Texas Mineral Resources (TMRC) 10-Q/A 3 Jun 20 2020 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2019	Jan. 09, 2020
Details
Registrant CIK	0001445942
Fiscal Year End	--08-31
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2019
Document Transition Report	false
Entity File Number	000-53482
Entity Registrant Name	Texas Mineral Resources Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0294969
Entity Address, Address Line One	539 El Paso Street
Entity Address, City or Town	Sierra Blanca
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79851
Entity Address, Address Description	Address of Principal Executive Offices
City Area Code	915
Local Phone Number	369-2133
Phone Fax Number Description	Registrant’s Telephone Number, including Area Code
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,805,857
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

BALANCE SHEETS (Unaudited) (Una

BALANCE SHEETS (Unaudited) (Unaudited and Restated) - USD ($)	Nov. 30, 2019	Aug. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 1,307,490	$ 1,824,546
Prepaid expenses and other current assets	13,900	4,450
Total current assets	1,321,390	1,828,996
Mineral properties, net	354,234	354,234
TOTAL ASSETS	1,675,624	2,183,230
CURRENT LIABILITIES
Accounts payable and accrued liabilities	737,388	1,118,070
Advances from related party	186,454	190,454
Note payable	89,240	123,542
Total current liabilities	1,013,082	1,432,066
Total liabilities	1,013,082	1,432,066
SHAREHOLDERS' EQUITY
Preferred Stock, Value	0	0
Common Stock, Value	562,285	562,050
Additional paid-in capital	37,945,574	37,940,809
Accumulated deficit	(37,845,317)	(37,751,695)
Total shareholders' equity	662,542	751,164
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,675,624	$ 2,183,230

BALANCE SHEETS (Unaudited) (U_2

BALANCE SHEETS (Unaudited) (Unaudited and Restated) - Parenthetical - $ / shares	Nov. 30, 2019	Aug. 31, 2019
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
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 or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	56,228,508	56,204,994
Common Stock, Shares, Outstanding	56,228,508	56,204,994

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited, 2018 Restated) - USD ($)	3 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
OPERATING EXPENSES
Exploration costs	$ 1,033	$ 6,750
General and administrative expenses	89,082	337,675
Total operating expenses	90,115	344,425
LOSS FROM OPERATIONS	(90,115)	(344,425)
OTHER INCOME (EXPENSE)
Interest and other expense	(3,507)	(5,575)
Total other income (expense)	(3,507)	(5,575)
NET LOSS	$ (93,622)	$ (350,000)
Net loss per share:
Basic and diluted net loss per share	$ 0	$ (0.01)
Weighted average shares outstanding: Basic and diluted	56,218,132	45,183,290

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - 3 months ended Nov. 30, 2019 - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity Balance, Starting at Aug. 31, 2019	$ 0	$ 562,050	$ 37,940,809	$ (37,751,695)	$ 751,164
Shares Outstanding, Starting at Aug. 31, 2019	0	56,204,994
Stock Issued During Period, Value, Issued for Services	$ 0	$ 135	4,865	0	5,000
Stock Issued During Period, Shares, Issued for Services	0	13,514
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments	$ 0	$ 100	(100)	0	0
Stock Issued During Period, Shares, Conversion of Convertible Securities	0	10,000
Net Income (Loss)	$ 0	$ 0	0	(93,622)	(93,622)
Shares Outstanding, Ending at Nov. 30, 2019	0	56,228,508
Equity Balance, Ending at Nov. 30, 2019	$ 0	$ 562,285	$ 37,945,574	$ (37,845,317)	$ 662,542

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited and Restated) - USD ($)	3 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (93,622)	$ (350,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Discount accretion on note payable	3,507	5,575
Stock based compensation	5,000	254,373
Changes in current assets and liabilities:
Prepaid expenses and other assets	(9,450)	2,500
Accounts payable and accrued expenses	(380,682)	40,188
Net cash used in operating activities	(475,247)	(47,364)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	0	140,000
Payments on note payable	(37,809)	0
Payment on advances from related party	(4,000)	0
Net cash used in financing activities	(41,809)	140,000
NET CHANGE IN CASH AND CASH EQUIVALENTS	(517,056)	92,636
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	1,824,546	31,591
Cash and Cash Equivalents, at Carrying Value, Ending Balance	1,307,490	124,227
Interest paid	0	0
Taxes paid	$ 0	$ 0

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION	3 Months Ended
	Nov. 30, 2019
Notes
NOTE 1 - BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited interim financial statements of Texas Mineral Resources Corp. (“we”, “us”, “our”, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K/A, for the year ended August 31, 2019, dated June 3, 2020 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2019 as reported in our annual report on Form 10-K/A, have been omitted.

