Cover
Cover - shares | 3 Months Ended | |
Nov. 30, 2021 | Jan. 10, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Nov. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --08-31 | |
Entity File Number | 000-53482 | |
Entity Registrant Name | TEXAS MINERAL RESOURCES CORP. | |
Entity Central Index Key | 0001445942 | |
Entity Tax Identification Number | 87-0294969 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 539 El Paso Street | |
Entity Address, City or Town | Sierra Blanca | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 79851 | |
City Area Code | 915 | |
Local Phone Number | 369-2133 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 72,006,514 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Nov. 30, 2021 | Aug. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,863,190 | $ 5,106,653 |
Prepaid expenses and other current assets | 28,774 | 73,029 |
Total current assets | 4,891,964 | 5,179,682 |
Property and equipment, net | 29,088 | 30,834 |
Mineral properties, net | 181,755 | 181,755 |
Deposits | 12,620 | 12,620 |
TOTAL ASSETS | 5,115,427 | 5,404,891 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 69,502 | 191,394 |
Accounts payable - related party | 10,000 | 10,000 |
Total current liabilities | 79,502 | 201,394 |
Total liabilities | 79,502 | 201,394 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and oustanding as of November 30, 2021 and August 31, 2021 | ||
Common stock, par value $0.01; 100,000,000 shares authorized, 71,975,296 and 71,934,065 shares issued and oustanding as of November 30, 2021 and August 31, 2021, respectively | 719,753 | 719,341 |
Additional paid-in capital | 41,503,356 | 41,332,478 |
Accumulated deficit | (37,187,184) | (36,848,322) |
Total shareholders’ equity | 5,035,925 | 5,203,497 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 5,115,427 | $ 5,404,891 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Nov. 30, 2021 | Aug. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common Stock, Issued | 71,975,296 | 71,934,065 |
Common Stock, outstanding | 71,975,296 | 71,934,065 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
OPERATING EXPENSES | ||
Exploration costs | $ 71,158 | $ 65,778 |
General and administrative expenses | 339,505 | 325,277 |
Total operating expenses | 410,663 | 391,055 |
LOSS FROM OPERATIONS | (410,663) | (391,055) |
OTHER INCOME (EXPENSE) | ||
Interest income | 1,625 | 1,372 |
Grant income, net of expenses | 70,176 | 50,000 |
Total other income (expense) | 71,801 | 51,372 |
NET LOSS | $ (338,862) | $ (339,683) |
Net loss per share: | ||
Basic and diluted net loss per share | $ 0 | $ 0 |
Weighted average shares outstanding: | ||
Basic and diluted | 71,956,719 | 71,346,419 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (338,862) | $ (339,683) |
Adjustments to reconcile net loss to net cash | ||
Depreciation | 1,746 | |
Stock based compensation | 171,290 | 190,367 |
Changes in current assets and liabilities: | ||
Prepaid expenses and other current assets | 44,255 | 37,540 |
Accounts payable and accrued liabilities | (121,892) | (49,058) |
Net cash provided by (used in) operating activities | (243,463) | (160,834) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related parties | 5,500 | |
Proceeds from exercise of common stock warrants | 24,500 | |
Net cash provided by financing activities | 30,000 | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (243,463) | (130,834) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 5,106,653 | 2,746,451 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 4,863,190 | 2,615,617 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest paid | ||
Taxes paid | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued as payment of accrued expenses | $ 92,500 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Aug. 31, 2020 | $ 713,233 | $ 40,376,847 | $ (38,892,524) | $ 2,197,556 | |
Beginning balance (in shares) at Aug. 31, 2020 | 71,323,278 | ||||
Stock based compensation | 190,367 | 190,367 | |||
Common stock issued as payment of accrued director’s fees | $ 619 | 91,881 | 92,500 | ||
Common stock issued as payment of accrued director's fees (in shares) | 61,936 | ||||
Warrant conversion | 24,500 | 24,500 | |||
Net loss | (339,683) | (339,683) | |||
Ending balance, value at Nov. 30, 2020 | $ 713,852 | 40,493,228 | (39,232,207) | 1,974,873 | |
