Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Aug. 11, 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 | Jun. 30, 2017 | |
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 | Q1 | |
Document Fiscal Year Focus | 2,018 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 6,171 | $ 14,085 |
Prepaid expenses | 1,667 | 5,549 |
Total Current Assets | 7,838 | 19,634 |
Equipment | 73,939 | 74,132 |
Mineral Property Interest | 931,722 | 931,722 |
Total Assets | 1,013,499 | 1,025,488 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 110,089 | 90,595 |
Long-term Liabilities | ||
Loans payable | 938,931 | 825,120 |
Total Liabilities | 1,049,020 | 915,715 |
STOCKHOLDERS' EQUITY | ||
Common Stock - 400,000,000 authorized - 108,611,814 issued (March 31, 2017 - 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 | (9,509,946) | (9,364,652) |
Total Stockholders' Equity | (35,521) | 109,773 |
Total Liabilities and Stockholders' Equity | $ 1,013,499 | $ 1,025,488 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares | Jun. 30, 2017 | Mar. 31, 2017 |
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 | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Expenses | ||
Consulting and professional fees | $ 91,062 | $ 91,272 |
Depreciation | 193 | 276 |
Exploration | 19,584 | 6,025 |
Foreign exchange | 21,654 | (1,633) |
Office and administration fees | 10,490 | 12,074 |
Travel | 2,311 | 6,403 |
Total Operating Expenses | 145,294 | 114,417 |
Net Loss and Comprehensive Loss for the Period | $ (145,294) | $ (114,417) |
Net Loss Per Common Share | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding - Basic and diluted | 108,611,814 | 108,611,814 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | ||
Net loss for the period | $ (145,294) | $ (114,417) |
Non-cash items: | ||
Depreciation | 193 | 276 |
Changes in non-cash working capital: | ||
Prepaid expenses | 3,882 | 3,600 |
Accounts payable and royalty payments payable | 19,494 | (8,481) |
Cash used in operating activities | (121,725) | (119,022) |
FINANCING ACTIVITIES | ||
Proceeds from loans | 113,811 | 123,444 |
Cash used in financing activities | 113,811 | 123,444 |
Increase (Decrease) in Cash and Cash Equivalents | (7,914) | 4,422 |
Cash and Cash Equivalents, Beginning of Year | 14,085 | 8,944 |
Cash and Cash Equivalents, End of Year | $ 6,171 | $ 13,366 |
Description of Business
Description of Business | 3 Months Ended |
Jun. 30, 2017 | |
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 | 3 Months Ended |
Jun. 30, 2017 | |
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. 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 the fair statement of results 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, 2018, or future operating periods. For further information, see the Company’s annual consolidated financial statements for the year ended March 31, 2017, including the accounting policies and notes thereto. (c) Reporting and Functional Currencies The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The functional currency of the Company is the Canadian dollar (“CAD”). The Company’s reporting currency is the US dollar. Transactions: Monetary assets and liabilities denominated in foreign currencies are translated into functional currencies of the Company and its subsidiaries using period end foreign currency exchange rates and expenses are translated using the exchange rate approximating those in effect on the date of the transactions during the reporting periods in which the expenses were transacted. Non-monetary assets and liabilities are translated at their historical foreign currency exchange rates. Gains and losses resulting from foreign exchange transactions are included in the determination of net income or loss for the period. Translations: Foreign currency financial statements are translated into the Company’s reporting currency, the US dollar as follows: (i) All of the assets and liabilities are translated at the rate of exchange in effect on the balance sheet date; (ii) Expenses are translated at the exchange rate approximating those in effect on the date of the transactions; and (iii) Exchange gains and losses arising from translation are included in other comprehensive income. (d) Significant Accounting Judgments and Estimates The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the