Texas Mineral Resources (TMRC) 10-K 30 Nov 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Aug. 31, 2015	Nov. 24, 2015
Document And Entity Information
Entity Registrant Name	Texas Rare Earth Resources Corp.
Entity Central Index Key	1,445,942
Document Type	10-K
Document Period End Date	Aug. 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 Public Float		$ 7,440,653
Entity Common Stock, Shares Outstanding		41,368,015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Aug. 31, 2015	Aug. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 2,938	$ 387,841
Prepaid expenses and other current assets	27,420	44,641
Total current assets	30,358	432,482
Property and equipment, net	47,352	83,002
Mineral properties	1,738,447	1,718,286
Deposits	29,710	61,396
TOTAL ASSETS	1,845,867	2,295,166
CURRENT LIABILITIES
Accounts payable and accrued liabilities	127,172	155,123
Accounts payable - related party	111,064	8,390
Current portion of note payable	370,845	30,458
Total current liabilities	$ 609,081	193,971
Note payable - net of current portion and discount		260,387
Total liabilities	$ 609,081	$ 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 August 31, 2015 and August 31, 2014, respectively
Common stock, par value $0.01; 100,000,000 shares authorized, 41,368,015 and 37,036,916 shares issued and outstanding as of August 31, 2015 and August 31, 2014, respectively	$ 413,681	$ 370,370
Additional paid-in capital	32,106,023	30,769,086
Accumulated deficit	(31,282,918)	(29,298,648)
Total shareholders' equity	1,236,786	1,840,808
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,845,867	$ 2,295,166

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 31, 2015	Aug. 31, 2014
BALANCE SHEETS [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	41,368,015	37,036,916
Common stock, shares outstanding	41,368,015	37,036,916

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
OPERATING EXPENSES
Exploration costs	$ 522,264	$ 455,903
General and administrative expenses	1,450,496	2,333,081
Total operating expenses	1,972,760	2,788,984
LOSS FROM OPERATIONS	(1,972,760)	(2,788,984)
OTHER INCOME (EXPENSE)
Interest and other income	622	5,289
Interest and other expense	(12,132)	(7,743)
Total other income (expense)	(11,510)	(2,454)
NET LOSS	$ (1,984,270)	$ (2,791,438)
Net loss per share:
Basic and diluted net loss per share	$ (0.05)	$ (0.08)
Weighted average shares outstanding:
Basic and diluted	39,670,068	37,036,916

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance beginning at Aug. 31, 2013	$ 3,864,912		$ 370,370	$ 30,001,752	$ (26,507,210)
Balance beginning, shares at Aug. 31, 2013			37,036,916
Options issued to Officers and Directors	654,111			654,111
Shares issued for services	113,223			113,223
Net loss	(2,791,438)				(2,791,438)
Balance ending at Aug. 31, 2014	1,840,808		$ 370,370	30,769,086	(29,298,648)
Balance ending, shares at Aug. 31, 2014			37,036,916
Options issued to Officers and Directors	399,572			399,572
Options issued for services	30,775			30,775
Shares issued for services	10,000		$ 588	9,412
Shares issued for services, shares			58,824
Shares issued for cash	939,901		$ 42,723	897,178
Shares issued for cash, shares			4,272,275
Net loss	(1,984,270)				(1,984,270)
Balance ending at Aug. 31, 2015	$ 1,236,786		$ 413,681	$ 32,106,023	$ (31,282,918)
Balance ending, shares at Aug. 31, 2015			41,368,015

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,984,270)	$ (2,791,438)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	35,650	65,855
Stock based compensation	440,347	767,334
Changes in current assets and liabilities:
Prepaid expenses and other assets	48,907	67,041
Accounts payable and accrued expenses	(27,951)	(73,711)
Accounts payable related party	102,674	8,390
Net cash used in operating activities	(1,384,643)	$ (1,956,529)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in mineral properties	$ (20,161)
Purchase of fixed assets		$ (640)
Net cash used in investing activities	$ (20,161)	$ (640)
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock for cash	939,901
Proceeds from loan payable	$ 80,000
Payment on least note payable		$ (29,007)
Net cash provided by (used in) financing activities	$ 1,019,901	(29,007)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(384,903)	(1,986,176)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	387,841	2,374,017
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,938	387,841
SUPPLEMENTAL INFORMATION
Interest paid	$ 12,132	$ 7,743
Taxes paid

