| Document and Entity Information - shares | 9 Months Ended | |
| Jan. 31, 2016 | Mar. 11, 2016 | |
| Document And Entity Information | ||
| Entity Registrant Name | Star Gold Corp. | |
| Entity Central Index Key | 1,401,835 | |
| Document Type | 10-Q | |
| Document Period End Date | Jan. 31, 2016 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --04-30 | |
| Is Entity a Well-known Seasoned Issuer? | No | |
| Is Entity a Voluntary Filer? | No | |
| Is Entity's Reporting Status Current? | Yes | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Common Stock, Shares Outstanding | 40,836,726 | |
| Document Fiscal Period Focus | Q3 | |
| Document Fiscal Year Focus | 2,016 |
| Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2016 | Apr. 30, 2015 |
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $ 7,146 | $ 5,358 |
| Prepaid expenses | 5,658 | 70,837 |
| TOTAL CURRENT ASSETS | 12,804 | 76,195 |
| EQUIPMENT AND MINING INTEREST, net | 327,400 | 297,951 |
| RESTRICTED CASH | 21,600 | 21,600 |
| TOTAL ASSETS | 361,804 | 395,746 |
| CURRENT LIABILITIES: | ||
| Accounts payable | 39,891 | 24,839 |
| Other accrued liabilities | $ 9,000 | 16,571 |
| Short term notes payable, shareholder | 101,916 | |
| TOTAL CURRENT LIABILITIES | $ 48,891 | 143,326 |
| TOTAL LIABILITIES | $ 48,891 | $ 143,326 |
| COMMITMENTS AND CONTINGENCIES | ||
| STOCKHOLDERS' EQUITY | ||
| Preferred Stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding | ||
| Common Stock, $.001 par value; 300,000,000 shares authorized; 40,836,726 and 36,595,726 shares issued and outstanding, respectively | $ 40,836 | $ 36,596 |
| Additional paid-in capital | $ 9,535,034 | $ 9,112,889 |
| Accumulated deficit | (9,262,957) | (8,897,065) |
| TOTAL STOCKHOLDERS' EQUITY | 312,913 | 252,420 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 361,804 | $ 395,746 |
| Balance Sheets (Parenthetical) - shares | Jan. 31, 2016 | Apr. 30, 2015 |
| Statement of Financial Position [Abstract] | ||
| Preferred Stock, $.001 par value, shares authorized | 10,000,000 | 10,000,000 |
| Preferred Stock, $.001 par value, shares issued | 0 | 0 |
| Common Stock, $.001 par value, shares authorized | 300,000,000 | 300,000,000 |
| Common Stock, $.001 par value, shares issued and outstanding | 40,836,726 | 36,595,726 |
| Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
| OPERATING EXPENSES | ||||
| Mineral exploration expense | $ 35,716 | $ 134,648 | $ 235,402 | $ 340,579 |
| Legal and professional fees | 7,021 | 16,795 | 40,235 | 132,862 |
| Management and administrative | 35,923 | 116,514 | 83,352 | 417,654 |
| Depreciation | 1,351 | 1,478 | 4,051 | 4,436 |
| TOTAL OPERATING EXPENSES | 80,011 | 269,435 | 363,040 | 895,531 |
| LOSS FROM OPERATIONS | (80,011) | (269,435) | (363,040) | (895,531) |
| OTHER INCOME (EXPENSE) | ||||
| Interest income (expense) | (172) | 40 | (2,852) | 95 |
| TOTAL OTHER INCOME (EXPENSE) | (172) | 40 | (2,852) | 95 |
| NET LOSS BEFORE INCOME TAXES | $ (80,183) | $ (269,395) | $ (365,892) | $ (895,436) |
| Provision for income tax | ||||
| NET LOSS | $ (80,183) | $ (269,395) | $ (365,892) | $ (895,436) |
| Basic and diluted loss per share | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
| Basic and diluted weighted average number shares outstanding | 40,836,726 | 36,595,726 | 38,255,248 | 36,069,291 |
| Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
| Jan. 31, 2016 | Jan. 31, 2015 | |
| Statement of Cash Flows [Abstract] | ||
| CASH FLOWS FROM OPERATING ACTIVITIES: | $ (300,733) | $ (782,160) |
| Net loss | (365,892) | (895,436) |
| Adjustments to reconcile net loss to cash used by operating activities | ||
| Stock based compensation | 785 | 104,044 |
| Depreciation | 4,051 | 4,436 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | 65,179 | 25,754 |
| Accounts payable | 2,715 | (19,051) |
| Other accrued liabilities | (7,571) | (1,907) |
| Net cash used by operating activities | (300,733) | (782,160) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Payments for mining interest | (32,000) | (64,998) |
| Net cash used by investing activities | (32,000) | $ (64,998) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from short-term promissory note, related party | 40,000 | |
| Repayment of short-term promissory note, related party | (129,579) | |
| Net proceeds from issuance of stock and warrants | 424,100 | $ 336,412 |
| Net cash provided by financing activities | 334,521 | 336,412 |
