Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Apr. 10, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Lithium Corp | ||
Entity Central Index Key | 1,415,332 | ||
Trading Symbol | ltum | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 84,965,312 | ||
Entity Public Float | $ 4,473,861 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 281,630 | $ 191,465 |
Marketable securities | 41,284 | |
Deposits | 700 | 700 |
Prepaid expenses | 19,348 | 43,579 |
Total Current Assets | 342,962 | 235,744 |
OTHER ASSETS | ||
Investment | 72,297 | |
Mineral properties | 159,859 | 159,859 |
TOTAL ASSETS | 502,821 | 467,900 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 15,313 | 7,500 |
Allowance for optioned properties | 397,601 | |
TOTAL CURRENT LIABILITIES | 412,914 | 7,500 |
TOTAL LIABILITIES | 412,914 | 7,500 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common stock, 3,000,000,000 shares authorized, par value $0.001; 81,704,075 and 77,361,408 common shares outstanding, respectively | 81,705 | 77,362 |
Common stock payable | 11,334 | |
Additional paid in capital | 3,463,903 | 3,387,780 |
Additional paid in capital - options | 191,513 | 159,301 |
Additional paid in capital - warrants | 308,322 | 303,422 |
Accumulated deficit | (3,966,870) | (3,467,465) |
TOTAL STOCKHOLDERS' EQUITY | 89,907 | 460,400 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 502,821 | $ 467,900 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 81,704,075 | 77,361,408 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||
REVENUE | ||
OPERATING EXPENSES | ||
Professional fees | 62,830 | 39,231 |
Exploration expenses | 133,713 | 56,994 |
Consulting fees | 111,091 | 81,550 |
Insurance expense | 18,308 | 17,088 |
Investor relations | 26,072 | 14,710 |
Transfer agent and filing fees | 9,886 | 8,540 |
Travel | 5,729 | 12,763 |
General and administrative expenses | 10,511 | 9,407 |
TOTAL OPERATING EXPENSES | 378,140 | 240,283 |
LOSS FROM OPERATIONS | (378,140) | (240,283) |
OTHER INCOME (EXPENSES) | ||
Other income | 4,990 | |
Change in fair value of marketable securities | (126,317) | |
Loss on investment | (14,835) | |
Writedown of mineral property | (27,794) | |
Interest income | 62 | 173 |
TOTAL OTHER INCOME (EXPENSE) | (121,265) | (42,456) |
LOSS BEFORE INCOME TAXES | (499,405) | (282,739) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (499,405) | $ (282,739) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ (0.01) | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 79,904,411 | 74,809,746 |
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 | Common Stock Payable | Accumulated Deficit | Total |
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 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock issued for cash | $ 2,700 | 19,327 | 45,473 | 67,500 | |||
Stock issued for cash (in shares) | 2,700,000 | ||||||
Net loss | (282,739) | (282,739) | |||||
Balance at Dec. 31, 2015 | $ 77,362 | 3,387,780 | 303,422 | 159,301 | (3,467,465) | $ 460,400 | |
Balance (in shares) at Dec. 31, 2015 | 77,361,408 | 77,361,408 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock issued for cash | $ 3,377 | 54,123 | $ 57,500 | ||||
Stock issued for cash (in shares) | 3,376,000 | ||||||
Stock issued on stock option exercise | $ 200 | 4,800 | 5,000 | ||||
Stock issued on stock option exercise (in shares) | 200,000 | ||||||
Stock issued on stock warrant exercise | $ 100 | 4,900 | 5,000 | ||||
Stock issued on stock warrant exercise (in shares) | 100,000 | ||||||
Stock issued for services | $ 666 | 22,000 | 22,666 | ||||
Stock issued for services (in shares) | 666,667 | ||||||
Stock based compensation | 27,412 | 27,412 | |||||
Stock payable for services | 11,334 | 11,334 | |||||
Net loss | (499,405) | (499,405) | |||||
Balance at Dec. 31, 2016 | $ 81,705 | $ 3,463,903 | $ 308,322 | $ 191,513 | $ 11,334 | $ (3,966,870) | $ 89,907 |
Balance (in shares) at Dec. 31, 2016 | 81,704,075 | 81,704,075 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss for the period | $ (499,405) | $ (282,739) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 27,412 | |
Change in fair value of marketable securities | 126,317 | |
Stock issued in exchange for services | 22,666 | |
Writedown of investment | 88,997 | |
Writedown of mineral property | 27,794 | |
Loss on investment | 14,835 | |
Stock payable in exchange for services | 11,334 | |
Changes in assets and liabilities: | ||
(Increase) decrease in prepaid expenses | 24,231 | (2,217) |
Increase (decrease) in accounts payable and accrued liabilities | 7,813 | (8,220) |
