Red Metal Resources (RMESF) 10-Q 15 Jun 15 2016 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Apr. 30, 2015
Document and Entity Information:
Entity Registrant Name	RED METAL RESOURCES, LTD.
Document Type	10-Q
Document Period End Date	30-Apr-15
Amendment Flag	FALSE
Entity Central Index Key	1358654
Current Fiscal Year End Date	-30
Entity Common Stock, Shares Outstanding	33,456,969
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	2016
Document Fiscal Period Focus	Q1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Apr. 30, 2015	Jan. 31, 2015
Current Assets
Cash	$5,468	$4,440
Prepaids and other receivables	6,042	670
Total Current Assets	11,510	5,110
Equipment	4,588	4,775
Unproved mineral properties	691,734	640,653
Total Assets	707,832	650,538
Current Liabilities
Accounts payable	323,116	340,037
Accrued liabilities	210,630	164,263
Due to related parties	908,930	892,495
Notes payable to related parties	622,321	489,809
Total Current Liabilities	2,064,997	1,886,604
Total Liabilities	2,064,997	1,886,604
Stockholders' Equity
Common stock value	33,457	33,457
Additional paid-in capital	6,730,380	6,730,380
Deficit	-8,104,117	-8,013,633
Accumulated other comprehensive (loss) income	-16,885	13,730
Total Stockholders' Equity	-1,357,165	-1,236,066
Total Liabilities and Stockholders' Equity	$707,832	$650,538

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Apr. 30, 2015	Jan. 31, 2015
Balance Sheet
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	33,456,969	33,456,969
Common stock, shares outstanding	33,456,969	33,456,969

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Operating expenses
Administration	$9,294	$12,790
Advertising and promotion	2,386	7,681
Amortization	356	655
Automobile	734	1,209
Bank charges	1,734	930
Consulting fees	30,000	30,000
Interest on current debt	18,894	14,544
IVA expense	-50	-34
Mineral exploration costs	3,179	3,258
Office	2,431	2,880
Professional fees	2,074	3,458
Rent	2,654	2,957
Regulatory	2,880	3,709
Travel and entertainment		216
Salaries, wages and benefits	14,176	12,347
Stock based compensation		146,901
Foreign exchange loss (gain)	-700	187
Write-down of unproved mineral properties	3,401	2,265
Total operating expenses	93,443	245,953
Other items
Gain on mineral payment option		27,687
Recovery of mineral exploration costs	2,959	3,002
Net loss	-90,484	-215,264
Foreign exchange translation	-30,615	-7,630
Comprehensive income (loss)	($121,099)	($222,894)
Net loss per share - basic and diluted	$0	($0.01)
Weighted average number of shares outstanding - basic and diluted	33,456,969	32,956,969

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Deficit (USD $)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance, amount at Jan. 31, 2014	$32,957	$6,563,101	($7,481,121)	$52,003	($833,060)
Beginning Balance, shares at Jan. 31, 2014	32,956,969
Stock options, value		146,901			146,901
Foreign exchange translation				-7,630	-7,630
Net income (loss) for the period			-215,264		-215,264
Ending Balance, amount at Apr. 30, 2014	32,957	6,710,002	-7,696,385	44,373	-909,053
Beginning Balance, shares at Apr. 30, 2014	32,956,969
Common stock issued for property, shares	500,000
Common stock issued for property, value	500	24,500			25,000
Stock options, value		-4,122			-4,122
Foreign exchange translation				-30,643	-30,643
Net income (loss) for the period			-317,248		-317,248
Ending Balance, amount at Jan. 31, 2015	33,457	6,730,380	-8,013,633	13,730	-1,236,066
Ending Balance, shares at Jan. 31, 2015	33,456,969
Foreign exchange translation				-30,615	-30,615
Net income (loss) for the period			-90,484		-90,484
Ending Balance, amount at Apr. 30, 2015	$33,457	$6,730,380	($8,104,117)	($16,885)	($1,357,165)
Ending Balance, shares at Apr. 30, 2015	33,456,969

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Cash Flows used in Operating Activities
Net loss	($90,484)	($215,264)
Adjustment to reconcile net loss to net cash used in operating activities:
Write-down of unproved properties	3,401	2,265
Amortization	356	655
Stock based compensation		146,901
Gain on mineral payment option		-27,687
Changes in operating assets and liabilities:
Prepaids and other receivables	-5,275	-453
Accounts payable	-19,860	7,748
Accrued liabilities	11,248	24,461
Due to related parties	-11,551	52,921
Notes payable to related party	10,689	6,324
Net cash used in operating activities	-101,476	-2,129
Cash Flows from Investing Activities
Option payments received on mineral properties		50,000
Acquisition of unproved mineral properties	276	18,921
Net cash provided by (used in) investing activities	-276	31,079
Cash Flows from Financing Activities
Cash received on issuance of notes payable to related party	104,991	18,000
Net cash provided by financing activities	104,991	18,000
Effect of foreign currency exchange	-2,211	1,062
Increase (decrease) in cash	1,028	48,012
Cash, beginning of period	4,440	3,508
Cash, end of period	5,468	51,520
Supplemental Disclosure of Cash Flow Information:
Income tax
Interest
Non-cash investing transactions:
Changes in accrued mineral property taxes	$29,592

