Cover
Cover - USD ($) | 12 Months Ended | ||
Aug. 31, 2023 | Nov. 21, 2023 | Feb. 28, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Aug. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
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 | 361 | ||
Local Phone Number | 790-5831 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 59,917,619 | ||
Entity Common Stock, Shares Outstanding | 73,784,810 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Ham, Langston & Brezina, L.L.P. | ||
Auditor Location | Houston, Texas | ||
Auditor Firm ID | 298 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Aug. 31, 2023 | Aug. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,079,307 | $ 1,838,300 |
Short-term investments | 505,611 | |
Prepaid expenses and other current assets | 39,577 | 293,130 |
Total current assets | 1,118,884 | 2,637,041 |
Property and equipment, net | 23,853 | |
Mineral properties, net | 415,607 | 415,607 |
Deposit | 7,500 | |
TOTAL ASSETS | 1,534,491 | 3,084,001 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 93,406 | 41,101 |
Total current liabilities | 93,406 | 41,101 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.01; 100,000,000 shares authorized, 73,728,263 and 72,869,220 shares issued and outstanding as of August 31, 2023 and 2022, respectively | 737,283 | 728,692 |
Additional paid-in capital | 43,047,824 | 42,066,269 |
Accumulated deficit | (42,344,022) | (39,752,061) |
Total shareholders' equity | 1,441,085 | 3,042,900 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,534,491 | $ 3,084,001 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2023 | Aug. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value per share | $ 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 or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 73,728,263 | 72,869,220 |
Common stock, shares outstanding | 73,728,263 | 72,869,220 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | |
OPERATING EXPENSES | ||
Exploration costs | $ 781,547 | $ 1,534,915 |
General and administrative | 1,821,984 | 1,376,274 |
Total operating expenses | 2,603,531 | 2,911,189 |
LOSS FROM OPERATIONS | (2,603,531) | (2,911,189) |
OTHER INCOME (EXPENSE), NET | ||
Gain on sale of assets | (22,689) | |
Grant income, net of related expenses | 93 | |
Interest and other income | 34,259 | 7,357 |
Total other income, net | 11,570 | 7,450 |
NET LOSS | $ (2,591,961) | $ (2,903,739) |
Net loss per common share | ||
Basic | $ (0.04) | $ (0.04) |
Diluted | $ (0.04) | $ (0.04) |
Weighted average shares outstanding | ||
Basic | 73,199,501 | 72,403,029 |
Diluted | 73,199,501 | 72,403,029 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (2,591,961) | $ (2,903,739) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,164 | 6,981 |
Loss on disposal of property and equipment | 22,689 | |
Stock based compensation | 952,146 | 503,442 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 253,553 | (220,101) |
Accounts payable and accrued liabilities | 52,305 | (150,293) |
Accounts payable – related parties | (10,000) | |
Net cash used in operating activities | (1,310,104) | (2,773,710) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Return of deposits | 7,500 | 5,120 |
Purchases of short-term investments | (505,611) | |
Purchases of mineral properties | (233,852) | |
Proceeds from maturity of short-term investments | 505,611 | |
Net cash provided by (used in) investing activities | 513,111 | (734,343) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from exercise of common stock options and warrants | 38,000 | 239,700 |
Net cash provided by financing activities | 38,000 | 239,700 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (758,993) | (3,268,353) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,838,300 | 5,106,653 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,079,307 | 1,838,300 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Cash paid for interest expense | ||
Cash paid for income taxes |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 | ||||
Stock based compensation | $ 1,318 | 176,689 | 178,007 | ||
Stock based compensation (in shares) | 131,825 | ||||
Common stock options and warrants Issued for services | 325,435 | 325,435 | |||
Common stock issued upon exercise of options and warrants | $ 7,260 | 232,440 | 239,700 | ||
Common stock issued upon exercise of options and warrants (in shares) | 726,000 | ||||
Common stock issued upon cashless exercise of options and warrants | $ 773 | (773) | |||
Common stock issued upon cashless exercise of options and warrants (in shares) | 77,330 | ||||
Net loss | (2,903,739) | (2,903,739) | |||
Ending balance, value at Aug. 31, 2022 | $ 728,692 | 42,066,269 | (39,752,061) | 3,042,900 | |
Ending balance (in shares) at Aug. 31, 2022 | 72,869,220 | ||||
Stock based compensation | $ 1,366 | 166,304 | 167,670 | ||
Stock based compensation (in shares) | 136,544 | ||||
Common stock issued for prior services rendered | $ 6,125 | (6,125) | |||
Common stock issued for prior services rendered (in shares) | 612,498 | ||||
Common stock options issued for services | 784,476 | 784,476 | |||
Common stock issued upon exercise of options and warrants | $ 1,100 | 36,900 | 38,000 | ||
Common stock issued upon exercise of options and warrants (in shares) | 110,000 | ||||
Net loss | (2,591,961) | (2,591,961) | |||
Ending balance, value at Aug. 31, 2023 | $ 737,283 | $ 43,047,824 | $ (42,344,022) | $ 1,441,085 | |
