Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2015 | Jul. 23, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Gold Torrent, Inc. | |
Entity Central Index Key | 1,463,792 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 8,288,602 | |
Trading Symbol | GTOR | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Interim Balance Sheets
Interim Balance Sheets - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Current | ||
Cash | $ 266,025 | $ 80,037 |
Prepaid and deposits | 89,375 | 121,250 |
Total assets | 355,400 | 201,287 |
Current | ||
Accounts payable (Note 6) | 480,003 | 148,922 |
Accrued liabilities (Note 3) | 10,000 | 12,000 |
Stockholders' loans (Note 7) | 88,722 | 282,172 |
Total liabilities | 578,725 | 443,094 |
Stockholders' Deficiency | ||
Common Stock (Note 4) Authorized: 200,000,000 common shares, $0.001 par value Issued and outstanding: 7,265,000 common shares, $0.001 par value (March 31, 2015 - 5,465,000 common shares) | 25,593 | 23,793 |
Additional Paid-in Capital | 718,857 | 270,657 |
Contributed Surplus (Note 5) | 199,958 | 199,958 |
Deficit | (1,167,733) | (736,215) |
Total stockholders' deficiency | (223,325) | (241,807) |
Total liabilities and stockholders' deficiency | $ 355,400 | $ 201,287 |
Interim Balance Sheets (Parenth
Interim Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2015 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 5,465,000 | 7,265,000 |
Common stock, shares outstanding | 5,465,000 | 7,265,000 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Interim Statements of Operation
Interim Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Expenses | ||
Accounting and legal | $ 14,500 | $ 22,000 |
Bank charges and finance fees (Note 7) | 6,575 | $ 817 |
Exploration and evaluation (Note 10) | $ 352,495 | |
Finder's fees (Note 4) | $ 31,250 | |
Licenses and fees | $ 41,161 | 2,258 |
Office | 5,141 | $ 267 |
Travel and entertainment | 11,646 | |
Net Loss and Comprehensive Loss for the Period | $ (431,518) | $ (56,592) |
Weighted average number of common shares outstanding | 6,140,893 | 4,635,000 |
Basic and diluted loss per share | $ (0.07) | $ (0.01) |
Interim Statements of Cash Flow
Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flow from Operating Activities | ||
Net loss for the period | $ (431,518) | $ (56,592) |
Items not involving cash: | ||
Shares issued for services | $ 31,250 | |
Changes in non-cash working capital items: | ||
Prepaid and deposits | $ 31,875 | |
Accounts payable and accrued liabilities | 329,081 | $ 15,191 |
Cash Used in Operating Activities | (70,562) | $ (10,151) |
Cash Flow from Financing Activities | ||
Net proceeds from issuance of common stock | 450,000 | |
Loans received from stockholders | 6,550 | |
Repayment of stockholders' loans | (200,000) | $ (14,500) |
Cash Provided by (Used in) Financing Activities | 256,550 | (14,500) |
Increase (Decrease) in Cash | 185,988 | (24,651) |
Cash, Beginning of Period | 80,037 | 35,696 |
Cash, End of Period | $ 266,025 | $ 11,045 |
Supplemental Information | ||
Taxes paid | ||
Interest paid |
Interim Statements of Stockhold
Interim Statements of Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Common Stock [Member] | |||
Balance | $ 23,793 | $ 22,938 | $ 22,938 |
Balance, Shares | 5,465,000 | 4,610,000 | 4,610,000 |
Shares issued for cash | $ 1,800 | $ 480 | |
Shares issued for cash, Shares | 1,800,000 | 480,000 | |
Shares issued for services | $ 375 | ||
Shares issued for services, Shares | 375,000 | ||
Share-based payments | |||
Net loss for the year | |||
Balance | $ 25,593 | $ 23,793 | |
Balance, Shares | 7,265,000 | 5,465,000 | |
Additional Paid-In Capital [Member] | |||
Balance | $ 270,657 | $ 70,262 | $ 70,262 |
Shares issued for cash | $ 448,200 | 119,520 | |
Shares issued for services | $ 80,875 | ||
Share-based payments | |||
Net loss for the year | |||
Balance | $ 718,857 | $ 270,657 | |
Contributed Surplus [Member] | |||
Balance | $ 199,958 | ||
Shares issued for cash | |||
Shares issued for services | |||
Share-based payments | $ 199,958 | ||
Net loss for the year | |||
Balance | $ 199,958 | $ 199,958 | |
Deficit [Member] | |||
Balance | $ (736,215) | $ (559,455) | $ (559,455) |
Shares issued for cash | |||
Shares issued for services | |||
Share-based payments | |||
Net loss for the year | $ (431,518) | $ (176,760) | |
Balance | (1,167,733) | (736,215) | |
Balance | (241,807) | (466,255) | (466,255) |
Shares issued for cash | $ 450,000 | 120,000 | |
Shares issued for services | 81,250 | ||
Shares issued for services, Shares | |||
Share-based payments | 199,958 | ||
Net loss for the year | $ (431,518) | $ (56,592) | (176,760) |
Balance | $ (223,325) | $ (241,807) |
Nature of Operations and Going
Nature of Operations and Going Concern | 3 Months Ended |