NOTE 2 - RESTATEMENT

NOTE 2 - RESTATEMENT	3 Months Ended
	Nov. 30, 2019
Notes
NOTE 2 - RESTATEMENT	NOTE 2 – RESTATEMENT The accompanying August 31, 2019 balance sheet has been restated to properly account for the following: · · · The following summarizes the effects of the adjustments on our previously issued August 31, 2019 balance sheet: BALANCE SHEET As Previously Reported Adjustments As Restated Assets Current assets $ 1,828,996 $ - $ 1,828,996 Mineral properties, net 354,234 - 354,234 Total assets $ 2,183,230 $ - $ 2,183,230 Liabilities and Shareholders’ Equity (Deficit) Current liabilities: Accounts payable and accrued liabilities $ 1,181,820 $ (63,750) (a) $ 1,118,070 Advances from related parties 5,000 185,454 (b) 190,454 Current portion of note payable 193,760 (70,218) (c) 123,542 Current liabilities 1,380,580 51,486 1,432,066 Total liabilities 1,380,580 51,486 1,432,066 Commitments and contingencies Shareholders’ equity (deficit) Preferred stock - - - Common stock 562,050 - 562.,050 Additional paid-in capital 36,817,096 1,123,713 (d) 37,940,809 Accumulated deficit (36,576,496) (1,175,199) (d) (37,751,695) Total shareholders’ equity (deficit) 802,650 (51,486) 751,164 Total liabilities and shareholders’ equity (deficit) $ 2,183,230 $ - $ 2,183,230 The following summarizes the effects of the adjustments on our previously issued unaudited balance sheet as of November 30, 2019: BALANCE SHEET As Previously Reported Adjustments As Restated Assets Current assets $ 1,321,390 $ - $ 1,321,390 Mineral properties, net 354,234 - 354,234 Total assets $ 1,675,624 $ - $ 1,675,624 Liabilities and Shareholders’ Equity (Deficit) Current liabilities: Accounts payable and accrued liabilities $ 837,234 $ (99,846) (a) $ 737,388 Advances from related parties 1,000 185,454 (b) 186,454 Current portion of note payable 123,362 (34,122) (c) 89,240 Current liabilities 961,596 51,486 1,013,082 Total liabilities 961,596 51,486 1,013,082 Commitments and contingencies Shareholders’ equity (deficit) Preferred stock - - - Common stock 562,285 - 562.,285 Additional paid-in capital 36,821,861 1,123,713 (d) 37,945,574 Accumulated deficit (36,670,118) (1,175,199) (d) (37,845,317) Total shareholders’ equity (deficit) 714,028 (51,486) 662,542 Total liabilities and shareholders’ equity (deficit) $ 1,675,624 $ - $ 1,675,624 The following summarizes the effects of the adjustments on our previously issued unaudited statement of operations for the three months ended November 30, 2018: STATEMENT OF OPERATIONS As Previously Reported Adjustments As Restated Operating expenses: Exploration costs $ 6,750 $ - $ 6,750 General and administrative expenses 442,675 (105,000) (e) 337,675 Total operating expenses 449,425 (105,000) 344,425 Loss from operations (449,425) 105,000 (344,425) Other income (expense): Interest and other expense (5,575) - (10,790) Total other income (expense) (5,575) - (10,790) Net loss $ (455,000) $ 105,000 $ (350,000) Net loss per share - basic and diluted $ (0.01) $ - $ (0.01) Weighted average shares outstanding - basic and diluted 45,183,290 45,183,290 (a) (b) (c) (d) (e) The accompanying cash flow statement for the three months ended November 30, 2019 has been restated to properly reflect payments on our outstanding note payable as a financing activity, whereas previously it was reflected in operating activities under changes in accounts payable and accrued expenses. The above adjustments had no impact on total cash flows from operating activities, investing activities or financing activities for the three months ended November 30, 2018.

