Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Feb. 22, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | Mexus Gold US | |
Entity Trading Symbol | mxsg | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Entity Central Index Key | 1,355,677 | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 486,351,623 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 12,884 | $ 2,747 |
TOTAL CURRENT ASSETS | 12,884 | 2,747 |
FIXED ASSETS | ||
Equipment, net of accumulated depreciation | 667,870 | 1,212,849 |
TOTAL FIXED ASSETS | 667,870 | 1,212,849 |
OTHER ASSETS | ||
Equipment under construction | 17,018 | 72,939 |
Equipment held for sale | 283,216 | 0 |
Property costs | 505,947 | 505,947 |
TOTAL OTHER ASSETS | 806,181 | 578,886 |
TOTAL ASSETS | 1,486,935 | 1,794,482 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 150,511 | 173,640 |
Accounts payable - related party | 109,598 | 83,798 |
Notes payable (net unamortized debt discount of $47,387 and $14,922, respectively) | 119,157 | 391,135 |
Note payable - related party | 135,031 | 186,792 |
Promissory notes (net of unamortized debt discount of $112,610 and $0, respectively) | 367,552 | 255,000 |
Secured convertible promissory note (net of unamortized debt discount of $0 and $67,361, respectively) | 0 | 120,536 |
Promissory note derivative liabilities | 198,088 | 167,678 |
Warrant derivative liability | 0 | 407,585 |
TOTAL CURRENT LIABILITIES | 1,079,937 | 1,786,164 |
TOTAL LIABILITIES | 1,079,937 | 1,786,164 |
SHAREHOLDERS' EQUITY | ||
Capital stock Authorized 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 issued and outstanding | 0 | 0 |
Issued and outstanding | ||
1,000,000 shares of Series A Convertible Preferred Stock (375,000 - March 31, 2015) | 1,000 | 375 |
454,981,927 shares of common stock (308,236,718 - March 31, 2015) | 454,987 | 308,237 |
Additional paid-in capital | 18,128,754 | 16,100,205 |
Share subscription payable | 552,136 | 559,260 |
Accumulated deficit | (18,729,879) | (16,959,759) |
TOTAL SHAREHOLDERS' EQUITY | 406,998 | 8,318 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,486,935 | $ 1,794,482 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICALS - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Parentheticals | ||
Net unamortized debt discount on Notes Payable | $ 47,387 | $ 14,922 |
Unamortized Debt Discount on Promissory Note | 112,610 | 0 |
Unamortized Debt Discount on Secured Convertible Promissory Note | $ 0 | $ 67,361 |
Preferred Stock, Shares Par or Stated Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 9,000,000 | 9,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Series A Convertible Preferred Stock, Shares Par or Stated Value | $ 0.001 | $ 0.001 |
Series A Convertible Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Series A Convertible Preferred Stock, Shares Issued | 1,000,000 | 375,000 |
Series A Convertible Preferred Stock, Shares Outstanding | 1,000,000 | 375,000 |
Common Stock, Shares Par or Stated Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 454,981,927 | 308,236,718 |
Common Stock, Shares Outstanding | 454,981,927 | 308,236,718 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | ||||
Revenues | $ 86,656 | $ 0 | $ 105,010 | $ 936 |
Total revenues | 86,656 | 0 | 105,010 | 936 |
Expenses | ||||
General and administrative | 172,600 | 201,764 | 559,938 | 520,843 |
Exploration | 57,165 | 70,462 | 198,440 | 195,113 |
Stock-based expense - consulting services | 215,598 | 99,242 | 511,722 | 275,608 |
Impairment of marketable securities | 0 | 96,150 | 0 | 96,150 |
Loss on sale of equipment | 26,386 | 0 | 64,172 | 4,672 |
Loss on settlement of debt | 145,597 | 89,270 | 409,489 | 141,526 |
Total operating expenses | 617,346 | 556,888 | 1,743,761 | 1,233,912 |
OTHER INCOME (EXPENSE) | ||||
Other | (1,955) | (122,802) | (101,769) | (122,802) |
Interest | (155,500) | (137,075) | (291,801) | (377,119) |
Foreign exchange | (1,166) | (5,340) | 10,529 | (11,502) |
Loss (gain) on derivative liabilities | (408,983) | (181,979) | (216,078) | 1,034,717 |
Gain on settlement of warrant liability | 303,857 | 0 | 303,857 | 0 |
Impairment on equipment held for sale | (39,645) | 0 | (39,645) | 0 |
Total Other Income (Expense) | (303,392) | (201,592) | (131,369) | 768,898 |
NET LOSS | $ (834,082) | $ (758,480) | $ (1,770,120) | $ (464,078) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 401,423,140 | 272,591,940 | 358,331,862 | 261,681,634 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,770,120) | $ (464,078) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 212,827 | 248,973 |
Loss on sale of equipment | 64,172 | 4,672 |
Loss on settlement of debt, accounts payable | 409,489 | 141,526 |
Stock-based compensation - services | 511,722 | 275,608 |
Interest expense | 279,534 | 282,032 |
Impairment of marketable securities | 0 | 96,150 |
Loss on change in fair value of derivative instrument | 216,078 | (1,034,717) |
Gain on settlement of warrant liability | (303,857) | 0 |
Impairment of equipment held for sale | 39,645 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid and other assets | 0 | (9,886) |
Accounts payable and accrued liabilities, including related parties | 114,027 | 122,065 |
NET CASH USED IN OPERATING ACTIVITIES | (226,483) | (337,655) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment | (1,660) | 0 |
Purchase of equipment under construction | 0 | (34) |
Proceeds from sale of equipment | 34,050 | 41,000 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 32,390 | 40,966 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Bank overdraft | 0 | (4,053) |
Proceeds from issuance of notes payable | 178,500 | 228,400 |
Payment of notes payable | (40,764) | 0 |
Proceeds from issuance of convertible promissory notes | 50,000 | 0 |
Payment of convertible promissory notes | (6,000) | 0 |
Advances from related party | 29,567 | 65,743 |
Payment on advances from related party | (87,470) | (46,010) |
Proceeds from issuance of common stock | 80,397 | 90,600 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 204,230 | 334,680 |
INCREASE IN CASH | 10,137 | 37,991 |
CASH, BEGINNING OF PERIOD | 2,747 | 0 |
CASH, CONTINUED OPERATIONS AT THE END OF PERIOD | 12,884 | 37,991 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 12,486 | 43,749 |
Taxes paid | 0 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Shares issued for settlement of notes payable | 481,960 | 363,948 |
Shares issued for settlement of warrant liability | 202,300 | 0 |
Shares issued for equipment purchase | 31,350 | 0 |
Shares issued to settle accounts payable | 124,448 | 0 |
Shares issued to settle convertible note | 611,773 | 0 |
Shares issued to settle stock payable | 1,311,892 | 0 |
Shares issued to settle interest payable | 36,470 | 0 |
Discount for derivative liability recognized on issuance of convertible notes | 67,604 | 0 |
Discount for beneficial conversion feature recognized on issuance of notes payable | 49,959 | 0 |
Settlement of note and interest by related party | 6,142 | 0 |
Notes payable settled on issuance of convertible promissory note | 181,001 | 0 |
Stock payable settled on issuance of convertible promissory note | 168,029 | 0 |
Reclassification of equipment as held for sale | $ 283,216 | $ 0 |
ORGANIZATION AND BUSINESS OF CO
ORGANIZATION AND BUSINESS OF COMPANY | 9 Months Ended |
Dec. 31, 2015 | |
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 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. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 9 Months Ended |
Dec. 31, 2015 | |
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 condensed 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 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 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, 2015 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. 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. 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. 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. On March 24, 2014, the Company resigned as the operator of the Joint Venture with Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. and sold 50 shares of the minimum fixed capital stock of Mexus Enterprises S.A. de C.V. to First Pursuit Silver de Mexico S. de R.L. de C.V. for the following consideration: Assumption of $468,000 of accounts payable; Payment of $100,000 and $100,000 on July 2014 and July 2015, respectively, on behalf of the Company to Minerales de Tarchi S. de R.L. de C.V. for lease payments under an exploration agreement; 1,660,000 shares of common stock of Silver Pursuit Resources Limited; and $4,000,000 due on or before March 24, 2015. The Company could recover its 50% interest sold should the purchaser not fulfill the terms of the sale. As of December 31, 2014 the Company had not been successful in obtaining the shares that they were to receive, accordingly an impairment of $96,150 on December 31, 2014 to fully impair the value of the investment was recorded as it was uncertain if the Company will be able to obtain such shares. As of December 31, 2015 the Company has not been successful in obtaining the shares. 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 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. 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 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. Warrants and conversion features have not been included in the calculation of dilutive earnings per share as the effect would be anti-dilutive. 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. 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. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Dec. 31, 2015 | |