Net Cash Used in Operating Activities | (190,635) | (250,547) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash call on long term investment | (16,700) | (5,000) |
Cash from properties | 230,000 | |
Net Cash Used in Investing Activities | 213,300 | (5,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shares issued for warrants/options exercise | 10,000 | |
Shares issued for cash | 57,500 | 67,500 |
Net Cash Used in Financing Activities | 67,500 | 67,500 |
Increase in cash | 90,165 | (188,047) |
Cash, beginning of period | 191,465 | 379,512 |
Cash, end of period | 281,630 | 191,465 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
NON-CASH TRANSACTIONS: | ||
Marketable securities received as consideration for mineral property option | $ 167,601 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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. 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 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 $88,997 and $27,794 was recorded during the years ended December 31, 2016 and 2015, respectively. Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard. Recent Accounting Pronouncements (continued) In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company's financial position, results of operations and disclosures. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2016 | |
Going Concern [Abstract] | |
Going Concern | Note 2 – Going Concern As reflected in the accompanying financial statements, the Company has a working capital deficiency of $69,952 and used $190,635 of cash in operations for the year ended December 31, 2016. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 3 – Fair Value of Financial Instruments Under FASB ASC 820-10-5, fair value is defined 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 (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value. The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows: - Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. - Level 2 - Inputs include quoted prices for similar assets and 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, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). - Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of December 31, 2016 and 2015, respectively: Fair Value Measurements at December 31, 2016 Level 1 Level 2 Level 3 Assets Cash $ 281,630 $ - $ - Marketable securities 41,284 - - Total Assets 322,914 - - Liabilities Total Liabilities - - - $ 322,914 $ - $ - Fair Value Measurements at December 31, 2015 Level 1 Level 2 Level 3 Assets Cash $ 191,465 $ - $ - Available for sale securities - - - Total Assets 191,465 - - Liabilities Total Liabilities - - - $ 191,465 $ - $ - |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2016 | |
Marketable Securities [Abstract] | |
Marketable Securities | Note 4 – Marketable Securities The Company owns marketable securities (common stock) as outlined below: Balance, December 31, 2015 $ - Additions 167,601 Unrealized loss on mark down to fair value (126,317 ) Balance, December 31, 2016 $ 41,284 |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expenses [Abstract] | |
Prepaid Expenses | Note 5 - Prepaid Expenses Prepaid expenses consisted of the following at December 31, 2016 and December 31, 2015: December 31, 2016 December 31, 2015 Bonds $ 2,181 $ 26,061 Transfer agent fees 2,125 3,927 Insurance 4,226 5,633 Office Misc. 350 520 Investor relations 10,466 7,438 Total prepaid expenses $ 19,348 $ 43,579 |
Investment
Investment | 12 Months Ended |
Dec. 31, 2016 | |
Investment [Abstract] | |
Investment | Note 6 - 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 $130,000, of which $105,000 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 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 December 31, 2016, the Company has recorded a cumulative loss on investment of $32,703 and recorded a write-down of investment of $88,997. As at December 31, 2016, the balance for the investment is $0 (2015: $72,297). |
Mineral Properties
