Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Aug. 14, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Blox, Inc. | |
Entity Central Index Key | 1,428,389 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 108,611,814 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,015 |
Consolidated Interim Statements
Consolidated Interim Statements of Financial Position - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Current Assets | ||
Cash and Cash Equivalents | $ 1,429 | $ 20,259 |
Prepaid expenses | 18,049 | 43,952 |
Total Current Assets | 19,478 | 64,211 |
Equipment | 76,414 | 76,808 |
Mineral Property Interest | 931,722 | 931,722 |
Total Assets | 1,027,614 | 1,072,741 |
Current Liabilities | ||
Accounts payable | 123,562 | 105,890 |
Royalty payments payable | 58,100 | 58,100 |
Loans payable | 129,978 | 91,774 |
Total current liabilities | 311,640 | 255,764 |
Total Liabilities | 311,640 | 255,764 |
STOCKHOLDERS' EQUITY | ||
Common Stock - 400,000,000 authorized - 108,611,814 issued (2014 - 101,572,464) | 967 | 967 |
Additional paid-in capital | 5,957,211 | 5,957,211 |
Contributed Surplus | 2,948,868 | 2,893,103 |
Accumulated Other Comprehensive Income (Loss) | 15,491 | 15,491 |
Deficit | (8,206,563) | (8,049,795) |
Total Stockholders' Equity | 715,974 | 816,977 |
Total Liabilities and Stockholders' Equity | $ 1,027,614 | $ 1,072,741 |
Consolidated Interim Statement3
Consolidated Interim Statements of Financial Position (Parenthetical) - shares | Jun. 30, 2015 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common Stock, shares authorized | 400,000,000 | 400,000,000 |
Common Stock, shares issued | 108,611,814 | 101,572,464 |
Common Stock, shares outstanding | 108,611,814 | 101,572,464 |
Consolidated Interim Statement4
Consolidated Interim Statements of Comprehensive Loss - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Expenses | ||
Cost of goods sold | $ 72,340 | |
Depreciation | $ 394 | 56,845 |
Office and administration fees | 23,573 | 28,359 |
Consulting and professional fees | 65,917 | $ 176,278 |
Interest expense | 569 | |
Foreign exchange | $ 10,550 | $ 2,624 |
Other expense | $ 27,552 | |
Stock-based compensation | $ 55,766 | |
Total Operating Expenses | 156,769 | $ 363,998 |
Net Loss for the Year | $ (156,769) | (363,998) |
Unrealized loss on translation of foreign operations | (14,984) | |
Net Loss and Comprehensive Loss for the period | $ (156,769) | $ (378,982) |
Net Loss Per Common Share | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding - Basic and diluted | 107,980,919 | 101,572,464 |
Consolidated Interim Statement5
Consolidated Interim Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net loss for the period | $ (156,769) | $ (363,998) |
Non-cash adjustments: | ||
Depreciation | 394 | $ 56,845 |
Stock-based compensation | 55,766 | |
Shares issued for services | $ 21,410 | |
Unrealized foreign exchange on translation of foreign operations | $ (14,072) | |
Changes in non-cash working capital: | ||
Accounts receivable | (3,009) | |
Prepaid expenses | $ 4,493 | 122,471 |
Accounts payable | 17,672 | (18,505) |
Cash used in operating activities | $ (57,034) | (220,268) |
INVESTING ACTIVITIES | ||
Proceeds of disposal of equipment | 79,529 | |
Cash used in investing activities | $ 79,529 | |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt | $ 38,204 | |
Cash used in financing activities | 38,204 | |
(Decrease) Increase in Cash | (18,830) | $ (140,739) |
Cash and Cash Equivalents, Beginning of Year | 20,259 | 903,850 |
Cash and Cash Equivalents, End of Year | $ 1,429 | $ 763,111 |
Description of Business
Description of Business | 3 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Blox, Inc. (the "Company") was incorporated on July 21, 2005 under the laws of the state of Nevada. The address of the Company is 600 666 Burrard Street, Vancouver, British Columbia, V6C 3P6. The Company is primarily engaged in developing mineral exploration projects in Africa. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation (a) Statement of Compliance These condensed interim consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") and are expressed in U.S. dollars. The Company's fiscal year-end is March 31. (b) Basis of Presentation The condensed interim consolidated financial statements of the Company comprise the Company and its subsidiaries. These consolidated financial statements are prepared on the historical cost basis except for financial instruments that have been measured at fair value. These consolidated financial statements have also been prepared using the accrual basis of accounting, except for cash flow information. In the opinion of management, all adjustments (including normal recurring ones), considered necessary for fair value have been included in these financial statements. All intercompany balances and transactions have been eliminated upon consolidation. The interim results are not necessarily indicative of results for the full year ending March 31, 2016, or future operating periods. For further information, see the Companys annual consolidated financial statements for the year ended March 31, 2015, including the accounting policies and notes thereto. (c) Going Concern These condensed interim consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred a net loss of $156,769 for the three months ended June 30, 2015, and has incurred cumulative losses since inception of $8,206,563. These factors raise substantial doubt about the ability of the Company to continue as going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and the ability of the Company to obtain necessary equity financing to continue operations. These condensed interim consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management of the Company has undertaken steps as part of a plan to sustain operations for the next fiscal year including plans to raise additional equity financing, controlling costs and reducing operating losses. |
Accounting Pronouncements
Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | 3. Accounting Pronouncements The Company has implemented all applicable new accounting pronouncements that are in effect. Those pronouncements did not have any material impact on these financial statements. There are no new accounting pronouncements that have been issued and not yet adopted that are expected to have a material impact on the condensed interim consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial instruments classified as Level 1 quoted prices in active markets include cash and cash equivalents. The following table sets forth the Companys financial assets measured at fair value by level within the fair value hierarchy: Level 1 Level 2 Level 3 Total June 30, 2015 Cash and cash equivalents $ 1,429 $ - $ - $ 1,429 Level 1 Level 2 Level 3 Total June 30, 2015 Cash and cash equivalents $ 20,259 $ - $ - $ 20,259 |
Equipment
Equipment | 3 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Equipment | 5. Equipment Office Equipment Machinery Total Cost Balance at March 31, 2015 $ 8,760 $ 232,620 $ 232,620 Additions (disposals) Balance at June 30, 2015 8,760 232,620 232,620 Accumulated Depreciation Balance at March 31, 2015 3,512 161,060 164,572 Depreciation for the period 394 394 Disposals Balance at June 30, 2015 3,906 161,060 164,966 Carrying amounts As at June 30, 2015 $ 4,854 $ 71,560 $ 76,414 Carrying amounts As at March 31, 2015 $ 5,248 $ 71,560 $ 76,808 Machinery in the amount of $71,560 has not been placed into production and is not currently being amortized. |
Mineral Property Interest
Mineral Property Interest | 3 Months Ended |
Jun. 30, 2015 | |
Extractive Industries [Abstract] | |
Mineral Property Interest | 6. Mineral Property Interest The Company has entered into a Deed of Assignment and Assumption Agreement dated July 24, 2014 (the "Assumption Agreement") with Joseph Boampong Memorial Institute Ltd. ("JBMIL") and Equus Mining Ltd. ("EML"), Burey Gold Guinee sarl ("BGGs") and Burey Gold Limited ("BGL") and, collectively with EML and BGGs, (the "Vendors"), pursuant to which the Company has agreed to assume JBMIL's right to acquire a 78% beneficial interest in the Mansounia Concession (the "Property") from the Vendors. The Company also announced that it has exercised that right and has acquired a 78% beneficial interest in the Property. The Property lies in the southwest margin of the Siguiri Basin, in the Kouroussa Prefecture, Kankan Region, in Guinea, West Africa and covers a surface area of 145 square kilometres. The Property is located approximately 80 kilometres west, by road, from the country's third largest city, Kankan. An exploration permit for the Property was granted by the Ministère des Mines et de la Géologie on August 20, 2013. As part of its due diligence, Blox obtained a legal opinion which confirmed that the license was in good standing at the time of acquisition. It