Ending balance (in shares) at Nov. 30, 2020 | 71,385,214 | ||||
Beginning balance, value at Aug. 31, 2021 | $ 719,341 | 41,332,478 | (36,848,322) | 5,203,497 | |
Beginning balance (in shares) at Aug. 31, 2021 | 71,934,065 | ||||
Options issued for services | 73,788 | 73,788 | |||
Common stock issued for services | $ 412 | 97,090 | 97,502 | ||
Common stock issued for services (in shares) | 41,231 | ||||
Net loss | (338,862) | (338,862) | |||
Ending balance, value at Nov. 30, 2021 | $ 719,753 | $ 41,503,356 | $ (37,187,184) | $ 5,035,925 | |
Ending balance (in shares) at Nov. 30, 2021 | 71,975,296 |
GENERAL
GENERAL | 3 Months Ended |
Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 – GENERAL Basis of Presentation The accompanying unaudited interim consolidated 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, 2021, dated November 29, 2021 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, 2021 as reported in our annual report on Form 10-K, have been omitted. Principles of Consolidation The consolidated financial statements include the accounts of Texas Mineral Resources Corp and its proportionate interest in the assets, liabilities, and operations of Round Top Mountain Development Company, LLC (“RTMD”). All significant intercompany balances and transactions have been eliminated. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Nov. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt – Debit with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. |
JOINT VENTURE ARRANGEMENTS
JOINT VENTURE ARRANGEMENTS | 3 Months Ended |
Nov. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
JOINT VENTURE ARRANGEMENTS | NOTE 3 – JOINT VENTURE ARRANGEMENTS In August 2018, the Company and Morzev Pty. Ltd. (“Morzev”) entered into an agreement (the “2018 Option Agreement”) whereby Morzev was granted the exclusive right to earn and acquire a 70% 10 million 80% 3 million 70% 80% On May 17, 2021, and in accordance with the terms of the Option Agreement, the Company and USARE entered into a contribution agreement (“Contribution Agreement”) whereby the Company and USARE contributed assets to RTMD, a wholly-owned subsidiary of the Company, in exchange for their ownership interests in RTMD, of which the Company now owns membership interests equating to 20% 80% In connection with USARE meeting its obligations to acquire a 70% 10% 3,728,000 3 million 728,000 80% 402,000 3,326,000 Upon entry into the Contribution Agreement, the Company assigned the following contracts and assets to RTMD in exchange for its 20% ● the assignment and assumption agreement with respect to the mineral leases from the Company to RTMD; ● the assignment and assumption agreement with respect to the surface lease from the Company to RTMD; ● the assignment and assumption agreement with respect to the surface purchase option from the Company to RTMD; ● the assignment and assumption agreement with respect to the water lease from the Company to RTMD; and ● the bill of sale and assignment agreement of existing data with respect to RTMD owned by the Company. and USARE assigned the following assets to RTMD (or the Company, as applicable) for its 80% ● cash to RTMD to continue to fund RTMD operations in the amount of approximately $ 3,761,750 10 million 70% ● cash in the amount of $ 3 million 10% 80% ● bill of sale and assignment agreement of the Pilot Plant to RTMD; ● the assignment and assumption regarding relevant contracts and permits with respect to RTMD; and ● bill of sale and assignment agreement of existing data and intellectual property owned by USARE to RTMD. The Company accounts for its interest in RTMD using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro-rata share of the assets, liabilities, and operations of RTMD in the appropriate classifications in the financial statements. Subsequent to the sale of an undivided 80% |
MINERAL PROPERTIES
MINERAL PROPERTIES | 3 Months Ended |
Nov. 30, 2021 | |
Extractive Industries [Abstract] | |