Mineral Properties | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Mineral Properties | Note 7- 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 December 31, 2016, 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 $159,859 as of December 31, 2016 and 2015. On March 10, 2016, the Company entered into an agreement with respect to the Fish Lake Property whereby the purchaser may earn an 80% interest in the property for payments of $300,000, 400,000 shares and work performed on the property over the next three years totaling $1,100,000 and $30,000 reimbursement of costs relating to the property. Should these terms be met, the purchaser has the ability to purchase the remaining 20% of the property for $1,000,000. The Company shall retain a 2.5% NSR on the property should they sell 100% of their interest. As of December 31, 2016, the Company has received $130,000 and 200,000 common shares (valued at $72,107) in relation to the option agreement. The $202,107 has been recorded as a liability against the property until either the purchaser returns the property to the Company or the purchaser has met all the obligations associated with the agreement, at which time the liability will be charged to the statement of operations. The market value as at December 31, 2016 of the 200,000 common shares received is $27,523. As a result, a fair value impairment charge of $44,584 has been recorded. 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 $0 (2014: $300) as of December 30, 2016 and 2015. During the year-ended December 31, 2015, the Company incurred a $300 impairment allowance on the property. BC Sugar Property In June 2013, we purchased a claim in the Cherryville, BC area for 250,000 shares of our common stock. The claim area is known as the BC Sugar Property, and since this time we expanded the claim block considerably, and then have allowed a number of the less prospective claims to lapse. The company’s holdings here are currently 1422 acres (575.67 hectares). In January, 2014, we agreed to buy back the shares issued pursuant to the June agreement for $2,500. 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 $ (11,438 ) $ 0 Cherryville/BC Sugar 575.67 (hectares) $ 21,778 (21,778 ) $ 0 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. During the year-ended December 31, 2015, the Company recorded in impairment charge of $21,494 related to the properties. On May 3, 2016, the Company entered into an agreement with respect to the Fish Lake Property whereby the purchaser may earn an 80% interest in the property for payments of $100,000, 300,000 shares and work performed on the property over the next three years totaling $600,000. Should these terms be met, the purchaser has the ability to purchase the remaining 20% of the property for $1,000,000. The Company shall retain a 2.5% NSR on the property should they sell 100% of their interest. As of December 31, 2016, the Company has received $100,000 and 100,000 common shares (valued at $95,494) in relation to the option agreement. The $195,484 has been recorded as a liability against the property until either the purchaser returns the property to the Company or the purchaser has met all the obligations associated with the agreement, at which time the liability will be charged to the statement of operations. The market value as at December 31, 2016 of the 200,000 common shares received is $13,761. As a result, a fair value impairment charge of $81,733 has been recorded. As at December 31, 2015, Fish Lake Valley represents the only property on the balance sheet with the remaining properties having been written down to a nominal value. Fish Lake Valley and the San Emidio properties have been optioned as discussed above. The optionee has not met all of the obligations related to the option agreement and, as such, title has not transferred from the Company to the optionee as of December 31, 2016. All payments and consideration received to date by the Company has been included as allowance for optioned properties and will be charged to the statement of operations when either all obligations have been met or the optionee has declined to make the requisite option payments, at which time the properties will be returned to the Company. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | Note 8 - Capital Stock The Company is authorized to issue 3,000,000,000 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 October 15, 2015, the Company issued 2,700,000 shares of its common stock for proceeds of $67,500. On April 12, 2016, the Company issued 700,000 common shares for gross proceeds of $17,500. On May 11, 2016 the Company issued 100,000 common shares for gross proceeds of $2,500 pursuant to the exercise of stock options. On May 24, 2016, the Company issued 2,400,000 common shares for gross proceeds of $33,100. On May 31, 2016, the Company issued 276,000 common shares for gross proceeds of $6,900. On June 9, 2016 the Company issued 100,000 common shares for gross proceeds of $2,500 pursuant to the exercise of stock