Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 24, 2014 | Jun. 28, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'Lithium Corp | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001415332 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 74,911,408 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Public Float | ' | ' | $155,403 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash | $807,556 | $1,186,651 |
Deposits | 700 | 0 |
Prepaid Expenses and bonds | 22,401 | 62,387 |
TOTAL CURRENT ASSETS | 830,657 | 1,249,038 |
OTHER ASSETS | ' | ' |
Mineral Properties | 188,348 | 163,139 |
Property And Equipment,net | 0 | 162 |
TOTAL OTHER ASSETS | 188,348 | 163,301 |
TOTAL ASSETS | 1,019,005 | 1,412,339 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued liabilities, | 12,982 | 53,201 |
TOTAL CURRENT LIABILITIES | 12,982 | 53,201 |
TOTAL LIABILITIES | 12,982 | 53,201 |
Commitments and contingencies | 0 | 0 |
STOCKHOLDERS' EQUITY | ' | ' |
Common Stock, 3,000,000,000 shares authorized, par value $0.01; 74,911,408 common shares outstanding (2012 - 74,661,408) | 74,912 | 74,662 |
Additional paid in capital | 3,370,703 | 3,292,348 |
Additional paid in capital - Options | 120,578 | 174,041 |
Additional paid in capital - Warrants | 257,949 | 257,949 |
Deficit accumulated during the Exploration stage | -2,818,119 | -2,439,862 |
TOTAL STOCKHOLDERS' EQUITY | 1,006,023 | 1,359,138 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,019,005 | $1,412,339 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders Equity par value | ' | ' |
Common stock par value | $0.01 | $0.01 |
Common stock shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock shares issued | 74,911,408 | 74,661,408 |
Common stock shares outstanding | 74,911,408 | 74,661,408 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | 83 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Income Statement | ' | ' | ' |
REVENUE | $0 | $0 | $0 |
OPERATING EXPENSES | ' | ' | ' |
Professional fees | 60,646 | 74,106 | 273,271 |
Depreciation; | 162 | 215 | 2,434 |
Exploration expenses | 123,014 | 102,839 | 739,217 |
Consulting fees | 72,663 | 70,328 | 370,855 |
Insurance expense | 13,844 | 16,038 | 48,786 |
Investor relations; | 40,872 | 49,420 | 272,285 |
Management fees | 0 | 0 | 53,800 |
Transfer agent and filing fees | 8,595 | 11,102 | 54,592 |
Travel | 30,210 | 17,824 | 93,362 |
Stock option compensation | 16,642 | 35,415 | 296,102 |
Website development costs | 0 | 0 | 3,912 |
Write-down of website costs | 0 | 0 | 12,000 |
Write-down of mineral properties | 0 | 369,137 | 518,746 |
General and Administration | 11,989 | 10,638 | 88,041 |
TOTAL OPERATING EXPENSES | 378,637 | 757,062 | 2,827,403 |
LOSS FROM OPERATIONS | -378,637 | -757,062 | -2,827,403 |
OTHER INCOME (EXPENSES) | ' | ' | ' |
Other Income | 0 | 0 | 17,952 |
Interest expense | 0 | 0 | -11,850 |
Interest income | 380 | 1,497 | 3,182 |
LOSS BEFORE INCOME TAXES | -378,257 | -755,565 | -2,818,119 |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 |
NET LOSS | ($378,257) | ($755,565) | ($2,818,119) |
NET LOSS PER SHARE: BASIC AND DILUTED | ($0.01) | ($0.01) | $0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 74,804,168 | 65,314,413 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 83 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | ' | ' | ' |
Net loss for the period | ($378,257) | ($755,565) | ($2,818,119) |
Adjustment to reconcile net loss to net loss used in operating activities: | ' | ' | ' |
Write-down of software development, | 0 | 0 | 12,000 |
Write-down of mineral properties, | 0 | 369,139 | 518,747 |
Stock option compensation expense | 16,642 | 35,415 | 296,102 |
Depreciation | 162 | 215 | 2,433 |
Changes in assets and liabilities: | ' | ' | ' |
(Increase) decrease in accounts receivable | 0 | 674 | 0 |
(Increase) decrease in prepaid expenses | 39,986 | 11,034 | -22,401 |
(Increse ) in deposits | -700 | 0 | -700 |
Increase (decrease) in accounts payable and accrued liabilities | -40,219 | 31,471 | 12,982 |
Net Cash Used in Operating Activities | -362,386 | -307,617 | -1,998,956 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of Property and equipment | 0 | -2,433 | 0 |
Purchase of software development | 0 | -12,000 | -12,000 |
Acquisition of Interest in mineral properties | -16,709 | -25,762 | -436,095 |
Net Cash Used in Investing Activities | -16,709 | -25,762 | -450,528 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from director | 0 | 6,335 | 0 |
Proceeds from sale of stock | 0 | 550,000 | 3,250,705 |
Net Cash Provided by Financing Activities | 0 | 550,000 | 3,257,040 |
Increase (decrease) in cash | -379,095 | -216,621 | 807,556 |
Cash, beginning of period | 1,186,651 | 970,030 | 0 |
Cash, end of period | 807,556 | 1,186,651 | 807,556 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for interest | 0 | 0 | 10,451 |
Cash paid for income taxes | 0 | 0 | 0 |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Common stock issued for mineral properties | 8,500 | 0 | 271,000 |
Shareholder debt converted to contributed capital | $0 | $0 | $6,335 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Additional Paid-in Capital - Warrants. | Additional Paid-in Capital - Options. | Deficit Accumulated During the Exploration Stage | Total |
Balance at Jan. 01, 2007 | 0 | ' | ' | ' | ' | ' | 0 |
Shares issued to founder on January 30, 2007 @ $0.001 per share (par value $0.001 per share) | 240,000,000 | 240,000 | -220,000 | 0 | 0 | 0 | 20,000 |
Net loss for the period ended | $0 | $0 | $0 | $0 | $0 | ($23,448) | ($23,448) |
Balance at Dec. 31, 2007 | 240,000,000 | 240,000 | -220,000 | 0 | 0 | -23,448 | -3,448 |
Common stock issued for cash @ $0.10 per share | 28,200,000 | 28,200 | 18,800 | 47,000 | 0 | 0 | 47,000 |
Net loss for the year ended. | 0 | 0 | 0 | 0 | 0 | -26,868 | -26,868 |
Balance at Dec. 31, 2008 | 268,200,000 | 268,200 | -201,200 | 0 | 0 | -50,316 | 16,684 |
Shares issued in conjunction with merger | 12,350,000 | 12,350 | 537,355 | 0 | 0 | 0 | 549,705 |
Shares cancelled | -220,000,000 | -220,000 | 220,000 | 0 | 0 | 0 | 0 |
Net loss for the year ended, | 0 | 0 | 0 | 0 | 0 | -190,414 | -190,414 |
Balance at Dec. 31, 2009 | 60,550,000 | 60,550 | 556,155 | 0 | 0 | -240,730 | 375,975 |
