Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Oct. 31, 2013 | Dec. 19, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'First Liberty Power Corp. | ' |
Entity Central Index Key | '0001415305 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-13 | ' |
Amendment Flag | 'true | ' |
Current Fiscal Year End Date | '--10-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 552,762,598 |
Document Fiscal Year Focus | '2014 | ' |
Amendment Description | 'Amendment No. 1 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
CURRENT ASSETS: | ' | ' |
Cash in bank | $24,765 | $5,262 |
Prepaid expense | 5,000 | ' |
Available for sale securities | 3,050 | 3,050 |
Unamortized financing fees | 87,562 | 57,257 |
Total current assets | 120,377 | 65,569 |
PROPERTY & EQUIPMENT | ' | ' |
Deposit on mineral property | 45,187 | 45,187 |
Property & equipment, net | 5,431 | 2,666 |
Total property & equipment | 50,618 | 47,853 |
TOTAL ASSETS | 170,995 | 113,422 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 199,132 | 293,582 |
Accounts payable, related parties | 102,760 | 77,441 |
Accrued interest | 43,989 | 39,971 |
Due to related parties, current portion | 316,546 | 313,920 |
Notes payable, current portion | 392,000 | 442,000 |
Derivative liability | 1,965,985 | 342,398 |
Convertible notes payable, net of unamortized discount of $589,306 and $362,382 as of October 31, 2013 and July 31, 2013, respectively | 252,233 | 329,520 |
Total current liabilities | 3,272,645 | 1,838,832 |
Total liabilities | 3,272,645 | 1,838,832 |
STOCKHOLDERS DEFICIT | ' | ' |
Common stock, par value $0.001 per share; 1,080,000,000 shares authorized; 531,185,162 and 466,752,425 shares issued and outstanding as of October 31, 2013, and July 31, 2013, respectively | 531,185 | 466,753 |
Additional paid-in capital | 3,687,600 | 2,894,959 |
Advances to related party | -33,945 | -16,331 |
Deficit accumulated during the exploration stage | -6,701,015 | -4,519,927 |
Non-controlling interest | -585,475 | -550,864 |
Total stockholders' deficit | -3,101,650 | -1,725,410 |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | $170,995 | $113,422 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,080,000,000 | 1,080,000,000 |
Common stock, shares issued | 531,185,162 | 466,752,425 |
Convertible Notes, Unamortized Discount, Current | $589,306 | $362,382 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 79 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
REVENUES | ' | ' | ' |
EXPENSES: | ' | ' | ' |
Exploration costs | 91,650 | ' | 650,731 |
Management & consulting fees | 45,000 | 96,649 | 1,532,354 |
Professional fees | 231,070 | 175,167 | 1,025,130 |
General and administration | 57,153 | 90,233 | 466,842 |
Impairment of assets | ' | ' | 814,950 |
Total expenses | 424,873 | 362,049 | 4,490,007 |
LOSS FROM OPERATIONS | -424,873 | -362,049 | -4,490,007 |
OTHER EXPENSE: | ' | ' | ' |
Gain on sale of mineral property | ' | ' | 155,000 |
Loss on investment | ' | ' | -246,950 |
Loss on derivative | -1,415,544 | ' | -1,547,203 |
Interest expense | -375,282 | -27,934 | -1,183,946 |
Exchange loss | ' | -1,089 | -3,811 |
TOTAL OTHER EXPENSE | -1,790,826 | -29,023 | -2,826,910 |
NET LOSS | -2,215,698 | -391,072 | -7,316,917 |
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | -34,612 | -29,184 | -639,104 |
NET LOSS ATTRIBUTABLE TO THE COMPANY | -2,181,087 | -361,888 | -6,677,813 |
COMPREHENSIVE LOSS | ' | ' | ' |
Change in market value of securities | ' | -14,500 | -75,000 |
COMPREHENSIVE LOSS | ($2,215,698) | ($405,572) | ($7,391,917) |
LOSS PER COMMON SHARE: | ' | ' | ' |
Loss per common share, basic | $0 | $0 | ' |
Comprehensive loss per common share-basic | $0 | $0 | ' |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC | 498,464,973 | 145,655,213 | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | 79 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($2,215,698) | ($391,072) | ($7,316,917) |
Adjustments to reconcile net loss to net cash used in operating activities - | ' | ' | ' |
Depreciation | ' | ' | 1,648 |
Debt forgiven | -17,457 | ' | -16,982 |
Gain on sale of property | ' | ' | -155,000 |
Loss on investment | ' | ' | 246,950 |
Stock based compensation, consulting services | 155,674 | 102,396 | 1,446,660 |
Stock issued for financing cost | 128,000 | ' | 128,000 |
Convertible note issued for service | ' | 67,500 | 135,000 |
Impairment on assets | ' | ' | 814,950 |
Loss on derivative | 1,415,544 | ' | 1,547,203 |
Amortization of financing fees | 253,609 | 91,098 | 1,053,893 |
Changes in net assets and liabilities - | ' | ' | ' |
Accrued interest | 4,018 | 18,357 | 95,962 |
Prepaid expense | -5,000 | -1,019 | -5,183 |
Unamortized fees | -30,305 | 17,408 | -78,598 |
Accounts payable | -55,374 | 14,970 | 234,308 |
Accounts payable, related parties | 25,320 | ' | 194,899 |
NET CASH USED IN OPERATING ACTIVITIES | -341,669 | -80,362 | -1,673,207 |
INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds on sale of property | ' | ' | ' |
Cash paid for acquisitions | ' | ' | -725,187 |
Cash paid for fixed assets | -2,765 | ' | -2,765 |
Cash received from Stockpile Reserves, LLC Acquisition | ' | 1,748 | 3,555 |
Loan to other entity | ' | ' | -42,975 |
NET CASH USED IN INVESTING ACTIVITIES | -2,765 | 1,748 | -767,372 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from the issuance of common stock | ' | ' | 566,500 |
Proceeds from notes/loans payable | 378,925 | 95,000 | 1,896,090 |
Proceeds from related party debt | 2,627 | 27,100 | 231,098 |
Payments on related party debt | ' | -1,000 | -93,980 |
Payments on notes payable | ' | -50,000 | -103,000 |
Payments on advances to related party | -17,614 | ' | -17,614 |
Deferred offering costs | ' | ' | -13,750 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 363,937 | 71,100 | 2,465,344 |
NET INCREASE (DECREASE) IN CASH | 19,503 | -7,514 | 24,765 |
CASH, BEGINNING OF PERIOD | 5,262 | 35,984 | ' |
CASH, END OF PERIOD | 24,765 | 28,470 | 24,765 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION AND NON-CASH ACTIVITIES | ' | ' | ' |
Interest | ' | ' | ' |
Tax | ' | ' | ' |
Net liability assumed through Stockpile Reserves, LLC acquisition | ' | ' | 41,236 |
Note payable settled with convertible note | 50,000 | ' | 50,000 |
Accounts payable settled with convertible note | 21,619 | ' | 21,619 |
Unamortized financing fees | ' | ' | -15,000 |
Shares issued for acquisition (see Note 1) | ' | -234,910 | ' |
Change in prepaid, net | ' | ' | 73,077 |
Conversion of debt to equity | 573,399 | 46,154 | 1,989,143 |
Convertible note issued for prepaid | ' | ' | 135,000 |
Shares issued for deposit on mineral property | ' | ' | $79,950 |
Note1_Organization_and_signifi
Note1 - Organization and significant accounting policies | 3 Months Ended | ||||
Oct. 31, 2013 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||
Note 1 - Organization and summary of significant accounting policies | ' | ||||
Note 1 – Organization and summary of significant accounting policies | |||||
Basis of Presentation and Organization | |||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three month period ended October 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2014. For further information refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2013. | |||||
First Liberty Power Corp. (“First Liberty Power” or the “Company” and formerly Quuibus Technology, Inc.) is a Nevada corporation in the exploration stage. The Company was incorporated under the laws of the State of Nevada on March 28, 2007. The original business plan of the Company was focused on developing and offering a server-based software product for the creation of wireless communities. The Company commenced a capital formation activity to effect a Registration Statement on Form SB-2 with the Securities and Exchange Commission, and raise capital of up to $60,000 from a self-underwritten offering of 1,200,000 shares of newly issued common stock in the public markets. The Registration Statement on Form SB-2 was filed with the SEC on November 13, 2007, and declared effective on November 21, 2007. On February 18, 2008, the Company completed an offering of its registered common stock. | |||||
In December 2009, the Company changed its business direction, and the Company’s primary focus is on exploration and development of domestic strategic mineral properties. The accompanying consolidated financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting. | |||||
On December 22, 2009, the Company declared a 27 for 1 forward stock split of its authorized and issued and outstanding common stock. The Company’s authorized common stock increased from 20,000,000 shares of common stock with a par value of $0.001 to 540,000,000 shares of common stock with a par value of $0.001. The effect of the stock split has been recognized retroactively in the stockholders’ equity accounts as of March 28, 2007, the date of our inception, and in all shares and per share data in the financial statements. | |||||
Effective December 22, 2009, the Company changed its name from “Quuibus Technology, Inc.” to “First Liberty Power Corp.” by way of a merger with its wholly owned subsidiary First Liberty Power Corp., which was formed solely for the name change. | |||||
On August 22, 2012, the Company entered into an agreement with Group8 Minerals, a Nevada Corporation ("Group8”), and Group8 Mining Innovations, a Nevada Corporation (“G8MI”), the sole Shareholder of Group8, whereby G8MI transferred 81% of the total issued and outstanding shares of Group8 in exchange for the issuance of 83,000,000 shares of the Company to G8MI plus one hundred thousand dollars ($100,000) cash payment to G8MI. Further, pursuant to the Agreement, the Company is required to undertake certain payments to Group8 aggregating a total of $2,000,000 for associated property payments and exploration costs as follows: (a) $500,000 on or before October 30, 2012, which amount remains outstanding as of the date of this filing; (b) $500,000 on or before December 31, 2012, which amount remains outstanding as of the date of this filing; (c) $500,000 on or before February 28, 2013, which amount remains outstanding as of the date of this filing; and (d) $500,000 on or before April 30, 2013, which amount remains outstanding as of the date of this filing. | |||||
In accordance with ASC 805, “Business Combinations”, and in particular ASC 805-50-25, the acquisition of Group8 is accounted for as an asset purchase without goodwill as Group8 did not meet the definition of a business per ASC 805 at the time of the acquisition. Additionally the CEO of First Liberty and controlling director of the Company is also a 50% director of G8MI as such the transaction was deemed a transaction under common control. As the Company and Group8 are considered as common controlled entities, the acquisition is a common control transaction; therefore, the financial statements requires retrospective combination of the entities for all periods presented as if the combination had been in effect since inception of common control. The 83,000,000 shares of the Company’s common stock issued to G8MI for 81% of Group8 will be recorded as founder’s shares to G8MI at Group8’s inception date, January 26, 2013.On May 22, 2012 and May 31, 2012, Group8 obtained 50% control of Stockpile Reserves, LLC (“SRL”) and Central Nevada Processing Co. LLC (“CNPC”), respectively. SRL has a net liability of $37,681 with non-controlling interest of $53,629 at May 22, 2012. The total net liability assumed by Group8 was $91,310, which will be combined with the Company’s financial statements as of July 31, 2012. There was no operation in CNPC as of July 31, 2012. | |||||
A summary of SRL net liability allocation is as follows: | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 3,555 | |||
Advances to related party | 9,200 | ||||
Property and equipment, net | 4,314 | ||||
Total assets acquired | $ | 17,069 | |||
Liabilities assumed: | |||||
Due to related party | $ | 54,750 | |||
Total liabilities assumed | $ | 54,750 | |||
Non-controlling interest | 53,629 | ||||
Net assets acquired | $ | -91,310 | |||
As of July 31, 2013, the Company paid off the $100,000 cash payment to G8MI which was applied against the $100,000 obligation under the agreement to acquire Group8. The 83,000,000 shares of the Company issued to G8MI are valued at $0 as Group8 founder’s shares as of July 31, 2012, and $(100,000) on August 22, 2012 as the Company has the liability to pay G8MI for the acquisition of Group8 when the Company entered into the share exchange agreement with G8MI and Group8. | |||||
Basis of Presentation | |||||
As a result of the acquisition, the accompanying consolidated financial statements include the operations of G8 Minerals since August 23, 2012. The accompanying consolidated financial statements also include the operations of the Company, its 50% owned subsidiary Central Nevada Processing Co. LLC (CNPC) and its 50% owned subsidiary Stockpile Reserves LLC (SRL). CNPC and SRL are both considered variable interest entities (VIE) for which the Company is the primary beneficiary. | |||||
The Company consolidates all entities in which the Company holds a “controlling financial interest.” For voting interest entities, the Company is considered to hold a controlling financial interest when the Company is able to exercise control over the investees’ operating and financial decisions. For variable interest entities (“VIEs”), the Company is considered to hold a controlling financial interest when it is determined to be the primary beneficiary. For VIEs, a primary beneficiary is a party that has both: (1) the power to direct the activities of a VIE that most significantly impact that entity's economic performance, and (2) the obligation to absorb losses, or the right to receive benefits, from the VIE that could potentially be significant to the VIE. The determination of whether an entity is a VIE is based on the amount and characteristics of the entity's equity. | |||||
All significant inter-company balances and transactions have been eliminated in consolidation. | |||||
Cash and Cash Equivalents | |||||
For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. | |||||
Mineral Properties | |||||
