Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2021 | Sep. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 000-52711 | |
Entity Registrant Name | STAR GOLD CORP. | |
Entity Central Index Key | 0001401835 | |
Entity Tax Identification Number | 27-0348508 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 1875 N. Lakewood Drive | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Coeur dAlene | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83814 | |
City Area Code | (208) | |
Local Phone Number | 664-5066 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | srgz | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 97,290,810 |
BALANCE SHEETS (UNAUDITED)
BALANCE SHEETS (UNAUDITED) - USD ($) | Jul. 31, 2021 | Apr. 30, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 179,254 | $ 265,944 |
Other current assets (NOTE 5) | 30,580 | 33,331 |
TOTAL CURRENT ASSETS | 209,834 | 299,275 |
EQUIPMENT AND MINING INTEREST, net (NOTE 4) | 566,167 | 554,167 |
RECLAMATION BOND | 89,400 | 89,400 |
TOTAL ASSETS | 865,401 | 942,842 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 55,779 | 32,336 |
Deferred compensation to officers and directors | 64,500 | |
TOTAL LIABILITIES | 120,279 | 32,336 |
COMMITMENTS AND CONTINGENCIES (NOTE 4) | ||
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; 97,290,810 shares issued and outstanding | 97,291 | 97,291 |
Additional paid-in capital | 12,615,008 | 12,615,008 |
Accumulated deficit | (11,967,177) | (11,801,793) |
TOTAL STOCKHOLDERS EQUITY | 745,122 | 910,506 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 865,401 | $ 942,842 |
BALANCE SHEETS (UNAUDITED) (Par
BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jul. 31, 2021 | Apr. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares, Issued | 97,290,810 | 97,290,810 |
Common Stock, Shares, Outstanding | 97,290,810 | 97,290,810 |
STATEMENTS OF OPERATIONS (UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
OPERATING EXPENSES | ||
Mineral exploration expense | $ 25,146 | $ 25,146 |
Pre-development expense | 13,315 | 32,167 |
Legal and professional fees | 40,161 | 40,735 |
Management and administrative | 86,554 | 21,613 |
Depreciation | 416 | |
TOTAL OPERATING EXPENSES | 165,176 | 120,077 |
LOSS FROM OPERATIONS | (165,176) | (120,077) |
OTHER INCOME (EXPENSE) | ||
Interest income | 54 | |
Interest expense | (262) | (262) |
Interest expense, related party | (737) | |
TOTAL OTHER INCOME (EXPENSE) | (208) | (999) |
NET LOSS BEFORE INCOME TAX | (165,384) | (121,076) |
Provision (benefit) for income tax | ||
NET LOSS | $ (165,384) | $ (121,076) |
Basic and diluted loss per share | ||
Basic and diluted weighted average number shares outstanding | 97,290,810 | 77,616,580 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS? EQUITY (UNAUDITED) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Apr. 30, 2020 | $ 77,395 | $ 11,576,571 | $ (11,157,593) | $ 496,373 |
Shares, Issued, Beginning Balance at Apr. 30, 2020 | 77,394,841 | |||
Common stock issued for exercise of warrants | 816 | 35,904 | $ 36,720 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 816,000 | |||
Net loss | (121,076) | $ (121,076) | ||
Ending balance, value at Jul. 31, 2020 | 78,211 | 11,612,475 | (11,278,669) | $ 412,017 |
Shares, Issued, Ending Balance at Jul. 31, 2020 | 78,210,841 | |||
Beginning balance, value at Apr. 30, 2021 | 97,291 | 12,615,008 | (11,801,793) | $ 910,506 |
Shares, Issued, Beginning Balance at Apr. 30, 2021 | 97,290,810 | |||
Common stock issued for exercise of warrants | $ 36,720 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 816,000 | |||
Net loss | (165,384) | $ (165,384) | ||
Ending balance, value at Jul. 31, 2021 | $ 97,291 | $ 12,615,008 | $ (11,967,177) | $ 745,122 |
Shares, Issued, Ending Balance at Jul. 31, 2021 | 97,290,810 |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (165,384) | $ (121,076) |
Adjustments to reconcile net loss to net cash used by operating activities | ||
Depreciation | 416 | |
Changes in operating assets and liabilities: | ||
Other current assets | 2,751 | 9,157 |
Accounts payable and accrued liabilities | 23,443 | 31,955 |
Deferred compensation to officers and directors | 64,500 | |
Net cash used by operating activities | (74,690) | (79,548) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments for mining interest | (12,000) | (12,000) |
Net cash used by investing activities | (12,000) | (12,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from note payable, related party | 30,000 | |
Proceeds from common stock payable | 5,000 | |
Proceeds from exercise of warrants | 36,720 | |
Net cash provided by financing activities | 71,720 | |
Net decrease in cash and cash equivalents | (86,690) | (19,828) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 265,944 | 26,617 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 179,254 | $ 6,789 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Jul. 31, 2021 | |