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
	Aug. 31, 2015
ORGANIZATION AND NATURE OF BUSINESS [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Texas Rare Earth Resources Corp (the “Company”) was incorporated in the State of Nevada in 1970. In July 2004, our articles of incorporation were amended and restated to increase the authorized capital to 25,000,000 100,000,000 0.01 10,000,000 0.001 Effective September 1, 2010, we changed our name from “Standard Silver Corporation” to “Texas Rare Earth Resources Corp.” We are now a mining company engaged in the business of the acquisition and development of mineral properties. As of the date of this filing, we hold two nineteen year leases, executed in September and November of 2011, to explore and develop a 950 acre rare earths project located in Hudspeth County, Texas known as the Round Top Project and prospecting permits covering an adjacent 9,345 acres. We also own unpatented mining claims in New Mexico. We are currently not evaluating any additional prospects, and intend to focus primarily on the development of our Round Top rare earth prospect. On August 24, 2012, we changed our state of incorporation from the State of Nevada to the State of Delaware (the “Reincorporation”) pursuant to a plan of conversion dated August 24, 2012. The Reincorporation was previously submitted to a vote of, and approved by, our stockholders at a special meeting of the stockholders held on April 25, 2012. 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 approximately $ 31,283,000

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES	12 Months Ended
	Aug. 31, 2015
SUMMARY OF ACCOUNTING POLICIES [Abstract]
SUMMARY OF ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF ACCOUNTING POLICIES Basis of Presentation Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred, in accordance with generally accepted accounting principles (“GAAP”) – United States. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of demand deposits at commercial banks. We currently have cash deposits at financial institutions in excess of federally insured limits. Property and Equipment Our property and equipment consists primarily of vehicles, furniture and equipment, and are recorded at cost. Expenditures related to acquiring or extending the useful life of our property and equipment are capitalized. Expenditures for repair and maintenance are charged to operations as incurred. Depreciation is computed using the straight-line method over an estimated useful life of 3 20 Lease Deposits From time to time, the Company makes deposits in anticipation of executing leases. The deposits are capitalized upon execution of the applicable agreements. Long-lived Assets The Company reviews the recoverability of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 360”), Property, Plant and Equipment. Revenue Recognition We recognize revenue when persuasive evidence of an arrangement exists, services have been performed, the sales price is fixed or determinable, and collectability is probable. We have yet to generate any revenue. Mineral Exploration and Development Costs All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is determined to be a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with ASC 360-10-35-15, Impairment or Disposal of Long-Lived Assets. 522,000 456,000 Share-based Payments The Company estimates the fair value of share-based compensation using the Black-Scholes valuation model, in accordance with the provisions of ASC 718, Stock Compensation and ASC 505, Share-Based Payments Amended 2008 Stock Option Plan In September 2008, the Board adopted our 2008 Stock Option Plan (the “2008 Plan”), which was also approved by our shareholders in September 2008. In May 2011, the board of directors adopted an amendment to our 2008 Plan (the “Amended 2008 Plan”), which was also approved by our shareholders in August 2011. The Amended 2008 Plan increased the number of shares available for grant from 2,000,000 5,000,000 2,000,000 7,000,000 1,005,000 Income Taxes Income taxes are computed using the asset and liability method, in accordance with ASC 740, Income Taxes Basic and Diluted Loss Per Share The Company computes loss per share in accordance with ASC 260, Earnings Per Share Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management believes that these financial statements include all normal and recurring adjustments necessary for a fair presentation under Generally Accepted Accounting Principles. Fair Value Measurements We account for assets and liabilities measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures. • Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. Our financial instruments consist principally of cash, accounts payable and accrued liabilities and note payable. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term nature. It is management's opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. Recent Accounting Pronouncements Pronouncements between August 31, 2015 and the date of this filing are not expected to have a significant impact on our operations, financial position, or cash flow, nor does the Company expect the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on our results of operations, financial position or cash flows. Joint Venture On July 15, 2015, we entered into a Limited Liability Company Agreement with K-Technologies, Inc. with a principal place of business in Lakeland, Florida. The purpose of this LLC will be to market our jointly developed technology to other rare earth producers. TRER will vest in this company by continuing process design work with K-Tech, and if successfully completed, to build and commission a rare earth separation plant at Round Top for an expected cost of $ 7,000,000 391,000 K-Technologies has completed the first stages of process design whereby the primary leach solution was concentrated and impurities removed to produce an acceptable feedstock for further refinement. Cost of this initial metallurgical work was $391,000. The company has paid this amount to K-Technologies for services from them as previously described. T he Company uses the equity method to account for its investment in the joint venture. Under the equity method, the Company recognizes its share of the earnings and losses of the joint venture as they accrue instead of when they are realized. However, as of November 30, 2015 there are no sufficiently timely and readily available financial information for our investment in the joint venture, as a result we have elected to expense the initial investment amount of $391,000 as exploration expenses. Based upon information available we have determined there are no significant potential loss liabilities.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Aug. 31, 2015
PROPERTY AND EQUIPMENT, NET [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 3 – PROPERTY AND EQUIPMENT, NET Property and equipment consist of office furniture, equipment and vehicles. The property and equipment are depreciated using the straight-line method over their estimated useful life of 3 20 August 31, 2015 August 31, 2014 Furniture &office equipment $ 85,889 $ 85,889 Vehicles 105,299 105,299 Computers & software 48,711 48,711 Field equipment 71,396 71,396 Total cost basis 311,295 311,295 Less: Accumulated depreciation (263,943 ) (228,293 ) Property & equipment, net $ 47,352 $ 83,002 Depreciation expense for the years ending August 31, 2015 and 2014 was $ 35,650 65,855 and is included in general and administrative expenses