Ending balance (in shares) at Aug. 31, 2023 | 73,728,262 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Aug. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Texas Mineral Resources Corp. (the “Company”) was incorporated in the State of Nevada in 1970 as Standard Silver Corporation. In 2010, the Company changed its name from “Standard Silver Corporation” to “Texas Rare Earth Resources Corp”. In 2012, the Company changed its state of incorporation from Nevada to Delaware under a plan of conversion dated August 24, 2012. In 2016, the Company changed its name to Texas Mineral Resources Corp. We are a mining company engaged in the business of the acquisition, exploration and development of mineral properties. At August 31, 2023, we owned a 19.874 two 950 9,345 |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF ACCOUNTING POLICIES Exploration-Stage Company Since January 1, 2009, the Company has been classified as an “exploration stage” company for purposes of Item 1300 of the U.S. Securities and Exchange Commission (“SEC”). Under Item 1300, companies engaged in significant mining operations are classified into three categories, referred to as “stages” - exploration, development, and production. Exploration stage includes all companies that do not have established reserves in accordance with Item 1300. Such companies are deemed to be “in the search for mineral deposits.” Notwithstanding the nature and extent of development-type or production-type activities that have been undertaken or completed, a company cannot be classified as a development or production stage company unless it has established reserves in accordance with Item 1300. Basis of Presentation The Company’s financial records are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). 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. All significant intercompany balances and transactions have been eliminated. Going Concern These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through August 31, 2023, of approximately $ 42,344,000 At August 31, 2023, the Company had a working capital surplus of approximately $ 1,025,000 In accordance with our current projected budget, the Company does not have sufficient capital to fund its total cash calls and expected general and administrative expenses during the fiscal year ending August 31, 2024. Failure by the Company to make required cash calls to Round Top during the 12 months from the issuance date of these financial statements would result in dilution to its membership interest in Round Top, which is 19.874 Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents currently consist only of demand deposits at commercial banks. The Company maintains cash and cash equivalents at banks selected by management based upon their assessment of the financial stability of the institution. Balances periodically exceed the federal depository insurance limit; however, the Company has not experienced any losses on deposits. Short-term investments Short-term investments consists of certificates of deposit and similar time-based deposits with financial institutions with original maturity dates over three months twelve months Property and Equipment Property and equipment consist primarily of vehicles, furniture and equipment, and are recorded at cost. Expenditures related to acquiring or extending the useful life of property and equipment are capitalized. Expenditures for repair and maintenance are charged to operations as incurred. Depreciation is computed using the straight-line method over an estimated useful life of 3 20 Lease Deposits From time to time, the Company makes deposits in anticipation of executing leases. The deposits are capitalized upon execution of the applicable agreements. Long-lived Assets The Company reviews the recoverability of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 360”), Property, Plant and Equipment. Mineral Exploration and Development Costs All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with ASC 360-10-35-15, Impairment or Disposal of Long-Lived Assets. Share-based Payments The Company estimates the fair value of share-based compensation on the date of grant using the Black-Scholes valuation model, in accordance with the provisions of ASC 718, Stock Compensation Income Taxes Income taxes are computed using the asset and liability method, in accordance with ASC 740, Income Taxes The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgement changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate or future recognition of an unrecognized tax benefit. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. The Company recognizes interest and penalties related to unrecognized tax positions within the income tax expense line in the statements of operations. Management believes the Company has no uncertain tax positions at August 31, 2023 and 2022. Basic and Diluted Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260, Earnings Per Share At August 31, 2023, options to purchase 1,030,000 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value Measurements The Company accounts for assets and liabilities measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures. ● Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. ● Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company’s financial instruments consist principally of cash, short-term investments and accounts payable and accrued liabilities. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. |
JOINT VENTURE ARRANGEMENTS
JOINT VENTURE ARRANGEMENTS | 12 Months Ended |
Aug. 31, 2023 | |