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 condensed consolidated financial statements, the Company has a limited operating history and limited funds and has an accumulated deficit of $18,729,879 at December 31, 2015. 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 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 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 PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY | 9 Months Ended |
Dec. 31, 2015 | |
RECENT ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY | |
RECENT ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY | 4. RECENT ACCOUNTING PRONOUNCEMENTS AFFECTING THE COMPANY In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (FASB ASU 2014-09). This standard update clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards. The standard update intends to provide a more robust framework for addressing revenue issues; improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; and provide more useful information to users of consolidated financial statements through improved disclosure requirements. Upon adoption of this standard update, the Company expects that the allocation and timing of revenue recognition will be impacted. The provisions of FASB ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and are to be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. Early application is not permitted. The Company is currently evaluating the impact that this standard update will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern. The new standard requires management of public and private companies to evaluate whether there is substantial doubt about the entitys ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The standard requires management to evaluate, for each reporting period, whether there are conditions or events that raise substantial doubt about a companys ability to continue as a going concern within one year from the date the financial statements are issued. The new standard is effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of the ASU to have a significant impact on our consolidated financial statements The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial statements. |
EQUIPMENT
EQUIPMENT | 9 Months Ended |
Dec. 31, 2015 | |
EQUIPMENT | |
EQUIPMENT | 5. EQUIPMENT Cost Accumulated Depreciation December 31, 2015 Net Book Value March 31, 2015 Net Book Value Mining tools and equipment $ 1,280,980 $ 670,378 $ 610,602 $ 1,117,568 Watercraft 153,510 99,542 53,968 70,415 Vehicles 116,491 113,191 3,300 24,866 $ 1,550,981 $ 883,111 $ 667,870 $ 1, 212,849 During the nine months ended December 31, 2015, mining tools and equipment with a carrying value of $322,861 was reclassified as held for sale and an impairment of equipment held for sale of $39,645. Depreciation expense for the nine months ended December 31, 2015 and 2014 was $212,827 and $248,973, respectively. |
ACCOUNTS PAYABLE - RELATED PART
ACCOUNTS PAYABLE - RELATED PARTIES | 9 Months Ended |
Dec. 31, 2015 | |
ACCOUNTS PAYABLE - RELATED PARTIES: | |
ACCOUNTS PAYABLE - RELATED PARTIES | 6. ACCOUNTS PAYABLE RELATED PARTIES During the nine months ended December 31, 2015 and 2014, the Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, of $34,200 and $34,200, respectively. At December 31, 2015 and March 31, 2015, $19,598 and $83,798 for this obligation is outstanding, respectively. On June 10, 2015, the Company issued 625,000 shares of Series A Preferred Stock ($0.12 per share) to Paul Thompson Sr., Chief Executive Officer and sole director of the Company, for $75,000 for settlement of accounts payable related party. 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 additional, Mr. Thompson is due 2,000,000 shares of common stock valued at the 5 day average closing price each fiscal quarter. At December 31, 2015, $90,000 of compensation due is included in accounts payable related party and $36,800 for 4,000,000 shares of common stock due is included in share subscriptions payable. |
DEPOSIT
DEPOSIT | 9 Months Ended |
Dec. 31, 2015 | |
DEPOSIT | |
DEPOSIT | 7. DEPOSIT Option and Joint Venture Agreement On July 6, 2015, Mexus Gold Mining, S.A. de C.V., a wholly owned Mexican subsidiary of the Company (Mexus), entered into an Option and Joint Venture Agreement (Agreement) with Minera Real Del Oro, S.A. De C.V., a wholly owned Mexican subsidiary of Argonaut Gold, Inc., a Canadian gold company engaged in exploration, mine development and production activities (Argonaut). Pursuant to the Agreement, Mexus has granted Argonaut an exclusive and irrevocable option to acquire all rights to Mexus mining concessions located in Caborca, Mexico, Sonora State described as the Marta Elena, Julio II-VII and Mexus III Claims (the Mining Concessions). According to the Agreement, Mexus will transfer its Mining Concessions into a newly formed Mexican Company (Newco), and Argonaut will have the sole option to purchase up to 80% ownership of Newco in accordance with the terms of the Agreement. The initial option period expires on December 31, 2015. A summary of Argonauts required payments to Mexus for the option and required expenditures relating to the Mining Conessions are as follows: 1. Argonaut will make a cash payment to Mexus of US$75,000 upon execution of the Agreement plus incur required expenditures relating to the Mining Concessions of not less than US$300,000 by December 31, 2015. 2. In the event that Argonaut desires to extend the option period to June 30, 2016, Argonaut shall pay a cash payment to Mexus of US$125,000 plus incur required expenditures relating to the Mining Concessions of not less than US$500,000. 3. In the event that Argonaut desires to extend the option period to December 31, 2016, Argonaut shall pay a cash payment to Mexus of US$350,000 plus incur required expenditures relating to the Mining Concessions of not less than US$1,000,000. 4. In the event that Argonaut desires to extend the option period to December 31, 2017, Argonaut shall pay a cash payment to Mexus of US$400,000 plus incur required expenditures relating to the Mining Concessions of not less than US$3,300,000. 5. Argonaut is responsible for paying all land taxes, annual concessions or permit fees and the monthly lease of US$1,000 during the term of the Agreement. In addition, prior to July 6, 2016, Argonaut must expend a minimum of US$600,000 in expenditures relating to drilling Reverse Circulation and/or Core or a combination of both drill holes in relation to the Mining Concessions. 6. At any time prior to December 31, 2018, Argonaut may exercise the option, provided that it has incurred minimal expenditures on the project of US$5,000,000 and made cash payments to Mexus equal to US$950,000. Once the option is exercised, Argonaut will hold an 80% interest of Newco and Mexus will hold a 20% interest in Newco. All mining operations will be funded by Argonaut at no cost to Mexus. Newco will be managed by three board members, one of which will be Mexus. Argonaut reserves the right to terminate the Agreement at any time with 30 days written notice provided that the required payments to Mexus have been made in accordance with the terms of the Agreement. On July 7, 2015, Mexus deposited $75,000 of cash received from Argonaut in accordance with this Agreement. The proceeds from the issue of the option is accounted for using the option method. If the option is exercised, the Company will include the option proceeds in the sales value of the property. If the option is not exercised, the Company will recognize the option proceeds as income at the time the option expires. On December 4, 2015, Argonaut notified the Company that it will not exercise its option for the Mining Concessions and the Agreement was terminated. The $75,000 cash deposit received by Mexus on July 7, 2015 is recognized as revenue in the consolidated statement of operations. |
NOTES PAYABLE - RELATED PARTY
NOTES PAYABLE - RELATED PARTY | 9 Months Ended |
Dec. 31, 2015 | |
NOTES PAYABLE - RELATED PARTY: | |
NOTES PAYABLE - RELATED PARTY | 8. 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 December 31, 2015 and March 31, 2015, notes payable due to Taurus Gold Inc. totaled $111,488 and $174,460, respectively. Notes due to North Pacific Gold were accumulated through a series of cash advances to the Company. North Pacific Gold is controlled by Paul Thompson, Jr. an immediate family member of Paul D. Thompson, the sole director and officer of the Company. On June 29, 2015, North Pacific Gold advanced the Company $7,500 in cash. This loan is due in 90 days, unsecured and bears interest of 6% per annum and is repayable in cash or Company common stock at market value at the option of the Company. As of December 31, 2015 and March 31, 2015, notes payable due to North Pacific Gold totaled $23,543 and $12,332, respectively. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Dec. 31, 2015 | |
NOTES PAYABLE: | |
