Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
31-May-14 | Jul. 11, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Texas Rare Earth Resources Corp. | ' |
Entity Central Index Key | '0001445942 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-May-14 | ' |
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 | ' | 37,036,916 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
BALANCE_SHEETS_Unaudited
BALANCE SHEETS (Unaudited) (USD $) | 31-May-14 | Aug. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $707,617 | $2,374,017 |
Prepaid expenses and other current assets | 102,156 | 61,828 |
Total current assets | 809,773 | 2,435,845 |
Property and equipment, net | 93,429 | 148,217 |
Mineral properties | 1,718,286 | 1,718,286 |
Deposits | 61,359 | 111,250 |
TOTAL ASSETS | 2,682,847 | 4,413,598 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued liabilities | 35,218 | 228,834 |
Current portion of note payable | 30,458 | 29,007 |
Total current liabilities | 65,676 | 257,841 |
Note payable - net of current portion and discount | 260,387 | 290,845 |
Total liabilities | 326,063 | 548,686 |
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, 2014 and August 31, 2013, respectively | ' | ' |
Common stock, par value $0.01; 100,000,000 shares authorized, 37,036,916 shares issued and outstanding as of May 31, 2014 and August 31, 2013, respectively | 370,370 | 370,370 |
Additional paid-in capital | 30,721,205 | 30,001,752 |
Accumulated deficit | -28,734,791 | -26,507,210 |
Total shareholders' equity | 2,356,784 | 3,864,912 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $2,682,847 | $4,413,598 |
BALANCE_SHEETS_Unaudited_Paren
BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | 31-May-14 | Aug. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 37,036,916 | 37,036,916 |
Common stock, shares outstanding | 37,036,916 | 37,036,916 |
STATEMENTS_OF_OPERATIONS_Unaud
STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | |
OPERATING EXPENSES | ' | ' | ' | ' |
Exploration costs | $29,023 | $380,487 | $304,443 | $837,049 |
General and administrative expenses | 497,325 | 493,620 | 1,923,807 | 1,924,931 |
Total operating expenses | 526,348 | 874,107 | 2,228,250 | 2,761,980 |
LOSS FROM OPERATIONS | -526,348 | -874,107 | -2,228,250 | -2,761,980 |
OTHER INCOME (EXPENSE) | ' | ' | ' | ' |
Interest and other income | -11,647 | 7,217 | 4,662 | 8,699 |
Interest and other expense | 4,007 | ' | -3,993 | -4,191 |
Total other income (expense) | -7,640 | 7,217 | 669 | 4,508 |
NET LOSS | ($533,988) | ($866,890) | ($2,227,581) | ($2,757,472) |
Net loss per share: | ' | ' | ' | ' |
Basic and diluted net loss per share | ($0.01) | ($0.02) | ($0.06) | ($0.08) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic and diluted | 37,036,916 | 36,967,536 | 37,036,916 | 36,546,294 |
STATEMENTS_OF_CASH_FLOWS_Unaud
STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
31-May-14 | 31-May-13 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($2,227,581) | ($2,757,472) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation expense | 54,788 | 59,742 |
Loss on disposition of fixed assets | ' | 21,003 |
Stock-based compensation | 719,453 | 291,564 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other assets | 9,563 | 15,399 |
Accounts payable and accrued expenses | -177,623 | -286,312 |
Net cash used in operating activities | -1,621,400 | -2,656,076 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Investment in mineral properties | ' | -510,000 |
Purchase of fixed assets | ' | -696 |
Proceeds from sale of fixed assets | ' | 3,405 |
Net cash used in investing activities | ' | -507,291 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Payment on note payable | -45,000 | -45,000 |
Purchase of common stock | ' | -132,692 |
Net cash used in financing activities | -45,000 | -177,692 |
NET CHANGE IN CASH | -1,666,400 | -3,341,059 |
CASH, BEGINNING OF PERIOD | 2,374,017 | 6,517,935 |
CASH, END OF PERIOD | 707,617 | 3,176,876 |
SUPPLEMENTAL INFORMATION | ' | ' |
Interest paid | $15,993 | $137 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
31-May-14 | |