MINERAL PROPERTIES | NOTE 4 – MINERAL PROPERTIES As set forth in Note 3- Joint Venture Arrangements, the ownership of and obligations associated with the leases and options maintained with the Texas Land Office and other third parties were transferred to RTMD in May 2021. August 2010 Lease On August 17, 2010, the Company executed 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 Under the terms of the lease, the Company will pay the State of Texas a total lease bonus of $ 142,518 44,718 97,800 500,000 Thereafter, if paying quantities of minerals are obtained, the Company will pay the State of Texas a production royalty equal to eight percent ( 8% 6 1/4% 1 Schedule of August 2010 Lease Per Acre Amount Total Amount September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 200 178,873 In August 2021, our joint venture partner paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $ 134,155 November 2011 Lease On November 1, 2011, the Company executed a mining lease with the State of Texas covering approximately 90 20,700 50,000 Thereafter, if paying quantities of minerals are obtained, the Company will pay the State of Texas a production royalty equal to eight percent ( 8% 6 1/4% 1 Schedule of November 2011 Lease Per Acre Amount Total Amount November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 200 18,000 In August 2021, our joint venture partner paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $ 13,500 March 2013 Lease On March 6, 2013, the Company purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (since renamed the Rio Grande Foundation) for $ 500,000 1,063,830 500,000 45,000 ten years 54,990 October 2014 Surface Option and Water Lease On October 29, 2014, the Company announced the execution of agreements 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 10,000 The ground water lease secures the right to develop the ground water within a 13,120 4 five 5,000 0.95 20,000 Santa Fe Gold Corporation On November 8, 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“Santa Fe”). Under the agreement, the Company and Santa Fe plan to pursue, negotiate and subsequently enter into a joint venture agreement to jointly explore and develop a target silver property to be selected by the Company among patented and unpatented mining claims held by Santa Fe within the Black Hawk Mining District in Grant County, New Mexico. Completion of a joint venture agreement is subject to the successful outcome of a multi-phase exploration plan leading to a bankable feasibility study to be undertaken in the near future by the Company. Under the expected terms of the joint venture agreement, the Company would be project operator and initially own 50.5% 49.5% Under the terms of the agreement, the Company plans to conduct a district-wide evaluation among the patented and unpatented claims held by Santa Fe, consisting of geologic mapping, sampling, trenching, radiometric surveying, geophysics, drilling and/or other methods as warranted. Based on the district-wide evaluation, the Company will designate one 80 1,300 75% two 60 days Additionally, on November 8, 2021, the Company entered into a financing and purchase option agreement with Greentech Minerals Holdings, Inc. (“Greentech”). Under the agreement, Greentech is responsible for funding initial exploration activities and the bankable feasibility study, estimated to cost approximately $ 6.5 million five twelve fifteen months Upon successful completion of the study, Greentech will be entitled to received 20% 10.1% 15 million 20% 10.1% 20.2% |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 3 Months Ended |
Nov. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 5 – SHAREHOLDERS’ EQUITY The Company’s authorized capital stock consists of 100,000,000 0.01 10,000,000 0.001 All shares of common stock have equal voting rights and, when validly issued and outstanding, are entitled to one non-cumulative vote per share in all matters to be voted upon by shareholders. 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 common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Company’s Board of Directors (the “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Company, 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. In October 2021, we issued 41,231 During the quarter ended November 30, 2021, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $ 41,502 31,218 During the quarter ended November 30, 2021, the Company granted a total of 43,500 73,788 0.25 201.75 0.00 5 years 73,788 In January 2020, the Company entered into three separate consulting agreements for total consideration of 699,999 233,333 448,000 0.64 24 641,665 87,501 56,000 37,333 |
GRANT INCOME
GRANT INCOME | 3 Months Ended |
Nov. 30, 2021 | |
