American Sands Energy (AMSE) 10-Q 19 Feb 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 31, 2013	Feb. 17, 2014
Document And Entity Information	'	'
Entity Registrant Name	'American Sands Energy Corp.	'
Entity Central Index Key	'0001432001	'
Document Type	'10-Q	'
Document Period End Date	31-Dec-13	'
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	'	29,926,419
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2014	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Mar. 31, 2013
Current assets:	'	'
Cash	$382,968	$59,981
Receivables	0	207,046
Prepaid and other current assets	291,641	95,781
Related-party receivable	0	22,324
Total current assets	674,609	385,132
Property and equipment, net	1,671	1,922
Other assets	210,747	306,640
Total assets	887,027	693,694
Current liabilities:	'	'
Accounts payable	534,877	457,855
Accrued expenses	379,487	1,553,106
Current portion of note payable	8,593	0
Current portion of convertible notes payable, net of discount of $12,837 and $0, respectively	189,857	0
Total current liabilities	1,112,814	2,010,961
Convertible notes payable, net of discount $0 and $352,317, respectively	0	1,417,115
Related-party convertible notes payable, net of discount of $0 and $109,979, respectively	0	1,714,274
Mineral lease payable	0	14,640
Derivative liability	331,304	0
Total liabilities	1,444,118	5,156,990
Commitments and contingencies	'	'
Stockholders' deficit:	'	'
Preferred stock	0	0
Common stock, $.001 par value: 200,000,000 shares authorized; 29,926,419 and 28,990,715 shares issued and outstanding, respectively	29,926	28,991
Additional paid-in capital	12,857,864	6,706,565
Deficit accumulated during the development stage	-13,447,141	-11,198,852
Total stockholders' deficit	-557,091	-4,463,296
Total liabilities and stockholders' deficit	887,027	693,694
Series A Preferred Stock [Member]	'	'
Stockholders' deficit:	'	'
Preferred stock	2,260	0
Total stockholders' deficit	$2,260	$0

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Discount on convertible notes payable	$12,837	$352,317
Stockholders' deficit:	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	29,926,419	28,990,715
Common stock, shares outstanding	29,926,419	28,990,715
Convertible Notes Payable - Current	'	'
Discount on convertible notes payable	12,837	0
Convertible Notes Payable	'	'
Discount on convertible notes payable	0	352,317
Related-party Convertible notes payable	'	'
Discount on convertible notes payable	$0	$109,979
Series A Preferred Stock [Member]	'	'
Stockholders' deficit:	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	3,250,000	'
Preferred stock, shares issued	2,259,916	'
Preferred stock, shares outstanding	2,259,916	'

Condesed_Consolidated_Statemen

Condesed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended		100 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Income Statement [Abstract]	'	'	'	'	'
Revenues	$0	$0	$0	$0	$0
Operating expenses:	'	'	'	'	'
General and administrative	315,085	392,468	1,144,314	1,325,494	9,305,916
Mineral lease	53,134	53,261	159,405	159,783	1,693,630
Research and development	325,096	78,583	374,138	264,747	1,030,952
Total operating expenses	693,315	524,312	1,677,857	1,750,024	12,030,498
Loss from operations	-693,315	-524,312	-1,677,857	-1,750,024	-12,030,498
Other income (expense):	'	'	'	'	'
Interest expense	-84,224	-139,179	-374,370	-417,566	-1,440,485
Loss on extinguishment of debt	-209,360	0	-209,360	0	-209,360
Gain on derivative	13,698	0	13,698	0	13,698
Interest income	0	0	0	0	22,985
Other income (expense)	0	0	0	0	198,000
Total other income (expense)	-279,886	-139,179	-570,032	-417,566	-1,415,162
Loss before provision for income taxes	-973,201	-663,491	-2,247,889	-2,167,590	-13,445,660
Provision for income taxes	-100	0	-400	0	-1,481
Net loss	($973,301)	($663,491)	($2,248,289)	($2,167,590)	($13,447,141)
Net loss per common share - basic and diluted	($0.03)	($0.02)	($0.08)	($0.08)	'
Weighted average common shares outstanding - basic and diluted	29,863,547	28,912,238	29,387,348	28,725,308	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statement of Stockholders' Deficit (USD $)	Series A Preferred Stock [Member]	Common Stock	Additional Paid-In Capital	Deficit accumulated during the development stage	Total
Beginning Balance, Amount at Mar. 31, 2013	$0	$28,991	$6,706,565	($11,198,852)	($4,463,296)
Beginning Balance, Shares at Mar. 31, 2013	0	28,990,715	'	'	'
Stock-based compensation	'	'	299,561	'	'
Shares issued for services, shares	'	25,000	'	'	'
Shares issued for services, amount	'	25	10,475	'	10,500
Shares issued for related-party debt, shares	'	535,704	'	'	'
Shares issued for related-party debt, amount	'	535	226,784	'	227,319
Net proceeds from issuance of preferred stock, shares	804,362	'	'	'	'
Net proceeds from issuance of preferred stock, amount	805	'	1,079,033	'	1,079,838
Preferred stock issued for convertible debt, shares	1,361,911	'	'	'	'
Preferred stock issued for convertible debt, value	1,362	'	1,905,315	'	1,906,677
Preferred stock issued for related-party debt, shares	93,643	'	'	'	'
Preferred stock issued for related-party debt, amount	93	'	131,007	'	131,100
Derivative relating to preferred stock down-round protection rights	'	'	-345,002	'	-345,002
Shares issued for stock offering costs, Shares	'	375,000	'	'	'
Shares issued for stock offering costs, Amount	'	375	130,875	'	'
Payroll obligations exchanged for debt exhange warrants	'	'	1,049,350	'	1,049,350
Related-party debt exchanged for debt exchange warrants	'	'	1,462,651	'	1,462,651
Other common stock warrants issued for research and development	'	'	201,250	'	201,250
Net loss	'	'	'	-2,248,289	-2,248,289
Ending Balance, Amount at Dec. 31, 2013	$2,260	$29,926	$12,857,864	($13,447,141)	($557,091)
Ending Balance, Shares at Dec. 31, 2013	2,259,916	29,926,419	'	'	'

