of Secured Convertible Promissory Notes | |||
The Company did not pay the outstanding principal and interest due on July 12, 2014, the maturity date of the Notes, and the Notes went into default. On default, the Holders at their option may redeem the Notes in full or accelerate installments due on the Notes. The Holders may designate whether the installments are due in cash or discounted shares of common stock of the Company or a combination thereof. The default rate on the note is 22%. |
WARRANT_DERIVATIVE_LIABILITY
WARRANT DERIVATIVE LIABILITY | 6 Months Ended | ||
Sep. 30, 2014 | |||
WARRANT DERIVATIVE LIABILITY: | ' | ||
WARRANT DERIVATIVE LIABILITY | ' | ||
10. 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 Company’s own stock and, as such, recorded as a liability. | |||
The Company’s warrant derivative liability has been measured at fair value at September 30, 2014 and March 31, 2014 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 $0.015 per share and the conversion price has been adjusted accordingly. | |||
The inputs into the binomial model are as follows: | |||
30-Sep-14 | 31-Mar-14 | ||
Closing share price | $0.03 | $0.08 | |
Conversion price | $0.02 | $0.02 | |
Risk free rate | 1.43% | 1.32% | |
Expected volatility | 102% | 142% | |
Dividend yield | 0% | 0% | |
Expected life | 44 months | 50 months | |
The fair value of the warrant derivative liability is $242,872 at September 30, 2014. The decrease in the fair value of the conversion option derivative liability of $63,270 and $678,055 is recorded as a gain in the consolidated statement of operations for the three and six months ended September 30, 2014, respectively. |
CONVERTIBLE_PROMISSORY_NOTE_DE
CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY | 6 Months Ended | ||
Sep. 30, 2014 | |||
CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY: | ' | ||
CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY | ' | ||
11. CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY | |||
The Notes are 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 liability has been measured at fair value at June 12, 2013 and March 31, 2014 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 $0.015 per share and the conversion price has been adjusted accordingly. | |||
The inputs into the binomial model are as follows: | |||
30-Sep-14 | 31-Mar-14 | ||
Closing share price | $0.03 | $0.08 | |
Conversion price | $0.02 | $0.02 | |
Risk free rate | 0.03% | 0.10% | |
Expected volatility | 111% | 105% | |
Dividend yield | 0% | 0% | |
Expected life | 6 months | 4 month | |
The fair value of the conversion option derivative liability is $415,769 at September 30, 2014. The decrease in the fair value of the conversion option derivative liability of $29,393 and $538,641 is recorded as a gain in the unaudited consolidated condensed statement of operations for the three and six months ended September 30, 2014. |
CONTINGENT_LIABILITIES
CONTINGENT LIABILITIES | 6 Months Ended |
Sep. 30, 2014 | |
CONTINGENT LIABILITIES | ' |
CONTINGENT LIABILITIES | ' |
12. 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 September 30, 2014, 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. |
SHAREHOLDERS_EQUITY_DEFICIT
SHAREHOLDERS' EQUITY (DEFICIT) | 6 Months Ended |
Sep. 30, 2014 | |
SHAREHOLDERS' EQUITY (DEFICIT): | ' |
SHAREHOLDERS' EQUITY (DEFICIT) | ' |
13. STOCKHOLDERS’ EQUITY | |
The stockholders’ equity of the Company comprises the following classes of capital stock as of September 30, 2014 and March 31, 2014: | |
Preferred Stock, $.001 par value per share; 9,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2014 and March 31, 2014, respectively. | |
Series A Convertible Preferred Stock (‘Series A Preferred Stock”), $.001 par value share; 1,000,000 shares authorized: 375,000 shares issued and outstanding at September 30, 2014 and March 31, 2014. | |
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; 500,000,000 shares authorized: 268,689,675 and 248,103,110 shares issued and outstanding at September 30, 2014 and March 31, 2014, respectively. Holders of Common Stock have one vote per share of Common Stock held. | |
On April 1, 2014, the Company issued 342,063 shares of common stock valued at $29,075 ($0.085 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $12,500 and loss on settlement of debt of $16,576. | |