Jun. 30, 2015 | |
Nature Of Operations And Going Concern | |
Nature of Operations and Going Concern | 1. Nature of Operations and Going Concern GOLD TORRENT, INC. (the Company) was incorporated as a Nevada company on August 15, 2006. Since inception, the Company has been creating, testing and developing mobile applications, games and tools designed to engage consumers in transacting business via mobile devices. On November 19, 2014, the Company entered into a Spin-off Agreement (the Agreement) with a company controlled by a former shareholder to sell all intellectual property and assets associated with the previous business of the Company, pursuant to which the Company was released from certain liabilities amounting to $420,653. Going forward, the Company plans to focus on acquiring ownership in late-stage exploration to development stage gold mining projects and/or royalty or streaming interests in low capital intensity, late-stage mining projects in North America. During the fiscal year ended March 31, 2015, the Company entered into an Exploration and Option to enter Joint Venture Agreement with a third party (Note 10). The Company has incurred losses since inception and has an accumulated deficit of $1,167,733 (March 31, 2015 - $736,215) as of June 30, 2015, with limited resources and limited source of operating cash flows. As at June 30, 2015, the Company has a working capital deficiency of $223,325 (March 31, 2015 $241,807). The Companys continuance as a going concern is dependent on the success of the efforts of its directors and principal stockholders in providing financial support in the short-term, raising additional capital through equity or debt financing either from its own resources or from third parties, and achieving profitable operations. In the event that such resources are not secured, the assets may not be realized or liabilities discharged at their carrying amounts, and the difference from the carrying amounts reported in these unaudited interim financial statements could be material. There is no assurance that managements plan to seek additional capital will be realized, and these factors cast substantial doubt upon the use of the going concern assumption. These unaudited interim financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of the assets or the amounts and classifications of the liabilities that may result from the inability of the Company to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Basis of presentation These unaudited interim financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). The Companys functional and reporting currency is the US dollar. These unaudited interim financial statements reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for fair presentation of the interim financial information. The results of operations for the interim period presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending March 31, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted. These unaudited interim financial statements and notes included herein have been prepared on a basis consistent with, and should be read in conjunction with, the Companys audited financial statements and notes for the year ended March 31, 2015, as filed in its Form 10-K. (b) Use of estimates The preparation of interim financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to accounts payable and accrued liabilities, the fair value of warrants attached to common shares issued, the fair value of shares issued for services, the fair value of stock options granted, and the recoverability of income tax assets. While management believes the estimates used are reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. (c) Basic and diluted earnings (loss) per share Basic earnings (loss) per share is computed using the weighted average number of common shares outstanding. Diluted earnings (loss) per share assumes the exercise of common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. (d) Foreign currency translation Transactions in currencies other than the US dollar are translated into US dollars at the exchange rate in effect at the balance sheet date for monetary assets and liabilities, and at historical exchange rates for non-monetary assets and liabilities. Expenses are translated at the average rates for the period, except amortization, which is translated on the same basis as the related assets. Resulting translation gains or losses are reflected in net income/loss. (e) Financial instruments All financial instruments are classified as one of the following: held-to-maturity, loans and receivables, held-for-trading, available-for-sale or other financial liabilities. Financial assets and liabilities held-for-trading are measured at fair value with gains and losses recognized in net income. Financial assets held-to-maturity, loans and receivables, and other financial liabilities are measured at amortized cost using the effective interest method. Available-for-sale instruments are measured at fair value with unrealized gains and losses recognized in other comprehensive income and reported in stockholders equity. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company prioritizes the inputs into three levels that may be used to measure fair value: (i) Level 1 Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. (ii) Level 2 Applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly, such as quoted prices for similar assets or liabilities in active markets, or indirectly, such as quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions. (iii) Level 3 Applies to assets or liabilities for which there are unobservable market data. Transaction costs that are directly attributable to the acquisition or issue of financial instruments that are classified as held-to-maturity, loans and receivables or other financial liabilities are included in the initial carrying value of such instruments and amortized using the effective interest method. Transaction costs classified as held-for-trading are expensed when incurred, while those classified as available-for-sale are included in the initial carrying value. (f) Income taxes The Company uses the asset and liability approach in its method of accounting for income taxes that requires the recognition of deferred tax liabilities and assets for expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company recognizes the effect of uncertain tax positions where it is more likely than not based on technical merits that the position could be sustained where the tax benefit has a greater than 50% likelihood of being realized upon settlement. A valuation allowance against deferred tax assets is recorded if based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. (g) Share-based payments The Company records all share-based payments at fair value. Where equity instruments are granted to employees, they are recorded at the fair value of the equity instrument granted at the grant date. The grant date fair value is recognized through profit or loss over the vesting period, described as the period during which all the vesting conditions are to be satisfied. Where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received. When the value of goods or services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. At each balance sheet date, the amount recognized as an expense is adjusted to reflect the actual number of stock options expected to vest. On the exercise of stock options, common stock is recorded for the consideration received and for the fair value amounts previously recorded to contributed surplus. The Company uses the Black-Scholes option pricing model to estimate the fair value of share-based payments. (h) Exploration and evaluation costs The Company is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. An impairment loss is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral property. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral property over its estimated fair value. (i) Recent accounting guidance adopted The Company has adopted Accounting Standards Update (ASU) 2014-10, Development Stage Entities In August 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-15, Presentation of Financial Statements-Going Concern |
Financial Instruments
Financial Instruments | 3 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 3. Financial Instruments The Company has designated its cash as held-for-trading; and accounts payable, accrued liabilities and stockholders loans as other financial liabilities. (a) Fair value The fair values of the Companys cash, accounts payable, accrued liabilities and stockholders loans approximate their carrying values due to the short-term maturity of these instruments. (b) Credit risk Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company is not exposed to significant credit risk. (c) Translation risk The Companys functional currency is the US dollar. The Company translates transactions in foreign currencies into US currency using rates on the date of the transactions. Translation risk is considered minimal, as the Company does not incur any significant transactions in currencies other than US dollars. (d) Interest rate risk The Company is not exposed to significant interest rate risk due to the short-term maturity of its monetary current assets and liabilities. (e) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in satisfying its financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. At June 30, 2015, the Company had accounts payable of $480,003 (March 31, 2015 - $148,922), which are due within 30 days or less. At June 30, 2015, the Company had accrued liabilities of $10,000 (March 31, 2015 - $12,000). The Companys stockholders loans (Note 7) of $88,722 (March 31, 2015 - $282,172) are due within one year and are 10 % interest-bearing. The extended loans are 11% interest bearing. |