Property, Plant and Equipment D

Property, Plant and Equipment Disclosure	3 Months Ended
	Nov. 30, 2019
Notes
Property, Plant and Equipment Disclosure	NOTE 3 – MINERAL PROPERTIES September 2011 Lease On September 2, 2011, we entered into a new mining lease with the Texas General Land Office covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately 860 acres at Round Top Mountain in Hudspeth County, Texas. The mining lease issued by the Texas General Land Office gives us the right to explore, produce, develop, mine, extract, mill, remove, and market beryllium, uranium, rare earth elements, all other base and precious metals, industrial minerals and construction materials and all other minerals excluding oil, gas, coal, lignite, sulfur, salt, and potash. The term of the lease is nineteen years so long as minerals are produced in paying quantities. Under the lease, we will pay the State of Texas a lease bonus of $142,518; $44,718 of which was paid upon the execution of the lease, and $97,800 which will be due when we submit a supplemental plan of operations to conduct mining. Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $500,000 minimum advance royalty. Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (61/4%) of the market value of all other minerals removed and sold from Round Top. Thereafter, assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule: Per Acre Amount Total Amount September 2, 2015 – 2019 $ 75 $ 67,077 September 2, 2020 – 2024 150 134,155 September 2, 2025 – 2029 200 178,873 In August 2019, we paid a delay rental to the State of Texas in the amount of $67,077. November 2011 Lease On November 1, 2011, we entered into a mining lease with the State of Texas covering approximately 90 acres of land that is adjacent to the land we purchased in September 2011 near our Round Top site. The deed was recorded with Hudspeth County on September 16, 2011. Under the lease, we paid the State of Texas a lease bonus of $20,700 which was paid upon the execution of the lease. Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $50,000 minimum advance royalty. Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (6 1/4%) of the market value of all other minerals sold from Round Top. Thereafter, assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule: Per Acre Amount Total Amount November 1, 2015 – 2019 $ 75 $ 6,750 November 1, 2020 – 2024 150 13,500 November 1, 2025 – 2029 200 18,000 In August 2019, we paid a delay rental to the State of Texas of $6,750. March 2013 Lease On March 6, 2013, we purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation, since renamed the Rio Grande Foundation for $500,000 cash and 1,063,830 shares of our common stock. We also agreed to support the Foundation through an annual payment of $45,000 for ten years to support conservation efforts within the Rio Grande Basin and in particular engaging in stewardship of Lake Amistad, a large and well-known fishing lake near Del Rio, Texas. The West Lease comprises approximately 54,990 acres. Most importantly, the purchase of the surface lease gave us unrestricted surface access for the potential development and mining of our Round Top Project. Through our JV partner, we are currently paying $13,235 monthly until the balance owed to the Foundation has been fully paid. We fully intend to continue with the evaluation of the mineral potential of the property, to ultimately mine the property, and to bring the lease current when funds are available. October 2014 Surface Option and Water Lease On October 29, 2014, we announced that we had executed agreements with the Texas General Land Office securing the option to purchase the surface rights covering the potential Round Top project mine and plant areas and, separately, a lease to develop the water necessary for the potential Round Top project mine operations. The option to purchase the surface rights covers approximately 5,670 acres over the mining lease and the additional acreage adequate to site all potential heap leaching and processing operations as currently anticipated by the Company. We may exercise the option for all or part of the option acreage at any time during the sixteen year primary term of the mineral lease. The option can be kept current by an annual payment of $10,000. The purchase price will be the appraised value of the surface at the time of exercising the option. All annual payments have been made as of the date of this filing. The ground water lease secures our right to develop the ground water within a 13,120 acre lease area located approximately 4 miles from the Round Top deposit. The lease area contains five existing water wells. It is anticipated that all potential water needs for the Round Top project mine operations would be satisfied by the existing wells covered by this water lease. This lease has an annual minimum production payment of $5,000 prior to production of water for the operation. After initiation of production we will pay $0.95 per thousand gallons or $20,000 annually, whichever is greater. This lease remains effective as long as the mineral lease is in effect. The minimum production payment for all the fiscal years have been made as of the date of this filing.

