Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Aug. 31, 2014 | Oct. 14, 2014 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Aug-14 | ' |
Trading Symbol | 'tgri | ' |
Entity Registrant Name | 'Tierra Grande Resources Inc. | ' |
Entity Central Index Key | '0001376804 | ' |
Current Fiscal Year End Date | '--05-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 107,019,712 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2014 | 31-May-14 |
Current Assets | ' | ' |
Cash | $34,370 | $33,106 |
Subscription receivable | 0 | 50,000 |
Total Assets | 34,370 | 83,106 |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 8,607 | 27,997 |
Total Liabilities | 8,607 | 27,997 |
Stockholders' Equity | ' | ' |
Preferred Stock, 20,000,000 shares authorized, $0.0001 par value, None issued and outstanding | 0 | 0 |
Common Stock, 500,000,000 shares authorized, $0.0001 par value 107,019,712 shares and 100,769,712 shares issued and outstanding, respectively | 10,702 | 10,077 |
Additional Paid-in Capital | 9,315,328 | 9,270,028 |
Accumulated Deficit | -9,300,267 | -9,224,996 |
Total Stockholders' Equity | 25,763 | 55,109 |
Total Liabilities and Stockholders' Equity | $34,370 | $83,106 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Aug. 31, 2014 | 31-May-14 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred Stock, shares issued | ' | ' |
Preferred Stock, shares outstanding | ' | ' |
Common Stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Stock, shares issued | 107,019,712 | 100,769,712 |
Common Stock, shares outstanding | 107,019,712 | 100,769,712 |
Consolidated_Statements_of_Exp
Consolidated Statements of Expenses (USD $) | 3 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Expenses | ' | ' |
General and administrative | $36,119 | $20,623 |
Professional fees | 39,152 | 5,436 |
Total Expenses | 75,271 | 26,059 |
Net Loss | ($75,271) | ($26,059) |
Net Loss Per Share - Basic and Diluted | $0 | $0 |
Weighted Average Shares Outstanding | 100,857,000 | 78,769,712 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Operating Activities | ' | ' |
Net loss | ($75,271) | ($26,059) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Amortization | 0 | 211 |
Shares issued for services | 25,925 | 0 |
Changes in operating assets and liabilities | ' | ' |
Accounts payable and accrued liabilities | -19,390 | 9,263 |
Net Cash Used in Operating Activities | -68,736 | -16,585 |
Financing Activities | ' | ' |
Proceeds from the issuance of common stock | 70,000 | 0 |
Net Cash Provided by Financing Activities | 70,000 | 0 |
Increase (Decrease) In Cash | 1,264 | -16,585 |
Cash - Beginning of Period | 33,106 | 39,983 |
Cash - End of Period | 34,370 | 23,398 |
Supplemental Disclosures: | ' | ' |
Interest paid | 0 | 0 |
Income tax paid | $0 | $0 |
Nature_of_Operations_and_Conti
Nature of Operations and Continuance of Business | 3 Months Ended | |
Aug. 31, 2014 | ||
Nature of Operations and Continuance of Business [Text Block] | ' | |
1 | Nature of Operations and Continuance of Business | |
The Company was incorporated in the State of Nevada on April 4, 2006. The Company’s principal business is the acquisition and exploration of mineral properties. Effective April 10, 2013, the Company changed its name from Buckingham Exploration Inc. to Tierra Grande Resources Inc. On August 9, 2010, the Company incorporated 0887717 B.C. Ltd., a wholly-owned subsidiary in British Columbia, Canada. On February 28, 2013, the Company acquired a 100% interest in Tierra Grande Resources, S.A.C. (“Tierra”), a company incorporated in Peru, in consideration for $10. |
Going_Concern
Going Concern | 3 Months Ended | |
Aug. 31, 2014 | ||
Going Concern [Text Block] | ' | |
2 | Going Concern | |
These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated revenues since inception and has not paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at August 31, 2014, the Company has working capital of $25,763 and an accumulated deficit of $9,300,267. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | ||
As at August 31, 2014, the Company had $34,370 cash in the bank. The Company requires a minimum of $200,000 to proceed with their plan of operations over the next twelve months. If they achieve less than the full amount of financing that they require they will scale back planned exploration activities and day to day operations in order to reduce exploration expenses and general and administrative expenses to a level appropriate to the financial resources available. There can be no assurance that the Company will be able to raise sufficient funds to pay the expected operating expenses for the next twelve months. |
Interim_Financial_Statements
Interim Financial Statements | 3 Months Ended | |
Aug. 31, 2014 | ||
Interim Financial Statements [Text Block] | ' | |
3 | Interim Financial Statements | |
The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended May 31, 2014, included in the Company’s Annual Report on Form 10-K filed on September 15, 2014 with the SEC. | ||
The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at August 31, 2014, and the results of its operations and cash flows for the three months ended August 31, 2014 and 2013. The results of operations for the three months ended August 31, 2014, are not necessarily indicative of the results to be expected for future quarters or the full year. | ||
The accompanying unaudited interim consolidated financial statements include the accounts of Tierra Grande Resources Inc. and its wholly owned subsidiaries 0887717 B.C. Ltd. and Tierra Grande Resources, S.A.C. All significant intercompany balances and transactions have been eliminated in the consolidation. |
Related_Party_Transactions_and
Related Party Transactions and Balances | 3 Months Ended | |
Aug. 31, 2014 | ||
Related Party Transactions and Balances [Text Block] | ' | |
4 | Related Party Transactions and Balances | |
On August 31, 2014, the Company issued an aggregate of 4,250,000 shares of common stock with a fair value of $25,925 to certain directors, officers and employees for agreeing to act as directors, officers or employees of the Company. |
Common_Stock
Common Stock | 3 Months Ended | ||
Aug. 31, 2014 | |||
Common Stock [Text Block] | ' | ||
5 | Common Stock | ||
Common stock issued during the three months ended August 31, 2014: | |||
a) | On August 27, 2014, the Company issued 2,000,000 shares of common stock at $0.01 per share for proceeds of $20,000 under a private placement. | ||
b) | On August 31, 2014, the Company issued an aggregate of 4,250,000 shares of common stock with a fair value of $25,925 to certain directors, officers and employees for agreeing to act as directors, officers or employees of the Company. | ||
c) | During the quarter ending August 31, 2014, the Company received $50,000 for the subscription receivable for previously issued shares. |
Nature_of_Operations_and_Conti1
Nature of Operations and Continuance of Business (Narrative) (Details) (USD $) | 3 Months Ended |
Aug. 31, 2014 | |
Nature Of Operations And Continuance Of Business 1 | 100.00% |
Nature Of Operations And Continuance Of Business 2 | $10 |
Going_Concern_Narrative_Detail
Going Concern (Narrative) (Details) (USD $) | 3 Months Ended |
Aug. 31, 2014 | |
Going Concern 1 | $25,763 |
Going Concern 2 | 9,300,267 |
Going Concern 3 | 34,370 |
Going Concern 4 | $200,000 |
Related_Party_Transactions_and1
Related Party Transactions and Balances (Narrative) (Details) (USD $) | 3 Months Ended |
Aug. 31, 2014 | |
Related Party Transactions And Balances 1 | 4,250,000 |
Related Party Transactions And Balances 2 | $25,925 |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) (USD $) | 3 Months Ended |
Aug. 31, 2014 | |
Common Stock 1 | 2,000,000 |
Common Stock 2 | $0.01 |
Common Stock 3 | $20,000 |
Common Stock 4 | 4,250,000 |
Common Stock 5 | 25,925 |
Common Stock 6 | $50,000 |