Condesed_Consolidated_Statemen1

Condesed Consolidated Statements of Cash Flows (USD $)	9 Months Ended		100 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Cash flows from operating activities:	'	'	'
Net loss	($2,248,289)	($2,167,590)	($13,447,141)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depreciation	251	252	6,313
Gain on disposal of property and equipment	0	0	-49
Loss on extinguishment of debt	209,360	0	209,360
Gain on derivative liability	-13,698	0	-13,698
Accretion of debt discount	264,024	239,242	908,344
Straight-line of mineral lease payable	-14,640	-14,639	0
Stock issued for services	10,500	57,500	68,000
Stock-based compensation expense	299,561	263,427	1,819,349
Warrants issued for research and development	201,250	0	201,250
Stock offering costs	227,143	0	227,143
Special warrants issued in payment for leases	0	0	188,160
Notes payable issued in payment for leases	0	0	126,840
(Increase) decrease in operating assets:	'	'	'
Receivables	207,046	85,000	0
Prepaid and other current assets	-195,860	145,197	-291,641
Related-party receivable	22,324	-22,324	0
Reclamation deposit	0	-19,060	-19,065
Increase (decrease) in operating liabilities:	'	'	'
Accounts payable	77,022	59,604	534,877
Accrued expenses	-124,269	205,986	3,117,823
Accrued interest on convertible debt and note payable	109,997	178,324	453,849
Net cash used in operating activities	-968,278	-989,081	-5,910,286
Cash flows from investing activities:	'	'	'
Acquisition of property and equipment	0	0	-8,524
Disposal of property and equipment	0	0	588
Net cash used in investing activities	0	0	-7,936
Cash flows from financing activities:	'	'	'
Proceeds from issuance of notes payable	19,610	0	456,610
Proceeds from issuance of convertible notes payable	53,000	0	798,000
Proceeds from issuance of preferred stock units	1,079,838	0	1,079,838
Proceeds from issuance of related-party notes payable	150,000	0	249,000
Proceeds from issuance of common stock and special warrants	0	492,019	2,319,427
Increase in stock offering costs	0	-115,244	-87,575
Increase in deposits for purchase of common stock	0	0	710,214
Net cash received in reverse merger	0	0	852,759
Principal payments on notes payable	-11,183	0	-77,083
Net cash provided by financing activities	1,291,265	376,775	6,301,190
Net increase (decrease) in cash	322,987	-612,306	382,968
Cash, beginning of the period	59,981	624,300	0
Cash, end of the period	382,968	11,994	382,968
Supplemental disclosures of cash flow information:	'	'	'
Interest paid	0	0	12,153
Income taxes paid	200	0	1,250
Supplemental schedule of non-cash investing and financing activities:	'	'	'
Conversion of convertible notes payable to preferred stock units	1,906,667	0	1,906,667
Conversion of related-party convertible notes payable to preferred stock units	131,100	0	131,100
Conversion of notes payable to common stock	0	0	666,780
Conversion of related-party notes payable to common stock	227,319	0	227,319
Convertible note issued for accrued expenses	0	0	1,660,832
Issuance of warrants associated with convertible notes payable	0	0	424,266
Common stock issued for stock offering costs	131,250	200,000	331,250
Discount on related-party notes payable	0	0	134,053
Shares issued to satisfy deposits to purchase common stock	0	710,214	710,214
Related-party convertible note payable exchanged for warrants	1,462,651	0	1,462,651
Warrants issued to satisfy payroll liabilities	$1,049,350	$0	$1,049,350

1_Description_of_Business_and_

1. Description of Business and Nature of Operations	9 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Note 1 - Description of Business and Nature of Operations	'
	American Sands Energy Corp. (“ASEC” or the “Company”) is a development stage company that proposes to engage in the clean extraction of bitumen from oil sands prevalent in the Mountain West region of North America using proprietary technology. Since the project’s inception, the Company has been engaged in the business of acquiring and developing oil sands assets and technologies used to separate the oil contained in oil sands. The Company anticipates that its primary operations will include the mining of oil sands, the separation of oil products therefrom and the sale of oil and oil by-products. The Company has not generated revenues from its principal operations and is a development stage company.
	The Company has acquired rights to approximately 1,760 acres of prime oil sands deposits in the Sunnyside area of Utah. Prior to January 24, 2012, the Company had licensed proprietary extraction technology with Bleeding Rock, LLC (“Bleeding Rock”), which had an exclusive license to a bitumen and hydrocarbon extraction process to separate oil and other hydrocarbons from sand, dirt and other substances. Our Chief Executive Officer is the manager of Bleeding Rock and has an indirect ownership interest therein.
	Effective January 24, 2012, the Company entered into a License, Development and Engineering Agreement with Universal Oil Recovery Corp. and SRS International (the “License Agreement”) whereby the Company was granted an exclusive non-transferable license to use certain technology in its proposed business to extract bitumen from oil sands. The territory covered by the agreement includes the State of Utah and any other geographic location in which a future designated project is commenced by or through the Company. In conjunction with the License Agreement, the Company terminated its operating agreement with Bleeding Rock. On November 18, 2013, the Company entered into an Amended and Restated License, Development and Engineering Agreement with Universal Oil Recovery LLC (“Amendment”). The Amendment amends and restates the License Agreement. Pursuant to the terms of the Amendment, the previous royalties of 75% on projects outside of Utah and the minimum royalty of $1,000,000 per year on such agreements have been eliminated. Pursuant to the Amendment, the Company will now pay royalties on projects outside of Utah of 15% of the net fees (net of all costs other than general and administrative expenses) collected by the Company on any license of the technology. In addition, the $25,000 per month management fee is eliminated until a permanent financing is closed (minimum of $25,000,000), at which time the payment will be reinstated. In consideration of the amendment, the Company issued to Universal Oil Recovery LLC (“UOR”), 575,000 warrants to purchase common stock of the Company for $0.01 per share, exercisable for ten years (see Note 11). The Company agreed to make certain payments to UOR. The term of the License Agreement is for 20 years and thereafter so long as production of products using the technology is commercially and economically feasible.

