Cover
Cover - shares | 6 Months Ended | |
Oct. 31, 2022 | Dec. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Oct. 31, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 303 | |
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 | |
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 |
CONDENSED INTERIM BALANCE SHEET
CONDENSED INTERIM BALANCE SHEETS (UNAUDITED) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 11,399 | $ 50,815 |
Other current assets (NOTE 5) | 149,346 | 139,332 |
TOTAL CURRENT ASSETS | 160,745 | 190,147 |
MINING INTEREST (NOTE 4) | 578,167 | 566,167 |
RECLAMATION BOND (NOTE 4) | 89,400 | 89,400 |
TOTAL ASSETS | 828,312 | 845,714 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 22,850 | 37,306 |
Accrued interest, related parties | 11,828 | 3,226 |
TOTAL CURRENT LIABILITIES | 34,678 | 40,532 |
LONG TERM LIABILITIES: | ||
Promissory notes, related party (NOTE 6) | 230,000 | 50,000 |
Convertible promissory notes, related parties (NOTE 6) | 150,000 | 150,000 |
TOTAL LIABILITIES | 414,678 | 240,532 |
COMMITMENTS AND CONTINGENCIES (NOTE 4 & 6) | ||
STOCKHOLDERS EQUITY | ||
Preferred Stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding | ||
Common Stock, $.001 par value; 1,000,000,000 shares authorized; 97,290,810 shares issued and outstanding | 97,291 | 97,291 |
Additional paid-in capital | 12,702,879 | 12,702,879 |
Accumulated deficit | (12,386,536) | (12,194,988) |
TOTAL STOCKHOLDERS EQUITY | 413,634 | 605,182 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ 828,312 | $ 845,714 |
CONDENSED INTERIM BALANCE SHE_2
CONDENSED INTERIM BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Oct. 31, 2022 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 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 | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 97,290,810 | 97,290,810 |
Common Stock, Shares, Outstanding | 97,290,810 | 97,290,810 |
CONDENSED INTERIM STATEMENTS OF
CONDENSED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | |
OPERATING EXPENSE | ||||
Mineral exploration expense | $ 25,146 | $ 25,146 | ||
Pre-development expense | 16,271 | 13,596 | 69,448 | 26,911 |
Legal and professional fees | 7,614 | 8,519 | 45,660 | 48,680 |
Management and administrative | 20,499 | 83,023 | 41,265 | 169,577 |
TOTAL OPERATING EXPENSES | 44,384 | 105,138 | 181,519 | 270,314 |
LOSS FROM OPERATIONS | (44,384) | (105,138) | (181,519) | (270,314) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 12 | 66 | ||
Interest expense | (406) | (262) | (812) | (524) |
Interest expense, related party | (6,712) | (9,217) | ||
TOTAL OTHER INCOME (EXPENSE) | (7,118) | (250) | (10,029) | (458) |
NET LOSS BEFORE INCOME TAXES | (51,502) | (105,388) | (191,548) | (270,772) |
Provision for income taxes | ||||
NET LOSS | $ (51,502) | $ (105,388) | $ (191,548) | $ (270,772) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average number shares outstanding | 97,290,810 | 97,290,810 | 97,290,810 | 97,290,810 |
CONDENSED INTERIM STATEMENTS _2
CONDENSED INTERIM 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, 2021 | $ 97,291 | $ 12,615,008 | $ (11,801,793) | $ 910,506 |
Beginning Balance at Apr. 30, 2021 | 97,290,810 | |||
Net loss | (165,384) | (165,384) | ||
Ending balance, value at Jul. 31, 2021 | $ 97,291 | 12,615,008 | (11,967,177) | 745,122 |
Ending Balance at Jul. 31, 2021 | 97,290,810 | |||
Beginning balance, value at Apr. 30, 2021 | $ 97,291 | 12,615,008 | (11,801,793) | 910,506 |
Beginning Balance at Apr. 30, 2021 | 97,290,810 | |||
Net loss | (270,772) | |||
Warrants issued for other current assets | 87,871 | |||
Ending balance, value at Oct. 31, 2021 | $ 97,291 | 12,702,879 | (12,072,565) | 727,605 |
Ending Balance at Oct. 31, 2021 | 97,290,810 | |||
Beginning balance, value at Jul. 31, 2021 | $ 97,291 | 12,615,008 | (11,967,177) | 745,122 |
Beginning Balance at Jul. 31, 2021 | 97,290,810 | |||
Net loss | (105,388) | (105,388) | ||
Warrants issued for other current assets | 87,871 | 87,871 | ||
Ending balance, value at Oct. 31, 2021 | $ 97,291 | 12,702,879 | (12,072,565) | 727,605 |
Ending Balance at Oct. 31, 2021 | 97,290,810 | |||
Beginning balance, value at Apr. 30, 2022 | $ 97,291 | 12,702,879 | (12,194,988) | 605,182 |
Beginning Balance at Apr. 30, 2022 | 97,290,810 | |||
Net loss | (140,046) | (140,046) | ||
Ending balance, value at Jul. 31, 2022 | $ 97,291 | 12,702,879 | (12,335,034) | 465,136 |
Ending Balance at Jul. 31, 2022 | 97,290,810 | |||
Beginning balance, value at Apr. 30, 2022 | $ 97,291 | 12,702,879 | (12,194,988) | 605,182 |
Beginning Balance at Apr. 30, 2022 | 97,290,810 | |||
Net loss | (191,548) | |||
Warrants issued for other current assets | ||||
Ending balance, value at Oct. 31, 2022 | $ 97,291 | 12,702,879 | (12,386,536) | 413,634 |
Ending Balance at Oct. 31, 2022 | 97,290,810 | |||
Beginning balance, value at Jul. 31, 2022 | $ 97,291 | 12,702,879 | (12,335,034) | 465,136 |
Beginning Balance at Jul. 31, 2022 | 97,290,810 | |||
Net loss | (51,502) | (51,502) | ||
Ending balance, value at Oct. 31, 2022 | $ 97,291 | $ 12,702,879 | $ (12,386,536) | $ 413,634 |
Ending Balance at Oct. 31, 2022 | 97,290,810 |
CONDENSED INTERIM STATEMENTS _3
CONDENSED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (191,548) | $ (270,772) |
Changes in assets and liabilities: | ||
Other current assets | (10,014) | (42,553) |
