Texas Mineral Resources (TMRC) 10-Q 15 Jul 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May. 31, 2015	Jul. 07, 2015
Document And Entity Information
Entity Registrant Name	Texas Rare Earth Resources Corp.
Entity Central Index Key	1,445,942
Document Type	10-Q
Document Period End Date	May 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--08-31
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		41,368,016
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	May. 31, 2015	Aug. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 22,984	$ 387,841
Prepaid expenses and other current assets	33,267	44,641
Total current assets	56,251	432,482
Property and equipment, net	55,533	83,002
Mineral properties	1,738,446	1,718,286
Deposits	29,710	61,396
TOTAL ASSETS	1,879,940	2,295,166
CURRENT LIABILITIES
Accounts payable and accrued liabilities	84,114	155,123
Accounts payable - related party	36,174	8,390
Current portion of note payable	290,845	30,458
Total current liabilities	411,133	193,971
Note payable - net of current portion and discount		260,387
Total liabilities	411,133	$ 454,358
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of May 31, 2015 and August 31, 2014, respectively
Common stock, par value $0.01; 100,000,000 shares authorized, 41,368,016 and 37,036,916 shares issued and outstanding as of May 31, 2015 and August 31, 2014, respectively	413,681	$ 370,370
Additional paid-in capital	32,065,692	30,769,086
Accumulated deficit	(31,010,566)	(29,298,648)
Total shareholders' equity	1,468,807	1,840,808
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,879,940	$ 2,295,166

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	May. 31, 2015	Aug. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 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 value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	41,368,016	37,036,916
Common stock, shares outstanding	41,368,016	37,036,916

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
OPERATING EXPENSES
Exploration costs	$ (126,373)	$ 29,023	$ 461,584	$ 304,443
General and administrative expenses	314,399	497,325	1,243,704	1,923,807
Total operating expenses	188,026	526,348	1,705,288	2,228,250
LOSS FROM OPERATIONS	(188,026)	(526,348)	(1,705,288)	(2,228,250)
OTHER INCOME (EXPENSE)
Interest and other income	117	(11,647)	620	4,662
Interest and other expense	250	4,007	(7,250)	(3,993)
Total other income (expense)	367	(7,640)	(6,630)	669
NET LOSS	$ (187,659)	$ (533,988)	$ (1,711,918)	$ (2,227,581)
Net loss per share:
Basic and diluted net loss per share	$ 0	$ (0.01)	$ (0.04)	$ (0.06)
Weighted average shares outstanding:
Basic and diluted	41,368,016	37,036,916	39,095,762	37,036,916

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	May. 31, 2015	May. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,711,918)	$ (2,227,581)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	27,469	54,788
Stock-based compensation	400,016	719,453
Changes in current assets and liabilities:
Prepaid expenses and other assets	43,060	9,563
Accounts payable and accrued expenses	(71,009)	$ (177,623)
Accounts payable related party	27,784
Net cash used in operating activities	(1,284,598)	$ (1,621,400)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in mineral properties	(20,160)
Net cash used in investing activities	$ (20,160)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment on note payable		$ (45,000)
Cash from sale of common stock	$ 939,901
Net cash provided by (used in) financing activities	939,901	$ (45,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(364,857)	(1,666,400)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	387,841	2,374,017
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 22,984	707,617
SUPPLEMENTAL INFORMATION
Interest paid		$ 15,993

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	May. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited interim financial statements of Texas Rare Earth Resources Corp. (“we”, “us”, “our”, the “Corporation”) 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, 2014, dated November 11, 2014 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, 2014 as reported in our annual report on Form 10-K, have been omitted. The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $31,010,566 as of May 31, 2015 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and or private placement of common stock.