options. On August 9, 2016, the Company issued 666,667 common shares in relation to a services agreement dated April 1, 2016. These shares were valued at $22,666, being the fair market value at the date of issuance. On August 25, 2016, the Company issued 100,000 common shares for gross proceeds of $5,000 pursuant to the exercise of warrants. There were 81,704,075 shares of common stock issued and outstanding as of December 31, 2016. Warrants On October 15, 2015, as part of the issuance of common stock, the Company issued 2,700,000 warrants exercisable at $0.05 for the first 12 months after closing and $0.075 for the following 12 months after closing. The fair value of the warrants has been measured at $45,473. The warrants vested six months after being granted. On April 12, 2016, as part of the issuance of common stock, the Company issued 700,000 warrants exercisable at $0.05 for the first 12 months after closing and $0.075 for the following 12 months after closing. The fair value of the warrants has been measured at $17,500. The warrants vested six months after being granted. On May 24, 2016, as part of the issuance of common stock, the Company issued 2,400,000 warrants exercisable at $0.05 for the first 12 months after closing and $0.075 for the following 12 months after closing. The fair value of the warrants has been measured at $33,100. The warrants vested six months after being granted. On May 31, 2016, as part of the issuance of common stock, the Company issued 276,000 warrants exercisable at $0.05 for the first 12 months after closing and $0.075 for the following 12 months after closing. The fair value of the warrants has been measured at $6,900. The warrants vested six months after being granted. The table below outlines the change in warrants during the year-ended December 31, 2016: Number Balance, January 1, 2015 - Granted 2,700,000 Balance, December 31, 2015 2,700,000 Granted 3,376,000 Exercised (100,000 ) Balance, December 31, 2016 5,976,000 The table below outlines details of warrants outstanding as at December 31, 2016: Grant Date Number Exercise Price Expiry Date October 15, 2015 2,600,000 $ 0.075 October 15, 2017 April 12, 2016 700,000 $ 0.050 April 12, 2018 May 24, 2016 2,676,000 $ 0.050 May 24, 2018 Total 5,976,000 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 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 On February 10, 2016, the Company granted 850,000 options at an exercise price of $0.025 in exchange for various professional and managerial services (See Note 10). The fair value of these options was $27,412. 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 1.15% Expected dividend yield 0% Expected stock price volatility 163% Expected life of options 4.90 years The following table summarizes the stock options outstanding at December 31, 2016: Issue Date Number Price Expiry Date Outstanding at December 31, 2016 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 February 10, 2016 650,000 $ 0.025 January 8, 2022 650,000 Total stock-based compensation for the years ended December 31, 2016 and 2015 was $27,412 and $0, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 - Income Taxes As of December 31, 2016, the Company had net operating loss carry forwards of $3,966,405 that may be available to reduce future years' taxable income in varying amounts through 2033. 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 change in provision for Federal income tax consists of the following for the years ended December 31, 2016 and 2015: 2016 2015 Federal income tax benefit attributable to: Current operations $ 169,798 $ 16,509 Less: valuation allowance (169,798 ) (16,509 ) Net provision for Federal income taxes $ - $ - 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, 2016 and 2015: December 31, 2016 December 31, 2015 Deferred tax asset attributable to: Net operating loss carryover $ 1,348,578 $ 1,178,780 Less: valuation allowance (1,348,578 ) (1,178,780 ) Net deferred tax asset $ 0 $ 0 Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $3,966,405 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, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 – Related Party Transactions During the year-ended December 31, 2016, the Company paid $52,000 (2015 - $35,300) to a company controlled by the officer of the Company and paid $52,000 (2015 - $43,150) to a director of the Company. During the year-ended December 31, 2016, the Company issued 500,000 stock options with a fair value of $16,125 to an officer of the Company (see Note 8). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 – Commitments and Contingencies The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters should not have a material adverse effect on its financial position, results of operations or liquidity. Specifically, o |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 - Subsequent Events The Company has analyzed its operations subsequent to December 31, 2016 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose other than those described below. On February 10, 2017, the Company issued 333,333 common shares pursuant to a services agreement. On February 10, 2017, the Company issued 1,276,000 common shares for gross proceeds of $63,800 as a result of a warrant exercise. On February 10, 2017, the Company issued 77,904 common shares to retire 160,000 stock options pursuant to a cashless exercise by an option-holder. On March 28, 2017, the Company received $100,000 and 100,000 common shares (valued at $10,520) with respect to the option of the Fish Lake Valley property. On March 3, 2017 , the Company issued 2,400,000 common shares and issued a similar number of warrants valid for two years and exercisable at $0.075 as part of a $120,000 non-brokered private placement. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
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 | 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 $88,997 and $27,794 was recorded during the years ended December 31, 2016 and 2015, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company's financial position, results of operations and disclosures. |
Fair Value of Financial Instr20
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of the valuation of financial instruments measured at fair value on a recurring basis | Fair Value Measurements at December 31, 2016 Level 1 Level 2 Level 3 Assets Cash $ 281,630 $ - $ - Marketable securities 41,284 - - Total Assets 322,914 - - Liabilities Total Liabilities - - - $ 322,914 $ - $ - Fair Value Measurements at December 31, 2015 Level 1 Level 2 Level 3 Assets Cash $ 191,465 $ - $ - Available for sale securities - - - Total Assets 191,465 - - Liabilities Total Liabilities - - - $ 191,465 $ - $ - |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Marketable Securities [Abstract] | |
Schedule for marketable securities | Balance, December 31, 2015 $ - Additions 167,601 Unrealized loss on mark down to fair value (126,317 ) Balance, December 31, 2016 $ 41,284 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expenses [Abstract] | |
Schedule for prepaid expenses | December 31, 2016 December 31, 2015 Bonds $ 2,181 $ 26,061 Transfer agent fees 2,125 3,927 Insurance 4,226 5,633 Office Misc. 350 520 Investor relations 10,466 7,438 Total prepaid expenses $ 19,348 $ 43,579 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Schedule of staked claims | Name Claims Cost Impairment Net Carry Value San Emidio 20 (1,600 acres) $ 11,438 $ (11,438 ) $ 0 Cherryville/BC Sugar 575.67 (hectares) $ 21,778 (21,778 ) $ 0 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of change in warrants | Number Balance, January 1, 2015 - Granted 2,700,000 Balance, December 31, 2015 2,700,000 Granted 3,376,000 Exercised (100,000 ) Balance, December 31, 2016 5,976,000 |
Schedule of warrants outstanding | Grant Date Number Exercise Price Expiry Date October 15, 2015 2,600,000 $ 0.075 October 15, 2017 April 12, 2016 700,000 $ 0.050 April 12, 2018 May 24, 2016 2,676,000 $ 0.050 May 24, 2018 Total 5,976,000 |
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 Risk free interest rate 1.15% Expected dividend yield 0% Expected stock price volatility 163% Expected life of options 4.90 years |
Schedule of stock options outstanding | Issue Date Number Price Expiry Date Outstanding at December 31, 2016 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 February 10, 2016 650,000 $ 0.025 January 8, 2022 650,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for federal income tax | 2016 2015 Federal income tax benefit attributable to: Current operations $ 169,798 $ 16,509 Less: valuation allowance (169,798 ) (16,509 ) Net provision for Federal income taxes $ - $ - |
Schedule of net deferred tax | December 31, 2016 December 31, 2015 Deferred tax asset attributable to: Net operating loss carryover $ 1,348,578 $ 1,178,780 Less: valuation allowance (1,348,578 ) (1,178,780 ) Net deferred tax asset $ 0 $ 0 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Detail Textuals) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Impairment charges | $ 88,997 | $ 27,794 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Going Concern [Abstract] | ||