The Company is primarily engaged in the business of the acquisition, exploration, development, mining, and production of domestic strategic energy and mineral properties, with a current emphasis on lithium carbonate. Mineral claim and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period. | |||||
Revenue Recognition | |||||
The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. | |||||
Business Combinations – Valuation of Acquired Assets and Liabilities | |||||
Allocations of purchase price for business combinations are based on estimates of the fair value of consideration paid and the net assets acquired. Accounting for business combinations requires estimates and judgments as to expectations of future cash flows for acquired businesses and the allocation of those cash flows to identifiable tangible and intangible assets in determining the estimated fair values of assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets and liabilities, including contingent consideration, are based on management’s estimates and assumptions, utilizing customary valuation procedures and techniques. Contingent consideration is measured at its estimated fair value as of the date of acquisition, with subsequent changes in fair value recorded in earnings as a component of other income or expense. If actual results differ significantly from the estimates and judgments used in determining the estimated fair values of assets and liabilities recorded as of the date of acquisition, these differences could result in a possible impairment of recorded assets, including intangible assets and goodwill, or require acceleration of amortization expense of finite-lived intangible assets. | |||||
Long-lived assets | |||||
The Company accounts for its long-lived assets in accordance with FASB ASC 360-10, “Property, Plant and Equipment” which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposal value. | |||||
Investments | |||||
The Company holdings in marketable securities classified as available-for-sale are carried at fair value. The carrying value of marketable securities is reviewed each reporting period for declines in value that are considered to be other-than temporary and, if appropriate, the investments are written down to their estimated fair value. Realized gains and losses and declines in value judged to be other-than-temporary on available for sale securities are included in the Company’s statements of operations. Unrealized gains and unrealized losses deemed temporary are included in accumulated other comprehensive income (loss). | |||||
Effective February 8, 2011, the Company acquired 500,000 shares of New America Energy common stock pursuant to an Agreement between the Company, New America Energy and GeoXplor (refer to Note 3 and 9) for the deemed value of $250,000. The equity investment will be periodically reviewed to determine if impairment is required. As of October 31, 2013, the Company realized $0 in change on investment, and therefore no change in the value of the 500,000 shares of New American Energy common stock. | |||||
Loss per Common Share | |||||
Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. | |||||
Convertible Debentures | |||||
Beneficial Conversion Feature | |||||
If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method. | |||||
Debt Discount | |||||
The Company determines if the convertible debenture should be accounted for as liability or equity under ASC 480, Liabilities — Distinguishing Liabilities from Equity. ASC 480, applies to certain contracts involving a company's own equity, and requires that issuers classify the following freestanding financial instruments as liabilities. Mandatorily redeemable financial instruments, Obligations that require or may require repurchase of the issuer's equity shares by transferring assets (e.g., written put options and forward purchase contracts), and Certain obligations where at inception the monetary value of the obligation is based solely or predominantly on: | |||||
– A fixed monetary amount known at inception, for example, a payable settleable with a variable number of the issuer's equity shares with an issuance date fair value equal to a fixed dollar amount, | |||||
– Variations in something other than the fair value of the issuer's equity shares, for example, a financial instrument indexed to the S&P 500 and settleable with a variable number of the issuer's equity shares, or | |||||
– Variations inversely related to changes in the fair value of the issuer's equity shares, for example, a written put that could be net share settled. | |||||
If the entity determined the instrument meets the guidance under ASC 480 the instrument is accounted for as a liability with respective debt discount. The Company records debt discounts in connection with raising funds through the issuance of convertible debt (see Note 4). These costs are amortized to non-cash interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. | |||||
Derivative Financial Instruments | |||||
Derivative financial instruments, as defined in ASC 815, “Accounting for Derivative Financial Instruments and Hedging Activities”, consist of financial instruments or other contracts that contain a notional amount and one or more underlying (e.g. interest rate, security price or other variable), require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. | |||||
The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has issued financial instruments including senior convertible notes payable and freestanding stock purchase warrants with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. As required by ASC 815, in certain instances, these instruments are required to be carried as derivative liabilities, at fair value, in our financial statements. | |||||
Fair Value of Financial Instruments | |||||
The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of October 31, 2013, and July 31, 2013, the carrying value of the Company’s financial instruments approximated fair value due to the short-term nature and maturity of these instruments. | |||||
Common Stock Registration Expenses | |||||
The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are reflected in the accompanying consolidated financial statements as general and administrative expenses, and are expensed as incurred. | |||||
Estimates | |||||
The financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of October 31, 2013, and July 31, 2013, and expenses for the quarters ended October 31, 2013, and 2012, and cumulative from inception. Actual results could differ from those estimates made by management. | |||||
Asset retirement obligations | |||||
The Company has adopted the provisions of FASB ASC 410-20 “Asset Retirement and Environmental Obligations,” which requires the fair value of a liability for an asset retirement obligation to be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related oil and gas properties. As of October 31, 2013, there have been no asset retirement obligations recorded. |
Note_2_Going_Concern
Note 2 - Going Concern | 3 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Note 2 - Going Concern | ' |
Note 2 – Going concern | |
The Company is currently in the exploration stage and has engaged in limited operations. While management of the Company believes that the Company will be successful in its planned operating activities, there can be no assurance that it will be able to be successful in the development of its product, sale of its planned product, and services that will generate sufficient revenues to sustain its operations. | |
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company has incurred an operating loss since inception of $(7,316,917) and has no revenues to offset its operating costs. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Note_3_Mineral_properties
Note 3 - Mineral properties | 3 Months Ended |
Oct. 31, 2013 | |
Extractive Industries [Abstract] | ' |
Note 3 - Mineral properties | ' |
Note 3 – Mineral properties | |
A) Lithium Agreement: | |
On May 31, 2012, the Company entered into a new purchase agreement with GeoXplor Corp. (the “Lithium Agreement”), which is effective as of March 15, 2012. Under this Agreement, the Company has been granted an exclusive four year exploration license in regards to the two mineral properties described in the Agreement. One property encompasses 58 placer claims (9280 acres) located in Lida Valley, Esmeralda County, Nevada for Lithium and Lithium Carbonate exploration (the "Lida Valley Property"), and the other encompasses 70 placer claims (11,200 acres) located in Smokey Valley, Esmeralda County, Nevada for Lithium and Lithium Carbonate exploration (the "Smokey Valley Property"). Pursuant to the Agreement, upon the completion of the required payments and work commitments, GeoXplor shall transfer title to the properties to the Company and shall retain a 5% royalty, on which we shall have the option to purchase up to 4%, for $1,000,000 per 1%. | |
The Lithium Agreement is a replacement of all prior agreements pertaining to the Lida Valley claims contained within the Purchase Agreement dated December 24, 2009 between GeoXplor and the Company. This Agreement supersedes and replaces all prior agreements in respect to those claims. | |
Under the new Lithium Agreement, the Company is required pay GeoXplor in consideration of the grant of the exploration license and other rights granted under this Agreement a total of $725,000, undertake the issuance of 2,000,000 Shares, and expend not less than One Million Five-Hundred Thousand Dollars ($1,500,000) in Mineral Exploration and Development Testing ("Work"). | |
The Company is in default on its obligations under the agreements. Through to the fiscal year end and date of this report, the Company has not yet achieved a formal extension and settlement agreement. However, the Company believes it will be possible to obtain such an agreement on terms acceptable to all parties. Until such an agreement is reached, the value of the properties under the Lithium Agreement have been impaired to reflect the current status. | |
B) Fencemaker Agreement: | |
On August 22, 2012, the Company entered into an agreement with Group8 Minerals, a Nevada Corporation ("Group8”), and Group8 Mining Innovations, a Nevada Corporation (“G8MI”), the sole Shareholder of Group8, whereby the Company acquired 81% of the total issued and outstanding shares of Group8. Group8 holds a 50% interest in Central Nevada Processing Co. LLC (CNPC) and a 50% interest in Stockpile Reserves LLC (SRL). As a result of the acquisition, the Company has an effective 40.5% interest in each of CNPC and SRL. SRL is an Antimony mining company having a mineral property known as the Fencemaker mine, located in the Stillwater Range of west central Nevada, approximately 194 kilometers northeast of the city of Reno, Nevada. | |
Under the Fencemaker Agreement, the Company is required to issue to G8MI a total of 83,000,000 shares of its Common Stock, which stock has been issued; deliver to G8MI cash payments of $100,000, which payments have been completed, and; the Company is required to undertake certain payments to G8 Minerals aggregating a total of $2,000,000 for associated property payments and exploration costs. The payments are presently in arrears, however G8MI has not undertaken to issue any default notice, and the Company does not expect it will do so. | |
C) San Juan Agreement: | |
On November 6, 2012, we entered into a purchase agreement with GeoXplor Corp. (“Agreement”). Under this Agreement, we have been granted an exclusive five year exploration license in regards to a mineral property described in the Agreement. The mineral property encompasses 13 lode claims (260 acres) located in the Canyon Country District, San Juan County, Utah for Vanadium and Uranium exploration (the "San Juan Property"). Pursuant to the Agreement, upon the completion of the required payments and work commitments, GeoXplor shall transfer title to the San Juan Property to the Company and shall retain a 3% royalty, on which we shall have the option to purchase up to 2%, for $1,000,000 per 1%. | |
Under the San Juan Agreement, the Company is required to pay GeoXplor in consideration of the grant of the exploration license and other rights granted under this Agreement a total of $500,000, issue 3,000,000 Shares, and expend not less than One Million Five-Hundred Thousand Dollars ($1,000,000) in Mineral Exploration and Development Testing | |
The Company is presently actively seeking investment capital to undertake the next stages of development on the San Juan Agreement, and is seeking to close this financing within the current quarter. The San Juan Property encompasses certain claims previously included in agreements between the Company and GeoXplor, and this Agreement supersedes and replaces all prior agreements in respect to those claims. |
Note_4_Convertible_notes_payab
Note 4 - Convertible notes payable | 3 Months Ended | |
Oct. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Note 4 - Convertible notes payable | ' | |
Note 4 – Convertible notes payable | ||
Tangiers Investors, LLC (“Tangiers”) | ||