MINERAL PROPERTIES

MINERAL PROPERTIES	9 Months Ended
	May. 31, 2015
Mineral Industries Disclosures [Abstract]
MINERAL PROPERTIES	NOTE 2 – 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, 2013 – 2014 $ 50 $ 44,718 September 2, 2015 – 2019 $ 75 $ 67,077 September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 $ 200 $ 178,873 In August 2014, we paid a delay rental to the State of Texas in the amount of $44,718. 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 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. If production of paying quantities of minerals has not been obtained on or before November 1, 2012, we may pay the State of Texas a delay rental to extend the term of the lease in an amount equal to $4,500. 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, 2013-2014 $ 50 $ 4,500 November 1, 2015 – 2019 $ 75 $ 6,750 November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 $ 200 $ 18,000 In August 2014, we paid a delay rental to the State of Texas of $4,500. On March 6, 2013, we entered into a lease assignment (the “Lease Assignment Agreement”) with Southwest Range & Wildlife Foundation, Inc., a Texas non-profit corporation (the “Foundation”), pursuant to which the Foundation agreed to assign to us a surface lease identified with the State of Texas as Surface Lease SL20040002 (the “West 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 which was paid during the period. The purchase price will be the appraised value of the surface at the time of exercising the option. 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. In February 2015, we purchased land in west Texas in the amount of $5,000.

NOTE PAYABLE

NOTE PAYABLE	9 Months Ended
	May. 31, 2015
Debt Disclosure [Abstract]
NOTE PAYABLE	NOTE 3 – NOTE PAYABLE In relation to the Foundation lease discussed in Note 2 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. At May 31, 2015 the current portion due is $290,845 and long-term portion due is $0. The Company has also accrued interest expense of $15,000 as of May 31, 2015 which is included in accounts payable and accrued liabilities. Future maturities Year Principle amount due 2015 $290,845 2016 - 2017 - 2018 - 2019 thereafter - Total $290,845 In May 2015 we have not paid the third installment of our surface lease in the amount of $45,000 to the Southwest Wildlife Foundation. As a result the full amount of the note payable has been classified as currently due.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	May. 31, 2015
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 4 – 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 30, 2014, October 31, 2014, November 30, 2014, December 31, 2014, January 31, 2015, February 28, 2015, March 31, 2015, April 30, 2015, and May 31, 2015 the Board approved a total grant of 90,000 options to a consultant to the Company. The options are exercisable at $0.30 per share for a period of five years. All options vest immediately. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 90,000 options issued during the period to this advisor, using the assumptions of a risk free interest rate of 1.49% to 1.78%, dividend yield of 0%, volatility of 451% to 457%, and an expected life of 5 years. These options were expensed immediately in the amount of approximately $26,000. On December 30, 2014, we appointed Mr. Eric Noyrez to serve as a member of our Board of Directors. Mr. Noyrez was granted 400,000 options to purchase shares of our common stock, vesting immediately with a term of 5 years and at an exercise price of $0.21. The Black-Scholes pricing model was used to estimate the fair value of the 400,000 options issued during the period to these consultants, using the assumptions of a risk free interest rate of 1.68%, dividend yield of 0%, volatility of 198%, and an expected life of 5 years. These options are valued at approximately $80,000 and expensed immediately. On January 21, 2015 we completed our previously announced rights offering. We raised approximately $940,000 in aggregate gross proceeds, before expenses, through shareholder subscriptions for 4,272,275 Units including the exercise of over-subscription rights. Each Unit consisting of one share of the Company’s common stock, one five year non-transferable Class A warrant exercisable for one share of the Company’s common stock at $0.35 per share and one five-year non-transferable Class B warrant exercisable for one share of the Company’s common stock at $0.50 per share. The Black-Scholes pricing model was used to estimate the relative fair value of the 8,544,550 warrants issued during the period, using the assumptions of a risk free interest rate of 1.39%, dividend yield of 0%, volatility of 270%, and an expected life of 5 years. The Class A and B warrants have a relative fair value of approximately $308,000 and $308,000 respectively and recorded in additional paid-in capital. On February 13, 2015, the Compensation Committee of the Board approved a grant of 5,000 options to a consultant of the Company. The options are exercisable at $0.20 per share for a period of five years. All options vest immediately. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 5,000 options issued during the period to the consultant, using the assumptions of a risk free interest rate of 2.88%, dividend yield of 0%, volatility of 848.37%, and an expected life of 5 years. These options were expensed immediately in the amount of approximately $1,000. On February 19, 2015, the Compensation Committee of the Board approved a total grant of 800,000 options to certain members of our Board of Directors. The options are exercisable at $0.22 per share for a period of ten years. All options vest immediately. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 800,000 options issued during the period to the Board members, using the assumptions of a risk free interest rate of 2.88%, dividend yield of 0%, volatility of 848.37%, and an expected life of 10 years. These options were expensed immediately in the amount of approximately $176,000. On February 26, 2015, all members of the Board of Directors were offered shares of the Company’s common stock at a 20% discount in lieu of cash compensation owed to them for Board services. Three members of the Board of Directors elected to receive approximately 59,000 shares of the Company’s common stock in lieu of cash compensation totaling $10,000. During the period ended May 31, 2015, the Company recognized stock compensation expense of approximately $107,000 for 1,425,000 stock options issued to Board members in prior year for services vesting over one to three years. As of May 31, 2015, there remains approximately $142,000 of stock compensation expense to be recognized. We currently have 41,368,016 shares of our common stock outstanding.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	May. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS The Company rents office space on a month to month basis of $1,600 from a director and has incurred $9,600 rent expense for the period ended.

