Texas Mineral Resources (TMRC) 10-Q 17 Jul 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2017	Jul. 12, 2017
Document And Entity Information
Entity Registrant Name	Texas Mineral Resources Corp.
Entity Central Index Key	1,445,942
Document Type	10-Q
Document Period End Date	May 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017
Entity Common Stock, Shares Outstanding		44,941,532

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	May 31, 2017	Aug. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 5,826	$ 5,164
Prepaid expenses and other current assets	11,667	6,667
Total current assets	17,493	11,831
Property and equipment, net	7,280	15,536
Mineral properties	1,753,446	1,753,446
Deposits	24,000	29,710
TOTAL ASSETS	1,802,219	1,810,523
CURRENT LIABILITIES
Accounts payable and accrued liabilities	331,609	252,245
Accounts payable - related party	548,740	350,288
Notes payable - related party, net of discount	141,336	76,500
Current portion of note payable	260,387	260,387
Total current liabilities	1,282,072	939,420
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, 2017 and August 31, 2016, respectively
Common stock, par value $0.01; 100,000,000 shares authorized, 44,941,532 shares issued and outstanding as of May 31, 2017 and August 31, 2016, respectively	449,416	449,416
Additional paid-in capital	32,977,143	32,918,544
Accumulated deficit	(32,906,412)	(32,496,857)
Total shareholders' equity	520,147	871,103
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,802,219	$ 1,810,523

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	May 31, 2017	Aug. 31, 2016
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	44,941,532	44,941,532
Common stock, shares outstanding	44,941,532	44,941,532

UNAUDITED STATEMENTS OF OPERATI

UNAUDITED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
OPERATING EXPENSES
Exploration costs		$ 74,042	$ 9,378	$ 118,353
General and administrative expenses	139,047	233,004	362,199	849,869
Total operating expenses	139,047	307,046	371,577	968,222
LOSS FROM OPERATIONS	(139,047)	(307,046)	(371,577)	(968,222)
OTHER INCOME (EXPENSE)
Interest and other income	1	84	2	6,145
Interest and other expense	(13,274)	(4,802)	(37,980)	(11,061)
Total other income (expense)	(13,273)	(4,718)	(37,978)	(4,916)
NET LOSS	$ (152,320)	$ (311,764)	$ (409,555)	$ (973,138)
Net loss per share:
Basic and diluted net loss per share	$ 0	$ (0.01)	$ (0.01)	$ (0.02)
Weighted average shares outstanding:
Basic and diluted	44,941,532	44,665,516	44,941,532	43,486,118

UNAUDITED STATEMENTS OF CASH FL

UNAUDITED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	May 31, 2017	May 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (409,555)	$ (973,138)
Adjustments to reconcile net loss to net cash used in operating activities:
Discount on notes payable	23,650
Depreciation expense	8,256	21,977
Gain on sale of asset		(5,698)
Stock based compensation	12,285	184,409
Changes in current assets and liabilities:
Prepaid expenses and other assets	711	13,551
Accounts payable and accrued expenses	79,363	71,005
Accounts payable related party	198,452	163,691
Net cash used in operating activities	(86,838)	(524,203)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of equipment		9,777
Investment in mineral properties		(15,000)
Net cash used in investing activities		(5,223)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from note payable - related party	87,500
Payment on lease note payable		(30,459)
Cash from sale of common stock		569,500
Net cash provided by financing activities	87,500	539,041
NET CHANGE IN CASH AND CASH EQUIVALENTS	662	9,615
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	5,164	2,938
CASH AND CASH EQUIVALENTS, END OF PERIOD	5,826	12,553
SUPPLEMENTAL INFORMATION
Interest paid
Taxes paid
NON-CASH TRANSACTIONS
Conversion of notes payable and accrued interest to units		$ 90,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	May 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited interim financial statements of Texas Mineral Resources Corp. (“we”, “us”, “our”, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K, for the year ended August 31, 2016, dated December 14, 2016 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, 2016 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 not 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 $32,900,000 as of May 31, 2017 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. On March 14, 2016, the Company filed a Certificate of Amendment with the Secretary of State of the State of Delaware to amend its Certificate of Incorporation to change the name of the Company from “Texas Rare Earth Resources Corp” to “Texas Mineral Resources Corp”. The amendment was effective at 9:00 am EST on March 21, 2016. The Certificate of Amendment did not make any other amendments to the Company’s Certificate of Incorporation. The Company is currently delinquent in filing and paying its Delaware Corporate Franchise Tax. We plan to file this return and pay the taxes that may be due upon any funding that the Company may receive in the future. The Company cannot guarantee any future funding will occur. Reclassifications For comparability, certain prior period amounts have been reclassified, where appropriate, to conform to the financial statement presentation used in 2017.