On February 23, 2012, the Company entered into an agreement with Tangiers Investors, LP, a Delaware limited partnership, an accredited investor, whereby Tangiers Investors loaned the Company the aggregate principal amount of $102,500, less $2,500 for legal related costs and $10,000 fee to be paid to a third party, together with interest at the rate of eight percent (8%) per annum, until the maturity date of February 22, 2013. On March 7, 2012, the Company entered into another agreement with Tangiers for the same amount and terms with the maturity of March 6, 2013. On August 31, 2012 the Company entered into a third agreement with Tangiers for $20,000 with an interest rate of ten percent (10%) per annum, until the maturity date of February 8, 2013. On May 21, 2013, the Company entered into a Secured Convertible Promissory Note agreement with Tangier’s Capital (Tangier’s Note 4), a Delaware corporation, an accredited investor, whereby Tangier’s Capital loaned the Company the aggregate principal amount of $62,500, less $35,000, for legal related costs, the six (6) month forbearance on any and all of the Company’s notes held by the Purchaser that are currently in default, and for the settlement of losses resulting from the delay in issuance of shares for the conversion dated March 13, 2013 pertaining to the one hundred and two thousand five hundred dollars ($102,500) convertible note dated March 7, 2012, together with an interest rate of ten percent (10%) and with the maturity of May 21, 2013. On October 21, 2013, the Company entered into a Secured Convertible Promissory Note agreement with Tangiers Investors, LP, a Delaware corporation, an accredited investor, (Tangier’s Note 5) whereby Tangiers agreed to enter into a debt purchase agreement to acquire unpaid debt obligation of the Company from Filer Support Services, Inc. in the amount of $21,619. As a result of the debt purchase the Company entered into a Secured Convertible Promissory Note in the amount of $21,619 together with interest at the rate of ten percent (10%) per annum, until the maturity date of October 21, 2014. On October 9, 2013, the Company entered into a Secured Convertible Promissory Note agreement with Tangiers Investors, LP, a Delaware corporation, an accredited investor, (Tangier’s Note 6) whereby Tangiers agreed to acquire the April 19, 2013 Secured Convertible Promissory Note in the amount of $35,000 from Harbor Gates LLC. As a result of the exchange agreement the Company entered into a new note of $36,400 consisting of $35,000 in principle and $1,400 in interest from the original note together with interest at the rate of five percent (10%) per annum, until the maturity date of October 09, 2014. | ||
If the Note is not paid in full with interest on the maturity date, Tangiers has the right to convert this Note into restricted common shares of the Company. The Company at its option may elect to convert all or part of the principal and any accrued unpaid interest on these notes at any time or times on or before the maturity based on a conversion price. The conversion price (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower) shall be equal to 65% multiplied by the average of the two lowest closing prices during the ten (10) trading days prior to conversion notice. | ||
Tangiers Note 1 and Note 2 are original issue discount notes valued for $315,385 consisting of principal of $205,000 and a discount of $110,385 which was valued based on the 65% conversion rate. As of October 31, 2013, this note was fully converted and has a balance of $0. | ||
Tangiers Note 3 provides Tangiers the option until the repayment date, to convert the note to shares of the Company’s common stock at a fixed price of $0.02 per share. The Company has determined the value associated with the beneficial conversion feature in connection with the notes to be $20,000. On February 8, 2013, the Note matured and is currently in default. The company has negotiated a 6 month forbearance against default on this note. As of October 31, 2013, this note was fully converted and has a balance of $0. | ||
Tangiers Note 4 is consisting of principal of $62,500. Note was issued as a result of a debt purchase agreement of $50,000 and $12,500 of processing fees. | ||
Tangiers Note 5 is consisting of principle of $21,619. Issues as part of a debt purchase agreement to acquire unpaid debt obligation of the Company from Filer Support Services, Inc | ||
Tangiers Note 6 is consisting of principal of $36,400. As a result of the exchange agreement the Company entered into a new note of $36,400 consisting of $35,000 in principle and $1,400 in interest from the original note. As of October 31, 2013, this note was fully converted and has a balance of $0. | ||
The Company may prepay all or any portion of the aggregate principal amount and accrued interest within ninety (90) days of the date of issuance in an amount equal to one hundred twenty percent (120%) of face value plus accrued interest; or after ninety-one (91) days after the date of issuance of this Note but not later than one hundred eighty (180) days in an amount equal to one hundred forty percent (140%) of face value plus accrued interest; or if on or after one hundred eighty-one (181) days from the date of issuance, upon the express written consent from Tangiers. The Company has provided Tangiers with 896,593 shares of New America as collateral for the Notes. | ||
The Company determined that Tangiers convertible note’s 4, 5 and 6 contained features that were embedded in a freestanding host contract. As a result we analyzed this instrument, in accordance with ASC 815-15-25-1 and determined that the embedded feature should be accounted for separately as a derivative instrument with changes in fair value recognized in income each period. See Note 7. | ||
Asher Enterprises Inc. (“Asher”) | ||
On June 27, 2012, the Company entered into an agreement with Asher Enterprises, a Delaware corporation, an accredited investor, whereby Asher Enterprises loaned the Company the aggregate principal amount of $63,000, less $3,000 for legal related costs, together with interest at the rate of eight percent (8%) per annum, until the maturity date of March 27, 2013. On August 2, 2012, the Company entered into another agreement with Asher Enterprises for $27,500, less $2,500 for legal related costs, together with an interest rate of eight percent (8%) and with the maturity of May 6, 2013. On November 1, 2012, the Company entered into another agreement with Asher Enterprises for $42,500, less $2,500, for legal related costs, together with an interest rate of eight percent (8%) and with the maturity of August 5, 2013. On February 7, 2013, the Company entered into another agreement with Asher Enterprises for $27,500, less $2,500, for legal related costs, together with an interest rate of eight percent (8%) and with the maturity of October 29, 2013. The original issue discount note, as described in ASC 480-55, may not be prepaid in whole or in part. On August 13, 2013, the Company entered into a Secured Convertible Promissory Note agreement (Asher Note 5) with Asher Enterprises, Inc, a Delaware corporation, an accredited investor, whereby Asher loaned the Company the aggregate principal amount of $53,000, less $3,000, for legal related costs, and $5,300 to a third party together with interest at the rate of eight percent (8%) per annum, until the maturity date of May 9, 2014. On September 10, 2013, the Company entered into another Secured Convertible Promissory Note agreement (Asher Note 6) with Asher Enterprises, Inc., a Delaware corporation, an accredited investor, whereby Asher loaned the Company the aggregate principal amount of $53,000, less $3,000, for legal related costs and $5,300 to a third party, together with interest at the rate of eight percent (8%) per annum, until the maturity date of June 12, 2014. | ||
The Company may prepay all or any portion of the aggregate principal amount and accrued interest within thirty (30) days of the date of execution of this Note, this Note may be prepaid in an amount equal to one hundred thirty percent (130%) of face value plus accrued interest; or after thirty-one (31) days after the execution of this Note but not later than sixty (60) days from the date of execution of this Note, this Note may be prepaid in an amount equal to one hundred thirty five percent (135%)of face value plus accrued interest; or after sixty-one (61) days after the execution of this Note but not later than ninety (90) days from the date of execution of this Note, this Note may be prepaid in an amount equal to one hundred forty percent (140%) of face value plus accrued interest; or after ninety-one (91) days after the execution of this Note but not later than one hundred fifty (150) days from the date of execution of this Note, this Note may be prepaid in an amount equal to one hundred forty five percent (145%) of face value plus accrued interest; or after fifty-one (151) days after the execution of this Note but not later than one hundred eighty (180) days from the date of execution of this Note, this Note may be prepaid in an amount equal to one hundred fifty percent (150%) of face value plus accrued interest. After the expiration of one hundred eightieth (180) days following the date of the Note, the Company shall have no right of prepayment. | ||
The Company determined that the convertible notes, Asher Note 5 and Note 6, contained features that were embedded in a freestanding host contract. As a result we analyzed this instrument, in accordance with ASC 815-15-25-1 and determined that the embedded feature should be accounted for separately as a derivative instrument with changes in fair value recognized in income each period. See Note 7. | ||
Denali Equity Croup LLC. (“Denali”) | ||
On June 28, 2012, the Company entered into a Consulting Service Agreement with Denali Equity Group, LLC, a Nevada limited liability company, that in consideration of the service, the Company shall issue a convertible note of $135,000 to Denali. The Consulting Service Agreement has a term of two (2) years. During the quarter ended October 31, 2012, the Company recorded $67,500 in consulting expense, leaving a prepaid expense balance of $45,000. The Convertible Note Agreement with Denali is for the principal amount of $135,000 with interest at the rate of eight percent (8%) per annum, until the maturity date of June 30, 2014. On March 03, 2013, the Company entered another agreement with Harbor Gates, LLC, a Denali affiliated company for $25,000 together with an interest rate of eight percent (8%) and with the maturity of December 31, 2013. | ||
The original issue discount note, as described in ASC 480-55, may not be prepaid in whole or in part. If the Note is not paid in full with interest on the maturity date, Denali has the right to convert this Note into restricted common shares of the Company. The Company at its option may elect to convert all or part of the principal and any accrued unpaid interest on these notes at any time or times on or before the maturity based on a conversion price. The conversion price (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower) shall equal to 90% multiplied by the average of the two lowest closing prices during the ten (10) trading days prior to conversion notice. | ||
The Company may prepay all or any portion of the aggregate principal amount and accrued interest within ninety (90) days of the date of execution of this Note, this Note may be prepaid in an amount equal to one hundred ten percent (110%) of face value plus accrued interest; or after ninety-one (91) days after the execution of this Note but not later than one hundred eighty (180) days from the date of execution of this Note, this Note may be prepaid in an amount equal to one hundred twenty percent (120%) of face value plus accrued interest; or on or after one hundred eighty-one (181) days from the date of execution of this Note, this Note may be prepaid in an amount equal to one hundred twenty five percent (125%) of face value plus accrued interest. | ||
On February 12, 2013, the Company entered into an assignment agreement with Magna and Denali Equity Group (Denali), whereby Magna agreed to purchase the entire $135,000 convertible promissory note issued by the company to Denali over the next 60 days. In consideration for the $135,000 Denali note, Magna agreed to pay Denali $45,000 on February 12, 2013. The remaining payments are as follows: $45,000 on or before March 27, 2013, and another $45,000 on or before May 8, 2013, subject to certain purchase provisions. As a result of the assignment agreement the Company entered into a convertible promissory note with Magna in the aggregate principal amount of $45,000 less legal related costs, together with interest at the rate of twelve percent (12%) per annum, until the maturity date of February 12, 2014. On March 18, 2013, the Company entered into a second convertible promissory note assignment agreement with Magna and Denali Equity Group (Denali) for the second payment of $45,000. Magna is entitled to convert, at any time after the issuance of this note, all or any lesser portion of the outstanding principal and accrued but unpaid interest into common stock at a conversion price for each share of common stock equal to a price which is a 50% discount from the lowest trading price in the five days prior to the day that the holder requests conversion. On April 30, 2013, the Company entered into a third convertible promissory note assignment agreement with Magna and Denali Equity Group (Denali) for the third payment of $45,000, referenced in the February 12, 2013 assignment agreement. Denali did not receive the funds until May 14, 2013. Magna is entitled to convert, at any time after the issuance of this note, all or any lesser portion of the outstanding principal and accrued but unpaid interest into common stock at a conversion price for each share of common stock equal to a price which is a 50% discount from the lowest trading price in the five days prior to the day that the holder requests conversion. | ||
The three issued discount Note 1, Note 2 and Note 3 were valued for $150,000, consisting of principal of $135,000 and a discount of $15,000 which was valued based on the 90% conversion rate. During this same period the Company converted $135,000 principal amount of the Denali Notes to shares of common stock, which reduced $150,000 from the value of the notes, thereby reducing the balance to $0. | ||
Tonaquint Inc. (“Tonaquint”) | ||
On July 19, 2012, the Company entered into an agreement with Tonaquint Inc., a Utah corporation, an accredited investor, whereby Tonaquint Inc. loaned the Company the aggregate principal amount of $85,000, less $2,500 for legal related costs and $7,500 fee to be paid to a third party, together with interest at the rate of eight percent (8%) per annum, until the maturity date of April 19, 2013. The original issue discount note, as described in ASC 480-55, may not be prepaid in whole or in part. If the Note is not paid in full with interest on the maturity date, Tonaquint has the right to convert this Note into restricted common shares of the Company. The Company at its option may elect to convert all or part of the principal and any accrued unpaid interest on these notes at any time or times on or before the maturity based on a conversion price. The conversion price (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower) shall be equal to 65% multiplied by the average of the two lowest closing prices during the ten (10) trading days prior to conversion notice. | ||