| Net increase (decrease) in cash and cash equivalents | 1,788 | (510,746) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 5,358 | 542,757 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 7,146 | $ 32,011 |
| Nature of Operations | 9 Months Ended |
| Jan. 31, 2016 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Nature of Operations | NOTE 1 - NATURE OF OPERATIONS Star Gold Corp. (the "Company") was initially incorporated as Elan Development, Inc., in the State of Nevada on December 8, 2006. The Company was originally organized to explore mineral properties in British Columbia, Canada but the Company is currently focusing on gold, silver and other base metal-bearing properties in Nevada. The Company's main business consists of assembling and/or acquiring land packages and mining claims the Company believes have potential mining reserves, and expending capital to explore these claims by drilling, geophysical work or other exploration work deemed necessary. The business is a high risk business as there is no guarantee that the Company's exploration work will ultimately discover or produce any economically viable minerals. |
| Significant Accounting Policies | 9 Months Ended |
| Jan. 31, 2016 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of our management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three and nine month periods ended January 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2016. All amounts presented are in U.S. dollars. For further information refer to the financial statements and footnotes thereto in the Companys Annual Report on Form 10-K for the year ended April 30, 2015. Going Concern As shown in the accompanying consolidated financial statements, the Company has incurred operating losses since inception. As of January 31, 2016, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. As shown in the accompanying balance sheets and statements of operations, the Company has an accumulated deficit of $9,262,957 and as of that date the Company's working capital deficit was $36,087. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, to locate profitable energy properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing, obtaining additional financing from investors, and/or lenders, and attaining additional commercial production. However, there is no assurance that the Company will be able to achieve these objectives, therefore substantial doubt about its ability to continue as a going concern exists. The financial statements do not include adjustments relating to the recoverability of recorded assets nor the implications of associated bankruptcy costs should the Company be unable to continue as a going concern. In the event the Company is unable to fulfill the annual exploration expenditures as provided for in each respective Property Option Agreement (Note 4), the Company will default on the agreement(s) and surrender its right to future claims on the respective property. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Companys reported financial position and results of operations. New Accounting Pronouncement In August 2014, the FASB issued ASU No. 2014-15Presentation of Financial StatementsGoing Concern. The guidance requires an entitys management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). If conditions or events exist that raise substantial doubt about an entitys ability to continue as a going concern, the guidance requires disclosure in the financial statements. The guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the new standard and its impact on the Companys consolidated financial statements. Cash and Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents. Restricted Cash Restricted cash represents collateral for bonds held for exploration permits. Fair Value Measures ASC Topic 820 "Fair Value Measurements" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Mining Interests and Mineral Exploration Expenditures Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. Equipment Equipment is stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years. Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses. Reclamation and Remediation The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset. Impaired Asset Policy The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable. The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value. Stock-based Compensation The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected life), the estimated volatility of the Companys common stock price over the expected term (volatility), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Companys stock on the date of the award. Loss Per Share Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants. The dilutive effect of convertible and outstanding securities as of January 31, 2016 and 2015, would be as follows: January 31, 2016 January 31, 2015 Stock options 3,083,667 3,597,000 Warrants 5,855,400 1,614,400 TOTAL POSSIBLE DILUTION 8,939,067 5,211,400 At January 31, 2016 and January 31, 2015, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive. Income Taxes The Company recognizes provision for income tax using the liability method. Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. |
| Prepaid Expenses | 9 Months Ended |
| Jan. 31, 2016 | |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
| Prepaid Expenses | NOTE 3 PREPAID EXPENSES The following is a summary of the Companys prepaid expenses at January 31, 2016 and April 30, 2015: January 31, 2016 April 30, 2015 Exploration expense $ - $ 62,274 Directors and officers liability insurance 5,658 8,563 TOTAL PREPAID EXPENSES $ 5,658 $ 70,837 |
| Equipment and Mining Interest | 9 Months Ended |
| Jan. 31, 2016 | |
| Extractive Industries [Abstract] | |
| Equipment and Mining Interest | NOTE 4 EQUIPMENT AND MINING INTEREST The following is a summary of the Company's equipment and mining interest at January 31, 2016 and April 30, 2015, respectively: January 31, 2016 April 30, 2015 Equipment $ 27,007 $ 28,992 Less accumulated depreciation (21,606) (19,540) Equipment, net of accumulated depreciation 5,401 9,452 Mining interest Longstreet property 321,999 288,499 TOTAL EQUIPMENT AND MINING INTEREST $ 327,400 $ 297,951 The Longstreet Property On December 10, 2014, the Longstreet Property Option Agreement was amended revising the required expenditures and annual stock option obligation. Under terms of the agreement, for the year ended April 30, 2015, the Company paid $56,000 and issued options to purchase 25,000 shares of common stock with fair value of $3,000 (Note 6). The Company also purchased $9,000 of additional mining interest related to the Clifford claims on the Longstreet property during the year ended April 30, 2015. The Company is obligated to pay $12,000 annually on owners advance royalty payments related to the Clifford claims. For the nine months ended January 31, 2016, the Company purchased $12,000 of additional mining interest on the Longstreet property related to the Clifford claims. On January 5, 2016, the Longstreet Property Option Agreement was further amended revising the required expenditures and annual stock option obligation. All allowable expenditures in excess of the required annual expenditures shall be carried-over to the subsequent year. The Company is in compliance with all provisions of the Longstreet Property Option Agreement as amended. For the three months ended January 31, 2016, the Company made an annual required payment to the optioner of $20,000 which is included in Equipment and Mining Interest. The schedule of annual payments, minimum expenditures and number of stock options to be issued pursuant to the amended Longstreet Property Option Agreement of January 5, 2016, is as follows: Required annual expenditure between: Required Expenditure Payment to optioner (1) Annual stock option obligation January 17, 2015 through January 16, 2016 (2) $ 100,000 $ 20,000 25,000 January 17, 2016 through January 16, 2017 150,000 25,000 25,000 January 17, 2017 through January 16, 2018 300,000 35,000 40,000 January 17, 2018 through January 16, 2019 500,000 40,000 45,000 January 17, 2019 through January 16, 2020 700,000 45,000 50,000 Payment due upon transfer but no later than January 16, 2021 - 85,000 - TOTAL $ 1,750,000 $ 250,000 185,000 (1) Does not include $12,000 annual payment related to Clifford claims. (2) $20,000 payment to optioner made in January 2016 and required expenditures all paid through January 16, 2016. Excalibur and Jet Properties On June 30, 2015, the Company elected to terminate the Property Option Agreements on the Excalibur and Jet properties. The Company impaired the Excalibur and Jet properties at April 30, 2015 and subsequently gave notice of cancellation on the properties. The Company expects to focus capital resources on advancing the Longstreet property and therefore decided to return the Jet and Excalibur properties to the underlying owner before any further exploration expenditures were due. Under the terms of the original agreements, the Company is responsible for claims payments on the Excalibur and Jet properties one year in advance of which the Company has charged operations $8,945 for the nine months ended January 31, 2016. There are no liabilities or future obligations to the Company on either the Jet or Excalibur properties. |