Common Stock
Common Stock | 3 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Common Stock | 4. Common Stock On February 26, 2014, the Company entered into subscription agreements for the issuance of 28,000 shares of common stock at a purchase price of $1.25 per share for a total amount of $35,000 in cash. On April 22, 2014, the Company entered into a Finders Fee agreement for the issuance of 25,000 common shares at an estimated fair value of $1.25 per share for a total amount of $31,250 as a retainer for services. The agreement continues for one year and will continue from year to year thereafter unless terminated by either party. On January 9, 2015, the Company entered into a Consulting agreement for the issuance of 200,000 common shares at an estimated fair value of $0.10 per share for a total amount of $20,000 as a retainer for services. The agreement continues for two months and will continue from month to month thereafter unless terminated by either party. On January 12, 2015, the Company entered into a Finance Term Fee agreement for the issuance of 100,000 common shares due upon financing term sheet or receipt of a minimum of $250,000. The agreement also calls for a reduction of monthly legal fees of $1,500 for 10,000 shares of common stock. No shares have been issued as at June 30, 2015. This agreement will continue from month to month thereafter unless terminated by either party. On January 28, 2015, the Company entered into a subscription agreement for the issuance of 200,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $50,000 in cash. On February 4, 2015, the Company entered into a subscription agreement for the issuance of 280,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $70,000 in cash. On March 10, 2015, the Company entered into an accounts payable agreement, for the issuance of 150,000 common shares for a reduction of $30,000 in outstanding legal fees. On June 5, 2015, the Company entered into a subscription agreement for the issuance of 1,000,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $250,000 in cash. On June 17, 2015, the Company entered into a subscription agreement for the issuance of 800,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $200,000 in cash. |
Stock Options
Stock Options | 3 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options | 5. Stock Options The stock options have been granted in conjunction with an Equity Incentive Plan (the Plan) for employees, directors and consultants, whereby a maximum aggregate number of common shares that may be issued under the Plan are 20,000,000 common shares. The term of the options is determined by the Board of Directors and cannot exceed 10 years. The exercise price of the stock options is determined by Board of Directors, but shall not be less than the fair market value of the common stock on the date of grant. Stock options granted under the Plan vest over varying periods at the discretion of the Board of Directors. During the fiscal year ended March 31, 2015, the Company granted 175,000 options to officers and directors of the Company with the following vesting terms: 1/3 on date of grant, 1/3 six months from date of grant, and 1/3 one year from date of grant. The following table summarizes information about the Companys share options in accordance with its Plan: Number Weighted-average exercise price Balance, March 31, 2014 - $ - Granted 175,000 $ 1.27 Balance, March 31, 2015 175,000 $ 1.27 Granted - $ - Balance, June 30, 2015 175,000 $ 1.27 The Companys stock options are outstanding and exercisable as follows: June 30, 2015 Expiry date Exercise price Options outstanding Options exercisable July 30, 2019 $ 1.25 150,000 100,000 July 30, 2019 $ 1.38 25,000 16,667 175,000 116,667 The weighted average remaining contractual life of stock options outstanding at June 30, 2015 is 4.08 (March 31, 2015 4.33) years. As at June 30, 2015, unamortized share-based payment expense on the outstanding options is $8,850. The fair value of all stock options granted are estimated using the Black-Scholes option pricing model with the following weighted-average assumptions and resulting in the following weighted-average fair values: March 31, 2015 Risk-free interest rate 1.77 % Expected dividend yield 0 % Expected share price volatility 178 % Expected option life in years 5 Fair value $ 1.20 Companies are required to utilize an estimated forfeiture rate when calculating the expense for the reporting period. Based on the best estimate, management applied the estimated forfeiture rate of Nil% in determining the expense recorded in the accompanying statement of operations. Expected share price volatility is determined with reference to the Companys historical daily share price volatility. |