The Company may prepay prior to the maturity date by paying an amount equal to the outstanding principal of the Note multiplied by one hundred fifty (150%) percent together with accrued and unpaid interest thereon, upon the express written consent from Tonaquint. | ||
The issued discount Note 1 was valued for $130,769, consisting of principal of $85,000 and a discount of $45,769 which was valued based on the 65% conversion rate. As of October 31, 2013 this note has been fully converted and is now $0. | ||
On April 18, 2013, the Company entered into a Secured Convertible Promissory Note dated April 26, 2013 with Tonaquint Inc., a Utah corporation, an accredited investor, whereby Tonaquint Inc. agreed to loan the Company the aggregate principal amount of $560,000, less $10,000 for legal related costs and an original issue discount of $50,000, together with interest at the rate of eight percent (8%) per annum, until the maturity date of 20 months from after issuance or December 18, 2014. The said Note is secured by real estate property located in Cook County, Illinois and is referenced in a Mortgage Agreement dated April 18, 2013 for a total value of $400,000. | ||
The note provides Tonaquint the option until the repayment date, to convert the note to shares of the Company’s common stock at $0.015 per share, subject to adjustment during certain events, such as, but limited to, issuance of options, change in option price or rate of conversion, deemed warrant issuance. As a result of the adjustment on share price, this note has been accounted as derivative liability. (See Note 7 for derivative) | ||
On initial funding, Tonaquint will deliver to the Company cash in the amount of $100,000 (the “Initial Prepayment”) and $400,000 in a subsequent 5% secured notes issued by Toniquant. The notes issued by Toniquant will be due 12 months from the Initial Funding Date based on the following fund disbursal schedule, together with interest at the rate of five percent (5%) per annum starting April 26, 2013 until the funding is receive by the Company. As a result of the two notes above, the Company has an effective interest rate of three percent (3%) for the portion of funds not yet funded to the Company. | ||
· | $100,000, 3 months after closing | |
· | $100,000, 6 months after closing | |
· | $100,000, 9 months after closing | |
· | $100,000 12 months after closing | |
On May 1, 2013 the Company received the initial drawdown of $100,000 less $10,000 in legal fees for a total of $90,000. The issued discount Drawdown 1 of Note 2 was valued for $150,000, consisting of principal of $100,000 and a discount of $50,000. On June 3, 2013, the Company received half of Drawdown 2 of $50,000 less third party fees of $4,519. On July 2, 2013, the Company received the second half of Drawdown 2 of $50,000 less third party fees of $4,815. On September 18, 2013, the Company received Drawdown 3 of $102,000 less third party fees of 8,200 and interest expense of $2,000. | ||
The Company determined that this convertible note contained features that were embedded in a freestanding host contract. As a result we analyzed this instrument, in accordance with ASC 815-15-25-1 and determined that the embedded feature should be accounted for separately as a derivative instrument with changes in fair value recognized in income each period. See note 7. | ||
Hanover Holdings, LLC. (“Magna Group”) | ||
On February 5, 2013, the Company entered into an agreement with Hanover Holdings I, LLC (Magna Group), a New York corporation, an accredited investor, whereby Magna loaned the Company the aggregate principal amount of $16,500, less $2,500 for legal related costs, together with interest at the rate of twelve percent (12%) per annum, until the maturity date of March 27, 2013. In addition, Magna has agreed to fund $33,000 over the next sixty days to be paid as follows: $16,500 on or before March 20, 2013 and an additional $16,500 on or before May 1, 2013. On March 12, 2013, the Company entered into a Secured Convertible Promissory Note agreement with Magna Group, whereby Magna Group loaned the Company the aggregate principal amount of $16,500, less $2,500, for legal related costs, together with an interest rate of twelve percent (12%) and with the maturity of October 5, 2013. | ||
The issued discount Notes were valued for $56,896, consisting of principal of $33,000 and a discount of $23,896 which was valued based on the 58% conversion rate. See Note 6 for share conversion As of October 31, 2013, this note was fully converted and has a balance of $0. | ||
Harbor Gates LLC. (“Harbor”) | ||
On March 4, 2013, the Company entered into a Convertible Promissory Note agreement with Harbor Gates, LLC (Harbor Gates), a Delaware limited liability corporation, an accredited investor, whereby Harbor Gates loaned the Company the aggregate principal amount of $25,000, together with interest at the rate of eight percent (8%) per annum, until the maturity date of December 31, 2013. On April 12, 2013, the Company entered into another Secured Convertible Promissory Note agreement with Harbor Gates, whereby Harbor Gates loaned the Company the aggregate principal amount of $25,000, together with an interest rate of eight percent (8%) and with the maturity of December 31, 2013. | ||
The issued discount Notes were valued for $120,000, consisting of principal of $50,000 and a discount of $70,000 which was valued based on the 50% conversion rate. See Note 6 for share conversion As of October 31, 2013, this note was fully converted and has a balance of $0. | ||
JMJ Financial | ||
On September 04, 2013, the Company entered into another Secured Convertible Promissory Note agreement with JMJ Financial, an accredited investor, whereby JMJ Financial loaned the Company the aggregate principal amount of $25,000, together with interest at the rate of twelve percent (12%) per annum, until the maturity date of September 4, 2014. The issued discount Notes were valued for $46,296, consisting of principal of $25,000, and a discount of $18,519 which was valued based on the 60% conversion rate. | ||
LG Capital Funding, LLC | ||
On September 12, 2013, the Company entered into an assignment agreement with LG Capital Funding, LLC (LG Capital), a New York corporation, and 136054 AB Limited (AB), whereby LG Capital agreed to purchase the entire $50,000 promissory note originally issued by the company to AB on October 31, 2012. As a result of the assignment agreement the Company entered into a convertible promissory note with LG Capital in the aggregate principal amount of $50,000 (LG Capital Note 1), together with interest at the rate of five percent (5%) per annum, until the maturity date of June 12, 2014. In addition, the Company entered into a Secured Convertible Promissory Note agreement with LG Capital (LG Capital Note 2, whereby LG Capital loaned the Company the aggregate principal amount of $77,000, less $2,000, for legal related costs, and $7,700 to a third party, together with interest at the rate of eight percent (8%) per annum, until the maturity date of June 12, 2014. | ||
LG Capital Note 1 is original issue discount note valued for $100,000 consisting of principal of $50,000 and a discount of $100,000 which was valued based on the 50% conversion rate. As of October 31, 2013 this note was fully converted and now has a balance of $0. LG Capital Note 2 is consisting of principal of $77,000 legal cost of $9,700. | ||
The Company determined that the convertible notes, LG Capital Note 1 and Note 2, contained features that were embedded in a freestanding host contract. As a result we analyzed this instrument, in accordance with ASC 815-15-25-1 and determined that the embedded feature should be accounted for separately as a derivative instrument with changes in fair value recognized in income each period. See Note 7. | ||
Auctus Private Equity Fund | ||
On October 4, 2013, the Company entered into a new convertible note with Auctus Private Equity Fund (Auctus), a Nevada corporation, whereby Auctus loaned the Company the aggregate principal amount of $50,000, less $8,620, for legal related costs, and third party fees, together with interest at the rate of eight percent (8%) per annum, until the maturity date of July 4, 2014. | ||
The Auctus Note is consisting of principal of $50,000 with legal cost of $8,620. | ||
The Company determined that the convertible note, Auctus Note, contained features that were embedded in a freestanding host contract. As a result we analyzed this instrument, in accordance with ASC 815-15-25-1 and determined that the embedded feature should be accounted for separately as a derivative instrument with changes in fair value recognized in income each period. See Note 7 | ||
As of October 31, 2013, the Company had a balance of convertible notes payable of $252,233 net of unamortized discount of $589,306 and a balance of unamortized financing fee of $87,562. As of October 31, 2013, the Company had accrued and expensed $34,988 in interest. | ||
GEL Properties | ||
On October 21, 2013, the Company entered into a Secured Convertible Promissory Note agreement with GEL Properties, a Delaware corporation, an accredited investor, whereby GEL Properties loaned the Company the aggregate principal amount of $75,000, together with interest at the rate of six percent (6%) per annum, until the maturity date of October 21, 2014. The issued discount Notes were valued for $115,385, consisting of principal of $75,000, and a original issue discount of $40,385 which was valued based on the 65% conversion rate. | ||
The Holder of this Note is entitled, at its option, at any time after the requisite rule 144 holding period, and after full cash payment for the shares convertible hereunder, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock (the "Common Stock") without restrictive legend of any nature, at a conversion price ("Conversion Price") for each share of Common Stock equal to 65% of the lowest closing bid price of the Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future ("Exchange"), for any of the five trading days including the day upon which a Notice of Conversion is received by the Company (provided such Notice of Conversion is delivered by fax or other electronic method of communication to the Company after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to included the same day closing price). |
Note_5_Related_Parties_Transac
Note 5 - Related Parties Transactions | 3 Months Ended |
Oct. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Note 5 - Related Parties Transactions | ' |
Note 5 – Related parties transactions | |
On May 3, 2010, the Company entered into a consulting agreement with Mr. John Hoak, wherein Mr. Hoak has agreed to provide, among other things, consulting services to the Company. The agreement was effective March 24, 2010 and continued to March 24, 2012. In consideration for agreeing to provide such consulting services, on May 3, 2010, we issued to Mr. Hoak 250,000 shares of our common stock valued at $187,500, which has been fully earned and expensed as of March 24, 2012. The agreement also contains a provision for the cash payment of $2,500 a month during the term of the agreement. Mr. Hoak resigned as a director in March 2012. The Company has recorded a due to related party to Mr. Hoak of $55,798 and $55,798 as of October 31, 2013 and July 31, 2013, respectively. | |
As of October 31, 2013, the Company has a payable of $46,100 to a former officer and Director of the Company, which consists of an outstanding loan amount to the Company of $9,910 and expenses paid by this former officer and Director on behalf of the Company for a total of $36,190. The loan is unsecured, non-interest bearing, and has no specific terms for repayment. | |
On November 29, 2010, Mr. Don Nicholson was appointed as a member of the board of directors of the Company, and on December 28, 2010, effective January 1, 2011; Mr. Nicholson was appointed Chief Executive Officer, President, and Secretary-Treasurer. The Company entered into an agreement on July 2, 2011, effective November 15, 2010, with LTV International Holdings Ltd. (“LTV”), to provide management services to the Company over a two year period. The terms of which required the issuance of 5,000,000 shares to LTV, issued on July 15, 2011 valued at $750,000, and a monthly fee of $2,500 payable to LTV. Mr. Don Nicholson is the designated service provider under the agreement with LTV. During each period, compensation expense was determined based on the number of days for which services were provided relative to 365 days, multiplied by the common stock valuation. | |
This amount is deducted from the prepaid expense (initially $750,000 from the initial issuance) accordingly each period. The Company has recorded a total of $109,375 and $187,500 as consulting expenses during the six months ended January 31, 2013 and 2012, leaving a prepaid expense balance of $0 and $109,375 as of January 31, 2013 and July 31, 2012, respectively. As of January 31, 2013, there are no outstanding amounts owing under this agreement. On December 1, 2012, the Company entered into a new consulting agreement with LTV to provide management services to the Company over a one year period. The terms of which require a monthly fee of $5,000 payable to LTV. Mr. Don Nicholson is the designated service provider under the agreement with LTV. For the three months ended October 31, 2013, an amount of $15,000 was recorded by the Company as management consulting expense and $5,180 was paid in the form of cash. As of October 31, 2013, an amount of $41,884 has been accrued as accounts payable to related party for LTV. | |
On April 1, 2012, the Company entered into a consulting agreement with Mr. Robert B. Reynolds Jr., wherein Mr. Reynolds agreed to provide, among other things, services associated with performing duties associated with being a director of the Company. The agreement was effective April 1, 2012, and continues to March 30, 2013. In consideration for agreeing to provide such services, in April 2012, we issued to Mr. Reynolds 250,000 shares of our common stock, valued at $11,500. During each period, the compensation expense is determined based on the number of days for which services were provided relative to 365 days, multiplied by the common stock valuation. This amount is deducted from prepaid expense accordingly | |