2_Significant_Accounting_Polic

2. Significant Accounting Policies	9 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Note 2 - Significant Accounting Policies	'
	These financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting solely of normal recurring adjustments) considered necessary for a fair presentation of the interim financial statements have been included.
	The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates, and assumptions that could affect the reported amounts of assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from those estimates.
	a) Principles of Consolidation
	The condensed consolidated financial statements include the consolidated operations of American Sands Energy Corp. and its wholly owned subsidiary Green River Resources Inc. (“GRI”). All significant intercompany balances and transactions have been eliminated in consolidation.
	b) Mineral Leases
	In certain cases, the Company capitalizes costs related to investments in mineral lease interests on a property-by-property basis. Such costs include mineral lease acquisition costs. Costs are deferred until such time as the extent of proved developed reserves has been determined and mineral lease interests are either developed, the property sold or the mineral lease rights are allowed to lapse. To date, all exploration and lease costs have been expensed.
	c) Research and Development
	The Company continues to develop additional technology related to its licensed proprietary bitumen extraction process. To date, the Company has expensed costs associated with developing its technology as research and development expenses.
	d) Stock-based Compensation
	The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options and warrants granted. For employee stock options, the Company records the grant-date fair value as expense over the period in which it is earned, typically the vesting period. For consultants, the fair value of the stock-based award is recorded as expense over the term of the service period, and unvested amounts are revalued using the Black-Scholes model at each reporting period. For warrants issued to lenders, the Company records the grant-date fair value of the warrants, and any resulting beneficial conversion feature for convertible debt, as a debt discount. The discount is then amortized over the term of the convertible debt as non-cash interest expense.
	e) Earnings or Loss Per Common Share
	Basic earnings or loss per common share is computed on the basis of the weighted average number of shares outstanding during the periods. Diluted earnings or loss per common share is computed on the basis of the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period. Potential dilutive shares include outstanding stock options, warrants, preferred stock and convertible debt instruments. For periods in which a net loss is reported, potential dilutive shares are excluded because they are antidilutive. Therefore, basic loss per common share is the same as diluted loss per common share for the three and nine months ended December 31, 2013 and 2012.
	f) Recent Accounting Pronouncements
	In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, Intangibles-Goodwill and Other (Topic350): Testing Indefinite-Lived Intangible Assets for Impairment. This ASU permits an entity the option to first assess qualitative factors to determine whether it is more-likely-than-not that an indefinite-lived intangible asset is impaired. If the qualitative assessment supports the conclusion that it is more-likely-than-not that the fair value of the asset exceeds its carrying amount, the entity would not need to perform the two-step quantitative impairment test. The focus of the guidance is to reduce the cost and complexity of performing impairment tests for indefinite-lived intangible assets other than goodwill, and to improve consistency in impairment testing among long-lived asset categories. This ASU is effective for annual and interim impairment tests performed prior to the issuance of the final ASU, if an entity’s financial statements for the most recent annual or interim period have not yet been issued. This ASU did not have a material impact on the Company’s consolidated financial statements.
	In October 2012, the FASB issued ASU 2012-04, Technical Corrections and Improvements. The amendments in this update cover a wide range of topics in the Accounting Standards Codification (“ASC”). These amendments include technical corrections and improvements to the ASC and conforming amendments related to fair value measurements. The amendments in this update were effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on the Company’s consolidated financial statements.
	In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update provides guidance on when to classify an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for: (1) a net operating loss carryforward, (2) a similar tax loss, or (3) a tax credit carryforward in the financial statements. Otherwise, such an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be classified in the financial statements as a liability. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.

3_Going_Concern

3. Going Concern	9 Months Ended
	Dec. 31, 2013
Going Concern	'
Note 3 - Going Concern	'
	The Company’s financial statements have been prepared assuming the Company is a going concern which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business. The Company has no revenues, has incurred substantial losses from operations, has negative working capital, and has negative cash flows from operating activities, which matters raise substantial doubt about the Company’s ability to continue as a going concern. The Company sustained a net loss for the three months ended December 31, 2013 of $973,301 and has an accumulated deficit of $13,447,141 as of December 31, 2013. In addition, the Company estimates it will require approximately $75,000,000 in capital to commence its principal operations.
	The Company intends to continue its research and development efforts, but does not have revenues from which to finance these activities internally. As a result, the Company intends to seek financing in order to fund its operations.
	The Company has been able to meet its short-term needs primarily through loans from third parties, private placements of equity and debt securities, and deferring certain payment obligations to related parties.  The Company is actively seeking additional private and public placements of equity and/or debt securities.  The Company plans to continue to obtain financing through the sale of equity or debt securities in order to finance operations until it can generate positive cash flows from operating activities. The private and public equity placements are expected to provide the needed funds for continued operations and further research and development of the Company’s proprietary oil sands refining methods. The Company can provide no assurance that it will be able to obtain sufficient additional financing needed to develop its technology and alleviate doubt about its ability to continue as a going concern. To the extent the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

4_Accrued_Expenses

4. Accrued Expenses	9 Months Ended
	Dec. 31, 2013
Payables and Accruals [Abstract]	'
Note 4 - Accrued Expenses	'
	Accrued expenses consist of the following:
		December 31,		March 31,
		2013		2013
	Payroll and benefits	$	329,730	$	1,284,995
	Deferred research and development billings		–		178,931
	Mineral lease payable		49,557		89,180
	Other		200		–
	Total accrued expenses	$	379,487	$	1,553,106
	On September 30, 2013, the Company exchanged warrants to purchase 2,260,000 shares of common stock of the Company for the outstanding payroll obligation of the Company’s CEO in the amount of $1,049,350. The warrants have a 10-year term and an exercise price of $.01 (see Note 11).

5_Mineral_Leases

5. Mineral Leases	9 Months Ended
	Dec. 31, 2013
Mineral Leases	'
Note 5 - Mineral Leases	'
	During 2005, the Company acquired three oil sands mineral leases: (1) an undivided 40% interest in a 1,120-acre parcel, (2) an undivided 20% interest in the same 1,120-acre parcel, and (3) an undivided 16.666% interest in a 640-acre parcel. These leases are located in Carbon County, Utah. Effective March 31, 2013, the lease terms were extended through December 31, 2016 and the minimum annual lease payments were increased from $224,597 to $268,915.
	In 2009, a fourth lease was entered into with William G. Gibbs, a relative of the Chief Executive Officer of the Company, for an additional undivided 5% interest in the 640-acre parcel (for a total 21.666% undivided interest in the 640-acre parcel). This lease is located in Carbon County, Utah, adjacent to the 1,120-acre parcel. This lease has a 6-year life with a minimum yearly lease payment of $7,965 and, pursuant to an Addendum dated November 16, 2013, is scheduled to terminate by December 31, 2016, if the property has not reached commercial production.
	The Company’s interest in these leases is conditioned upon the payments of royalties, minimum yearly investment in development, tax payments, and other obligations to the owners of the leases.
	Upon commencement of operations, each lease requires a production royalty of 10% of the market value of the minerals sold, net of applicable costs and expenses. The Company has the right, but not the obligation, to pool or unitize the leases, such that the ore mined is allocated between, and the royalties paid, on their proportionate interests. If not pooled, the owners will be paid royalties only to the extent the oil sands ore is mined on their respective properties. Through December 31, 2013, no production royalties were accrued or paid because production on these properties had not commenced. After three consecutive calendar years of production on the 1,120-acre parcel, the production royalty on the 1,120-acre parcel shall be the greater of the 10% royalty or $1,000,000 annually.
	Future minimum lease payments are as follows for the years ending:
	December 31,
	2014	$	45,158
	2015		276,880
	2016		276,880
	Total future minimum lease payments	$	598,918