Shares issued with respect to Fish Lake | 367,288 | 368 | 174,632 | 0 | 0 | 0 | 175,000 |
Common stock issued for cash @ $1.00 per share | 2,000,000 | 2,000 | 745,757 | 1,252,243 | 0 | 0 | 2,000,000 |
Stock options issued | 0 | 0 | 0 | 0 | 244,045 | 0 | 244,045 |
Net loss for the year ended.. | 0 | 0 | 0 | 0 | 0 | -852,656 | -852,656 |
Balance at Dec. 31, 2010 | 62,917,288 | 62,918 | 1,476,544 | 1,252,243 | 244,045 | -1,093,386 | 1,942,364 |
Shares issued with respect to Fish Lake. | 394,120 | 394 | 87,106 | 0 | 0 | 0 | 87,500 |
Forgiveness of debt | 0 | 0 | 6,335 | 0 | 0 | 0 | 6,335 |
Options exercised | 350,000 | 350 | 148,108 | 0 | -64,458 | 0 | 84,000 |
Net loss for the year ended,, | 0 | 0 | 0 | 0 | 0 | -590,911 | -590,911 |
Balance at Dec. 31, 2011 | 63,661,408 | 63,662 | 1,718,093 | 1,252,243 | 179,587 | -1,684,297 | 1,529,248 |
Stock options issued. | 0 | 0 | 0 | 0 | 23,891 | 0 | 23,891 |
Modification of previously issued stock options | 0 | 0 | 0 | 0 | 11,524 | 0 | 11,524 |
Issuance of common stock and warrants for cash | 11,000,000 | 11,000 | 281,051 | 257,949 | 0 | 0 | 550,000 |
Expiration of stock options and stock warrants | 0 | 0 | 1,293,204 | -1,252,243 | -40,961 | 0 | 0 |
Net loss for the year ended., | 0 | 0 | 0 | 0 | 0 | -755,565 | -755,565 |
Balance at Dec. 31, 2012 | 74,661,408 | 74,662 | 3,292,348 | 257,949 | 174,041 | -2,439,862 | 1,359,138 |
Shares issued with respect to BC Sugar | 250,000 | 250 | 8,250 | 0 | 0 | 0 | 8,500 |
Issuance and modification of newly and previously issued Options | 0 | 0 | 0 | 0 | 16,642 | 0 | 16,642 |
Expiration of stock options | 0 | 0 | 70,105 | 0 | -70,105 | 0 | 0 |
Net Loss for the Period ended,. | $0 | $0 | $0 | $0 | $0 | ($378,257) | ($378,257) |
Balance at Dec. 31, 2013 | 74,911,408 | 74,912 | 3,370,703 | 257,949 | 120,578 | -2,818,119 | 1,006,023 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Lithium Corporation ("the Company" or "Lithium") was incorporated on January 30, | |
2007 under the laws of Nevada as Utalk Communications Inc. On September 30, | |
2009, Utalk Communications Inc. changed its name to Lithium Corporation. | |
Nevada Lithium Corporation was incorporated on March 16, 2009 under the laws of | |
Nevada under the name Lithium Corporation. On September 10, 2009, the Company | |
amended its articles of incorporation to change its name to Nevada Lithium | |
Corporation. By agreement dated October 9, 2009 Nevada Lithium Corporation and | |
Lithium Corporation amalgamated as Lithium Corporation and Nevada Lithium | |
Corporation was dissolved. Lithium Corporation is engaged in the acquisition and | |
development of certain lithium interests in the state of Nevada, and is | |
currently in the exploration stage. | |
Exploration Stage Company | |
The accompanying financial statements have been prepared in accordance with | |
generally accepted accounting principles related to accounting and reporting by | |
exploration stage companies. An exploration stage company is one in which | |
planned principal operations have not commenced or if its operations have | |
commenced, there has been no significant revenues there from. | |
Accounting Basis | |
The Company uses the accrual basis of accounting and accounting principles | |
generally accepted in the United States of America ("GAAP" accounting). The | |
Company has adopted a December 31 fiscal year end. | |
Cash and Cash Equivalents | |
Cash includes cash on account, demand deposits, and short-term instruments with | |
maturities of three months or less. | |
Concentrations of Credit Risk | |
The Company maintains its cash in bank deposit accounts, the balances of which | |
at times may exceed federally insured limits. The Company continually monitors | |
its banking relationships and consequently has not experienced any losses in | |
such accounts. The Company believes it is not exposed to any significant credit | |
risk on cash and cash equivalents. | |
Use of Estimates | |
The preparation of consolidated 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 and | |
disclosure of contingent assets and liabilities at the date of the consolidated | |
financial statements and the reported amount of revenues and expenses during the | |
reporting period. Actual results could differ from those estimates. | |
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. | |
Loss per Share | |
Basic loss per share is computed by dividing loss available to common | |
shareholders by the weighted average number of common shares outstanding during | |
the year. The computation of diluted earnings per share assumes the conversion, | |
exercise or contingent issuance of securities only when such conversion, | |
exercise or issuance would have a dilutive effect on earnings per share. The | |
dilutive effect of convertible securities is reflected in diluted earnings per | |
share by application of the "if converted" method. In the periods in which a | |
loss is incurred, the effect of potential issuances of shares under options and | |
warrants would be anti-dilutive, and therefore basic and diluted losses per | |
share are the same. | |
Property and Equipment | |
Property and equipment is stated on the basis of historical cost less | |
accumulated depreciation. Depreciation is provided using the straight-line | |
method over the estimated useful lives of the assets which has been estimated as | |
2 years. Impairment losses are recorded on computer equipment used in operations | |
when indicators of impairment are present and the undiscounted cash flows | |
estimated to be generated by those assets are less than the assets' carrying | |
amount. | |
Income Taxes | |
The asset and liability approach is used to account for income taxes by | |
recognizing deferred tax assets and liabilities for the expected future tax | |
consequences of temporary differences between the carrying amounts and the tax | |
basis of assets and liabilities. | |
Financial Instruments | |
The Company's financial instruments consist of cash, deposits, prepaid expenses, | |
and accounts payable and accrued liabilities. Unless otherwise noted, it is | |
management's opinion that the Company is not exposed to significant interest, | |
currency or credit risks arising from these financial instruments. Because of | |