Working capital surplus (deficit) | $ (69,952) | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ (190,635) | $ (250,547) |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Level 1 | ||
Assets | ||
Cash | $ 281,630 | $ 191,465 |
Marketable securities | 41,284 | |
Available for sale securities | ||
Total Assets | 322,914 | 191,465 |
Liabilities | ||
Total Liabilities | ||
Total | 322,914 | 191,465 |
Level 2 | ||
Assets | ||
Cash | ||
Marketable securities | ||
Available for sale securities | ||
Total Assets | ||
Liabilities | ||
Total Liabilities | ||
Total | ||
Level 3 | ||
Assets | ||
Cash | ||
Marketable securities | ||
Available for sale securities | ||
Total Assets | ||
Liabilities | ||
Total Liabilities | ||
Total |
Marketable Securities (Details)
Marketable Securities (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Marketable Securities [Roll Forward] | |
Balance, December 31, 2015 | |
Additions | 167,601 |
Unrealized loss on mark down to fair value | (126,317) |
Balance, December 31, 2016 | $ 41,284 |
Prepaid Expenses - Summary of p
Prepaid Expenses - Summary of prepaid expenses (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Prepaid Expense, Current [Abstract] | ||
Bonds | $ 2,181 | $ 26,061 |
Transfer agent fees | 2,125 | 3,927 |
Insurance | 4,226 | 5,633 |
Office Misc. | 350 | 520 |
Investor relations | 10,466 | 7,438 |
Total prepaid expenses | $ 19,348 | $ 43,579 |
Investment (Detail Textuals)
Investment (Detail Textuals) | 1 Months Ended | 12 Months Ended | |
Apr. 23, 2014USD ($)aClaim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Investment [Line Items] | |||
Cumulative loss on investment | $ (32,703) | ||
Writedown of investment | $ (88,997) | ||
Investment | $ 72,297 | ||
Summa, LLC | |||
Investment [Line Items] | |||
Membership percentage | 25.00% | ||
Capital contribution | $ 130,000 | ||
Capital contribution in cash | $ 105,000 | ||
Number of fee-title patented lode claims | Claim | 88 | ||
Area of prospective mineral lands | a | 1,191.3 |
Mineral Properties - Summary of
Mineral Properties - Summary of staked claims with various registries (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)ahaClaim | Dec. 31, 2015USD ($) | |
Mineral Properties [Line Items] | ||
Net Carry Value | $ 159,859 | $ 159,859 |
San Emidio | ||
Mineral Properties [Line Items] | ||
Claims | Claim | 20 | |
Area of staked properties | a | 1,600 | |
Cost | $ 11,438 | |
Impairment | (11,438) | |
Net Carry Value | $ 0 | |
Cherryville/BC Sugar | ||
Mineral Properties [Line Items] | ||
Area of staked properties | ha | 575.67 | |
Cost | $ 21,778 | |
Impairment | (21,778) | |
Net Carry Value | $ 0 |
Mineral Properties (Detail Text
Mineral Properties (Detail Textuals) | May 03, 2016USD ($)shares | Mar. 10, 2016USD ($)shares | Jan. 31, 2014USD ($) | Jun. 30, 2013shares | Dec. 31, 2016USD ($)hashares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Mineral Properties [Line Items] | |||||||
Net carry value | $ 159,859 | $ 159,859 | |||||
Impairment allowance on property | 21,494 | ||||||
Fish Lake Property | |||||||
Mineral Properties [Line Items] | |||||||
Ownership interest | 80.00% | 80.00% | 100.00% | ||||
Amount paid for acquisition | $ 100,000 | $ 300,000 | $ 350,000 | ||||
Acquisition costs | 436,764 | ||||||
Property impairment related to abandonment of claims | 276,908 | ||||||
Net carry value | 159,859 | 159,859 | |||||
Number of shares issued | shares | 300,000 | 400,000 | |||||
Estimated work to be performed over the next three years | $ 600,000 | $ 1,100,000 | |||||
Reimbursement of costs related to mineral property | $ 30,000 | ||||||
Percentage of remaining interest in property | 20.00% | 20.00% | |||||
Cost of remaining interest in property | $ 1,000,000 | $ 1,000,000 | |||||
Percentage NSR on property retained | 2.50% | 2.50% | |||||
Percentage of property sold | 100.00% | 100.00% | |||||
Amount received | $ 130,000 | ||||||
Number of shares received | shares | 200,000 | ||||||
Carrying value of shares received | $ 72,107 | ||||||
Value of liability recorded | 202,107 | ||||||
Market value of shares received | 27,523 | ||||||
Fair value impairment charge recorded | $ 44,584 | ||||||
Mt. Heimdal Property | |||||||
Mineral Properties [Line Items] | |||||||
Ownership interest | 100.00% | ||||||
Net carry value | $ 0 | 0 | $ 300 | ||||
Net overriding royalty | 1.50% | ||||||
Impairment allowance on property | $ 300 | ||||||