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	9 Months Ended
	May. 31, 2015
Mineral Industries Disclosures [Abstract]
Schedule of future minimum lease payments for mineral properties leased	September 2011 Lease 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, 2013 – 2014 $ 50 $ 44,718 September 2, 2015 – 2019 $ 75 $ 67,077 September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 $ 200 $ 178,873 November 2011 Lease 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, 2013-2014 $ 50 $ 4,500 November 1, 2015 – 2019 $ 75 $ 6,750 November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 $ 200 $ 18,000

NOTE PAYABLE (Tables)

NOTE PAYABLE (Tables)	9 Months Ended
	May. 31, 2015
Debt Disclosure [Abstract]
Schedule of future maturities of debt	Future maturities Year Principle amount due 2015 $290,845 2016 - 2017 - 2018 - 2019 thereafter - Total $290,845

MINERAL PROPERTIES (Details Nar

MINERAL PROPERTIES (Details Narrative)	Mar. 06, 2013USD ($)ashares	Nov. 01, 2011USD ($)a	Sep. 02, 2011USD ($)a	Feb. 28, 2015USD ($)	Nov. 30, 2014USD ($)	Aug. 31, 2014USD ($)	Oct. 29, 2014mi$ / MGal
Purchase of land				$ 5,000
Texas General Land Office - Hudspeth County, TX [Member] | September 2011 - Mining Lease [Member]
Lease acreage | a			860
Lease bonus			$ 142,518
Lease bonus paid			44,718
Lease bonus due upon filing of supplemental plan of operations to conduct mining			97,800
Minimum advance royalty due upon sale of minerals			$ 500,000
Production royalty of market value of uranium and fissionable materials			8.00%
Production royalty of market value of other minerals			6.25%
Delay rental paid						$ 44,718
State of Texas - Hudspeth County, TX [Member] | November 2011 Mining Lease [Member]
Lease acreage | a		90
Lease bonus paid		$ 20,700
Minimum advance royalty due upon sale of minerals		$ 50,000
Production royalty of market value of uranium and fissionable materials		8.00%
Production royalty of market value of other minerals		6.25%
Delay rental paid						$ 4,500
Southwest Range and Wildlife Foundation, Inc. [Member] | Surface Lease [Member]
Lease acreage | a	54,990.11
Cash paid for lease assignment	$ 500,000
Shares issued for lease | shares	1,063,830
Periodic payment	$ 45,000
Number of payments	10
Number of subsequent payments	9
Texas General Land Office | Option to Purchase Surface Rights [Member]
Annual payment to retain option to purchase surface rights					$ 10,000
Texas General Land Office | Ground Water Lease [Member]
Distance from deposit | mi							4
Annual minimum production payment					5,000
Annual production payment					$ 20,000
Production payment per gallon | $ / MGal							0.95

