Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Feb. 10, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Blox, Inc. | |
Entity Central Index Key | 1,428,389 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
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 Common Stock, Shares Outstanding | 108,611,814 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 5,276 | $ 8,944 |
Prepaid expenses | 11,855 | 9,341 |
Total Current Assets | 17,131 | 18,285 |
Equipment | 74,407 | 75,234 |
Mineral Property Interest | 931,722 | 931,722 |
Total Assets | 1,023,260 | 1,025,241 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 68,490 | 55,883 |
Royalty payments payable | 54,811 | 56,739 |
Loans payable | 363,283 | |
Total current liabilities | 123,301 | 475,905 |
Long-term Liabilities | ||
Loans payable | 672,257 | |
Total Liabilities | 795,558 | 475,905 |
STOCKHOLDERS' EQUITY | ||
Common Stock - 400,000,000 authorized - 108,611,814 issued (March 31, 2016 - 108,611,814) | 967 | 967 |
Additional paid-in capital | 5,957,211 | 5,957,211 |
Contributed Surplus | 3,500,756 | 3,500,756 |
Accumulated Other Comprehensive Income | 15,491 | 15,491 |
Deficit | (9,246,723) | (8,925,089) |
Total Stockholders' Equity | 227,702 | 549,336 |
Total Liabilities and Stockholders' Equity | $ 1,023,260 | $ 1,025,241 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares | Dec. 31, 2016 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common Stock, shares authorized | 400,000,000 | 400,000,000 |
Common Stock, shares issued | 108,611,814 | 108,611,814 |
Common Stock, shares outstanding | 108,611,814 | 108,611,814 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Expenses | ||||
Administration and office | $ 8,401 | $ 6,444 | $ 30,975 | $ 44,344 |
Consulting and professional fees | 88,414 | 35,807 | 270,682 | 183,757 |
Depreciation | 276 | 394 | 827 | 1,181 |
Exploration | 10,706 | 3,438 | 18,217 | 7,006 |
Foreign exchange | (11,479) | (3,490) | (16,295) | 1,314 |
Interest | 2,845 | 533 | 2,845 | 1,952 |
Stock-based compensation | 5,111 | 603,024 | ||
Travel | 6,083 | 14,383 | ||
Total Operating Expenses | 105,246 | 48,237 | 321,634 | 842,578 |
Net Loss and Comprehensive Loss for the period | $ (105,246) | $ (48,237) | $ (321,634) | $ (842,578) |
Net Loss Per Common Share | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted Average Number of Shares Outstanding - Basic and diluted | 108,611,814 | 108,611,814 | 108,611,814 | 108,611,814 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net loss for the period | $ (321,634) | $ (842,578) |
Non-cash items: | ||
Depreciation | 827 | 1,181 |
Share-based compensation | 603,024 | |
Changes in non-cash working capital: | ||
Prepaid expenses | (2,514) | 37,721 |
Accounts payable and royalty payments payable | 10,679 | 35,055 |
Cash used in operating activities | (312,642) | (165,597) |
FINANCING ACTIVITIES | ||
Proceeds from loans payable | 308,974 | 173,246 |
Cash used in financing activities | 308,974 | 173,246 |
Increase (Decrease) in Cash and Cash Equivalents | (3,668) | 7,649 |
Cash and Cash Equivalents, Beginning of Period | 8,944 | 20,259 |
Cash and Cash Equivalents, End of Period | $ 5,276 | $ 27,908 |
Description of Business
Description of Business | 9 Months Ended |
Dec. 31, 2016 | |
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 #1500, 701 West Georgia Street, Vancouver, British Columbia, V7Y 1C6, Canada. The Company is primarily engaged in developing mineral exploration projects in Africa. On February 27, 2014, the Company completed a business combination with International Eco Endeavors Corp. (“Eco Endeavors”) which has now been renamed “Blox Energy Inc.” During the year ended March 31, 2015, the Company discontinued operations in Europe and disposed of Blox Energy Inc.’s subsidiary, Kenderesh Endeavors Corp. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2016 | |