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, 2013, dated November 26, 2013 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, 2013 as reported in our annual report on Form 10-K, have been omitted. |
MINERAL_PROPERTIES
MINERAL PROPERTIES | 9 Months Ended | ||||||||
31-May-14 | |||||||||
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 (19) years. The lease can be extended beyond its primary term by applying for and receiving approval from the GLO or by production 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 of 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. | |||||||||
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 | Total Amount | ||||||||
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 2013, we paid a delay rental to the State of Texas upon execution of the lease 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 primary term of the lease is nineteen (19) years. 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 | Total Amount | ||||||||
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 2013, we paid a delay rental to the State of Texas of $4,500. | |||||||||
State of Texas Surface 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 Lease”), which covers 54,990.11 acres in Hudspeth County, Texas. In exchange for the West Lease, we agreed to: (i) pay the Foundation $500,000 in cash; (ii) issue 1,063,830 of our common shares, par value $0.01 (the “Common Shares”); and (iii) make ten (10) payments to the Foundation of $45,000 each. The first payment was made in June 2013, and the nine (9) subsequent payments due on or before June 1 of each of the following years, such payments to be used by the Foundation to support conservation efforts within the Rio Grande Basin. The Lease Assignment Agreement contains standard representations, warranties and covenants. The closing of the transaction contemplated by the Lease Assignment Agreement was completed on March 8, 2013. |
NOTE_PAYABLE
NOTE PAYABLE | 9 Months Ended | ||
31-May-14 | |||
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, 2014 the current portion due is $30,458 and long-term portion due is $260,387. The total note payable due at May 31, 2014 is $290,845. The Company has also accrued interest expense of approximately $4,000 as of May 31, 2014 which is included in accrued liabilities. | |||
Future maturities | |||
Year | Principal amount due | ||
2015 | 30,458 | ||
2016 | 31,981 | ||
2017 | 33,580 | ||
2018 | 35,259 | ||
2019 thereafter | 159,567 | ||
Total | $290,845 |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended |
31-May-14 | |
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. | |
During the nine months ended May 31, 2014, we expensed approximately $719,000 for stock based compensation to our directors and consultants for stock options previously issued. | |
On September 1, 2013, our Board approved and granted a total of 60,000 options to consultants. The options are exercisable at $0.30 per share for a period of five years. All options vest 1/6 at the end of each month of consulting services. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 60,000 options issued during the period to these consultants, using the assumptions of a risk free interest rate of 1.62%, dividend yield of 0%, volatility of 303%, and an expected life of 5 years. These options are valued at approximately $16,000 and are being expensed over the vesting period of 6 months in the amount of approximately $2,700 per month. | |
On October 1, 2013, we appointed Mr. Jack Lifton to serve as a member of our Board. In connection with the appointment of Mr. Jack Lifton to our Board on October 1, 2013, Mr. Lifton was granted 100,000 options to purchase shares of our common stock, vesting immediately with a term of 5 years and at an exercise price of $0.50. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 100,000 options issued during the period to this director, using the assumptions of a risk free interest rate of 1.10%, dividend yield of 0%, volatility of 302%, and an expected life of 5 years. These options were immediately expensed during the current period in the amount of approximately $47,000. In addition, Mr. Lifton, as a non-executive director, will receive $10,000 annually, $1,000 for in person board meetings, $500 for telephonic board meetings and $500 for committee meetings (both in person and telephonic) pursuant to our director compensation program. | |