MINERAL PROPERTIES

MINERAL PROPERTIES	9 Months Ended
	May 31, 2017
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 (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 Amount Total Amount September 2, 2015 – 2019 $ 75 $ 67,077 September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 $ 200 $ 178,873 In August 2016, 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 which was paid upon the execution of the lease. Upon the sale of minerals removed from Round Top, we will pay the State of Texas a $50,000 minimum advance royalty. Thereafter, we will pay the State of Texas a production royalty equal to eight percent (8%) of the market value of uranium and other fissionable materials removed and sold from Round Top and six and one quarter percent (6 1/4%) of the market value of all other minerals sold from Round Top. Thereafter, assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule: Per Acre Amount Total Amount November 1, 2015 – 2019 $ 75 $ 6,750 November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 $ 200 $ 18,000 In October 2016, 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 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. As of May 31, 2017 the fourth annual payment of $45,000 was not paid for June 2016. In addition as of the date of this filing the fifth annual payment of $45,000 was not paid for June 2017, however, the Company has received a waiver until August 31, 2017 for the payments. 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, and separately a lease to develop the water necessary for the potential Round Top project mine operations. The option to purchase the surface rights covers approximately 5,670 acres over the mining lease and the additional acreage adequate to site all potential heap leaching and processing operations as currently anticipated by the Company. We may exercise the option for all or part of the option acreage at any time during the sixteen-year primary term of the mineral lease. The option can be kept current by an annual payment of $10,000, the October 2016 payment has not been paid as of the date of this filing. 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; the October 2016 payment has not been paid as of the date of this filing. 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 West Lease is in effect. The Pagnotti Enterprises Inc. Memorandum of Understanding The Pagnotti Enterprises Inc. Memorandum of Understanding On June 28, 2016 TMRC executed a Memorandum of understanding with Pagnotti Enterprises Inc. ("PEI") of Wilkes Barre, Pennsylvania, owners of the Jeddo Coal Co., whereby under specified terms TMRC could lease one or more of Jeddo's deposits located in the anthracite region of northeast Pennsylvania. Research by the Department of Energy (DOE) has shown that these coal deposits and the sandstones and siltstones immediately associated with them contain anomalously high values of rare earth and on particular interest, Scandium. The DOE research to date has indicated that the rare earth can be efficiently extracted from pulverized rock using ammonium sulfate as the lixiviant. TMRC and its associates, K-Tech, Inventure Renewables and Penn State University applied for a grant from the Department of Energy in October of 2016 and were awarded Phase 1 of the grant in June of 2017 to plan, develop, design and install the CIX/CIC pilot plant at one of the Jeddo Coal properties. The grant is to be awarded in two Phases, Phase one for $1,000,000 and Phase 2 for $22,750,000. The awarding of Phase 2 is contingent upon successful completion of Phase 1. Under the terms of the Memorandum of Understanding (MOU) signed 28 June 2016, TMRC had a six months term to perform the necessary due diligence and to technically and economically evaluate the properties. Upon execution of the MOU TMRC and PEI will have six months to draft and execute a formal lease agreement containing all the standard terms of mining lease agreements. TMRC will be obligated to pay a $5,000 per month rental or a 12% royalty whichever is greater upon execution of the lease with PEI. TMRC has asked for and received an extension of the original six months due diligence period to the new due date of June 30, 2018.