MINERAL PROPERTIES

MINERAL PROPERTIES	12 Months Ended
	Aug. 31, 2015
MINERAL PROPERTIES [Abstract]
MINERAL PROPERTIES	NOTE 4 – 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 97,800 500,000 Thereafter, we will pay the State of Texas a production royalty equal to eight percent ( 8 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 2015, 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 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 50,000 8 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 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 2015, we paid a delay rental to the State of Texas of $ 6,750 March 2013 Lease 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 500,000 1,063,830 0.01 45,000 October 2014 Surface Option In October 2014, we executed an agreement with the Texas General Land Office securing the option to purchase the surface rights covering the potential Round Top project mine and plant areas. 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

NOTE PAYABLE

NOTE PAYABLE	12 Months Ended
	Aug. 31, 2015
NOTE PAYABLE [Abstract]
NOTE PAYABLE	NOTE 5 – NOTE PAYABLE In relation to the Foundation lease discussed in Note 4 the Company recorded a note payable for an amount for the initial $ 45,000 9 5 364,852 290,845 0 18,292 During the fiscal year ended August 31, 2015 we have not paid the third installment of our surface lease in the amount of $ 45,000 On August 26, 2015 the Company received promissory notes from two individuals for $ 40,000 80,000 November 24, 2015 80,000 0.20 56,766 23,234 1.49 198 0.00 five

INCOME TAXES

INCOME TAXES	12 Months Ended
	Aug. 31, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 6 – INCOME TAXES The following table sets forth a reconciliation of the federal income tax benefit to the United States federal statutory rate for the years ended August 31, 2015 and 2014: 2015 2014 Loss before provision for income taxes $ (1,984,270 ) $ (2,791,438 ) Income tax benefit at 34 674,652 949,089 Non-deductible business meals and entertainment (1,000 ) (1,087 ) Increase in valuation allowance (673,652 ) (948,002 ) $ - $ - The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as a deferred tax asset and liability. Significant components of the deferred tax assets are set out below along with a valuation allowance to reduce the net deferred tax asset to zero Management has established a valuation allowance because of the potential that the tax benefits underlying deferred tax asset may not be realized. Significant components of our deferred tax asset at August 31, 2015 and 2014 are as follows: 2015 2014 Net operating loss carryforward $ 3,889,208 $ 3,520,253 Stock-based compensation 1,613,660 1,486,689 Assets, exploration cost, depreciation and amortization 3,630,253 3,452,684 Less valuation allowance (9,133,121 ) (8,459,626 ) Net deferred tax asset $ - $ - As a result of a change in control effective in April 2007, our net operating losses prior to that date may be partially or entirely unavailable, by law, to offset future income and, accordingly, are excluded from the associated deferred tax asset. The net operating loss carryforward in the approximate amount of $ 11,439,000 2022 We also record any financial statement recognition and disclosure requirements for uncertain tax positions taken or expected to be taken in a tax return. Financial statement recognition of the tax position is dependent on an assessment of a 50% or greater likelihood that the tax position will be sustained upon examination, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions are recorded as interest expense. We believe we have no uncertain tax positions at August 31, 2015 and 2014.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Aug. 31, 2015
SHAREHOLDERS EQUITY [Abstract]
SHAREHOLDERS' EQUITY	NOTE 7– SHAREHOLDERS' EQUITY Our authorized capital stock consists of 100,000,000 0.01 10,000,000 0.001 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. During the year ended August 31, 2015, we expensed approximately $ 440,000 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, May 31, 2015, and August 31, 2015 the Board approved a total grant of 120,000 0.30 90,000 1.43 1.78 0 441 457 5 31,000 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 0.21 1.68 0 198 5 82,000 On January 21, 2015 we completed our previously announced rights offering. We raised approximately $ 940,000 4,272,275 one 0.35 one 0.50 8,544,550 1.39 0 195 5 305,000 303,000 On February 13, 2015, the Compensation Committee of the Board approved a grant of 5,000 0.20 2.88 0 848.37 5 1,000 On February 19, 2015, the Compensation Committee of the Board approved a total grant of 800,000 0.22 2.88 0 848.37 10 176,000 On February 26, 2015, all members of the Board of Directors were offered shares of the Company's common stock at a 20 59,000 10,000 During the period ended August 31, 2015, the Company recognized stock compensation expense of approximately $ 142,000 1,425,000 one three 107,000 As of August 31, 2015, we have approximately 41 7,840,000 2.50 4,272,275 0.35 4,272,275 0.50 1,497,000 2.50 250,000 5.00 160,000 0.20 6,290,000 0.30 1.00 In September 2008, the Board adopted our 2008 Stock Option Plan (the “2008 Plan”), which was also approved by our shareholders in September 2008. In May 2011, the board of directors adopted an amendment to our 2008 Plan (the “Amended 2008 Plan”), which was also approved by our shareholders in August 2011. The Amended 2008 Plan increased the number of shares available for grant from 2,000,000 5,000,000 2,000,000 7,000,000 1,005,000 The following table sets forth certain information as of August 31, 2015 concerning our common stock that may be issued upon the exercise of options or warrants or pursuant to purchases of stock under the Amended 2008 Plan: Plan Category (a) Number of Securities to be Issued Upon the Exercise of Outstanding Options (b) Weighted-Average Exercise Price of Outstanding Options (c) Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) Equity compensation plans approved by stockholders 5,995,000 $ 0.32 1,005,000 Equity compensation plans not approved by stockholders 295,000 $ 0.32 -- Total 6,290,000 $ 0.32 1,005,000 Warrants 940,000 4,272,275 one 0.35 one 0.50 8,544,550 1.39 0 195 5 305,000 303,000 Warrant activity for the year ended August 31, 2015, was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Grant Date Fair Value Outstanding at August 31, 2014 9,587,000 $ 2.57 1.54 $ 3,659,998 Warrants granted 8,704,550 $ 1.54 2.37 $ 631,421 Warrants exercised - - - - Warrants cancelled/forfeited/expired - - - - Outstanding at August 31, 2015 18,291,550 $ 1.54 2.37 $ 4,291,419 Vested at August 31, 2015 18,291,550 $ 1.54 2.37 $ 4,291,419 Exercisable at August 31, 2015 18,291,550 $ 1.54 2.37 $ 4,291,419 The assumptions used and the weighted average calculated value of warrants issued during the year, were as follows: Risk-free interest rate 1.39 1.49 % Expected dividend yield 0.00 % Expected volatility 195 198 % Expected life 5