period. Actual outcomes could differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimate is revised and may affect both the period of revision and future periods. In applying the Company's accounting policies, management has made certain judgments that may have a significant effect on the consolidated financial statements. Such judgments include the determination of the functional currencies and use of the going concern assumption. Determination of Functional Currencies In determining the Company's functional currency, it periodically reviews its primary and secondary indicators to assess the primary economic environment in which the entity operates in determining the Company's functional currencies. The Company analyzes the currency that mainly influences labor, material and other costs of providing goods or services which is often the currency in which such costs are denominated and settled. The Company also analyzes secondary indicators such as the currency in which funds from financing activities such as equity issuances are generated and the funding dependency of the parent company whose predominant transactional currency is the Canadian dollar. Determining the Company's predominant economic environment requires significant judgment. (e) 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 $145,294 for the three months ended June 30, 2017, and has incurred cumulative losses since inception of $9,509,946 as at June 30, 2017. 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 8). |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | 3. Recent 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. |
Equipment
Equipment | 3 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Equipment | 4. Equipment Office Equipment Machinery Total Cost Balance at March 31, 2017 $ 8,760 $ 232,620 $ 241,380 Additions (disposals) - - - Balance at June 30, 2017 $ 8,760 $ 232,620 $ 241,380 Accumulated Depreciation Balance at March 31, 2017 $ 6,188 $ 161,060 $ 167,248 Depreciation for the period 193 - 193 Balance at June 30, 2017 $ 6,381 $ 161,060 $ 167,441 Carrying amounts As at June 30, 2017 $ 2,379 $ 71,560 $ 73,939 Carrying amounts As at March 31, 2017 $ 2,572 $ 71,560 $ 74,132 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 | 3 Months Ended |
Jun. 30, 2017 | |
Extractive Industries [Abstract] | |
Mineral Property Interest | 5. 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 three months ended June 30, 2017, the Company spent $19,584 (June 30, 2016 – $6,025) on the Property. Mansounia Property, West Africa Acquisition of mineral property interest Cash payment $ 150,000 Issuance of 6,514,350 common shares 781,722 Balance, June 30, 2017 and March 31, 2017 $ 931,722 |
Share Capital
Share Capital | 3 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Capital | 6. Share Capital (a) Warrants The Company had 88,000,000 outstanding warrants as at June 30, 2017 and March 31, 2017, exercisable at a price of $0.05 until February 27, 2019 (1.7 years). (b) Stock Options The Company did not grant any stock options during the three months ended June 30, 2017 and 2016. The following table summarizes historical information about the Company’s incentive stock options: Number of Options Weighted Average Exercise Price Balance June 30, 2017 and March 31, 2017 4,650,000 $0.03 At June 30, 2017, 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 2.1 4,000,000 $0.15 07-Aug-19 650,000 3.1 650,000 4,650,000 2.2 4,650,000 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 7. 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). Level 2 and 3 financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments. Changes in such judgments could have a material impact on fair value estimates. In addition, since estimates are as of a specific point in time, they are susceptible to material near-term changes. Changes in economic conditions may also dramatically affect the estimated fair values. 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 June 30, 2017 Cash $ 6,171 $ - $ - $ 6,171 Level 1 Level 2 Level 3 Total March 31, 2017 Cash $ 14,085 $ - $ - $ 14,085 |
Loans Payable
Loans Payable | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Loans Payable | 8. 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 June 30, 2017, the Company is indebted to Waratah, a controlling shareholder of the Company, in the amount of $938,931 (Cdn$1,218,451) (March 31, 2017 - $825,120(Cdn$1,097,327)). |