Other Income and Expenses [Abstract] | |
GRANT INCOME | NOTE 6 – GRANT INCOME Grants received from government and other agencies in advance of a specific project are deferred and recognized as other income in the statements of operations in the period they are earned and the related project costs are incurred. For the three months ended November 30, 2021 and 2020, the Company recognized $ 374,633 50,000 304,457 0 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS As a part of our obligation for our 20% 305,000 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 3 Months Ended |
Nov. 30, 2021 | |
Extractive Industries [Abstract] | |
Schedule of August 2010 Lease | Schedule of August 2010 Lease Per Acre Amount Total Amount September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 200 178,873 |
Schedule of November 2011 Lease | Schedule of November 2011 Lease Per Acre Amount Total Amount November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 200 18,000 |
JOINT VENTURE ARRANGEMENTS (Det
JOINT VENTURE ARRANGEMENTS (Details Narrative) - Round Top Mountain Development Company, LLC [Member] - USD ($) | May 17, 2021 | Aug. 31, 2019 | Aug. 31, 2018 | Nov. 30, 2021 |
Ownership interest | 20.00% | |||
Consideration received from joint venture | $ 3,728,000 | |||
Proceeds from exercise of joint venture option | 3,000,000 | |||
Proceeds from previous advances | $ 728,000 | |||
Derecognized percentage of mineral properties | 80.00% | |||
Derecognized amount of mineral properties | $ 402,000 | |||
Gain on sale of interest in projects | $ 3,326,000 | |||
Cash asssigned for exercise of joint venture option | $ 3,000,000 | |||
USARE [Member] | ||||
Initial ownership interest under agreement | 70.00% | 70.00% | ||
Contribution for initial ownership interest under agreement | $ 10,000,000 | |||
Increasable ownership interest under agreement | 80.00% | 80.00% | ||
Additional contribution for increasable ownership interest under agreement | $ 3,000,000 | |||
Controlling ownership interest | 80.00% | |||
Initial ownership interest acquired | 70.00% | |||
Additional ownership interest acquired | 10.00% | |||
Cash asssigned to joint venture | $ 3,761,750 | |||
Value of specified interest in joint venture | $ 10,000,000 | |||
Specified interest percentage of joint venture | 70.00% |
Schedule of August 2010 Lease (
Schedule of August 2010 Lease (Details) | Nov. 30, 2021USD ($)$ / a |
September 2, 2020 2024 [Member] | |
Property, Plant and Equipment [Line Items] | |
Per Acre Amount | $ / a | 150 |
Total Amount | $ | $ 134,155 |
September 2, 2025 2029 [Member] | |
Property, Plant and Equipment [Line Items] | |
Per Acre Amount | $ / a | 200 |
Total Amount | $ | $ 178,873 |
Schedule of November 2011 Lease
Schedule of November 2011 Lease (Details) | Nov. 30, 2021USD ($)$ / a |
November 1, 2020 2024 [Member] | |
Property, Plant and Equipment [Line Items] | |
Per Acre Amount | $ / a | 150 |
Total Amount | $ | $ 13,500 |
November 1, 2025 2029 [Member] | |
Property, Plant and Equipment [Line Items] | |
Per Acre Amount | $ / a | 200 |
Total Amount | $ | $ 18,000 |
MINERAL PROPERTIES (Details Nar
MINERAL PROPERTIES (Details Narrative) | Nov. 08, 2021USD ($)atranchemi | Oct. 29, 2014USD ($)awellmi$ / gal | Mar. 06, 2013USD ($)ashares | Nov. 01, 2011USD ($)a | Aug. 17, 2010USD ($)a | Aug. 31, 2021USD ($) |
Santa Fe Joint Venture [Member] | ||||||
Controlling ownership interest | 50.50% | |||||
Area of project | a | 80 | |||||
Area of property covered under agreement | a | 1,300 | |||||
Percentage of known mining district covered | 75.00% | |||||
Area of interest radius | mi | 2 | |||||
Exercise period of option | 60 days | |||||
Texas General Land Office [Member] | August 2010 Lease [Member] | ||||||
Mining lease - acres | a | 860 | |||||
Lease Bonus | $ 142,518 | |||||
Payment of lease bonus | 44,718 | |||||
Lease bonus due | 97,800 | |||||
Minimum advance royalty due | $ 500,000 | |||||
Production royalty of market value of uranium and fissionable materials | 8.00% | |||||
Production royalty of market value of other minerals | 6.25% | |||||
Lease extension period | 1 year | |||||
Payment of delay rental | $ 134,155 | |||||
Texas General Land Office [Member] | November 2011 Lease [Member] | ||||||
Mining lease - acres | a | 90 | |||||
Lease Bonus | $ 20,700 | |||||
Minimum advance royalty due | $ 50,000 | |||||
