Texas Mineral Resources (TMRC) 10-Q 3 Jun 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 29, 2020	May 24, 2020
Details
Registrant CIK	0001445942
Fiscal Year End	--08-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2020
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		61,093,392
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Feb. 29, 2020	Aug. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 1,550,726	$ 1,824,546
Prepaid expenses and other current assets	26,749	4,450
Total current assets	1,577,475	1,828,996
Mineral properties, net	354,234	354,234
TOTAL ASSETS	1,931,709	2,183,230
CURRENT LIABILITIES
Accounts payable and accrued liabilities	634,872	1,118,070
Advances from related parties	247,059	190,454
Current portion of note payable	67,187	123,542
Total current liabilities	949,118	1,432,066
Total liabilities	949,118	1,432,066
SHAREHOLDERS' EQUITY
Preferred Stock, Value	0	0
Common Stock, Value	609,956	562,050
Additional paid-in capital	38,519,071	37,940,809
Accumulated deficit	(38,146,436)	(37,751,695)
Total shareholders' equity	982,591	751,164
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,931,709	$ 2,183,230

BALANCE SHEETS - Parenthetical

BALANCE SHEETS - Parenthetical - $ / shares	Feb. 29, 2020	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	60,995,775	56,204,994
Common Stock, Shares, Outstanding	60,995,775	56,204,994

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019
OPERATING EXPENSES
Exploration costs	$ 5,153	$ 23,359	$ 6,187	$ 30,109
General and administrative expenses	226,884	68,202	315,965	405,877
Total operating expenses	232,037	91,561	322,152	435,986
LOSS FROM OPERATIONS	(232,037)	(91,561)	(322,152)	(435,986)
OTHER INCOME (EXPENSE)
Loss on settlement of accrued liability	(66,335)	0	(66,335)	0
Interest and other expense	(2,747)	(5,215)	(6,254)	(10,790)
Total other income (expense)	(69,082)	(5,215)	(72,589)	(10,790)
NET LOSS	$ (301,119)	$ (96,776)	$ (394,741)	$ (446,776)
Net loss per share:
Basic and diluted net loss per share	$ (0.01)	$ 0	$ (0.01)	$ (0.01)
Basic and diluted	58,645,926	45,992,635	57,432,029	45,585,727

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total
Equity Balance, Starting at Aug. 31, 2018	$ 0	$ 449,416	$ 33,275,248	$ (35,370,321)	$ (1,645,657)
Shares Outstanding, Starting at Aug. 31, 2018	0	44,941,532
Stock Issued During Period, Value, Issued for Services	$ 0	$ 0	3,311	0	3,311
Stock Issued During Period, Shares, Issued for Services	0	0
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments	$ 0	$ 5,000	100,000	0	105,000
Stock Issued During Period, Shares, Conversion of Convertible Securities	0	500,000
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	$ 0	$ 0	256,637	0	256,637
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	0	0
Cash received for unissued common stock, Value	$ 0	$ 0	140,000	0	140,000
Cash received for unissued common stock, Shares	0	0
Net Income (Loss)	$ 0	$ 0	0	(350,000)	(350,000)
Shares Outstanding, Ending at Nov. 30, 2018	0	45,441,532
Equity Balance, Ending at Nov. 30, 2018	$ 0	$ 454,416	33,775,196	(35,825,321)	(1,595,709)
Issuance of common stock previously unissued, Value	$ 0	$ 6,460	(6,460)	0	0
Issuance of common stock previously unissued, Shares	0	646,054
Syndication costs, Value	$ 0	$ 5,987	(14,387)	0	(8,400)
Syndication costs, Shares	0	598,666
Stock Issued During Period, Value, Other	$ 0	$ 0	6,692	0	6,692
Stock Issued During Period, Shares, Other	0	0
Net Income (Loss)	$ 0	$ 0	0	(96,776)	(96,776)
Shares Outstanding, Ending at Feb. 28, 2019	0	46,686,252
Equity Balance, Ending at Feb. 28, 2019	$ 0	$ 466,863	33,761,041	(35,922,097)	(1,694,193)
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
Stock Issued During Period, Value, Issued for Services	$ 0	$ 1,309	147,359	0	148,668
Stock Issued During Period, Shares, Issued for Services	0	130,892
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments	$ 0	$ 46,362	426,138	0	472,500
Stock Issued During Period, Shares, Conversion of Convertible Securities	0	4,636,375
Net Income (Loss)	$ 0	$ 0	0	(301,119)	(301,119)
Shares Outstanding, Ending at Feb. 29, 2020	0	60,995,775
Equity Balance, Ending at Feb. 29, 2020	$ 0	$ 609,956	$ 38,519,071	$ (38,146,436)	$ 982,591