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 Companys core 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, and performing geophysical work or other exploration work deemed necessary. The business is a high-risk business as there is no guarantee that the Companys exploration work will ultimately discover or produce any economically viable minerals. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jul. 31, 2021 | |
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. I n the opinion of the Companys management, all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair statement of the interim financial statements have been included. The balance sheet at July 31, 2021 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. Operating results for the three-month period ended July 31, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year ending April 30, 2022. 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, 2021. Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2021, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows, which raises substantial doubt about the Companys ability to continue as a going concern. As shown in the accompanying balance sheets of July 31, 2021, the Company has an accumulated deficit of $11,967,177. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Achievement of the Companys objectives will be dependent upon the ability to obtain additional financing, to locate profitable mining properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders. 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 long-lived asset impairments and stock-based compensation 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. Risks and Uncertainties The Companys operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging exploration mining business, including the potential risk of business failure. 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. Reclamation bond The Reclamation bond constitutes cash held as collateral for the faithful performance of the bond securing exploration permits and are accounted for on a cost basis. Financial Instruments The Companys financial instruments include cash and cash equivalents and reclamation bond. All instruments are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at July 31, 2021. Fair Value Measures When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At July 31, 2021 and April 30, 2021, the Company had no assets or liabilities accounted for at fair value on a recurring basis. 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, capitalized costs would be amortized using the units-of-production method based on 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. Pre-development Expenditures Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production which are expensed due to the lack of evidence of economic development which is necessary to demonstrate future recoverability of these costs. Equipment Equipment is stated at cost. Significant improvements are capitalized and depreciated. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Maintenance and repairs are charged to operations as incurred. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses. Reclamation and Remediation The Companys 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. Impairment of Long-lived Assets 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. Share-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 of Directors. The value of shares of Common Stock awards is determined based on the closing price of the Companys stock on the date of the award. Income Taxes The Company accounts for income taxes using the liability method. The liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of (i) temporary differences between financial statement carrying amounts of assets and liabilities and their basis for tax purposes and (ii) operating loss and tax credit carryforwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the financial statements. Reclassifications Certain reclassifications have been made to the 2020 financial statements in order to conform to the 2021 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported. New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and makes additions to the disclosure requirements on fair value measurements. The Company adopted ASU No. 2108-13 on May 1, 2020. There is no impact on the effect of this update on fair value measurement disclosures for the period ended July 31, 2021. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 3 – EARNINGS 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 outstanding securities at July 31, 2021 and 2020 that could have a dilutive effect are as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share July 31, 2021 July 31, 2020 Stock options 9,845,000 7,145,000 Warrants 6,789,667 28,223,849 TOTAL POSSIBLE DILUTIVE SHARES 16,634,667 35,368,849 For the years ended July 31, 2021 and 2020, respectively, the effect of the Companys outstanding stock options and warrants would have been anti-dilutive and so are excluded in the calculation of diluted EPS. |
EQUIPMENT AND MINING INTEREST
EQUIPMENT AND MINING INTEREST | 3 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