On November 25, 2013, our Board approved and granted a total of 10,000 options to consultants. The options are exercisable at $0.50 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 10,000 options issued during the period to these consultants, using the assumptions of a risk free interest rate of 1.37%, dividend yield of 0%, volatility of 298%, and an expected life of 5 years. These options are being expensed immediately in the amount of approximately $5,000. | |
On December 8, 2013, our Board approved and granted 240,000 options to Mr. Marchese, 160,000 options to Dr. Pingitore, and 60,000 options each to Mr. Gorski, Dr. Wolfe, Mr. Lifton, Dr. Goodell, Ms. Lynch and Mr. Wall. All options to these members are exercisable at $0.50 per share for a period of ten years, vesting immediately. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 760,000 options issued during the period to these directors, using the assumptions of a risk free interest rate of 2.88%, dividend yield of 0%, volatility of 297%, and an expected life of 10 years. These options were expensed during the quarter ending February 28, 2014. Total value expensed was approximately $380,000. | |
On January 10, 2014, our Board entered into an agreement with a consultant to provide advisory services to the Company’s Board. As a part of the agreement our Board approved to provide the consultant with annual cash compensation of $5,000 and a grant of 25,000 options. The options are exercisable at $0.42 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 25,000 options issued during the period to this advisor, using the assumptions of a risk free interest rate of 2.88%, dividend yield of 0%, volatility of 293%, and an expected life of 5 years. These options are being expensed immediately in the amount of approximately $10,500. | |
On February 19, 2014, our Board approved a grant of 50,000 options to a consultant to the Company. The options are exercisable at $0.41 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 50,000 options issued during the period to this advisor, using the assumptions of a risk free interest rate of 2.88%, dividend yield of 0%, volatility of 291%, and an expected life of 5 years. These options are being expensed immediately in the amount of approximately $20,500. | |
On March 31, 2014, April 30, 2014, and May 31, 2014, the Board approved a total grant of 30,000 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 30,000 options issued during the period to this advisor, using the assumptions of a risk free interest rate of 1.54% to 1.74%, dividend yield of 0%, volatility of 284% to 288%, and an expected life of 5 years. These options are being expensed immediately in the amount of approximately $12,000. | |
On March 3, 2014, our Board approved the repricing of all outstanding Board options for active directors to $0.45. A total of 3.185 million Directors’ options that were outstanding as of March 3, 2014. With respect to these options, the Black-Scholes pricing model was used to estimate the fair value of the 3.185 million options outstanding on March 3, 2014, using the assumptions of a risk free interest rate from 0.39% to 2.6%, a dividend yield of 0%, volatility of 158%, to 883% and an expected life of 2 to 9.75 years. The options will be expensed in full during the third quarter 2014 in the amount of approximately $43,000. | |
On March 19, 2014, our Board approved a grant of 25,000 options to a consultant to the Company. The options are exercisable at $0.41 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 25,000 options issued during the period to this advisor, using the assumptions of a risk free interest rate of 1.56%, dividend yield of 0%, volatility of 289%, and an expected life of 5 years. These options are being expensed immediately in the amount of approximately $10,500. | |
We currently have 37,036,916 shares of our common stock outstanding. | |