the short maturity and capacity of prompt liquidation of such assets and | |
liabilities, the fair value of these financial instruments approximate their | |
carrying values, unless otherwise noted. | |
Mineral Properties | |
Costs of exploration, carrying and retaining unproven mineral lease properties | |
are expensed as incurred. Mineral property acquisition costs are capitalized | |
including licenses and lease payments. Although the Company has taken steps to | |
verify title to mineral properties in which it has an interest, these procedures | |
do not guarantee the Company's title. Such properties may be subject to prior | |
agreements or transfers and title may be affected by undetected defects. | |
Impairment losses are recorded on mineral properties used in operations when | |
indicators of impairment are present and the undiscounted cash flows estimated | |
to be generated by those assets are less than the assets' carrying amount. | |
Impairment of $Nil and $369,137 was recorded in the years ended December 31, | |
2013 and 2012, respectively, relating to the abandonment of some mineral claims. | |
Recent Accounting Pronouncements | |
Lithium does not expect the adoption of recently issued accounting | |
pronouncements to have a significant impact on the Company's results of | |
operations, financial position or cash flow. | |
PREPAID_EXPENSES
PREPAID EXPENSES | 12 Months Ended |
Dec. 31, 2013 | |
Prepaid Expenses, | ' |
PREPAID EXPENSES | ' |
NOTE 2 - PREPAID EXPENSES | |
Prepaid expenses consisted of the following at December 31, 2013 and 2012: | |
2013 2012 | |
-------- -------- | |
Professional fees $ 1,925 $ 3,310 | |
Exploration costs 0 8,964 | |
Bonds 16,271 28,644 | |
Transfer fees 1,800 1,800 | |
Insurance 0 13,844 | |
Office 1,065 800 | |
Investor relations 1,340 5,025 | |
-------- -------- | |
Total Prepaid Expenses $ 22,401 $ 62,387 | |
===nbsp; ===/pre> | |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2013 | |
PROPERTY AND EQUIPMENT: | ' |
PROPERTY AND EQUIPMENT | ' |
NOTE 3 - PROPERTY AND EQUIPMENT | |
Property and equipment consisted of the following at December 31, 2013 and 2012: | |
2013 2012 | |
-------- -------- | |
Computer equipment $ 2,433 $ 2,433 | |
Less: Accumulated depreciation (2,433) (2,217) | |
-------- -------- | |
Property and equipment, net $ 0 $ 162 | |
===nbsp; ===/pre> | |
Depreciation expense was $162 and $215 for the years ended December 31, 2013 and | |
2012, respectively. | |
MINERAL_PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2013 | |
MINERAL PROPERTIES | ' |
MINERAL PROPERTIES | ' |
NOTE 4 - MINERAL PROPERTIES | |
Fish Lake Property | |
The Company has purchased a 100% interest in the Fish Lake property by making | |
staged payments of $350,000 worth of common stock. Title to the pertinent claims | |
was transferred to the Company through quit claim deed dated June 1st 2011, and | |
this quitclaim was recorded at the county level on August 3, 2011, and at the | |
BLM on August 4, 2011. Quarterly stock disbursements were made on the following | |
schedule: | |
1st Disbursement: Within 10 days of signing agreement (paid) | |
2nd Disbursement: within 10 days of June 30, 2009 (paid) | |
3rd Disbursement: within 10 days of December 30, 2009 (paid) | |
4th Disbursement: within 10 days of March 31, 2010 (paid) | |
5th Disbursement: within 10 days of June 30, 2010 (paid) | |
6th Disbursement: within 10 days of September 30, 2010 (paid) | |
7th Disbursement: within 10 days of December 31, 2010 (paid) | |
8th Disbursement: within 10 days of March 31, 2011 (paid) | |
As of December 31, 2013, the Company has recorded $434,328 in acquisition costs | |
related to the Fish Lake Property and associated impairment of $276,908 related | |
to abandonments of claims. The carrying value of the Fish Lake Property was | |
$157,420 as of December 31, 2013 and 2012. | |
Staked Properties | |
The Company has staked claims with various registries as summarized below: | |
Name Claims (Area in Acres) Cost Impairment Net Carrying Value | |
---- ---------------------- ---- ---------- ------------------ | |
Salt Wells 156 (12,480) $86,510 $(86,510) $ 0 | |
San Emidio 20 (1,600) $11,438 $ (5,719) $5,719 | |
The Company performs an impairment test on an annual basis to determine whether | |
a write-down is necessary with respect to the properties. The Company believes | |
no circumstances have occurred and no evidence has been uncovered that warrant a | |
write-down of the mineral properties other than those abandoned by management | |
and thus included in write-down of mineral properties. Impairment of $Nil and | |
$369,137 was recorded in the years ended December 31, 2013 and 2012, | |
respectively, relating to the abandonment of some mineral claims. | |
On April 15, 2013, the Company entered into an agreement with Tom Lewis, the | |
president of the Company, whereby the Company earned (as amended by August 30th | |
2013 agreement) a 100% interest (subject to a 2% Net Smelter Royalty) in the Mt. | |
Heimdal Graphite property in the Slocan Mining Division British Columbia, Canada | |
through a modest exploration expenditure in 2013. The carrying value of the Mt. | |
Heimdal claims was $300 at December 31, 2013. | |
The Company entered into an agreement on June 6, 2013 for the initial 50.84 acre | |
BC Sugar claim. On July 10, 2013, the Company issued 250,000 shares of its | |
common stock as payment for the initial BC Sugar claim. The deemed value of this | |
transaction was $8,500. Since that time the Company has amassed a land position | |
comprising 19,816.386 acres of contiguous claims in the Vernon Mining District, | |
British Columbia. The carrying value of the BC Sugar claims was $24,909 at | |
December 31, 2013. | |
CAPITAL_STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2013 | |
CAPITAL STOCK | ' |
CAPITAL STOCK | ' |
NOTE 5 - CAPITAL STOCK | |
The Company is authorized to issue 300,000,000 shares of it $0.001 par value | |
common stock. On September 30, 2009, the Company effected a 60-for-1 forward | |
stock split of its $0.001 par value common stock. | |
All share and per share amounts were retroactively restated to reflect the | |
splits discussed above. | |
Common Stock | |
On January 30, 2007, the Company issued 240,000,000 shares of its common stock | |