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	3 Months Ended
	Apr. 30, 2015
Notes
Organization and Basis of Presentation	NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION
	Nature of Operations
	Red Metal Resources Ltd. (the “Company”) was incorporated on January 10, 2005, under the laws of the State of Nevada.  On August 21, 2007, the Company acquired a 99% interest in Minera Polymet Limitada (“Polymet”), a limited liability company formed on August 21, 2007, under the laws of the Republic of Chile. The Company is involved in acquiring and exploring mineral properties in Chile.  The Company has not determined whether its properties contain mineral reserves that are economically recoverable.
	Unaudited Interim Consolidated Financial Statements
	The unaudited interim consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended January 31, 2015, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three month period ended April 30, 2015 are not necessarily indicative of the results that may be expected for the year ending January 31, 2016.
	Recent Accounting Pronouncements
	The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows.

Relatedparty_Transactions

Related-party Transactions	3 Months Ended
	Apr. 30, 2015
Notes
Related-party Transactions	NOTE 2 - RELATED-PARTY TRANSACTIONS
	The following amounts were due to related parties as at:
			April 30,			January 31,
			2015			2015
	Due to a company owned by an officer (a)		$	482,081		$	445,601
	Due to a company controlled by directors (b)			336,494			317,089
	Due to a company controlled by a major shareholder (a)			51,125			91,966
	Due to a major shareholder (a)			39,230			37,839
	Total due to related parties		$	908,930		$	892,495
	Note payable to the Chief Executive Officer (“CEO”) (c)		$	266,504		$	248,564
	Note payable to the Chief Financial Officer (“CFO”) (c)			11,014			10,802
	Note payable to a major shareholder (c)			219,403			113,241
	Note payable to a company controlled by directors (c)			125,400			117,202
	Total notes payable to related parties		$	622,321		$	489,809
	(a) Amounts are unsecured, due on demand and bear no interest.
	(b) Amounts are unsecured, due on demand and bear interest at 10%.
	(c) Amounts are unsecured, due on demand and bear interest at 8%.
	During the three months ended April 30, 2015, the Company accrued $10,689 (2014 - $6,324) in interest expense on the notes payable to related parties. During the same time, the Company accrued $4,095 (2014 - $4,219) in interest expense on trade accounts payable with related parties.
	Transactions with Related Parties
	During the three months ended April 30, 2015 and 2014, the Company incurred the following expenses with related parties:
		April 30,			April 30,
		2015			2014
	Consulting fees paid or accrued to a company owned by the CFO	$	30,000		$	30,000
	Advertising and promotion fees paid or accrued to a company controlled by two directors	$	--		$	4,113
	Rent fees paid or accrued to a company controlled by a major shareholder	$	2,654		$	2,957
	Royalty revenue earned from a company controlled by a major shareholder	$	--		$	3,002

Unproved_Mineral_Properties_Di

Unproved Mineral Properties Disclosure	3 Months Ended
	Apr. 30, 2015
Notes
Unproved Mineral Properties Disclosure	NOTE 3 - UNPROVED MINERAL PROPERTIES
	Mineral Claims	January 31,		Additions/		Property Taxes		Write-		Effect of		April 30,
		2015		Payments		Paid/ Accrued		down		foreign		2015
										currency
										translation
	Farellon Project
	Farellon Alto 1-8(1)	$	416,430	$	--	$	3,723	$	--	$	15,073	$	435,226
	Cecil		41,729		--		1,572		--		1,568		44,869
	Quina		24,409		--		1,731		--		934		27,074
			482,568		--		7,026		--		17,575		507,169
	Perth Project		--		--		16,456		--		341		16,797
	Mateo Project
	Margarita		20,107		--		386		--		748		21,241
	Che		21,343		--		524		--		796		22,663
	Irene		36,213		--		414		--		1,340		37,967
	Mateo		80,422		--		10,076		-8,415		3,814		85,897
			158,085		--		11,400		-8,415		6,698		167,768
	Total Costs	$	640,653	$	--	$	34,882	$	-8,415	$	24,614	$	691,734
	(1) During the three months period ended April 30, 2015, the Company received $2,959 in royalty payments from a minerals extracted during the small scale mining operations that were carried out by a third-party; these payments were recorded as recovery of mineral exploration costs. During the same period the Company paid $2,959 in royalty payments to the original vendor of the Farellon Alto 1-8, which were recorded as part of mineral exploration costs.