Commitments
Commitments | 3 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 9. Commitments On June 22, 2013, the Company entered into a share purchase agreement with Waratah whereby 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2017 | |
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 months ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 2016 Compensation – Directors $ 57,198 $ 55,440 Compensation – Officers $ 16,328 $ 18,179 During the three months ended June 30, 2017, $2,097 (2016 - $2,196) was paid for bookkeeping services to a company owned by an officer of the Company. As at June 30, 2017, the Company was indebted to its related parties for the amounts as below: June 30, 2017 March 31, 2017 Accounts payable and accrued liabilities $ 69,039 $ 46,467 Loans payable (Note 8) 938,931 825,120 As at June 30, 2017, $69,039 (March 31, 2017 - $46,467) remains unpaid to directors and officers for the consulting and professional fees. These amounts owing are unsecured, non-interest bearing and have no fixed repayment terms. |
Geographical Area Information
Geographical Area Information | 3 Months Ended |
Jun. 30, 2017 | |
Geographical Area Information | |
Geographical Area Information | 11. Geographical Area Information Canada Africa Total June 30, 2017: Current assets $ 7,838 $ - $ 7,838 Equipment 2,379 71,560 73,939 Mineral property interest - 931,722 931,722 Total assets $ 10,217 $ 1,003,282 $ 1,013,499 Total liabilities $ 1,049,020 $ - $ 1,049,020 March 31, 2017: Current assets $ 19,634 $ - $ 19,634 Equipment 2,572 71,560 74,132 Mineral property interest - 931,722 931,722 Total assets $ 22,206 $ 1,003,282 $ 1,025,488 Total liabilities $ 915,715 $ - $ 915,715 |
Equipment (Tables)
Equipment (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Equipment Carrying Amounts | Office Equipment Machinery Total Cost Balance at March 31, 2017 $ 8,760 $ 232,620 $ 241,380 Additions (disposals) - - - Balance at June 30, 2017 $ 8,760 $ 232,620 $ 241,380 Accumulated Depreciation Balance at March 31, 2017 $ 6,188 $ 161,060 $ 167,248 Depreciation for the period 193 - 193 Balance at June 30, 2017 $ 6,381 $ 161,060 $ 167,441 Carrying amounts As at June 30, 2017 $ 2,379 $ 71,560 $ 73,939 Carrying amounts As at March 31, 2017 $ 2,572 $ 71,560 $ 74,132 |
Mineral Property Interest (Tabl
Mineral Property Interest (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Mineral Property Interest Tables | |
Schedule of Acquisition Mineral Property Interest | Mansounia Property, West Africa Acquisition of mineral property interest Cash payment $ 150,000 Issuance of 6,514,350 common shares 781,722 Balance, June 30, 2017 and March 31, 2017 $ 931,722 |
Share Capital (Tables)
Share Capital (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Share Capital Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes historical information about the Company’s incentive stock options: Number of Options Weighted Average Exercise Price Balance June 30, 2017 and March 31, 2017 4,650,000 $0.03 |
Schedule of Stock Options Outstanding And Exercisable | At June 30, 2017, 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 2.1 4,000,000 $0.15 07-Aug-19 650,000 3.1 650,000 4,650,000 2.2 4,650,000 |
Fair Value of Financial Instr20
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Fair Value Of Financial Instruments Tables | |
Schedule of Fair value of Assets | 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 June 30, 2017 Cash $ 6,171 $ - $ - $ 6,171 Level 1 Level 2 Level 3 Total March 31, 2017 Cash $ 14,085 $ - $ - $ 14,085 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions Tables | |
Schedule of Expenses with Related Parties | The Company incurred the following expenses with related parties during the three months ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 2016 Compensation – Directors $ 57,198 $ 55,440 Compensation – Officers $ 16,328 $ 18,179 As at June 30, 2017, the Company was indebted to its related parties for the amounts as below: June 30, 2017 March 31, 2017 Accounts payable and accrued liabilities $ 69,039 $ 46,467 Loans payable (Note 8) 938,931 825,120 |
Geographical Area Information (
Geographical Area Information (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Geographical Area Information | |