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Aug. 31, 2015
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 8 – RELATED PARTY TRANSACTIONS The Company had accounts payable to related parties in the amount of $ 111,064 The Company rents office space on a month to month basis of $ 1,600

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES (Policies)	12 Months Ended
	Aug. 31, 2015
SUMMARY OF ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred, in accordance with generally accepted accounting principles (“GAAP”) – United States.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of demand deposits at commercial banks. We currently have cash deposits at financial institutions in excess of federally insured limits.
Property and Equipment	Property and Equipment Our property and equipment consists primarily of vehicles, furniture and equipment, and are recorded at cost. Expenditures related to acquiring or extending the useful life of our property and equipment are capitalized. Expenditures for repair and maintenance are charged to operations as incurred. Depreciation is computed using the straight-line method over an estimated useful life of 3 20
Lease Deposits	Lease Deposits From time to time, the Company makes deposits in anticipation of executing leases. The deposits are capitalized upon execution of the applicable agreements.
Long-lived Assets	Long-lived Assets The Company reviews the recoverability of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 360”), Property, Plant and Equipment.
Revenue Recognition	Revenue Recognition We recognize revenue when persuasive evidence of an arrangement exists, services have been performed, the sales price is fixed or determinable, and collectability is probable. We have yet to generate any revenue.
Mineral Exploration and Development Costs	Mineral Exploration and Development Costs All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is determined to be a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with ASC 360-10-35-15, Impairment or Disposal of Long-Lived Assets. 522,000 456,000
Share-based Payments	Share-based Payments The Company estimates the fair value of share-based compensation using the Black-Scholes valuation model, in accordance with the provisions of ASC 718, Stock Compensation and ASC 505, Share-Based Payments Amended 2008 Stock Option Plan In September 2008, the Board adopted our 2008 Stock Option Plan (the “2008 Plan”), which was also approved by our shareholders in September 2008. In May 2011, the board of directors adopted an amendment to our 2008 Plan (the “Amended 2008 Plan”), which was also approved by our shareholders in August 2011. The Amended 2008 Plan increased the number of shares available for grant from 2,000,000 5,000,000 2,000,000 7,000,000 1,005,000
Income Taxes	Income Taxes Income taxes are computed using the asset and liability method, in accordance with ASC 740, Income Taxes
Basic and Diluted Loss Per Share	Basic and Diluted Loss Per Share The Company computes loss per share in accordance with ASC 260, Earnings Per Share
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management believes that these financial statements include all normal and recurring adjustments necessary for a fair presentation under Generally Accepted Accounting Principles.
Fair Value Measurements	Fair Value Measurements We account for assets and liabilities measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures. • Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. Our financial instruments consist principally of cash, accounts payable and accrued liabilities and note payable. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term nature. It is management's opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Pronouncements between August 31, 2015 and the date of this filing are not expected to have a significant impact on our operations, financial position, or cash flow, nor does the Company expect the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on our results of operations, financial position or cash flows.