to founders for proceeds of $20,000. | |
During the year-ended December 31, 2008, the Company issued 28,200,000 shares of | |
its common stock for total proceeds of $47,000. | |
On October 9, 2009, the Company cancelled 220,000,000 shares of its common | |
stock. Also on October 9, 2009, the Company issued 12,350,000 shares of its | |
common stock for 100 percent of the issued and outstanding stock of Nevada | |
Lithium Corp. | |
On January 10, 2010, the Company issued 53,484 shares of its common stock as | |
part of the Fish Lake Property acquisition. On April 30, 2010, the Company | |
issued 38,068 shares of its common stock as part of the Fish Lake Property | |
acquisition. On July 10, 2010, the Company issued 104,168 shares of its common | |
stock as part of the Fish Lake Property acquisition. On October 10, 2010, the | |
Company issued 171,568 of its common stock as part of the Fish Lake Property | |
acquisition. The total shares issued for the Fish Lake property during the year | |
ended December 31, 2010 was 367,288 valued at $175,000. | |
On March 24, 2010, the Company issued 2,000,000 units in a private placement, | |
raising gross proceeds of $2,000,000, or $1.00 per unit. Each unit consists of | |
one common share in the capital of our company and one non-transferable common | |
share purchase warrant. Each whole common share purchase warrant | |
non-transferable entitles the holder thereof to purchase one share of common | |
stock in the capital of our company, for a period of twelve months commencing | |
the closing, at a purchase price of $1.20 per warrant share and at a purchase | |
price of $1.35 per warrant share for a period of twenty-four months thereafter. | |
During the year ended December 31, 2012, these warrants expired and the value | |
was reclassified to additional paid-in capital. | |
On January 10, 2011, the Company issued 163,856 shares of its common stock as | |
part of the Fish Lake Property acquisition. On April 10, 2011, the Company | |
issued 230,264 shares of its common stock as part of the Fish Lake Property | |
acquisition. The total shares issued for the Fish Lake property during the year | |
ended December 31, 2011 was 394,120 valued at $87,500. | |
On April 28, 2011, the Company issued 150,000 shares of its common stock as part | |
of a stock option exercise. On May 5, 2011, the Company issued 200,000 shares of | |
its common stock as part of a stock option exercise. The Company received | |
proceeds totaling $84,000 for the exercise of the 350,000 stock options. | |
On November 19, 2012, the Company issued 11,000,000 shares of its common stock | |
and stock warrants as part of private placement for total proceeds of $550,000. | |
On July 10, 2013, the Company issued 250,000 shares of its common stock as | |
payment for the initial BC Sugar claim. The deemed value of this transaction was | |
$8,500. On January 17, 2014, the Company purchased these shares back for $2,500. | |
See Note 9: Subsequent Events. | |
There were 74,911,408 shares of common stock issued and outstanding as of | |
December 31, 2013. | |
Stock Warrants | |
Outstanding at | |
Issue Date Number Price Expiry Date December 31, 2013 | |
---------- ------ ----- ----------- ----------------- | |
November 19, 2012 11,000,000 $0.15 November 18, 2014 11,000,000 | |
The Company issued 11,000,000 warrants in connections with a private placement | |
during the year ended December 31, 2012. The warrants were valued using the | |
Black-Scholes option pricing model using the following assumptions: term of 5 | |
years, dividend yield of 0%, risk free interest rates of 0.67% and volatility of | |
129%. The fair value of the warrants was adjusted against additional paid in | |
capital. | |
Stock-Based Compensation | |
During the year ended December 31, 2010, the company granted 500,000 consultants | |
options at an exercise price of $0.28 and 400,000 options at an exercise price | |
of $0.24 to consultants in exchange for various professional services. On May | |
31, 2012, the options granted with exercise prices of $0.28 and $0.24 were | |
modified to exercise prices at $0.07. The modification resulted in stock based | |
compensation of $11,524. Also on May 31, 2012, the Company granted an additional | |
400,000 options to consultants for management services with an exercise price of | |
$0.07. These options were vested on the date of grant and resulted in | |
stock-based compensation of $23,891. | |
On March 15, 2013, all pre-existing options were modified to exercise prices of | |
$0.045. The modification resulted in stock-based compensation of $8,848. Also on | |
March 15, 2013, the Company issued an additional 200,000 options at an exercise | |
price of $0.045 to consultants for management services. These options were | |
vested on the date of grant and resulted in stock-based compensation of $7,794. | |
The Company uses the Black-Scholes option valuation model to value stock | |
options. The Black-Scholes model was developed for use in estimating the fair | |
value of traded options that have no vesting restrictions and are fully | |
transferable. The model requires management to make estimates, which are | |
subjective and may not be representative of actual results. Assumptions used to | |
determine the fair value of the remaining stock options are as follows: | |
Modifications New options | |
------------- ----------- | |
Risk-free interest rate 0.84/0.33% 0.84% | |
Expected dividend yield 0% 0% | |
Expected stock price volatility 115% 115% | |
Expected life of options 2.5/4.25 years 5 years | |
Weighted | |
Average Weighted | |
Total Remaining Average | |
Exercise Options Life Exercise Options | |
Prices Outstanding (Years) Price Exercisable | |
------ ----------- ------- ----- ----------- | |
$0.045 800,000 3.45 $0.045 800,000 | |
Total stock-based compensation for the years ended December 31, 2013 and 2012 | |
was $16,642 and $35,415, respectively. | |
Options that are granted to consultants expire three months after the last day | |
the consultant works with the Company, regardless of the original expected life | |
of the options granted. | |
The following table summarizes the stock options outstanding at December 31, | |
2013:00:00 | |
Outstanding at | |