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	May 31, 2017
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 3 – NOTES 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. As of the date of this filing, we have not paid the June 2016 or June 2017 installment of our surface lease, in the amount of $45,000 each, to the Southwest Wildlife Foundation. As a result the full amount of the note payable has been classified as currently due. The Company has received a waiver until August 31, 2017 for the June 2016 and June 2017 payment. The note payable balance as of May 31, 2017 and August 31, 2016 was approximately $260,000. The Company has also accrued interest expense as of May 31, 2017 and August 31, 2016 of $27,315 and $18,750, respectively which is included in accrued liabilities. On July 1, 2016 the Company entered into two loans for $2,500 each from two directors of the Company. The loans are due July 1, 2017, non-interest accruing, and unsecured. As of the date of this filing the loans are in default and due upon demand. As additional consideration for the loans, we issued 5,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The loans have a relative fair value of $3,815 and the warrants have a relative fair value of $1,185 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.00% (ii) estimated volatility of 185% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of May 31, 2017 and August 31, 2016 was a total of $5,000. On September 1, 2016, the Company entered into five loans totaling $71,500 from five directors of the Company. The loans were due March 1, 2017, are non-interest bearing, and unsecured. As of this filing the loans are in default and due upon demand. As additional consideration for the loans, we issued in total 147,000 common stock purchase warrants. The warrants have an exercise price of $0.10 and term of five years. The loans have a relative fair value of $57,414 and the warrants have a relative fair value of $14,086 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.180% (ii) estimated volatility of 245% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of May 31, 2017 and August 31, 2016 was $71,500. On November 1, 2016 the Company entered into two loans for $4,000 and $1,000 from two directors of the Company. The loans are due April 30, 2017 and April 1, 2017, respectively, are non-interest bearing, and unsecured. As of this filing the loans are in default and due upon demand. As additional consideration for the loans, we issued 4,000 and 1,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The loans have a relative fair value of $4,522 and the warrants have a relative fair value of $478 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.30% (ii) estimated volatility of 181% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of May 31, 2017 and August 31, 2016 was $5,000 and $0, respectively. On December 12, 2016, the Company entered into a loan for $15,000 a director of the Company. The loan is due June 12, 2017, is non-interest accruing, and unsecured. As of this filing the loan is in default and due upon demand. As additional consideration for the loan, we issued 45,000 common stock purchase warrants to the individual. The warrants have an exercise price of $0.10 and term of five years. The loan has a relative fair value of $11,296 and the warrants have a relative fair value of $3,704 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.90% (ii) estimated volatility of 241% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of May 31, 2017 and August 31, 2016 was $15,000 and $0, respectively. On January 12, 2017 the Company entered into two loans totaling $20,000 from a director and an officer of the Company. The loans are due July 12, 2017, are non-interest accruing, and unsecured. As of this filing the loans are in default and due upon demand. As additional consideration for the loans, we issued 40,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The loans have a relative fair value of $13,542 and the warrants have a relative fair value of $6,458 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.87% (ii) estimated volatility of 240% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of May 31, 2017 and August 31, 2016 was $20,000 and $0, respectively. During the three months ended May 31, 2017 the Company entered into eight loans totaling $47,500 from directors and officers of the Company. The loans are due during the first quarter ended for 2018 fiscal year end, are non-interest accruing, and unsecured. As additional consideration for the loans, we issued in total 190,000 common stock purchase warrants. The warrants have an exercise price of $0.21 and term of five years. The loans have a relative fair value of $25,912 and the warrants have a relative fair value of $21,588 at the date of issuance determined using the Black-Scholes option-pricing model. The assumptions used to calculate the fair market value are as follows: (i) risk-free interest rate of 1.75% (ii) estimated volatility of 235% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of May 31, 2017 and August 31, 2016 was $47,500 and $0, respectively. The Company has recorded total discounts on the notes payable in the amount of $46,314. For the nine months ended May 31, 2017, amortization of discounts on the notes payable totals approximately $23,650.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	May 31, 2017
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, 2017, we recognized $12,285 in stock compensation expense for 90,000 stock options issued to an outside consultant for services.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	May 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 – RELATED PARTY TRANSACTIONS The Company had accounts payable to related parties in the approximate amount of $549,000 and $350,000 at May 31, 2017 and August 31, 2016, respectively. The Company rents office space on a month to month basis of $1,600 from a director. This space is currently subleased to a tenant.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	May 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 – SUBSEQUENT EVENTS In June and July of 2017, we issued a total of 20,000 stock options to a consultant for services. These options will be valued in the fourth quarter ending August 31, 2017, using the Black Sholes model. On July 12, 2017 the Company received an extension to pay the June 2016 and 2017 Foundation lease payments of $45,000 each to August 31, 2017 (See Note 2). In addition the Company will issue the Foundation $90,000 worth of restricted shares.