Equipment_Disclosure

Equipment Disclosure	3 Months Ended
	Apr. 30, 2015
Notes
Equipment Disclosure	NOTE 4 - EQUIPMENT
	Amortization schedule for the equipment:
		April 30,		January 31,
		2015		2015
	Book value	$	4,775	$	8,949
	Amortization		-356		-2,137
	Effect of foreign exchange translation		169		-2,037
	Equipment	$	4,588	$	4,775
	The equipment consists of a truck that is used for daily operations and is amortized on a declining balance basis at 30% over its useful life.

Common_Stock_Disclosure

Common Stock Disclosure	3 Months Ended
	Apr. 30, 2015
Notes
Common Stock Disclosure	NOTE 5 - COMMON STOCK
	During the three months ended April 30, 2015, the Company did not have any transactions that resulted in issuance of its common stock.
	Warrants
		Number of Warrants
	Balance, January 31, 2015	267,335
	Expired	-267,335
	Balance, April 30, 2015	--
	During the three months ended April 30, 2015, all warrants expired unexercised.
	Options
	On February 28, 2014, the Company granted 1,200,000 options to purchase shares of its common stock to certain officers, directors, consultants and employees. The Chief Executive Officer, Chief Financial Officer, and Vice President of Exploration were each granted options to purchase up to 300,000 shares of the Company’s common stock. The options vested upon grant and are exercisable at $0.15 for a term of two years.
	At April 30, 2015, all options remained unexercised. The weighted average life of the options was 0.83 years and the weighted average exercise price was $0.15.

Relatedparty_Transactions_Sche

Related-party Transactions: Schedule of Related Party Transactions (Tables)	3 Months Ended
	Apr. 30, 2015
Tables/Schedules
Schedule of Related Party Transactions
		April 30,		January 31,
		2015		2015
	Due to a company owned by an officer (a)	$	482,081	$	445,601
	Due to a company controlled by directors (b)		336,494		317,089
	Due to a company controlled by a major shareholder (a)		51,125		91,966
	Due to a major shareholder (a)		39,230		37,839
	Total due to related parties	$	908,930	$	892,495
	Note payable to the Chief Executive Officer (“CEO”) (c)	$	266,504	$	248,564
	Note payable to the Chief Financial Officer (“CFO”) (c)		11,014		10,802
	Note payable to a major shareholder (c)		219,403		113,241
	Note payable to a company controlled by directors (c)		125,400		117,202
	Total notes payable to related parties	$	622,321	$	489,809
	(a) Amounts are unsecured, due on demand and bear no interest.
	(b) Amounts are unsecured, due on demand and bear interest at 10%.
	(c) Amounts are unsecured, due on demand and bear interest at 8%.

Relatedparty_Transactions_Sche1

Related-party Transactions: Schedule or Transactions with Related Parties (Tables)	3 Months Ended
	Apr. 30, 2015
Tables/Schedules
Schedule or Transactions with Related Parties
		April 30,		April 30,
		2015		2014
	Consulting fees paid or accrued to a company owned by the CFO	$	30,000	$	30,000
	Advertising and promotion fees paid or accrued to a company controlled by two directors	$	--	$	4,113
	Rent fees paid or accrued to a company controlled by a major shareholder	$	2,654	$	2,957
	Royalty revenue earned from a company controlled by a major shareholder	$	--	$	3,002

Unproved_Mineral_Properties_Di1

Unproved Mineral Properties Disclosure: Schedule of Unproved Mineral Properties (Tables)	3 Months Ended
	Apr. 30, 2015
Tables/Schedules
Schedule of Unproved Mineral Properties
	Mineral Claims	January 31,		Additions/		Property Taxes		Write-		Effect of		April 30,
		2015		Payments		Paid/ Accrued		down		foreign		2015
										currency
										translation
	Farellon Project
	Farellon Alto 1-8(1)	$	416,430	$	--	$	3,723	$	--	$	15,073	$	435,226
	Cecil		41,729		--		1,572		--		1,568		44,869
	Quina		24,409		--		1,731		--		934		27,074
			482,568		--		7,026		--		17,575		507,169
	Perth Project		--		--		16,456		--		341		16,797
	Mateo Project
	Margarita		20,107		--		386		--		748		21,241
	Che		21,343		--		524		--		796		22,663
	Irene		36,213		--		414		--		1,340		37,967
	Mateo		80,422		--		10,076		-8,415		3,814		85,897
			158,085		--		11,400		-8,415		6,698		167,768
	Total Costs	$	640,653	$	--	$	34,882	$	-8,415	$	24,614	$	691,734