NOTE 4 - NOTE PAYABLE

NOTE 4 - NOTE PAYABLE	3 Months Ended
	Nov. 30, 2019
Notes
NOTE 4 - NOTE PAYABLE	NOTE 4 – NOTE PAYABLE In relation to the Foundation lease discussed in Note 3 the Company recorded a note payable for an amount for the initial $45,000 due upon signing of lease and the nine (9) future payments due of $45,000 which has been recorded at its present value discounted with an imputed interest rate of 5% for a total note payable of $364,852. The Company made payments of approximately $100,000 and was unable to pay as agreed and in January 2019 entered into a settlement agreement with the Foundation and agreed to pay $225,000 in monthly installments of approximately $13,000, with the final payment to occur in July 2020. The Company recognized accretion of the discount through interest expense of $3,507 and $5,575 for the three months ended November 30, 2019 and 2018, respectively. As of November 30, 2019, the note payable balance is $89,240.

NOTE 5 - SHAREHOLDERS' EQUITY

NOTE 5 - SHAREHOLDERS' EQUITY	3 Months Ended
	Nov. 30, 2019
Notes
NOTE 5 - SHAREHOLDERS' EQUITY	NOTE 5 – SHAREHOLDERS’ EQUITY Capital Stock Our authorized capital stock consists of 100,000,000 shares of common stock, with a par value of $0.01 per share, and 10,000,000 preferred shares with a par value of $0.001 per share. All shares of common stock have equal voting rights and, when validly issued and outstanding, are entitled to one non-cumulative vote per share in all matters to be voted upon by shareholders. The shares of common stock have no pre-emptive, subscription, conversion or redemption rights and may be issued only as fully paid and non-assessable shares. Holders of the common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by our Board of Directors (our “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Corporation, the holders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment or provision for all liabilities and any preferential liquidation rights of any preferred stock then outstanding. On September 16, 2019, the holder of 10,000 of our Common Stock Warrants converted these warrants into 10,000 shares of our Common Stock. On October 29, 2019, we issued 13,514 shares of our Common Stock to a new Advisory Board Member and recognized stock based compensation expense of $5,000. We had 56,228,508 shares of our common stock outstanding as of November 30, 2019.

NOTE 6 - SUBSEQUENT EVENTS

NOTE 6 - SUBSEQUENT EVENTS	3 Months Ended
	Nov. 30, 2019
Notes
NOTE 6 - SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS In December 2019, outstanding derivative securities entitling the holders to purchase an aggregate of 1,370,000 shares of common stock were exercised on a cashless basis, resulting in net issuances of an aggregate of 1,017,074 shares of common stock. In December 2019, we announced the extension of the expiration date of the Class A and Class B warrants to December 7, 2020. As of January 14, 2020, there are issued and outstanding Class A warrants to purchase an aggregate of 2,998,868 shares of Company common stock at an exercise price of $0.35 per share, and Class B warrants to purchase an aggregate of 3,100,775 shares of Company common stock at an exercise price of $0.50 per share. In March 2020, the World Health Organization designated the new coronavirus (“COVID-19”) as a global pandemic. Federal, state and local governments have mandated orders to slow the transmission of the virus, including but not limited to shelter-in-place orders, quarantines, restrictions on travel, and work restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic effects of the pandemic has resulted in significant volatility in the financial markets. The restrictions put in place by federal, state and local governments could delay our exploration and development plans related to the Round Top Project. We continue to move forward on the project in an effort to obtain a bank feasibility study; however, restrictions on the number of personnel that can gather in a single location and work restrictions on vendor businesses may delay aspects of the project until such restrictions are lifted. Furthermore, the impact of the pandemic on the global economy could also negatively impact the availability and cost of future borrowings should the need arise.