Joint Venture	Joint Venture On July 15, 2015, we entered into a Limited Liability Company Agreement with K-Technologies, Inc. with a principal place of business in Lakeland, Florida. The purpose of this LLC will be to market our jointly developed technology to other rare earth producers. TRER will vest in this company by continuing process design work with K-Tech, and if successfully completed, to build and commission a rare earth separation plant at Round Top for an expected cost of $ 7,000,000 391,000 K-Technologies has completed the first stages of process design whereby the primary leach solution was concentrated and impurities removed to produce an acceptable feedstock for further refinement. Cost of this initial metallurgical work was $391,000. The company has paid this amount to K-Technologies for services from them as previously described. T he Company uses the equity method to account for its investment in the joint venture. Under the equity method, the Company recognizes its share of the earnings and losses of the joint venture as they accrue instead of when they are realized. However, as of November 30, 2015 there are no sufficiently timely and readily available financial information for our investment in the joint venture, as a result we have elected to expense the initial investment amount of $391,000 as exploration expenses. Based upon information available we have determined there are no significant potential loss liabilities.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Aug. 31, 2015
PROPERTY AND EQUIPMENT, NET [Abstract]
Schedule of Property and Equipment	August 31, 2015 August 31, 2014 Furniture &office equipment $ 85,889 $ 85,889 Vehicles 105,299 105,299 Computers & software 48,711 48,711 Field equipment 71,396 71,396 Total cost basis 311,295 311,295 Less: Accumulated depreciation (263,943 ) (228,293 ) Property & equipment, net $ 47,352 $ 83,002

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	12 Months Ended
	Aug. 31, 2015
Lease One [Member]
Schedule of Future Minimum Lease Payments	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
Lease Two [Member]
Schedule of Future Minimum Lease Payments	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

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Aug. 31, 2015
INCOME TAXES [Abstract]
Schedule of Reconciliation	2015 2014 Loss before provision for income taxes $ (1,984,270 ) $ (2,791,438 ) Income tax benefit at 34 674,652 949,089 Non-deductible business meals and entertainment (1,000 ) (1,087 ) Increase in valuation allowance (673,652 ) (948,002 ) $ - $ -
Schedule of Deferred Tax Assets	2015 2014 Net operating loss carryforward $ 3,889,208 $ 3,520,253 Stock-based compensation 1,613,660 1,486,689 Assets, exploration cost, depreciation and amortization 3,630,253 3,452,684 Less valuation allowance (9,133,121 ) (8,459,626 ) Net deferred tax asset $ - $ -

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Aug. 31, 2015
SHAREHOLDERS EQUITY [Abstract]
Schedule of Stock Option Information	Plan Category (a) Number of Securities to be Issued Upon the Exercise of Outstanding Options (b) Weighted-Average Exercise Price of Outstanding Options (c) Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) Equity compensation plans approved by stockholders 5,995,000 $ 0.32 1,005,000 Equity compensation plans not approved by stockholders 295,000 $ 0.32 -- Total 6,290,000 $ 0.32 1,005,000
Schedule of Warrant Activity	Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Grant Date Fair Value Outstanding at August 31, 2014 9,587,000 $ 2.57 1.54 $ 3,659,998 Warrants granted 8,704,550 $ 1.54 2.37 $ 631,421 Warrants exercised - - - - Warrants cancelled/forfeited/expired - - - - Outstanding at August 31, 2015 18,291,550 $ 1.54 2.37 $ 4,291,419 Vested at August 31, 2015 18,291,550 $ 1.54 2.37 $ 4,291,419 Exercisable at August 31, 2015 18,291,550 $ 1.54 2.37 $ 4,291,419
Schedule of Fair Value Assumptions	Risk-free interest rate 1.39 1.49 % Expected dividend yield 0.00 % Expected volatility 195 198 % Expected life 5