Issue Date Number Price Expiry Date December 31, 2013 | |
---------- ------ ----- ----------- ----------------- | |
September 23, 2010 500,000 $0.045 September 23, 2015 500,000 | |
May 31, 2012 100,000 $0.045 May 31, 2017 100,000 | |
March 15, 2013 200,000 $0.045 March 15, 2018 200,000 | |
------- ------- | |
Total 800,000 800,000 | |
===bsp; ===pre> | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2013 | |
INCOME TAXES | ' |
INCOME TAXES | ' |
NOTE 6 - INCOME TAXES | |
As of December 31, 2013, the Company had net operating loss carry forwards of | |
approximately $2,818,000 that may be available to reduce future years' taxable | |
income in varying amounts through 2031. Future tax benefits which may arise as a | |
result of these losses have not been recognized in these financial statements, | |
as their realization is determined not likely to occur and accordingly, the | |
Company has recorded a valuation allowance for the deferred tax asset relating | |
to these tax loss carry-forwards. | |
The provision for Federal income tax consists of the following for the years | |
ended December 31, 2013 and 2012: | |
2013 2012 | |
---------- ---------- | |
Federal income tax benefit attributable to: | |
Current operations $ 128,607 $ 256,892 | |
Less: valuation allowance (128,607) (256,892) | |
---------- ---------- | |
Net provision for Federal income taxes $ 0 $ 0 | |
====bsp; ====pre> | |
The cumulative tax effect at the expected rate of 34% of significant items | |
comprising our net deferred tax amount is as follows at December 31, 2013 and | |
2012:00:00 | |
2013 2012 | |
---------- ---------- | |
Deferred tax asset attributable to: | |
Net operating loss carryover $ 958,160 $ 829,553 | |
Less: valuation allowance (958,160) (829,553) | |
---------- ---------- | |
Net deferred tax asset $ 0 $ 0 | |
====bsp; ====pre> | |
Due to the change in ownership provisions of the Tax Reform Act of 1986, net | |
operating loss carry forwards of approximately $2,818,000 for Federal income tax | |
reporting purposes are subject to annual limitations. Should a change in | |
ownership occur net operating loss carry forwards may be limited as to use in | |
future years. | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 7 - RELATED PARTY TRANSACTIONS | |
An officer and shareholder of the Company was paid $99,463 and $96,600 for | |
consulting and exploration related fees during the years ended December 31, 2013 | |
and 2012, respectively. | |
One of the Company's directors was paid $5,600 in consulting fees and $1,165 in | |
expenses to attend a Lithium Conference and a field trip, followed by the | |
Company's annual Board of Directors meeting in Nevada in January of 2013. | |
Additionally the company moved its office from Reno in June of 2013 where they | |
paid $500 a month for office rent on a month to month basis. The new facility is | |
in Las Vegas and is owned by a Director of the Company. The Company now pays | |
$700 for office, enclosed parking, and storage space on a month to month basis. | |
Total rent paid to the related party during the year ended December 31, 2013 was | |
$4,550.00 | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 8 - COMMITMENTS AND CONTINGENCIES | |
The Company leases office space, enclosed parking, and storage space from a | |
related party for $700 a month. The lease is on a month to month basis and began | |
in June of 2013. Prior to entering into this lease, the Company leased office | |
space from another unrelated party on a month to month basis for $500 a month. | |
Total rent paid during the year ended December 31, 2013 was $7,300. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
NOTE 9 - SUBSEQUENT EVENTS | |
On January 17, 2014, the Company purchased 250,000 shares back for $2,500. | |
On January 27, 2014, the company made a $62,500 down payment for a 25% interest | |
in a newly formed private company that has ownership of patented mineral claims | |
totaling roughly 1288.5 fee acres in several locations in Nevada. Once an | |
operating agreement is in place the company will pay a further $37,500 to | |
fulfill its commitments. | |
In accordance with ASC Topic 855-10, the Company has analyzed its operations | |
subsequent to December 31, 2013 to the date these financial statements were | |
issued, and has determined that it does not have any material subsequent events | |
to disclose in these financial statements other than the events described above. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | ' |
Exploration Stage Company | ' |
Exploration Stage Company | |
The accompanying financial statements have been prepared in accordance with | |
generally accepted accounting principles related to accounting and reporting by | |
exploration stage companies. An exploration stage company is one in which | |
planned principal operations have not commenced or if its operations have | |
commenced, there has been no significant revenues there from. | |
Accounting Basis | ' |
Accounting Basis | |
The Company uses the accrual basis of accounting and accounting principles | |
generally accepted in the United States of America ("GAAP" accounting). The | |
Company has adopted a December 31 fiscal year end. | |
Cash and Cash Equivalents Policy | ' |
Cash and Cash Equivalents | |
Cash includes cash on account, demand deposits, and short-term instruments with | |
maturities of three months or less. | |
Concentrations of Credit Risk | ' |
Concentrations of Credit Risk | |
The Company maintains its cash in bank deposit accounts, the balances of which | |
at times may exceed federally insured limits. The Company continually monitors | |
its banking relationships and consequently has not experienced any losses in | |
such accounts. The Company believes it is not exposed to any significant credit | |
risk on cash and cash equivalents. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated 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 and | |
disclosure of contingent assets and liabilities at the date of the consolidated | |
financial statements and the reported amount of revenues and expenses during the | |
reporting period. Actual results could differ from those estimates. | |
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. | |
Loss per Share | ' |
Loss per Share | |