NOTES PAYABLE | 9. NOTES PAYABLE On January 8, 2013, the Company entered into an unsecured promissory note agreement with William H. Brinker in the amount of $185,000. The note is due on demand upon the occurrence of certain events and at the discretion of the note holder. A finance charge of $5,000 is due on or before March 31, 2013. The note is secured by 5,000,000 shares of common stock of Mexus Gold US pledged by the Company and certain mining equipment including a radial stacker and cone crushing plant. On April 1, 2013, the Company repaid $50,000 in principal. On August 24, 2015, the remaining balance of this unsecured promissory note of $140,000 was settled in full on issuance of the convertible promissory note ($140,000 March 31, 2015). See Note 9. On February 4, 2014, the Company received a cash advance of $30,000 for a note payable with a face value of $36,000 with no specific terms of repayment secured by a mobile crusher unit. At December 31, 2015 and March 31, 2015, the balance of this note is $0 and $30,000, respectively. The note principal was paid in full by way of cash and partly by conversion of shares on July 9, 2015. At December 31, 2015 and March 31, 2015, accrued interest of $0 and $6,000 on this note have been included in accounts payable and accrued liabilities, respectively. During the year ended March 31, 2014, the Company received cash advances of $15,000 and repaid $500 from an unrelated shareholder of the Company. The note principal and interest was paid in full through the conversion of shares on July 9, 2015. These advances bear interest of 10%, are unsecured and are due within 60 days. At December 31, 2015 and March 31, 2015, the balance of these advances totaled $0 and $14,500, respectively. During the year ended March 31, 2014, the Company received cash advances of $164,502 from three unrelated shareholders of the Company. These advances are non-interest bearing, unsecured and have no specific terms of repayment. On August 19, 2014, the Company issued 1,750,020 shares of common stock valued at $70,000. The shares were issued in settlement in of the convertible promissory note ($0.04 per share) to settle $87,501 in advances. As a result, the Company recorded a gain on settlement of debt of $17,501. On February 28, 2015, the Company issued 2,272,727 shares of common stock valued at $48,636 ($0.0214 per share) to settle $25,000 in advances. As a result, the Company recorded a loss on settlement of debt of $23,636. On August 24, 2015, $37,001 of these advances were settled on issuance of the convertible promissory note (See Note 9). At December 31, 2015 and March 31, 2015, the balance of these advances totaled $15,000 and $52,001, respectively. During the year ended March 31, 2015, the Company received various cash advances totaling $286,757 from twenty-two investors. In addition, during the nine months ended December 31, 2015, the Company received various cash advances totaling $178,500 from seven investors. These advances are unsecured and are due within 30 to 90 days of issue. Upon receipt of the cash advance, the Company paid majority of the investors the value of their investment in shares of common stock of the Company as a finance fee. The investor has the option to be repaid within 90 days by one of the following: (i) In cash (ii) One-half in cash and onehalf 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 $0.010 per share to $0.040 per share. During the nine months ended note principal and interest of $427,163 was paid through the issuance of shares of common stock and $40,000 in cash. At December 31, 2015 and March 31, 2015, the balance of these advances totaled $166,544 and $167,056, respectively. At December 31, 2015 and March 31, 2015, debt discount of $47,387 and $14,922, respectively has been recorded on the consolidated balance sheet related to these cash advances. At December 31, 2015, $40,000 of these notes were in default. There are no default provisions stated in the notes. Of the $425,257 received, $30,000 plus interest of $5,000 is required to be repaid on December 31, 2015 and is secured by an assignment of payments due from Argonaut. 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. On October 2015, Paul Thompson Sr., the Chief Executive Officer and sole director of the Company, personally paid the Note in full. At December 31, 2015 and March 31, 2015, the balances on this note totalled $0 and $2,500, respectively. At December 31, 2015 and March 31, 2015, accrued interest of $3,540 and $3,540 on this note have been included in accounts payable and accrued liabilities, respectively. Amortization of debt discount was $89,639 and $41,235 for the nine months ended December 31, 2015 and 2014, respectively, and $43,502 and $41,235 for the three months ended December 31, 2015 and 2014, respectively. |
PROMISSORY NOTES
PROMISSORY NOTES | 9 Months Ended |
Dec. 31, 2015 | |
PROMISSORY NOTES: | |
PROMISSORY NOTES | 10. PROMISSORY NOTES On April 18, 2013, the Company issued Promissory Notes for $255,000 in cash. The Notes bear interest of 4% per annum and are due on December 31, 2013. The Notes are secured by all of Mexus Gold US shares of stock in Mexus Resources S.A. de C.V. and a personal guarantee of Paul D. Thompson. In addition, a fee of 2,550,000 shares of common stock of the Company valued at $501,075 ($0.1965 per share) was paid to the Note holders on April 18, 2013. These financing fees were capitalized in the consolidated balance sheet as deferred finance expense and were being amortized on a straight-line basis, which approximates the effective interest rate method, as interest expense over the life of the Promissory Notes. On August 24, 2015, $100,000 of these Promissory Notes were settled on issuance of the convertible promissory note. On December 1, 2015, $60,000 of these Promissory Notes were settled on issuance of the convertible promissory note. At December 31, 2015 and March 31, 2015, outstanding Promissory Notes were $95,000 and $255,000, respectively. As of December 31, 2015, 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 $23,832 is included in accounts payable and accrued liabilities. On August 24, 2015, the Company issued a convertible promissory note (Note) for a total amount of $343,973 due on February 24, 2017 to William H. Brinker (Holder). The total amount of the Note is due in three equal payments plus any accrued interest at 180 days, 360 days and 540 days from the issuance date. The Holder upon annual election may elect to be paid in cash or stock (but not both) as follows: (a) in cash, with interest at 4% per annum (b) in shares of common stock of the Company, with interest at 12% per annum (Stock Payment). For a Stock Payment, the number of shares is determined by multiplying the outstanding principal of the Note by 12% divided by 100% of the average of the closing price of the Stock for ten trading days immediately preceding the payment date. This Note has been accounted for in accordance with ASC 480 Distinguishing Liabilities from Equity On December 1, 2015, the Company issued a convertible promissory note (Note) dated August 24, 2015 for a total amount of $41,189 due on February 24, 2017 to David Long (Holder). The total amount of the Note is due in three equal payments plus any accrued interest at 180 days, 360 days and 540 days from the date of the Note. The Holder upon annual election may elect to be paid in cash or stock (but not both) as follows: (a) in cash, with interest at 4% per annum (b) in shares of common stock of the Company, with interest at 12% per annum (Stock Payment). For a Stock Payment, the number of shares is determined by multiplying the outstanding principal of the Note by 12% divided by 100% of the average of the closing price of the Stock for ten trading days immediately preceding the payment date. This Note has been accounted for in accordance with ASC 480 Distinguishing Liabilities from Equity |
CONVERTIBLE PROMISSORY NOTES
CONVERTIBLE PROMISSORY NOTES | 9 Months Ended |
Dec. 31, 2015 | |
CONVERTIBLE PROMISSORY NOTES: | |
CONVERTIBLE PROMISSORY NOTES | 11. CONVERTIBLE PROMISSORY NOTES Typenex Co-Investment, LLC On June 12, 2013, the Company entered into a Securities Purchase Agreement with Typenex Co-Investment, LLC (Typenex), for the sale of an 8% Secured Convertible Promissory Note (Notes) in the principal amount of $557,500 consisting of an initial tranche of $307,500 comprising of $250,000 of cash at closing, Typenex legal expenses in the amount of $7,500 and a $50,000 original issue discount and an additional tranche $250,000 in cash. On June 12, 2013, the Company closed on the initial tranche and received $250,000 in cash. On August 8, 2013, the Company closed on the second tranche and received $125,000 in cash. The Company has not closed on the final tranche for $125,000 in cash. The Company has no obligation to pay Typenex any amounts on the unfunded portion of the Note. The Notes have a maturity date that is thirteen months after the issuance date. Typenex has been granted a security interest in the property of the Company. At the option of the holder, all principal, costs, charges and interest amounts outstanding under all of the Notes shall be exchanged for shares of the Companys 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 Companys 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 Companys 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 Companys issuance of Common Stock or the issuance or grant of options to purchase Common Stock to employees, directors, officers and consultants, authorized by the Companys board of directors in place on June 12, 2013. After nine 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 Companys 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. Nine months Ended December 31, 2015 Year Ended March 31, 2015 Opening balance $ 102,842 $ 282,861 Conversion of principal into shares of common stock (105,623) (268,663) Amortization of discount on Note and accrued interest 2,781 88,644 Closing balance $ - $ 102,842 On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015, the Company issued a total of 12,370,789 shares of common stock valued at $242,400 ($0.0196 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $96,336 and loss on settlement of debt of $146,064. JMJ Financial On January 28, 2015, the Company issued a Convertible Promissory Note (Note) to JMJ Financial (Holder), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. The Company may repay the Note any time and if repaid within 90 days of date of issue, the interest rate is 0%. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holders option at a variable conversion price calculated as lessor of (a) $0.029 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On January 28, 2015, the Company received cash of $50,000 in the first tranche, which was net of original issue discount of $5,000. During the nine months ended December 31, 2015, the Holder converted 9,195,604 shares of common stock of the Company with a fair value of $152,689 to settle $61,600 of principal and interest. At December 31, 2015, the principal and interest outstanding for the first tranche of the Note was paid in full. LGH Investments, Inc. On April 6, 2015, the Company issued a Convertible Promissory Note (Note) to LGH Investments, Inc. (Holder), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holders option at a variable conversion price calculated as lessor of (a) $0.019 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On April 6, 2015, the Company received cash of $25,000 in the first tranche, which was net of original issue discount of $2,500. During the nine months ended December 31, 2015, the Holder converted 9,146,736 shares of common stock of the Company with a fair value of $116,682 to settle $41,800 of principal and interest. At December 31, 2015, the principal and interest outstanding for the first tranche of the Note was paid in full. Lucas Hoppel On June 11, 2015, the Company issued a Convertible Promissory Note (Note) to Lucas Hoppel (Holder), in the original principal amount of $110,000 bearing a 12% annual interest rate and maturing in two years for $100,000 of consideration paid in cash and a $10,000 original issue discount. This Note together with any unpaid accrued interest is convertible into shares of common stock at the Holders option at a variable conversion price calculated as lessor of (a) $0.018 or (b) 60% of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On June 11, 2015, the Company received cash of $25,000 in the first tranche, which was net of original issue discount of $2,500. During the nine months ended December 31, 2015, the Company issued 20,000,000 shares of common stock of the Company with a fair value of $100,000 and paid $6,000 in cash to settle the Note in full. |
WARRANT DERIVATIVE LIABILITY
WARRANT DERIVATIVE LIABILITY | 9 Months Ended |
Dec. 31, 2015 | |
WARRANT DERIVATIVE LIABILITY: | |
WARRANT DERIVATIVE LIABILITY | 12. WARRANT DERIVATIVE LIABILITY The Warrants are subject to anti-dilution adjustments that allow for the reduction in the Exercise Price in the event the Company subsequently issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.24 a share. The Company accounted for the warrants in accordance with ASC Topic 815. Accordingly, the Warrants are not considered to be solely indexed to the Companys own stock and, as such, recorded as a liability. The Companys warrant derivative liability has been measured at fair value at December 31, 2015 and March 31, 2015 using a binomial model. Since the Exercise Price contains an anti-dilution adjustment, the probability that the Exercise Price of the Notes would decrease as the share price decreased was incorporated into the valuation calculation. After June 12, 2013, the Company issued common stock for cash at a price of $0.01 per share and the conversion price has been adjusted accordingly. The inputs into the binomial model are as follows: November 12, 2015 March 31, 2015 Market price $0.0125 $0.0194 Conversion price $0.0046 $0.0110 Risk free rate 1.20% 0.89% Expected volatility 145% 121% Dividend yield 0% 0% Expected life 32 months 38 months On November 13, 2015, the Company entered into a Warrant Settlement Agreement whereby the Company agreed to issue 30,000,000 shares of common stock of the Company with a fair value of $357,000 ($0.0119 per share) for full settlement and cancelation of the Warrant issued in conjunction with the 8% Secured Convertible Promissory Note on June 12, 2013 to Typenex Co-Investment, LLC. As a result a warrant liability of $660,857 was settled and a gain on settlement of debt of $303,857 is recorded in the unaudited condensed consolidated statement of operations for the nine months ended December 31, 2015. The fair value of the warrant derivative liability is $0 and $407,585 at December 31, 2015 and March 31, 2015, respectively. The increase (decrease) in the fair value of the warrant liability of $253,272 and $(365,388) has been recorded as a (gain) loss in the unaudited condensed consolidated statements of operations for the nine months ended December 31, 2015 and 2014, respectively. |
PROMISSORY NOTE DERIVATIVE LIAB
PROMISSORY NOTE DERIVATIVE LIABILITY | 9 Months Ended |
Dec. 31, 2015 | |
CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY: | |
CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY | 13. PROMISSORY NOTE DERIVATIVE LIABILITY The Convertible Promissory Note with Typenex is subject to anti-dilution adjustments that allow for the reduction in the Conversion Price in the event the Company subsequently issues equity securities including common stock or any security convertible or exchangeable for shares of common stock for no consideration or for consideration less than $0.23 a share. The Company accounted for the conversion option in accordance with ASC Topic 815. Accordingly, the Conversion Option is not considered to be solely indexed to the Companys own stock and, as such, recorded as a liability. The Companys convertible promissory note derivative liabilities has been measured at fair value at March 31, 2015 and 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 $0.01 per share and the conversion price has been adjusted accordingly. At December 31, 2015, the Convertible Promissory Note with Typenex was paid in full. As such, the fair value of the conversion feature at December 31, 2015 is $0 (See Note 10). The inputs into the binomial model are as follows: March 31, 2015 Closing share price $0.0194 Conversion price $0.011 Risk free rate 0.14% Expected volatility 180% Dividend yield 0% Expected life 0.5 years Additionally, the Convertible Promissory Notes with JMJ Financial with an issue date of January 28, 2015, LGH Investments, Inc. with an issue date of April 6, 2015 and Lucas Hoppel with an issue date of June 11, 2015 was accounted for under ASC 815. The variable conversion price is not considered predominately based on a fixed monetary amount settleable with a variable number of shares due to the volatility and trading volume of the Companys common stock. The Companys convertible promissory note derivative liabilities has been measured at fair value at September 30, 2015, June 11, 2015, April 6, 2015 and March 31, 2015 using the Black-Scholes model. The inputs into the Black-Scholes models are as follows: September 30, 2015 March 31, 2015 Closing share price $0.0149 $0.0194 Conversion price $0.0160 $0.019 Risk free rate 0.050% 0.050% Expected volatility 143% - 151% 129% Dividend yield 0% 0% Expected life 1.58 1.95 years 1.83 years The fair value of the conversion option derivatives is $0 and $167,678 at December 31, 2015 and March 31, 2015, respectively. The increase (decrease) in the fair value of the convertible promissory note derivative liabilities of $(235,282) and $(669,328) has been recorded as a (gain) loss in the unaudited condensed consolidated statements of operations for the nine months ended December 31, 2015 and 2014, respectively. At December 31, 2015, the Company determined that is does not have sufficient authorized and unissued shares to settle contractual obligations for stock payable, Series A Convertible Preferred Stock and convertible notes. After allocating available shares of common stock to various contracts, there is a shortfall of 82,731,750 shares to satisfy obligations for convertible notes. As a result, the obligation to deliver shares was reclassified from equity to liabilities and a $198,088 promissory note obligation is recorded on the condensed consolidated balance sheet at December 31, 2015. The inputs into the Black-Scholes models are as follows: December 31, 2015 Closing share price $0.0035 Conversion price $0.0046 to $0.0110 Risk free rate 0.050% Expected volatility 209% to 271% Dividend yield 0% Expected life 0.12 to1.15 years |
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES | 9 Months Ended |
Dec. 31, 2015 | |
CONTINGENT LIABILITIES | |
CONTINGENT LIABILITIES | 14. CONTINGENT LIABILITIES An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. While the Company, as of December 31, 2015, 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
SHAREHOLDERS' EQUITY | 9 Months Ended |
Dec. 31, 2015 | |
SHAREHOLDERS' EQUITY {1} | |