is the Company's intention to obtain an exploitation permit to allow the Company the right to mine and dispose of minerals for 15 years, with a possible 5 year extension. The Company has commenced work on the feasibility study required for obtaining this permit. In consideration for the acquisition of the interest in the Property, the Company has paid in cash $107,143 to BGL and $42,857 to EML and issued BGL and EML an aggregate of 6,514,350 shares of common stock of the Company (the "First Tranche Shares"), at a deemed price of $0.1765 per share, for an aggregate deemed value of $1,150,000. The First Tranche Shares were issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively. For accounting purposes, the Company recorded the cash payment of $140,000 plus $781,722 being the fair value of the First Tranche Shares as mineral property interest. The fair value of the First Tranche Shares was based on the closing price of the Companys shares on the OTCQB on July 24, 2014. Within 14 days of commercial gold production being publicly declared from ore mined from the Property, the Company will issue BGL and EML a second tranche of shares of common stock of the Company (the "Second Tranche Shares"). The number of Second Tranche Shares to be issued shall be calculated by dividing US$1,150,000 by the volume weighted average share price of the Company's common stock over a 20 day period preceding the issuance date. The Second Tranche Shares shall be issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively. Mansounia Property, West Africa Acquisition of mineral property interest March 31, 2014 - Cash payment $ 150,000 Issuance of 6,514,350 common shares 781,722 June 30, 2015 and March 31, 2015 $ 931,722 |
Royalty Payments Payable
Royalty Payments Payable | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Royalty Payments Payable | 7. Royalty Payments Payable The Company is required to make royalty payments of 3% of revenues from a former business operation to a controlling shareholder of the Company in exchange for financial and advisory services. As of June 30, 2015, $58,100 is owed to the shareholder (March 31, 2015 - $58,100). |
Loans Payable
Loans Payable | 3 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Loans Payable | 8. Loans Payable At June 30, 2015, the Company was indebted to arms length parties in the amount of $129,978 (March 31, 2015 - $91,774). The loans are unsecured, non-interest bearing, and have no fixed repayment terms. |
Share Capital
Share Capital | 3 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Capital | 9. Share Capital (a) Warrants The Company had 88,000,000 outstanding warrants as at June 30, 2015 and March 31, 2015 exercisable at $0.05 until February 27, 2019 (3.7 years). (b) Stock Options (1) On August 7, 2014, the Company granted 4,500,000 stock options to directors and consultants. These stock options have an exercise price of $0.15 and expire on August 7, 2019 with 25% vesting on the date of grant and 25% vesting every six months after the date of grant. Each stock option had a fair value of $0.15, which was based on the Black-Scholes option pricing model. The fair value of the stock options is expensed in the statement of comprehensive loss. The fair value of the stock options expensed during the three months ended June 30, 2015 was $47,906. (2) On October 27, 2014, the Company granted 500,000 stock options to consultants. These stock options have an exercise price of $0.15 and expire on October 27, 2019 with 25% vesting on the date of grant and 25% vesting every six months after the date of grant. Each stock option had a fair value of $0.17, which was based on the Black-Scholes option pricing model. The fair value of the stock options expensed in the statement of comprehensive loss during the three month ended June 30, 2015 was $7,860. The share-based compensation for stock options granted was estimated using the Black-Scholes option pricing model with the following assumptions: Assumptions Risk-free interest rate 1.51% - 1.60% Expected stock price volatility 184% - 190% Expected dividend yield and forfeiture rate 0.00% Expected life of options 5 years There was no changes in outstanding stock options during the three month periods end June 30, 2015 and 2014. As at June 30, 2015, the following stock options were outstanding and exercisable: Exercise Price Expiry Date Options Outstanding Weighted Avg. Remaining in Years Options