ORGANIZATION AND NATURE OF BU20

ORGANIZATION AND NATURE OF BUSINESS (Details)	1 Months Ended
	Apr. 30, 2007	Aug. 31, 2015USD ($)$ / sharesshares	Aug. 31, 2014USD ($)$ / sharesshares	Jul. 31, 2004shares
ORGANIZATION AND NATURE OF BUSINESS [Abstract]
Common stock, shares authorized | shares		100,000,000	100,000,000	25,000,000
Reverse Stock Split, conversion ratio	0.50
Common stock, par value		$ 0.01	$ 0.01
Preferred stock, shares authorized | shares		10,000,000	10,000,000
Preferred stock, par value		$ 0.001	$ 0.001
Accumulated deficit | $		$ (31,282,918)	$ (29,298,648)

SUMMARY OF ACCOUNTING POLICIE21

SUMMARY OF ACCOUNTING POLICIES (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 15, 2012	Aug. 31, 2015	Aug. 31, 2014	May. 31, 2011	Sep. 30, 2008
Exploration costs		$ 522,264	$ 455,903
Shares available for issuance		1,005,000
Payment for joint venture		$ 391,000
Expected cost of joint venture		$ 7,000,000
2008 Stock Option Plan [Member]
Shares authorized to be granted		7,000,000		5,000,000	2,000,000
Shares available for issuance		1,005,000
Number of additional shares authorized	2,000,000
Lower Range [Member]
Estimated useful life of property and equipment		3 years
Upper Range [Member]
Estimated useful life of property and equipment		20 years

PROPERTY AND EQUIPMENT, NET (Na

PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 35,650	$ 65,855
Lower Range [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Upper Range [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	20 years

PROPERTY AND EQUIPMENT, NET (Sc

PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment) (Details) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Property, Plant and Equipment [Line Items]
Total cost basis	$ 311,295	$ 311,295
Less: Accumulated depreciation	(263,943)	(228,293)
Property & equipment, net	47,352	83,002
Furniture and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost basis	85,889	85,889
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total cost basis	105,299	105,299
Computers & Software [Member]
Property, Plant and Equipment [Line Items]
Total cost basis	48,711	48,711
Field Equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost basis	$ 71,396	$ 71,396

MINERAL PROPERTIES (Narrative)

MINERAL PROPERTIES (Narrative) (Details) - USD ($)	1 Months Ended
	Aug. 31, 2015	Oct. 31, 2014	Mar. 06, 2013	Nov. 01, 2011	Sep. 02, 2011	Aug. 31, 2014
Common stock, par value	$ 0.01					$ 0.01
Surface Lease [Member] | Lease Contracts [Member]
Periodic payment		$ 10,000
Texas General Land Office - Hudspeth County, TX [Member] | September 2011 Mineral Properties Lease [Member]
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	$ 67,077
State of Texas - Hudspeth County, TX [Member] | November 2011 Mineral Properties Lease [Member]
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	$ 6,750
State of Texas - Hudspeth County, TX [Member] | November 2011 Mineral Properties Lease [Member] | Lease Contracts [Member]
Periodic payment				$ 4,500
Southwest Range and Wildlife Foundation, Inc. [Member] | Surface Lease [Member]
Cash paid for lease assignment			$ 500,000
Shares issued for lease			1,063,830
Common stock, par value			$ 0.01
Southwest Range and Wildlife Foundation, Inc. [Member] | Surface Lease [Member] | Lease Contracts [Member]
Periodic payment			$ 45,000

MINERAL PROPERTIES (Schedule of

MINERAL PROPERTIES (Schedule of Future Minimum Lease Payments) (Details)	Aug. 31, 2015USD ($)
September 2, 2013 - 2014 [Member]
Per Acre Amount	$ 50
Total Lease Amount	44,718
September 2, 2015 - 2019 [Member]
Per Acre Amount	75
Total Lease Amount	67,077
September 2, 2020 - 2024 [Member]
Per Acre Amount	150
Total Lease Amount	134,155
September 2, 2025 - 2029 [Member]
Per Acre Amount	200
Total Lease Amount	178,873
November 1, 2013 - 2014 [Member]
Per Acre Amount	50
Total Lease Amount	4,500
November 1, 2015 - 2019 [Member]
Per Acre Amount	75
Total Lease Amount	6,750
November 1, 2020 - 2024 [Member]
Per Acre Amount	150
Total Lease Amount	13,500
November 1, 2025 - 2029 [Member]
Per Acre Amount	200
Total Lease Amount	$ 18,000

NOTE PAYABLE (Details)