in each period, which amount of $2,889 was recorded as consulting expense during the quarter ended January 31, 2013, leaving a prepaid expense balance of $1,889. On December 1, 2012, the Company entered into a new consulting agreement with Mr. Reynolds for services associated with performing duties of being a director of the Company over a one year period. The terms of which require a monthly fee of $5,000 payable to Mr. Reynolds. For the three months ended October 31, 2013, an amount of $15,000 was recorded by the Company as management consulting expense and $8,000 was paid in the form of cash. As of October 31, 2013, an amount of $32,945 has been accrued as accounts payable to related party for Mr. Reynolds. | |
On June 12, 2012, the Company entered into a loan agreement with Sanning Management, Ltd., wherein Sanning Management agrees to loan a sum of $119,000 to the Company with interest at the rate of eight percent (8%) per annum, until the maturity date of June 12, 2014. As of October 31, 2013, the Company has a note payable to Sanning Management of $99,025 and accrued interest of $10,982. Sanning Management is the 100% owner of Group8 Mining Innovations, which Group8 Mining Innovations was the 100% owner of Group8 Mineral prior to the acquisition and is currently the 19% owner post-acquisition. | |
On December 1, 2012, the Company entered into a consulting agreement with Mario Beckles for services associated with performing duties of being a chief financial officer of the Company over a one year period. The terms of which require a monthly fee of $5,000 payable to Mr. Beckles. For the three months ended October 31, 2013, an amount of $15,000 was recorded by the Company as management consulting expense and the Company has paid $6,500 in cash. As of October 31, 2013 an amount of $27,932 has been accrued as accounts payable to related party for Mr. Beckles. |
Note_6_Common_Stock
Note 6 - Common Stock | 3 Months Ended |
Oct. 31, 2013 | |
Equity [Abstract] | ' |
Note 6 - Common Stock | ' |
Note 6 – Common stock | |
The Company is authorized to issue 540,000,000 shares of $.001 par value common stock. On August 20, 2013, the Company’s authorized common stock increased from 540,000,000 shares of common stock with a par value of $0.001 to 1,080,000,000 shares of common stock with a par value of $0.001. As of October 31, 2013 and July 31, 2013, 531,185,162 and 466,752,425 shares were issued and outstanding, respectively. | |
On September 16, 2013 the Company issued 7,386,221 shares of restricted common stock associated with the August 31, 2013 Security Purchase Agreement to purchase $2,000,000 of the Company’s common stock as a commitment fee. Under the agreement, amongst other terms, the Company is obligated to pay the remaining 50% commitment fee equivalent to $50,000. The shares were valued as of the date of grant resulting in a value of $153,049. The amount was recorded as operation expense. | |
On September 20, 2013, the Company issued 750,000 shares of restricted common stock to Carter Terry & Co. as compensation for services. The shares were valued at $2,625 based on the closing price on the grant date. | |
On October 1, 2013, the Company issued 10,000,000 shares of restricted common stock, valued at $128,000, to Dan Crofoot and Chaowalit Pullapat as compensatory payment in lieu of default of the agreement to purchase Fencemaker Millsite property at the subsidiary level of Central Nevada Processing Co. LLC. The original share issuance quantity was determined in April 2013, but the shares were not issuable until subsequent to the Company’s increase in authorized capital in September 2013. The value of the compensatory payment is considered to be attributable to the Company’s contribution requirements to the subsidiaries. | |
During the quarter ended October 31, 2013 the Company issued a total of 46,296,516 shares directly related to debt conversions of increments totaling $217,453. |
Note_7_Derivative_liability
Note 7 - Derivative liability | 3 Months Ended |
Oct. 31, 2013 | |
Notes to Financial Statements | ' |
Note 7 - Derivative liability | ' |
Note 7 – Derivative liability | |
Debt Conversion Features | |
In connection with the April 26, 2013 Secured Convertible Note to Tonaquint, the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 31, 2013 was estimated, using Level 3 inputs, at $744,272 using a Black-Scholes model with the following assumptions: expected volatility of 256%, risk free interest rate of 0.10%, expected life of 1.15 months and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $554,126 with interest expense of $64,015, and financing fees of $5,339 and unamortized fees as of October 31, 2013 is $28,395. | |
In connection with the May 21, 2013 Secured Convertible Note to Tangiers (Tangiers Note 4), the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 31, 2013 was estimated, using Level 3 inputs, at $216,677 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of 0.08%, expected life of 0.55 months and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $166,335 with interest expense of $440, and financing fees of $8,822 and unamortized fees as of October 31, 2013 of $19,370. | |
In connection with the October 21, 2013 Secured Convertible Note to Tangiers (Tangiers Note 5), the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 31, 2013 was estimated, using Level 3 inputs, at $63,125 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of 0.08%, expected life of 0.97 months and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $41,506 with interest expense of $658, and financing fees of $0 and unamortized fees as of October 31, 2013 of $0. | |
In connection with the October 9, 2013 Secured Convertible Note to Tangiers (Tangiers Note 6), the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 31, 2013 was estimated, using Level 3 inputs, at $113,749 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of 0.08%, expected life of 1 months and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $78,749 with interest expense of $794, and financing fees of $0 and unamortized fees as of October 31, 2013 is $0. | |
In connection with the September 12, 2013 Secured Convertible Note to LG Capital (LG Capital Note 1), the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 7, 2013, the date of conversion, was estimated, using Level 3 inputs, at $119,769 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of 0.08%, expected life of 1 month and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $119,451 with interest expense of $2,839, and financing fees of $0 and unamortized fees as of October 31, 2013 is $0. | |
In connection with the September 12, 2013 Secured Convertible Note to LG Capital (LG Capital Note 2), the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 31, 2013 was estimated, using Level 3 inputs, at $234,499 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of 0.08%, expected life of 0.61 months and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $157,499 with interest expense of $14,669, and financing fees of $1,741 and unamortized fees as of October 31, 2013 is $7,959. | |
In connection with the August 13, 2013 Secured Convertible Note to Asher (Asher Note 5), the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 31, 2013 was estimated, using Level 3 inputs, at $149,896 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of 0.08%, expected life of 0.52 months and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $96,896 with interest expense of $16,502, and financing fees of $2,438 and unamortized fees as of October 31, 2013 is $5,862. | |
In connection with the September 25, 2013 Secured Convertible Note to Asher (Asher Note 6), the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 31, 2013 was estimated, using Level 3 inputs, at $151,738 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of 0.08%, expected life of 0.61 months and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $98,738 with interest expense of $7,770, and financing fees of $1,149 and unamortized fees as of October 31, 2013 is $7,151. | |
In connection with the October 8, 2013 Secured Convertible Note to Auctus Private Equity Fund (Auctus Note), the note included a Debt Conversion Feature (see Note 4). The relative fair value of the Debt Conversion Feature as of October 31, 2013 was estimated, using Level 3 inputs, at $153,527 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of 0.08%, expected life of 0.67 months and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $103,527 with interest expense of $4,539, and financing fees of $737 and unamortized fees as of October 31, 2013 is $7,883. | |
Tonaquint Convertible Note Warrants | |
In connection with the Convertible Note offering on April 26, 2013, the Company issued 47,457,627 Convertible Note Warrants. The Convertible Note Warrants are exercisable at $0.25. The relative fair value of the warrants as of October 31, 2013 was estimated at $252,252 using a Black-Scholes model with the following assumptions: expected volatility of 268.19%, risk free interest rate of.10%, expected life of 1.15 years and no dividends. Expected volatility was based on the historical volatility of the Company. The loss on derivative liability for the quarter ended October 31, 2013 is $130,792. |
Note_8_Fair_Value_of_Assets_an
Note 8 - Fair Value of Assets and Liabilities | 3 Months Ended |
Oct. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Note 8 - Fair Value of Assets and Liabilities | ' |
Note 8 – Fair Value of Assets and Liabilities | |
Determination of Fair Value | |
The Company’s financial instruments consist of available for sale securities, convertible notes payable and a derivative liability. The Company believes all of the financial instruments’ recorded values approximate their fair values because of their nature and respective durations. | |
The Company complies with the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ASC 820-10 relates to financial assets and financial liabilities. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (GAAP), and expands disclosures about fair value measurements. The provisions of this standard apply to other accounting pronouncements that require or permit fair value measurements and are to be applied prospectively with limited exceptions. | |
ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions, about market participant assumptions, that are developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below: | |
Level 1. Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
Level 2. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Derivative instruments include the derivative liabilities as Level 2. Derivative instruments are valued using standard calculations/models that are primarily based on observable inputs, including volatilities and interest rates. Therefore, derivative instruments are included in Level 2. | |
Level 3. Inputs that are both significant to the fair value measurement and unobservable. These inputs rely on management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The unobservable inputs are developed based on the best information available in the circumstances and may include the Company’s own data. | |
Application of Valuation Hierarchy | |
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodology used to measure fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. | |
Available for sale securities. The Company assessed that the fair value of these assets using observable inputs described in level 1 above. | |
Advances from Related Party. The Company assessed that the fair value of this liability approximates its carrying value due to its short-term nature. | |
Notes Payable – Related Party. The Company assessed that the fair value of this liability to approximate its carrying value based on the effective yields of similar obligations. | |
Convertible Notes Payable. The Company assessed that the fair value of this liability approximates its carrying value due to its short-term nature. | |
Derivative and Warrant Liabilities. The Company assessed that the fair value of these liabilities using observable inputs described in level 3 above. | |
The methodology described above may produce a current fair value calculation that may not be indicative of net realizable value or reflective of future fair values. If readily determined market values became available or if actual performance were to vary appreciably from assumptions used, assumptions may need to be adjusted, which could result in material differences from the recorded carrying amounts. The Company believes its method of determining fair value is appropriate and consistent with other market participants. However, the use of different methodologies or different assumptions to value certain financial instruments could result in a different estimate of fair value. |
Note_9_Marketable_Securities_a
Note 9 - Marketable Securities and Investments | 3 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||
Note 9 - Marketable Securities and Investments | ' | |||||||||||
Note 9 –Marketable securities and investments | ||||||||||||
The following is a summary of available-for-sale marketable securities as of October 31, 2013 and July 31, 2013: | ||||||||||||
31-Oct-13 | ||||||||||||
Cost | Unrealized | Unrealized | Market or | |||||||||
(Gain) | (Losses) | Fair Value | ||||||||||
Equity securities | $ | 3,050 | $ - | $ | 0 | $ 3,050 | ||||||
Total | $ | 3,050 | $ - | $ | 0 | $ 3,050 | ||||||
31-Jul-13 | ||||||||||||
Cost | Unrealized | Realized | Market or | |||||||||
Gain | (Losses) | Fair Value | ||||||||||
Equity securities | $ | 250,000 | $ - | $ | (246,950) | $ 3,050 | ||||||
Total | $ | 250,000 | $ - | $ | (246,950) | $ 3,050 | ||||||
The Company classifies securities that have a readily determinable fair value and are not bought and not held principally for the purpose of selling them in the near term as securities available-for-sale, pursuant to FASB ASC 320-10, Investments-Debt & Equity Securities. Under FASB ASC 320-10, unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported in other comprehensive income until realized. |
Note_10_Subsequent_Events