6_Convertible_Notes_Payable

6. Convertible Notes Payable	9 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Note 6 - Convertible Notes Payable	'
	When the Company acquired its oil sands assets in June 2011, the Company assumed convertible notes payable of $770,000. In addition, the Company has issued $745,000 of convertible notes payable subsequent to June 2011. These notes were issued pursuant to a $1,750,000 private offering. On December 1, 2013, in conjunction with the private placement of the Company’s Series A preferred stock (see Note 9), $1,340,000 of the convertible notes and $329,338 of accrued interest, along with 2,663,610 warrants, were exchanged for 1,252,003 shares of Series A Preferred stock together with warrants to purchase 1,252,003 shares of the Company’s common stock at $0.45 per share and 1,252,003 warrants to purchase the Company’s common stock at $0.70 per share. The shares and warrants issued included a 5% premium above what cash investors received as an inducement to convert. The Company recorded a loss of $209,360 in connection with the conversions.
	As of December 31, 2013, there were $175,000 of convertible notes payable outstanding with accrued interest of $27,694. The notes bear interest at 10% per annum and all principal and interest are due and payable by April 30, 2014. The notes and all accrued interest are convertible into the Company’s common stock at any time by the lender at approximately $0.50 per common share until the due date. The notes automatically convert upon completion of a financing of $10,000,000 or more.
	In connection with the terms of the $1,750,000 private offering, holders of the notes also received 100,286 warrants for each $50,000 loaned to the Company. Through December 31, 2013, the Company granted 3,038,667 warrants in connection with this offering (see Note 11). The Company recorded a debt discount related to the warrants and resulting beneficial conversion feature of $873,589. The unamortized debt discount was $12,837 and $352,317 as of December 31, 2013 and March 31, 2013, respectively. The warrants issued in connection with the notes expire in 2014. During the quarter ended December 31, 2013, the Company cancelled 2,663,610 of these warrants in connection with the convertible notes exchanged for Series A preferred stock described above.
	In May 2013, the Company borrowed a combined $150,000 from three individuals. The notes bear interest at 6%, are due by June 30, 2014 and are convertible into the Company’s common stock at the same rate as the Company completes a future offering of $2,000,000 or more. On November 7, 2013, the notes and accrued interest were converted into Series A preferred shares as a result of the Series A Preferred Offering, resulting in 109,908 shares of Series A preferred shares being issued, together with warrants to purchase 109,908 common shares at $0.45 per share and warrants to purchase 109,908 common shares at $0.70 per share (see Note 11).

7_Convertible_Note_Payable_Rel

7. Convertible Note Payable, Related Party	9 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Note 7 - Convertible Note Payable, Related Party	'
	On May 31, 2011, the Company converted $214,281 of its outstanding payable to Bleeding Rock into a 6% convertible promissory note. The note is convertible into 535,704 shares of the Company’s common stock. Effective January 1, 2013, the Company modified the terms of the note such that all of the outstanding principal which totaled $214,281 and accrued interest which totaled $20,712 were converted into a new note totaling $234,993 that is non-interest bearing. On August 20, 2013, Bleeding Rock assigned this note to two unrelated third parties, Tenacity L.P. and Kinsale Partners LLC. On October 10, 2013, the convertible promissory note was converted into 535,704 shares of the Company’s common stock as full satisfaction of the obligation.
	Effective January 24, 2012, the Company entered into a Termination Agreement with Bleeding Rock (the “Termination Agreement”). The purpose of the agreement was to terminate the Operating Agreement dated May 31, 2005, as amended, between Bleeding Rock and GRI (the “Operating Agreement”). Pursuant to the Operating Agreement, GRI had obtained the rights through Bleeding Rock to utilize a process for the development, engineering and extraction of hydrocarbons from oil sands. In light of conversations with potential investors, the Company determined that having the technology licensed directly to the Company (rather than through Bleeding Rock and the Operating Agreement) would be beneficial to fund raising prospects.
	Effective on the date of termination, Bleeding Rock assigned its interest in the note to Hidden Peak Partners LC (“Hidden Peak”), a related party and member of Bleeding Rock. Contemporaneous with the execution of the License Agreement and the Termination Agreement described above, the Company entered into a Gross Royalty Agreement with Bleeding Rock whereby the Company is obligated to pay a royalty equal to 1.5% of the gross receipts from future projects using the technology, excluding the current project in Sunnyside, Utah. The Gross Royalty Agreement was similarly assigned to Hidden Peak.
	As of the date of the Termination Agreement, GRI owed $1,446,551 to Bleeding Rock, payable under the terms of the Operating Agreement. In connection with the termination of the Operating Agreement, GRI issued a 5% convertible promissory note to Bleeding Rock for this amount. Initially, the note was due one year from the date of the note. The note was subsequently modified to extend the payment date to April 30, 2014 and provide for conversion into shares of the Company’s common stock any time before maturity at the rate of one share for each $0.50 of principal or interest converted. Effective January 1, 2013, the Company further modified the terms of the note such that all of the outstanding principal, which totaled $1,446,551, and accrued interest, which totaled $67,965, were converted into a new note totaling $1,514,516 that is non-interest bearing. The Company imputed interest on the new note using a discount rate of 6% and recorded a debt discount of $116,047 which is amortized over the remaining life of the loan using the interest method.
	On September 30, 2013, the Company exchanged warrants to purchase 3,260,000 shares of common stock of the Company for the note held by Bleeding Rock and simultaneously canceled the note. The warrants have a 10-year term and an exercise price of $.01 (see Note 11). As of December 31, 2013 and March 31, 2013, the carrying balance of the note was $0 and $1,419,311, respectively, net of the unamortized remaining discount.
	In January 2013, the Company borrowed $74,000 from C14 Strategies, a company controlled by the Company’s former President. The note bears interest at 6% and is due and payable by the earlier of June 30, 2014 or when the Company completes a $2,000,000 equity or debt bridge financing transaction. The note is convertible into common stock of the Company upon completion of a bridge financing transaction at the same price and terms as the bridge financing. On November 7, 2013, the note and accrued interest were converted into Series A preferred shares as a result of the Series A Preferred Offering, resulting in 55,307 shares of Series A preferred shares being issued, together with warrants to purchase 55,307 common shares at $0.45 per share and 55,307 common shares at $0.70 per share.
	In July 2013, the Company borrowed $53,000 from Bleeding Rock, a company controlled by the Company’s CEO. The note bears interest at 6% and is due and payable by the earlier of June 30, 2014 or when the Company completes a $2,000,000 equity or debt bridge financing transaction. The note is convertible into common stock of the Company upon completion of a bridge financing transaction at the same price and terms as the bridge financing. On November 7, 2013, the note and accrued interest were converted into Series A preferred shares as a result of the Series A preferred offering, resulting in 38,336 shares of Series A preferred shares being issued, together with warrants to purchase 38,336 common shares at $0.45 per share and 38,336 common shares at $0.70 per share.

