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 |