Cherryville/BC Sugar | |||||||
Mineral Properties [Line Items] | |||||||
Property impairment related to abandonment of claims | $ 21,778 | ||||||
Net carry value | $ 0 | ||||||
Stock repurchased and retired, shares | shares | 250,000 | ||||||
Amount paid for buy back the shares | $ 2,500 | ||||||
Area of staked properties | ha | 575.67 | ||||||
Fish Lake Staked Property | |||||||
Mineral Properties [Line Items] | |||||||
Amount received | $ 100,000 | ||||||
Number of shares received | shares | 100,000 | ||||||
Carrying value of shares received | $ 95,494 | ||||||
Value of liability recorded | 195,484 | ||||||
Market value of shares received | 13,761 | ||||||
Fair value impairment charge recorded | $ 81,733 |
Capital Stock - Summary of chan
Capital Stock - Summary of change in warrants (Details) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Class Of Warrant Or Right [Roll Forward] | ||
Balance | 2,700,000 | |
Granted | 3,376,000 | 2,700,000 |
Exercised | (100,000) | |
Balance | 5,976,000 | 2,700,000 |
Capital Stock - Summary of deta
Capital Stock - Summary of details of warrants outstanding (Details 1) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | |||
Number | 5,976,000 | 2,700,000 | |
October 15, 2015 | |||
Class of Warrant or Right [Line Items] | |||
Grant Date | Oct. 15, 2015 | ||
Number | 2,600,000 | ||
Exercise Price | $ 0.075 | ||
Expiry Date | Oct. 15, 2017 | ||
April 12, 2016 | |||
Class of Warrant or Right [Line Items] | |||
Grant Date | Apr. 12, 2016 | ||
Number | 700,000 | ||
Exercise Price | $ 0.050 | ||
Expiry Date | Apr. 12, 2018 | ||
May 24, 2016 | |||
Class of Warrant or Right [Line Items] | |||
Grant Date | May 24, 2016 | ||
Number | 2,676,000 | ||
Exercise Price | $ 0.050 | ||
Expiry Date | May 24, 2018 |
Capital Stock - Summary of assu
Capital Stock - Summary of assumptions used to determine fair value of stock options (Details 2) | Feb. 10, 2016 | Nov. 12, 2014 | Dec. 31, 2016 |
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 | 1.15% | 1.65% | |
Expected dividend yield | 0.00% | 0.00% | |
Expected stock price volatility | 163.00% | 150.00% | |
Expected life of options | 4 years 10 months 24 days | 5 years |
Capital Stock - Summary of stoc
Capital Stock - Summary of stock options outstanding (Details 3) - Stock Option | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
May 31, 2012 | |
Equity [Line Items] | |
Number | 100,000 |
Price | $ / shares | $ 0.045 |
Expiry Date | May 31, 2017 |
Total Options Outstanding | 100,000 |
March 15, 2013 | |
Equity [Line Items] | |
Number | 200,000 |
Price | $ / shares | $ 0.045 |
Expiry Date | May 15, 2018 |
Total Options Outstanding | 200,000 |
November 12, 2014 | |
Equity [Line Items] | |
Number | 700,000 |
Price | $ / shares | $ 0.045 |
Expiry Date | Nov. 12, 2019 |
Total Options Outstanding | 700,000 |
February 10, 2016 | |
Equity [Line Items] | |
Number | 650,000 |
Price | $ / shares | $ 0.025 |
Expiry Date | Jan. 8, 2022 |
Total Options Outstanding | 650,000 |
Capital Stock (Detail Textuals)
Capital Stock (Detail Textuals) | 1 Months Ended | ||
Sep. 30, 2009 | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | |
Equity [Abstract] | |||
Number of shares authorized to issue | shares | 3,000,000,000 | 3,000,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |
Forward stock split | 60 |
Capital Stock (Detail Textuals
Capital Stock (Detail Textuals 1) - USD ($) | Aug. 09, 2016 | Jun. 09, 2016 | May 11, 2016 | Apr. 12, 2016 | Oct. 15, 2015 | Aug. 25, 2016 | May 31, 2016 | May 24, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||||||||||
Common stock, shares issued | 81,704,075 | |||||||||
Common stock, shares outstanding | 81,704,075 | 77,361,408 | ||||||||
Stock issued for cash (in shares) | 700,000 | 2,700,000 | 276,000 | 2,400,000 | ||||||
Stock issued for cash | $ 17,500 | $ 67,500 | $ 6,900 | $ 33,100 | $ 57,500 | $ 67,500 | ||||
Stock issued on stock option exercise (in shares) | 100,000 | 100,000 | ||||||||
Stock issued on stock option exercise | $ 2,500 | $ 2,500 | 5,000 | |||||||
Stock issued on stock warrant exercise (in shares) | 100,000 | |||||||||
Stock issued on stock warrant exercise | $ 5,000 | 5,000 | ||||||||
Stock issued for services (in shares) | 666,667 | |||||||||
Stock issued for services | $ 22,666 | $ 22,666 |
Capital Stock (Detail Textual40
Capital Stock (Detail Textuals 2) - USD ($) | Apr. 12, 2016 | Oct. 15, 2015 | May 31, 2016 | May 24, 2016 |
Equity [Abstract] | ||||
Number of expired exercisable warrants | 700,000 | 2,700,000 | 276,000 | 2,400,000 |