SHAREHOLDERS' EQUITY | 15. STOCKHOLDERS EQUITY The stockholders equity of the Company comprises the following classes of capital stock as of December 31, 2015 and March 31, 2015: Preferred Stock, $0.001 par value per share; 9,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively. Series A Convertible Preferred Stock (Series A Preferred Stock), $0.001 par value share; 1,000,000 shares authorized: 1,000,000 shares and 375,000 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively. 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: 453,837,799 and 308,236,718 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively. Holders of Common Stock have one vote per share of Common Stock held. Series A Preferred Stock On June 10, 2015, the Company issued 625,000 shares of Series A Preferred Stock to Paul Thompson Sr., Chief Executive Officer and sole director of the Company, to satisfy obligations under share subscription agreements for $75,000 for settlement of accounts payable related party included in share subscriptions payable. Common Stock On April 14, 2015 the Company issued 1,840,908 shares of common stock (valued at $28,818 and classified as common stock of $1,841 and additional paid-in capital of $26,977) to satisfy obligations under share subscription agreements for $21,318 for settlement of notes payable and $7,500 in services included in share subscriptions payable. On April 21, 2015 the Company issued 4,745,452 shares of common stock (valued at $67,241 and classified as common stock of $4,745 and additional paid-in capital of $62,496) to satisfy obligations under share subscription agreements for $36,441 for settlement of notes payable, $12,000 in services and $18,800 in cash receipts included in share subscriptions payable. On May 13, 2015 the Company issued 3,176,134 shares of common stock (valued at $49,289 and classified as common stock of $3,176 and additional paid-in capital of $46,113) to satisfy obligations under share subscription agreements for $30,289 for settlement of notes payable, $10,000 in equipment and $9,000 in cash receipts included in share subscriptions payable. On June 10, 2015 the Company issued 5,830,863 shares of common stock (valued at $81,482 and classified as common stock of $5,831 and additional paid-in capital of $75,651) to satisfy obligations under share subscription agreements for $49,448 for settlement of accounts payable, $9,534 in services and $22,500 in cash receipts included in share subscriptions payable. On June 23, 2015 the Company issued 1,800,000 shares of common stock (valued at $32,000 and classified as common stock of $1,800 and additional paid-in capital of $30,200) to satisfy obligations under share subscription agreements for $12,000 in services and $20,000 in cash receipts included in share subscriptions payable. On July 9, 2015 the Company issued 7,796,966 shares of common stock to satisfy obligations under share subscription agreements for $63,000 for settlement of notes payable, $14,200 in services and $12,500 in cash receipts included in share subscriptions payable. On July 29, 2015 the Company issued 2,078,333 shares of common stock to satisfy obligations under share subscription agreements for $8,490 in services and $15,000 in cash receipts included in share subscriptions payable. On August 6, 2015 the Company issued 2,125,000 shares of common stock to satisfy obligations under share subscription agreements for $25,500 in services included in share subscriptions payable. On August 14, 2015 the Company issued 1,500,000 shares of common stock to satisfy obligations under share subscription agreements for $38,150 in services included in share subscriptions payable. On September 2, 2015 the Company issued 10,207,799 shares of common stock to satisfy obligations under share subscription agreements for $207,988 for settlement of notes payable, $29,000 in services and $12,776 in cash receipts included in share subscriptions payable. On September 18, 2015 the Company issued 1,109,090 shares of common stock to satisfy obligations under share subscription agreements for $10,000 for settlement of notes payable and $2,000 in cash receipts included in share subscriptions payable. On September 21, 2015 the Company issued 6,500,000 shares of common stock to satisfy obligations under share subscription agreements for $48,750 for settlement of notes payable, $48,500 in services and $10,000 in cash receipts included in share subscriptions payable. On September 30, 2015, the Company issued 750,000 shares of common stock to satisfy obligations under share subscription agreement for $45,000 in services. On April 18, 2015, May 1, 2015, July 28, 2015 and September 2, 2015, the Company issued a total of 12,370,789 shares of common stock valued at $242,400 ($0.0196 per share) to Typenex Co-Investment, LLC for conversion of principal and interest of $96,336 and loss on settlement of debt of $146,064. On December 7, 2015 the Company issued 7,005,194 shares of common stock to satisfy obligations under share subscription agreements for $15,500 in services and $70,622 in cash receipts included in share subscriptions payable. On December 18, 2015 the Company issued 13,896,345 shares of common stock to satisfy obligations under share subscription agreements for $13,318 for settlement of notes payable, $18,200 in services, $3,000 in equipment and $174,461 in cash receipts included in share subscriptions payable. On December 23, 2015 the Company issued 8,669,993 shares of common stock to satisfy obligations under share subscription agreements for $25,197 for settlement of notes payable, $55,900 in services and $11,000 in cash receipts included in share subscriptions payable. On July 28, 2015, August 10, 2015, August 24, 2015, September 1, 2015, September 15, 2015 and September 24, 2015, October 2, 2015 and October 20, 2015, the Company issued a total of 9,195,604 shares of common stock valued at $152,689 ($0.0166 per share) to JMJ Financial for conversion of principal and interest of $61,600 and loss on settlement of debt of $91,089. On October 15, 2015, October 26, 2015, November 4, 2015, November 11, 2015 and November 13, 2015, the Company issued a total of 9,146,739 shares of common stock valued at $116,682 ($0.0128 per share) to LGH Investments, Inc. for conversion of principal and interest of $41,800 and loss on settlement of debt of $74,882. On November 13, 2015, the Company entered into a Warrant Settlement Agreement whereby the Company agreed to issue 30,000,000 shares of common stock of the Company with a fair value of $357,000 ($0.0119 per share) for full settlement and cancelation of the Warrant issued in conjunction with the 8% Secured Convertible Promissory Note on June 12, 2013 to Typenex Co-Investment, LLC. On November 13, 2015, the Company issued 17,000,000 shares of common stock in accordance with the Warrant Settlement Agreement. At December 31, 2015, the obligation to issue the remaining 13,000,000 shares are included in share subscription payable. On December 16, 2015, the Company issued a total of 20,000,000 shares of common stock valued at $100,000 ($0.005 per share) and paid $6,000 in cash to Lucas Hoppel for conversion of principal and interest of $31,980 and loss on settlement of debt of $74,020. Series A Preferred Stock During the nine months ended December 31, 2015, the Company issued subscriptions payable for 625,000 shares of Series A Preferred Stock valued at $75,000 and classified as Series A Preferred Stock of $625 and additional paid-in capital of $74,375 ($0.12 per share) to Paul Thompson Sr., Chief Executive Officer and sole director of the Company, for $75,000 for settlement of accounts payable related party. Common Stock Payable During the nine months ended December 31, 2015, the Company issued subscriptions payable for 10,441,844 shares of common stock ($0.0098 per share) for $102,898 in cash. During the nine months ended December 31, 2015, the Company issued subscriptions payable for 36,523,591 shares of common stock for services valued at $511,722 ($0.0149 per share). During the nine months ended December 31, 2015, the Company issued subscriptions payable for 1,103,240 shares of common stock for purchase of equipment valued at $31,350 ($0.0284 per share). During the nine months ended December 31, 2015, the Company issued subscriptions payable for 3,525,000 shares of common stock for settlement of accounts payable valued at $124,448 ($0.0353 per share). During the nine months ended December 31, 2015, the Company issued subscriptions payable for 27,196,037 shares of common stock for settlement of notes payable valued at $459,960 ($0.0169 per share). During the nine months ended December 31, 2015, the Company issued subscriptions payable for 1,215,674 shares of common stock for settlement of interest payable valued at $36,470 ($0.0300 per share). During the nine months ended December 31, 2015, the Company issued subscriptions payable for 13,000,000 shares of common stock for settlement of warrant liability valued at $154,700 ($0.0119 per share). On August 24, 2015, $168,029 of share subscriptions payable for 2,517,040 shares of common stock due William H. Brinker were settled on issuance of the convertible promissory note. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENTS: | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS Common Stock On January 15, 2016 the Company issued 9,256,711 shares of common stock to satisfy obligations under share subscription agreements for $30,000 in services and $51,750 for interest included in share subscriptions payable. On January 18, 2016 the Company issued 13,000,000 shares of common stock to satisfy obligations under share subscription agreements for $154,700 to settle a warrant liability included in share subscriptions payable. On February 9, 2016 the Company issued 9,112,985 shares of common stock to satisfy obligations under share subscription agreements for $23,430 in services, for settlement of notes payable of $28,818, for interest of $2,000 and $9,000 in cash receipts included in share subscriptions payable. Common Stock Payable From January 1, 2016 to February 10, 2016, the Company issued subscriptions payable for 4,285,714 shares of common stock for services valued at $15,000 ($0.0036 per share). From January 1, 2016 to February 10, 2016, the Company issued subscriptions payable for 1,363,636 shares of common stock for settlement of notes payable valued at $15,000 ($0.0110 per share). From January 1, 2016 to February 10, 2016, the Company issued subscriptions payable for 400,000 shares of common stock for interest valued at $2,000 ($0.005 per share). |