Exercisable $0.05 27-Feb-19 1,000,000 3.7 750,000 $0.15 07-Aug-19 4,500,000 4.1 2,250,000 $0.15 27-Oct-19 500,000 4.3 250,000 6,000,000 4.0 3,250,000 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions The Companys related parties include its subsidiaries, associates over which it exercise significant influence, and key management personnel. Transactions with related parties for goods and services are based on the exchange amount as agreed to by the related parties. As at June 30, 2015, $nil was payable to related parties. The Company incurred the following expenses with related parties during three month ended June 30, 2015: Three months ended June 30, 2015 2014 Professional fees $ 5,261 $ 11,628 Consulting fees (i) 30,710 31,500 (i) Fees were paid to a company managed by a former director of the Company. |
Commitments
Commitments | 3 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 11. Commitments (a) On June 22, 2013, the Company entered into a share purchase agreement with Waratah Investments Limited (Waratah) where the Company shall purchase all of Waratahs right, title, and interest in the Quivira Gold (Quivira) shares, of which Waratah holds 100% of the outstanding shares. As consideration for the Quivira shares, the Company will issue to Waratah 60,000,000 shares of common stock and 60,000,000 warrants. Each warrant entitles the holder to purchase one additional common share at $0.05 for a period of five years from the closing date. Quivira, a subsidiary of Waratah Investments, owns and operates gold and diamond mining properties in Ghana. The closing of the agreement is subject to the completion of due diligence and the completion of a private placement. The Agreements provide that closing is subject to completion of a private placement financing of up to $1,500,000, consisting of units priced at $0.05 per unit, with each unit comprises a share in the common stock of the Company and a share purchase warrant, exercisable at $0.05 for five years. As of the issuance date of these financial statements, the due diligence and financing has not yet been completed. (b) On November 1, 2013, the Company entered into an agreement to lease office premises for $3,188 per month until October 31, 2015. |
Geographical Area Information
Geographical Area Information | 3 Months Ended |
Jun. 30, 2015 | |
Geographical Area Information | |
Geographical Area Information | 12. Geographical Area Information Canada Africa Total June 30, 2015: Current assets $ 19,478 $ $ 19,478 Equipment 4,854 71,560 76,414 Mineral property interest 931,722 931,722 Total assets $ 24,332 $ 1,003,282 $ 1,027,612 Total liabilities $ 311,640 $ 311,640 March 31, 2015: Current assets $ 64,211 $ $ 64,211 Equipment 5,248 71,560 76,808 Mineral property interest 931,722 931,722 Total assets $ 69,459 $ 1,003,282 $ 1,072,741 Total liabilities $ 255,764 $ $ 255,764 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 13. Subsequent Event On July 31, 2015, Trevor Pickett and Robert Spiers were appointed as directors of the Company. Mr. Spiers was appointed as Chief Executive Officer and Mr. Pickett was appointed as Chief Operating Officer. Mr. Ronald Renne remains as Chairman of the Company. The Company has also appointed Donna Moroney as Corporate Secretary. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Statement of Compliance | (a) Statement of Compliance These condensed interim consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") and are expressed in U.S. dollars. The Company's fiscal year-end is March 31. |
Basis of Presentation | (b) Basis of Presentation The condensed interim consolidated financial statements of the Company comprise the Company and its subsidiaries. These consolidated financial statements are prepared on the historical cost basis except for financial instruments that have been measured at fair value. These consolidated financial statements have also been prepared using the accrual basis of accounting, except for cash flow information. In the opinion of management, all adjustments (including normal recurring ones), considered necessary for fair value have been included in these financial statements. All intercompany balances and transactions have been eliminated upon consolidation. The interim results are not necessarily indicative of results for the full year ending March 31, 2016, or future operating periods. For further information, see the Companys annual consolidated financial statements for the year ended March 31, 2015, including the accounting policies and notes thereto. |