Property, Plant and Equipment_2

Property, Plant and Equipment Disclosure: Schedule of September 2011 Lease (Tables)	3 Months Ended
	Nov. 30, 2019
Tables/Schedules
Schedule of September 2011 Lease	Per Acre Amount Total Amount September 2, 2015 – 2019 $ 75 $ 67,077 September 2, 2020 – 2024 150 134,155 September 2, 2025 – 2029 200 178,873

Property, Plant and Equipment_3

Property, Plant and Equipment Disclosure: Schedule of November 2011 Lease (Tables)	3 Months Ended
	Nov. 30, 2019
Tables/Schedules
Schedule of November 2011 Lease	Per Acre Amount Total Amount November 1, 2015 – 2019 $ 75 $ 6,750 November 1, 2020 – 2024 150 13,500 November 1, 2025 – 2029 200 18,000

NOTE 2 - RESTATEMENT (Details)

NOTE 2 - RESTATEMENT (Details) - USD ($)		3 Months Ended
		Nov. 30, 2019	Nov. 30, 2018	Aug. 31, 2019
ASSETS
Total current assets		$ 1,321,390		$ 1,828,996
Mineral properties, net		354,234		354,234
TOTAL ASSETS		1,675,624		2,183,230
CURRENT LIABILITIES
Accounts payable and accrued liabilities		737,388		1,118,070
Advances from related party		186,454		190,454
Note payable		89,240		123,542
Total current liabilities		1,013,082		1,432,066
Total liabilities		1,013,082		1,432,066
SHAREHOLDERS' EQUITY
Preferred Stock, Value		0		0
Common Stock, Value		562,285		562,050
Additional paid-in capital		37,945,574		37,940,809
Accumulated deficit		(37,845,317)		(37,751,695)
Total shareholders' equity		662,542		751,164
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		1,675,624		2,183,230
OPERATING EXPENSES
Exploration costs		1,033	$ 6,750
General and administrative expenses		89,082	337,675
Total operating expenses		90,115	344,425
LOSS FROM OPERATIONS		(90,115)	(344,425)
OTHER INCOME (EXPENSE)
Interest and other expense		(3,507)	(5,575)
NET LOSS		$ (93,622)	$ (350,000)
Basic and diluted net loss per share		$ 0	$ (0.01)
Weighted average shares outstanding: Basic and diluted		56,218,132	45,183,290
Reported
ASSETS
Total current assets		$ 1,321,390		1,828,996
Mineral properties, net		354,234		354,234
TOTAL ASSETS		1,675,624		2,183,230
CURRENT LIABILITIES
Accounts payable and accrued liabilities		837,234		1,181,820
Advances from related party		1,000		5,000
Note payable		123,362		193,760
Total current liabilities		961,596		1,380,580
Total liabilities		961,596		1,380,580
SHAREHOLDERS' EQUITY
Preferred Stock, Value		0		0
Common Stock, Value		562,285		562,050
Additional paid-in capital		36,821,861		36,817,096
Accumulated deficit		(36,670,118)		(36,576,496)
Total shareholders' equity		714,028		802,650
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		1,675,624		2,183,230
OPERATING EXPENSES
Exploration costs			$ 6,750
General and administrative expenses			442,675
Total operating expenses			449,425
LOSS FROM OPERATIONS			(449,425)
OTHER INCOME (EXPENSE)
Interest and other expense			(5,575)
Nonoperating Income (Expense)			(5,575)
NET LOSS			$ (455,000)
Basic and diluted net loss per share			$ (0.01)
Weighted average shares outstanding: Basic and diluted			45,183,290
Scenario, Adjustment
ASSETS
Total current assets		0		0
Mineral properties, net		0		0
TOTAL ASSETS		0		0
CURRENT LIABILITIES
Accounts payable and accrued liabilities	[1]	(99,846)		(63,750)
Advances from related party	[2]	185,454		185,454
Note payable	[3]	(34,122)		(70,218)
Total current liabilities		51,486		51,486
Total liabilities		51,486		51,486
SHAREHOLDERS' EQUITY
Preferred Stock, Value		0		0
Common Stock, Value		0		0
Additional paid-in capital	[4]	1,123,713		1,123,713
Accumulated deficit	[4]	(1,175,199)		(1,175,199)
Total shareholders' equity		(51,486)		(51,486)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		0		0
OPERATING EXPENSES
Exploration costs			$ 0
General and administrative expenses	[5]		(105,000)
Total operating expenses			(105,000)
LOSS FROM OPERATIONS			105,000
OTHER INCOME (EXPENSE)
Interest and other expense			0
Nonoperating Income (Expense)			0
NET LOSS			$ 105,000
Basic and diluted net loss per share			$ 0
As Restated
ASSETS
Total current assets		1,321,390		1,828,996
Mineral properties, net		354,234		354,234
TOTAL ASSETS		1,675,624		2,183,230
CURRENT LIABILITIES
Accounts payable and accrued liabilities		737,388		1,118,070
Advances from related party		186,454		190,454
Note payable		89,240		123,542
Total current liabilities		1,013,082		1,432,066
Total liabilities		1,013,082		1,432,066
SHAREHOLDERS' EQUITY
Preferred Stock, Value		0		0
Common Stock, Value		562.285		562.050
Additional paid-in capital		37,945,574		37,940,809
Accumulated deficit		(37,845,317)		(37,751,695)
Total shareholders' equity		662,542		751,164
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$ 1,675,624		$ 2,183,230
OPERATING EXPENSES
Exploration costs			$ 6,750
General and administrative expenses			337,675
Total operating expenses			344,425
LOSS FROM OPERATIONS			(344,425)
OTHER INCOME (EXPENSE)
Interest and other expense			(10,790)
Nonoperating Income (Expense)			(10,790)
NET LOSS			$ (350,000)
Basic and diluted net loss per share			$ (0.01)
Weighted average shares outstanding: Basic and diluted			45,183,290
[1]	To reclassify accrued interest improperly included in accrued liabilities rather than as a reduction in discount on the note.
[2]	To properly recognize amounts received from a related party (joint venture partner) as a related party advance rather than as a reduction of expenses because it was received outside of the joint venture arrangement and not subject to a separate agreement.
[3]	To properly recognize: 1) the discount on the note payable shown in (a) above, 2) a $105,000 payment on the note made in common stock of the Company in connection with the extinguishment of the note and 3) an increase in the discount of $28,968 as a result of the modification.
[4]	To properly recognize the changes to paid in capital related to: 1) settlement of accrued compensation to officers, directors and employees based on the estimated fair value of the common stock issued at the date the settlements were negotiated rather than the balance of the liability, 2) extinguishment of related party debt based on the estimated fair value of common stock and common stock warrants issued to change the terms of the related party debt to include a conversion feature, waive existing defaults and facilitate the conversion of the debt to equity.
[5]	To properly recognize a decrease of $105,000 for the issuance of common stock to the Rio Grande Valley Foundation that was improperly recorded as consulting fees but have been recognized as a component of a debt modification transaction that reduced the amount due under the note.