NOTE PAYABLE (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 26, 2015	Aug. 31, 2015	Aug. 31, 2014
Debt Instrument [Line Items]
Current portion of note payable		$ 370,845	$ 30,458
Note payable - net of current portion and discount			$ 260,387
Proceeds from loan payable		$ 80,000
Defaulted Debt [Member]
Debt Instrument [Line Items]
Periodic payment		45,000
Foundation Lease Note [Member]
Debt Instrument [Line Items]
Periodic payment		$ 45,000
Interest rate		5.00%
Note payable face amount		$ 364,852
Current portion of note payable		290,845
Note payable - net of current portion and discount		$ 0
Debt term		9 years
Accrued interest expense		$ 18,292
Promissory Note One [Member]
Debt Instrument [Line Items]
Maturity date		Nov. 24, 2015
Proceeds from loan payable		$ 40,000
Promissory Note Two [Member]
Debt Instrument [Line Items]
Maturity date		Nov. 24, 2015
Proceeds from loan payable		$ 40,000
Promissory Notes [Member]
Debt Instrument [Line Items]
Number of shares called by warrants		80,000
Warrants, exercise price		$ 0.20
Fair value of debt	$ 56,766
Fair value of warrants, recorded in APIC	$ 23,234
Expected life		5 years
Expected volatility	198.00%
Risk-free interest rate	1.49%
Expected dividend yield	0.00%

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	12 Months Ended
	Aug. 31, 2015USD ($)
INCOME TAXES [Abstract]
Federal statutory rate	34.00%
Net operating loss carryforward	$ 11,439,000
Net operating loss carryforward, expiration date	Dec. 31, 2022
Net deferred tax asset	$ 0

INCOME TAXES (Schedule of Recon

INCOME TAXES (Schedule of Reconciliation) (Details) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Reconciliation of federal income tax
Loss before provision for income taxes	$ (1,984,270)	$ (2,791,438)
Income tax benefit at 34% statutory rate	674,652	949,089
Non-deductible business meals and entertainment	(1,000)	(1,087)
Increase in valuation allowance	$ (673,652)	$ (948,002)
Tax benefit

INCOME TAXES (Schedule of Defer

INCOME TAXES (Schedule of Deferred Tax Assets) (Details) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Deferred tax asset:
Net operating loss carryfoward	$ 3,889,208	$ 3,520,253
Stock-based compensation	1,613,660	1,486,689
Assets, exploration cost, depreciation and amortization	3,630,253	3,452,684
Less: valuation allowance	$ (9,133,121)	$ (8,459,626)
Net deferred tax asset

SHAREHOLDERS' EQUITY (Narrative

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($)	1 Months Ended							12 Months Ended
	Aug. 31, 2015	Feb. 26, 2015	Feb. 19, 2015	Feb. 13, 2015	Jan. 21, 2015	Dec. 30, 2014	Feb. 15, 2012	Aug. 31, 2015	Aug. 31, 2014	May. 31, 2011	Sep. 30, 2008	Jul. 31, 2004
Common stock, shares authorized	100,000,000							100,000,000	100,000,000			25,000,000
Common stock, par value	$ 0.01							$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000							10,000,000	10,000,000
Preferred stock, par value	$ 0.001							$ 0.001	$ 0.001
Total value of options to be expensed	$ 107,000							$ 107,000
Common stock, shares outstanding	41,368,015							41,368,015	37,036,916
Shares available for issuance	1,005,000							1,005,000
Proceeds from equity issuance					$ 940,000
Shareholder subscriptions					4,272,275
Common Class A [Member]
Fair value of warrants, recorded in APIC	$ 305,000							$ 305,000
Warrants, exercise price					$ 0.35
Warrants per unit					1
Common Class B [Member]
Fair value of warrants, recorded in APIC	$ 303,000							$ 303,000
Warrants, exercise price					$ 0.50
Warrants per unit					1
Warrants [Member]
Options granted					8,544,550
Expected dividend yield					0.00%
Risk-free interest rate					1.39%
Expected volatility					195.00%
Expected life					5 years
Warrants One [Member]
Warrants, exercise price	$ 2.50							$ 2.50
Number of shares called by warrants	7,840,000							7,840,000
Warrants Two [Member]
Warrants, exercise price	$ 0.35							$ 0.35
Number of shares called by warrants	4,272,275							4,272,275
Warrants Three [Member]
Warrants, exercise price	$ 0.50							$ 0.50
Number of shares called by warrants	4,272,275							4,272,275
Warrants Four [Member]
Warrants, exercise price	$ 2.50							$ 2.50
Number of shares called by warrants	1,497,000							1,497,000
Warrants Five [Member]
Warrants, exercise price	$ 5							$ 5
Number of shares called by warrants	250,000							250,000
Warrants Six [Member]
Warrants, exercise price	$ 0.20							$ 0.20
Number of shares called by warrants	160,000							160,000
Warrants Seven [Member]
Number of shares called by warrants	6,290,000							6,290,000
2008 Stock Option Plan [Member]
Shares authorized to be granted	7,000,000							7,000,000		5,000,000	2,000,000
Number of additional shares authorized							2,000,000
Shares available for issuance	1,005,000							1,005,000
Lower Range [Member] | Warrants Seven [Member]
Warrants, exercise price	$ 0.30							$ 0.30
Upper Range [Member] | Warrants Seven [Member]
Warrants, exercise price	$ 1							$ 1
Consultant [Member]
Stock based compensation				$ 1,000				$ 31,000
Options granted	90,000			5,000				120,000
Exercise price of options granted				$ 0.20				$ 0.30
Expected dividend yield				0.00%				0.00%
Risk-free interest rate				2.88%
Expected volatility				848.37%
Expected life				5 years				5 years
Consultant [Member] | Lower Range [Member]
Risk-free interest rate								1.43%
Expected volatility								441.00%
Consultant [Member] | Upper Range [Member]
Risk-free interest rate								1.78%
Expected volatility								457.00%
Board of Director Members [Member]
Stock based compensation		$ 10,000	$ 176,000			$ 82,000		$ 440,000
Options granted		59,000	800,000			400,000
Exercise price of options granted			$ 0.22			$ 0.21
Expected dividend yield			0.00%			0.00%
Risk-free interest rate		20.00%	2.88%			1.68%
Expected volatility			848.37%			198.00%
Expected life			10 years			5 years
Stock Options [Member] | Board of Director Members [Member]
Stock based compensation								$ 142,000
Options granted								1,425,000
Stock Options [Member] | Board of Director Members [Member] | Lower Range [Member]
Vesting period								1 year
Stock Options [Member] | Board of Director Members [Member] | Upper Range [Member]
Vesting period								3 years