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, 2017, or future operating periods. For further information, see the Company’s annual consolidated financial statements for the year ended March 31, 2016, 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 $321,634 for the nine months ended December 31, 2016, and has incurred cumulative losses since inception of $9,246,723 as at December 31, 2016. 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, the ability of the Company to obtain necessary debt and/or 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. Waratah Investments Limited, the Company’s controlling shareholder agreed to provide a bridge loan to finance the required working capital (Note 7). |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Accounting Pronouncements | 3. Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Dec. 31, 2016 | |
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 Company’s financial assets measured at fair value by level within the fair value hierarchy: Level 1 Level 2 Level 3 Total December 31, 2016 Cash and cash equivalents $ 5,276 $ — $ — $ 5,276 Level 1 Level 2 Level 3 Total March 31, 2016 Cash and cash equivalents $ 8,944 $ — $ — $ 8,944 |
Equipment
Equipment | 9 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Equipment | 5. Equipment Office Equipment Machinery Total Cost Balance at March 31, 2016 $ 8,760 $ 232,620 $ 241,380 Additions (disposals) — — — Balance at December 31, 2016 8,760 232,620 241,380 Accumulated Depreciation Balance at March 31, 2016 5,086 161,060 166,146 Depreciation for the period 827 — 827 Balance at December 31, 2016 5,913 161,060 166,973 Carrying amounts As at December 31, 2016 $ 2,847 $ 71,560 $ 74,407 Carrying amounts As at March 31, 2016 $ 3,674 $ 71,560 $ 75,234 Machinery in the amount of $71,560 has not been placed into production and is not currently being depreciated. |
Mineral Property Interest
Mineral Property Interest | 9 Months Ended |
Dec. 31, 2016 | |
Extractive Industries [Abstract] | |
Mineral Property Interest | 6. Mineral Property Interest The Company entered into a Deed of Assignment and Assumption Agreement dated July 24, 2014 (the "Assumption Agreement") among 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 agreed to assume JBMIL's right to acquire a 78% beneficial interest in the Mansounia Concession (the "Property") from the Vendors, which right was exercised by the Company 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, the Company 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 paid in cash $100,000 to BGL and $40,000 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, and $10,000 for an independent valuation of the property. Additionally, $781,722 was capitalized to mineral property interests, being the fair value of the first tranche of shares. The fair value of the first tranche shares was based on the closing price of the Company’s 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 $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. The mining exploration license for the Company was renewed for twelve months on September 26, 2016, and the Company is now proceeding with the pre-feasibility study phase. During the nine months ended December 31, 2016, the Company spent $18,217 (December 31, 2015 – $7,006) on the property. Mansounia Property, Acquisition of mineral property interest Cash payment $ 150,000 Issuance of 6,514,350 common shares 781,722 Balance, December 31, 2016 and March 31, 2016 $ 931,722 |
Loans Payable
Loans Payable | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Loans Payable | 7. Loans Payable On November 1, 2016, the Company entered into an amended bridge loan agreement with Waratah Investments Limited (“Waratah”), pursuant to which Waratah agreed to loan to the Company up to Cdn$1,500,000 (US$1,117,200), which funds are to be used for general working capital until the completion of a financing of Cdn$1,500,000 by the Company. The original bridge loan agreement dated April 17, 2015, was to provide a loan of Cdn$150,000 to the Company, which was subsequently amended on April 29, 2016 to increase the loan amount to Cdn$600,000. Pursuant to the terms of the amended bridge loan agreement, Waratah has