Going Concern | (c) Going Concern These condensed interim consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred a net loss of $156,769 for the three months ended June 30, 2015, and has incurred cumulative losses since inception of $8,206,563. These factors raise substantial doubt about the ability of the Company to continue as going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and the ability of the Company to obtain necessary equity financing to continue operations. These condensed interim consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management of the Company has undertaken steps as part of a plan to sustain operations for the next fiscal year including plans to raise additional equity financing, controlling costs and reducing operating losses. |
Fair Value of Financial Instr20
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Fair Value Of Financial Instruments Tables | |
Schedule of financial assets measured at fair value | Level 1 Level 2 Level 3 Total June 30, 2015 Cash and cash equivalents $ 1,429 $ - $ - $ 1,429 Level 1 Level 2 Level 3 Total June 30, 2015 Cash and cash equivalents $ 20,259 $ - $ - $ 20,259 |
Equipment (Tables)
Equipment (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Equipment Carrying Amounts | Office Equipment Machinery Total Cost Balance at March 31, 2015 $ 8,760 $ 232,620 $ 232,620 Additions (disposals) Balance at June 30, 2015 8,760 232,620 232,620 Accumulated Depreciation Balance at March 31, 2015 3,512 161,060 164,572 Depreciation for the period 394 394 Disposals Balance at June 30, 2015 3,906 161,060 164,966 Carrying amounts As at June 30, 2015 $ 4,854 $ 71,560 $ 76,414 Carrying amounts As at March 31, 2015 $ 5,248 $ 71,560 $ 76,808 |
Mineral Property Interest (Tabl
Mineral Property Interest (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Mineral Property Interest Tables | |
Schedule of Acquisition of mineral property interest | Mansounia Property, West Africa Acquisition of mineral property interest March 31, 2014 - Cash payment $ 150,000 Issuance of 6,514,350 common shares 781,722 June 30, 2015 and March 31, 2015 $ 931,722 |
Share Capital (Tables)
Share Capital (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation For Stock Options Granted Assumptions | Assumptions Risk-free interest rate 1.51% - 1.60% Expected stock price volatility 184% - 190% Expected dividend yield and forfeiture rate 0.00% Expected life of options 5 years |
Stock Options Were Outstanding And Exercisable | Exercise Price Expiry Date Options Outstanding Weighted Avg. Remaining in Years Options Exercisable $0.05 27-Feb-19 1,000,000 3.7 750,000 $0.15 07-Aug-19 4,500,000 4.1 2,250,000 $0.15 27-Oct-19 500,000 4.3 250,000 6,000,000 4.0 3,250,000 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Three months ended June 30, 2015 2014 Professional fees $ 5,261 $ 11,628 Consulting fees (i) 30,710 31,500 |
Geographical Area Information (
Geographical Area Information (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Geographical Area Information | |
Assets and Liabilities by Geographical Area | Canada Africa Total June 30, 2015: Current assets $ 19,478 $ $ 19,478 Equipment 4,854 71,560 76,414 Mineral property interest 931,722 931,722 Total assets $ 24,332 $ 1,003,282 $ 1,027,612 Total liabilities $ 311,640 $ 311,640 March 31, 2015: Current assets $ 64,211 $ $ 64,211 Equipment 5,248 71,560 76,808 Mineral property interest 931,722 931,722 Total assets $ 69,459 $ 1,003,282 $ 1,072,741 Total liabilities $ 255,764 $ $ 255,764 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | |||
Comprehensive Loss for the Year | $ 156,769 | $ 378,982 | |
Deficit | $ 8,206,563 | $ 8,049,795 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Cash and Cash Equivalents | $ 1,429 | $ 20,259 |
Level 1 [Member] | ||
Cash and Cash Equivalents | $ 1,429 | |
Level 2 [Member] | ||
Cash and Cash Equivalents | $ 20,259 | |
Level 3 [Member] | ||
Cash and Cash Equivalents |
Equipment (Details)
Equipment (Details) | 3 Months Ended |
Jun. 30, 2015USD ($) | |
Office Equipment [Member] | |
Balance Beginning | $ 8,760 |
Additions (disposals) | |
Balance End | $ 8,760 |
Accumulated Depreciation | |
Accumulated Depreciation Beginning Balance | 3,512 |
Depreciation for the year | $ 394 |
Disposals | |
Accumulated Depreciation End Balance | $ 3,906 |
Carrying amounts | |