| Related Party Transactions | 9 Months Ended |
| Jan. 31, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | NOTE 5 - RELATED PARTY TRANSACTIONS On or about June 30, 2015, the Company entered into a Lease Termination Agreement with Marlin Properties Management, LLC an entity owned by the spouse of the Companys Chairman of the Board of Directors. The Termination Agreement was effective as of June 1, 2015 and relieves the Company of all obligations under the terms of the lease after that date. For the three months ended January 31, 2016 and 2015, $Nil and $8,558, respectively, was paid to the related entity inclusive of the Companys pro-rata share of common area expenses. For the nine months ended January 31, 2016 and 2015, $Nil and $25,630, respectively was paid to the related entity inclusive of the Companys pro-rata share of common area expenses. During the year ended April 30, 2015 and the nine months ended January 31, 2016, the Company entered into short term promissory notes with the Companys Chairman of the Board of Directors in the amounts of $101,916 and $40,000, respectively. The notes mature on December 31, 2015 and bear interest at 8% per annum with bi-monthly payments of $150 commencing on August 1, 2015. The Company satisfied principal payments on the promissory notes totaling $129,579 during the nine months ended January 31, 2016. Interest expense recognized on the notes was $2,113 and $0 for the three months ended January 31, 2016 and 2015, respectively. Interest expense recognized on the notes was $2,113 and $Nil for the nine months ended January 31, 2016 and 2015, respectively. |
| Stock Options | 9 Months Ended |
| Jan. 31, 2016 | |
| Equity [Abstract] | |
| Stock Options | NOTE 6- STOCK OPTIONS Options issued for mining interest In consideration for mining interests (see Note 4), the Company is obligated to issue stock options with exercise prices based on "fair market price" which for financial statement purposes is considered to be the closing price of the Company's common stock on the issue dates. The Company has estimated the fair value of these option grants using the Black-Scholes model with the following information and range of assumptions: For the three and nine months ended January 31, 2016 January 31, 2015 Options issued 25,000 25,000 Exercise price $ 0.06 $ 0.12 Volatility 359.7% 313.2% Weighted average life remaining 0.46 0.46 Risk free rate 1.94% 2.67% The following is a summary of the Companys options issued and outstanding in conjunction with certain mining interest agreements on several properties for the nine months ended January 31, 2016 and January 31, 2015, respectively: For the three and nine months ended January 31, 2016 2015 Options Price (a) Options Price (a) Beginning balance 350,000 $ 0.34 325,000 $ 0.36 Issued 25,000 0.06 25,000 0.12 Exercised - - - - Expired - - - - Ending balance 375,000 $ 0.32 350,000 $ 0.34 (a) Fair value of the option grants for mining interests for the three and nine months ended January 31, 2016 and 2015, was $1,500 and $3,000, respectively. These costs are capitalized as Mining Interests (Note 4). Options issued for consulting services As per an agreement fully executed on October 3, 2012, in consideration for consulting and advisory services rendered, the Company is obligated to issue a total of 1,000 stock options based on 5 day variable weighted-average price (VWAP) at the end of each month of the associated consulting contract. The stock options have a term of 1 year. The consultant options vest on the first day of the following month of service and are exercisable for a period of nine months following the termination of the agreement. The Company has estimated the fair value of these option grants using the Black-Scholes model with the following information and range of assumptions: For the three months ended January 31, 2016 2015 Options issued 3,000 3,000 Weighted average exercise price $ 0.10 $ 0.14 Weighted average volatility 451.6% to 458.4% 223.6% to 279.4% Weighted average life remaining 0.54 0.54 Expected term (years) 1 1 Risk free rate 0.37% to 0.61%. 