Basic loss per share is computed by dividing loss available to common | |
shareholders by the weighted average number of common shares outstanding during | |
the year. The computation of diluted earnings per share assumes the conversion, | |
exercise or contingent issuance of securities only when such conversion, | |
exercise or issuance would have a dilutive effect on earnings per share. The | |
dilutive effect of convertible securities is reflected in diluted earnings per | |
share by application of the "if converted" method. In the periods in which a | |
loss is incurred, the effect of potential issuances of shares under options and | |
warrants would be anti-dilutive, and therefore basic and diluted losses per | |
share are the same. | |
Property and Equipment Policy | ' |
Property and Equipment | |
Property and equipment is stated on the basis of historical cost less | |
accumulated depreciation. Depreciation is provided using the straight-line | |
method over the estimated useful lives of the assets which has been estimated as | |
2 years. Impairment losses are recorded on computer equipment used in operations | |
when indicators of impairment are present and the undiscounted cash flows | |
estimated to be generated by those assets are less than the assets' carrying | |
amount. | |
Income Taxes Policy | ' |
Income Taxes | |
The asset and liability approach is used to account for income taxes by | |
recognizing deferred tax assets and liabilities for the expected future tax | |
consequences of temporary differences between the carrying amounts and the tax | |
basis of assets and liabilities. | |
Financial Instruments | ' |
Financial Instruments | |
The Company's financial instruments consist of cash, deposits, prepaid expenses, | |
and accounts payable and accrued liabilities. Unless otherwise noted, it is | |
management's opinion that the Company is not exposed to significant interest, | |
currency or credit risks arising from these financial instruments. Because of | |
the short maturity and capacity of prompt liquidation of such assets and | |
liabilities, the fair value of these financial instruments approximate their | |
carrying values, unless otherwise noted. | |
Mineral Properties Policy | ' |
Mineral Properties | |
Costs of exploration, carrying and retaining unproven mineral lease properties | |
are expensed as incurred. Mineral property acquisition costs are capitalized | |
including licenses and lease payments. Although the Company has taken steps to | |
verify title to mineral properties in which it has an interest, these procedures | |
do not guarantee the Company's title. Such properties may be subject to prior | |
agreements or transfers and title may be affected by undetected defects. | |
Impairment losses are recorded on mineral properties used in operations when | |
indicators of impairment are present and the undiscounted cash flows estimated | |
to be generated by those assets are less than the assets' carrying amount. | |
Impairment of $Nil and $369,137 was recorded in the years ended December 31, | |
2013 and 2012, respectively, relating to the abandonment of some mineral claims. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Lithium does not expect the adoption of recently issued accounting | |
pronouncements to have a significant impact on the Company's results of | |
operations, financial position or cash flow. | |
PREPAID_EXPENSES_Tables
PREPAID EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2013 | |
PREPAID EXPENSES (Tables) | ' |
Prepaid Expenses Schedule | ' |
Prepaid expenses consisted of the following at December 31, 2013 and 2012: | |
2013 2012 | |
-------- -------- | |
Professional fees $ 1,925 $ 3,310 | |
Exploration costs 0 8,964 | |
Bonds 16,271 28,644 | |
Transfer fees 1,800 1,800 | |
Insurance 0 13,844 | |
Office 1,065 800 | |
Investor relations 1,340 5,025 | |
-------- -------- | |
Total Prepaid Expenses $ 22,401 $ 62,387 | |
===nbsp; ===/pre> | |
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2013 | |
PROPERTY AND EQUIPMENT (Tables) | ' |
Property and Equipment Net Schedule | ' |
Property and equipment consisted of the following at December 31, 2013 and 2012: | |
2013 2012 | |
-------- -------- | |
Computer equipment $ 2,433 $ 2,433 | |
Less: Accumulated depreciation (2,433) (2,217) | |
-------- -------- | |
Property and equipment, net $ 0 $ 162 | |
===nbsp; ===/pre> | |
Staked_claims_with_various_reg
Staked claims with various registries (Tables) | 12 Months Ended |
Dec. 31, 2013 | |
Staked claims with various registries | ' |
Staked claims with various registries | ' |
The Company has staked claims with various registries as summarized below: | |
Name Claims (Area in Acres) Cost Impairment Net Carrying Value | |
---- ---------------------- ---- ---------- ------------------ | |
Salt Wells 156 (12,480) $86,510 $(86,510) $ 0 | |
San Emidio 20 (1,600) $11,438 $ (5,719) $5,719 | |
STOCK_BASED_COMPENSATION_AS_FO
STOCK BASED COMPENSATION AS FOLLOWS (Tables) | 12 Months Ended |
Dec. 31, 2013 | |
STOCK BASED COMPENSATION AS FOLLOWS | ' |
Stockholders' Equity Note, Warrants or Rights | ' |
Stock Warrants | |
Outstanding at | |
Issue Date Number Price Expiry Date December 31, 2013 | |
---------- ------ ----- ----------- ----------------- | |
November 19, 2012 11,000,000 $0.15 November 18, 2014 11,000,000 | |
Assumptions used to determine stock options | ' |
Assumptions used to | |
determine the fair value of the remaining stock options are as follows: | |
Modifications New options | |
------------- ----------- | |
Risk-free interest rate 0.84/0.33% 0.84% | |
Expected dividend yield 0% 0% | |
Expected stock price volatility 115% 115% | |
Expected life of options 2.5/4.25 years | |
Share-based Compensation, Stock Options, Activity | ' |
Weighted | |
Average Weighted | |
Total Remaining Average | |
Exercise Options Life Exercise Options | |
Prices Outstanding (Years) Price Exercisable | |
------ ----------- ------- ----- ----------- | |
$0.045 800,000 3.45 $0.045 800,000 | |
Summarizes the stock options outstanding | ' |
The following table summarizes the stock options outstanding at December 31, | |
2013:00:00 | |
Outstanding at | |
Issue Date Number Price Expiry Date December 31, 2013 | |
---------- ------ ----- ----------- ----------------- | |
