Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2017 | Jan. 16, 2018 | |
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 | Nov. 30, 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 | Q1 | |
Document Fiscal Year Focus | 2,018 | |
Entity Common Stock, Shares Outstanding | 44,941,533 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Nov. 30, 2017 | Aug. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,294 | $ 1,080 |
Prepaid expenses and other current assets | 1,667 | 6,667 |
Total current assets | 5,961 | 7,747 |
Property and equipment, net | 3,792 | 5,421 |
Mineral properties | 358,594 | 358,594 |
Deposits | 24,000 | 24,000 |
TOTAL ASSETS | 392,347 | 395,762 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 1,083,767 | 1,003,468 |
Notes payable - related party, net of discount | 262,915 | 246,165 |
Current portion of note payable | 260,387 | 260,387 |
Total current liabilities | 1,607,069 | 1,510,020 |
Total liabilities | 1,607,069 | 1,510,020 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS' EQUITY | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of November 30, 2017 and August 31, 2016, respectively | ||
Common stock, par value $0.01; 100,000,000 shares authorized, 44,941,532 and 44,941,532 shares issued and outstanding as of November 30, 2017 and August 31, 2016, respectively | 449,416 | 449,416 |
Additional paid-in capital | 33,084,301 | 33,068,309 |
Accumulated deficit | (34,748,439) | (34,631,983) |
Total shareholders' equity | (1,214,722) | (1,114,258) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 392,347 | $ 395,762 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Nov. 30, 2017 | Aug. 31, 2017 |
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 | 44,941,533 | 44,941,532 |
Common stock, shares outstanding | 44,941,533 | 44,941,532 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
OPERATING EXPENSES | ||
Exploration costs | $ 6,750 | $ 3,245 |
General and administrative expenses | 91,185 | 119,506 |
Total operating expenses | 97,935 | 122,751 |
LOSS FROM OPERATIONS | (97,935) | (122,751) |
OTHER INCOME (EXPENSE) | ||
Interest and other income | 1 | |
Interest and other expense | (18,521) | (5,196) |
Total other income (expense) | (18,521) | (5,195) |
NET LOSS | $ (116,456) | $ (127,946) |
Net loss per share: | ||
Basic and diluted net loss per share | ||
Weighted average shares outstanding: | ||
Basic and diluted | 44,941,533 | 44,941,533 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (116,456) | $ (127,946) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,629 | 4,963 |
Cashless compensation for advances | 12,518 | |
Stock based compensation | 3,474 | 12,285 |
Changes in current assets and liabilities: | ||
Prepaid expenses and other assets | 5,000 | (14,582) |
Accounts payable and accrued expenses | 80,299 | 115,908 |
Net cash used in operating activities | (13,536) | (9,372) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party advances | 16,750 | 5,000 |
Net cash provided by financing activities | 16,750 | 5,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 3,214 | (4,372) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,080 | 5,164 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 4,294 | $ 792 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Nov. 30, 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, 2017, dated December 14, 2017 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, 2017 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 $34,748,000 as of November 30, 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. Reclassification of prior year balances Our financial statements during the period ended November 30, 2017 contain amounts that have been reclassified for presentation and comparability purposes. The amounts and content of these related account balances were not altered during the reclassification. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 3 Months Ended |
Nov. 30, 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 (61/4%) of the market value of all other minerals removed and sold from Round Top. 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 September 2, 2015 – 2019 $ 75 $ 67,077 September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 $ 200 $ 178,873 In August 2017, 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. 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 November 1, 2015 – 2019 $ 75 $ 6,750 November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 $ 200 $ 18,000 In October 2017, we paid a delay rental to the State of Texas of $6,750. March 2013 Lease On March 6, 2013, we purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (the “Foundation”) for $500,000 cash and 1,063,830 shares of our common stock. We also agreed to support the Foundation through an annual payment of $45,000 for ten years to support conservation efforts within the Rio Grande Basin and in particular engaging in stewardship of Lake Amistad, a large and well-known fishing lake near Del Rio, Texas. The West Lease comprises approximately 54,990 acres. Most importantly, the purchase of the surface lease gave us unrestricted surface access for the potential development and mining of our Round Top Project. As of the date of this filing the $45,000 payments due in June 2016 and 2017 have not been paid; consequently, we have expensed the value of the West Lease during fiscal 2017. We fully intend to continue with the evaluation of the mineral potential of the property, to ultimately mine the property, and to bring the lease current when funds are available. Expensing the value of the West Lease does not restrict our access to the mineral leases. 