EQUIPMENT AND MINING INTEREST | NOTE 4 – EQUIPMENT AND MINING INTEREST The following is a summary of the Companys equipment and mining interest July 31, 2021 April 30, 2021 Mining interest - Longstreet 566,167 554,167 TOTAL EQUIPMENT AND MINING INTEREST $ 566,167 $ 554,167 Pursuant to the Longstreet Property Option Agreement with Great Basin Resources, Inc. (Great Basin), as amended, which was originally entered into by the Company on or about January 15, 2010 (the Longstreet Agreement), the Company leased, with an option to acquire, unpatented mining claims located in the State of Nevada known as the Longstreet Property. Through August 12, 2019, the Company was required to make minimal lease payments in the form of cash and options to purchase shares of the Companys common stock. On September 1, 2019, the Company executed a consulting agreement with Great Basin for a term of 18 months (the Consulting Agreement). Under the Consulting Agreement, the Company will pay Great Basin $7,500 per month for the term of the Consulting Agreement. On August 24, 2020, the Company executed an amendment to the Consulting Agreement which accelerated the payments to Great Basin to include a $22,500 lump sum payment and three subsequent monthly payments of $7,500 in consideration of the execution and recording of a quit claim deed on the Longstreet claims for benefit of the Company. For the year ended April 30, 2021, the Company paid Great Basin a total of $67,500 which is included in pre-development expense. As of July 31, 2021, no amount is due to Great Basin under the consulting agreement. The August 24, 2020 Amendment also grants the Company the option, to be exercised no later than six (6) months following the first receipt of proceeds from the sale of ore from the Longstreet Property, to purchase one-half of Great Basins 3.0% Net Smelter Royalty on the Longstreet Project for a payment of $1,750,000. In addition, the Company is obligated, pursuant to the Longstreet Agreement, as amended, to pay an annual advance royalty payment of $12,000 related to the Clifford claims. For the three-months ended July 31, 2021 and 2020, respectively, the Company paid the annual $12,000 advance royalty for additional mining interest on the Longstreet Property. The Company has paid $89,400 to the United States Department of Agriculture-Forest Service to increase the Reclamation Bond as collateral on the Longstreet Property. The bond is collateral on reclamation of planned drilling activities on the Longstreet Property and is refundable subject to the Company completing defined reclamation actions upon completion of drilling. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 3 Months Ended |
Jul. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | NOTE 5 – OTHER CURRENT ASSETS On December 31, 2016, the Company entered into an Option and Lease of Water Rights with Stone Cabin Company, LLC (the Stone Cabin Water Rights Agreement). In exchange for a one-time payment of $20,000, the Stone Cabin Water Rights Agreement granted the Company a three-year option to commence a ten-year lease of certain water rights in Nevada. The water rights are for use in conjunction with the Companys Longstreet Project. Lease payments for the water rights do not commence unless the Company exercises the option to lease. The Stone Cabin Water Rights Agreement also granted the Company the ability to extend, upon additional annual payments, the option to lease for up to an additional three years and the ability to extend the water rights lease (if exercised) for an additional ten-year period. The Company has exercised its first and second options to extend the Stone Cabin Water Rights Agreement on December 31, 2019 and 2020 respectively. As of July 31, 2021, the unamortized portion of the Stone Cabin Water Rights Agreement and subsequent exercise of its second option is $8,384. On August 21, 2017, the Company entered into an Option and Lease of Water Rights, with High Test Hay, LLC (the High Test Water Rights Agreement). In exchange for a one-time payment of $25,000, the High Test Water Rights Agreement grants the Company a three-year option to commence a ten-year lease on certain water rights in Nevada. The water rights are for use in conjunction with the Companys Longstreet Project. Lease payments for the water rights do not commence unless and until the Company exercises the option to lease. The High Test Water Rights Agreement also grants the Company the ability to extend, upon additional option payments, the option to lease for up to an additional three years and the ability to extend the water rights lease (if exercised) for up to an additional twenty years. The initial $25,000 payment has been deferred and was amortized on a straight-line basis over the three-year option period. On August 21, 2020, the Company exercised its first option to extend the High Test Hay Water Rights agreement for an additional twelve months and made a $25,000 payment to be amortized over twelve months. As of July 31, 2021, the unamortized portion of the High Test Water Rights Agreement is $2,067. The following is a summary of the Companys Other Current Assets July 31, 2021 April 30, 2021 Option on water rights lease agreements, net $ 10,451 $ 21,570 Prepaid insurance and other expenses 20,129 11,761 Total $ 30,580 $ 33,331 On August 21, 2021, the Company exercised its second option to extend the High Test Hay Water Rights agreement for an additional twelve months and made a $25,000 payment to be amortized over twelve months (Note 11). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS Effective September 1, 2019, the Board authorized the Company to accrue for a period of six months a monthly total of $18,000 to reward, compensate and incentivize for the Chairman of the Board, two other respective members of the Board, and the Companys Chief Financial Officer. During the year ended April 30, 2021, the accrued balance of $89,000 was paid to the respective officers and directors. As of April 30, 2021, there were no further payments due under this board action. On March 10, 2020 and June 25, 2020, the Company entered into promissory notes with the Companys Chairman of the Board of Directors in the amount of $50,000 and $30,000, respectively. The notes had maturity dates of March 10, 2022 and June 27, 2022, respectively and accrued interest at 6% per annum. During the year ended April 30, 2021, the total outstanding balance of the respective promissory notes of $80,000 and accrued interest of $1,786 was paid to the Companys Chairman of the Board. On May 1, 2021 the Company entered into consulting agreements with four members of the Companys management team. The Company entered into an Agreement each with the Chairman of the Board, the President, the Chief Financial Officer and the Vice President of Finance. Each Agreement is for a two-year period, automatically renewable annually thereafter, and pays each executive $6,000 per month. Each executive is eligible to receive a bonus payable upon a change in control event equal to eighteen (18) months compensation. The Consulting Agreements supersede any previous agreements or resolutions. For the three months ended July 31, 2021, the Company recognized $72,000 in management and administrative expense under the Consulting Agreements. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Jul. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 8 – STOCKHOLDERS EQUITY For the three months ended July 31, 2020, the Company issued a total of 816,000 36,720 For the three months ended July 31, 2021, the Company did not issue any shares of its Common Stock. |
WARRANTS
WARRANTS | 3 Months Ended |
Jul. 31, 2021 | |
Warrants | |
WARRANTS | NOTE 9 – WARRANTS On June 8, 2020, Star Gold notified all of its warrant holders that the Company was re-pricing, for a limited time, all issued and outstanding Common Stock Warrants, of the Company, to an Exercise Price of $0.045 per share. During the period beginning on June 8, 2020 and ending on August 31, 2020, each outstanding warrant to purchase Star Gold Common Stock could be exercised, in whole or in part, at the per share price of $0.045 per share regardless of the exercise price set forth in the warrant being exercised. After August 31, 2020 each remaining outstanding and unexercised common stock warrant would then revert to its original exercise price as set forth in each respective warrant. On August 31, 2020, the Board approved extending the expiration of the repricing, of all issued and outstanding warrants, to September 11, 2020. On September 11, 2020, the Board approved extending the expiration of the repricing, of all issued and outstanding warrants, to September 30, 2020. After 5 pm PDT on September 30, 2020, all warrants outstanding reverted to their original exercise price as set forth in each respective warrant. On July 6, 2020, an accredited investor exercised 816,000 Warrants to Purchase Common Shares of the Companys stock at $0.045 per shares for cash proceeds of $36,720. The following is a summary of the Companys warrants to purchase shares of Common Stock activity Warrants Weighted Average Balance outstanding at April 30, 2019 30,654,249 $ 0.16 Expired (1,614,400 ) 0.23 Balance outstanding at April 30, 2020 29,039,849 $ 0.16 Exercised (19,495,969 ) (0.05 ) Expired (2,754,213 ) (0.05 ) Balance outstanding at April 30, 2021 and July 31, 2021 6,789,667 $ 0.15 The composition of the Companys warrants outstanding Issue Date Expiration Date Warrants Exercise Price Remaining life (years) October 12, 2016 October 12, 2021 6,789,667 $ 0.15 0.20 6,789,667 $ 0.15 0.20 |
STOCK OPTIONS
STOCK OPTIONS | 3 Months Ended |