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule of Stock Option Information) (Details)	Aug. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Securities to be Issued Upon the Exercise of Outstanding Options	6,290,000
Weighted-Average Exercise Price of Outstanding Options | $ / shares	$ 0.32
Stock Options available for issuance	1,005,000
2008 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options available for issuance	1,005,000
2008 Stock Option Plan [Member] | Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Securities to be Issued Upon the Exercise of Outstanding Options	5,995,000
Weighted-Average Exercise Price of Outstanding Options | $ / shares	$ 0.32
Stock Options available for issuance	1,005,000
Plans Not Approved by Stockholders [Member] | Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Securities to be Issued Upon the Exercise of Outstanding Options	295,000
Weighted-Average Exercise Price of Outstanding Options | $ / shares	$ 0.32
Stock Options available for issuance

SHAREHOLDERS' EQUITY (Schedul32

SHAREHOLDERS' EQUITY (Schedule of Warrant Activity) (Details)	12 Months Ended
	Aug. 31, 2015USD ($)$ / sharesshares	Aug. 31, 2014USD ($)$ / sharesshares
Shares
Outstanding at August 31, 2015 | shares	6,290,000
Weighted Average Exercise Price
Outstanding at August 31, 2015	$ 0.32
Warrants [Member]
Shares
Outstanding at August 31, 2014 | shares	9,587,000
Warrants granted | shares	8,704,550
Warrants exercised | shares
Warrants cancelled/forfeited/expired | shares
Outstanding at August 31, 2015 | shares	18,291,550	9,587,000
Vested at August 31, 2015 | shares	18,291,550
Exercisable at August 31, 2015 | shares	18,291,550
Weighted Average Exercise Price
Outstanding at August 31, 2014	$ 2.57
Warrants granted	$ 1.54
Warrants exercised
Warrants cancelled/forfeited/expired
Outstanding at August 31, 2015	$ 1.54	$ 2.57
Vested at August 31, 2015	1.54
Exercisable at August 31, 2015	$ 1.54
Weighted Average Remaining Contractual Life (In Years)
Outstanding	2 years 4 months 13 days	1 year 6 months 14 days
Warrants granted	2 years 4 months 13 days
Vested at August 31, 2015	2 years 4 months 13 days
Exercisable at August 31, 2015	2 years 4 months 13 days
Grant Date Fair Value
Outstanding at August 31, 2014 | $	$ 3,659,998
Warrants granted | $	631,421
Outstanding at August 31, 2015 | $	4,291,419	$ 3,659,998
Vested at August 31, 2015 | $	4,291,419
Exercisable at August 31, 2015 | $	$ 4,291,419

SHAREHOLDERS' EQUITY (Schedul33

SHAREHOLDERS' EQUITY (Schedule of Fair Value Assumptions) (Details) - Warrants [Member]	12 Months Ended
	Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected life	5 years
Lower Range [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.39%
Expected volatility	195.00%
Upper Range [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.49%
Expected volatility	198.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
RELATED PARTY TRANSACTIONS [Abstract]
Accounts payable - related party	$ 111,064	$ 8,390
Monthly rent paid to director	$ 1,600