Accounts Payable
Accounts Payable | 3 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable | 6. Accounts Payable Accounts payable as at June 30, 2015 includes the following: - $394,524 due to a company controlled by an officer and stockholder of the Company; - $10,000 due to an officer and stockholder of the Company; - $73,000 due to a company, who is a stockholder of the Company for payment of legal services made on behalf of the Company; and - $2,479 due to unrelated parties. |
Stockholders' Loans
Stockholders' Loans | 3 Months Ended |
Jun. 30, 2015 | |
Stockholders Loans | |
Stockholders' Loans | 7. Stockholders Loans As at June 30, 2015, current officers and stockholders of the Company had loans outstanding amounting to $88,722 (March 31, 2015 - $282,172). These loans are due on dates between July 31, 2015 and January 23, 2016, are unsecured, and are 10% and 11% interest-bearing. As at June 30, 2015, the Company had accrued interest of $6,550 (March 31, 2015 - $11,686). |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions (a) Details of additional related party transactions are as follows: (i) Effective October 1, 2014, the Company signed a consulting agreement with a company controlled by a director, pursuant to which the Company agreed to pay a monthly fee of $9,529 including overhead. During the three months ended June 30, 2015, the Company paid or accrued various expenses of $356,406 (2014 - $Nil) relating to this agreement. During the year ended March 31, 2015, the Company paid or accrued various expenses of $57,178 relating to this agreement. In addition, as at June 30, 2015, the Company accrued finance fees of $10,000 (March 31, 2015 - $10,000) to this director. (ii) During the year ended March 31, 2015, the Company issued 125,000 stock options to directors and officers with a total fair value of $142,502. |
Segmented Information
Segmented Information | 3 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segmented Information | 9. Segmented Information The Company operates primarily in one business segment being the identification and development of mining projects with substantially all of its assets and operations located in the United States. |
Exploration and Evaluation
Exploration and Evaluation | 3 Months Ended |
Jun. 30, 2015 | |
Extractive Industries [Abstract] | |
Exploration and Evaluation | 10. Exploration and Evaluation On July 24, 2014, the Company entered into a non-binding letter of intent (LOI) agreement with a third party to negotiate and enter into a joint venture agreement for the development of a gold property known as Willow Creek, Alaska. The Exploration and Option Agreement provides the Company with the right to earn up to 70% interest in a joint venture with Miranda USA Inc. by making certain expenditures over the next three years totaling US$10,000,000. The principal terms of the Exploration and Option to Enter Joint Venture Agreement provides that the Company can earn an initial 20% interest in the project by incurring an initial work commitment of $1,070,000 before November 5, 2015 in costs related to exploration and development of the project. On January 15, 2015, the Company paid $150,000 for a Lease Agreement between Miranda USA Inc. and a private company, and the amount was included in prepaid expenses and expensed over 12 months. In addition, the Company is committed to paying $150,000 every year on January 15. The purpose The exploration and evaluation costs for the period ended June 30, 2015 are associated with hourly fees of surveying consultants employed by travel costs to Alaska. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 11. Subsequent Events Subsequent to June 30, 2015, the Company entered into the following agreements: On July 7, 2015, the Company entered into a subscription agreement for the issuance of 368,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $92,000 in cash. On July 8, 2015, the Company entered into a subscription agreement for the issuance of 655,600 shares of common stock at a purchase price of $0.25 per share for a total amount of $163,900 in cash. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of presentation These unaudited interim financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). The Companys functional and reporting currency is the US dollar. These unaudited interim financial statements reflect all adjustments (all of which are normal and recurring in nature) that, in the opinion of management, are necessary for fair presentation of the interim financial information. The results of operations for the interim period presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the entire year ending March 31, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted. These unaudited interim financial statements and notes included herein have been prepared on a basis consistent with, and should be read in conjunction with, the Companys audited financial statements and notes for the year ended March 31, 2015, as filed in its Form 10-K. |
