Lithium (LTUM) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Lithium Corp
Entity Central Index Key	1,415,332
Trading Symbol	ltum
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		74,911,408
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 174,717	$ 379,512
Deposits	700	700
Prepaid expenses	38,589	41,362
Total Current Assets	214,006	421,574
OTHER ASSETS
Investment	87,132	82,132
Mineral rights	187,653	187,653
TOTAL ASSETS	488,791	691,359
CURRENT LIABILITIES
Accounts payable and accrued liabilities	3,310	15,720
TOTAL CURRENT LIABILITIES	3,310	15,720
TOTAL LIABILITIES	$ 3,310	$ 15,720
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, 3,000,000,000 shares authorized, par value $0.001; 74,661,408 and 74,661,408 common shares outstanding, respectively	$ 74,662	$ 74,662
Additional paid in capital	3,368,453	3,368,453
Additional paid in capital - options	159,301	159,301
Additional paid in capital - warrants	257,949	257,949
Accumulated deficit	(3,374,884)	(3,184,726)
TOTAL STOCKHOLDERS' EQUITY	485,481	675,639
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 488,791	$ 691,359

Condensed Balance Sheets (Unau3

Condensed Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares outstanding	74,661,408	74,661,408

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
REVENUE
OPERATING EXPENSES
Professional fees	$ 6,104	$ 8,372	$ 25,468	$ 36,582
Exploration expenses	24,025	54,661	51,819	79,462
Consulting fees	19,000	29,338	65,200	74,863
Insurance expense	4,225	4,371	12,863	7,286
Investor relations	3,675	8,314	9,735	26,929
Transfer agent and filing fees	930	1,615	6,910	3,519
Travel	510	3,829	11,064	17,387
General and administrative expenses	1,394	3,439	7,249	8,773
TOTAL OPERATING EXPENSES	59,863	113,939	190,308	254,801
LOSS FROM OPERATIONS	(59,863)	(113,939)	(190,308)	(254,801)
OTHER INCOME (EXPENSES)
Loss on investment		(17,868)		(17,868)
Interest income	36	64	150	228
TOTAL OTHER INCOME (EXPENSE)	36	(17,804)	150	(17,640)
LOSS BEFORE INCOME TAXES	$ (59,827)	$ (131,743)	$ (190,158)	$ (272,441)
PROVISION FOR INCOME TAXES
NET LOSS	$ (59,827)	$ (131,743)	$ (190,158)	$ (272,441)
NET LOSS PER SHARE: BASIC AND DILUTED (in dollars per share)	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED (in shares)	74,661,408	74,661,408	74,661,408	746,760

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($)	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital - Warrants	Additional Paid-in Capital - Options	Deficit Accumulated During the Development Stage	Total
Balance at Dec. 31, 2012	$ 74,662	$ 3,292,348	$ 257,949	$ 174,041	$ (2,439,862)	$ 1,359,138
Balance (in shares) at Dec. 31, 2012	74,661,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued with respect to BC Sugar	$ 250	8,250				8,500
Shares issued with respect to BC Sugar (in shares)	250,000
Issuance and modification of newly and previously issued options				16,642		16,642
Expiration of stock options		70,105		(70,105)
Net loss					(378,257)	(378,257)
Balance at Dec. 31, 2013	$ 74,912	3,370,703	257,949	120,578	(2,818,119)	1,006,023
Balance (in shares) at Dec. 31, 2013	74,911,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation				38,723		38,723
Cancellation of stock	$ (250)	(2,250)				(2,500)
Cancellation of stock (in shares)	(250,000)
Net loss					(366,607)	(366,607)
Balance at Dec. 31, 2014	$ 74,662	3,368,453	257,949	159,301	(3,184,726)	$ 675,639
Balance (in shares) at Dec. 31, 2014	74,661,408					74,661,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(190,158)	$ (190,158)
Balance at Sep. 30, 2015	$ 74,662	$ 3,368,453	$ 257,949	$ 159,301	$ (3,374,884)	$ 485,481
Balance (in shares) at Sep. 30, 2015	74,661,408					74,661,408