Assets and Liabilities by Geographical Area | Canada Africa Total June 30, 2017: Current assets $ 7,838 $ - $ 7,838 Equipment 2,379 71,560 73,939 Mineral property interest - 931,722 931,722 Total assets $ 10,217 $ 1,003,282 $ 1,013,499 Total liabilities $ 1,049,020 $ - $ 1,049,020 March 31, 2017: Current assets $ 19,634 $ - $ 19,634 Equipment 2,572 71,560 74,132 Mineral property interest - 931,722 931,722 Total assets $ 22,206 $ 1,003,282 $ 1,025,488 Total liabilities $ 915,715 $ - $ 915,715 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | |
Basis Of Presentation Details Narrative | |||
Net Loss | $ 145,294 | $ 114,417 | |
Cumulative Losses Since Inception | $ 9,509,946 | $ 9,364,652 |
Equipment (Details)
Equipment (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Office Equipment | ||
Cost | ||
Balance Beginning | $ 8,760 | |
Additions (disposals) | ||
Balance End | 8,760 | $ 8,760 |
Accumulated Depreciation | ||
Accumulated Depreciation Beginning Balance | 6,188 | |
Depreciation for the year | 193 | 1,574 |
Accumulated Depreciation End Balance | 6,381 | 5,086 |
Machinery [Member] | ||
Cost | ||
Balance Beginning | 232,620 | |
Additions (disposals) | ||
Balance End | 232,620 | 232,620 |
Accumulated Depreciation | ||
Accumulated Depreciation Beginning Balance | 161,060 | |
Depreciation for the year | ||
Accumulated Depreciation End Balance | 161,060 | 161,060 |
Total [Member] | ||
Cost | ||
Balance Beginning | 241,380 | |
Additions (disposals) | ||
Balance End | 241,380 | 241,380 |
Accumulated Depreciation | ||
Accumulated Depreciation Beginning Balance | 167,248 | |
Depreciation for the year | 193 | 1,574 |
Accumulated Depreciation End Balance | $ 167,441 | $ 166,146 |
Equipment (Details 2)
Equipment (Details 2) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Carrying amounts | ||
Carrying Amounts | $ 73,939 | $ 74,132 |
Office Equipment | ||
Carrying amounts | ||
Carrying Amounts | 2,379 | 2,572 |
Machinery [Member] | ||
Carrying amounts | ||
Carrying Amounts | 71,560 | 71,560 |
Total [Member] | ||
Carrying amounts | ||
Carrying Amounts | $ 73,939 | $ 74,132 |
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 |
Common Stock (Details)
Common Stock (Details) - Employee Stock Option [Member] | Jun. 30, 2017$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding (beginning of period) | shares | 4,650,000 |
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 | $ 0.03 |
Options Outstanding (end of period) | $ / shares | $ 0.03 |
Common Stock (Details 2)
Common Stock (Details 2) | 3 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Options Outstanding | 4,650,000 |
Weighted Avg. Remaining in Years | 2 years 2 months 12 days |
Options Exercisable | 4,650,000 |
21-Jul-20 [Member] | |
Exercise Price | $ / shares | $ 0.01 |
Expiry Date | Jul. 21, 2020 |
Options Outstanding | 4,000,000 |
Weighted Avg. Remaining in Years | 2 years 1 month 6 days |
Options Exercisable | 4,000,000 |
07-Aug-19 [Member] | |
Exercise Price | $ / shares | $ 0.15 |
Expiry Date | Aug. 7, 2019 |
Options Outstanding | 650,000 |
Weighted Avg. Remaining in Years | 3 years 1 month 6 days |
Options Exercisable | 650,000 |
Fair Value of Financial Instr29
Fair Value of Financial Instruments (Details) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
Cash and cash equivalents | $ 6,171 | $ 14,085 | $ 13,366 | $ 8,944 |
Assets, Total [Member] | ||||
Cash and cash equivalents | 6,171 | 14,085 | ||
Assets, Total [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 6,171 | 14,085 | ||
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 |
Geographical Area Information30
Geographical Area Information (Details) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Current Assets | $ 7,838 | $ 19,634 |
Mineral property interest | 931,722 | 931,722 |
Total assets | 1,013,499 | 1,025,488 |
Total liabilities | 1,049,020 | 915,715 |
Canada [Member] | ||
Current Assets | 7,838 | 19,634 |
Equipment | 2,379 | 2,572 |
Mineral property interest | ||
Total assets | 10,217 | 22,206 |
Total liabilities | 1,049,020 | 915,715 |
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 | 7,838 | 19,634 |
Equipment | 73,939 | 74,132 |
Mineral property interest | 931,722 | 931,722 |
Total assets | 1,013,499 | 1,025,488 |
Total liabilities | $ 1,049,020 | $ 915,715 |