On April 16, 2014, the Company issued 1,053,553 shares of common stock valued at $63,213 ($0.060 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $38,500 and loss on settlement of debt of $24,713. | |
On April 18, 2014, the Company issued 3,056,805 shares of common stock to satisfy obligations under share subscription agreements for $157,492 in cash, $78,238 in services and $5,570 for settlement of accounts payable included in share subscriptions payable. | |
On May 1, 2014, the Company issued 1,427,500 shares of common stock to satisfy obligations under share subscription agreements for $92,245 in services and $15,354 in equipment included in share subscriptions payable. | |
On June 16, 2014, the Company issued 919,033 shares of common stock valued at $36,761 ($0.040 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $30,000 and loss on settlement of debt of $6,761. | |
On July 16, 2014, the Company issued 1,103,370 shares of common stock to satisfy obligations under share subscription agreements for $12,100 in services and $39,503 in cash receipt in prior periods included in share subscriptions payable. | |
On July 31, 2014, the Company issued 467,144 shares of common stock valued at $19,153 ($0.041 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $7,996 and loss on settlement of debt of $11,157. | |
On August 20, 2014, the Company issued 1,064,237 shares of common stock valued at $42,569 ($0.040 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $18,009 and loss on settlement of debt of $24,560. | |
On August 25, 2014, the Company issued 4,800,105 shares of common stock to satisfy obligations under share subscription agreements for $227,505 in settlement of notes payable and $10,001 in cash included in share subscriptions payable. | |
On September 9, 2014, the Company issued 2,444,235 shares of common stock to satisfy obligations under share subscription agreements for $45,000 in finance expense and $27,000 in services included in share subscriptions payable. | |
On August 20, 2014, the Company issued 1,268,520 shares of common stock valued at $38,056 ($0.030 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $25,000 and loss on settlement of debt of $13,056. | |
On September 25, 2014, the Company issued 2,640,000 shares of common stock to satisfy obligations under share subscription agreements for $16,000 in finance expense and $98,500 in services included in share subscriptions payable. | |
Common Stock Payable | |
During the six months ended September 30, 2014, the Company issued subscriptions payable for 1,100,000 shares of common stock for services valued at $20,000 ($0.0182 per share). | |
During the six months ended September 30, 2014, the Company issued subscriptions payable for 3,683,545 shares of common stock for services valued at $176,366 ($0.0480 per share). | |
During the six months ended September 30, 2014, the Company issued subscriptions payable for 2,375,020 shares of common stock for settlement of notes payable valued at $87,000 ($0.0366 per share). | |
During the six months ended September 30, 2014, the Company issued subscriptions payable for 5,771,865 shares of common stock for finance expense valued at $148,000 ($0.0256 per share). | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2014 | |
SUBSEQUENT EVENTS: | ' |
SUBSEQUENT EVENTS | ' |
14. SUBSEQUENT EVENTS | |
On October 21, 2014, the Company issued 1,966,666 shares of common stock to satisfy obligations under share subscription agreements for $25,000 in cash and $25,000 in finance costs included in share subscriptions payable. | |
On October 21, 2014, the Company issued 500,000 shares of common stock for services valued at $16,500 ($0.0330 per share). | |
On October 31, 2014, the Company issued 1,204,747 shares of common stock valued at $39,757 ($0.0330 per share) to Typenex Co-Investment, LLC for conversion of principal and interest. | |
During the period from October 1, 2014 to November 7, 2014, the Company issued subscriptions payable for 3,624,239 shares of common stock for cash of $42,000 ($0.0116 per share). As of the date of this report shares have not yet been issued. | |
ACCOUNTING_POLICIES_POLICIES
ACCOUNTING POLICIES (POLICIES) | 6 Months Ended |
Sep. 30, 2014 | |
ACCOUNTING POLICIES (POLICIES): | ' |
BASIS OF PREPARATION, Policy | ' |
BASIS OF PREPARATION | |
Pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q, the consolidated financial statements, footnote disclosures and other information normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The 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 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 consolidated balance sheet at March 31, 2014 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 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. | |
Cash and cash equivalents Policy | ' |
Cash and Cash Equivalents | |
The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. | |
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. | |
Fair Value of Financial Instruments Policy | ' |
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. | |
Our investment in marketable securities is measured at fair value on a recurring basis using Level 1 inputs. | |
Our warrant derivative liability and 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. | |
Deferred Financing Costs Policy | ' |
Deferred Financing Costs | |
Deferred financing costs are amortized to interest expense based on the terms of the related debt instruments on a straight-line basis, which approximates the effective interest rate method. | |
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. | |
Stock-based Compensation Policy | ' |
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. | |
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. | |
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. | |
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. |
Companys_secured_convertible_p
Company's secured convertible promissory notes (Tables) | 6 Months Ended | ||
Sep. 30, 2014 | |||
Company's secured convertible promissory notes: | ' | ||
Company's secured convertible promissory notes | ' | ||
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. | |||
Six months Ended September 30, | |||
2014 | 2013 | ||
Cash advanced on closing of the initial tranche and second tranche | |||
$ 375,000 | $ - | ||
Discounts on Note | |||
Fair value of warrant derivative liability | -219,372 | - | |
Fair value of convertible promissory note liability | -75,218 | - | |
Loss on derivative liabilities | 14,734 | - | |
Conversion of principal and interest into shares of common stock | -234,227 | - | |
Amortization of discount on Note | 371,953 | - | |
$ 232,870 | $ - | ||
Warrant_derivative_liability_m
Warrant derivative liability measurements (Tables) | 6 Months Ended | ||
Sep. 30, 2014 | |||
Warrant derivative liability measurements: | ' | ||
Warrant derivative liability measurements | ' | ||
The inputs into the binomial model are as follows: | |||
30-Sep-14 | 31-Mar-14 | ||
Closing share price | $0.03 | $0.08 | |
Conversion price | $0.02 | $0.02 | |
Risk free rate | 1.43% | 1.32% | |
Expected volatility | 102% | 142% | |
Dividend yield | 0% | 0% | |
Expected life | 44 months | 50 months |
Companys_convertible_promissor
Company's convertible promissory note derivative liability (Tables) | 6 Months Ended | ||
Sep. 30, 2014 | |||
Company's convertible promissory note derivative liability: | ' | ||
Company's convertible promissory note derivative liability | ' | ||
The inputs into the binomial model are as follows: | |||
30-Sep-14 | 31-Mar-14 | ||
Closing share price | $0.03 | $0.08 | |
Conversion price | $0.02 | $0.02 | |
Risk free rate | 0.03% | 0.10% | |
Expected volatility | 111% | 105% | |
Dividend yield | 0% | 0% | |
Expected life | 6 months | 4 month | |
GOING_CONCERNS_Details
GOING CONCERNS (Details) (USD $) | Sep. 30, 2014 |
GOING CONCERNS detail | ' |
Accumulated deficit since entry into the exploration stage | $15,717,804 |
Notes_due_to_Related_parties_D
Notes due to Related parties (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Notes due to Related parties consists the following | ' | ' |
Notes payable due to Taurus Gold Inc. totalled | $205,572 | $179,159 |
ACCOUNTS_PAYABLE_RELATED_PARTI1
ACCOUNTS PAYABLE - RELATED PARTIES (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Related party obligation details | ' | ' |
Obligation outstanding | $64,961 | $45,966 |
ACCOUNTS_PAYABLE_RELATED_PARTI2
ACCOUNTS PAYABLE - RELATED PARTIES CONSISTS OF (Details) (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
ACCOUNTS PAYABLE - RELATED PARTIES details | ' | ' |
Company incurred rent expenses | $22,800 | $22,800 |
Cash_Advances_and_Expenses_Det
Cash Advances and Expenses (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Cash Advances and Expenses Details | ' | ' |