the option to convert all or part of the outstanding bridge loan or any portion remaining upon the expiry date of the term, being April 17, 2020, into units at a share price to be determined based on the volume weighted average price of the Company’s stock on the OTCBB on the five trading days prior to the expiry date, less 20%. Each unit shall consist of one share and one warrant entitling the holder to purchase one additional share, exercisable for a term of two years from the date of issuance. In addition, at any time during the term of the amended bridge loan agreement, Waratah may require that interest be paid on the outstanding bridge loan at the prime business rate of the Bank of Canada on the date that Waratah submits a written request for payment of interest on the loan. Thereafter, the Company shall pay interest to Waratah on the aggregate outstanding bridge loan, payable semi-annually in arrears on the last business day of March and September of each calendar year. As at December 31, 2016, the Company is indebted to Waratah, a controlling shareholder of the Company, in the amount of $672,257 (March 31, 2016 - $363,283). For the nine months ended December 31, 2016, the Company accrued interest of $2,845 (December 31, 2015 - $Nil) for this loan. |
Royalty Payments Payable
Royalty Payments Payable | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Royalty Payments Payable | 8. Royalty Payments Payable Pursuant to a royalty payment agreement on a discontinued operation, as at December 31, 2016, the Company is indebted to Waratah in the amount of $54,811 (Cdn $73,591) (March 31, 2016 – $56,739). The debt is unsecured, non-interest bearing with no fixed repayment terms. |
Share Capital
Share Capital | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Share Capital | 9. Share Capital (a) Warrants The Company had 88,000,000 outstanding warrants as at December 31, 2016 and March 31, 2016, exercisable at a price of $0.05 until February 27, 2019 (2.2 years). (b) Stock Options The following table summarizes historical information about the Company’s incentive stock options: Number of Options Weighted Average Exercise Price March 31, 2015 6,000,000 $ 0.13 Granted 4,000,000 $ 0.01 Forfeited (5,350,000 ) $ 0.13 December 31 and March 31, 2016 4,650,000 $ 0.03 At December 31, 2016, the following stock options were outstanding and exercisable: Exercise Price Expiry Date Options Outstanding Weighted Average Remaining Life in Years Options Exercisable $ 0.01 21-Jul-20 4,000,000 3.6 4,000,000 $ 0.15 07-Aug-19 650,000 2.6 650,000 4,650,000 3.4 4,650,000 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions The Company’s related parties include its controlling shareholder, directors and key management personnel. Transactions with related parties for goods and services are based on exchange amounts as agreed to by the related parties. The Company incurred the following expenses with related parties during the three and nine months ended December 31, 2016 and 2015: Three Months Ended Nine Months Ended December 31, December 31, 2015 December 31, December 31, Compensation – Directors $ 57,339 $ — $ 162,161 $ 11,108 Compensation – Officers 16,390 15,478 49,873 30,630 Stock-based compensation — 5,111 — 598,375 During the nine months ended December 31, 2016, $6,500 (December 31, 2015 - $Nil) was paid for bookkeeping services to a company owned by an officer of the Company. As at December 31, 2016, the Company was indebted the amounts as below to its related parties: December 31, March 31, Accounts payable and accrued liabilities (Note 7) $ 51,527 $ 5,922 Loan payable (Note 7) 672,257 363,283 Royalty payable (Note 8) 54,811 56,739 |
Commitments
Commitments | 9 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 11. Commitments On June 22, 2013, the Company entered into a share purchase agreement with Waratah Investments Limited (“Waratah”) where the Company shall purchase all of Waratah’s 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 US$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 interim consolidated financial statements, the due diligence and financing has not yet been completed. |