Jul. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS | NOTE 10 – STOCK OPTIONS Options issued for mining interest In consideration for its mining interest (see Note 4), the Company was obligated to issue stock options to purchase shares of the Companys Common Stock based on fair market price which for financial statement purposes is considered to be the closing price of the Companys Common Stock on the issue dates. Those costs are capitalized as Mining Interest. Options outstanding for mining interest totaled 935,000 at July 31, 2021 and April 30, 2021 and are fully vested. As of July 31, 2021, the remaining weighted average term of the option grants for mining interest was 3.09 years. As of July 31, 2021, the weighted average exercise price of the option grants for mining interest was $0.04 per share. Options issued under the 2011 Stock Option/Restricted Stock Plan The Company established the 2011 Stock Option/Restricted Stock Plan (the 2011 Plan). The 2011 Plan is administered by the Board of Directors and provides for the grant of stock options to eligible individual including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. On April 30, 2021, the Board of Directors authorized the grant of 2,700,000 options to purchase shares of Common Stock of the Company to various directors and officers. The options have an exercise price of $0.06 based on the closing price of the Companys Common Stock on the date of grant and vest immediately. The expiration date of the options is April 30, 2026. The Company estimated the fair value of the April 30, 2021 option grants using the Black-Scholes model Options granted 2,700,000 Fair value of option grant $ 161,015 Exercise price $ 0.06 Expected volatility 244.74 % Expected term 5 years Risk free rate 0.86 % No options were issued under the Stock Option Plan during the three months ended July 31, 2021 or 2020. The total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of July 31 and April 30, 2021, respectively, there was no unrecognized compensation cost related to stock-based options and awards. The following table summarizes additional information about the options under the Companys Stock Option Plan Options outstanding and exercisable Date of Grant Shares Price Remaining Term October 18, 2016 4,810,000 $ 0.06 0.22 April 30, 2018 1,400,000 0.065 1.75 April 30, 2021 2,700,000 0.06 4.75 Total options 8,910,000 $ 0.06 2.47 Summary: The following is a summary of the Companys stock options outstanding and exercisable Options issued for: Expiration Date Options Weighted Average Mining interests August 31, 2024 935,000 $ 0.04 Stock option plan October 18, 2021 April 30, 2026 8,910,000 0.06 Outstanding and exercisable at April 30, 2020 9,845,000 $ 0.06 The aggregate intrinsic value of all options vested and exercisable at July 31, 2021, was $14,025 based on the Companys closing price of $0.055 per common share at July 31, 2021. The Companys current policy is to issue new shares to satisfy option exercises. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Jul. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 11 – SUBSEQUENT EVENT On August 21, 2021, the Company exercised its second option to extend the High Test Hay Water Rights agreement for an additional twelve months and made a $25,000 payment to be amortized over twelve months. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jul. 31, 2021 | |
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. I n the opinion of the Companys management, all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair statement of the interim financial statements have been included. The balance sheet at July 31, 2021 was derived from audited annual financial statements but does not contain all the footnote disclosures from the annual financial statements. All amounts presented are in U.S. dollars. Operating results for the three-month period ended July 31, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year ending April 30, 2022. 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, 2021. |
Going Concern | Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of July 31, 2021, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows, which raises substantial doubt about the Companys ability to continue as a going concern. As shown in the accompanying balance sheets of July 31, 2021, the Company has an accumulated deficit of $11,967,177. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Achievement of the Companys objectives will be dependent upon the ability to obtain additional financing, to locate profitable mining properties and generate revenue from current and planned business operations, and control costs. The Company plans to fund its future operations by joint venturing or obtaining additional financing from investors and/or lenders. |
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 long-lived asset impairments and stock-based compensation 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. |
Risks and Uncertainties | Risks and Uncertainties The Companys operations are subject to significant risks and uncertainties, including financial, operational, technological and other risks associated with operating an emerging exploration mining business, including the potential risk of business failure. |
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. |
Reclamation bond | Reclamation bond The Reclamation bond constitutes cash held as collateral for the faithful performance of the bond securing exploration permits and are accounted for on a cost basis. |
Financial Instruments | Financial Instruments The Companys financial instruments include cash and cash equivalents and reclamation bond. All instruments are accounted for on a cost basis, which, due to the short maturity of these financial instruments, approximates fair value at July 31, 2021. |