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period	$ (59,827)	$ (131,743)	$ (190,158)	$ (272,441)	$ (366,607)	$ (378,257)
Adjustments to reconcile non-cash items used in operating expenses
Loss on investment		17,868		17,868
Changes in assets and liabilities:
(Increase) decrease in prepaid expenses			2,773	(6,933)
Increase (decrease) in accounts payable and accrued liabilities			(12,410)	8,114
Net Cash Used in Operating Activities			$ (199,795)	$ (253,392)
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposit - other
Purchase of long term investment			$ (5,000)	$ (100,000)
Interest in mineral properties				(6,395)
Net Cash Used in Investing Activities			(5,000)	(106,395)
CASH FLOWS FROM FINANCING ACTIVITY:
Repurchase of stock				(2,500)
Net Cash Used in Financing Activities				(2,500)
Decrease in cash			(204,795)	(362,287)
Cash, beginning of period			379,512	807,556	807,556
Cash, end of period	$ 174,717	$ 445,269	$ 174,717	$ 445,269	$ 379,512	$ 807,556
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 - Summary of Significant Accounting Policies Lithium Corporation (formerly Utalk Communications Inc.) (the “Company”) was incorporated on January 30, 2007 under the laws of Nevada. 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. Lithium Corporation is engaged in the acquisition and development of certain lithium interests in the state of Nevada, and flake graphite prospects in British Columbia and is currently in the exploration stage. 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 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 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 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. 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 $0 and $0 was recorded during the years ended December 31, 2014 and 2013, respectively. Office Lease The Company rents office space in Elko, Nevada for $350 per month. The arrangement is on a month-by-month basis and can be terminated by either party. Recent Accounting Pronouncements On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

Condensed Financial Statements

Condensed Financial Statements	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Financial Statements	Note 2 – Condensed Financial Statements The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial positions, results of operations, and cash flows on September 30, 2015, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2014 audited financial statements. The results of operations for the nine months ended September 30, 2015 are not necessarily indicative of the operating results for the full year.

Prepaid Expenses

Prepaid Expenses	9 Months Ended
	Sep. 30, 2015
Prepaid Expenses [Abstract]
Prepaid Expenses	Note 3 - Prepaid Expenses Prepaid expenses consisted of the following at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Bonds $ 26,061 $ 23,361 Transfer agent fees 900 3,600 Insurance 9,858 5,829 Office Misc. - 700 Investor relations 1,770 7,872 Total prepaid expenses $ 38,589 $ 41,362

Investment

Investment	9 Months Ended
	Sep. 30, 2015
Investment [Abstract]
Investment	Note 4 - Investment Effective April 23, 2014, the Company entered into an operating agreement with All American Resources, L.L.C and TY & Sons Investments Inc. with respect to Summa, LLC, a Nevada limited liability company incorporated on December 12, 2013, wherein we hold a 25% membership. The Company's capital contribution to Summa, LLC was $125,000, of which $100,000 was in cash and the balance in services. The Company participated in the formation of Summa, which holds 88 fee-title patented lode claims, which cover approximately 1,191.3 acres of prospective mineral lands. The Company has recently signed a joint operating agreement with the other participants to govern the conduct of Summa, and the development of the lands. The Company’s Director and former President, Tom Lewis, has been named as a managing member of Summa. The investment has been accounted for using the equity method of accounting. As such, the Company shall record its proportionate share of income or loss in the investment. As of September 30, 2015, the Company has recorded a loss on investment of $17,868.

Mineral Properties

Mineral Properties	9 Months Ended
	Sep. 30, 2015
Extractive Industries [Abstract]
Mineral Properties	Note 5 - Mineral Properties Fish Lake Property The Company 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 1, 2011, and this quit claim 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 at September 30, 2015, the Company has recorded $436,764 in acquisition costs related to the Fish Lake Property and associated impairment of $276,908 related to abandonment of claims. The carrying value of the Fish Lake Property was $159,856 as of September 30, 2015. Mt. Heimdal Property The Company entered into an agreement in April 2013, as amended in August 2013, whereby it earned a 100% interest in the Mt. Heimdal Flake Graphite property in BC, subject to a 1.5% net overriding royalty. The carrying value of the Mt. Heimdal property is $300 as of September 30, 2015. BC Sugar Property In June 2013, the company purchased claims in the Cherryville, BC area for 250,000 shares of the Company’s common stock. Since this time the company has expanded the claim block considerably, and has expended approximately $45,000 to date exploring this property for flake graphite deposits. In January, 2014, the company agreed to buy back the shares issued pursuant to the June agreement for $2,500. The buy-back was completed in April, 2014 and recorded the purchase of stock in the Company’s equity. Staked Properties The Company has staked claims with various registries as summarized below: Name Claims Cost Impairment Net Carry Value San Emidio 20 (1,600 acres) $ 11,438 $ (5,719 ) $ 5,719 Cherryville/BC Sugar 8019.41 (hectares) $ 21,778 Nil $ 21,778 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. No impairment charges were recorded during the period ended September 30, 2015.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Capital Stock	Note 6 - 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 have been retroactively restated to reflect the splits discussed above. Common Stock On June 6, 2013, the Company issued 250,000 shares of its common stock as part of the Cherryville property acquisition located in British Columbia. On January 17, 2014 the Company repurchased the 250,000 shares of its common stock issued as part of the Cherryville property acquisition for $2,500. The shares were returned to the treasury and retired in April 2014. There were 74,661,408 shares of common stock issued and outstanding as of September 30, 2015. Warrants The Company has no warrants outstanding as of September 30, 2015. 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 $0.24were 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 September 30, 2014, 250,000 options expired unexercised as a result of a director resigning from the Company. 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: Modification New Options Risk free interest rate 0.35% 0.67% Expected dividend yield 0% 0% Expected stock price volatility 129% 129% Expected life of options 3 years 5 years On November 12, 2014, the Company granted 700,000 options at an exercise price of $0.045 in exchange for various professional and managerial services. The fair value of these options was $38,723. 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: Risk free interest rate 1.65% Expected dividend yield 0% Expected stock price volatility 150% Expected life of options 5 years The following table summarizes the stock options outstanding at September 30, 2015: Issue Date Number Price Expiry Date Outstanding at September 30, 2015 May 31, 2012 100,000 $0.045 May 31, 2017 100,000 March 15, 2013 200,000 $0.045 March 15, 2018 200,000 November 12, 2014 700,000 $0.045 November 12, 2019 700,000