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, which 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 for the operation, which 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 mineral lease is in effect. 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 is in the process of preparing an application for a federal grant to design and construct a continuous ion exchange/continuous ion chromatography (CIX/CIC) pilot plant to be delivered to a designated project area in the Appalachian coal province. TMRC and its co-applicants, K-Tech, Inventure Renewables, of Tuscaloosa, Alabama and Penn State University are proposing to plan, develop, design and install the CIX/CIC pilot plant at one of the Jeddo Coal properties. The grant was awarded in March 2017 to the consortium consisting of Inventure Renewables, Penn State, K-Tech and TMRC with Inventure being the principal investigator in the consortium. Funding began in September 2017. Under the terms of the Memorandum of Understanding (MOU) signed 28 June 2016, TMRC had a six-month term to perform the necessary due diligence and to technically and economically evaluate the properties. Upon execution of the MOU TMRC and PEI had six months to draft and execute a formal lease agreement containing all the standard terms of mining lease agreements. Upon execution of a lease, TMRC will be obligated to pay a $5,000 per month rental or a 12% royalty whichever is greater. As of the date of this filing, no lease has been executed. |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Nov. 30, 2017 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 3 – NOTES PAYABLE As part of our surface lease with the Rio Grande Foundation (formerly referred to as the Southwest Wildlife Foundation), 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 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 note payable balance as of November 30, 2017 $260,000. The Company has also accrued interest expense as of November 30, 2017 of $37,500. This unpaid interest is included in accrued liabilities. The Foundation has not given notice of default or made any demand for payment as of the date of this filing. However, based upon the Company being in default on the Note Payable there is no guarantee that the Foundation will allow the Company to bring the lease payments current without requiring the Company to provided additional consideration to the Foundation. Consequently, since the Company cannot be guaranteed the ability to utilize the lease due to its current default status, the Company has written off the value of this lease ($1,394,852) as of August 31, 2017. The Company intends to continue with the evaluation of the mineral potential of the property, to ultimately mine the property, and to bring this note payable and its accrued interest current when the funds are available. Related Party Notes Payable and Advances On July 1, 2016 the Company received two loans for $2,500 each from two directors of the Company. The loans are non-interest accruing, unsecured 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 warrants had a 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 August 31, 2017 and August 31, 2016 was a total of $5,000. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advances. 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 August 31, 2017 and August 31, 2016 was $71,500. The value of the warrant was amortized to interest expense over the term of the note payable. 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 non-interest bearing, unsecured and due upon demand. As additional consideration for the loans, we issued 8,000 and 2,000 common stock purchase warrants to each individual. The warrants have an exercise price of $0.10 and term of five years. The warrants had a fair value of $1,057 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 August 31, 2017 was $5,000. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance. 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 60,000 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 $10,437 and the warrants have a relative fair value of $4,563 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 August 31, 2017 was $15,000. The value of the warrant was amortized to interest expense over the term of the note payable. 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 August 31, 2017 was $20,000. The value of the warrant was amortized to interest expense over the term of the note payable. During the three months ended May 31, 2017 the Company entered into eight loans totaling $47,500 from two directors of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued in total 190,000 common stock purchase warrants. The warrants have an exercise price of $0.17 - $0.21 and a term of five years. The warrants had a fair value of $39,557 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 234% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of August 31, 2017 was $47,500. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance. During the three months ended August 31, 2017 the Company entered into seven loans totaling $82,165 from two directors of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued in total 328,660 common stock purchase warrants. The warrants have an exercise price of $0.20 - $0.23 and a term of five years. The warrants have a fair value of $65,137 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 169% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The notes payable balance as of August 31, 2017 was $82,165. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance. During the three months ended November 30, 2017 the Company received two advances totaling $16,750 from a director and an officer of the Company. The loans are non-interest accruing, unsecured and due upon demand. As additional consideration for the loans, we issued a total of 67,000 common stock purchase warrants. The warrants have an exercise price of $0.21 - 0.22 and a term of five years. The warrants have a fair value of $12,518 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 2.88% (ii) estimated volatility of 122% (iii) dividend yield of 0.00% and (iv) expected life of the warrants of five years. The note payable balance as of November 30, 2017 was $16,750. The value of the warrants was expensed as interest expense at the time of issuance due to no stated term on the advance. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Nov. 30, 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 three months ended November 30, 2017, we recognized $3,474 in stock compensation expense for 30,000 stock options issued to outside consultants for services and $12,518 in interest expense for warrants issued to a director and an officer for advances to us. We had 44,941,533 shares of our common stock outstanding as of November 30, 2017. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Nov. 30, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS The Company has received advances from certain Directors and Officers. The advances totaled approximately $263,000 as of November 30, 2017. The Company rents office space on a month to month basis of $1,600 from a former director. This space is currently subleased to a tenant. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS In December 2017 certain members of our Board lent the company $14,000 with no stated term on the advances and no interest. The Board members were also issued 56,000 warrants that will be valued during our second fiscal quarter ending February 28, 2018 using the Black-Scholes model. |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 3 Months Ended |
Nov. 30, 2017 | |
Mineral Industries Disclosures [Abstract] | |
Schedule of future minimum lease payments | September 2011 Lease 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 September 2, 2015 – 2019 $ 75 $ 67,077 September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 $ 200 $ 178,873 November 2011 Lease 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 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 ($) | Nov. 30, 2017 | Aug. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (34,748,439) | $ (34,631,983) |
MINERAL PROPERTIES (Details Nar
MINERAL PROPERTIES (Details Narrative) | 1 Months Ended | ||||||||
Oct. 31, 2017USD ($) | Aug. 31, 2017USD ($) | Jun. 28, 2016USD ($) | Oct. 31, 2014USD ($)aMiles$ / gal | Mar. 06, 2013USD ($)ashares | Nov. 01, 2011USD ($)a | Sep. 02, 2011USD ($)a | Jun. 01, 2017USD ($) | Jun. 01, 2016USD ($) | |
Pagnotti Enterprises - MOU [Member] | |||||||||
Periodic lease payment | $ 5,000 | ||||||||
Royalty percentage | 12.00% | ||||||||
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 other fissionable materials removed | 8.00% | ||||||||
Production royalty of market value of other minerals removed | 6.25% | ||||||||
Payment of delay rental | $ 67,077 | ||||||||
Texas General Land Office - Hudspeth County, TX [Member] | Option to Purchase Surface Rights [Member] | |||||||||
Surface rights - acres | a | 5,670 | ||||||||
Periodic option annual payment due | $ 10,000 | ||||||||
Texas General Land Office - Hudspeth County, TX [Member] | Option to Purchase Water Lease [Member] | |||||||||
Ground water lease - acres | a | 13,120 | ||||||||
Distance from project mine | Miles | 4 | ||||||||
Annual minimum production payment | $ 5,000 | ||||||||
Production payment, amount per thousand gallons | $ / gal | 0.95 | ||||||||
Production payment, annual amount | $ 20,000 | ||||||||
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 other fissionable materials removed | 8.00% | ||||||||
Production royalty of market value of other minerals removed | 6.25% | ||||||||
Payment of delay rental | $ 6,750 | ||||||||
Southwest Range and Wildlife Foundation, Inc. [Member] | March 2013 Surface Lease [Member] | |||||||||
Surface rights - acres | a | 54,990 | ||||||||
Cash paid for lease assignment | $ 500,000 | ||||||||
Shares issued for lease | shares | 1,063,830 | ||||||||
Periodic lease payment | $ 45,000 | ||||||||
Lease payments payable | $ 45,000 | $ 45,000 |
MINERAL PROPERTIES (Details)
MINERAL PROPERTIES (Details) | Aug. 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 ($)Number | Nov. 30, 2017USD ($)$ / sharesshares | Aug. 31, 2017USD ($)$ / sharesshares | May 31, 2017USD ($)$ / sharesshares | Aug. 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 | 262,915 | 246,165 | 246,165 | ||||||||
Impairment of mineral properties | 1,394,852 | ||||||||||
Foundation Lease Note Payable [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Periodic payment | $ 45,000 | ||||||||||
Number of payments | Number | 9 | ||||||||||
Imputed interest rate | 5.00% | ||||||||||
Note payable face amount | $ 364,852 | ||||||||||
Current portion of note payable | 260,000 | ||||||||||
Accrued interest payable | 37,500 | ||||||||||
Amount of lease payment in default | $ 45,000 | ||||||||||