As of May 31, 2014, the Company has 9,587,000 warrants issued in prior year, exercisable and outstanding with exercise prices of $2.50 to $5.00 per warrant, expiring 2015 and 2016. | |
As of May 31, 2014, the Company has 4,935,000 options issued and outstanding, of which 1,060,000 were issued during the nine months ended May 31, 2014. The options have an exercise prices of $0.30 to $1.00 and 3,971,022 are vested and exercisable, expiring in 2016 and 2024. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
31-May-14 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
On June 30, 2014, the Board approved a grant of 10,000 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 10,000 options issued during the period to this advisor, using the assumptions of a risk free interest rate of 1.62%, dividend yield of 0%, volatility of 282% and an expected life of 5 years. These options are being expensed immediately in the amount of approximately $4,000. |
MINERAL_PROPERTIES_Tables
MINERAL PROPERTIES (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
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 | Total Amount | ||||||||
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 | Total Amount | ||||||||
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 | ||
31-May-14 | |||
Debt Disclosure [Abstract] | ' | ||
Schedule of future maturities of debt | ' | ||
Future maturities | |||
Year | Principal amount due | ||
2015 | 30,458 | ||
2016 | 31,981 | ||
2017 | 33,580 | ||
2018 | 35,259 | ||
2019 thereafter | 159,567 | ||
Total | $290,845 |
MINERAL_PROPERTIES_Details_Nar
MINERAL PROPERTIES (Details Narrative) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | |
31-May-14 | Aug. 31, 2013 | Sep. 02, 2011 | Aug. 31, 2013 | Nov. 01, 2011 | Aug. 31, 2013 | Mar. 06, 2013 | Aug. 31, 2013 | |
Texas General Land Office - Hudspeth County, TX [Member] | Texas General Land Office - Hudspeth County, TX [Member] | State of Texas - Hudspeth County, TX [Member] | State of Texas - Hudspeth County, TX [Member] | Southwest Range and Wildlife Foundation, Inc. [Member] | Southwest Range and Wildlife Foundation, Inc. [Member] | |||
September 2011 Mineral Properties Lease [Member] | September 2011 Mineral Properties Lease [Member] | November 2011 Mineral Properties Lease [Member] | November 2011 Mineral Properties Lease [Member] | Surface Lease [Member] | Surface Lease [Member] | |||
acre | acre | acre | ||||||
Lease acreage | ' | ' | 860 | ' | 90 | ' | 54,990.11 | ' |
Lease term | ' | ' | '19 years | ' | '19 years | ' | ' | ' |
Lease bonus | ' | ' | $142,518 | ' | ' | ' | ' | ' |
Lease bonus paid | ' | ' | 44,718 | ' | 20,700 | ' | ' | ' |
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 | ' | 50,000 | ' | ' | ' |
Production royalty of market value of uranium and fissionable materials | ' | ' | 8.00% | ' | 8.00% | ' | ' | ' |
Production royalty of market value of other minerals | ' | ' | 6.25% | ' | 6.25% | ' | ' | ' |
Delay rental paid | ' | ' | ' | 44,718 | ' | 4,500 | ' | ' |
Cash paid for lease assignment | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Shares issued for lease | ' | ' | ' | ' | ' | ' | 1,063,830 | ' |
Common stock, par value | $0.01 | $0.01 | ' | ' | ' | ' | $0.01 | ' |
Periodic payment | $45,000 | ' | ' | ' | ' | ' | $45,000 | ' |
Number of payments | 9 | ' | ' | ' | ' | ' | 10 | 9 |
MINERAL_PROPERTIES_Details
MINERAL PROPERTIES (Details) (USD $) | 31-May-14 |
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_Narrative
NOTE PAYABLE (Details Narrative) (USD $) | 9 Months Ended |
31-May-14 | |
Debt Disclosure [Abstract] | ' |
Periodic payment | $45,000 |
Number of payments | 9 |
Interest rate | 5.00% |
Note payable face amount | 364,852 |
Accrued interest expense | $4,000 |
NOTE_PAYABLE_Details
NOTE PAYABLE (Details) (USD $) | 31-May-14 |
Future maturities, fiscal year: | ' |
2015 | $30,458 |
2016 | 31,981 |
2017 | 33,580 |
2018 | 35,259 |
2019 thereafter | 159,567 |
Total | $290,845 |
SHAREHOLDERS_EQUITY_Details_Na
SHAREHOLDERS' EQUITY (Details Narrative) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | 9 Months Ended | 2 Months Ended | 0 Months Ended | 9 Months Ended | 2 Months Ended | 0 Months Ended | |||||||||