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 7 - Subsequent Events The Company has analyzed its operations subsequent to September 30, 2015 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
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	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 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 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 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.
Income Taxes	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	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 $0 and $0 was recorded during the years ended December 31, 2014 and 2013, respectively.
Office Lease	Office Lease The Company rents office space in Elko, Nevada for $350 per month. The arrangement is on a month-by-month basis and can be terminated by either party.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Prepaid Expenses [Abstract]
Schedule for prepaid expenses	September 30, 2015 December 31, 2014 Bonds $ 26,061 $ 23,361 Transfer agent fees 900 3,600 Insurance 9,858 5,829 Office Misc. - 700 Investor relations 1,770 7,872 Total prepaid expenses $ 38,589 $ 41,362

Mineral Properties (Tables)

Mineral Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Extractive Industries [Abstract]
Schedule of staked claims	Name Claims Cost Impairment Net Carry Value San Emidio 20 (1,600 acres) $ 11,438 $ (5,719 ) $ 5,719 Cherryville/BC Sugar 8019.41 (hectares) $ 21,778 Nil $ 21,778

Capital Stock (Tables)

Capital Stock (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of assumptions used to determine stock options	Modification New Options Risk free interest rate 0.35% 0.67% Expected dividend yield 0% 0% Expected stock price volatility 129% 129% Expected life of options 3 years 5 years Risk free interest rate 1.65% Expected dividend yield 0% Expected stock price volatility 150% Expected life of options 5 years
Schedule of stock options outstanding	Issue Date Number Price Expiry Date Outstanding at September 30, 2015 May 31, 2012 100,000 $0.045 May 31, 2017 100,000 March 15, 2013 200,000 $0.045 March 15, 2018 200,000 November 12, 2014 700,000 $0.045 November 12, 2019 700,000

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Detail Textuals) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Impairment charges		$ 0	$ 0
Office rent per month	$ 350

Prepaid Expenses - Summary of p

Prepaid Expenses - Summary of prepaid expenses (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Prepaid Expense, Current [Abstract]
Bonds	$ 26,061	$ 23,361
Transfer agent fees	900	3,600
Insurance	9,858	5,829
Office Misc.		700
Investor relations	1,770	7,872
Total prepaid expenses	$ 38,589	$ 41,362

Investment (Detail Textuals)

Investment (Detail Textuals)	1 Months Ended	3 Months Ended	9 Months Ended
	Apr. 23, 2014USD ($)aClaims	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Investment [Line Items]
Loss on investment		$ 17,868		$ 17,868
Summa, LLC
Investment [Line Items]
Membership percentage	25.00%
Capital contribution	$ 125,000
Capital contribution in cash	$ 100,000
Number of fee-title patented lode claims | Claims	88
Area of prospective mineral lands | a	1,191.3
Loss on investment			$ 17,868

Mineral Properties - Summary of

Mineral Properties - Summary of staked claims with various registries (Details)	9 Months Ended
	Sep. 30, 2015USD ($)ahaClaims	Dec. 31, 2014USD ($)
Mineral Properties [Line Items]
Net Carry Value	$ 187,653	$ 187,653
San Emidio
Mineral Properties [Line Items]
Claims | Claims	20
Area of staked properties | a	1,600
Cost	$ 11,438
Impairment	(5,719)
Net Carry Value	$ 5,719
Cherryville/BC Sugar
Mineral Properties [Line Items]
Area of staked properties | ha	8,019.41
Cost	$ 21,778
Impairment
Net Carry Value	$ 21,778