8_Derivative_Liability

8. Derivative Liability	9 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
Note 8 - Derivative Liability	'
	In connection with the Company issuing its Series A preferred stock described in Note 9, the Company recorded a derivative liability related to down-round protection provided to the preferred stockholders in the event that the Company does an offering of common stock at a price below $0.35 per share. With the assistance of a third-party valuation specialist, the Company valued the derivative liability pursuant to the accounting guidance of ASC 820-10, Fair Value Measurements.
	As defined in FASB ASC 820-10, fair value is based on 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. In order to increase consistency and comparability in fair value measurements, FASB ASC 820-10 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:
	Level 1	Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities.
	Level 2	Other inputs that are observable directly or indirectly, such as quoted prices for similar assets and liabilities or market corroborated inputs.
	Level 3	Unobservable inputs that are used when little or no market data is available, which require the Company to develop its own assumptions about how market participants would value the assets or liabilities.
	Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosure each quarter. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and March 31, 2013 are summarized as follows:
		Fair Value as of December 31, 2013
		Level 1			Level 2		Level 3		Total
	Liabilities
	Embedded derivative	$	–		$	–	$	331,304	$	331,304
			Fair Value as of March 31, 2013
			Level 1			Level 2		Level 3		Total
	Liabilities
	Embedded derivative	$	–		$	–	$	–	$	–
	The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value on a recurring basis during the nine months ended December 31, 2013:
	American Sands Energy Corp.
	(A Development Stage Company)
	Notes to Condensed Consolidated Financial Statements (Unaudited)
			Fair Value Measurements Using Significant Unobservable Inputs
			(Level 3)
			Embedded
			Derivative
	Beginning balance, March 31, 2013	$	–
	Issuances:
	Embedded derivatives issued in conjunction with Series A preferred stock units		345,002
	Total gains included in earnings		(13,698	)
	Ending balance, December 31, 2013	$	331,304
	Given the nature of the derivative liability, the carrying amounts of $331,304 and $0 reported in the accompanying balance sheets as of December 31, 2013 and March 31, 2013, respectively, were derived from Level 3 inputs and represent management’s best estimate of fair value.

9_Preferred_Stock

9. Preferred Stock	9 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Note 9 - Preferred Stock	'
	In October 2013, the Company initiated a preferred stock offering to raise up to $2,000,000 with an option to increase the offering by an additional $500,000 based on market conditions and investor interest. Series A preferred stock holders are entitled to receive dividends of 6% and have a liquidation preference equal to $1.40 per share for each outstanding share of Series A preferred stock (as adjusted for stock splits, stock dividends and recapitalizations) plus an amount equal to declared but unpaid dividends thereon.
	Each share of the offering sells for $1.40 and entitles the holder to receive one share of Series A preferred stock along with one warrant to purchase a share of the Company’s common stock at $0.45 and one warrant to purchase the Company’s common stock at $0.70 per share (hereafter, referred to as “Series A preferred stock units”).
	Each holder of Series A preferred stock has the right at any time after the date of issuance to convert their Series A preferred stock by dividing $1.40 by the Conversion Price in effect at the time for such shares. The Conversion Price is the lower of $0.35 per share or the lowest price that any additional shares of common stock were issued after the initial purchase date. Common shares issued in such transactions such as granting of employee incentive options pursuant to the Company’s 2011 Long-Term Incentive Plan, shares issued in certain financings, and shares issued to acquire technology or assets do not reduce the Conversion Price. The Series A preferred stock automatically converts upon the Company completing a financing transaction of $10,000,000 or more.
	During the three months ended December 31, 2013, the Company issued a total of 2,259,916 shares of Series A preferred stock units. The Company received net cash proceeds of $1,079,838 from selling 804,362 shares of Series A preferred stock units and issued an additional 1,455,544 shares of Series A preferred stock units. in connection with conversions of convertible debt and accrued interest totaling $1,906,677 and conversions of related-party debt and accrued interest of $131,100. The Company used a portion of the proceeds to complete required test drilling at its Sunnyside site location in order to get the project permitted and for general corporate purposes.

10_Common_Stock

10. Common Stock	9 Months Ended
	Dec. 31, 2013
Equity [Abstract]	'
Note 10 - Common Stock	'
	On July 1, 2013, the Company entered into a consulting agreement with Great Bear, LLC (“Great Bear”) to provide corporate, advisory, and marketing services to the Company. The agreement calls for the Company to issue Great Bear 100,000 shares of restricted common stock as consideration for the services to be provided and to pay a one-time $5,000 fee upon completion of an offering of at least $2,000,000. The term of the agreement is for one year. In connection with the Series A preferred stock offering, the Company issued 75,000 shares to Great Bear on July 15, 2013 and the balance of the shares was issued on November 6, 2013.
	Effective July 11, 2013, the Company entered into a financial advisory agreement (the “Merriman Agreement”) with Merriman Capital, Inc. ("Merriman"), a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR). The Merriman Agreement is for a 12-month period and the Company issued 300,000 shares of restricted common stock to Merriman in connection with the Series A preferred stock offering. Under the Merriman Agreement, Merriman will advise the Company on strategic initiatives to increase stockholder value, analyze the Company’s operating projections and market conditions and provide the Company with recommendations for the proper positioning of the Company with potential investors. Merriman will also assist the Company in raising its next round of capital. The Company has agreed that Merriman will have unlimited "piggyback" registration rights for a period of three years after the issuance of the shares at the Company's expense (provided that such rights shall not apply to a public offering of the Company’s common stock upon any underwriter’s reasonable assertion in writing that the inclusion of such stock in a public offering would materially impair the marketability of such public offering).
	In March 2012, the Company sold units through a private placement at a price of $50,000 per unit. Each unit is comprised of 43,478 shares of common stock and two-year warrants to purchase another 10,870 shares of common stock at $1.15 per share. The Company sold 1,089,781 shares of common stock under the private placement agreement resulting in gross proceeds of $1,253,248.

11_Warrants

11. Warrants	9 Months Ended
	Dec. 31, 2013
Warrants and Rights Note Disclosure [Abstract]	'
Note 11 - Warrants	'
	The Company has issued several classes of warrants as described below.
	a)	Bridge Warrants
		In connection with the issuance of certain notes payable, the Company granted bridge warrants to the note holders. These bridge warrants give the holders the right to purchase shares of the Company’s common stock at $0.40 per share. All of the bridge warrants expired as of September 30, 2013.
	b)	Convertible Debt Warrants
		In connection with the Company’s $1,750,000 convertible note private offering (see Note 6), the Company granted warrants to the note holders. These warrants give the holders the right to purchase shares of the Company’s common stock at approximately $0.50 per share. The warrants expire on April 30, 2014. In conjunction with the exchange of $1,340,000 of the convertible notes and $329,338 of accrued interest into Series A preferred stock units, 2,663,610 of the convertible debt warrants were returned to the Company and canceled. As of December 31, 2013 and March 31, 2013, there were 375,057 and 3,038,667 convertible debt warrants outstanding, respectively.
	c)	Private Placement Warrants
		In connection with the Company’s private placement of Common Stock in 2012 (see Note 10), the Company granted warrants to the stock purchasers. These warrants give the holders the right to purchase shares of the Company’s common stock at $1.15 per share for a 2-year period. As of December 31, 2013 and March 31, 2013, there were 333,571 private placement warrants outstanding of which 61,169 were issued to brokers associated with the transaction.
	d)	Debt Exchange Warrants
		On September 30, 2013, the Company exchanged warrants to purchase 3,260,000 shares of common stock of the Company for a related-party convertible note payable (see Note 7) and simultaneously canceled the note. On September 30, 2013, the Company exchanged warrants to purchase 2,260,000 shares of common stock of the Company for the outstanding payroll obligation owed to the Company’s CEO in the amount of $1,049,350. The warrants give the holders the right to purchase the Company’s common stock at $0.01 for a 10-year period. The fair value of the warrants issued in satisfaction of these liabilities was calculated using the Black-Scholes pricing model. Based on the fair value calculation, the amount of the related party convertible note payable and the amount of the outstanding payroll obligation exceeded the fair value of the warrants issued in satisfaction of these obligations. Due to the related party nature of the transaction, the Company did not record a gain on forgiveness of debt, but instead recorded the transaction entirely as an equity transaction. These transactions are reflected in the accompanying statement of stockholders’ deficit as “Payroll obligations exchanged for warrants” and “Related party debt exchanged for warrants”.
	e)	Series A Preferred Stock Warrants
		In connection with the Company’s offering of its Series A preferred stock (see Note 9), through December 31, 2013, the Company issued 2,259,916 warrants to purchase the Company’s common stock at $0.45 and 2,259,916 warrants to purchase the Company’s common stock at $0.70 per share. The warrants have a five-year term and a cashless exercise provision.
	f)	Broker Warrants
		In connection with the Company’s offering of its Series A preferred stock, through December 31, 2013, the Company issued 27,462 warrants to purchase the Company’s common stock at $0.35 per share for a 5-year period. The warrants were issued to a broker associated with the transaction.
	g)	Other Common Stock Warrants
		In connection with the amended License Agreement described in Note 1, the Company issued 575,000 warrants to purchase common stock of the Company at $0.01 per share. The estimated fair value of these warrants of $201,250 was recorded as research and development expense during the three months ended December 31, 2013.