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 80 3 70 80 In May 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 Round Top, at the time a wholly-owned subsidiary of the Company, in exchange for their initial ownership interests in Round Top, of which the Company initially owned a membership interest equating to 20 80 Upon entry into the Contribution Agreement, the Company assigned the following contracts and assets to Round Top in exchange for its initial 20 ● the assignment and assumption agreement with respect to the mineral leases from the Company to Round Top; ● the assignment and assumption agreement with respect to the surface lease from the Company to Round Top; ● the assignment and assumption agreement with respect to the surface purchase option from the Company to Round Top; ● the assignment and assumption agreement with respect to the water lease from the Company to Round Top; and ● the bill of sale and assignment agreement of existing data and other relevant contracts and permits with respect to Round Top owned by the Company. and USARE assigned the following assets to Round Top (or the Company, as applicable) for its initial 80 ● cash to Round Top to continue to fund Round Top operations in the amount of approximately $ 3,761,750 10 70 ● cash in the amount of $ 3 10 80 ● bill of sale and assignment agreement of the Pilot Plant and other relevant contracts and permits to Round Top; and ● bill of sale and assignment agreement of existing data and intellectual property owned by USARE to Round Top. On June 26, 2023, the Company, USARE and the manager amended and restated the Operating Agreement and the following material amendments to the Operating Agreement were adopted: Cash Calls On the basis of the adopted program and budget then in effect, the manager will submit to each member monthly cash calls at least 10 10 10 Remedies for Failure to Meet Cash Calls Non-Contribution 5 Dilution Maximum Dilution 3 Adjustment of Interests ● the numerator of which equals the Shortfall Amount actually funded by USARE; and ● the denominator of which equals the market capitalization of the Company. Distributions Cash in excess of authorized reserves will be distributed to the members pro-rata in proportion to their respective interests on a periodic basis as determined by the management committee. RTMD will be required to make tax distributions to each member. Once USARE has been paid the Priority Distribution, if applicable, all distributions made in connection with the sale or exchange of all or substantially all of RTMD’s assets and all distributions made in connection with the liquidation of RTMD will be made to the members pro-rata in accordance with their respective interests. Other material terms of the Operating Agreement that remain unchanged are as follows: Management A management committee will make the major decisions of RTMD, such as approval of the respective program and budget, and the manager will implement such decisions. The management committee consists of three representatives of the members, with two being appointed by USARE and one by the Company which is Dan Gorski. The representatives vote the ownership percentage interests of their appointing member. Management Committee Meetings Meetings will be held every three months unless otherwise agreed. For matters before the management committee that require a vote, oting is by simple majority except for certain “major decisions” that require a unanimous vote. So long as the Company maintains a 15 nine 15 five ● approval of an amendment to any program and budget that causes the program and budget to increase by 15% or more, except for emergencies; ● other than purchase money security interests or other security interests in RTMD equipment to finance the acquisition or lease of RTMD equipment used in operations, the consummation of a project financing or the incurrence by RTMD of any indebtedness for borrowed money that requires the guarantee by any member of any obligations of RTMD; ● substitution of a member under certain circumstances and dissolution of RTMD; ● the issuance of an ownership interest or other equity interest in RTMD, or the admission of any person as a new member of RTMD, other than in connection with the exercise of a right of first offer by a member; ● the redemption of all or any portion of an ownership interest, except for limited circumstances provided for in the Operating Agreement; ● a decision to grant authorization for RTMD to file a petition for relief under any chapter of the United States Bankruptcy Code, to consent to such relief in any involuntary petition filed against RTMD by any third party, or to admit in writing any insolvency of RTMD or inability to pay its debts as they become due, or to consent to any receivership of RTMD; ● acquisition or disposition of significant mineral rights, other real property or water rights outside of the area of interest as set forth in the Operating Agreement or outside of the ordinary course of business; ● the merger of RTMD into or with any other entity; and ● the sale of all or substantially all of RTMD’s assets. Manager The manager will manage, direct and control operations in accordance with program and budget, will prepare and present to the management committee a proposed program and budget, and will generally oversee and implement all of the day to day activities of RTMD. The manager will conduct necessary equipment and materials procurement and property and equipment maintenance activities, with all operations to be conducted in accordance with adopted program and budget. The Company accounts for its interest in Round Top using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro-rate share of the assets, liabilities, and operations of Round Top in the appropriate classifications in the financial statements. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Aug. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 4 – PROPERTY AND EQUIPMENT, NET Property and equipment consist of office furniture, equipment and vehicles. Property and equipment are depreciated using the straight-line method over their estimated useful life of 3 20 Schedule of property and equipment 2023 2022 Furniture and office equipment $ — $ 75,606 Vehicles — 124,092 Computers and software — 48,711 Field equipment — 71,396 Total cost basis — 319,805 Less: accumulated depreciation — (295,951 ) Property and equipment, net $ — $ 23,853 Depreciation expense for the years ending August 31, 2023 and 2022 was $ 1,164 6,981 |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Aug. 31, 2023 | |
Extractive Industries [Abstract] | |
MINERAL PROPERTIES | NOTE 5 – MINERAL PROPERTIES As further discussed in Note 3, Joint Venture Arrangements, in May 2021, the Company assigned all rights and obligations related to the Round Top Project to Round Top in exchange for a 20 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, Round Top is obligated to pay the State of Texas a total lease bonus of $ 142,518 44,718 97,800 500,000 eight six and one quarter 1 Schedule of August 2010 Lease Per Acre Total September 2, 2020 – 2024 $ 150 $ 134,155 September 2, 2025 – 2029 200 178,873 In August 2023, Round Top 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 eight six and one quarter 1 Schedule of November 2011 Lease Per Acre Total November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 200 18,000 In August 2023, Round Top 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 groundwater lease. 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 5,000 0.95 20,000 Santa Fe Gold Corporation/Alhambra Project In November 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“Santa Fe”). Under the option 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, if any, 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 contemplated terms of the proposed joint venture agreement, the Company would be project operator and initially own 50.5 49.5 Under the terms of the option 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 The term of the option is for so long as the Company continues to conduct exploration activities in the Project Area and can be exercised on 60 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Aug. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6 – INCOME TAXES The following table sets forth a reconciliation of the federal income tax benefit to the United States federal statutory rate of 21 Schedule of effective income tax rate reconciliation 2023 2022 Income tax benefit at 21% statutory rate $ 544,311 $ 609,785 Stock-based compensation (199,950 ) (105,723 ) (Increase) decrease in valuation allowance (344,361 ) (504,062 ) $ — $ — The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as a deferred tax asset and liability. Significant components of the deferred tax assets are set out below along with a valuation allowance to reduce the net deferred tax asset to zero. Management has established a valuation allowance because, based on an analysis of the tax benefits underlying deferred tax assets, it is unable to establish that it is more-likely-than-not that a tax benefit will be realized. Significant components of deferred tax asset at August 31, 2023 and 2022 are as follows: Schedule of deferred tax assets and liabilities 2023 2022 Net operating loss carryforward $ 4,702,990 $ 4,522,754 Difference in property and equipment basis 961,015 796,890 Less valuation allowance (5,664,005 ) (5,319,644 ) Net deferred tax asset $ — $ — As a result of a change in control effective in April 2007, net operating losses prior to that date may be partially or entirely unavailable under tax law, to offset future income and; accordingly, these net operating losses are excluded from deferred tax assets. The net operating loss carryforward in the approximate amount of $ 22,395,000 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Aug. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 7 – 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. Following is an analysis of common stock issuances during the years ended August 31, 2023 and 2022: Issuances during the fiscal year ended August 31, 2023 In October 2022, we issued 26,833 During the year ended August 31, 2023, the Company issued 109,711 128,167 39,503 56,547 In January 2020, the Company entered into three separate consulting agreements for total consideration of 699,999 233,333 448,000 0.64 24 699,999 87,501 0 74,667 612,498 During the year ended August 31, 2023, the holders of 110,000 38,000 0.22 0.45 Issuance during the fiscal year ended August 31, 2022 In October 2021, the Company issued 41,231 During the year ended August 31, 2022, the Company issued 90,594 136,505 41,502 26,833 During the year ended August 31, 2022, the holders of 720,000 6,000 239,700 0.30 0.45 0.20 During the year ended August 31, 2022, a total of 100,000 77,330 0.45 Options The following table sets forth certain information as of August 31, 2023 and 2022 concerning common stock that may be issued upon the exercise of options issued under the Amended 2008 Plan and outside of the Amended 2008 Plan (all options are fully vested and exercisable at August 31, 2023 and 2022): Schedule of options Shares Weighted Price Weighted (In Years) Aggregate