Accounts payable and accrued liabilities | (14,456) | (8,863) |
Accrued interest, related parties | 8,602 | |
Deferred compensation to officers and directors | 129,000 | |
Net cash used by operating activities | (207,416) | (193,188) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments for mining interests | (12,000) | (12,000) |
Net cash used by investing activities | (12,000) | (12,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from promissory notes payable, related parties | 260,000 | |
Repayment of promissory notes payable, related party | (80,000) | |
Net cash provided by financing activities | 180,000 | |
Net decrease in cash and cash equivalents | (39,416) | (205,188) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 50,815 | 265,944 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 11,399 | 60,756 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Warrants issued for other current assets | $ 87,871 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Oct. 31, 2022 | |
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 | 6 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods reported. The condensed balance sheet at April 30, 2022 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three- and six-month period ended October 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2023. These unaudited condensed interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP). These unaudited condensed interim financial statements should be read in conjunction with the annual audited financial statements included in the Companys Annual Report on Form 10-K for the year ended April 30, 2022 filed with the Securities and Exchange Commission on July 29, 2022. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements. Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of October 31, 2022, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. The lack of sufficient working capital and continuing losses raises substantial doubt about the Companys ability to continue as a going concern. As shown in the accompanying condensed balance sheet as of October 31, 2022, the Company has an accumulated deficit of $ 12,386,536 Reclassifications Certain reclassifications have been made to the 2021 financial statements in order to conform to the 2022 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported. New Accounting Pronouncements Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entitys Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entitys Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and with early adoption permitted. Early adoption of this update had no impact on the Companys consolidated financial statements. 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 | 6 Months Ended |
Oct. 31, 2022 | |
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 on October 31, 2022 and 2021 that could have a dilutive effect are as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share October 31, 2022 October 31, 2021 Stock options 5,035,000 5,035,000 Convertible promissory notes, related parties 3,000,000 - Warrants 2,000,000 2,000,000 Total Possible Dilution 10,035,000 7,035,000 For the three- and six-months ended October 31, 2022, and 2021, respectively, the effect of the Companys outstanding stock options, convertible promissory notes, related parties and warrants would have been anti-dilutive and so are excluded in the calculation of diluted EPS. |
MINING INTEREST
MINING INTEREST | 6 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
MINING INTEREST | NOTE 4– MINING INTEREST The following is a summary of the Companys equipment and mining interest on October 31, 2022 and April 30, 2022. Schedule of Company Equipment and Mining Interest October 31, 2022 April 30, 2022 Mining interest - Longstreet 578,167 566,167 Total $ 578,167 $ 566,167 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 August 24, 2020, the Company executed an amendment which 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 six months ended October 31, 2022 and 2021, respectively, the Company paid the annual $12,000 advance royalty on the Longstreet Property. At October 31, 2022 and April 30, 2022, the Company has a reclamation bond of $89,400 with 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 | 6 Months Ended |
Oct. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | NOTE 5 – OTHER CURRENT ASSETS 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). On August 21, 2022, the Company exercised its third and final 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 October 31, 2022 and April 30, 2022, the unamortized portion of the High Test Hay Water Rights Agreement and subsequent exercise of its option is $20,137 and $7,740, respectively. On October 31, 2021, the Company issued 2,000,000 warrants to purchase common stock in accordance with an agreement whereby the Company will receive promotional services to be performed in the future. The fair value of the warrants issued was $87,871 was recorded as other current assets and is being amortized over subsequent periods when services are received. For the three-and six-months ended October 31, 2022 and the year ended April 30, 2022, no share-based compensation has been recognized. (Note 8). The following is a summary of the Companys Other Current Assets at October 31, 2022 and April 30, 2022: Schedule of Company Other Current Assets October 31, 2022 April 30, 2022 Option on water rights lease agreement, net $ 20,137 $ 7,740 Prepaid insurance 2,175 4,558 Prepaid promotion expense 125,084 125,084 Prepaid legal expense 1,950 1,950 Total $ 149,346 $ 139,332 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Oct. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6– RELATED PARTY TRANSACTIONS On May 1, 2021, the Company entered into consulting agreements with four members of the Companys management team (the consulting agreements). The Company entered into an agreement with each of 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 originally paid each executive $6,000 per month. Each executive was originally eligible to receive a bonus equal to eighteen (18) months compensation, payable upon a change in control event. The consulting agreements superseded all previous agreements or resolutions. Effective December 1, 2021, the Company amended existing consulting agreements with the Companys management team. Under the terms of the amended consulting agreements, three (3) executives are to be paid $1 annual compensation and one executive will be paid $2,500 per month. Each executive is eligible to receive a bonus of $108,000 payable upon a change of control. For the three months ended October 31, 2022, the Company recognized $7,500 in management and administrative expense under the consulting agreements. For the three months ended October 31, 2021, the Company recognized $72,000 in management and administrative expense under the consulting agreements. For the six months ended October 31, 2022, the Company recognized $15,000 in management and administrative expense under the consulting agreements. For the six months ended October 31, 2021, the Company recognized $144,000 in management and administrative expense under the consulting agreements. On November 30, 2021, the Company entered into four Convertible Promissory Notes (the Convertible Promissory Notes) with certain officers and directors of the Company in consideration of deferred compensation totaling $150,000. The Convertible Promissory Notes accrue interest at 5% per annum with monthly interest-only payments through April 30, 2025. The Convertible Promissory Notes mature April 30, 2025. The Convertible Promissory Notes are convertible at any time after the original issue date into a number of shares of the Companys Common Stock, determined by dividing the amount to be converted by a conversion price equal to $0.05 per share. The Convertible Promissory Notes are convertible into an aggregate of 3,000,000 shares. At October 31, 2022 and April 30, 2022, the balance of the Convertible Promissory Notes was $150,000. On April 12, 2022, the Company entered in a promissory note with the Companys Chairman of the Board of Directors in the amount of $50,000. The note has a maturity date of April 12, 2024 and accrued interest at 5% per annum. On June 28, 2022, the Company entered in a promissory note with the Companys Chairman of the Board of Directors in the amount of $30,000. The note has a maturity date of April 12, 2024 and accrued interest at 5% per annum. On July 5, 2022, the Company entered into a promissory note with an entity controlled by the Chairman of the Board of Directors and another Company director in the amount of $80,000. The proceeds repaid the April 12, 2022 and June 28, 2022 promissory notes outstanding. The July 5, 2022 promissory note has a maturity date of July 31, 2025 and accrues interest at 8% per annum. At October 31, 2022, the principal balance of the promissory note is $80,000. On August 4, 2022, the Company entered into a promissory note with an entity controlled the Chairman of the Board of Directors and another Company director in the amount of $150,000. The promissory note has a maturity date of July 31, 2025 and accrues interest at 8% per annum. At October 31, 2022, the principal balance of the promissory note is $150,000. For the three months ended October 31, 2022 and 2021, the Company recognized interest expense, related parties of $ 6,712 9,217 At October 31, 2022 and April 30, 2022, the balance of accrued interest due to related parties is $ 11,828 3,226 |
WARRANTS
WARRANTS | 6 Months Ended |
Oct. 31, 2022 | |
Warrants | |
WARRANTS | NOTE 7 – WARRANTS On October 31, 2021, the Company granted 2,000,000 warrants to purchase Common Stock in lieu of cash payment for future promotional services. The warrants have an exercise price of $0.0442. The expiration date of the warrants is October 31, 2026. The fair value of the warrants granted was $87,871 and is included in Other Current Assets and will be amortized for services to be provided over the subsequent twelve months (Note 5). The Company estimated the fair value of the October 31, 2021 warrants issued using the Black-Scholes model with the following information and range of assumptions: Schedule of Company’s Warrants Outstanding Warrants issued 2,000,000 Fair value of warrant issuance $ 87,871 Exercise price $ 0.0442 Expected volatility 244.99 % Expected term 5 years Risk free rate 1.18 % The following is a summary of the Companys warrants to purchase shares of common stock activity: Schedule of Company’s Warrants to Purchase of Common Stock Warrants Weighted Average Balance outstanding at April 30, 2021 6,789,667 $ 0.15 Issued 2,000,000 0.0442 Expired (6,789,667 ) (0.15 ) Balance outstanding at April 30, 2022 and October 31, 2022 2,000,000 $ 0.0442 |