September 23, 2010 500,000 $0.045 September 23, 2015 500,000 | |
May 31, 2012 100,000 $0.045 May 31, 2017 100,000 | |
March 15, 2013 200,000 $0.045 March 15, 2018 200,000 | |
------- ------- | |
Total 800,000 800,000 | |
===bsp; ===pre> | |
COMPONENTS_OF_INCOME_TAXES_Tab
COMPONENTS OF INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2013 | |
COMPONENTS OF INCOME TAXES | ' |
Provision for Federal Income Tax | ' |
The provision for Federal income tax consists of the following for the years | |
ended December 31, 2013 and 2012: | |
2013 2012 | |
---------- ---------- | |
Federal income tax benefit attributable to: | |
Current operations $ 128,607 $ 256,892 | |
Less: valuation allowance (128,607) (256,892) | |
---------- ---------- | |
Net provision for Federal income taxes $ 0 $ 0 | |
====bsp; ====pre> | |
Net Deferred Tax amount | ' |
The cumulative tax effect at the expected rate of 34% of significant items | |
comprising our net deferred tax amount is as follows at December 31, 2013 and | |
2012:00:00 | |
2013 2012 | |
---------- ---------- | |
Deferred tax asset attributable to: | |
Net operating loss carryover $ 958,160 $ 829,553 | |
Less: valuation allowance (958,160) (829,553) | |
---------- ---------- | |
Net deferred tax asset $ 0 $ 0 | |
====bsp; ====pre> | |
Recovered_Sheet1
Summary of Significant Accounting Policies Mineral Properties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Significant Accounting Policies Mineral Properties | ' | ' |
Impairment of Mineral Properties | $0 | $369,137 |
Prepaid_Expenses_Details
Prepaid Expenses. (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Prepaid Expenses Details | ' | ' |
Prepaid Professional fees, | $1,925 | $3,310 |
Prepaid Exploration costs, | 0 | 8,964 |
Prepaid Bonds, | 16,271 | 28,644 |
Prepaid Transfer fees, | 1,800 | 1,800 |
Prepaid Insurance, | 0 | 13,844 |
Prepaid Office Misc, | 1,065 | 800 |
Prepaid Investor relations; | 1,340 | 5,025 |
Total prepaid expenses | $22,401 | $62,387 |
Property_and_Equipment_consist
Property and Equipment consisted of the following (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property and Equipment Details | ' | ' |
Computer Equipment | $2,433 | $2,433 |
Less: Accumulated amortization | -2,433 | -2,271 |
Property and equipment, net | $0 | $162 |
Property_and_Equipment_Depreci
Property and Equipment Depreciation expense (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property and Equipment Depreciation expense | ' | ' |
Amortization expense of Property and Equipment | $162 | $215 |
Mineral_Properties_Claims_Deta
Mineral Properties Claims (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Mineral Properties Claims | ' | ' |
The Company has purchased a 100% interest in the Fish Lake property by making staged payments worth of common stock | 350,000 | ' |
Interest in the Fish Lake Property percent | 100.00% | ' |
Acquisition costs related to the Fish Lake Property | $434,328 | ' |
Associated impairment of Fish Lake Property | 276,908 | ' |
Net carrying value of the Fish Lake Property | 157,420 | 157,420 |
Staked properties of San Emidio Claims (Area in Acres) | 20 | ' |
Staked properties claim of San Emidio cost | 11,438 | ' |
Impairement of Staked properties claim of San Emidio | -5,719 | ' |
Staked properties claim of San Emidio net value | 5,719 | ' |
Staked properties of Salt Wells (Area in acres) | 156 | ' |
Staked properties of Salt Wells cost | 86,510 | ' |
Impairement of Staked properties claim of Salt wells | 86,510 | ' |
Staked properties claim of Salt Wells net value | 0 | ' |
Impairment relating to the abandonment of some mineral claims | 0 | 369,137 |
The carrying value of the Mt.Heimdal claims was | 300 | ' |
Staked properties of BC Sugar Claims (Area in hectares) | 50.84 | ' |
Carrying value of properties claim of BC Sugar cost | 24,909 | ' |
Company issued shares of its common stock as payment for the initial BC Sugar claim | 250,000 | ' |
The deemed value of this transaction was | $8,500 | ' |
Company has amassed a land position comprising in acres of contiguous claims in the Vernon Mining District, British Columbia | 19,816.39 | ' |
Capital_Stock_Shares_Details
Capital Stock Shares (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2009 | Jan. 31, 2007 |
Capital Stock Shares | ' | ' | ' |
Common stock shares authorized. | 3,000,000,000 | ' | ' |
Common stock par value. | $0.00 | ' | ' |
Common stock par value of forward stock split 60:1 | ' | $0.00 | ' |
Issuance of common stock post split shares | ' | ' | 240,000,000 |
Proceeds from issuance of common stock. | ' | ' | $20,000 |
Capital_stock_issuance_of_shar
Capital stock issuance of shares (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | |
Capital stock issuance of shares | ' | ' | ' |
Issuance of common stock post split shares. | ' | ' | 28,200,000 |
Common stock Proceeds | ' | ' | $47,000 |
Total Shares issued for the Fish Lake Property | 394,120 | 367,288 | ' |
Value of shares issued for the Fish Lake property | $87,500 | $175,000 | ' |
Capital_Stock_Cancellation_Sha
Capital Stock Cancellation Shares, Acquisition and Private Placement (Details) (USD $) | Mar. 24, 2010 | Jan. 10, 2010 | Oct. 09, 2009 |
Capital Stock Cancellation Shares, Acquisition and Private Placement | ' | ' | ' |
Cancellation of common stock shares | ' | ' | 220,000,000 |
Issuance of common stock for 100% issued and outstanding stock of Nevada Lithium Corp | ' | ' | 12,350,000 |
Issuance of common stock shares as part of Fish Lake Property Acquisition | ' | 53,484 | ' |
Issuance of shares in a private placement | 2,000,000 | ' | ' |
Proceeds from issuance of shares in a private placement ($1 per unit) | $2,000,000 | ' | ' |
Purchase price of warrant share within a period of twelve months commencing the closing | $1.20 | ' | ' |
Purchase price of warrant share between twelve and twenty four months after closing | $1.35 | ' | ' |
Capital_Stock_Stock_Option_Exe
Capital Stock Stock Option Exercise (Details) (USD $) | Dec. 31, 2013 | Jul. 10, 2013 | Nov. 19, 2012 | 5-May-11 | Apr. 28, 2011 |
Capital Stock Stock Option Exercise | ' | ' | ' | ' | ' |
Common stock shares issued as part of a stock option exercise | ' | ' | ' | 200,000 | 150,000 |
Common stock shares issued and outstanding | 74,911,408 | ' | ' | ' | ' |