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (394,741)	$ (446,776)
Adjustments to reconcile net loss to net cash used in operating activities:
Imputed interest	7,014	0
Stock based compensation	42,333	266,640
Loss on settlement of accrued liabilities	66,335	0
Changes in current assets and liabilities:
Prepaid expenses and other assets	(22,299)	(6,667)
Accounts payable and accrued expenses	(438,198)	90,228
Net cash used in operating activities	(739,556)	(96,575)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash from sale of common stock and exercise of warrants	472,500	140,000
Payment for syndication costs	0	(8,400)
Payments on notes payable	(63,369)	0
Advances from related parties	60,605	0
Payment on Advances from related parties	(4,000)	(4,500)
Net cash provided by financing activities	465,736	127,100
NET CHANGE IN CASH AND CASH EQUIVALENTS	(273,820)	30,525
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	1,824,546	31,591
Cash and Cash Equivalents, at Carrying Value, Ending Balance	1,550,726	62,116
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest expenses	0	0
Cash paid for income taxes	$ 0	$ 0

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION	6 Months Ended
	Feb. 29, 2020
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, for the year ended August 31, 2019, dated November 27, 2019 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, have been omitted.

NOTE 2 - RESTATEMENT

NOTE 2 - RESTATEMENT	6 Months Ended
	Feb. 29, 2020
Notes
NOTE 2 - RESTATEMENT	NOTE 2 – RESTATEMENT The accompanying August 31, 2019 financial statements have 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 statement of operations for the six months ended February 28, 2019: STATEMENT OF OPERATIONS As Previously Reported Adjustments As Restated Operating expenses: Exploration costs $ 30,109 $ - $ 30,109 General and administrative expenses 510,877 (105,000) (e) 405,877 Total operating expenses 540,986 (105,000) 435,986 Loss from operations (540,986) 105,000 (435,986 Other income (expense): Interest and other expense (10,790) - (10,790 Total other income (expense) (10,790) - (10,790 Net loss $ (551,776) $ 105,000 $ (446,776 Net loss per share - basic and diluted $ (0.01) $ - $ (0.01) Weighted average shares outstanding - basic and diluted 45,585,727 46,585,727 (a) (b) (c) (d) (e) The above adjustments had no impact on total cash flows from operating activities, investing activities or financing activities for the six months ended February 28, 2019.

NOTE 3 - MINERAL PROPERTIES

NOTE 3 - MINERAL PROPERTIES	6 Months Ended
	Feb. 29, 2020
Notes
NOTE 3 - MINERAL PROPERTIES	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 (6 1/4%) of the market value of all other minerals removed and sold from Round Top. 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 90 acres, more or less, 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. 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 Range & Wildlife Foundation, since renamed the Rio Grande Foundation (the “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. This commitment was treated as a note payable because it was in connection with obtaining the lease, see Note 4. 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. We are currently paying $13,235 monthly until the balance owed to the Foundation has been fully paid. 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 that we believe will be 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	6 Months Ended
	Feb. 29, 2020
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 the lease and the nine (9) future payments due of $45,000 which was 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 the Company 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 $7,014 and $7,500 for the six months ended February 29, 2020 and February 28, 2019, respectively. As of February 29, 2020, the note payable balance is $67,187.