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - May. 31, 2015	USD ($)$ / a
September 2011 - Mining Lease [Member]
Total amount
Amount 2013-2014	$ 44,718
Amount 2015-2019	67,077
Amount 2020-2024	134,155
Amount 2025-2029	$ 178,873
Per Acre Amount
Amount 2013-2014 per acre | $ / a	50
Amount 2015-2019 per acre | $ / a	75
Amount 2020-2024 per acre | $ / a	150
Amount 2025-2029 per acre | $ / a	200
November 2011 Mining Lease [Member]
Total amount
Amount 2013-2014	$ 4,500
Amount 2015-2019	6,750
Amount 2020-2024	13,500
Amount 2025-2029	$ 18,000
Per Acre Amount
Amount 2013-2014 per acre | $ / a	50
Amount 2015-2019 per acre | $ / a	75
Amount 2020-2024 per acre | $ / a	150
Amount 2025-2029 per acre | $ / a	200

NOTE PAYABLE (Details Narrative

NOTE PAYABLE (Details Narrative) - USD ($)	May. 31, 2015	Aug. 31, 2014
Note payable, long-term		$ 260,387
Southwest Range and Wildlife Foundation, Inc. [Member] | Surface Lease [Member]
Note payable face amount	$ 364,852
Delinquent payment	$ 45,000
Interest rate	5.00%
Accrued interest expense	$ 15,000
Note payable, long-term	$ 0

NOTE PAYABLE (Details)

NOTE PAYABLE (Details)	May. 31, 2015USD ($)
Future maturities, fiscal year:
2,015	$ 290,845
Total	$ 290,845

SHAREHOLDERS' EQUITY (Details N

SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)	Feb. 26, 2015	Feb. 19, 2015	Jan. 21, 2015	Dec. 30, 2014	Feb. 13, 2015	May. 31, 2015
Warrants [Member]
Fair value estimation method			Black-Scholes Pricing Model
Expected dividend yield			0.00%
Risk-free interest rate			1.39%
Expected volatility			270.00%
Expected life			5 years
Units issued shareholder subscriptions			$ 940,000
Units issued shareholder subscriptions, units			4,272,275
Number of warrants outstanding			8,544,550
Fair value of warrants			$ 308,000
Adjustment to additional paid-in capital			$ 308,000
Class A Warrant [Member]
Exercise price of warrants			$ .35
Number of common shares upon exercise of warrant			1
Class B Warrant [Member]
Exercise price of warrants			$ .50
Number of common shares upon exercise of warrant			1
Stock Options [Member] | Consultant [Member]
Options granted					5,000	90,000
Exercise price of options granted					$ .20	$ 0.30
Term of the options					5 years	5 years
Vesting terms					Vest immediately	Vest immediately
Fair value estimation method					Black-Scholes Pricing Model	Black-Scholes Pricing Model
Expected dividend yield					0.00%	0.00%
Risk-free interest rate					2.88%
Expected volatility					848.37%
Expected life					5 years	5 years
Stock based compensation					$ 1,000	$ 26,000
Stock Options [Member] | Consultant [Member] | Lower Range [Member]
Risk-free interest rate						1.49%
Expected volatility						451.00%
Stock Options [Member] | Consultant [Member] | Upper Range [Member]
Risk-free interest rate						1.78%
Expected volatility						457.00%
Stock Options [Member] | Board of Director Members [Member]
Options granted		800,000		400,000
Exercise price of options granted		$ .22		$ 0.21
Term of the options		10 years		5 years
Vesting terms		Vest immediately		Vest immediately
Fair value estimation method		Black-Scholes Pricing Model		Black-Scholes Pricing Model
Expected dividend yield		0.00%		0.00%
Risk-free interest rate		2.88%		1.68%
Expected volatility		848.37%		198.00%
Expected life		10 years		5 years
Stock based compensation		$ 176,000		$ 80,000		$ 107,000
Stock issued for services	$ 10,000
Stock issued for services, shares	59,000
Discount of common stock issued in lieu of compensation	20.00%
Number of stock options issued, shares						1,425,000
Stock compensation expenses to be recognized						$ 142,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	9 Months Ended
	May. 31, 2015USD ($)
Related Party Transactions [Abstract]
Monthly rent paid to director	$ 1,600
Rent expense	$ 9,600

Uncategorized Items - trer-2015

Label	Element	Value
Texas General Land Office | Option to Purchase Surface Rights [Member]
MiningAreaAcreageGross	trer_MiningAreaAcreageGross	5,670
Texas General Land Office | Ground Water Lease [Member]
MiningAreaAcreageGross	trer_MiningAreaAcreageGross	13,120