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	9 Months Ended
	May 31, 2017
Mineral Industries Disclosures [Abstract]
Schedule of future minimum lease payments	Thereafter, assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule: Per Acre Amount Total Amount September 2, 2015 – 2019 $ 75 $ 67,077 September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 $ 200 $ 178,873 Thereafter, assuming production of paying quantities has not been obtained, we may pay additional delay rental fees to extend the term of the lease for successive one (1) year periods pursuant to the following schedule: Per Acre Amount Total Amount November 1, 2015 – 2019 $ 75 $ 6,750 November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 $ 200 $ 18,000

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($)	May 31, 2017	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (32,906,412)	$ (32,496,857)

MINERAL PROPERTIES (Details Nar

MINERAL PROPERTIES (Details Narrative)	1 Months Ended
	Oct. 31, 2016USD ($)	Aug. 31, 2016USD ($)	Jun. 28, 2016USD ($)	Oct. 31, 2014USD ($)aMiles$ / gal	Mar. 06, 2013USD ($)ashares	Nov. 01, 2011USD ($)a	Sep. 02, 2011USD ($)a	Jun. 30, 2017USD ($)	May 31, 2017USD ($)
Water Lease [Member]
Production payment, amount per thousand gallons | $ / gal				0.95
PEI - MOU [Member]
Periodic lease payment			$ 5,000
Royalty percentage			12.00%
PEI - MOU [Member] | DOE Grant [Member]
Grant receivable - current Phase 1								$ 1,000,000
Grant to be received on completion of Phase 1								22,750,000
Texas General Land Office - Hudspeth County, TX [Member] | September 2011 Mineral Properties Lease [Member]
Mining lease - acres | 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%
Payment of delay rental		$ 67,077
State of Texas - Hudspeth County, TX [Member] | November 2011 Mineral Properties Lease [Member]
Mining lease - acres | 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%
Payment of delay rental	$ 6,750
Southwest Range and Wildlife Foundation, Inc. [Member] | Surface Lease [Member]
Mining lease - acres | a					54,990.11
Surface rights - acres | a				5,760
Cash paid for lease assignment					$ 500,000
Shares issued for lease | shares					1,063,830
Periodic lease payment					$ 45,000				$ 45,000
Periodic option annual payment due				$ 10,000
Southwest Range and Wildlife Foundation, Inc. [Member] | Surface Lease [Member] | Subsequent Event [Member]
Periodic lease payment								$ 45,000
Southwest Range and Wildlife Foundation, Inc. [Member] | Water Lease [Member]
Ground water lease - acres | a				13,120
Distance from project mine | Miles				4
Annual minimum production payment				$ 5,000
Production payment, annual amount				$ 20,000

MINERAL PROPERTIES (Schedule of

MINERAL PROPERTIES (Schedule of Future Minimum Lease Payments) (Details)	May 31, 2017USD ($)
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, 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