NOTE 5 - ADVANCES DUE TO - RELA

NOTE 5 - ADVANCES DUE TO - RELATED PARTIES	6 Months Ended
	Feb. 29, 2020
Notes
NOTE 5 - ADVANCES DUE TO - RELATED PARTIES	NOTE 5 – ADVANCES DUE TO – RELATED PARTIES During the six months ended February 29, 2020, the Company received advances from its joint venture partner in the Round Top Project totaling $60,605 which was primarily used to make monthly payments on the note payable discussed in Note 4.

NOTE 6 - SHAREHOLDERS' EQUITY

NOTE 6 - SHAREHOLDERS' EQUITY	6 Months Ended
	Feb. 29, 2020
Notes
NOTE 6 - SHAREHOLDERS' EQUITY	NOTE 6 – 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. 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 May 1, 2020, there are issued and outstanding Class A warrants to purchase an aggregate of 1,556,507 shares of Company common stock at an exercise price of $0.35 per share, and Class B warrants to purchase an aggregate of 1,579,225 shares of Company common stock at an exercise price of $0.50 per share. During the three months ended February 29, 2020, we had the following equity transactions: a. b. c. d. e. f. We had 60,995,775 shares of our common stock outstanding as of February 29, 2020.

NOTE 7 - SUBSEQUENT EVENTS

NOTE 7 - SUBSEQUENT EVENTS	6 Months Ended
	Feb. 29, 2020
Notes
NOTE 7 - SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS 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.

NOTE 2 - RESTATEMENT_ Restateme

NOTE 2 - RESTATEMENT: Restatement of Statement of Operatioins (Policies)	6 Months Ended
	Feb. 29, 2020
Policies
Restatement of Statement of Operatioins	STATEMENT OF OPERATIONS As Previously Reported Adjustments As Restated Operating expenses: Exploration costs $ 30,109 $ - $ 30,109 General and administrative expenses 510,877 (105,000) (e) 405,877 Total operating expenses 540,986 (105,000) 435,986 Loss from operations (540,986) 105,000 (435,986 Other income (expense): Interest and other expense (10,790) - (10,790 Total other income (expense) (10,790) - (10,790 Net loss $ (551,776) $ 105,000 $ (446,776 Net loss per share - basic and diluted $ (0.01) $ - $ (0.01) Weighted average shares outstanding - basic and diluted 45,585,727 46,585,727

NOTE 2 - RESTATEMENT_ Restate_2

NOTE 2 - RESTATEMENT: Restatement of Balance Sheet (Tables)	6 Months Ended
	Feb. 29, 2020
Tables/Schedules
Restatement of 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

NOTE 3 - MINERAL PROPERTIES_ Sc

NOTE 3 - MINERAL PROPERTIES: Schedule of September 2011 Lease (Tables)	6 Months Ended
	Feb. 29, 2020
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

NOTE 3 - MINERAL PROPERTIES_ _2

NOTE 3 - MINERAL PROPERTIES: Schedule of November 2011 Lease (Tables)	6 Months Ended
	Feb. 29, 2020
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_ Restate_3

NOTE 2 - RESTATEMENT: Restatement of Balance Sheet (Details)	Feb. 29, 2020USD ($)
Reported
ASSETS
Total current assets	$ 1,828,996
Mineral properties, net	354,234
TOTAL ASSETS	2,183,230
CURRENT LIABILITIES
Accounts payable and accrued liabilities	1,181,820
Advances from related parties	5,000
Current portion of note payable	193,760
Total current liabilities	1,380,580
Total liabilities	1,380,580
SHAREHOLDERS' EQUITY
Preferred Stock, Value	0
Common Stock, Value	562,050
Additional paid-in capital	36,817,096
Accumulated deficit	(36,576,496)
Total shareholders' equity	802,650
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,183,230
Scenario, Adjustment
ASSETS
Total current assets	0
Mineral properties, net	0
TOTAL ASSETS	0
CURRENT LIABILITIES
Accounts payable and accrued liabilities	(63,750)	[1]
Advances from related parties	185,454	[2]
Current portion of note payable	(70,218)	[3]
Total current liabilities	51,486
Total liabilities	51,486
SHAREHOLDERS' EQUITY
Preferred Stock, Value	0
Common Stock, Value	0
Additional paid-in capital	1,123,713	[4]
Accumulated deficit	(1,175,199)	[4]
Total shareholders' equity	(51,486)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	0
As Restated
ASSETS
Total current assets	1,828,996
Mineral properties, net	354,234
TOTAL ASSETS	2,183,230
CURRENT LIABILITIES
Accounts payable and accrued liabilities	1,118,070
Advances from related parties	190,454
Current portion of note payable	123,542
Total current liabilities	1,432,066
Total liabilities	1,432,066
SHAREHOLDERS' EQUITY
Preferred Stock, Value	0
Common Stock, Value	562.050
Additional paid-in capital	37,940,809
Accumulated deficit	(37,751,695)
Total shareholders' equity	751,164
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,183,230
[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 note balance of $98,532 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.