STOCK OPTIONS
STOCK OPTIONS | 6 Months Ended |
Oct. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK OPTIONS | NOTE 8 - 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 were capitalized as mining interest. Options outstanding for mining interest totaled 935,000 at October 31, 2022 and April 30, 2022 and are fully vested. As of October 31, 2022, the remaining weighted average term of the option grants for mining interest was 1.84 years. As of October 31, 2022, 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. No options were issued, exercised, expired or forfeited under the Stock Option Plan during the three- and six- months ended October 31, 2022 or 2021. The total value of stock option awards is expensed ratably over the vesting period of the employees receiving the awards. As of October 31, 2022 and April 30, 2022, 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 as of October 31, 2022: Schedule of Company’s Stock Option Plan Options outstanding and exercisable Date of Grant Shares Remaining Term Price April 30, 2018 1,400,000 0.50 $ 0.065 April 30, 2021 2,700,000 3.50 0.06 Total options 4,100,000 2.47 $ 0.06 Summary: The following is a summary of the Companys stock options outstanding and exercisable: Schedule of Company’s Stock Option Outstanding and Exercisable Options issued for: Options Weighted Weighted Mining interests 935,000 1.84 $ 0.04 Stock option plan 4,100,000 2.47 0.06 Outstanding and exercisable at October 31, 2022 5,035,000 2.35 $ 0.06 The aggregate intrinsic value of all options vested and exercisable at October 31, 2022, was $Nil based on the Companys closing price of $0.009 per common share at October 31, 2022. The Companys current policy is to issue new shares to satisfy option exercises. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Oct. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods reported. The condensed balance sheet at April 30, 2022 was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three- and six-month period ended October 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2023. These unaudited condensed interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP). These unaudited condensed interim financial statements should be read in conjunction with the annual audited financial statements included in the Companys Annual Report on Form 10-K for the year ended April 30, 2022 filed with the Securities and Exchange Commission on July 29, 2022. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements. |
Going Concern | Going Concern As shown in the accompanying financial statements, the Company has incurred operating losses since inception. As of October 31, 2022, the Company has limited financial resources with which to achieve the objectives and obtain profitability and positive cash flows. The lack of sufficient working capital and continuing losses raises substantial doubt about the Companys ability to continue as a going concern. As shown in the accompanying condensed balance sheet as of October 31, 2022, the Company has an accumulated deficit of $ 12,386,536 |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2021 financial statements in order to conform to the 2022 presentation. These reclassifications have no effect on net loss, total assets or accumulated deficit as previously reported. |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entitys Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entitys Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and with early adoption permitted. Early adoption of this update had no impact on the Companys consolidated financial statements. 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) | 6 Months Ended |
Oct. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The outstanding securities on October 31, 2022 and 2021 that could have a dilutive effect are as follows: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
EARNINGS PER SHARE | October 31, 2022 October 31, 2021 Stock options 5,035,000 5,035,000 Convertible promissory notes, related parties 3,000,000 - Warrants 2,000,000 2,000,000 Total Possible Dilution 10,035,000 7,035,000 |
MINING INTEREST (Tables)
MINING INTEREST (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Company Equipment and Mining Interest | The following is a summary of the Companys equipment and mining interest on October 31, 2022 and April 30, 2022. Schedule of Company Equipment and Mining Interest |
EQUIPMENT AND MINING INTEREST | October 31, 2022 April 30, 2022 Mining interest - Longstreet 578,167 566,167 Total $ 578,167 $ 566,167 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Company Other Current Assets | The following is a summary of the Companys Other Current Assets at October 31, 2022 and April 30, 2022: Schedule of Company Other Current Assets |
OTHER CURRENT ASSETS | October 31, 2022 April 30, 2022 Option on water rights lease agreement, net $ 20,137 $ 7,740 Prepaid insurance 2,175 4,558 Prepaid promotion expense 125,084 125,084 Prepaid legal expense 1,950 1,950 Total $ 149,346 $ 139,332 |
WARRANTS (Tables)
WARRANTS (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Warrants | |