Geographical Area Information
Geographical Area Information | 9 Months Ended |
Dec. 31, 2016 | |
Geographical Area Information | |
Geographical Area Information | 12. Geographical Area Information Canada Africa Total December 31, 2016: Current assets $ 17,131 $ — $ 17,131 Equipment 2,847 71,560 74,407 Mineral property interest — 931,722 931,722 Total assets $ 19,978 $ 1,003,282 $ 1,023,260 Total liabilities $ 795,558 $ — $ 795,558 March 31, 2016: Current assets $ 18,285 $ — $ 18,285 Equipment 3,674 71,560 75,234 Mineral property interest — 931,722 931,722 Total assets $ 21,959 $ 1,003,282 $ 1,025,241 Total liabilities $ 475,905 $ — $ 475,905 |
Fair Value of Financial Instr18
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Fair Value Of Financial Instruments Tables | |
Schedule of Fair value of Assets | Level 1 Level 2 Level 3 Total December 31, 2016 Cash and cash equivalents $ 5,276 $ — $ — $ 5,276 Level 1 Level 2 Level 3 Total March 31, 2016 Cash and cash equivalents $ 8,944 $ — $ — $ 8,944 |
Equipment (Tables)
Equipment (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Equipment Carrying Amounts | Office Equipment Machinery Total Cost Balance at March 31, 2016 $ 8,760 $ 232,620 $ 241,380 Additions (disposals) — — — Balance at December 31, 2016 8,760 232,620 241,380 Accumulated Depreciation Balance at March 31, 2016 5,086 161,060 166,146 Depreciation for the period 827 — 827 Balance at December 31, 2016 5,913 161,060 166,973 Carrying amounts As at December 31, 2016 $ 2,847 $ 71,560 $ 74,407 Carrying amounts As at March 31, 2016 $ 3,674 $ 71,560 $ 75,234 |
Mineral Property Interest (Tabl
Mineral Property Interest (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Mineral Property Interest Tables | |
Schedule of Acquisition Mineral Property Interest | Mansounia Property, Acquisition of mineral property interest Cash payment $ 150,000 Issuance of 6,514,350 common shares 781,722 Balance, December 31, 2016 and March 31, 2016 $ 931,722 |
Share Capital (Tables)
Share Capital (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Share Capital Tables | |
Stock Options | Number of Options Weighted Average Exercise Price March 31, 2015 6,000,000 $ 0.13 Granted 4,000,000 $ 0.01 Forfeited (5,350,000 ) $ 0.13 December 31 and March 31, 2016 4,650,000 $ 0.03 |
Stock Options Were Outstanding And Exercisable | Exercise Price Expiry Date Options Outstanding Weighted Average Remaining Life in Years Options Exercisable $ 0.01 21-Jul-20 4,000,000 3.6 4,000,000 $ 0.15 07-Aug-19 650,000 2.6 650,000 4,650,000 3.4 4,650,000 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions Tables | |
Schedule of Expenses with Related Parties | Three Months Ended Nine Months Ended December 31, December 31, 2015 December 31, December 31, Compensation – Directors $ 57,339 $ — $ 162,161 $ 11,108 Compensation – Officers 16,390 15,478 49,873 30,630 Stock-based compensation — 5,111 — 598,375 |
Geographical Area Information (
Geographical Area Information (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Geographical Area Information | |
Assets and Liabilities by Geographical Area | Canada Africa Total December 31, 2016: Current assets $ 17,131 $ — $ 17,131 Equipment 2,847 71,560 74,407 Mineral property interest — 931,722 931,722 Total assets $ 19,978 $ 1,003,282 $ 1,023,260 Total liabilities $ 795,558 $ — $ 795,558 March 31, 2016: Current assets $ 18,285 $ — $ 18,285 Equipment 3,674 71,560 75,234 Mineral property interest — 931,722 931,722 Total assets $ 21,959 $ 1,003,282 $ 1,025,241 Total liabilities $ 475,905 $ — $ 475,905 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Basis Of Presentation Details Narrative | |||||
Net Loss | $ 105,246 | $ 48,237 | $ 321,634 | $ 842,578 | |
Cumulative Losses Since Inception | $ 9,246,723 | $ 9,246,723 | $ 8,925,089 |
Fair Value of Financial Instr25
Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Cash and cash equivalents | $ 5,276 | $ 8,944 | $ 27,908 | $ 20,259 |