ACCOUNTING POLICIES (POLICIES)
ACCOUNTING POLICIES (POLICIES) | 9 Months Ended |
Dec. 31, 2015 | |
ACCOUNTING POLICIES (POLICIES): | |
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. |
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. |
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. |
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. On March 24, 2014, the Company resigned as the operator of the Joint Venture with Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. and sold 50 shares of the minimum fixed capital stock of Mexus Enterprises S.A. de C.V. to First Pursuit Silver de Mexico S. de R.L. de C.V. for the following consideration: Assumption of $468,000 of accounts payable; Payment of $100,000 and $100,000 on July 2014 and July 2015, respectively, on behalf of the Company to Minerales de Tarchi S. de R.L. de C.V. for lease payments under an exploration agreement; 1,660,000 shares of common stock of Silver Pursuit Resources Limited; and $4,000,000 due on or before March 24, 2015. The Company could recover its 50% interest sold should the purchaser not fulfill the terms of the sale. As of December 31, 2014 the Company had not been successful in obtaining the shares that they were to receive, accordingly an impairment of $96,150 on December 31, 2014 to fully impair the value of the investment was recorded as it was uncertain if the Company will be able to obtain such shares. As of December 31, 2015 the Company has not been successful in obtaining the shares. 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 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. |
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 |
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. Warrants and conversion features have not been included in the calculation of dilutive earnings per share as the effect would be anti-dilutive. |
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. |
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. |
EQUIPMENT (TABLES)
EQUIPMENT (TABLES) | 9 Months Ended |
Dec. 31, 2015 | |
EQUIPMENT (TABLES): | |
EQUIPMENT | Cost Accumulated Depreciation December 31, 2015 Net Book Value March 31, 2015 Net Book Value Mining tools and equipment $ 1,280,980 $ 670,378 $ 610,602 $ 1,117,568 Watercraft 153,510 99,542 53,968 70,415 Vehicles 116,491 113,191 3,300 24,866 $ 1,550,981 $ 883,111 $ 667,870 $ 1, 212,849 |
Convertiable Promissory Notes (
Convertiable Promissory Notes (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Convertiable Promissory Notes (Tables): | |
Convertiable Promissory Notes (Tables) | This discount is amortized using the effective interest rate method over the term of the Note. Nine months Ended December 31, 2015 Year Ended March 31, 2015 Opening balance $ 102,842 $ 282,861 Conversion of principal into shares of common stock (105,623) (268,663) Amortization of discount on Note and accrued interest 2,781 88,644 Closing balance $ - $ 102,842 |
Fair value of the warrant deriv
Fair value of the warrant derivative liability (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Fair value of the warrant derivative liability: | |
Fair value of the warrant derivative liability | The inputs into the binomial model are as follows: November 12, 2015 March 31, 2015 Market price $0.0125 $0.0194 Conversion price $0.0046 $0.0110 Risk free rate 1.20% 0.89% Expected volatility 145% 121% Dividend yield 0% 0% Expected life 32 months 38 months |
Warrant derivative liability me
Warrant derivative liability measurements (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Warrant derivative liability measurements: | |
Warrant derivative liability measurements | The inputs into the binomial model are as follows: March 31, 2015 Closing share price $0.0194 Conversion price $0.011 Risk free rate 0.14% Expected volatility 180% Dividend yield 0% Expected life 0.5 years |
Company's convertible promissor
Company's convertible promissory note derivative liability (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Company's convertible promissory note derivative liability: | |
Company's convertible promissory note derivative liability | The inputs into the Black-Scholes models are as follows: September 30, 2015 March 31, 2015 Closing share price $0.0149 $0.0194 Conversion price $0.0160 $0.019 Risk free rate 0.050% 0.050% Expected volatility 143% - 151% 129% Dividend yield 0% 0% Expected life 1.58 1.95 years 1.83 years . The inputs into the Black-Scholes models are as follows: December 31, 2015 Closing share price $0.0035 Conversion price $0.0046 to $0.0110 Risk free rate 0.050% Expected volatility 209% to 271% Dividend yield 0% Expected life 0.12 to1.15 years |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Details) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 | Mar. 24, 2014 |
Fair Value of Financial Instruments Details | |||
Sold shares of the minimum fixed capital stock | 50 | ||
Assumption of accounts payable | $ 468,000 | ||
Lease payments under an exploration agreement | $ 100,000 | $ 100,000 | |
Shares of common stock of Silver Pursuit Resources Limited | 1,660,000 | ||
Balance due | $ 4,000,000 | ||
Impairment to fully impaired the value of the investment | $ 96,150 |
Going Concern (Details)
Going Concern (Details) | Dec. 31, 2015USD ($) |
Going Concern detail | |
Accumulated deficit | $ 18,729,879 |
EQUIPMENT (DETAILS)
EQUIPMENT (DETAILS) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Cost | ||
Mining tools and equipment Cost | $ 1,280,980 | |
Watercraft Cost | 153,510 | |
Vehicles Cost | 116,491 | |
Total cost | 1,550,981 | |
Accumulated Depreciation | ||
Mining tools and equipment Accumulated Depreciation | 670,378 | |
Watercraft Accumulated Depreciation | 99,542 | |
Vehicles Accumulated Depreciation | 113,191 | |
Total Accumulated Depreciation | 883,111 | |
Net Book Value | ||
Mining tools and equipment Net Book Value | 610,602 | $ 1,117,568 |
Watercraft Net Book Value | 53,968 | 70,415 |
Vehicles Net Book Value | 3,300 | 24,866 |
Total Net Book Value | $ 667,870 | $ 1,212,849 |
Mining tools and Equipment (Det
Mining tools and Equipment (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Mining tools and Equipment | ||
Mining tools and Equipment with a carrying value | $ 322,861 | |
Impairment of equipment | 39,645 | |
Depreciation expense | $ 212,827 | $ 248,973 |
Accounts Payable - Related Pa32
Accounts Payable - Related Parties (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Payable Related Parties details | ||
Incurred rent expense | $ 34,200 | $ 34,200 |
Related Party Obligation (Detai
Related Party Obligation (Details) - USD ($) | Dec. 31, 2015 | Jun. 10, 2015 | Mar. 31, 2015 |
Related Party Obligation | |||
Company issued shares of Series A Preferred Stock to settle accounts payable | 625,000 | ||
Per share value of Series A Preferred Stock issued to settle accounts payable | $ 0.12 | ||
Value of shares of Series A Preferred Stock to settle accounts payable | 75,000 | ||
Obligation is outstanding | $ 19,598 | $ 83,798 |
Accounts payable-Compensation (
Accounts payable-Compensation (Details) - USD ($) | Dec. 31, 2015 | Jul. 02, 2015 |
Accounts payable-Compensation Details | ||
Paul D. Thompson, director and officer of the Company compensated per month | $ 15,000 | |
Shares of common stock due to Mr. Thompson | 2,000,000 | |
Compensation due is included in accounts payable - related party | $ 90,000 | |
Compensation due is included in share subscriptions payable | 36,800 | |
Compensation due is included in share of common stock subscriptions payable | $ 4,000,000 |
Option and Joint Venture Agreem
Option and Joint Venture Agreement (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 06, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jul. 07, 2015 | Jul. 06, 2015 |
Option and Joint Venture Agreement Details | ||||||||
Argonaut have the purchase ownership of Newco as per Agreement | 80.00% | |||||||
Argonaut will make a cash payment to Mexus upon execution of the Agreement | $ 400,000 | $ 350,000 | $ 125,000 | $ 75,000 | ||||
Expenditures relating to the Mining Concessions | $ 3,300,000 | $ 1,000,000 | $ 500,000 | $ 300,000 | ||||
Argonaut is responsible for paying all land taxes, annual concessions | $ 1,000 | |||||||
Argonaut must expend a minimum of expenditures relating to drilling Reverse Circulation | $ 600,000 | |||||||
Argonaut has incurred minimal expenditures on the project | $ 5,000,000 | |||||||
Cash received from Argonaut in accordance with this Agreement. | $ 75,000 | |||||||
Argonaut made cash payments to Mexus | $ 950,000 |
Notes due to Related parties (D
Notes due to Related parties (Details) | Dec. 31, 2015USD ($) | Jun. 29, 2015USD ($) | Mar. 31, 2015USD ($) |
Notes Due To Related Parties Consists The Following | |||
Notes payable due to Taurus Gold Inc. totaled | $ 111,488 | $ 175,495 | |
North Pacific Gold advanced the company in cash | $ 7,500 | ||
Loan is due in days | 90 | ||
Bears interest per annum | 6.00% | ||
Notes payable due to North Pacific Gold totaled | $ 23,543 | $ 12,332 |
Notes payable agreements (Detai