Director Loans 7/1/2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of loans | 2 | ||||||||||
Number of directors | 2 | ||||||||||
Note payable face amount | $ 2,500 | ||||||||||
Notes payable - related party, net of discounts | 5,000 | 5,000 | $ 5,000 | ||||||||
Common stock warrants granted | shares | 5,000 | ||||||||||
Warrants, exercise price | $ / shares | $ 0.10 | ||||||||||
Warrant term | 5 years | ||||||||||
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 | ||||||||||
Number of directors | 5 | ||||||||||
Note payable face amount | $ 71,500 | ||||||||||
Notes payable - related party, net of discounts | 71,500 | 71,500 | $ 71,500 | ||||||||
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 | ||||||||||
Common stock warrants granted | shares | 8,000 | ||||||||||
Director Loan 11/1/2016 #2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Note payable face amount | $ 1,000 | ||||||||||
Common stock warrants granted | shares | 2,000 | ||||||||||
Director Loans 11/1/2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of loans | 2 | ||||||||||
Number of directors | 2 | ||||||||||
Notes payable - related party, net of discounts | 5,000 | 5,000 | |||||||||
Warrants, exercise price | $ / shares | $ 0.10 | ||||||||||
Warrant term | 5 years | ||||||||||
Fair value of warrants | $ 1,057 | ||||||||||
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 | |||||||||
Maturity date | Jun. 12, 2017 | ||||||||||
Common stock warrants granted | shares | 60,000 | ||||||||||
Warrants, exercise price | $ / shares | $ .10 | ||||||||||
Warrant term | 5 years | ||||||||||
Fair value of debt | $ 10,467 | ||||||||||
Fair value of warrants | $ 4,563 | ||||||||||
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 | |||||||||
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 Loans Qtr 5/31/2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of loans | 8 | ||||||||||
Number of directors | 2 | ||||||||||
Note payable face amount | $ 47,500 | ||||||||||
Notes payable - related party, net of discounts | $ 47,500 | $ 47,500 | |||||||||
Common stock warrants granted | shares | 190,000 | ||||||||||
Warrant term | 5 years | ||||||||||
Fair value of warrants | $ 39,557 | ||||||||||
Expected life | 5 years | ||||||||||
Expected volatility | 234.00% | ||||||||||
Risk-free interest rate | 1.75% | ||||||||||
Expected dividend yield | 0.00% | ||||||||||
Director Loans Qtr 5/31/2017 [Member] | Lower Range [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants, exercise price | $ / shares | $ 0.17 | ||||||||||
Director Loans Qtr 5/31/2017 [Member] | Upper Range [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants, exercise price | $ / shares | $ 0.21 | ||||||||||
Director Loans Qtr 8/31/2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of loans | 7 | 7 | |||||||||
Number of directors | 2 | 2 | |||||||||
Note payable face amount | $ 82,165 | $ 82,165 | |||||||||
Notes payable - related party, net of discounts | $ 82,165 | 82,165 | |||||||||
Common stock warrants granted | shares | 328,660 | ||||||||||
Warrant term | 5 years | ||||||||||
Fair value of warrants | $ 65,137 | $ 65,137 | |||||||||
Expected life | 5 years | ||||||||||
Expected volatility | 169.00% | ||||||||||
Risk-free interest rate | 1.75% | ||||||||||
Expected dividend yield | 0.00% | ||||||||||
Director Loans Qtr 8/31/2017 [Member] | Lower Range [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants, exercise price | $ / shares | $ 0.20 | $ 0.20 | |||||||||
Director Loans Qtr 8/31/2017 [Member] | Upper Range [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants, exercise price | $ / shares | $ 0.23 | $ 0.23 | |||||||||
Advances - Director snf Offier [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of loans | 2 | ||||||||||
Note payable face amount | $ 16,750 | ||||||||||
Notes payable - related party, net of discounts | $ 16,750 | ||||||||||
Common stock warrants granted | shares | 67,000 | ||||||||||
Warrant term | 5 years | ||||||||||
Fair value of warrants | $ 12,518 | ||||||||||
Expected life | 5 years | ||||||||||
Expected volatility | 122.00% | ||||||||||
Risk-free interest rate | 2.88% | ||||||||||
Expected dividend yield | 0.00% | ||||||||||
Advances - Director snf Offier [Member] | Lower Range [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants, exercise price | $ / shares | $ .21 | ||||||||||
Advances - Director snf Offier [Member] | Upper Range [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants, exercise price | $ / shares | $ .22 |
SHAREHOLDERS' EQUITY (Details N
SHAREHOLDERS' EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||
Nov. 30, 2017 | Nov. 30, 2016 | Aug. 31, 2017 | |
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 | |
Common stock, shares outstanding | 44,941,533 | 44,941,532 | |
Stock based compensation - options | $ 3,474 | $ 12,285 | |
Interest expense - related party | 12,518 | ||
Consultant [Member] | |||
Stock based compensation - options | $ 3,474 | ||
Stock options issued to outside consultant (shares) | 30,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 3 Months Ended |
Nov. 30, 2017USD ($) | |
Advances - related party | $ 263,000 |
Director [Member] | |
Monthly rent paid to director | $ 1,600 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2017 | Nov. 30, 2017 | Nov. 30, 2016 | |
Proceeds from related party advances | $ 16,750 | $ 5,000 | |
Subsequent Event [Member] | Director [Member] | |||
Proceeds from related party advances | $ 14,000 | ||
Issuance of warrants (shares) | 56,000 |