Production royalty of market value of uranium and fissionable materials | 8.00% | |||||
Production royalty of market value of other minerals | 6.25% | |||||
Lease extension period | 1 year | |||||
Payment of delay rental | $ 13,500 | |||||
Rio Grande Foundation [Member] | March 2013 Lease [Member] | ||||||
Cash | $ 500,000 | |||||
Shares issued for lease | shares | 1,063,830 | |||||
Value of shares issued for lease | $ 500,000 | |||||
Periodic payment for conservation efforts | $ 45,000 | |||||
Payment period for conservation efforts | 10 years | |||||
Surface rights - acres | a | 54,990 | |||||
Rio Grande Foundation [Member] | October 2014 Surface Option and Water Lease [Member] | ||||||
Surface rights - acres | a | 5,670 | |||||
Periodic option annual payment due | $ 10,000 | |||||
Ground water lease - acres | a | 13,120 | |||||
Distance from project mine | mi | 4 | |||||
Number of existing water wells | well | 5 | |||||
Annual minimum production payment | $ 5,000 | |||||
Production payment, amount per gallon | $ / gal | 0.00095 | |||||
Production payment, annual amount | $ 20,000 | |||||
Santa Fe Gold Corporation [Member] | Santa Fe Joint Venture [Member] | ||||||
Ownership interest | 49.50% | |||||
Greentech [Member] | Santa Fe Joint Venture [Member] | ||||||
Exploration activities and feasibility study funding | $ 6,500,000 | |||||
Feasibility study number of tranches | tranche | 5 | |||||
Percentage of initial equity entitled to receive | 20.00% | |||||
Percentage of total equity of joint venture | 10.10% | |||||
Option to participate in funding | $ 15,000,000 | |||||
Entitled to receive additional percentage of initial equity | 20.00% | |||||
Option percentage of total equity | 10.10% | |||||
Option to receive percentage in exchange for funding | 20.20% | |||||
Greentech [Member] | Santa Fe Joint Venture [Member] | Minimum [Member] | ||||||
Feasibility study period | 12 months | |||||
Greentech [Member] | Santa Fe Joint Venture [Member] | Maximum [Member] | ||||||
Feasibility study period | 15 months |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 23 Months Ended | ||||
Dec. 31, 2021 | Oct. 31, 2021 | Jan. 31, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | Aug. 31, 2021 | |
Class of Stock [Line Items] | |||||||
Common stock, authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Preferred stock, authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Consulting agreements, number of shares | 699,999 | ||||||
Consulting agreements, number of shares per agreement | 233,333 | ||||||
Consulting agreements, value of shares | $ 448,000 | ||||||
Share price | $ 0.64 | ||||||
Director [Member] | Share-based Payment Arrangement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued | 41,231 | ||||||
Compensation expense | $ 41,502 | ||||||
Director [Member] | Share-based Payment Arrangement [Member] | Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares issued | 31,218 | ||||||
Consultant [Member] | Share-based Payment Arrangement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Compensation expense | 56,000 | $ 56,000 | |||||
Share vesting period | 24 months | ||||||
Number of shares vested | 641,665 | ||||||
Number of shares issued | 87,501 | ||||||
Unrecognized stock compensation | 37,333 | $ 37,333 | |||||
Consultant [Member] | Share-based Payment Arrangement, Option [Member] | |||||||
Class of Stock [Line Items] | |||||||
Compensation expense | $ 73,788 | ||||||
Number of options granted | 43,500 | ||||||
Fair value of options granted | $ 73,788 | ||||||
Fair value assumptions - Risk free interest rate | 0.25% | ||||||
Fair value assumptions - Volatilty | 201.75% | ||||||
Fair value assumptions - Dividend yield | 0.00% | ||||||
Fair value assumptions - Expected term | 5 years |
GRANT INCOME (Details Narrative
GRANT INCOME (Details Narrative) - USD ($) | 3 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Other Income and Expenses [Abstract] | ||
Grant income | $ 374,633 | $ 50,000 |
Grant related expenses | $ 304,457 | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Round Top Mountain Development Company, LLC [Member] - USD ($) | Dec. 02, 2021 | May 17, 2021 |
Subsequent Event [Line Items] | ||
Ownership interest | 20.00% | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Ownership interest | 20.00% | |
Contribution to joint venture | $ 305,000 |