Note 10 - Subsequent Events | 3 Months Ended | |
Oct. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
Note 10 - Subsequent Events | ' | |
Note 10 –Subsequent note | ||
On October 21, 2013, the Company entered into a Secured Convertible Promissory Note with Tangiers Capital, LLC., a Delaware corporation, an accredited investor, whereby Tangier’s loaned the Company the aggregate principal amount of $130,000, less $10,000 for legal and third party costs, together with interest at the rate of ten percent (10%) per annum, until the maturity date of 12 months from the after issuance or October 21, 2014. | ||
Tonaquint (as detailed in Note 4 – Convertible Debentures) has exercised its right to convert portions of its Secured Convertible Promissory Note dated April 26, 2013, as follows; | ||
i. | Under notice of conversion dated November 07, 2013, Tonaquint converted a portion of the debt equal to $66,880 in exchange for shares at a rate of $0.00774 per share, for a total of 8,640,835. | |
ii. | Under notice of conversion dated November 12, 2013, Tonaquint converted a portion of the debt equal to $43,478 in exchange for shares at a rate of $0.01041 per share, for a total of 4,176,548. | |
On November 08, 2013, the Company entered into a Secured Convertible Promissory Note with LG Capital Funding, LLC., a New York corporation, an accredited investor, whereby LG Capital loaned the Company the aggregate principal amount of $51,500, less $6,500 for legal and third party costs, together with interest at the rate of ten percent (10%) per annum, until the maturity date of 9 months from the after issuance or August 08, 2014. | ||
On December 4, 2013, the Company issued 625,000 shares of restricted common stock to Intergrated Business Alliance as compensation for services. | ||
On December 10, 2013, the Company issued 1,000,000 shares of restricted common stock to Carter Terry & Co. as compensation for services. | ||
Tangiers (as detailed in Note 4 – Convertible Debentures) has exercised its right to convert portions of its Secured Convertible Promissory Note dated May 21, 2013, as follows; | ||
i. | Under notice of conversion dated November 19, 2013, Tangiers converted a portion of the debt equal to $32,500 in exchange for shares at a rate of $0.0085 per share, for a total of 3,823,529. | |
ii. | Under notice of conversion dated December 12, 2013, Tangiers converted a portion of the debt equal to $32,500 in exchange for shares at a rate of $0.0189 per share, for a total of 3,311,524. | |
Note1_Organization_and_signifi1
Note1 - Organization and significant accounting policies (Policies) | 3 Months Ended | ||||
Oct. 31, 2013 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||
Basis of Presentation and Organization | ' | ||||
Basis of Presentation and Organization | |||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three month period ended October 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31, 2014. For further information refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended July 31, 2013. | |||||
First Liberty Power Corp. (“First Liberty Power” or the “Company” and formerly Quuibus Technology, Inc.) is a Nevada corporation in the exploration stage. The Company was incorporated under the laws of the State of Nevada on March 28, 2007. The original business plan of the Company was focused on developing and offering a server-based software product for the creation of wireless communities. The Company commenced a capital formation activity to effect a Registration Statement on Form SB-2 with the Securities and Exchange Commission, and raise capital of up to $60,000 from a self-underwritten offering of 1,200,000 shares of newly issued common stock in the public markets. The Registration Statement on Form SB-2 was filed with the SEC on November 13, 2007, and declared effective on November 21, 2007. On February 18, 2008, the Company completed an offering of its registered common stock. | |||||
In December 2009, the Company changed its business direction, and the Company’s primary focus is on exploration and development of domestic strategic mineral properties. The accompanying consolidated financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting. | |||||
On December 22, 2009, the Company declared a 27 for 1 forward stock split of its authorized and issued and outstanding common stock. The Company’s authorized common stock increased from 20,000,000 shares of common stock with a par value of $0.001 to 540,000,000 shares of common stock with a par value of $0.001. The effect of the stock split has been recognized retroactively in the stockholders’ equity accounts as of March 28, 2007, the date of our inception, and in all shares and per share data in the financial statements. | |||||
Effective December 22, 2009, the Company changed its name from “Quuibus Technology, Inc.” to “First Liberty Power Corp.” by way of a merger with its wholly owned subsidiary First Liberty Power Corp., which was formed solely for the name change. | |||||
On August 22, 2012, the Company entered into an agreement with Group8 Minerals, a Nevada Corporation ("Group8”), and Group8 Mining Innovations, a Nevada Corporation (“G8MI”), the sole Shareholder of Group8, whereby G8MI transferred 81% of the total issued and outstanding shares of Group8 in exchange for the issuance of 83,000,000 shares of the Company to G8MI plus one hundred thousand dollars ($100,000) cash payment to G8MI. Further, pursuant to the Agreement, the Company is required to undertake certain payments to Group8 aggregating a total of $2,000,000 for associated property payments and exploration costs as follows: (a) $500,000 on or before October 30, 2012, which amount remains outstanding as of the date of this filing; (b) $500,000 on or before December 31, 2012, which amount remains outstanding as of the date of this filing; (c) $500,000 on or before February 28, 2013, which amount remains outstanding as of the date of this filing; and (d) $500,000 on or before April 30, 2013, which amount remains outstanding as of the date of this filing. | |||||
In accordance with ASC 805, “Business Combinations”, and in particular ASC 805-50-25, the acquisition of Group8 is accounted for as an asset purchase without goodwill as Group8 did not meet the definition of a business per ASC 805 at the time of the acquisition. Additionally the CEO of First Liberty and controlling director of the Company is also a 50% director of G8MI as such the transaction was deemed a transaction under common control. As the Company and Group8 are considered as common controlled entities, the acquisition is a common control transaction; therefore, the financial statements requires retrospective combination of the entities for all periods presented as if the combination had been in effect since inception of common control. The 83,000,000 shares of the Company’s common stock issued to G8MI for 81% of Group8 will be recorded as founder’s shares to G8MI at Group8’s inception date, January 26, 2013.On May 22, 2012 and May 31, 2012, Group8 obtained 50% control of Stockpile Reserves, LLC (“SRL”) and Central Nevada Processing Co. LLC (“CNPC”), respectively. SRL has a net liability of $37,681 with non-controlling interest of $53,629 at May 22, 2012. The total net liability assumed by Group8 was $91,310, which will be combined with the Company’s financial statements as of July 31, 2012. There was no operation in CNPC as of July 31, 2012. | |||||
A summary of SRL net liability allocation is as follows: | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 3,555 | |||
Advances to related party | 9,200 | ||||
Property and equipment, net | 4,314 | ||||
Total assets acquired | $ | 17,069 | |||
Liabilities assumed: | |||||
Due to related party | $ | 54,750 | |||
Total liabilities assumed | $ | 54,750 | |||
Non-controlling interest | 53,629 | ||||
Net assets acquired | $ | -91,310 | |||
As of July 31, 2013, the Company paid off the $100,000 cash payment to G8MI which was applied against the $100,000 obligation under the agreement to acquire Group8. The 83,000,000 shares of the Company issued to G8MI are valued at $0 as Group8 founder’s shares as of July 31, 2012, and $(100,000) on August 22, 2012 as the Company has the liability to pay G8MI for the acquisition of Group8 when the Company entered into the share exchange agreement with G8MI and Group8. | |||||
Basis of Presentation | ' | ||||
Basis of Presentation | |||||
As a result of the acquisition, the accompanying consolidated financial statements include the operations of G8 Minerals since August 23, 2012. The accompanying consolidated financial statements also include the operations of the Company, its 50% owned subsidiary Central Nevada Processing Co. LLC (CNPC) and its 50% owned subsidiary Stockpile Reserves LLC (SRL). CNPC and SRL are both considered variable interest entities (VIE) for which the Company is the primary beneficiary. | |||||
The Company consolidates all entities in which the Company holds a “controlling financial interest.” For voting interest entities, the Company is considered to hold a controlling financial interest when the Company is able to exercise control over the investees’ operating and financial decisions. For variable interest entities (“VIEs”), the Company is considered to hold a controlling financial interest when it is determined to be the primary beneficiary. For VIEs, a primary beneficiary is a party that has both: (1) the power to direct the activities of a VIE that most significantly impact that entity's economic performance, and (2) the obligation to absorb losses, or the right to receive benefits, from the VIE that could potentially be significant to the VIE. The determination of whether an entity is a VIE is based on the amount and characteristics of the entity's equity. | |||||
All significant inter-company balances and transactions have been eliminated in consolidation. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents | |||||
For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. | |||||
Mineral Properties | ' | ||||
Mineral Properties | |||||
The Company is primarily engaged in the business of the acquisition, exploration, development, mining, and production of domestic strategic energy and mineral properties, with a current emphasis on lithium carbonate. Mineral claim and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
The Company is in the exploration stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. | |||||
Business Combinations - Valuation of Acquired Assets and Liabilities | ' | ||||
Business Combinations – Valuation of Acquired Assets and Liabilities | |||||
Allocations of purchase price for business combinations are based on estimates of the fair value of consideration paid and the net assets acquired. Accounting for business combinations requires estimates and judgments as to expectations of future cash flows for acquired businesses and the allocation of those cash flows to identifiable tangible and intangible assets in determining the estimated fair values of assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets and liabilities, including contingent consideration, are based on management’s estimates and assumptions, utilizing customary valuation procedures and techniques. Contingent consideration is measured at its estimated fair value as of the date of acquisition, with subsequent changes in fair value recorded in earnings as a component of other income or expense. If actual results differ significantly from the estimates and judgments used in determining the estimated fair values of assets and liabilities recorded as of the date of acquisition, these differences could result in a possible impairment of recorded assets, including intangible assets and goodwill, or require acceleration of amortization expense of finite-lived intangible assets. | |||||
Long-lived assets | ' | ||||
Long-lived assets | |||||
The Company accounts for its long-lived assets in accordance with FASB ASC 360-10, “Property, Plant and Equipment” which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset’s carrying value and fair value or disposal value. | |||||
Investments | ' | ||||
Investments | |||||
The Company holdings in marketable securities classified as available-for-sale are carried at fair value. The carrying value of marketable securities is reviewed each reporting period for declines in value that are considered to be other-than temporary and, if appropriate, the investments are written down to their estimated fair value. Realized gains and losses and declines in value judged to be other-than-temporary on available for sale securities are included in the Company’s statements of operations. Unrealized gains and unrealized losses deemed temporary are included in accumulated other comprehensive income (loss). | |||||
Effective February 8, 2011, the Company acquired 500,000 shares of New America Energy common stock pursuant to an Agreement between the Company, New America Energy and GeoXplor (refer to Note 3 and 9) for the deemed value of $250,000. The equity investment will be periodically reviewed to determine if impairment is required. As of October 31, 2013, the Company realized $0 in change on investment, and therefore no change in the value of the 500,000 shares of New American Energy common stock. | |||||
Loss per Common Share | ' | ||||
Loss per Common Share | |||||
Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. | |||||
Convertible Debentures | ' | ||||
Convertible Debentures | |||||
Beneficial Conversion Feature | |||||
If the conversion features of conventional convertible debt provides for a rate of conversion that is below market value, this feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount pursuant to ASC Topic 470-20 “Debt with Conversion and Other Options.” In those circumstances, the convertible debt is recorded net of the discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective interest method. | |||||
Debt Discount | |||||