0.10% to 0.25% For the nine months ended January 31, 2016 2015 Options issued 9,000 9,000 Weighted average exercise price $ 0.09 $ 0.38 Weighted average volatility 244.4% to 307.6% 223.6% to 279.4% Weighted average life remaining 0.54 0.54 Expected term (years) 1 1 Risk free rate 0.25% to 0.28%. 0.10% to 0.25% The following is a summary of the Companys options issued and outstanding associated with certain consulting agreements: For the three months ended January 31, 2016 2015 Options Price (a) Options Price (a) Beginning balance 12,000 $ 0.34 12,000 $ 0.34 Issued 3,000 0.10 3,000 0.14 Exercised - - - Expired (3,000) (0.24) (3,000) (0.29) Ending balance 12,000 $ 0.10 12,000 $ 0.21 (a) For the nine months ended January 31, 2016 2015 Options Price (a) Options Price (a) Beginning balance 12,000 $ 0.34 12,000 $ 0.34 Issued 9,000 0.09 9,000 0.21 Exercised - - - Expired (9,000) (0.17) (9,000) (0.38) Ending balance 12,000 $ 0.10 12,000 $ 0.21 (a) Total charged against operations under the option grants for consulting services was $300 and $585, for the three months ended January 31, 2016 and 2015, respectively. Total charged against operations under the option grants for consulting services was $785 and $1,237, for the nine months ended January 31, 2016 and 2015, respectively. These costs are classified as management and administrative expense. Options issued under the 2011 Stock Option/Restricted Plan The following is a summary of the Companys options issued and outstanding in conjunction with the Companys Stock Option Plan: For the three and nine months ended January 31, 2016 For the three and nine months ended January 31, 2015 Options Price (a) Options Price (a) Beginning balance 2,696,667 $ 0.37 3,235,000 $ 0.38 Issued - - - - Exercised - - - - Forfeited - - - - Ending balance 2,696,667 $ 0.37 3,235,000 $ 0.38 (a) The following table summarizes additional information about the options under the Companys Stock Option Plan as of January 31, 2016: Options outstanding Options exercisable Date of Grant Number Price (a) Life Number Price (a) May 27, 2011 200,000 $ 0.90 5.58 200,000 $ 0.90 May 22, 2012 146,667 0.78 6.40 146,667 0.78 June 18, 2012 1,350,000 0.30 6.64 1,350,000 0.30 May 22, 2013 650,000 0.29 7.57 650,000 0.29 February 13, 2014 350,000 0.28 8.30 350,000 0.28 Total options 2,696,667 $ 0.37 6.73 2,696,667 $ 0.37 (a) The total value of the Plan stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of January 31, 2016, there was no unrecognized compensation cost related to stock-based options and awards. Total compensation charged against operations under the plan for employees and advisors was $Nil and $24,365 for the three months ended January 31, 2016 and 2015, respectively. Total compensation charged against operations under the plan for employees and advisors was $Nil and $104,044 for the nine months ended January 31, 2016 and 2015, respectively. These costs are classified under management and administrative expense. The following is a summary of the Companys stock options outstanding and vested: Options Weighted average exercise price Expiration date Options issued for mining interests 375,000 $ 0.32 April 11, 2019 through January 15, 2026 Options issued for consulting services 12,000 0.10 February 1, 2016 through December 31, 2016 Options issued under the 2011 Stock Option/Restricted Plan 2,696,667 0.37 May 27, 2021 through February 13, 2024 Total vested stock options 3,083,667 $ 0.36 The aggregate intrinsic value of all options vested and exercisable at January 31, 2016, was $Nil based on the Company's closing price of $0.06 per common share at January 31, 2016. The Company's current policy is to issue new shares to satisfy option exercises. |
| Warrants | 9 Months Ended |
| Jan. 31, 2016 | |
| Notes to Financial Statements | |
| Warrants | NOTE 7 - WARRANTS The following is a summary of the Companys warrants outstanding: Warrants Weighted Average Exercise Price Outstanding at April 30, 2013 1,727,948 $ 0.67 Issued January 4, 2013 2,161,600 0.50 Balance outstanding at April 30, 2014 3,889,548 0.62 Expired June 18, 2014 (833,334) (0.75) Issued January 29, 2014 1,614,400 0.23 Expired January 4, 2014 (2,161,600) (0.50) Expired January 18, 2015 (894,614) (0.80) Balance outstanding at April 30, 2015 1,614,400 $ 0.23 Issued October 12, 2015 4,241,000 0.20 Balance outstanding at January 31, 2016 5,855,400 $ 0.21 The composition of the Companys warrants outstanding at January 31, 2015, is as follows: Issue Date Warrants Exercise Price Expiration Date July 29, 2014 1,614,400 $ 0.23 July 29, 2019 October 12, 2015 4,241,000 October 12, 2020 1,614,400 $ 0.23 |