Value Outstanding, vested and exercisable at August 31, 2021 1,477,500 $ 0.40 2.68 $ 1,523,430 Options granted 120,000 0.30 — — Options exercised (820,000 ) 0.35 — — Options cancelled/forfeited/expired (257,500 ) 0.45 — — Outstanding, vested and exercisable at August 31, 2022 520,000 0.31 2.79 693,300 Options granted 620,000 1.11 — — Options exercised (110,000 ) 0.35 — — Options cancelled forfeited/expired — — — — Options vested and exercisable at August 31, 2023 1,030,000 $ 0.80 4.37 $ 784,476 In September 2008, the Board adopted the 2008 Stock Option Plan (the “2008 Plan”), which was approved by the Company’s shareholders and provided 2,000,000 7,000,000 During the year ended August 31, 2023, the Company granted a total of 120,000 146,928 4.00 202 0.00 5 146,928 During the year ended August 31, 2023, the Company granted a total of 500,000 637,548 5.00 194 0.00 5 637,548 During the year ended August 31, 2022, the Company granted a total of 120,000 250,768 0.25 2.33 197 202 0.00 5 250,768 Warrants Warrant activity for the years ended August 31, 2023 and 2022 was as follows: Schedule of warrants Shares Weighted Price Weighted (In Years) Aggregate Value Outstanding and exercisable at August 31, 2021 34,000 $ 0.10 1.2 $ 45,660 Warrants granted — — — — Warrants exercised (6,000 ) 0.20 — — Warrants cancelled/forfeited/expired (16,000 ) 0.10 — — Outstanding and exercisable at August 31, 2022 12,000 0.04 1.0 23,780 Warrants granted — — — — Warrants exercised — — — — Warrants cancelled forfeited/expired (12,000 ) 0.04 — — Outstanding and exercisable at August 31, 2023 — $ — — $ — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Aug. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In October 2023, we issued 56,547 The Company did not make its required October, November and December cash call in the amount of $ 133,000 120,000 143,249 19.874 19.803 19.726 19.611 |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Aug. 31, 2023 | |
Accounting Policies [Abstract] | |
Exploration-Stage Company | Exploration-Stage Company Since January 1, 2009, the Company has been classified as an “exploration stage” company for purposes of Item 1300 of the U.S. Securities and Exchange Commission (“SEC”). Under Item 1300, companies engaged in significant mining operations are classified into three categories, referred to as “stages” - exploration, development, and production. Exploration stage includes all companies that do not have established reserves in accordance with Item 1300. Such companies are deemed to be “in the search for mineral deposits.” Notwithstanding the nature and extent of development-type or production-type activities that have been undertaken or completed, a company cannot be classified as a development or production stage company unless it has established reserves in accordance with Item 1300. |
Basis of Presentation | Basis of Presentation The Company’s financial records are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). |
Principles of Consolidation | 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. All significant intercompany balances and transactions have been eliminated. |
Going Concern | Going Concern These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through August 31, 2023, of approximately $ 42,344,000 At August 31, 2023, the Company had a working capital surplus of approximately $ 1,025,000 In accordance with our current projected budget, the Company does not have sufficient capital to fund its total cash calls and expected general and administrative expenses during the fiscal year ending August 31, 2024. Failure by the Company to make required cash calls to Round Top during the 12 months from the issuance date of these financial statements would result in dilution to its membership interest in Round Top, which is 19.874 |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents currently consist only of demand deposits at commercial banks. The Company maintains cash and cash equivalents at banks selected by management based upon their assessment of the financial stability of the institution. Balances periodically exceed the federal depository insurance limit; however, the Company has not experienced any losses on deposits. |
Short-term investments | Short-term investments Short-term investments consists of certificates of deposit and similar time-based deposits with financial institutions with original maturity dates over three months twelve months |
Property and Equipment | Property and Equipment Property and equipment consist primarily of vehicles, furniture and equipment, and are recorded at cost. Expenditures related to acquiring or extending the useful life of property and equipment are capitalized. Expenditures for repair and maintenance are charged to operations as incurred. Depreciation is computed using the straight-line method over an estimated useful life of 3 20 |
Lease Deposits | Lease Deposits From time to time, the Company makes deposits in anticipation of executing leases. The deposits are capitalized upon execution of the applicable agreements. |
Long-lived Assets | Long-lived Assets The Company reviews the recoverability of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC 360”), Property, Plant and Equipment. |
Mineral Exploration and Development Costs | Mineral Exploration and Development Costs All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount, periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with ASC 360-10-35-15, Impairment or Disposal of Long-Lived Assets. |