The Company determines if the convertible debenture should be accounted for as liability or equity under ASC 480, Liabilities — Distinguishing Liabilities from Equity. ASC 480, applies to certain contracts involving a company's own equity, and requires that issuers classify the following freestanding financial instruments as liabilities. Mandatorily redeemable financial instruments, Obligations that require or may require repurchase of the issuer's equity shares by transferring assets (e.g., written put options and forward purchase contracts), and Certain obligations where at inception the monetary value of the obligation is based solely or predominantly on: | |||||
– A fixed monetary amount known at inception, for example, a payable settleable with a variable number of the issuer's equity shares with an issuance date fair value equal to a fixed dollar amount, | |||||
– Variations in something other than the fair value of the issuer's equity shares, for example, a financial instrument indexed to the S&P 500 and settleable with a variable number of the issuer's equity shares, or | |||||
– Variations inversely related to changes in the fair value of the issuer's equity shares, for example, a written put that could be net share settled. | |||||
If the entity determined the instrument meets the guidance under ASC 480 the instrument is accounted for as a liability with respective debt discount. The Company records debt discounts in connection with raising funds through the issuance of convertible debt (see Note 4). These costs are amortized to non-cash interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. | |||||
Derivative Financial Instruments | ' | ||||
Derivative Financial Instruments | |||||
Derivative financial instruments, as defined in ASC 815, “Accounting for Derivative Financial Instruments and Hedging Activities”, consist of financial instruments or other contracts that contain a notional amount and one or more underlying (e.g. interest rate, security price or other variable), require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. | |||||
The Company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, the Company has issued financial instruments including senior convertible notes payable and freestanding stock purchase warrants with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. As required by ASC 815, in certain instances, these instruments are required to be carried as derivative liabilities, at fair value, in our financial statements. | |||||
Fair Value of Financial Instruments | ' | ||||
Fair Value of Financial Instruments | |||||
The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of October 31, 2013, and July 31, 2013, the carrying value of the Company’s financial instruments approximated fair value due to the short-term nature and maturity of these instruments. | |||||
Common Stock Registration Expenses | ' | ||||
Common Stock Registration Expenses | |||||
The Company considers incremental costs and expenses related to the registration of equity securities with the SEC, whether by contractual arrangement as of a certain date or by demand, to be unrelated to original issuance transactions. As such, subsequent registration costs and expenses are reflected in the accompanying consolidated financial statements as general and administrative expenses, and are expensed as incurred. | |||||
Estimates | ' | ||||
Estimates | |||||
The financial statements are prepared on the basis of accounting principles generally accepted in the United States of America. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of October 31, 2013, and July 31, 2013, and expenses for the quarters ended October 31, 2013, and 2012, and cumulative from inception. Actual results could differ from those estimates made by management. | |||||
Asset retirement obligations | ' | ||||
Asset retirement obligations | |||||
The Company has adopted the provisions of FASB ASC 410-20 “Asset Retirement and Environmental Obligations,” which requires the fair value of a liability for an asset retirement obligation to be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the related oil and gas properties. As of October 31, 2013, there have been no asset retirement obligations recorded. |
Note1_Organization_and_signifi2
Note1 - Organization and significant accounting policies (Tables) | 3 Months Ended | ||||
Oct. 31, 2013 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||
Summary of SRL net liability allocation | ' | ||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 3,555 | |||
Advances to related party | 9,200 | ||||
Property and equipment, net | 4,314 | ||||
Total assets acquired | $ | 17,069 | |||
Liabilities assumed: | |||||
Due to related party | $ | 54,750 | |||
Total liabilities assumed | $ | 54,750 | |||
Non-controlling interest | 53,629 | ||||
Net assets acquired | $ | -91,310 |
Note_10_Marketable_Securities_
Note 10 - Marketable Securities and Investments (Tables) | 3 Months Ended | |||||||||||
Oct. 31, 2013 | ||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||
Available For Sale Securities | ' | |||||||||||
31-Oct-13 | ||||||||||||
Cost | Unrealized | Unrealized | Market or | |||||||||
(Gain) | (Losses) | Fair Value | ||||||||||
Equity securities | $ | 3,050 | $ - | $ | 0 | $ 3,050 | ||||||
Total | $ | 3,050 | $ - | $ | 0 | $ 3,050 | ||||||
31-Jul-13 | ||||||||||||
Cost | Unrealized | Realized | Market or | |||||||||
Gain | (Losses) | Fair Value | ||||||||||
Equity securities | $ | 250,000 | $ - | $ | (246,950) | $ 3,050 | ||||||
Total | $ | 250,000 | $ - | $ | (246,950) | $ 3,050 | ||||||
Note1_Organization_and_signifi3
Note1 - Organization and significant accounting policies - Summary of SRL net liability allocation (Details) (USD $) | Aug. 22, 2012 |
Assets acquired: | ' |
Cash and cash equivalents | $3,555 |
Advances to related party | 9,200 |
Property and equipment, net | 4,314 |
Total assets acquired | 17,069 |
Liabilities assumed: | ' |
Due to related party | 54,750 |
Total liabilities assumed | 54,750 |
Non-controlling interest | 53,629 |
Net assets acquired | $91,310 |
Note1_Organization_and_signifi4
Note1 - Organization and significant accounting policies (Details Narrative) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Oct. 30, 2012 | Aug. 22, 2012 | Jul. 31, 2012 | 31-May-12 | 22-May-12 | Feb. 08, 2011 | Dec. 22, 2009 | Nov. 01, 2007 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Registration statement offering amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000 |
Number of shares original registration statement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 |
Forward split ratio to each share held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '27 to 1 | ' |
Authorized Common Stock Pre Split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' |
Par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' |
Authorized Common Stock Post Split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,000,000 | ' |
Group8 Minerals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment Group 8, total required | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' |
Total loan required, Group 8 | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' |
Exploration Cost Payments | ' | 500,000 | 500,000 | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Percent G8MI controlled by director of FLPC | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Percent ownership acquired, Stockpile Reserves LLC | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Percent ownership acquired, Central Nevada Processing Co. LLC | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
SRL net liability | ' | ' | ' | ' | ' | ' | ' | ' | 37,681 | ' | ' | ' |
SRL noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 53,629 | ' | ' | ' |
Group8 net liability | ' | ' | ' | ' | ' | ' | 91,310 | ' | ' | ' | ' | ' |
Percent Owned G8MI, Central Nevada Processing Co. | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Shares of New America Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Value of shares acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' |
Realized loss, investment | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_2_Going_Concern_Details_N
Note 2 - Going Concern (Details Narrative) (USD $) | 3 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Operating Loss Since Inception | $7,316,917 |
Note_3_Mineral_properties_Deta
Note 3 - Mineral properties (Details Narrative) (USD $) | Nov. 06, 2012 | Aug. 22, 2012 | 31-May-12 | 22-May-12 |
Y | km | acre | ||
acre | Y | |||
Lithium Agreement | ' | ' | ' | ' |
Term of exploration license | ' | ' | 4 | ' |
Number of Mineral Properties | ' | ' | $2 | ' |
Claims comprised by property One | ' | ' | $58 | ' |
Total acres Property One | ' | ' | 9,280 | ' |
Claims comprised Property Two | ' | ' | 70 | ' |
Total acres Property Two | ' | ' | 11,200 | ' |
Retained royalty by Optionor | ' | ' | 5.00% | ' |
Royalty available for purchase by the Company | ' | ' | 4.00% | ' |
Dollar value per percent purchased | ' | ' | $1,000,000 | ' |
Percent acquired for each 1,000,000 | ' | ' | 100.00% | ' |
Total Cash Payments | ' | ' | 725,000 | ' |
Total stock to be issued | ' | ' | 2,000,000 | ' |
Total Exploration and Development expenditures | ' | ' | 1,500,000 | ' |
Percent owned G8MI, Stockpile Reserves LLC | ' | ' | ' | 50.00% |
Percent Owned G8MI, Central Nevada Processing Co. | ' | 50.00% | ' | ' |
Company's effective interest, CNPC and SRL | ' | 40.50% | ' | ' |
Kilometers Northeast Reno | ' | 194 | ' | ' |
Cash payment Group 8, total required | ' | 100,000 | ' | ' |
Total loan required, Group 8 | ' | 2,000,000 | ' | ' |
San Juan Agreement | ' | ' | ' | ' |
Exploration license term, years | 5 | ' | ' | ' |
Number of Claims | 13 | ' | ' | ' |
Number of Acres | 260 | ' | ' | ' |
Net Royalty payable | 3.00% | ' | ' | ' |
Net Royalty available for Purchase by Company | 200.00% | ' | ' | ' |
Cost per Royalty percent purchased | 1,000,000 | ' | ' | ' |
Percent Royalty purchased for each 1,000,000 | 100.00% | ' | ' | ' |
Total Cash payments | 500,000 | ' | ' | ' |
Shares to be issued, total | 3,000,000 | ' | ' | ' |
Total Mineral Exploration and Development | $1,000,000 | ' | ' | ' |
Convertible_Notes_Payable_Deta
Convertible Notes Payable (Details Narrative) (USD $) | Oct. 31, 2013 | Oct. 21, 2013 | Oct. 09, 2013 | Jul. 31, 2013 | Feb. 12, 2013 | Aug. 31, 2012 | Feb. 23, 2012 | 21-May-13 | Jul. 31, 2013 | Feb. 07, 2013 | Nov. 02, 2012 | Aug. 02, 2012 | Jun. 27, 2012 | Jun. 28, 2012 | Mar. 03, 2013 | Apr. 30, 2013 | Mar. 18, 2013 | Feb. 12, 2013 | Jul. 02, 2013 | Jun. 03, 2013 | 2-May-13 | Apr. 18, 2013 | Jul. 19, 2012 | Mar. 12, 2013 | Feb. 05, 2013 | Apr. 12, 2013 | Mar. 04, 2013 |
D | Tangiers Investors Llc | Tangiers Investors Llc | Tangiers Capital | Asher Enterprises Inc. Notes | Asher Enterprises Inc. Notes | Asher Enterprises Inc. Notes | Asher Enterprises Inc. Notes | Asher Enterprises Inc. Notes | Denali Equity Group LLC | Harbor Gates LLC | Magna | Magna | Magna | Tonaquint Inc. | Tonaquint Inc. | Tonaquint Inc. | Tonaquint Inc. | Tonaquint Inc. | HanoverHoldingsLLCMagnaMember | HanoverHoldingsLLCMagnaMember | Harbor Gates LLC | Harbor Gates LLC | |||||
M | km | D | D | D | D | D | D | Y | D | D | D | M | D | D | |||||||||||||
km | D | km | D | ||||||||||||||||||||||||
D | M | ||||||||||||||||||||||||||
Loan Amount | ' | ' | ' | ' | ' | $20,000 | $102,500 | $62,500 | ' | $27,500 | $42,500 | $27,500 | $63,000 | $135,000 | $25,000 | $34,000 | $45,000 | $45,000 | $50,000 | $50,000 | $100,000 | $560,000 | $85,000 | $16,500 | $16,500 | $35,000 | $25,000 |
Legal fees | ' | ' | ' | ' | ' | ' | 2,500 | 35,000 | ' | 2,500 | 2,500 | 2,500 | 3,000 | ' | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 | 2,500 | 2,500 | 2,500 | ' | ' |
Net Proceeds Drawdown | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' |
Third Party fees | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,815 | 4,519 | ' | ' | 7,500 | ' | ' | ' | ' |
Interest rate, per annum | ' | ' | ' | ' | ' | 10.00% | 8.00% | ' | ' | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | ' | ' | 12.00% | ' | ' | ' | 8.00% | 8.00% | 12.00% | 12.00% | 8.00% | 8.00% |
Percent conversion rate, average close of market price | ' | ' | ' | ' | 90.00% | ' | 65.00% | 50.00% | 58.00% | 58.00% | 58.00% | 58.00% | 58.00% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 58.00% | ' | 50.00% | ' |
Number of closing prices for average, lowest over trading day period | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 3 | 3 | 3 | 3 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Number of trading days prior to conversion notice on which average is based | ' | ' | ' | ' | ' | ' | 10 | ' | ' | 10 | 10 | 10 | 10 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' |
Number of discount notes | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity term, in months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' |
Value discount notes, including discount | ' | ' | ' | ' | 150,000 | 20,000 | 315,385 | 125,000 | 276,725 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | 130,769 | ' | ' | ' | ' |
Principal Balance, notes | ' | ' | ' | ' | 135,000 | ' | 205,000 | 62,500 | 160,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 85,000 | 56,896 | ' | 120,000 | ' |
Note discount | 589,306 | ' | ' | 362,382 | 15,000 | ' | 110,385 | 62,500 | 116,225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 50,000 | 45,769 | 33,000 | ' | 60,000 | ' |
Value Mortgage agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 23,896 | ' | 60,000 | ' |
Term of forbearance on notes in default, in months | ' | ' | ' | ' | ' | 6 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal balance converted, notes | ' | ' | ' | ' | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance notes, after conversion | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Conversion Price | ' | ' | ' | ' | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' | ' | ' | ' |
Days within issue date notes may be prepaid, prepay rate 1 | ' | ' | ' | ' | ' | 90 | 90 | 90 | 30 | ' | ' | ' | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent face value due if note prepaid, rate 1 | ' | ' | ' | ' | ' | 120.00% | 120.00% | 120.00% | 130.00% | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' |