Notes payable agreements (Details) | Dec. 31, 2015USD ($)shares | Mar. 31, 2015USD ($)$ / shares | Feb. 28, 2015USD ($)$ / sharesshares | Aug. 19, 2014USD ($)$ / sharesshares | Mar. 31, 2014USD ($) | Feb. 04, 2014USD ($) | Apr. 01, 2013USD ($) | Jan. 08, 2013USD ($) | Feb. 16, 2010USD ($) |
Notes payable agreements | |||||||||
Company entered into an unsecured promissory note agreement in the amount | $ 185,000 | ||||||||
Finance charge due upon payment | 5,000 | ||||||||
Company issued shares of common stock to pay the loan | $ 5,000,000 | ||||||||
Company paid in principal of debt | $ 50,000 | ||||||||
Company received cash advances | $ 140,000 | $ 140,000 | $ 15,000 | $ 30,000 | |||||
Note payable with a face value | $ 36,000 | ||||||||
Balance of note February 4, 2014 | 30,000 | 30,000 | |||||||
Accrued interest February 4, 2014 | 6,000 | 6,000 | |||||||
Amount repaid to four unrelated shareholders of the Company | $ 500 | ||||||||
Interest rate on unsecured Promissory Note | 10.00% | 8.00% | |||||||
The balance of the advances totaled | $ 14,500 | 14,500 | |||||||
Accrued interest on this note | 2,494 | $ 2,132 | |||||||
Company received various cash advances of from three investors | $ 209,502 | ||||||||
Company issued shares of common stock | shares | 20,000,000 | 2,272,727 | 1,700,020 | ||||||
Company issued shares of common stock per share value | $ / shares | $ 0.0214 | $ 0.04 | |||||||
Company issued shares of common stock value | shares | 48,636 | 70,000 | |||||||
Company issued common stock to settle in advances | shares | 25,000 | 87,501 | |||||||
Company recorded a gain on settlement of debt | $ 23,636 | $ 17,501 | |||||||
Balance of advances totaled | $ 52,001 | 52,001 | |||||||
Company received various cash advances from twenty-two investors | $ 286,757 | ||||||||
These advances are unsecured and due within 30 days to | 90 | ||||||||
Conversion prices range from $0.011 per share to | $ / shares | $ 0.040 | ||||||||
Debt discount | 5,444 | $ 14,922 | |||||||
Default Notes | 69,300 | ||||||||
Default Notes received | 304,257 | ||||||||
Default Notes received interest | 30,000 | ||||||||
Repaid upon the sale of specified equipment | 5,000 | ||||||||
Company made an unsecured Promissory Note Agreement with William McCreary in the amount | $ 2,500 | ||||||||
The balances on the note totaled on February 16, 2010 | 2,500 | 2,500 | |||||||
Accrued interest on this note included in accounts payable and accrued liabilities February 16, 2010 | $ 3,540 | $ 3,540 |
Amortization Expense (Details)
Amortization Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortization Expense Details | ||||
Amortization of debt discount | $ 43,502 | $ 41,235 | $ 89,639 | $ 41,235 |
Promissory Notes (Details)
Promissory Notes (Details) - USD ($) | Dec. 31, 2015 | Dec. 01, 2015 | Sep. 02, 2015 | Aug. 24, 2015 | Mar. 31, 2015 | Apr. 18, 2013 | Jan. 08, 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 | $ 0.1965 | ||||||
Accrued interest of Promissory Note included in accounts payable and accrued liabilities. | $ 23,832 | ||||||
Notes were settled on issuance of the convertible promissory note | $ 60,000 | $ 100,000 | |||||
outstanding Promissory Notes | $ 95,000 | $ 255,000 | |||||
Default rate on the notes | 7.00% | ||||||
Accrued interest included in accounts payable and accrued liabilities | $ 23,832 | ||||||
Company issued a convertible promissory note for a total amount | $ 343,973 | ||||||
Shares of common stock of the Company, with interest | 12.00% | ||||||
Agreed to cancel all other notes, contracts or other agreements with a carrying value | $ 458,402 | ||||||
Unsecured promissory note | $ 100,000 | $ 140,000 | |||||
Various notes payable | 41,001 | ||||||
Interest payable | 9,372 | ||||||
Share subscriptions payable | $ 168,029 | ||||||
Company issued the Holder shares of common stock | $ 8,732,880 | ||||||
Company issued the Holder shares of common stock with a fair value | $ 134,486 | ||||||
Company issued the Holder shares of common stock with a fair value Per share | $ 0.0154 | ||||||
Note resulted in gain on settlement | $ 114,429 | ||||||
Note is recorded net of discount | 104,601 | ||||||
Net note balance as of | $ 239,373 | $ 0 |
CONVERTIBLE PROMISSORY NOTES -
CONVERTIBLE PROMISSORY NOTES - Typenex Co-Investment, LLC (Details) - USD ($) | Aug. 08, 2013 | Jun. 12, 2013 |
CONVERTIBLE PROMISSORY NOTES - Typenex Co-Investment, LLC | ||
Company entered into a Securities Purchase Agreement with Typenex Co-Investment, LLC for the sale of an 8% Secured Convertible Promissory Note | $ 557,500 | |
Initial tranche of 8% Secured Convertible Promissory Note | 307,500 | |
Cash at closing of 8% Secured Convertible Promissory Note | 250,000 | |
Legal expenses in the amount of 8% Secured Convertible Promissory Note | 7,500 | |
Original issue discount on 8% Secured Convertible Promissory Note | 50,000 | |
Additional tranche in cash on 8% Secured Convertible Promissory Note | 250,000 | |
Company closed the tranche and received cash | $ 125,000 | 250,000 |
Company has not closed on the final tranche in cash | $ 125,000 | |
All of the Notes shall be exchanged for shares of the Company's common stock at the Conversion Price per share | $ 0.23 | |
Company issued a variable number of warrants of the Company's common stock for a value | $ 278,750 | |
The Exercise Price of the warrants per share | $ 0.24 |
Amortization (Details)
Amortization (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2015 | |
Amortization {1} | ||
Opening balance | $ 102,842 | $ 282,861 |
Conversion of principal into shares of common stock | (105,623) | (268,663) |
Amortization of discount on Note and accrued interest | $ 2,781 | 88,644 |
Closing balance | $ 102,842 |
CONVERTIBLE PROMISSORY NOTES 42
CONVERTIBLE PROMISSORY NOTES - JMJ Financial (Details) - USD ($) | Dec. 31, 2015 | Jan. 28, 2015 |
CONVERTIBLE PROMISSORY NOTES - JMJ Financial | ||
Company issued a Convertible Promissory Note JMJ Financial in the original principal amount bearing a 12% annual interest rate | $ 110,000 | |
Consideration paid in cash on Convertible Promissory Note JMJ Financial | 100,000 | |
Original issue discount on Convertible Promissory Note JMJ Financial | $ 10,000 | |
Interest is convertible into shares of common stock at the Holder's option at a percent | 60.00% | |
Company received cash in the first tranche | $ 50,000 | |
Original issue discount on first tranche | $ 5,000 | |
Holder converted shares of common stock of the Company | 9,195,604 | |
Holder converted shares of common stock of the Company with a fair value | $ 152,689 | |
Amount of principal and interest converted | $ 61,600 |
CONVERTIBLE PROMISSORY NOTES 43
CONVERTIBLE PROMISSORY NOTES - LGH Investments, Inc (Details) - USD ($) | Dec. 31, 2015 | Apr. 06, 2015 |
CONVERTIBLE PROMISSORY NOTES - LGH Investments, Inc | ||
Company issued a Convertible Promissory Note LGH Investments, Inc in the original principal amount bearing a 12% annual interest rate | $ 110,000 | |
Consideration paid in cash on Convertible Promissory Note LGH Investments, Inc | 100,000 | |
Original issue discount on Convertible Promissory Note LGH Investments, Inc | $ 10,000 | |
Interest is convertible into shares of common stock at the Holder's option at a percent on LGH Investments, Inc note | 60.00% | |
Company received cash in the first tranche on LGH Investments, Inc note | $ 25,000 | |
Original issue discount on first tranche on LGH Investments, Inc note | $ 2,500 | |
Holder converted shares of common stock of the Company | 9,146,736 | |
Holder converted shares of common stock of the Company with a fair value | $ 116,682 | |
Amount of principal and interest converted | $ 41,800 |
CONVERTIBLE PROMISSORY NOTES 44
CONVERTIBLE PROMISSORY NOTES - Lucas Hoppel (Details) - USD ($) | Dec. 31, 2015 | Jun. 11, 2015 |
CONVERTIBLE PROMISSORY NOTES - Lucas Hoppel | ||
Company issued a Convertible Promissory Note Lucas Hoppel , Inc in the original principal amount bearing a 12% annual interest rate | $ 110,000 | |
Consideration paid in cash on Convertible Promissory Note Lucas Hoppel | 100,000 | |
Original issue discount on Convertible Promissory Note Lucas Hoppel | $ 10,000 | |
Interest is convertible into shares of common stock at the Holder's option at a percent on Lucas Hoppel note | 60.00% | |
Company received cash in the first tranche on Lucas Hoppel note | $ 25,000 | |
Original issue discount on first tranche on Lucas Hoppel note | $ 2,500 | |
Company issued shares of common stock | 20,000,000 | |
Company issued shares of common stock fair value | $ 100,000 | |
Company issued shares of common stock in cash to settle the Note in full | $ 6,000 |
Warrant Derivative Liability (D
Warrant Derivative Liability (Details) | Jun. 12, 2013$ / shares |
Warrant Derivative Liability Details | |
Common Stock for consideration less than a share | $ 0.24 |
Common stock for cash at a price | $ 0.01 |
Inputs into the binomial model
Inputs into the binomial model (Details) - $ / shares | Jun. 30, 2015 | Mar. 31, 2015 |
Inputs into the binomial model Details | ||
Market price | $ 0.0125 | $ 0.0194 |
Conversion price | $ 0.0046 | $ 0.011 |
Risk free rate | 1.20% | 0.89% |
Expected volatility | 145.00% | 121.00% |
Dividend yield | 0.00% | 0.00% |
Expected life in months | 32 | 38 |
Fair value Cf Derivative Liabil
Fair value Cf Derivative Liability (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair value Cf Derivative Liability | ||
Fair value of the warrant derivative liability | $ 407,585 | $ 0 |
Increase (decrease) in the fair value of the conversion option derivative liability has been recorded as gain (loss) | $ 253,272 | $ (365,388) |