NOTE 2 - RESTATEMENT_ Restate_4

NOTE 2 - RESTATEMENT: Restatement of Statement of Operatioins (Details)	6 Months Ended
	Feb. 29, 2020USD ($)$ / sharesshares
Reported
OPERATING EXPENSES
Exploration costs	$ 30,109
General and administrative expenses	510,877
Total operating expenses	540,986
LOSS FROM OPERATIONS	(540,986)
OTHER INCOME (EXPENSE)
Interest and other expense	(10,790)
Total other income (expense)	(10,790)
NET LOSS	$ (551,776)
Basic and diluted net loss per share | $ / shares	$ (0.01)
Basic and diluted | shares	45,585,727
Scenario, Adjustment
OPERATING EXPENSES
Exploration costs	$ 0
General and administrative expenses	(105,000)	[1]
Total operating expenses	(105,000)
LOSS FROM OPERATIONS	105,000
OTHER INCOME (EXPENSE)
Interest and other expense	0
Total other income (expense)	0
NET LOSS	$ 105,000
Basic and diluted net loss per share | $ / shares	$ 0
As Restated
OPERATING EXPENSES
Exploration costs	$ 30,109
General and administrative expenses	405,877
Total operating expenses	435,986
LOSS FROM OPERATIONS	(435,986)
OTHER INCOME (EXPENSE)
Interest and other expense	(10,790)
Total other income (expense)	(10,790)
NET LOSS	$ (446,776)
Basic and diluted net loss per share | $ / shares	$ (0.01)
Basic and diluted | shares	46,585,727
[1]	To properly recognize a decrease of $105,000 for the issuance of common stock to the Rio Grande Valley Foundation that were 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 ($)	6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
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	7,014	$ 7,500
Long-term Debt, Gross	$ 67,187

NOTE 6 - SHAREHOLDERS' EQUITY (

NOTE 6 - SHAREHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Feb. 29, 2020	Feb. 28, 2019	Aug. 31, 2019
Common Stock, Shares Authorized	100,000,000		100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	10,000,000		10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001		$ 0.001
Loss on settlement of accrued liability	$ (66,335)	$ 0	$ (66,335)	$ 0
Common Stock, Shares, Outstanding	60,995,775		60,995,775		56,204,994
Transaction #1
Sale of Stock, Transaction Date			Sep. 16, 2019
Sale of Stock, Description of Transaction			the 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
Stock Issued During Period, Shares, New Issues			13,514
Transaction #3
Sale of Stock, Description of Transaction			700,000 common stock options were exercised on a cashless basis by a consultant
Transaction #4
Sale of Stock, Description of Transaction			500,000 common stock options were exercised on a cashless basis by our CFO
Transaction #5
Sale of Stock, Description of Transaction			130,892 shares of common stock was issued to settle accrued compensation payable to an ex-employee
Stock Issued During Period, Shares, New Issues			130,892
Stock Issued			$ 45,000
Loss on settlement of accrued liability	$ (66,335)
Transaction #6
Sale of Stock, Description of Transaction			1,350,000 common stock warrants were exercised by investors
Transaction #7
Sale of Stock, Description of Transaction			4,147,279 common stock warrants were exercised by investors on a cashless basis
Transaction #8
Sale of Stock, Description of Transaction			We agreed to issue 699,999 shares of common stock to consultants