31-May-14 | Oct. 01, 2013 | Dec. 08, 2013 | Feb. 28, 2014 | Mar. 19, 2014 | Feb. 19, 2014 | Jan. 10, 2014 | Nov. 25, 2013 | Sep. 02, 2013 | 31-May-14 | Dec. 08, 2013 | Dec. 08, 2013 | Mar. 03, 2014 | Dec. 08, 2013 | 31-May-14 | 31-May-14 | 31-May-14 | Mar. 03, 2014 | 31-May-14 | 31-May-14 | Mar. 03, 2014 | |
Jack Lifton, Director [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Lower Range [Member] | Lower Range [Member] | Lower Range [Member] | Upper Range [Member] | Upper Range [Member] | Upper Range [Member] | ||
Consultant [Member] | Consultant [Member] | Consultant [Member] | Consultant [Member] | Consultant [Member] | Consultant [Member] | Mr. Marchese [Member] | Dr. Pingitore [Member] | Board of Director Members [Member] | Board of Director Members [Member] | Board of Director Members [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | |||||||
Consultant [Member] | Board of Director Members [Member] | Consultant [Member] | Board of Director Members [Member] | ||||||||||||||||||
Stock based compensation | $719,000 | $47,000 | ' | $380,000 | $10,500 | $20,500 | $10,500 | $5,000 | ' | $12,000 | ' | ' | ' | ' | $43,000 | ' | ' | ' | ' | ' | ' |
Options granted | 1,060,000 | 100,000 | 760,000 | ' | 25,000 | 50,000 | 25,000 | 10,000 | 60,000 | 30,000 | 240,000 | 160,000 | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' |
Exercise price of options granted | ' | $0.50 | $0.50 | ' | $0.41 | $0.41 | $0.42 | $0.50 | $0.30 | $0.30 | ' | ' | ' | ' | ' | $0.30 | ' | ' | $1 | ' | ' |
Repricing of options previously granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.45 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options outstanding | 4,935,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,185,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, vested and exercisable | 3,971,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options expected term | ' | '5 years | '10 years | ' | '5 years | '5 years | '5 years | '5 years | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting terms | ' | 'Vest Immediately | ' | ' | 'Vest Immediately | 'Vest Immediately | 'Vest Immediately | 'Vest Immediately | 'Vest 1/6 at the end of each month of consulting services | 'Vest Immediately | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield | ' | 0.00% | 0.00% | ' | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | 1.10% | 2.88% | ' | 1.56% | 2.88% | 2.88% | 1.37% | 1.62% | ' | ' | ' | ' | ' | ' | ' | 1.54% | 0.39% | ' | 2.60% | 2.60% |
Expected volatility | ' | 302.00% | 297.00% | ' | 289.00% | 291.00% | 293.00% | 298.00% | 303.00% | ' | ' | ' | ' | ' | ' | ' | 284.00% | 158.00% | ' | 288.00% | 883.00% |
Expected life | ' | '5 years | '10 years | ' | '5 years | '5 years | '5 years | '5 years | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | '9 years 9 months |
Fair value of options | ' | ' | ' | ' | ' | ' | ' | ' | $16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly expense amount to be recognized | ' | ' | ' | ' | ' | ' | ' | ' | 2,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual compensation | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
In-person board meeting compensation | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Telephonic board meeting compensation | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committee board meeting compensation | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual cash compensation to consultant | ' | ' | ' | ' | ' | ' | $5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued | 9,587,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' | ' | 5 | ' | ' |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 9 Months Ended | 0 Months Ended |
31-May-14 | Jun. 30, 2014 | |
Subsequent Event Stock Option [Member] | ||
Consultant [Member] | ||
Stock based compensation | $719,000 | $4,000 |
Options granted | 1,060,000 | 10,000 |
Exercise price of options granted | ' | $0.30 |
Stock options expected term | ' | '5 years |
Vesting terms | ' | 'Vest Immediately |
Expected dividend yield | ' | 0.00% |
Risk-free interest rate | ' | 1.62% |
Expected volatility | ' | 282.00% |
Expected life | ' | '5 years |