Schedule of Company’s Warrants Outstanding | The Company estimated the fair value of the October 31, 2021 warrants issued using the Black-Scholes model with the following information and range of assumptions: Schedule of Company’s Warrants Outstanding |
WARRANTS | Warrants issued 2,000,000 Fair value of warrant issuance $ 87,871 Exercise price $ 0.0442 Expected volatility 244.99 % Expected term 5 years Risk free rate 1.18 % |
Schedule of Company’s Warrants to Purchase of Common Stock | The following is a summary of the Companys warrants to purchase shares of common stock activity: Schedule of Company’s Warrants to Purchase of Common Stock |
WARRANTS (Details 2) | Warrants Weighted Average Balance outstanding at April 30, 2021 6,789,667 $ 0.15 Issued 2,000,000 0.0442 Expired (6,789,667 ) (0.15 ) Balance outstanding at April 30, 2022 and October 31, 2022 2,000,000 $ 0.0442 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 6 Months Ended |
Oct. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Company’s Stock Option Plan | The following table summarizes additional information about the options under the Companys Stock Option Plan as of October 31, 2022: Schedule of Company’s Stock Option Plan |
STOCK OPTIONS | Options outstanding and exercisable Date of Grant Shares Remaining Term Price April 30, 2018 1,400,000 0.50 $ 0.065 April 30, 2021 2,700,000 3.50 0.06 Total options 4,100,000 2.47 $ 0.06 |
Schedule of Company’s Stock Option Outstanding and Exercisable | The following is a summary of the Companys stock options outstanding and exercisable: Schedule of Company’s Stock Option Outstanding and Exercisable |
STOCK OPTIONS (Details 2) | Options issued for: Options Weighted Weighted Mining interests 935,000 1.84 $ 0.04 Stock option plan 4,100,000 2.47 0.06 Outstanding and exercisable at October 31, 2022 5,035,000 2.35 $ 0.06 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Accounting Policies [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ 12,386,536 | $ 12,194,988 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 6 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Possible Dilution | 10,035,000 | 7,035,000 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Possible Dilution | 5,035,000 | 5,035,000 |
Convertible Promissory Notes Related Parties [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Possible Dilution | 3,000,000 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total Possible Dilution | 2,000,000 | 2,000,000 |
EQUIPMENT AND MINING INTEREST (
EQUIPMENT AND MINING INTEREST (Details) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Property, Plant and Equipment [Abstract] | ||
Mining interest - Longstreet | $ 578,167 | $ 566,167 |
Total | $ 578,167 | $ 566,167 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) | Oct. 31, 2022 | Apr. 30, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Option on water rights lease agreement, net | $ 20,137 | $ 7,740 |
Prepaid insurance | 2,175 | 4,558 |
Prepaid promotion expense | 125,084 | 125,084 |
Prepaid legal expense | 1,950 | 1,950 |
Total | $ 149,346 | $ 139,332 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Apr. 30, 2022 | |
Related Party Transactions [Abstract] | |||||
Interest Expense, Related Party | $ 6,712 | $ 9,217 | |||
[custom:AccuredInterest-0] | $ 11,828 | $ 11,828 | $ 3,226 |
WARRANTS (Details)
WARRANTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2022 | Oct. 31, 2021 | Apr. 30, 2022 | |
[custom:WarrantsIssuedForOtherCurrentAssets] | $ 87,871 | $ 87,871 | ||
Warrant [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,000,000 | 2,000,000 | ||
[custom:WarrantsIssuedForOtherCurrentAssets] | $ 87,871 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price | $ 0.0442 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 244.99% | |||
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 | 1.18% |
WARRANTS (Details 2)
WARRANTS (Details 2) - Warrant [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Oct. 31, 2022 | Apr. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 2,000,000 | 6,789,667 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 0.0442 | $ 0.15 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,000,000 | 2,000,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.0442 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (6,789,667) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ (0.15) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 2,000,000 | 2,000,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 0.0442 | $ 0.0442 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 6 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | shares | 5,035,000 |
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 4 months 6 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 | 6 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 | 3 years 6 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 | 4,100,000 |
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 2)
STOCK OPTIONS (Details 2) | 6 Months Ended |
Oct. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | shares | 5,035,000 |
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 4 months 6 days |
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 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 10 months 2 days |
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 | 4,100,000 |
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 |