Share-based Payments | Share-based Payments The Company estimates the fair value of share-based compensation on the date of grant using the Black-Scholes valuation model, in accordance with the provisions of ASC 718, Stock Compensation |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method, in accordance with ASC 740, Income Taxes The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgement changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate or future recognition of an unrecognized tax benefit. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. The Company recognizes interest and penalties related to unrecognized tax positions within the income tax expense line in the statements of operations. Management believes the Company has no uncertain tax positions at August 31, 2023 and 2022. |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260, Earnings Per Share At August 31, 2023, options to purchase 1,030,000 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value Measurements | Fair Value Measurements The Company accounts for assets and liabilities measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures. ● Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. ● Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company’s financial instruments consist principally of cash, short-term investments and accounts payable and accrued liabilities. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term nature. It is management’s opinion that the Company is not exposed to any significant currency or credit risks arising from these financial instruments. |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment 2023 2022 Furniture and office equipment $ — $ 75,606 Vehicles — 124,092 Computers and software — 48,711 Field equipment — 71,396 Total cost basis — 319,805 Less: accumulated depreciation — (295,951 ) Property and equipment, net $ — $ 23,853 |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Extractive Industries [Abstract] | |
Schedule of August 2010 Lease | Schedule of August 2010 Lease Per Acre Total 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 Total November 1, 2020 – 2024 $ 150 $ 13,500 November 1, 2025 – 2029 200 18,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax rate reconciliation | The following table sets forth a reconciliation of the federal income tax benefit to the United States federal statutory rate of 21 Schedule of effective income tax rate reconciliation 2023 2022 Income tax benefit at 21% statutory rate $ 544,311 $ 609,785 Stock-based compensation (199,950 ) (105,723 ) (Increase) decrease in valuation allowance (344,361 ) (504,062 ) $ — $ — |
Schedule of deferred tax assets and liabilities | Management has established a valuation allowance because, based on an analysis of the tax benefits underlying deferred tax assets, it is unable to establish that it is more-likely-than-not that a tax benefit will be realized. Significant components of deferred tax asset at August 31, 2023 and 2022 are as follows: Schedule of deferred tax assets and liabilities 2023 2022 Net operating loss carryforward $ 4,702,990 $ 4,522,754 Difference in property and equipment basis 961,015 796,890 Less valuation allowance (5,664,005 ) (5,319,644 ) Net deferred tax asset $ — $ — |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Aug. 31, 2023 | |
Equity [Abstract] | |
Schedule of options | The following table sets forth certain information as of August 31, 2023 and 2022 concerning common stock that may be issued upon the exercise of options issued under the Amended 2008 Plan and outside of the Amended 2008 Plan (all options are fully vested and exercisable at August 31, 2023 and 2022): Schedule of options Shares Weighted Price Weighted (In Years) Aggregate Value Outstanding, vested and exercisable at August 31, 2021 1,477,500 $ 0.40 2.68 $ 1,523,430 Options granted 120,000 0.30 — — Options exercised (820,000 ) 0.35 — — Options cancelled/forfeited/expired (257,500 ) 0.45 — — Outstanding, vested and exercisable at August 31, 2022 520,000 0.31 2.79 693,300 Options granted 620,000 1.11 — — Options exercised (110,000 ) 0.35 — — Options cancelled forfeited/expired — — — — Options vested and exercisable at August 31, 2023 1,030,000 $ 0.80 4.37 $ 784,476 |
Schedule of warrants | Warrant activity for the years ended August 31, 2023 and 2022 was as follows: Schedule of warrants Shares Weighted Price Weighted (In Years) Aggregate Value Outstanding and exercisable at August 31, 2021 34,000 $ 0.10 1.2 $ 45,660 Warrants granted — — — — Warrants exercised (6,000 ) 0.20 — — Warrants cancelled/forfeited/expired (16,000 ) 0.10 — — Outstanding and exercisable at August 31, 2022 12,000 0.04 1.0 23,780 Warrants granted — — — — Warrants exercised — — — — Warrants cancelled forfeited/expired (12,000 ) 0.04 — — Outstanding and exercisable at August 31, 2023 — $ — — $ — |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | Aug. 31, 2023 a Number | May 17, 2021 |
Round Top Mountain Development Company LLC [Member] | ||
Number of leases held | Number | 2 | |
Area of project | 950 | |
Surface rights - acres | 9,345 | |
Round Top Mountain Development Company [Member] | ||
Ownership interest | 19.874% | 20% |
SUMMARY OF ACCOUNTING POLICIE_2
SUMMARY OF ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | May 17, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Accumulated deficit | $ (42,344,022) | $ (39,752,061) | |
Working capital surplus | $ 1,025,000 | ||
Antidilutive shares | 1,030,000 | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Time based deposits | 3 months | ||