Deferred Finance expenses of payables | $23,535 | $0 |
Debt Discount | $0 | $23,535 |
Defaulted_Senior_Notes_Details
Defaulted Senior Notes (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Feb. 16, 2010 |
Defaulted Senior Notes | ' | ' | ' |
Company made an unsecured Promissory Note Agreement with William McCreary in the amount | ' | ' | $2,500 |
Interest rate on unsecured Promissory Note | ' | ' | 8.00% |
Balances on this note totalled | 2,500 | 2,500 | ' |
Accrued interest on this note included in accounts payable and accrued liabilities | $3,489 | $3,185 | ' |
Notes_payable_advances_Details
Notes payable advances (Details) (USD $) | 6 Months Ended |
Sep. 30, 2014 | |
Notes payable advances | ' |
Company received various cash advances of from three investors | $39,000 |
Advances are unsecured, earn interest at a rate per annum | 10.00% |
Company, at the option of the holder ,per share | $0.04 |
Company received various cash advances from ten investors | $129,000 |
These advances are unsecured and with number of days | 90 |
Notes_payable_related_party_De
Notes payable related party (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Notes payable related party | ' | ' |
Notes payable due to Taurus Gold Inc. totalled | $205,572 | $179,159 |
Company_Promissory_Notes_Detai
Company Promissory Notes (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Apr. 18, 2013 |
Company Promissory Notes | ' | ' | ' |
Company issued Promissory Notes for cash | ' | ' | $255,000 |
Notes bear interest per annum | ' | ' | 4.00% |
Shares of common stock of the Company issued as fee for Promissory Note holders | ' | ' | 2,550,000 |
Value of common stock of the Company issued as fee for Promissory Note holders | ' | ' | 501,075 |
Per share value of common stock of the Company issued as fee for Promissory Note holders | ' | ' | $0.20 |
Accrued interest of Promissory Note included in accounts payable and accrued liabilities. | 20,909 | ' | ' |
Deferred finance expenses of promissory notes. | $0 | $3,503 | ' |
Recovered_Sheet1
Secured convertible promissory notes Transactions (details) (USD $) | Aug. 08, 2013 | Jun. 12, 2013 |
Secured convertible promissory notes Transactions | ' | ' |
Company entered into a Securities Purchase Agreement with Typenex Co-Investment, LLC in the principal amount | ' | $557,500 |
Convertible Promissory Notes initial tranche | ' | 307,500 |
Initial tranche in cash | ' | 250,000 |
Typenex legal expenses in the amount of | ' | 7,500 |
Original issue discount | ' | 50,000 |
Additional tranche in cash | 125,000 | 250,000 |
Conversion Price per share as per agreement | $0.23 | $0.23 |
Exercise Price of the warrants per share | $0.24 | $0.24 |
Company issued a variable number of warrants of the Company's common stock | ' | $278,750 |
Recovered_Sheet2
Convertible promissory note derivative liability (Details) (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Convertible promissory note derivative liability Details | ' | ' |
Cash advanced on closing of the initial tranche | $375,000 | $0 |
Fair value of warrant derivative liability | -219,372 | 0 |
Fair value of convertible promissory note liability | -75,218 | 0 |
Loss on derivative liabilities | 14,734 | 0 |
Conversion of principal and interest into shares of common stock | -234,227 | 0 |
Amortization of discount on Note | 371,953 | 0 |
Total Convertible promissory note derivative liability | $232,870 | $0 |
Warrant_derivative_liability_m1
Warrant derivative liability measured at fair value (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Warrant derivative liability measured at fair value | ' | ' |
Closing share price | $0.03 | $0.08 |
Conversion price per share | $0.15 | $0.23 |
Risk free rate | 1.43% | 1.32% |
Expected volatility rate | 102.00% | 142.00% |
Dividend yield rate | 0.00% | 0.00% |
Expected life in months | 44 | 50 |
The fair value of the warrant derivative liability | $242,872 | $0 |
Decrease_in_Fair_Value_of_Deri
Decrease in Fair Value of Derivative liability (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Increase decrease in derivative liablility details | ' | ' |
The decrease in the fair value of the conversion option derivative liability | $63,270 | $678,055 |
Companys_convertible_promissor1
Company's convertible promissory note derivative liability (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