Days within issue date notes may be prepaid, prepay rate 2 | ' | ' | ' | ' | ' | 180 | 180 | 180 | 60 | ' | ' | ' | ' | 180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent face value due if note prepaid, rate 2 | ' | ' | ' | ' | ' | 140.00% | 140.00% | 140.00% | 135.00% | ' | ' | ' | ' | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days after note issue date for which prepayment requires written consent | ' | ' | ' | ' | ' | 181 | 181 | 181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Days within issue date notes may be prepaid, prepay rate 3 | ' | ' | ' | ' | ' | ' | ' | ' | 90 | ' | ' | ' | ' | 181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent face value due if note prepaid, rate 3 | ' | ' | ' | ' | ' | ' | ' | ' | 140.00% | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Days within issue date notes may be prepaid, prepay rate 4 | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent face value due if note prepaid, rate 4 | ' | ' | ' | ' | ' | ' | ' | ' | 145.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Days within issue date notes may be prepaid, prepay rate 5 | ' | ' | ' | ' | ' | ' | ' | ' | 180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent face value due if note prepaid, rate 5 | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days after which no right to prepay | ' | ' | ' | ' | ' | ' | ' | ' | 180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral due for Notes, in shares | ' | ' | ' | ' | ' | ' | 896,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of consulting agreement, in years, Denali | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting expense recorded quarter ended October 2012, Denali | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expense, Denali, quarter ended October 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assignment Denali to Magna | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note purchased, value | ' | ' | ' | ' | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term for purchase, days | ' | ' | ' | ' | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Magna Payment 1 | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Magna Payment 2 | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Magna Payment 3 | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount to market | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days prior to conversion notice for calculation of discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tonaquint, funding terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Prepayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Subsequent payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Interest rate, secured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Term notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' |
Subsequent payment 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Number of months after closing for funding1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' |
Subsequent payment 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Number of months after closing for funding2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Subsequent payment 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Number of months after closing for funding3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' |
Subsequent payment 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Number of months after closing for funding4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' |
Additional funding, Hanover Holdings LLC (Magna) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional funding agreed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | ' | ' | ' |
Term, additional funding, days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | ' | ' | ' |
Amount before March 20, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,500 | ' | ' | ' |
Amount before May 1, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,500 | ' | ' | ' |
Tangiers Investors LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt purchase agreement amount | ' | 21,619 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Convertible Promissory Note value | ' | 21,619 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangiers Investors LP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value Note acquired, Harbor Gates LLC | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Amount | ' | ' | 36,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal, note | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest, note | ' | ' | 1,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, per annum | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangiers Note 1 and 2 Balance | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tangiers Note 3 Balance | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Parties_Transactions_D
Related Parties Transactions (Details Narrative) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Apr. 30, 2012 | Oct. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2012 | Jul. 31, 2013 | Dec. 01, 2012 | Jul. 31, 2012 | Jun. 12, 2012 | Jul. 15, 2011 | Jul. 02, 2011 | 3-May-10 | |
D | Y | Y | |||||||||
D | |||||||||||
Mr. John Hoak | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to Hoak | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 |
Shares issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $187,500 |
Monthly consulting fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 |
Accounts payable | ' | 55,798 | ' | ' | 55,798 | ' | ' | ' | ' | ' | ' |
Former Officer and Director | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Former officer payable | ' | 46,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding loan payable | ' | 9,910 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses paid by Former Officer | ' | 36,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LTV International Holdings Ltd. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Management services, in years | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 2 | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Value, shares issued, recorded as prepaid expense | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' |
Monthly consulting fees | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | 2,500 | ' |
Number of days of service | ' | ' | ' | ' | ' | ' | ' | ' | ' | 365 | ' |
Consulting expense | ' | 15,000 | 187,500 | 109,375 | ' | ' | ' | ' | ' | ' | ' |
Prepaid consulting expense | ' | ' | ' | ' | 0 | ' | 109,375 | ' | ' | ' | ' |
Cash payments | ' | 5,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Fees | ' | 41,884 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mr. Robert Reynolds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share value | 11,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number days of service | 365 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting expense | ' | ' | 2,889 | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expense balance | ' | ' | 1,889 | ' | ' | ' | ' | ' | ' | ' | ' |
Term of services, in years | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Monthly consulting fees | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' |
Accrued fees | ' | 32,945 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sanning Management Ltd. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan amount agreed to with Sanning | ' | ' | ' | ' | ' | ' | ' | 119,000 | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' |
Note Payable, Sanning | ' | 99,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Interest | ' | 10,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent ownership of Group 8 Mining Innovations | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Ownership Group8 Mineral, pre-acquisition | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Ownership Group8 Mineral, post-acquisition | ' | 19.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mario Beckles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Of Service | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Monthly Consulting Fees | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' |
Consulting expense | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Paid | ' | 6,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued fees | ' | $27,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_6_Common_Stock_Details_Na
Note 6 - Common Stock (Details Narrative) (USD $) | 3 Months Ended | |||||
Oct. 31, 2013 | Oct. 01, 2013 | Sep. 20, 2013 | Sep. 16, 2013 | Aug. 20, 2013 | Jul. 31, 2013 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.00 | ' | ' | ' | $0.00 | $0.00 |
Common stock, shares authorized | ' | ' | ' | ' | 1,080,000,000 | 540,000,000 |
Common stock, shares issued | 531,185,162 | ' | ' | ' | ' | 466,752,425 |
Shares issued, commitment fee | ' | ' | ' | 7,386,221 | ' | ' |
SPA purchase value | ' | ' | ' | $2,000,000 | ' | ' |
Percent Commitment fee remaining | ' | ' | ' | 50.00% | ' | ' |
Commitment fee remaining, value | ' | ' | ' | 50,000 | ' | ' |
Value shares issued, commitment fee | ' | ' | ' | 153,049 | ' | ' |
Value, Shares issued | ' | ' | 2,625 | ' | ' | ' |
Shares issued for services | ' | ' | 750,000 | ' | ' | ' |
Shares issued, debt conversions | 46,296,516 | ' | ' | ' | ' | ' |
Value, shares issued debt conversions | 217,453 | ' | ' | ' | ' | ' |
Shares Issued, compensatory | ' | 10,000,000 | ' | ' | ' | ' |
Share value, Compensatory shares issued | ' | $128,000 | ' | ' | ' | ' |
Note_7_Derivative_liability_De
Note 7 - Derivative liability (Details Narrative) (USD $) | Oct. 31, 2013 | Apr. 26, 2013 |
Tonaquint Note April 2013 | ' | ' |
Fair value debt conversion feature | $744,272 | ' |
Expected volatility | 25600.00% | ' |
Risk-free interest rate | 10.00% | ' |
Expected life | '1 year 2 months | ' |
Loss on derivative liability | 554,126 | ' |
Interest expense | 64,015 | ' |
Financing fees | 5,339 | ' |
Unamortized fees | 28,395 | ' |
Tangiers Note May 2013 | ' | ' |
Fair value debt conversion feature | 216,677 | ' |
Expected volatility | 26819.00% | ' |
Risk-free interest rate | 8.00% | ' |
Expected life | '0 years 6 months | ' |
Loss on derivative liability | 166,335 | ' |
Interest expense | 440 | ' |
Financing fees | 8,822 | ' |
Unamortized fees | 19,370 | ' |
Tangiers Note October 21, 2013 | ' | ' |
Fair value debt conversion feature | 63,125 | ' |
Expected volatility | 26819.00% | ' |
Risk-free interest rate | 8.00% | ' |
Expected life | '1 year | ' |
Loss on derivative liability | 41,506 | ' |
Interest expense | 658 | ' |
Financing fees | 0 | ' |
Unamortized fees | 0 | ' |
Tangiers Note October 9, 2013 | ' | ' |
Fair value debt conversion feature | 113,749 | ' |
Expected volatility | 26819.00% | ' |
Risk-free interest rate | 8.00% | ' |
Expected life | '0 years 1 month | ' |
Loss on derivative liability | 78,749 | ' |
Interest expense | 794 | ' |
Financing fees | 0 | ' |
Unamortized fees | 0 | ' |
LG Capital Note September 12, 2013 | ' | ' |
Fair value debt conversion feature | 119,769 | ' |
Expected volatility | 26819.00% | ' |
Risk-free interest rate | 8.00% | ' |
Expected life | '0 years 1 month | ' |
Loss on derivative liability | 119,451 | ' |
Interest expense | 2,839 | ' |
Financing fees | 0 | ' |
Unamortized fees | 0 | ' |
LG Capital Note September 12, 2013 | ' | ' |
Fair value debt conversion feature | 234,499 | ' |
Expected volatility | 26819.00% | ' |
Risk-free interest rate | 8.00% | ' |
Expected life | '0 years 7 months | ' |
Loss on derivative liability | 157,499 | ' |
Interest expense | 14,669 | ' |
Financing fees | 1,741 | ' |
Unamortized fees | 7,959 | ' |
Asher Note August 13, 2013 | ' | ' |
Fair value debt conversion feature | 149,896 | ' |
Expected volatility | 26819.00% | ' |
Risk-free interest rate | 8.00% | ' |
Expected life | '0 years 6 months | ' |
Loss on derivative liability | 96,896 | ' |
Interest expense | 16,502 | ' |
Financing fees | 2,438 | ' |
Unamortized fees | 5,862 | ' |
Asher Note September 25, 2013 | ' | ' |
Fair value debt conversion feature | 151,738 | ' |
Expected volatility | 26819.00% | ' |
Risk-free interest rate | 8.00% | ' |
Expected life | '0 years 6 months | ' |
Loss on derivative liability | 98,738 | ' |
Interest expense | 7,770 | ' |
Financing fees | 1,149 | ' |
Unamortized fees | 7,151 | ' |
Auctus Note October 8, 2013 | ' | ' |
Fair value debt conversion feature | 153,527 | ' |
Expected volatility | 26819.00% | ' |
Risk-free interest rate | 8.00% | ' |
Expected life | '0 years 6 months | ' |
Loss on derivative liability | 103,527 | ' |
Interest expense | 4,539 | ' |
Financing fees | 737 | ' |
Unamortized fees | 7,883 | ' |
Tonaquint Convertible Note Warrants | ' | ' |
Loss on derivative liability | ' | $130,792 |
Note_10_Marketable_Securities_1
Note 10 - Marketable Securities and Investments - Available For Sale Securities (Details) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Equity Securities: | ' | ' |
Cost | $3,050 | $250,000 |
Unrealized Gain | ' | ' |
Realized (Losses) | ' | -246,950 |
Market or Fair Value | $3,050 | $3,050 |
Note_10_Subsequent_Events_Deta
Note 10 - Subsequent Events (Details Narrative) (USD $) | Dec. 12, 2013 | Dec. 10, 2013 | Dec. 04, 2013 | Nov. 19, 2013 | Nov. 12, 2013 | Nov. 08, 2013 | Nov. 07, 2013 | Oct. 21, 2013 |
M | M | |||||||
Tangiers Capital, LLC | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Amount | ' | ' | ' | ' | ' | ' | ' | $130,000 |
Legal fees | ' | ' | ' | ' | ' | ' | ' | 10,000 |
Interest rate, per annum | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Term to Maturity, in months | ' | ' | ' | ' | ' | ' | ' | 12 |
Tonaquint | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion amount | ' | ' | ' | ' | 43,478 | ' | 66,880 | ' |
Price per share | ' | ' | ' | ' | $0.01 | ' | $0.01 | ' |
Shares issued | ' | ' | ' | ' | 4,176,548 | ' | 8,640,835 | ' |
LG Capital Funding LLC | ' | ' | ' | ' | ' | ' | ' | ' |
Funding amount | ' | ' | ' | ' | ' | 51,500 | ' | ' |
Legal fees | ' | ' | ' | ' | ' | 6,500 | ' | ' |
Interest rate, per annum | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Term to Maturity, in months | ' | ' | ' | ' | ' | 9 | ' | ' |
Shares issued, Integrated Business Alliance, for services | ' | ' | 625,000 | ' | ' | ' | ' | ' |
Shares issued Carter Terry & Co., for services | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Tangiers | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion amount | $32,500 | ' | ' | $32,500 | ' | ' | ' | ' |
Price per share | $0.02 | ' | ' | $0.01 | ' | ' | ' | ' |
Shares issued | 3,311,524 | ' | ' | 3,823,529 | ' | ' | ' | ' |