| Common Stock | 9 Months Ended |
| Jan. 31, 2016 | |
| Equity [Abstract] | |
| Common Stock | NOTE 8 COMMON STOCK On October 12, 2015, the Company completed a private placement of its securities wherein it raised $424,100 (the Offering). The Offering consisted of the sale of units of the Companys securities at the per unit price of $0.10. Pursuant to the Offering, the Company issued 4,241,000 shares of its common stock and warrants to purchase an additional 4,241,000 shares of its common stock. Warrants issued pursuant to the Offering entitle the holders thereof to purchase shares of common stock for the price of $0.20 per share. The term of each warrant is for five years commencing with its issuance date. |
| Significant Accounting Policies (Policies) | 9 Months Ended |
| Jan. 31, 2016 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of our management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three and nine month periods ended January 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending April 30, 2016. All amounts presented are in U.S. dollars. For further information refer to the financial statements and footnotes thereto in the Companys Annual Report on Form 10-K for the year ended April 30, 2015. |
| Going Concern | Going Concern As shown in the accompanying consolidated financial statements, the Company has incurred operating losses since inception. As of January 31, 2016, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. As shown in the accompanying balance sheets and statements of operations, the Company has an accumulated deficit of $9,262,957 and as of that date the Company's working capital deficit was $36,087. Achievement of the Company's objectives will be dependent upon the ability to obtain additional financing, to locate profitable energy properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing, obtaining additional financing from investors, and/or lenders, and attaining additional commercial production. However, there is no assurance that the Company will be able to achieve these objectives, therefore substantial doubt about its ability to continue as a going concern exists. The financial statements do not include adjustments relating to the recoverability of recorded assets nor the implications of associated bankruptcy costs should the Company be unable to continue as a going concern. In the event the Company is unable to fulfill the annual exploration expenditures as provided for in each respective Property Option Agreement (Note 4), the Company will default on the agreement(s) and surrender its right to future claims on the respective property. |
| Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management assumptions and estimates relate to asset impairments and stock option valuation. Actual results could differ from these estimates and assumptions and could have a material effect on the Companys reported financial position and results of operations. |
| New Accounting Pronouncement | New Accounting Pronouncement In August 2014, the FASB issued ASU No. 2014-15Presentation of Financial StatementsGoing Concern. The guidance requires an entitys management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). If conditions or events exist that raise substantial doubt about an entitys ability to continue as a going concern, the guidance requires disclosure in the financial statements. The guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the new standard and its impact on the Companys consolidated financial statements. |
| Cash and Cash Equivalents | Cash and Cash Equivalents For the purposes of the statement of cash flows, the Company considers all highly liquid investments with original maturities of three months or less when acquired to be cash equivalents. |
| Restricted Cash | Restricted Cash Restricted cash represents collateral for bonds held for exploration permits. |
| Fair Value Measures | Fair Value Measures ASC Topic 820 "Fair Value Measurements" ("ASC 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2: Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. |