Company's convertible promissory note derivative liability is as follows | ' | ' |
Closing share price | $0.03 | $0.08 |
Conversion price per share | $0.02 | $0.02 |
Risk free rate | 0.03% | 0.10% |
Expected volatility rate | 111.00% | 105.00% |
Dividend yield rate | 0.00% | 0.00% |
Expected life in months | 6 | 4 |
Fair value of the conversion option derivative liability | $415,769 | ' |
Decrease_Convertion_option_Det
Decrease Convertion option (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Decrease Convertion option Details | ' | ' |
Fair value of the conversion option derivative liability is recorded as a gain | $29,393 | $538,641 |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | Sep. 30, 2014 |
Contingent Liabilities Transactions: | ' |
Company estimates costs to neutralize those chemicals at the close of the leaching pond. | $50,000 |
CAPITAL_STOCKS_Details
CAPITAL STOCKS (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
CAPITAL STOCKS: | ' | ' |
Preferred Stock par value per share | $0 | $0 |
Preferred Stock Authorized Shares | 9,000,000 | 9,000,000 |
Preferred stock shares issued and outstanding | 0 | 0 |
Series A Preferred Stock par value per share | $0 | $0 |
Series A Preferred Stock Authorized Shares | 1,000,000 | 1,000,000 |
Series A Preferred stock shares issued and outstanding | 375,000 | 375,000 |
Common Stock par value per share. | $0 | $0 |
Common Stock Authorized Shares. | 500,000,000 | 500,000,000 |
Common Stock issued shares. | 268,689,675 | 248,103,110 |
Common Stock outstanding shares. | 268,689,675 | 248,103,110 |
Common_Stock_Payable_Transacti
Common Stock Payable Transactions (Details) (USD $) | Sep. 25, 2014 | Sep. 09, 2014 | Aug. 25, 2014 | Aug. 20, 2014 | Jul. 31, 2014 | Jul. 16, 2014 | Jun. 30, 2014 | Jun. 16, 2014 | 1-May-14 | Apr. 18, 2014 | Apr. 16, 2014 | Apr. 02, 2014 |
Common Stock Payable Transactions parentheticals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company issued shares of common stock to satisfy obligations under share subscription agreements/ conversion of principal and interest | 2,640,000 | 2,444,235 | 4,800,105 | 1,064,237 | 467,144 | 1,103,370 | 679,310 | 919,033 | 1,427,500 | 3,056,805 | 1,053,553 | 342,063 |
Value of shares of common stock issued | $16,000 | $45,000 | $227,505 | $42,569 | $19,153 | $12,100 | $57,000 | $36,761 | $0 | $0 | $63,213 | $29,075 |
Value per share of common stock issued | $0 | $0 | $0 | $0.03 | $0 | $0 | $0.08 | $0 | $0 | $0 | $0.06 | $0.09 |
Conversion of principal and interest | 0 | 0 | 0 | 25,000 | 7,996 | 39,503 | 0 | 30,000 | 0 | 0 | 38,500 | 12,500 |
Loss on settlement of debt | 0 | 0 | 10,001 | 13,056 | 11,157 | 0 | 0 | 6,761 | 0 | 0 | 24,713 | 16,576 |
Obligation under share subscription agreements in cash / financing fees | 98,500 | 27,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 157,492 | 0 | 0 |
Obligation in the form of services included in share subscriptions payable. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 92,245 | 78,238 | 0 | 0 |
Obligation for settlement of accounts payable included in share subscriptions payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $15,354 | $5,570 | $0 | $0 |
Subscriptions_Payable_Details
Subscriptions Payable (Details) | 3 Months Ended |
Sep. 30, 2014 | |
Subscriptions Payable Details | ' |
Company issued subscriptions payable (0.0182 per share)valued at 20,000 | 1,100,000 |
Company issued subscriptions payable (0.0480 per share) valued at 176,366 | 3,683,545 |
Company issued subscriptions payable (0.0366 per share) valued at 87,000 | 2,375,020 |
Company issued subscriptions payable (0.0256 per share) valued at 148,000 | 5,771,865 |
Subsequent_transactions_Detail
Subsequent transactions (Details) (USD $) | Oct. 31, 2014 | Oct. 21, 2014 | Oct. 01, 2014 |
Subsequent transactions | ' | ' | ' |
Company issued shares of common stock to satisfy obligations under share subscription agreements | 1,204,747 | 1,966,666 | 3,624,239 |
Obligations under share subscription agreements in cash included in share subscriptions payable | $39,757 | $25,000 | $42,000 |
Obligations under share subscription agreements in Finance cost included in share subscriptions payable | ' | 25,000 | ' |
Obligations under share subscription agreements in services included in share subscriptions payable | ' | 500,000 | ' |
Shares of common stock for services valued | ' | $16,500 | ' |