Equipment_Disclosure_Schedule_

Equipment Disclosure: Schedule of Amortization for Equipment (Tables)	3 Months Ended
	Apr. 30, 2015
Tables/Schedules
Schedule of Amortization for Equipment
		April 30,		January 31,
		2015		2015
	Book value	$	4,775	$	8,949
	Amortization		-356		-2,137
	Effect of foreign exchange translation		169		-2,037
	Equipment	$	4,588	$	4,775

Common_Stock_Disclosure_Schedu

Common Stock Disclosure: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables)	3 Months Ended
	Apr. 30, 2015
Tables/Schedules
Schedule of Stockholders' Equity Note, Warrants or Rights
		Number of Warrants
	Balance, January 31, 2015	267,335
	Expired	-267,335
	Balance, April 30, 2015	--

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Details)	Aug. 21, 2007
Details
Business acquisition, interest acquired	99.00%

Relatedparty_Transactions_Sche2

Related-party Transactions: Schedule of Related Party Transactions (Details) (USD $)	Apr. 30, 2015	Jan. 31, 2015
Due to related party	$908,930	$892,495
Notes payable to related party	622,321	489,809
Company Owned by Officer
Due to related party	482,081	445,601
Company Controlled by Directors
Due to related party	336,494	317,089
Notes payable to related party	125,400	117,202
Company Controlled by Major Shareholder
Due to related party	51,125	91,966
Majority Shareholder
Due to related party	39,230	37,839
Notes payable to related party	219,403	113,241
CEO
Notes payable to related party	266,504	248,564
CFO
Notes payable to related party	$11,014	$10,802

Relatedparty_Transactions_Deta

Related-party Transactions (Details) (USD $)	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Notes payable to related parties
Interest expense accrued with related parties	$10,689	$6,324
Trade accounts payable with related parties
Interest expense accrued with related parties	$4,095	$4,219

Relatedparty_Transactions_Sche3

Related-party Transactions: Schedule or Transactions with Related Parties (Details) (USD $)	3 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Company Owned by the Chief Financial Officer
Related Party Transaction, Amounts of Transaction	$30,000	$30,000
Corporate Communication Fees, Company Controlled by Directors
Related Party Transaction, Amounts of Transaction		4,113
Company Controlled by Major Shareholder
Related Party Transaction, Amounts of Transaction	2,654	2,957
Company Controlled by Major Shareholder(2)
Related Party Transaction, Amounts of Transaction		$3,002

Unproved_Mineral_Properties_Di2

Unproved Mineral Properties Disclosure: Schedule of Unproved Mineral Properties (Details) (USD $)	3 Months Ended
	Apr. 30, 2015	Jan. 31, 2015
Mineral claims, balance	$691,734	$640,653
Mineral claims, property taxes	34,882
Mineral claims, effect of foreign currency translation	24,614
Mineral claims, write-down	-8,415
Farellon Project
Mineral claims, balance	507,169	482,568
Mineral claims, property taxes	7,026
Mineral claims, effect of foreign currency translation	17,575
Perth Project
Mineral claims, balance	16,797
Mineral claims, property taxes	16,456
Mineral claims, effect of foreign currency translation	341
Mateo Project
Mineral claims, balance	167,768	158,085
Mineral claims, property taxes	11,400
Mineral claims, effect of foreign currency translation	6,698
Mineral claims, write-down	($8,415)

Unproved_Mineral_Properties_Di3

Unproved Mineral Properties Disclosure (Details) (USD $)	3 Months Ended
	Apr. 30, 2015
Details
Royalty payments received	$2,959
Royalty fees paid	$2,959

Equipment_Disclosure_Schedule_1

Equipment Disclosure: Schedule of Amortization for Equipment (Details) (USD $)	Apr. 30, 2015	Jan. 31, 2015
Details
Book value	$4,775	$8,949
Amortization of equipment	-356	-2,137
Effect of foreign exchange translation on equipment	169	-2,037
Equipment	$4,588	$4,775

Common_Stock_Disclosure_Schedu1

Common Stock Disclosure: Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	3 Months Ended
	Apr. 30, 2015	Jan. 31, 2015
Details
Warrants outstanding		267,335
Warrants expired	-267,335

Common_Stock_Disclosure_Detail

Common Stock Disclosure (Details) (USD $)	12 Months Ended
	Jan. 31, 2015	Apr. 30, 2015
Details
Number of options granted	1,200,000
Options exercisable price	$0.15
Weighted average exercise price of the options		$0.15