Shares of common stock issued as part of the Cherryville property acquisition | ' | 250,000 | ' | ' | ' |
Issue of shares of common stock as part of private placement at a price $0.15 per share | ' | ' | 11,000,000 | ' | ' |
Company received Proceeds for the exercise of warrants (number) | ' | ' | ' | ' | 350,000 |
Company received Proceeds for the exercise of warrants (Value) | ' | ' | ' | ' | $84,000 |
The deemed value of this transaction was | 8,500 | 8,500 | ' | ' | ' |
Company purchased these shares back on jan.17, 2014 | ' | $2,500 | ' | ' | ' |
Capital_Stock_Stock_based_comp
Capital Stock Stock based compensation (Details) (USD $) | Dec. 31, 2013 | Mar. 15, 2013 | 31-May-12 | Dec. 31, 2010 |
Stock based compensation | ' | ' | ' | ' |
Stock options grated to consultants | ' | 200,000 | ' | 500,000 |
Options exercise price granted to to consultants | ' | $0.05 | ' | $0.28 |
Options exercise price granted for professional services | ' | $0.05 | $0.07 | $0.24 |
Stock options granted for professional services | ' | ' | ' | 400,000 |
Additional options granted to consultants for management servies | ' | 200,000 | 400,000 | ' |
Net stock-based compensation as on date | $23,891 | ' | ' | ' |
Stock warrants issued in Nov. 2012 outstanding | ' | ' | ' | 11,000,000 |
Modified exercise prices | ' | ' | ' | $0.07 |
The modification resulted in stock-based compensation of | ' | 8,848 | ' | 11,524 |
Options vested on the date of grant and resulted in stock-based compensation of | ' | $7,794 | ' | ' |
Capital_Stock_Stock_options_ou
Capital Stock Stock options outstanding (Details) | Number | Price | Outstanding |
Capital Stock Stock options at Dec. 31, 2012 | 0 | ' | ' |
Stock options issued on September 23, 2010 and expiry date September 23, 2015 | 500,000 | 0.045 | 500,000 |
Stock options issued on May 31, 2012 and expiry date May 31, 2017 | 100,000 | 0.045 | 100,000 |
Stock options issued on March 15, 2013 and expiry date March 15, 2018 | 200,000 | 0.045 | 200,000 |
Capital Stock Stock options, at Dec. 31, 2013 | 800,000 | ' | 800,000 |
Stock_option_activity_Details
Stock option activity (Details) (USD $) | Dec. 31, 2013 |
Stock option activity | ' |
Exercise Prices | $0.05 |
Total options outstanding | 800,000 |
Weighted average remaining life in years | 3.45 |
Total weighted average exercise price | $0.05 |
Options exercisable | 800,000 |
Stock_warrants_issued_in_2012_
Stock warrants issued in 2012 (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock warrants issued 2012 | ' | ' |
Company issued warrants in connection wtih a private placement | ' | 11,000,000 |
Term of the warrants | ' | 5 |
Dividend yield | ' | 0.00% |
Risk Free interest rate of | ' | 0.67% |
Volatality percentage of | ' | 129.00% |
stock based compensation for the period ended | $16,642 | $35,415 |
Assumptions_used_to_determine_
Assumptions used to determine stock options (Details) | Dec. 31, 2013 |
Modification | ' |
Risk free interest rate. | 0 |
Risk free interest rate. | 0 |
Risk free interest rate Minimum | 0.33% |
Risk free interest rate Maximum | 0.84% |
Expected dividend yield | 0.00% |
Expected stock price volatility | 115.00% |
Expected life of options Minimum. | 2.5 |
Expected life of options Maximum. | 4 |
New Options | ' |
Risk free interest rate Maximum | 0.84% |
Expected dividend yield | 0.00% |
Expected stock price volatility | 115.00% |
Expected life of options Maximum. | 5 |
Capital_Stock_Shares_issued_fo
Capital Stock Shares issued for Acquisition (Details) | Apr. 10, 2011 | Jan. 10, 2011 | Oct. 10, 2010 | Jul. 10, 2010 | Apr. 30, 2010 |
Capital Stock shares issued to Fish Lake property | ' | ' | ' | ' | ' |
Issuance of shares as part of Fish Lake Property Acquisition | 230,264 | 163,856 | 171,568 | 104,168 | 38,068 |
Income_Taxes_Operating_loss_ca
Income Taxes Operating loss carry forwards (Details) (USD $) | Dec. 31, 2013 |
Income Taxes Operating loss carry forwards | ' |
Net operating loss carry forwards | $2,818,000 |
Cumulative tax effect at the expected rate of | 34.00% |
Income_Taxes_Provision_for_Fed
Income Taxes Provision for Federal Income Tax (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Federal income tax benefit attributable to: | ' | ' |
Current operations | $128,607 | $256,892 |
Less: valuation allowance | -128,607 | -256,892 |
Net provision for Federal income taxes | $0 | $0 |
Income_Taxes_net_deferred_tax_
Income Taxes net deferred tax amount (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax asset attributable to: | ' | ' |
Net operating loss carryover | $958,160 | $829,553 |
Less: valuation allowance. | -958,160 | -829,553 |
Net deferred tax asset | $0 | $0 |
RELATED_PARTY_TRANSACTIONS_AS_
RELATED PARTY TRANSACTIONS AS FOLLOWS (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
RELATED PARTY TRANSACTIONS AS FOLLOWS | ' | ' |
Paid consulting and exploration related fees | $99,463 | $96,600 |
One of the Company's directors was paid consulting fees | 5,600 | ' |
Paid expenses to attend a Lithium Conference and a field trip, followed by the Annual Board Meeting in Nevada in Jan. 2013 | 1,165 | ' |
Monthly Rent paid to office premises at Reno | 500 | ' |
Monthly Rent paid to office premises at Las Vegas | 700 | ' |
Total Rent paid for the year to the related party | $4,550 | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (DETAILS) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES {2} | ' |
The Company leases office space, enclosed parking, and storage space from a related party for rent per month of | $700 |
Company lease office space from another unrelated party on a month to month basis for | 500 |
Total rent paid during the year ended | $7,300 |
SUBSEQUENT_EVENTS_DETAILS
SUBSEQUENT EVENTS (DETAILS) (USD $) | Jan. 27, 2014 | Jan. 17, 2014 |
SUBSEQUENT EVENTS {2} | ' | ' |
Company purchased shares back number of shares | ' | 250,000 |
Company purchased shares back for value | ' | $2,500 |
Interest in newly formed private company that has ownership of patented mineral claims in acres | 1,288.50 | ' |
Percentage of interest in private company | 25.00% | ' |
Amount of down payment made to acquire interest | 62,500 | ' |
The company has to pay further amount once operating agreement is in place to fulfill its commitments | $37,500 | ' |