Mineral Properties (Detail Text

Mineral Properties (Detail Textuals) - USD ($)	1 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2013	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Aug. 31, 2013
Mineral Properties [Line Items]
Amount paid for acquisition			$ 6,395
Net carrying value		$ 187,653		$ 187,653
Amount paid for buy back the shares				$ 2,500
Fish Lake Property
Mineral Properties [Line Items]
Ownership interest		100.00%
Amount paid for acquisition		$ 350,000
Acquisition costs		436,764
Property impairment related to abandonment of claims		276,908
Net carrying value		$ 159,856
Mt. Heimdal Property
Mineral Properties [Line Items]
Ownership interest					100.00%
Net overriding royalty					1.50%
Net carrying value					$ 300
Cherryville/BC Sugar
Mineral Properties [Line Items]
Property impairment related to abandonment of claims
Net carrying value		$ 21,778
Stock repurchased and retired, shares	250,000
Exploration cost	$ 45,000
Amount paid for buy back the shares	$ 2,500

Capital Stock - Summary of assu

Capital Stock - Summary of assumptions used to determine fair value of stock options (Details)	9 Months Ended
	Sep. 30, 2015
Modification
Equity [Line Items]
Risk free interest rate	0.35%
Expected dividend yield	0.00%
Expected stock price volatility	129.00%
Expected life of options	3 years
New Options
Equity [Line Items]
Risk free interest rate	0.67%
Expected dividend yield	0.00%
Expected stock price volatility	129.00%
Expected life of options	5 years
Stock Option
Equity [Line Items]
Risk free interest rate	1.65%
Expected dividend yield	0.00%
Expected stock price volatility	150.00%
Expected life of options	5 years

Capital Stock - Summary of stoc

Capital Stock - Summary of stock options outstanding (Details 1) - Stock Option	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Issue Date May 31, 2012
Equity [Line Items]
Number	100,000
Price | $ / shares	$ 0.045
Expiry Date	May 31, 2017
Total Options Outstanding	100,000
Issue Date March 15, 2013
Equity [Line Items]
Number	200,000
Price | $ / shares	$ 0.045
Expiry Date	Mar. 15, 2018
Total Options Outstanding	200,000
Issue Date November 12, 2014
Equity [Line Items]
Number	700,000
Price | $ / shares	$ 0.045
Expiry Date	Nov. 12, 2019
Total Options Outstanding	700,000

Capital Stock (Detail Textuals)

Capital Stock (Detail Textuals) - $ / shares	1 Months Ended
	Sep. 30, 2009	Sep. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Number of shares authorized to issue		3,000,000,000	3,000,000,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Forward stock split	60-for-1

Capital Stock (Detail Textuals

Capital Stock (Detail Textuals 1) - USD ($)	Jun. 06, 2013	Jan. 17, 2014	Dec. 31, 2014	Sep. 30, 2015	Dec. 31, 2013	Dec. 31, 2012
Equity [Line Items]
Value of stock repurchased and retired			$ 2,500
Common stock, shares outstanding			74,661,408	74,661,408
Common Stock
Equity [Line Items]
Stock repurchased and retired, shares			250,000
Value of stock repurchased and retired			$ 250
Common stock, shares issued				74,661,408
Common stock, shares outstanding			74,661,408	74,661,408	74,911,408	74,661,408
Common Stock | Cherryville property
Equity [Line Items]
Number of shares issued as part of acquisition	250,000
Stock repurchased and retired, shares		250,000
Value of stock repurchased and retired		$ 2,500

Capital Stock (Detail Textual27

Capital Stock (Detail Textuals 2) - Stock Option - USD ($)	Nov. 12, 2014	Mar. 15, 2013	Sep. 30, 2014	May. 31, 2012	Dec. 31, 2010
Equity [Line Items]
Number of unexercised options expired			250,000
Consultants
Equity [Line Items]
Modified exercise price		$ 0.045		$ 0.07
Stock-based compensation		$ 8,848		$ 11,524
Consultants | Exercise price $0.28
Equity [Line Items]
Number of options granted					500,000
Exercise price of options granted					$ 0.28
Consultants | Exercise price $0.24
Equity [Line Items]
Number of options granted					400,000
Exercise price of options granted					$ 0.24
Consultants | Exercise price $0.07
Equity [Line Items]
Number of options granted				400,000
Exercise price of options granted				$ 0.07
Stock-based compensation				$ 23,891
Consultants | Exercise Prices $0.045
Equity [Line Items]
Number of options granted	700,000	200,000
Exercise price of options granted	$ 0.045	$ 0.045
Stock-based compensation		$ 7,794
Fair value of options	$ 38,723