| Mining Interests and Mineral Exploration Expenditures | Mining Interests and Mineral Exploration Expenditures Exploration costs are expensed in the period in which they occur. The Company capitalizes costs for acquiring and leasing mining properties and expenses costs to maintain mineral rights as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mining interests are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations. |
| Equipment | Equipment Equipment is stated at cost. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which ranges from three to seven years. Maintenance and repairs are charged to operations as incurred. Significant improvements are capitalized and depreciated over the useful life of the assets. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses. |
| Reclamation and Remediation | Reclamation and Remediation The Company's operations are subject to standards for mine reclamation that have been established by various governmental agencies. In the period in which the Company incurs a contractual obligation for the retirement of tangible long-lived assets, the Company will record the fair value of an asset retirement obligation as a liability. A corresponding asset will also be recorded and depreciated over the life of the asset. After the initial measurement of an asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. To date, the Company has not incurred any contractual obligation requiring recording either a liability or associated asset. |
| Impaired Asset Policy | Impaired Asset Policy The Company periodically reviews its long-lived assets to determine if any events or changes in circumstances have transpired which indicate that the carrying value of its assets may not be recoverable. The Company determines impairment by comparing the undiscounted net future cash flows estimated to be generated by its assets to their respective carrying amounts. If impairment is deemed to exist, the assets will be written down to fair value. |
| Stock-based Compensation | Stock-based Compensation The Company estimates the fair value of options to purchase common stock using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (expected life), the estimated volatility of the Companys common stock price over the expected term (volatility), employee forfeiture rate, the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of fair value of stock-based compensation. Options granted have a ten year maximum term and varying vesting periods as determined by the Board. The value of common stock awards is determined based on the closing price of the Companys stock on the date of the award. |
| Loss Per Share | Loss Per Share Basic Earnings Per Share ("EPS") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants. The dilutive effect of convertible and outstanding securities as of January 31, 2016 and 2015, would be as follows: January 31, 2016 January 31, 2015 Stock options 3,083,667 3,597,000 Warrants 5,855,400 1,614,400 TOTAL POSSIBLE DILUTION 8,939,067 5,211,400 At January 31, 2016 and January 31, 2015, respectively, the effect of the Company's outstanding options and common stock equivalents would have been anti-dilutive. |
| Income Taxes | Income Taxes The Company recognizes provision for income tax using the liability method. Deferred income tax liabilities or assets at the end of each period are determined using the tax rates expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. |
| Significant Accounting Policies (Tables) | 9 Months Ended |
| Jan. 31, 2016 | |
| Accounting Policies [Abstract] | |
| Dilutive Effect of Convertible Securities Outstanding | January 31, 2016 January 31, 2015 Stock options 3,083,667 3,597,000 Warrants 5,855,400 1,614,400 TOTAL POSSIBLE DILUTION 8,939,067 5,211,400 |
| Prepaid Expenses (Tables) | 9 Months Ended |
| Jan. 31, 2016 | |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
| Prepaid Expenses | January 31, 2016 April 30, 2015 Exploration expense $ - $ 62,274 Directors and officers liability insurance 5,658 8,563 TOTAL PREPAID EXPENSES $ 5,658 $ 70,837 |
| Equipment and Mining Interest (Tables) | 9 Months Ended |
| Jan. 31, 2016 | |
| Extractive Industries [Abstract] | |
| Equipment | January 31, 2016 April 30, 2015 Equipment $ 27,007 $ 28,992 Less accumulated depreciation (21,606) (19,540) Equipment, net of accumulated depreciation 5,401 9,452 Mining interest Longstreet property 321,999 288,499 TOTAL EQUIPMENT AND MINING INTEREST $ 327,400 $ 297,951 |