Useful life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Time based deposits | 12 months | ||
Useful life | 20 years | ||
Round Top Mountain Development Company [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Ownership interest | 19.874% | 20% | |
Round Top Mountain Development Company [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Ownership interest | 3% |
JOINT VENTURE ARRANGEMENTS (Det
JOINT VENTURE ARRANGEMENTS (Details Narrative) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 USD ($) | Aug. 31, 2023 Number | May 17, 2021 USD ($) | |
Round Top Mountain Development Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 19.874% | 20% | ||
Cash asssigned for exercise of joint venture option | $ 3,000,000 | |||
Period before last day of month for manager to submit cash call to members | 10 days | |||
Period after receipt for payment of cash call | 10 days | |||
Minimum ownership percentage for unanumous decisions | 15% | |||
Number of decisions requiring unanimous approval with minimum ownership interest | Number | 9 | |||
Number of decisions requiring unanimous approval below minimum ownership interest | Number | 5 | |||
Round Top Mountain Development Company [Member] | Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 3% | |||
Round Top Mountain Development Company LLC [Member] | USARE [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Initial ownership interest under agreement | 70% | 70% | ||
Contribution for initial ownership interest under agreement | $ 10,000,000 | |||
Increasable ownership interest under agreement | 80% | 80% | ||
Additional contribution for increasable ownership interest under agreement | $ 3,000,000 | |||
Controlling ownership interest | 80% | |||
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% | |||
Additional ownership interest acquired | 10% | |||
Period of business days after non-contribution for shortfall contribution | 5 days |
Schedule of property and equipm
Schedule of property and equipment (Details) - USD ($) | Aug. 31, 2023 | Aug. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total cost basis | $ 319,805 | |
Less: accumulated depreciation | (295,951) | |
Property and equipment, net | 23,853 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost basis | 75,606 | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost basis | 124,092 | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost basis | 48,711 | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost basis | $ 71,396 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 1,164 | $ 6,981 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years |
Schedule of August 2010 Lease (
Schedule of August 2010 Lease (Details) | Aug. 31, 2023 USD ($) $ / 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) | Aug. 31, 2023 USD ($) $ / 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) | 1 Months Ended | 12 Months Ended | ||||||
Nov. 08, 2021 a mi | Oct. 29, 2014 USD ($) a mi $ / gal | Mar. 06, 2013 USD ($) a shares | Nov. 01, 2011 USD ($) a | Aug. 17, 2010 USD ($) a | Aug. 31, 2023 USD ($) | Aug. 31, 2023 USD ($) | May 17, 2021 | |
Value of shares issued for lease | ||||||||
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% | |||||||
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% | |||||||
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% | |||||||
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 | |||||||
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% | |||||||
Round Top Mountain Development Company [Member] | ||||||||
Ownership interest | 19.874% | 19.874% | 20% |
Schedule of effective income ta
Schedule of effective income tax rate reconciliation (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2023 | Aug. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21% | |
Income tax benefit at 21% statutory rate | $ 544,311 | $ 609,785 |
Stock-based compensation | (199,950) | (105,723) |
(Increase) decrease in valuation allowance | (344,361) | (504,062) |
Reconciliation of the federal income tax benefit |
Schedule of deferred tax assets
Schedule of deferred tax assets and liabilities (Details) - USD ($) | Aug. 31, 2023 | Aug. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 4,702,990 | $ 4,522,754 |
Difference in property and equipment basis | 961,015 | 796,890 |
Less valuation allowance | (5,664,005) | (5,319,644) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Aug. 31, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
Operating loss carryforwards | $ 22,395,000 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | 32 Months Ended | 72 Months Ended | |||||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2020 | Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2022 | Aug. 31, 2016 | Sep. 30, 2008 | |
Class of Stock [Line Items] | |||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Stock issued during period, value, issued for services | $ 325,435 | ||||||||
Additional paid in capital | $ 43,047,824 | $ 42,066,269 | $ 42,066,269 | ||||||
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 | ||||||||
Warrant [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued | 6,000 | ||||||||
Options exercised | $ 0.20 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued during period, value, issued for services | |||||||||
Options exercised | $ 0.45 | ||||||||
Shares issued upon cashless exercise | 77,330 | ||||||||
Options granted | 136,544 | 131,825 | |||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Value of shares granted | $ 250,768 | ||||||||
Shares issued | 110,000 | 720,000 | |||||||
Total cash consideration | $ 38,000 | $ 239,700 | |||||||
