Red Metal Resources (RMESF) 10-Q/A 17 Jun 19 2020 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2019	Jun. 14, 2019
Details
Registrant Name	RED METAL RESOURCES, LTD.
Registrant CIK	0001358654
SEC Form	10-Q
Period End date	Apr. 30, 2019
Fiscal Year End	--01-31
Tax Identification Number (TIN)	20-2138504
Number of common stock shares outstanding		37,504,588
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Small Business	true
Emerging Growth Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2019	Jan. 31, 2019
Current assets
Cash	$ 16,016	$ 8,686
Prepaids and other receivables	3,906	1,838
Total current assets	19,922	10,524
Equipment	1,190	1,305
Unproved mineral properties	718,787	730,549
Total assets	739,899	742,378
Current liabilities
Accounts payable	226,678	216,926
Accrued liabilities	137,695	133,383
Due to related parties	1,810	1,849
Notes payable	27,106	27,019
Total current liabilities	393,289	379,177
Long-term notes to related parties	650,178	613,540
Total liabilities	1,043,467	992,717
Stockholders' deficit
Common stock, $0.001 par value, authorized 500,000,000, 37,504,588 issued and outstanding at April 30, 2019 and January 31, 2019	37,504	37,504
Additional paid in capital	8,968,677	8,968,677
Deficit	(9,319,206)	(9,263,300)
Accumulated other comprehensive income	9,457	6,780
Total stockholders' deficit	(303,568)	(250,339)
Total liabilities and stockholders' deficit	$ 739,899	$ 742,378

CONSOLIDATED BALANCE SHEETS - P

CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares	Apr. 30, 2019	Jan. 31, 2019
Details
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	37,504,588	37,504,588

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Operating expenses:
Amortization	$ 96	$ 145
Consulting fees	0	15,000
General and administrative	11,274	11,757
Mineral exploration costs	1,797	10,530
Professional fees	11,598	7,619
Rent	0	2,749
Regulatory	2,622	2,652
Salaries, wages and benefits	15,856	19,109
Total operating costs	(43,243)	(69,561)
Other items
Foreign exchange gain (loss)	66	3,641
Interest on notes payable	(12,729)	(27,934)
Net loss	(55,906)	(93,854)
Unrealized foreign exchange gain (loss)	2,677	53,135
Comprehensive loss	$ (53,229)	$ (40,719)
Net loss per share - basic and diluted	$ 0	$ 0
Weighted average number of shares outstanding - basic and diluted	37,504,588	35,285,487

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI Attributable to Parent	Total
Equity Balance at Jan. 31, 2018	$ 35,004	$ 6,803,833	$ (9,129,238)	$ (20,348)	$ (2,310,749)
Equity Balance, Shares at Jan. 31, 2018	35,004,588
Stock issued for cash, value	$ 2,500	185,000	0	0	187,500
Stock issued for cash, shares	2,500,000
Net income (loss) for the period	$ 0	0	(93,854)	0	(93,854)
Foreign exchange translation	$ 0	0	0	53,135	53,135
Equity Balance, Shares at Apr. 30, 2018	37,504,588
Equity Balance at Apr. 30, 2018	$ 37,504	6,988,833	(9,223,092)	32,787	(2,163,968)
Extinguishment of related party debt	0	1,979,844	0	0	1,979,844
Net income (loss) for the period	0	0	(40,208)	0	(40,208)
Foreign exchange translation	$ 0	0	0	(26,007)	(26,007)
Equity Balance, Shares at Jan. 31, 2019	37,504,588
Equity Balance at Jan. 31, 2019	$ 37,504	8,968,677	(9,263,300)	6,780	(250,339)
Net income (loss) for the period	0	0	(55,906)	0	(55,906)
Foreign exchange translation	$ 0	0	0	2,677	2,677
Equity Balance, Shares at Apr. 30, 2019	37,504,588
Equity Balance at Apr. 30, 2019	$ 37,504	$ 8,968,677	$ (9,319,206)	$ 9,457	$ (303,568)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Cash flows used in operating activities:
Net loss	$ (55,906)	$ (93,854)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued interest on related party notes payable	12,196	23,547
Accrued interest on related party payables	0	3,611
Accrued interest on notes payable	533	741
Amortization	96	145
Changes in operating assets and liabilities:
Prepaids and other receivables:	(2,195)	(791)
Accounts payable:	12,320	4,272
Accrued liabilities:	6,134	6,223
Due to related parties:	0	17,749
Net cash used in operating activities	(26,822)	(38,357)
Cash flows used in investing activities:
Acquisition of unproved mineral properties	0	(21,677)
Net cash used in investing activities	0	(21,677)
Cash flows provided by financing activities:
Cash received on issuance of notes payable to related parties	35,190	16,932
Issuance of common stock for private placements	0	187,500
Net cash provided by financing activities	35,190	204,432
Effects of foreign currency exchange	(1,038)	1,912
Increase in cash	7,330	146,310
Cash, beginning	8,686	2,392
Cash, ending	$ 16,016	$ 148,702

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Apr. 30, 2019
Notes
Organization and Basis of Presentation	NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Nature of Operations Red Metal Resources Ltd. (the “Company”) holds a 99% interest in Minera Polymet SpA (“Polymet”) 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 the 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, 2019, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The unaudited interim consolidated 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 a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended April 30, 2019, are not necessarily indicative of the results that may be expected for the year ending January 31, 2020.