Assets, Total [Member] | ||||
Cash and cash equivalents | 5,276 | 8,944 | ||
Assets, Total [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 5,276 | 8,944 | ||
Assets, Total [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Cash and cash equivalents | ||||
Assets, Total [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Cash and cash equivalents |
Equipment (Details)
Equipment (Details) | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Office Equipment | |
Cost | |
Balance Beginning | $ 8,760 |
Additions (disposals) | |
Balance End | 8,760 |
Accumulated Depreciation | |
Accumulated Depreciation Beginning Balance | 5,086 |
Depreciation for the year | 827 |
Accumulated Depreciation End Balance | 5,913 |
Machinery [Member] | |
Cost | |
Balance Beginning | 232,620 |
Additions (disposals) | |
Balance End | 232,620 |
Accumulated Depreciation | |
Accumulated Depreciation Beginning Balance | 161,060 |
Depreciation for the year | |
Accumulated Depreciation End Balance | 161,060 |
Total [Member] | |
Cost | |
Balance Beginning | 241,380 |
Additions (disposals) | |
Balance End | 241,380 |
Accumulated Depreciation | |
Accumulated Depreciation Beginning Balance | 166,146 |
Depreciation for the year | 827 |
Accumulated Depreciation End Balance | $ 166,697 |
Equipment (Details 2)
Equipment (Details 2) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Carrying amounts | ||
Carrying Amounts | $ 74,407 | $ 75,234 |
Machinery [Member] | ||
Carrying amounts | ||
Carrying Amounts | 2,847 | 71,560 |
Office Equipment | ||
Carrying amounts | ||
Carrying Amounts | 71,560 | 3,674 |
Total [Member] | ||
Carrying amounts | ||
Carrying Amounts | $ 74,407 | $ 75,234 |
Mineral Property Interest (Deta
Mineral Property Interest (Details Narrative) | 1 Months Ended |
Jul. 24, 2015USD ($)$ / sharesshares | |
BGL [Member] | |
Cash Paid | $ 100,000 |
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 | $ 40,000 |
EML [Member] | First Tranche Shares [Member] | |
Shares Issued, percentage | 28.57% |
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 | shares | 6,514,350 |
Shares Issued, per share | $ / shares | $ 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 |
Share Capital (Details)
Share Capital (Details) | 21 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding (beginning of period) | shares | 6,000,000 |
Granted | shares | 4,000,000 |
Forfeited | shares | (5,350,000) |
Options Outstanding (end of period) | shares | 4,650,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options Outstanding (beginning of period) | $ / shares | $ 0.13 |
Granted | $ / shares | 0.01 |
Forfeited | $ / shares | 0.13 |
Options Outstanding (end of period) | $ / shares | $ 0.03 |
Share Capital (Details 2)
Share Capital (Details 2) | 9 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Options Outstanding | 4,650,000 |
Weighted Avg. Remaining in Years | 3 years 4 months 10 days |
Options Exercisable | 4,650,000 |
21-Jul-20 [Member] | |
Exercise Price | $ / shares | $ 0.01 |
Expiry Date | Jul. 21, 2020 |
Options Outstanding | 400,000 |
Weighted Avg. Remaining in Years | 3 years 7 months 6 days |
Options Exercisable | 4,000,000 |
07-Aug-19 [Member] | |
Exercise Price | $ / shares | $ 0.05 |
Expiry Date | Aug. 7, 2019 |
Options Outstanding | 650,000 |
Weighted Avg. Remaining in Years | 2 years 7 months 6 days |
Options Exercisable | 650,000 |
Geographical Area Information31
Geographical Area Information (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Current Assets | $ 17,131 | $ 18,285 |
Mineral property interest | 931,722 | 931,722 |
Total assets | 1,023,260 | 1,025,241 |
Total liabilities | 795,558 | 475,905 |
Canada [Member] | ||
Current Assets | 17,131 | 18,285 |
Equipment | 2,847 | 3,674 |
Mineral property interest | ||
Total assets | 19,978 | 21,959 |
Total liabilities | 795,558 | 475,905 |
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 | 17,131 | 18,285 |
Equipment | 74,407 | 75,234 |
Mineral property interest | 931,722 | 931,722 |
Total assets | 1,023,260 | 1,025,241 |
Total liabilities | $ 795,558 | $ 475,905 |