Convertible Promissory Note (De
Convertible Promissory Note (Details) | Jun. 12, 2013$ / shares |
Convertible Promissory Note | |
Common Stock for consideration less than a share | $ 0.23 |
Common stock for cash at a price | $ 0.01 |
Convertible Promissory Note Der
Convertible Promissory Note Derivative Liabilities - Inputs into the binomial model (Details) | Mar. 31, 2015$ / shares |
Convertible Promissory Note Derivative Liabilities - Inputs into the binomial model Details | |
Convertible Promissory Note Derivative Liabilities Closing share price | $ 0.0194 |
Convertible Promissory Note Derivative Liabilities Conversion price | $ 0.0110 |
Convertible Promissory Note Derivative Liabilities Risk free rate | 0.14% |
Convertible Promissory Note Derivative Liabilities Expected volatility | 180.00% |
Convertible Promissory Note Derivative Liabilities Dividend yield | 0.00% |
Convertible Promissory Note Derivative Liabilities Expected life in years | $ 0.5 |
Convertible Promissory Note D50
Convertible Promissory Note Derivative Liabilities - Inputs into the Black-Scholes models (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 |
Inputs into the Black-Scholes models Details | |||
Closing share price | $ 0.0035 | $ 0.0149 | $ 0.0194 |
Conversion price Minimum | 0.0046 | $ 0.0160 | $ 0.0190 |
Conversion price Maximum | $ 0.011 | ||
Risk free rate | 0.05% | 0.05% | 0.05% |
Expected volatility Minimum | 209.00% | 143.00% | 0.00% |
Expected volatility Maximum | 271.00% | 151.00% | 129.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected life Minimum in years | 0.12 | 1.58 | 0 |
Expected life Maximum in years | 1.15 | 1.95 | 1.83 |
Fair value of the conversion option derivative liabilities | 0 | 167,678 | |
Shortfall of shares to satisfy obligations for convertible notes | 82,731,750 | ||
Promissory note obligation is recorded on the condensed consolidated balance sheet | $ 198,088 |
Fair value of the conversion op
Fair value of the conversion option derivative liabilities - During The Period (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair value of the conversion option derivative liabilities - During the period Details | ||
Increase (decrease) in the fair value of the conversion option derivative liability is recorded as gain (loss) | $ 235,282 | $ (669,328) |
Contingent Liabilities (Details
Contingent Liabilities (Details) | Dec. 31, 2015USD ($) |
Contingent Liabilities Details | |
Estimated costs to be incurred to neutralize those chemicals at the close of the leaching pond | $ 50,000 |
Captial Stock Transactions (Det
Captial Stock Transactions (Details) - $ / shares | Dec. 31, 2015 | Jun. 10, 2015 | Mar. 31, 2015 |
Capital Stock Transactions | |||
Par value per share of Preferred stock | $ 0.001 | ||
Authorized shares of Preferred stock | 9,000,000 | ||
Issued and outstanding shares of Preferred stock | 0 | ||
Par value per share of Series A Convertible Preferred stock | $ 0.001 | ||
Authorized shares of Series A Convertible Preferred stock | 1,000,000 | ||
Issued and outstanding shares of Series A Convertible Preferred stock | 1,000,000 | 375,000 | |
Value per share on conversion in to common stock | $ 0.000006 | ||
Par value per share of Common stock | $ 0.001 | $ 0.001 | |
Authorized shares of Common stock | 500,000,000 | 500,000,000 | |
Issued and outstanding shares of Common Stock | 453,837,799 | 308,236,718 | |
Company issued shares of Series A Preferred Stock to satisfy obligations under share subscription agreements for settlement of accounts payable - related party | 625,000 | ||
Company issued shares of Series A Preferred Stock to satisfy obligations under share subscription agreements for settlement of accounts payable - related party value | 75,000 |
Common Stock Transactions (Deta
Common Stock Transactions (Details) - USD ($) | Sep. 24, 2015 | Sep. 21, 2015 | Sep. 18, 2015 | Sep. 02, 2015 | Aug. 14, 2015 | Aug. 06, 2015 | Jul. 29, 2015 | Jul. 09, 2015 | Jun. 23, 2015 | Jun. 10, 2015 | May. 13, 2015 | May. 01, 2015 | Apr. 21, 2015 | Apr. 18, 2015 | Apr. 14, 2015 |
Common Stock Transactions | |||||||||||||||
Company issued shares of common stock | 6,500,000 | 1,109,090 | 10,207,799 | 1,500,000 | 2,125,000 | 2,078,333 | 7,796,966 | 1,800,000 | 5,830,863 | 3,176,134 | 6,719,815 | 4,745,452 | 6,719,815 | 1,840,908 | |
Company issued shares of common stock value | 63,000 | 32,000 | 81,482 | 49,289 | 126,886 | 67,241 | 126,886 | 28,818 | |||||||
Classified as common stock | 1,800 | 5,831 | 3,176 | 6,720 | 4,745 | 6,720 | 1,841 | ||||||||
Additional paid-in capital | $ 30,200 | $ 75,651 | $ 46,113 | $ 120,166 | $ 62,496 | $ 120,166 | $ 26,977 | ||||||||
Obligations under share subscription agreements for settlement of notes payable | 48,750 | 10,000 | 207,988 | 14,200 | 49,448 | 30,289 | 36,441 | 21,318 | |||||||
Services included in share subscriptions payable | $ 48,500 | $ 29,000 | $ 38,150 | $ 25,500 | $ 8,490 | $ 12,500 | 12,000 | $ 9,534 | $ 12,000 | $ 7,500 | |||||
Cash receipts included in share subscriptions payable | $ 10,000 | $ 2,000 | $ 12,776 | $ 15,000 | $ 20,000 | $ 22,500 | $ 9,000 | $ 18,800 | |||||||
Equipment | $ 10,000 | ||||||||||||||
Per share value company issued shares of common stock | 0.0189 | 0.0196 | 0.0189 | ||||||||||||
Conversion of principal and interest on issue of shares | $ 46,085 | $ 96,336 | $ 54,566 | ||||||||||||
Loss on settlement of debt on conversion and issue of shares | $ 70,855 | $ 146,064 | $ 72,320 | ||||||||||||
Total shares issued on conversion of debt | 6,200,000 | 12,370,789 | |||||||||||||
Total value of shares issued on conversion of debt | $ 116,940 | $ 242,400 |
Common Stock Payable Transactio
Common Stock Payable Transactions (Details) | 9 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Common Stock Payable Transactions | |
Company issued subscriptions payable for shares of common stock | 10,441,844 |
Company issued subscriptions payable for shares of common stock per share | $ / shares | $ 0.0098 |
Company issued subscriptions payable for shares of common stock in cash | 102,898 |
Company issued subscriptions payable for shares of common stock for services | 36,523,591 |
Company issued subscriptions payable for shares of common stock for services valued | 511,722 |
Company issued subscriptions payable for shares of common stock for services per share | $ / shares | $ 0.0149 |
Company issued subscriptions payable for shares of common stock for settlement of accounts payable | 3,525,000 |
Company issued subscriptions payable for shares of common stock for settlement of accounts payable value | 124,448 |
Company issued subscriptions payable for shares of common stock for settlement of accounts payable per share | $ / shares | $ 0.0353 |
Company issued subscriptions payable for shares of common stock for settlement of notes payable | 27,196,037 |
Company issued subscriptions payable for shares of common stock for settlement of notes payable value | 459,960 |
Company issued subscriptions payable for shares of common stock for settlement of notes payable per share | $ / shares | $ 0.0169 |
Company issued subscriptions payable for shares of common stock for settlement of warrant liability | 13,000,000 |
Company issued subscriptions payable for shares of common stock for settlement of warrant liability value | 154,700 |
Company issued subscriptions payable for shares of common stock for settlement of warrant liability per share | $ / shares | $ 0.0119 |
Subsequent Events Common Stock
Subsequent Events Common Stock (Details) - USD ($) | Feb. 10, 2016 | Feb. 09, 2016 | Jan. 18, 2016 | Jan. 15, 2016 |
Common Stock | ||||
Company issued shares of common stock to satisfy obligations under share subscription agreements | 9,112,985 | 9,256,711 | ||
Company issued shares of common stock to satisfy obligations under share subscription agreements in services | 23,430 | 30,000 | ||
Company issued shares of common stock to satisfy obligations under share subscription agreements for interest included in share subscriptions payable | $ 2,000 | $ 51,750 | ||
Company issued shares of common stock to satisfy obligations under share subscription agreements | 13,000,000 | |||
Company issued shares of common stock to satisfy obligations under share subscription agreements to settle a warrant liability included in share subscriptions payable | $ 154,700 | |||
Company issued shares of common stock to satisfy obligations under share subscription agreements in services for settlement of notes payable | 28,818 | |||
Company issued shares of common stock to satisfy obligations under share subscription agreements in services in cash receipts included in share subscriptions payable. | 9,000 | |||
Common Stock Payable | ||||
Company issued subscriptions payable for shares of common stock | 4,285,714 | |||
Company issued subscriptions payable for share common stock for services valued at | 15,000 | |||
Company issued subscriptions payable for shares of common stock per share | $ 0.0036 | |||
Company issued subscriptions payable for shares of common stock | 1,363,636 | |||
Company issued subscriptions payable for shares of common stock for settlement of notes payable valued at | 15,000 | |||
Company issued subscriptions payable for shares of common stock per share | $ 0.011 | |||
Company issued subscriptions payable for shares of common stock | 400,000 | |||
Company issued subscriptions payable for shares of common stock for interest valued at | 2,000 | |||
Company issued subscriptions payable for shares of common stock per share | $ 0.005 |