Related-Party Transactions Disc

Related-Party Transactions Disclosure	3 Months Ended
	Apr. 30, 2019
Notes
Related-Party Transactions Disclosure	NOTE 2 - RELATED-PARTY TRANSACTIONS The following amounts were due to related parties as at: April 30, 2019 January 31, 2019 Due to a company owned by an officer (a) $ 25 $ 25 Due to a company controlled by directors (b) 1,785 1,824 Total due to related parties $ 1,810 $ 1,849 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand, and prior to forgiveness of debt bore interest at 10%; subsequent to forgiveness of debt no interest is being accrued on the amounts owed to the company controlled by directors. During the three-month period ended April 30, 2019, the Company did not accrue any interest on the amounts payable to related parties (April 30, 2018 - $3,611). The following amounts were due under the notes payable the Company issued to related parties: April 30, 2019 January 31, 2019 Note payable to the Chief Executive Officer (“CEO”) (c) $ 539,072 $ 502,448 Note payable to the Chief Financial Officer (“CFO”) (c) 9,023 8,849 Note payable to a company controlled by directors (c) 102,083 102,243 Total notes payable to related parties $ 650,178 $ 613,540 (c) Amounts are unsecured, bear interest at 8%, and due on or after July 31, 2021. During the three-month period ended April 30, 2019, the Company accrued $12,196 (April 30, 2018 - $23,547) in interest expense on the notes payable to related parties. Transactions with Related Parties During the three-month periods ended April 30, 2019 and 2018, the Company incurred the following expenses with related parties: April 30, 2019 April 30, 2018 Consulting fees paid or accrued to a company owned by the CFO $ - $ 15,000 Rent fees paid or accrued to a company controlled by a major shareholder $ - $ 2,749

Unproved Mineral Properties Dis

Unproved Mineral Properties Disclosure	3 Months Ended
	Apr. 30, 2019
Notes
Unproved Mineral Properties Disclosure	NOTE 3 - UNPROVED MINERAL PROPERTIES Following are the schedules of the Company’s unproved mineral properties as at April 30, 2019: Mineral Claims January 31, 2019 Acquisition fees and property taxes paid Effect of foreign currency translation April 30, 2019 Farellon Project Farellon Alto 1-8 $ 411,268 $ - $ (6,621) $ 404,647 Quina 158,519 - (2,552) 155,967 Exeter 109,584 - (1,765) 107,819 679,371 - (10,938) 668,433 Perth Project 51,178 - (824) 50,354 Total Costs $ 730,549 $ - $ (11,762) $ 718,787

Common Stock Disclosure

Common Stock Disclosure	3 Months Ended
	Apr. 30, 2019
Notes
Common Stock Disclosure	NOTE 4- COMMON STOCK Warrants At April 30, 2019, the Company had 2,500,000 warrants issued and exercisable. Each warrant entitles its holder to purchase one common share for a period of two years expiring on April 20, 2020, at an exercise price of $0.1875 per share. The Company may accelerate the expiration date of the warrants if the daily volume weighted average share price of the Company’s common shares equals to or is greater than CAD$0.30 as posted on the Canadian Securities Exchange, or USD$0.225 as posted on OTC Link alternative trading system (or such other stock exchange as the Company’s common shares are then trading on) for ten consecutive trading days.

Subsequent Events Disclosure

Subsequent Events Disclosure	3 Months Ended
	Apr. 30, 2019
Notes
Subsequent Events Disclosure	NOTE 5 - SUBSEQUENT EVENTS Subsequent to April 30, 2019, the Company made the fifth and the final option payment of $50,000 to acquire a 100% interest in the Exeter Claim. The funds to make the option payment were advanced to the Company by its CEO and director in exchange for a note payable, which accumulates interest at 8% per annum compounded monthly, is unsecured and payable on or after July 31, 2021. Subsequent to April 30, 2019, the Company entered into a loan agreement with Richard Jeffs, a significant shareholder of the Company, for an unsecured loan in the principal amount of $50,000, with interest payable at a rate of 8% per annum compounded monthly and payable on or after July 31, 2021.

Related-Party Transactions Di_2

Related-Party Transactions Disclosure: Schedule of Related Party Transactions (Tables)	3 Months Ended
	Apr. 30, 2019
Tables/Schedules
Schedule of Related Party Transactions	April 30, 2019 January 31, 2019 Due to a company owned by an officer (a) $ 25 $ 25 Due to a company controlled by directors (b) 1,785 1,824 Total due to related parties $ 1,810 $ 1,849 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand, and prior to forgiveness of debt bore interest at 10%; subsequent to forgiveness of debt no interest is being accrued on the amounts owed to the company controlled by directors.