Options exercised | $ 0.35 | $ 0.35 | |||||||
Cashless exercise of options | 100,000 | ||||||||
Options granted | 620,000 | 120,000 | |||||||
Value of shares granted | $ 250,768 | ||||||||
Fair value assumptions - dividend yield | 0% | ||||||||
Fair value assumptions - expected term | 5 years | ||||||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Options exercised | $ 0.22 | $ 0.30 | |||||||
Fair value assumptions - risk free interest rate | 0.25% | ||||||||
Fair value assumptions - volatilty | 197% | ||||||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Options exercised | $ 0.45 | $ 0.45 | |||||||
Fair value assumptions - risk free interest rate | 2.33% | ||||||||
Fair value assumptions - volatilty | 202% | ||||||||
Stock Option 2008 Plan [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of options available for grant | 2,000,000 | ||||||||
Additional shares authorized | 7,000,000 | ||||||||
Director [Member] | Share-Based Payment Arrangement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued | 26,833 | 41,231 | 109,711 | 90,594 | |||||
Stock issued during period, value, issued for services | $ 128,167 | $ 136,505 | |||||||
Additional paid in capital | $ 39,503 | 41,502 | $ 41,502 | ||||||
Number of shares issued | 26,833 | ||||||||
Director [Member] | Share-Based Payment Arrangement [Member] | Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued | 56,547 | ||||||||
Number of shares issued | 56,547 | ||||||||
Consultant [Member] | Share-Based Payment Arrangement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share vesting period | 24 months | ||||||||
Number of shares vested | 699,999 | ||||||||
Number of shares issued | 612,498 | 87,501 | |||||||
Value of shares granted | $ 0 | $ 74,667 | |||||||
Consultant [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Value of shares granted | $ 146,928 | ||||||||
Options granted | 120,000 | ||||||||
Value of shares granted | $ 146,928 | ||||||||
Fair value assumptions - risk free interest rate | 4% | ||||||||
Fair value assumptions - volatilty | 202% | ||||||||
Fair value assumptions - dividend yield | 0% | ||||||||
Fair value assumptions - expected term | 5 years | ||||||||
Board of Directors Chairman [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Value of shares granted | $ 637,548 | ||||||||
Options granted | 500,000 | ||||||||
Value of shares granted | $ 637,548 | ||||||||
Fair value assumptions - risk free interest rate | 5% | ||||||||
Fair value assumptions - volatilty | 194% | ||||||||
Fair value assumptions - dividend yield | 0% | ||||||||
Fair value assumptions - expected term | 5 years |
Schedule of options (Details)
Schedule of options (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Outstanding, vested and exercisable at beginning | 520,000 | 1,477,500 | |
Outstanding, weighted average exercise price at beginning | $ 0.31 | $ 0.40 | |
Outstanding, weighted average remaining contractual life | 4 years 4 months 13 days | 2 years 8 months 4 days | 2 years 9 months 14 days |
Outstanding, aggregate intrinsic value at beginning | $ 693,300 | $ 1,523,430 | |
Options granted | 620,000 | 120,000 | |
Options granted, weighted average exercise price | $ 1.11 | $ 0.30 | |
Options exercised | (110,000) | (820,000) | |
Options exercised, weighted average exercise price | $ 0.35 | $ 0.35 | |
Options cancelled/forfeited/expired | (257,500) | ||
Options cancelled/forfeited/expired, weighted average exercise price | $ 0.45 | ||
Outstanding, vested and exercisable at ending | 1,030,000 | 520,000 | 1,477,500 |
Outstanding, weighted average exercise price at ending | $ 0.80 | $ 0.31 | $ 0.40 |
Outstanding, aggregate intrinsic value at ending | $ 784,476 | $ 693,300 | $ 1,523,430 |
Schedule of warrants (Details)
Schedule of warrants (Details) - Warrant [Member] - USD ($) | 12 Months Ended | ||
Aug. 31, 2023 | Aug. 31, 2022 | Aug. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Outstanding and exercisable at beginning | 12,000 | 34,000 | |
Outstanding, weighted average exercise price at beginning | $ 0.04 | $ 0.10 | |
Outstanding, weighted average remaining contractual life | 1 year 2 months 12 days | 1 year | |
Outstanding, aggregate intrinsic value at beginning | $ 23,780 | $ 45,660 | |
Warrants exercised | (6,000) | ||
Warrants exercised, weighted average exercise price | $ 0.20 | ||
Warrants cancelled/forfeited/expired | (12,000) | (16,000) | |
Warrants cancelled/forfeited/expired, weighted average exercise price | $ 0.04 | $ 0.10 | |
Outstanding and exercisable at ending | 12,000 | 34,000 | |
Outstanding, weighted average exercise price at ending | $ 0.04 | $ 0.10 | |
Outstanding, aggregate intrinsic value at ending | $ 23,780 | $ 45,660 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 | Nov. 30, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | Aug. 31, 2023 | Aug. 31, 2022 | Sep. 30, 2023 | May 17, 2021 | |
Round Top Mountain Development Company [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Ownership interest | 19.874% | 20% | |||||||
Subsequent Event [Member] | Round Top Mountain Development Company [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Monthly cash call contribution portion not contributed | $ 143,249 | $ 120,000 | $ 133,000 | ||||||
Ownership interest | 19.611% | 19.726% | 19.803% | ||||||
Director [Member] | Share-Based Payment Arrangement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued | 26,833 | 41,231 | 109,711 | 90,594 | |||||
Director [Member] | Share-Based Payment Arrangement [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued | 56,547 |