12_Stock_Option_Plan

12. Stock Option Plan	9 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Note 12 - Stock Option Plan	'
	In April 2011, the Company adopted the 2011 Long-Term Incentive Plan (the “2011 Plan”) which reserves for the issuance of up to 7,000,000 shares of the Company’s common stock. During the nine months ended December 31, 2013, the Company issued 860,000 options under the 2011 Plan.
	The summary of option activity for the nine months ended December 31, 2013 is presented below:
	The weighted average grant-date fair value of options granted during the nine months ended December 31, 2013 was $0.35.
			Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Life (years)
	Balance as of March 31, 2013			3,662,500			$	0.49				4.11
	Granted			860,000				0.35				4.58
	Exercised			–				–				–
	Canceled			–				–				–
	Expired			–				–				–
	Balance as of December 31, 2013			4,522,500				0.47				4.2
	Outstanding and exercisable options presented by price range as of December 31, 2013 are as follows:
					Options Outstanding										Options Exercisable
									Weighted
									Average				Weighted				Weighted
					Number of				Remaining				Average		Number of		Average
	Exercise				Options				Life				Exercise		Options		Exercise
	Price				Outstanding				(Years)				Price		Exercisable		Price
		0.4				3,087,500				4.25			$	0.4		3,087,500	$	0.4
		0.5				75,000				2.71				0.5		56,250		0.5
		0.25				50,000				3.13				0.25		25,000		0.25
		1.15				450,000				3.46				1.15		300,000		1.15
		0.35				685,000				4.53				0.35		228,330		0.35
		0.35				75,000				4.64				0.35		18,750		0.35
		0.35				100,000				4.87				0.35		100,000		0.35
		$0.25-$1.15				4,522,500				4.58				0.47		3,815,830		0.45
	The estimated fair value of the Company’s stock options, less expected forfeitures, is amortized over the options’ vesting period on the straight-line basis. The Company recognized $299,560 and $263,427 of equity-based compensation expense during the nine months ended December 31, 2013 and 2012, respectively.
	As of December 31, 2013, there was $223,219 of total unrecognized compensation cost with a weighted-average vesting period of approximately six months.
	As of December 31, 2013 and 2012, the intrinsic values of outstanding and vested stock options were as follows:
			December 31,
			2013				2012
	Intrinsic value - options outstanding		$	170,425			$	2,371,875
	Intrinsic value - options exercisable			124,891				2,313,750
	Intrinsic value - options exercised			–				–

13_Commitments

13. Commitments	9 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Note 13 - Commitments	'
	Effective January 1, 2013, the Company modified its employment contract with its Chief Executive Officer. Pursuant to the terms of the modification, the CEO’s salary was reduced from $400,000 per year to $276,000 per year. Upon completion of a $10,000,000 or more capital raise, the CEO’s salary will increase to $400,000. On September 30, 2013, the CEO’s unpaid salary from inception through 2011 totaling $1,049,350 was exchanged for 2,260,000 warrants to purchase the Company’s common stock for $0.01 per share (see Note 11). The term of the employment agreement is in effect through December 31, 2015. On November 7, 2013, the board voted that, upon the completion of the Series A Preferred Offering, the CEO’s outstanding salary would convert into common stock at $0.35 per share. As of December 31, 2013 and March 31, 2013, the total accrued commitment for the CEO’s past wages was $241,216 and $1,070,788, respectively, which is included as accrued expenses in the accompanying condensed consolidated balance sheets.
	On March 31, 2011, the Company entered into an employment agreement with its Chief Operating Officer, replacing all previous employment agreements, that provides for initial compensation at an hourly rate of $175 and expense reimbursements. Upon the completion of a financing by the Company of not less than $10,000,000, his compensation will increase to $300,000 annually plus all other benefits normally provided to an employee. This employment agreement terminates March 31, 2014.
	The consulting agreement dated October 1, 2011, between the Company and C14 Strategies (the “Consulting Agreement”), an entity controlled by the former President, will remain in force until a Financing Event occurs at which time it will be immediately terminated. Pursuant to the Consulting Agreement, C14 Strategies provides assistance with respect to strategic objectives of the Company. As compensation for such services, C14 Strategies is paid $10,000 per month. The contract is terminable any time on 60 days’ notice, or immediately by mutual consent.
	On February 16, 2012, the Company entered into an employment agreement with its Chief Financial Officer. The agreement is terminable by either party upon 30 days’ notice. Under his employment agreement, the Chief Financial Officer is entitled to receive an annual bonus of up to $120,000, at the discretion of the Board, to be paid on or before December 15th of each year. Effective January 1, 2013, the CFO’s employment agreement was modified and his annual salary was increased to $175,000. On November 7, 2013, the Board voted that, upon the completion of the Series A Preferred Offering, the CFO’s outstanding salary would convert into common stock at $0.35 per share. As of December 31, 2013 and March 31, 2013, the total accrued commitment for the CFO’s past wages was $131,250 and $0, respectively, which is included as accounts payable in the accompanying consolidated balance sheets.

14_Subsequent_Events

14. Subsequent Events	9 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Note 14 - Subsequent Events	'
	On January 31, 2014, the Company sold 35,714 shares of the Company’s Series A preferred stock and warrants for the purchase of shares of common stock resulting in net proceeds to the Company of $50,000.