Use of Estimates | (b) Use of estimates The preparation of interim financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to accounts payable and accrued liabilities, the fair value of warrants attached to common shares issued, the fair value of shares issued for services, the fair value of stock options granted, and the recoverability of income tax assets. While management believes the estimates used are reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. |
Basic and Diluted Earnings (loss) per Share | (c) Basic and diluted earnings (loss) per share Basic earnings (loss) per share is computed using the weighted average number of common shares outstanding. Diluted earnings (loss) per share assumes the exercise of common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. |
Foreign Currency Translation | (d) Foreign currency translation Transactions in currencies other than the US dollar are translated into US dollars at the exchange rate in effect at the balance sheet date for monetary assets and liabilities, and at historical exchange rates for non-monetary assets and liabilities. Expenses are translated at the average rates for the period, except amortization, which is translated on the same basis as the related assets. Resulting translation gains or losses are reflected in net income/loss. |
Financial Instruments | (e) Financial instruments All financial instruments are classified as one of the following: held-to-maturity, loans and receivables, held-for-trading, available-for-sale or other financial liabilities. Financial assets and liabilities held-for-trading are measured at fair value with gains and losses recognized in net income. Financial assets held-to-maturity, loans and receivables, and other financial liabilities are measured at amortized cost using the effective interest method. Available-for-sale instruments are measured at fair value with unrealized gains and losses recognized in other comprehensive income and reported in stockholders equity. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company prioritizes the inputs into three levels that may be used to measure fair value: (i) Level 1 Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. (ii) Level 2 Applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly, such as quoted prices for similar assets or liabilities in active markets, or indirectly, such as quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions. (iii) Level 3 Applies to assets or liabilities for which there are unobservable market data. Transaction costs that are directly attributable to the acquisition or issue of financial instruments that are classified as held-to-maturity, loans and receivables or other financial liabilities are included in the initial carrying value of such instruments and amortized using the effective interest method. Transaction costs classified as held-for-trading are expensed when incurred, while those classified as available-for-sale are included in the initial carrying value. |
Income Taxes | (f) Income taxes The Company uses the asset and liability approach in its method of accounting for income taxes that requires the recognition of deferred tax liabilities and assets for expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. The Company recognizes the effect of uncertain tax positions where it is more likely than not based on technical merits that the position could be sustained where the tax benefit has a greater than 50% likelihood of being realized upon settlement. A valuation allowance against deferred tax assets is recorded if based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. |
Share-based Payments | (g) Share-based payments The Company records all share-based payments at fair value. Where equity instruments are granted to employees, they are recorded at the fair value of the equity instrument granted at the grant date. The grant date fair value is recognized through profit or loss over the vesting period, described as the period during which all the vesting conditions are to be satisfied. Where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received. When the value of goods or services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. At each balance sheet date, the amount recognized as an expense is adjusted to reflect the actual number of stock options expected to vest. On the exercise of stock options, common stock is recorded for the consideration received and for the fair value amounts previously recorded to contributed surplus. The Company uses the Black-Scholes option pricing model to estimate the fair value of share-based payments. |