NOTE 4 - NOTE PAYABLE (Details)

NOTE 4 - NOTE PAYABLE (Details) - USD ($)	3 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Details
Debt Instrument, Description	Company recorded a note payable
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Instrument, Face Amount	$ 364,852
Amortization of Debt Issuance Costs and Discounts	3,507	$ 5,575
Long-term Debt, Gross	$ 89,240

NOTE 5 - SHAREHOLDERS' EQUITY (

NOTE 5 - SHAREHOLDERS' EQUITY (Details) - $ / shares	3 Months Ended
	Nov. 30, 2019	Aug. 31, 2019
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Outstanding	56,228,508	56,204,994
Transaction #1
Sale of Stock, Transaction Date	Sep. 16, 2019
Sale of Stock, Description of Transaction	holder of 10,000 of our Common Stock Warrants converted these warrants into 10,000 shares of our Common Stock
Transaction #2
Sale of Stock, Transaction Date	Oct. 29, 2019
Sale of Stock, Description of Transaction	we issued 13,514 shares of our Common Stock to a new Advisory Board Member
Stock Issued During Period, Shares, New Issues	13,514

NOTE 6 - SUBSEQUENT EVENTS (Det

NOTE 6 - SUBSEQUENT EVENTS (Details)	3 Months Ended
	Nov. 30, 2019shares
Event #1
Subsequent Event, Description	outstanding derivative securities entitling the holders to purchase an aggregate of 1,370,000 shares of common stock were exercised on a cashless basis, resulting in net issuances of an aggregate of 1,017,074 shares of common stock
Stock Issued During Period, Shares, New Issues	1,017,074
Event #2
Subsequent Event, Description	we announced the extension of the expiration date of the Class A and Class B warrants to December 7, 2020