2_Significant_Accounting_Polic1

2. Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Principles of Consolidation	'
	The condensed consolidated financial statements include the consolidated operations of American Sands Energy Corp. and its wholly owned subsidiary Green River Resources Inc. (“GRI”). All significant intercompany balances and transactions have been eliminated in consolidation.
Mineral Leases	'
	In certain cases, the Company capitalizes costs related to investments in mineral lease interests on a property-by-property basis. Such costs include mineral lease acquisition costs. Costs are deferred until such time as the extent of proved developed reserves has been determined and mineral lease interests are either developed, the property sold or the mineral lease rights are allowed to lapse. To date, all exploration and lease costs have been expensed.
Research and Development	'
	The Company continues to develop additional technology related to its licensed proprietary bitumen extraction process. To date, the Company has expensed costs associated with developing its technology as research and development expenses.
Stock-based Compensation	'
	The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options and warrants granted. For employee stock options, the Company records the grant-date fair value as expense over the period in which it is earned, typically the vesting period. For consultants, the fair value of the stock-based award is recorded as expense over the term of the service period, and unvested amounts are revalued using the Black-Scholes model at each reporting period. For warrants issued to lenders, the Company records the grant-date fair value of the warrants, and any resulting beneficial conversion feature for convertible debt, as a debt discount. The discount is then amortized over the term of the convertible debt as non-cash interest expense.
Earnings or Loss Per Common Share	'
	Basic earnings or loss per common share is computed on the basis of the weighted average number of shares outstanding during the periods. Diluted earnings or loss per common share is computed on the basis of the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period. Potential dilutive shares include outstanding stock options, warrants, preferred stock and convertible debt instruments. For periods in which a net loss is reported, potential dilutive shares are excluded because they are antidilutive. Therefore, basic loss per common share is the same as diluted loss per common share for the three and nine months ended December 31, 2013 and 2012.
Recent Accounting Pronouncements	'
	In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, Intangibles-Goodwill and Other (Topic350): Testing Indefinite-Lived Intangible Assets for Impairment. This ASU permits an entity the option to first assess qualitative factors to determine whether it is more-likely-than-not that an indefinite-lived intangible asset is impaired. If the qualitative assessment supports the conclusion that it is more-likely-than-not that the fair value of the asset exceeds its carrying amount, the entity would not need to perform the two-step quantitative impairment test. The focus of the guidance is to reduce the cost and complexity of performing impairment tests for indefinite-lived intangible assets other than goodwill, and to improve consistency in impairment testing among long-lived asset categories. This ASU is effective for annual and interim impairment tests performed prior to the issuance of the final ASU, if an entity’s financial statements for the most recent annual or interim period have not yet been issued. This ASU did not have a material impact on the Company’s consolidated financial statements.
	In October 2012, the FASB issued ASU 2012-04, Technical Corrections and Improvements. The amendments in this update cover a wide range of topics in the Accounting Standards Codification (“ASC”). These amendments include technical corrections and improvements to the ASC and conforming amendments related to fair value measurements. The amendments in this update were effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on the Company’s consolidated financial statements.
	In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update provides guidance on when to classify an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for: (1) a net operating loss carryforward, (2) a similar tax loss, or (3) a tax credit carryforward in the financial statements. Otherwise, such an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be classified in the financial statements as a liability. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this ASU to have a material impact on the Company’s consolidated financial statements.

4_Accrued_Expenses_Tables

4. Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2013
Payables and Accruals [Abstract]	'
Accrued Expenses	'
		December 31,		March 31,
		2013		2013
	Payroll and benefits	$	329,730	$	1,284,995
	Deferred research and development billings		–		178,931
	Mineral lease payable		49,557		89,180
	Other		200		–
	Total accrued expenses	$	379,487	$	1,553,106

5_Mineral_Leases_Tables

5. Mineral Leases (Tables)	9 Months Ended
	Dec. 31, 2013
Mineral Leases	'
Future minimum lease payments	'
	December 31,
	2014	$	45,158
	2015		276,880
	2016		276,880
	Total future minimum lease payments	$	598,918

8_Derivative_Liability_Tables

8. Derivative Liability (Tables)	9 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
Assets and liabilities measured at fair value	'
		Fair Value as of December 31, 2013
		Level 1			Level 2		Level 3		Total
	Liabilities
	Embedded derivative	$	–		$	–	$	331,304	$	331,304
			Fair Value as of March 31, 2013
			Level 1			Level 2		Level 3		Total
	Liabilities
	Embedded derivative	$	–		$	–	$	–	$	–
Level 3 fair value reconciliation	'
			Fair Value Measurements Using Significant Unobservable Inputs
			(Level 3)
			Embedded
			Derivative
	Beginning balance, March 31, 2013	$	–
	Issuances:
	Embedded derivatives issued in conjunction with Series A preferred stock units		345,002
	Total gains included in earnings		(13,698	)
	Ending balance, December 31, 2013	$	331,304

12_Stock_Option_Plan_Tables

12. Stock Option Plan (Tables)	9 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of option activity	'
			Number of Shares				Weighted Average Exercise Price				Weighted Average Remaining Life (years)
	Balance as of March 31, 2013			3,662,500			$	0.49				4.11
	Granted			860,000				0.35				4.58
	Exercised			–				–				–
	Canceled			–				–				–
	Expired			–				–				–
	Balance as of December 31, 2013			4,522,500				0.47				4.2
Outstanding and exercisable options presented by price range	'
					Options Outstanding										Options Exercisable
									Weighted
									Average				Weighted				Weighted
					Number of				Remaining				Average		Number of		Average
	Exercise				Options				Life				Exercise		Options		Exercise
	Price				Outstanding				(Years)				Price		Exercisable		Price
		0.4				3,087,500				4.25			$	0.4		3,087,500	$	0.4
		0.5				75,000				2.71				0.5		56,250		0.5
		0.25				50,000				3.13				0.25		25,000		0.25
		1.15				450,000				3.46				1.15		300,000		1.15
		0.35				685,000				4.53				0.35		228,330		0.35
		0.35				75,000				4.64				0.35		18,750		0.35
		0.35				100,000				4.87				0.35		100,000		0.35
		$0.25-$1.15				4,522,500				4.58				0.47		3,815,830		0.45
Intrinsic value of outstanding and vested stock options	'
			December 31,
			2013				2012
	Intrinsic value - options outstanding		$	170,425			$	2,371,875
	Intrinsic value - options exercisable			124,891				2,313,750
	Intrinsic value - options exercised			–				–

3_Going_Concern_Details_Narrat

3. Going Concern (Details Narrative) (USD $)	3 Months Ended		9 Months Ended		100 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Mar. 31, 2013
Going Concern	'	'	'	'	'	'
Net loss	($973,301)	($663,491)	($2,248,289)	($2,167,590)	($13,447,141)	'
Accumulated deficit	-13,447,141	'	-13,447,141	'	-13,447,141	-11,198,852
Capital required to commence its principal operations	$75,000,000	'	$75,000,000	'	$75,000,000	'

4_Accrued_Expenses_Details

4. Accrued Expenses (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Payables and Accruals [Abstract]	'	'
Payroll and benefits	$329,730	$1,284,995
Deferred research and development billings	0	178,931
Mineral lease payable	49,557	89,180
Other	200	0
Total accrued expenses	$379,487	$1,553,106