Carrying Amounts | 4,854 |
Machinery [Member] | |
Balance Beginning | $ 232,620 |
Additions (disposals) | |
Balance End | $ 232,620 |
Accumulated Depreciation | |
Accumulated Depreciation Beginning Balance | $ 161,060 |
Depreciation for the year | |
Disposals | |
Accumulated Depreciation End Balance | $ 161,060 |
Carrying amounts | |
Carrying Amounts | 71,560 |
Total [Member] | |
Balance Beginning | $ 232,620 |
Additions (disposals) | |
Balance End | $ 232,620 |
Accumulated Depreciation | |
Accumulated Depreciation Beginning Balance | 164,572 |
Depreciation for the year | $ 394 |
Disposals | |
Accumulated Depreciation End Balance | $ 164,572 |
Carrying amounts | |
Carrying Amounts | 76,414 |
Equipment [Member] | |
Balance Beginning | $ 8,760 |
Mineral Property Interest (Deta
Mineral Property Interest (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jul. 24, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Paid | $ (150,000) | ||
Shares Issued, value | $ 781,722 | ||
BGL [Member] | |||
Cash Paid | $ 107,143 | ||
BGL [Member] | First Tranche Shares [Member] | |||
Shares Issued, percentage | 71.43% | ||
BGL [Member] | Second Tranche Shares [Member] | |||
Shares Issued, percentage | 71.43% | ||
EML [Member] | |||
Cash Paid | $ 42,857 | ||
EML [Member] | First Tranche Shares [Member] | |||
Shares Issued, percentage | 2857.00% | ||
EML [Member] | Second Tranche Shares [Member] | |||
Shares Issued, percentage | 28.57% | ||
BGL and EML [Member] | First Tranche Shares [Member] | |||
Cash Paid | $ 140,000 | ||
Shares Issued | 6,514,350 | ||
Shares Issued, per share | $ 0.1765 | ||
Shares Issued, value | $ 1,150,000 | ||
Mineral Property Interest | 781,722 | ||
BGL and EML [Member] | Second Tranche Shares [Member] | |||
Shares Issued, value | $ 1,150,000 |
Common Stock (Details)
Common Stock (Details) - 3 months ended Jun. 30, 2015 | Total |
Assumptions | |
Risk-free interest rate, minimum | 1.51% |
Risk-free interest rate, maximum | 1.60% |
Expected stock price volatility, minimum | 184.00% |
Expected stock price volatility, maximum | 190.00% |
Expected dividend yield and forfeiture | 0.00% |
Expected life of options | 5 years |
Common Stock (Details 2)
Common Stock (Details 2) - 3 months ended Jun. 30, 2015 - $ / shares | Total |
Options Outstanding | 6,000,000 |
Weighted Avg. Remaining in Years | 4 years |
Options Exercisable | 3,250,000 |
27-Feb-19 [Member] | |
Exercise Price | $ 0.05 |
Expiry Date | Feb. 27, 2019 |
Options Outstanding | 1,000,000 |
Weighted Avg. Remaining in Years | 3 years 8 months 12 days |
Options Exercisable | 750,000 |
07-Aug-19 [Member] | |
Exercise Price | $ 0.15 |
Expiry Date | Aug. 7, 2019 |
Options Outstanding | 4,500,000 |
Weighted Avg. Remaining in Years | 4 years 1 month 6 days |
Options Exercisable | 2,250,000 |
27-Oct-19 [Member] | |
Exercise Price | $ 0.15 |
Expiry Date | Oct. 27, 2019 |
Options Outstanding | 500,000 |
Weighted Avg. Remaining in Years | 4 years 3 months 18 days |
Options Exercisable | 125,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Professional fees | $ 65,917 | $ 176,278 |
Management [Member] | ||
Professional fees | 5,261 | 11,628 |
Consulting fees | $ 30,710 | $ 31,500 |
Geographical Area Information33
Geographical Area Information (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Current Assets | $ 19,478 | $ 64,211 |
Mineral property interest | 931,722 | 931,722 |
Total assets | 1,027,614 | 1,072,741 |
Total liabilities | 311,640 | 255,764 |
Canada [Member] | ||
Current Assets | 19,478 | 64,211 |
Equipment | $ 4,854 | $ 5,248 |
Mineral property interest | ||
Total assets | $ 24,332 | $ 69,459 |
Total liabilities | $ 311,640 | $ 255,764 |
Africa [Member] | ||
Current Assets | ||
Equipment | $ 71,560 | $ 71,560 |
Mineral property interest | 931,722 | 931,722 |
Total assets | $ 1,003,282 | $ 1,003,282 |
Total liabilities | ||
Total [Member] | ||
Current Assets | $ 19,478 | $ 64,211 |
Equipment | 76,414 | 76,808 |
Mineral property interest | 931,722 | 931,722 |
Total assets | 1,027,612 | 1,072,741 |
Total liabilities | $ 311,640 | $ 255,764 |
Uncategorized Items - blxx-2015
Label | Element | Value |
Total [Member] | ||
Property, Plant and Equipment, Net | us-gaap_PropertyPlantAndEquipmentNet | $ 76,808 |
Equipment [Member] | ||
Property, Plant and Equipment, Net | us-gaap_PropertyPlantAndEquipmentNet | 5,248 |
Machinery [Member] | ||
Property, Plant and Equipment, Net | us-gaap_PropertyPlantAndEquipmentNet | $ 71,560 |