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative)	Jan. 12, 2017USD ($)$ / sharesshares	Dec. 12, 2016USD ($)$ / sharesshares	Nov. 01, 2016USD ($)$ / sharesshares	Sep. 02, 2016USD ($)$ / sharesshares	Jul. 01, 2016USD ($)$ / sharesshares	Mar. 06, 2013USD ($)	May 31, 2017USD ($)$ / sharesshares	May 31, 2017USD ($)$ / shares	Aug. 31, 2016USD ($)
Debt Instrument [Line Items]
Current portion of note payable							$ 260,387	$ 260,387	$ 260,387
Notes payable - related party, net of discounts							141,336	141,336	76,500
Discount on notes payable							46,314	46,314
Amortization of debt discount								23,650
Foundation Lease Note Payable [Member]
Debt Instrument [Line Items]
Periodic payment						$ 45,000
Number of payments						9
Imputed interest rate						5.00%
Note payable face amount						$ 364,852
Current portion of note payable							260,000	260,000	260,000
Accrued interest payable							27,315	27,315	18,750
Amount of lease payment in default							45,000	45,000
Director Loans 7/1/2016 [Member]
Debt Instrument [Line Items]
Number of loans					2
Note payable face amount					$ 2,500
Notes payable - related party, net of discounts							5,000	5,000	5,000
Maturity date					Jul. 1, 2017
Common stock warrants granted | shares					5,000
Warrants, exercise price | $ / shares					$ 0.10
Warrant term					5 years
Fair value of debt					$ 3,815
Fair value of warrants					$ 1,185
Expected life					5 years
Expected volatility					185.00%
Risk-free interest rate					1.00%
Expected dividend yield					0.00%
Director Loans 9/1/2016 [Member]
Debt Instrument [Line Items]
Number of loans				5
Note payable face amount				$ 71,500
Notes payable - related party, net of discounts							71,500	71,500	71,500
Maturity date				Mar. 1, 2017
Common stock warrants granted | shares				147,000
Warrants, exercise price | $ / shares				$ 0.10
Warrant term				5 years
Fair value of debt				$ 57,414
Fair value of warrants				$ 14,086
Expected life				5 years
Expected volatility				245.00%
Risk-free interest rate				1.18%
Expected dividend yield				0.00%
Director Loan 11/1/2016 #1 [Member]
Debt Instrument [Line Items]
Note payable face amount			$ 4,000
Maturity date			Apr. 30, 2017
Common stock warrants granted | shares			4,000
Director Loan 11/1/2016 #2 [Member]
Debt Instrument [Line Items]
Note payable face amount			$ 1,000
Maturity date			Apr. 1, 2017
Common stock warrants granted | shares			1,000
Director Loans 11/1/2016 [Member]
Debt Instrument [Line Items]
Number of loans			2
Notes payable - related party, net of discounts							5,000	5,000	0
Warrants, exercise price | $ / shares			$ 0.10
Warrant term			5 years
Fair value of debt			$ 4,522
Fair value of warrants			$ 478
Expected life			5 years
Expected volatility			181.00%
Risk-free interest rate			1.30%
Expected dividend yield			0.00%
Director Loan 12/12/2016 [Member]
Debt Instrument [Line Items]
Note payable face amount		$ 15,000
Notes payable - related party, net of discounts							15,000	15,000	0
Maturity date		Jun. 12, 2017
Common stock warrants granted | shares		45,000
Warrants, exercise price | $ / shares		$ .10
Warrant term		5 years
Fair value of debt		$ 11,296
Fair value of warrants		$ 3,704
Expected life		5 years
Expected volatility		241.00%
Risk-free interest rate		1.90%
Expected dividend yield		0.00%
Director and Officer Loans 1/12/2017 [Member]
Debt Instrument [Line Items]
Number of loans	2
Note payable face amount	$ 20,000
Notes payable - related party, net of discounts							$ 20,000	$ 20,000	0
Maturity date	Jul. 12, 2017
Common stock warrants granted | shares	40,000
Warrants, exercise price | $ / shares	$ .10
Warrant term	5 years
Fair value of debt	$ 13,542
Fair value of warrants	$ 6,458
Expected life	5 years
Expected volatility	240.00%
Risk-free interest rate	1.87%
Expected dividend yield	0.00%
Director and Officer Loans 5/31/2017 [Member]
Debt Instrument [Line Items]
Number of loans							8	8
Note payable face amount							$ 47,500	$ 47,500
Notes payable - related party, net of discounts							$ 47,500	$ 47,500	$ 0
Maturity date							Nov. 30, 2018
Common stock warrants granted | shares							190,000
Warrants, exercise price | $ / shares							$ .21	$ .21
Warrant term							5 years
Fair value of debt							$ 25,912	$ 25,912
Fair value of warrants							$ 21,588	$ 21,588
Expected life							5 years
Expected volatility							235.00%
Risk-free interest rate							1.75%
Expected dividend yield							0.00%

SHAREHOLDERS' EQUITY (Details N

SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)	9 Months Ended
	May 31, 2017	Aug. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation - options	$ 12,285
Stock options issued to outside consultant (shares)	90,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended
	May 31, 2017	Aug. 31, 2016
Accounts payable - related party	$ 548,740	$ 350,288
Director [Member]
Monthly rent paid to director	$ 1,600

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)	1 Months Ended
	Jul. 13, 2017	Jun. 30, 2017
Stock options issued for services (shares)	20,000
Southwest Range and Wildlife Foundation, Inc. [Member] | Surface Lease [Member]
Extension of lease payments		$ 45,000
Resticted stock to be issued		90,000