Exploration and Evaluation Costs | (h) Exploration and evaluation costs The Company is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. An impairment loss is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral property. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral property over its estimated fair value. |
Recent Accounting Guidance Adopted | (i) Recent accounting guidance adopted The Company has adopted Accounting Standards Update (ASU) 2014-10, Development Stage Entities In August 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-15, Presentation of Financial Statements-Going Concern |
Stock Options (Tables)
Stock Options (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share Options | The following table summarizes information about the Companys share options in accordance with its Plan: Number Weighted-average exercise price Balance, March 31, 2014 - $ - Granted 175,000 $ 1.27 Balance, March 31, 2015 175,000 $ 1.27 Granted - $ - Balance, June 30, 2015 175,000 $ 1.27 |
Schedule of Stock Options Outstanding | The Companys stock options are outstanding and exercisable as follows: June 30, 2015 Expiry date Exercise price Options outstanding Options exercisable July 30, 2019 $ 1.25 150,000 100,000 July 30, 2019 $ 1.38 25,000 16,667 175,000 116,667 |
Schedule of Black-Scholes Option Pricing Model | The fair value of all stock options granted are estimated using the Black-Scholes option pricing model with the following weighted-average assumptions and resulting in the following weighted-average fair values: March 31, 2015 Risk-free interest rate 1.77 % Expected dividend yield 0 % Expected share price volatility 178 % Expected option life in years 5 Fair value $ 1.20 |
Nature of Operations and Goin20
Nature of Operations and Going Concern (Details Narrative) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 | Nov. 19, 2014 |
Nature Of Operations And Going Concern | |||
Accounts payable | $ 420,653 | ||
Accumulated deficit | $ 1,167,733 | $ 736,215 | |
Working capital deficiency | $ 223,325 | $ 241,807 |
Significant Accounting Polici21
Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Percentage of tax benefits likelihood of being realized upon settlement | greater than 50% |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Accounts payable | $ 480,003 | $ 148,922 |
Accounts payable due period | due within 30 days or less | |
Accrued liabilities | $ 10,000 | 12,000 |
Stockholders' loans | $ 88,722 | $ 282,172 |
Loan repayment of due period | 1 year | |
Loan interest bearing rate | 10.00% | |
Extended Loans [Member] | ||
Loan interest bearing rate | 11.00% |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Jun. 17, 2015 | Jun. 05, 2015 | Mar. 10, 2015 | Feb. 04, 2015 | Jan. 28, 2015 | Jan. 12, 2015 | Jan. 09, 2015 | Apr. 22, 2014 | Feb. 26, 2014 | Jun. 30, 2015 | Mar. 31, 2015 |
Number of common stock issued in cash | $ 450,000 | $ 120,000 | |||||||||
Issuance of common stock for services. shares | |||||||||||
Issuance of common stock for services | $ 81,250 | ||||||||||
Subscription Agreements [Member] | |||||||||||
Number of common stock shares issued in cash | 800,000 | 1,000,000 | 280,000 | 200,000 | 28,000 | ||||||
Common stock, price per share | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 1.25 | ||||||
Number of common stock issued in cash | $ 200,000 | $ 250,000 | $ 70,000 | $ 50,000 | $ 35,000 | ||||||
Finder's Fee Agreement [Member] | |||||||||||
Common stock, price per share | $ 1.25 | ||||||||||
Issuance of common stock for services. shares | 25,000 | ||||||||||
Issuance of common stock for services | $ 31,250 | ||||||||||
Consulting Agreement [Member] | |||||||||||
Common stock, price per share | $ 0.10 | ||||||||||
Issuance of common stock for services. shares | 200,000 | ||||||||||
Issuance of common stock for services | $ 20,000 | ||||||||||
Finance Term Fee Agreement [Member] | |||||||||||
Number of common stock shares issued in cash | 100,000 | ||||||||||
Number of common stock issued in cash | $ 250,000 | ||||||||||
Number of common stock value issued for reduction of legal fees | $ 1,500 | ||||||||||
Number of common stock shares issued for reduction of legal fees | 10,000 | ||||||||||
Shares issued | |||||||||||
Accounts Payable Agreement [Member] | |||||||||||
Number of common stock value issued for reduction of legal fees | $ 30,000 | ||||||||||