Warrants exercisable per share for first 12 months after closing. | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Warrants exercisable per share for the following 12 months after closing. | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 |
Fair value of warrants measured | $ 17,500 | $ 45,473 | $ 6,900 | $ 33,100 |
Capital Stock (Detail Textual41
Capital Stock (Detail Textuals 3) - USD ($) | Feb. 10, 2016 | Nov. 12, 2014 | Mar. 15, 2013 | Sep. 30, 2014 | May 31, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2010 |
Equity [Line Items] | ||||||||
Stock-based compensation | $ 27,412 | $ 0 | ||||||
Stock Option | ||||||||
Equity [Line Items] | ||||||||
Number of unexercised options expired | 250,000 | |||||||
Stock Option | Professional and managerial services | Exercise price $0.025 | ||||||||
Equity [Line Items] | ||||||||
Number of options granted | 850,000 | |||||||
Exercise price of options granted | $ 0.025 | |||||||
Fair value of options | $ 27,412 | |||||||
Stock Option | Consultants | ||||||||
Equity [Line Items] | ||||||||
Modified exercise price | $ 0.045 | $ 0.07 | ||||||
Stock-based compensation | $ 8,848 | $ 11,524 | ||||||
Stock Option | Consultants | Exercise price $0.28 | ||||||||
Equity [Line Items] | ||||||||
Number of options granted | 500,000 | |||||||
Exercise price of options granted | $ 0.28 | |||||||
Stock Option | Consultants | Exercise price $0.24 | ||||||||
Equity [Line Items] | ||||||||
Number of options granted | 400,000 | |||||||
Exercise price of options granted | $ 0.24 | |||||||
Stock Option | 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 | |||||||
Stock Option | 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 |
Income Taxes - Summary of provi
Income Taxes - Summary of provision for Federal income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal income tax benefit attributable to: | ||
Current operations | $ 169,798 | $ 16,509 |
Less: valuation allowance | (169,798) | (16,509) |
Net provision for Federal income taxes |
Income Taxes - Summary of net d
Income Taxes - Summary of net deferred tax (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 1,348,578 | $ 1,178,780 |
Less: valuation allowance | (1,348,578) | (1,178,780) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forwards | $ 3,966,405 |
Percentage of cumulative tax effect at expected rate | 34.00% |
Related Party Transactions (Det
Related Party Transactions (Detail Textuals) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Officer of the company | ||
Related Party Transaction [Line Items] | ||
Repayments of related party debt | $ 52,000 | $ 35,300 |
Number of stock options granted to an officer of the company | 500,000 | |
Fair value of stock options granted to an officer of the company | $ 16,125 | |
Director | ||
Related Party Transaction [Line Items] | ||
Repayments of related party debt | $ 52,000 | $ 43,150 |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) - USD ($) | Mar. 03, 2017 | Feb. 10, 2017 | Aug. 09, 2016 | Jun. 09, 2016 | May 11, 2016 | Mar. 28, 2017 | Aug. 25, 2016 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||||||
Stock issued for services | 666,667 | |||||||
Stock issued on stock warrant exercise | 100,000 | |||||||
Value of stock issued on stock warrant exercise | $ 5,000 | $ 5,000 | ||||||
Stock issued on stock option exercise, shares | 100,000 | 100,000 | ||||||
Stock issued on stock option exercise, value | $ 2,500 | $ 2,500 | 5,000 | |||||
Fish Lake Property | ||||||||
Subsequent Event [Line Items] | ||||||||
Amount received | $ 130,000 | |||||||
Number of shares received | 200,000 | |||||||
Carrying value of shares received | $ 72,107 | |||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock issued for services | 333,333 | |||||||
Stock issued on stock warrant exercise | 1,276,000 | |||||||
Value of stock issued on stock warrant exercise | $ 63,800 | |||||||
Stock issued on stock option exercise, shares | 160,000 | |||||||
Stock issued on stock option exercise, value | $ 77,904 | |||||||
Number of securities called by warrants | 2,400,000 | |||||||
Exercise price of warrants | $ 0.075 | |||||||
Exercise period of warrants | 2 years | |||||||
Subsequent Event | Non-brokered private placement | ||||||||
Subsequent Event [Line Items] | ||||||||
Non-brokered private placement | $ 120,000 | |||||||
Subsequent Event | Fish Lake Property | ||||||||
Subsequent Event [Line Items] | ||||||||
Amount received | $ 100,000 | |||||||
Number of shares received | 100,000 | |||||||
Carrying value of shares received | $ 10,520 |