Related-Party Transactions Di_3

Related-Party Transactions Disclosure: Amounts due under related party notes payable (Tables)	3 Months Ended
	Apr. 30, 2019
Tables/Schedules
Amounts due under related party notes payable	April 30, 2019 January 31, 2019 Note payable to the Chief Executive Officer (“CEO”) (c) $ 539,072 $ 502,448 Note payable to the Chief Financial Officer (“CFO”) (c) 9,023 8,849 Note payable to a company controlled by directors (c) 102,083 102,243 Total notes payable to related parties $ 650,178 $ 613,540 (c) Amounts are unsecured, bear interest at 8%, and due on or after July 31, 2021.

Related-Party Transactions Di_4

Related-Party Transactions Disclosure: Schedule of transactions with related parties (Tables)	3 Months Ended
	Apr. 30, 2019
Tables/Schedules
Schedule of transactions with related parties	April 30, 2019 April 30, 2018 Consulting fees paid or accrued to a company owned by the CFO $ - $ 15,000 Rent fees paid or accrued to a company controlled by a major shareholder $ - $ 2,749

Unproved Mineral Properties D_2

Unproved Mineral Properties Disclosure: Schedule of unproved mineral properties (Tables)	3 Months Ended
	Apr. 30, 2019
Tables/Schedules
Schedule of unproved mineral properties	Mineral Claims January 31, 2019 Acquisition fees and property taxes paid Effect of foreign currency translation April 30, 2019 Farellon Project Farellon Alto 1-8 $ 411,268 $ - $ (6,621) $ 404,647 Quina 158,519 - (2,552) 155,967 Exeter 109,584 - (1,765) 107,819 679,371 - (10,938) 668,433 Perth Project 51,178 - (824) 50,354 Total Costs $ 730,549 $ - $ (11,762) $ 718,787

Organization and Basis of Pre_2

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

Related-Party Transactions Di_5

Related-Party Transactions Disclosure: Schedule of Related Party Transactions (Details) - USD ($)	Apr. 30, 2019	Jan. 31, 2019
Due to related parties	$ 1,810	$ 1,849
Company owned by an officer
Due to related parties	25	25
Company controlled by directors
Due to related parties	$ 1,785	$ 1,824

Related-Party Transactions Di_6

Related-Party Transactions Disclosure (Details) - USD ($)	3 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Related parties payables
Interest accrued with related parties		$ 3,611
Related parties notes payable
Interest accrued with related parties	$ 12,196	$ 23,547

Related-Party Transactions Di_7

Related-Party Transactions Disclosure: Amounts due under related party notes payable (Details) - USD ($)	Apr. 30, 2019	Jan. 31, 2019
Long-term notes to related parties	$ 650,178	$ 613,540
CEO
Long-term notes to related parties	539,072	502,448
CFO
Long-term notes to related parties	9,023	8,849
Company controlled by directors
Long-term notes to related parties	$ 102,083	$ 102,243

Related-Party Transactions Di_8

Related-Party Transactions Disclosure: Schedule of transactions with related parties (Details) - USD ($)	3 Months Ended
	Apr. 30, 2019	Apr. 30, 2018
Consulting fees paid or accrued, CFO company
Expenses with related parties	$ 0	$ 15,000
Rent fees paid or accrued, major shareholder company
Expenses with related parties	$ 0	$ 2,749

Unproved Mineral Properties D_3

Unproved Mineral Properties Disclosure: Schedule of unproved mineral properties (Details) - USD ($)	3 Months Ended
	Apr. 30, 2019	Jan. 31, 2019
Mineral claims, balance	$ 718,787	$ 730,549
Mineral claims, effect of foreign currency translation	(11,762)
Farellon Project
Mineral claims, balance	668,433	679,371
Mineral claims, effect of foreign currency translation	(10,938)
Perth Project
Mineral claims, balance	50,354	$ 51,178
Mineral claims, effect of foreign currency translation	$ (824)

Common Stock Disclosure (Detail

Common Stock Disclosure (Details)	3 Months Ended
	Apr. 30, 2019$ / sharesshares
Details
Warrants issued and exercisable | shares	2,500,000
Exercise price per warrant | $ / shares	$ 0.1875
Debt Instrument, Subjective Acceleration Clause	The Company may accelerate the expiration date of the warrants if the daily volume weighted average share price of the Company’s common shares equals to or is greater than CAD$0.30 as posted on the Canadian Securities Exchange, or USD$0.225 as posted on OTC Link alternative trading system (or such other stock exchange as the Company’s common shares are then trading on) for ten consecutive trading days

Subsequent Events Disclosure (D

Subsequent Events Disclosure (Details) - USD ($)	2 Months Ended	3 Months Ended
	Jun. 17, 2019	Apr. 30, 2019	Apr. 30, 2018
Acquisition of unproved mineral properties		$ 0	$ 21,677
Final option payment on Exeter Claim
Acquisition of unproved mineral properties	$ 50,000
Loan agreement with a significant shareholder
Loan from related party	$ 50,000