Number of common stock shares issued for reduction of legal fees | 150,000 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Mar. 31, 2015 | |
Number of options granted | 175,000 | |
Weighted average remaining contractual life of stock options outstanding | 4 years 29 days | 4 years 3 months 29 days |
Unamortized share-based payment | $ 8,850 | |
Officers and Directors [Member] | ||
Number of options granted | 175,000 | |
Vesting terms | vesting terms: 1/3 on date of grant, 1/3 six months from date of grant, and 1/3 one year from date of grant. | |
Equity Incentive Plan [Member] | Directors and Consultants [Member] | ||
Number of common stock issued maximum under the plan | 20,000,000 | |
Term of stock options | 10 years |
Stock Options - Summary of Shar
Stock Options - Summary of Share Options (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of stock options, beginning balance | 175,000 | |
Number of stock options, granted | 175,000 | |
Number of stock options, ending balance | 175,000 | 175,000 |
Weighted-average exercise price, beginning balance | $ 1.27 | |
Weighted-average exercise price, granted | $ 1.27 | |
Weighted-average exercise price, ending balance | $ 1.27 | $ 1.27 |
Stock Options - Schedule of Sto
Stock Options - Schedule of Stock Options Outstanding (Details) - Jun. 30, 2015 - $ / shares | Total |
Stock option outstanding | 175,000 |
Stock options exercisable | 116,667 |
Range 1 [Member] | |
Stock options expiry date | Jul. 30, 2019 |
Stock options exercise price | $ 1.25 |
Stock option outstanding | 150,000 |
Stock options exercisable | 100,000 |
Range 2 [Member] | |
Stock options expiry date | Jul. 30, 2019 |
Stock options exercise price | $ 1.38 |
Stock option outstanding | 25,000 |
Stock options exercisable | 16,667 |
Stock Options - Schedule of Bla
Stock Options - Schedule of Black-Scholes Option Pricing Model (Details) - Mar. 31, 2015 - $ / shares | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk-free interest rate | 1.77% |
Expected dividend yield | 0.00% |
Expected share price volatility | 178.00% |
Expected option life in years | 5 years |
Fair value | $ 1.20 |
Accounts Payable (Details Narra
Accounts Payable (Details Narrative) | Jun. 30, 2015USD ($) |
Accounts Payable [Member] | |
Due to officer and stockholder | $ 394,524 |
Due to unrelated parties | 2,479 |
Accounts Payable One [Member] | |
Due to officer and stockholder | 10,000 |
Accounts Payable Two [Member] | |
Due to officer and stockholder | $ 73,000 |
Stockholders' Loans (Details Na
Stockholders' Loans (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | |
Stockholders' loan | $ 88,722 | $ 282,172 |
Loan maturiy due date | Jul. 31, 2015 | |
Loan interest, per annum | 10.00% | |
Accrued interest | $ 6,550 | $ 11,686 |
Extended Loans [Member] | ||
Loan maturiy due date | Jan. 23, 2016 | |
Loan interest, per annum | 11.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Oct. 01, 2014 | |
Due to related parties | $ 9,529 | |||
Paid or accrued various expenses | $ 356,406 | $ 57,178 | ||
Due to directors | $ 10,000 | $ 10,000 | ||
Directors And Officers [Member] | ||||
Stock issued during period shares due to related parties | 125,000 | |||
Stock issued during period value due to related parties | $ 142,502 |
Segmented Information (Details
Segmented Information (Details Narrative) | 3 Months Ended |
Jun. 30, 2015Segment | |
Unites States [Member] | |
Number of business segment | 1 |
Exploration and Evaluation (Det
Exploration and Evaluation (Details Narrative) - Miranda USA Inc [Member] - USD ($) | Jan. 15, 2015 | Nov. 05, 2014 |
Business acquisition equity interest | 70.00% | |
Business acquisition expenditures over next three years | $ 10,000,000 | |
Percentage of initial earnings in the project | 20.00% | |
Project incurring initial work commitment | $ 1,070,000 | |
Lease agreement | $ 150,000 | |
Committed to pay lease agreement amount | $ 150,000 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - USD ($) | Jul. 08, 2015 | Jul. 07, 2015 | Jun. 17, 2015 | Jun. 05, 2015 | Feb. 04, 2015 | Jan. 28, 2015 | Feb. 26, 2014 | Jun. 30, 2015 | Mar. 31, 2015 |
Number of common stock value issued in cash | $ 450,000 | $ 120,000 | |||||||
Subscription Agreements [Member] | |||||||||
Number of common stock shares issued in cash | 800,000 | 1,000,000 | 280,000 | 200,000 | 28,000 | ||||
Common stock, price per share | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 1.25 | ||||
Number of common stock value issued in cash | $ 200,000 | $ 250,000 | $ 70,000 | $ 50,000 | $ 35,000 | ||||
Subscription Agreements [Member] | Subsequent Event [Member] | |||||||||
Number of common stock shares issued in cash | 655,600 | 368,000 | |||||||
Common stock, price per share | $ 0.25 | $ 0.25 | |||||||
Number of common stock value issued in cash | $ 163,900 | $ 92,000 |