Fair Value Measures | Fair Value Measures When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At July 31, 2021 and April 30, 2021, the Company had no assets or liabilities accounted for at fair value on a recurring basis. |
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, capitalized costs would be amortized using the units-of-production method based on 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. |
Pre-development Expenditures | Pre-development Expenditures Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production which are expensed due to the lack of evidence of economic development which is necessary to demonstrate future recoverability of these costs. |
Equipment | Equipment Equipment is stated at cost. Significant improvements are capitalized and depreciated. Depreciation of equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years. Maintenance and repairs are charged to operations as incurred. Gains or losses on disposition or retirement of property and equipment are recognized in operating expenses. |
Reclamation and Remediation | Reclamation and Remediation The Companys 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. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets 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. |
Share-based Compensation | Share-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 of Directors. The value of shares of Common Stock awards is determined based on the closing price of the Companys stock on the date of the award. |
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method. The liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of (i) temporary differences between financial statement carrying amounts of assets and liabilities and their basis for tax purposes and (ii) operating loss and tax credit carryforwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when management concludes that it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the financial statements. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2020 financial statements in order to conform to the 2021 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported. |
New Accounting Pronouncements | New Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and makes additions to the disclosure requirements on fair value measurements. The Company adopted ASU No. 2108-13 on May 1, 2020. There is no impact on the effect of this update on fair value measurement disclosures for the period ended July 31, 2021. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The outstanding securities at July 31, 2021 and 2020 that could have a dilutive effect are as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
EARNINGS PER SHARE | July 31, 2021 July 31, 2020 Stock options 9,845,000 7,145,000 Warrants 6,789,667 28,223,849 TOTAL POSSIBLE DILUTIVE SHARES 16,634,667 35,368,849 |
EQUIPMENT AND MINING INTEREST (
EQUIPMENT AND MINING INTEREST (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
summary of the Company’s equipment and mining interest | The following is a summary of the Companys equipment and mining interest |
EQUIPMENT AND MINING INTEREST | July 31, 2021 April 30, 2021 Mining interest - Longstreet 566,167 554,167 TOTAL EQUIPMENT AND MINING INTEREST $ 566,167 $ 554,167 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
summary of the Company’s Other Current Assets | The following is a summary of the Companys Other Current Assets |
OTHER CURRENT ASSETS | July 31, 2021 April 30, 2021 Option on water rights lease agreements, net $ 10,451 $ 21,570 Prepaid insurance and other expenses 20,129 11,761 Total $ 30,580 $ 33,331 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Warrants | |
Company’s warrants to purchase shares of Common Stock activity | The following is a summary of the Companys warrants to purchase shares of Common Stock activity |
WARRANTS | Warrants Weighted Average Balance outstanding at April 30, 2019 30,654,249 $ 0.16 Expired (1,614,400 ) 0.23 Balance outstanding at April 30, 2020 29,039,849 $ 0.16 Exercised (19,495,969 ) (0.05 ) Expired (2,754,213 ) (0.05 ) Balance outstanding at April 30, 2021 and July 31, 2021 6,789,667 $ 0.15 |
Company’s warrants outstanding | The composition of the Companys warrants outstanding |
WARRANTS (Details 2) | Issue Date Expiration Date Warrants Exercise Price Remaining life (years) October 12, 2016 October 12, 2021 6,789,667 $ 0.15 0.20 6,789,667 $ 0.15 0.20 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended |
Jul. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Company estimated the fair value of the April 30, 2021 option grants using the Black-Scholes model | The Company estimated the fair value of the April 30, 2021 option grants using the Black-Scholes model |
STOCK OPTIONS | Options granted 2,700,000 Fair value of option grant $ 161,015 Exercise price $ 0.06 Expected volatility 244.74 % Expected term 5 years Risk free rate 0.86 % |
following table summarizes additional information about the options under the Company’s Stock Option Plan | The following table summarizes additional information about the options under the Companys Stock Option Plan |