5_Mineral_Leases_Details

5. Mineral Leases (Details) (USD $)	Dec. 31, 2013
Mineral Leases	'
2014	$45,158
2015	276,880
2016	276,880
Total future minimum lease payments	$598,918

6_Convertible_Notes_Payable_Na

6. Convertible Notes Payable (Narrative) (USD $)	9 Months Ended
	Dec. 31, 2013	Mar. 31, 2013
Debt Disclosure [Abstract]	'	'
Convertible notes payable outstanding	$175,000	'
Accrued interest on convertible notes payable	27,694	'
Warrants granted with offering	3,038,667	'
Beneficial conversion feature	873,589	'
Debt discount	$12,837	$352,317

7_Convertible_Notes_Payable_Re

7. Convertible Notes Payable, Related Party (Narrative) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Convertible Notes Payable Related Party Narrative	'	'
Note payable, related party	$0	$1,419,311

8_Derivative_Liability_Details

8. Derivative Liability (Details - Liabilities at Fair Value) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Embedded derivative	$331,304	$0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Embedded derivative	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Embedded derivative	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Embedded derivative	$331,304	$0

8_Derivative_Liability_Details1

8. Derivative Liability (Details - Fair Value Reconciliation) (USD $)	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2013
			Fair Value, Inputs, Level 3 [Member]
			Fair Value, Measurements, Recurring [Member]
Beginning balance	$331,304	$0	$0
Embedded derivatives issued	'	'	345,002
Gains included in earnings	'	'	-13,698
Ending balance	$331,304	$0	$331,304

9_Preferred_Stock_Narrative

9. Preferred Stock (Narrative) (USD $)	9 Months Ended		100 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Mar. 31, 2013
Preferred stock issued	0	'	0	0
Proceeds from issuance of preferred stock	$1,079,838	$0	$1,079,838	'
Series A Preferred Stock [Member]	'	'	'	'
Preferred stock issued	2,259,916	'	2,259,916	'

11_Warrants_Narrative

11. Warrants (Narrative)	Dec. 31, 2013	Mar. 31, 2013
Convertible Debt Warrants [Member]	'	'
Convertible debt warrants outstanding	375,057	3,038,667
Private Placement Warrants [Member]	'	'
Convertible debt warrants outstanding	333,571	333,571
Series A Preferred Stock Warrants	'	'
Convertible debt warrants outstanding	4,519,832	'
Broker Warrants	'	'
Convertible debt warrants outstanding	27,462	'

12_Stock_Option_Plan_DetailsOp

12. Stock Option Plan (Details-Options Outstanding) (Options, USD $)	9 Months Ended
	Dec. 31, 2013
Options	'
Number of Shares	'
Stock option beginning balance	3,662,500
Stock option granted	860,000
Stock option exercised	0
Stock option canceled	0
Stock option expired	0
Stock option ending balance	4,522,500
Weighted Average Exercise Price	'
Weighted average exercise price beginning balance	$0.49
Weighted average exercise price granted	$0.35
Weighted average exercise price exercised	'
Weighted average exercise price canceled	'
Weighted average exercise price expired	'
Weighted average exercise price ending balance	$0.47
Weighted Average Remaining Life	'
Weighted average remaining life (years) beginning balance	'4 years 1 month 9 days
Weighted average remaining life (years) options granted	'4 years 6 months 29 days
Weighted average remaining life (years) ending balance	'4 years 2 months 12 days

12_Stock_Option_Plan_DetailsOu

12. Stock Option Plan (Details-Outstanding and Exercisable) (USD $)	Dec. 31, 2013
Exercise Price 0.40 [Member]	'
Stock option outstanding	3,087,500
Stock option outstanding weighted average remaining life (years)	'4 years 3 months
Stock option outstanding weighted average exercise price	$0.40
Stock option exerciseable	3,087,500
Stock option exerciseable weighted average exercise price	$0.40
Exercise Price 0.50 [Member]	'
Stock option outstanding	75,000
Stock option outstanding weighted average remaining life (years)	'2 years 8 months 16 days
Stock option outstanding weighted average exercise price	$0.50
Stock option exerciseable	56,250
Stock option exerciseable weighted average exercise price	$0.50
Exercise Price 0.25 [Member]	'
Stock option outstanding	50,000
Stock option outstanding weighted average remaining life (years)	'3 years 1 month 17 days
Stock option outstanding weighted average exercise price	$0.25
Stock option exerciseable	25,000
Stock option exerciseable weighted average exercise price	$0.25
Exercise Price 1.15 [Member]	'
Stock option outstanding	450,000
Stock option outstanding weighted average remaining life (years)	'3 years 5 months 16 days
Stock option outstanding weighted average exercise price	$1.15
Stock option exerciseable	300,000
Stock option exerciseable weighted average exercise price	$1.15
Exercise Price 0.35 [Member]	'
Stock option outstanding	685,000
Stock option outstanding weighted average remaining life (years)	'4 years 6 months 11 days
Stock option outstanding weighted average exercise price	$0.35
Stock option exerciseable	228,330
Stock option exerciseable weighted average exercise price	$0.35
Exercise Prices 0.35 [Member]	'
Stock option outstanding	75,000
Stock option outstanding weighted average remaining life (years)	'4 years 7 months 20 days
Stock option outstanding weighted average exercise price	$0.35
Stock option exerciseable	18,750
Stock option exerciseable weighted average exercise price	$0.35
Exercise Price 0.35 [Member]	'
Stock option outstanding	100,000
Stock option outstanding weighted average remaining life (years)	'4 years 10 months 13 days
Stock option outstanding weighted average exercise price	$0.35
Stock option exerciseable	100,000
Stock option exerciseable weighted average exercise price	$0.35
Exercise Price 0.25-1.15 [Member]	'
Stock option outstanding	4,522,500
Stock option outstanding weighted average remaining life (years)	'4 years 6 months 29 days
Stock option outstanding weighted average exercise price	$0.47
Stock option exerciseable	3,815,830
Stock option exerciseable weighted average exercise price	$0.45

12_Stock_Option_Plan_DetailsIn

12. Stock Option Plan (Details-Intrinsic value) (Options, USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Options	'	'
Intrinsic value - options outstanding	$170,425	$2,371,875
Intrinsic value - options exercisable	124,891	2,313,750
Intrinsic value - options exercised	$0	$0

12_Stock_Options_Plan_Narrativ

12. Stock Options Plan (Narrative) (Options, USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Options	'	'
Equity-based compensation expense	$299,560	$263,427
Unrecognized compensation cost	$223,219	'
Weighted average vesting period	'6 months	'

13_Commitments_Narrative

13. Commitments (Narrative) (USD $)	Dec. 31, 2013	Mar. 31, 2013
CEO	'	'
Accrued salary commitment	$241,216	$1,070,788
CFO	'	'
Accrued salary commitment	$131,250	$0