STOCK OPTIONS (Details 2) | Options outstanding and exercisable Date of Grant Shares Price Remaining Term October 18, 2016 4,810,000 $ 0.06 0.22 April 30, 2018 1,400,000 0.065 1.75 April 30, 2021 2,700,000 0.06 4.75 Total options 8,910,000 $ 0.06 2.47 |
summary of the Company’s stock options outstanding and exercisable | The following is a summary of the Companys stock options outstanding and exercisable |
STOCK OPTIONS (Details 3) | Options issued for: Expiration Date Options Weighted Average Mining interests August 31, 2024 935,000 $ 0.04 Stock option plan October 18, 2021 April 30, 2026 8,910,000 0.06 Outstanding and exercisable at April 30, 2020 9,845,000 $ 0.06 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 16,634,667 | 35,368,849 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,845,000 | 7,145,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,789,667 | 28,223,849 |
EQUIPMENT AND MINING INTEREST_2
EQUIPMENT AND MINING INTEREST (Details) - USD ($) | Jul. 31, 2021 | Apr. 30, 2021 |
Property, Plant and Equipment [Abstract] | ||
Mining interest - Longstreet | $ 566,167 | $ 554,167 |
TOTAL EQUIPMENT AND MINING INTEREST | $ 566,167 | $ 554,167 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) | Jul. 31, 2021 | Apr. 30, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Option on water rights lease agreements, net | $ 10,451 | $ 21,570 |
Prepaid insurance and other expenses | 20,129 | 11,761 |
Total | $ 30,580 | $ 33,331 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Equity [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 816,000 | 816,000 |
Stock Issued During Period, Value, Stock Options Exercised | $ 36,720 | $ 36,720 |
WARRANTS (Details)
WARRANTS (Details) - $ / shares | 13 Months Ended | 15 Months Ended |
Apr. 30, 2020 | Jul. 31, 2021 | |
Summary of Investment Holdings [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 6,789,667 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 0.15 | |
Warrant [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 30,654,249 | 29,039,849 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 0.16 | $ 0.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | (1,614,400) | (2,754,213) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0.23 | $ 0.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | (19,495,969) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ (0.05) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ (0.23) | $ (0.05) |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 29,039,849 | 6,789,667 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 0.16 | $ 0.15 |
WARRANTS (Details 2)
WARRANTS (Details 2) - $ / shares | 3 Months Ended | ||
Jul. 31, 2021 | Apr. 30, 2020 | Mar. 31, 2019 | |
Summary of Investment Holdings [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 6,789,667 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0.15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 months 12 days | ||
Warrant [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 6,789,667 | 29,039,849 | 30,654,249 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0.15 | $ 0.16 | $ 0.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 months 12 days |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 12 Months Ended |
Apr. 30, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 2,700,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 161,015 |
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ / shares | $ 0.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 244.74% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.86% |
STOCK OPTIONS (Details 2)
STOCK OPTIONS (Details 2) | 3 Months Ended |
Jul. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 9,845,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.06 |
Stock Option Plan - October 18, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 4,810,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 months 19 days |
Stock Option Plan - April 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 1,400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.065 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months |
Stock Option Plan - April 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 2,700,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months |
Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 8,910,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 5 months 19 days |
STOCK OPTIONS (Details 3)
STOCK OPTIONS (Details 3) | 3 Months Ended |
Jul. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 9,845,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.06 |
Mining Interest [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 935,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.04 |
Expiration Date | Aug. 31, 2024 |
Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 8,910,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.06 |
Stock Option Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration Date | Oct. 18, 2021 |
Stock Option Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration Date | Apr. 30, 2026 |