Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2016 | Aug. 16, 2016 | |
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, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 12,868,600 | |
Trading Symbol | GTOR | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Interim Balance Sheets (Unaudit
Interim Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Current | ||
Cash | $ 351,538 | $ 265,315 |
Prepaids and deposits | 98,674 | 138,248 |
Total assets | 450,212 | 403,563 |
Current | ||
Accounts payable (Note 6) | 186,068 | 226,619 |
Accrued liabilities (Note 8) | 320,507 | 279,750 |
Stockholders' loans (Note 7) | 93,793 | |
Total liabilities | 506,575 | 600,162 |
Stockholders' Deficiency | ||
Common Stock | 31,097 | 29,157 |
Preferred Stock | ||
Additional Paid-in Capital | 2,089,253 | 1,606,193 |
Contributed Surplus (Notes 4 and 5) | 208,808 | 208,808 |
Deficit | (2,385,521) | (2,040,757) |
Total stockholders' deficit | (56,363) | (196,599) |
Total liabilities and stockholders' deficit | $ 450,212 | $ 403,563 |
Interim Balance Sheets (Unaudi3
Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2016 | Mar. 31, 2016 |
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 | 12,868,602 | 10,828,600 |
Common stock, shares outstanding | 12,868,602 | 10,828,600 |
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, 2016 | Jun. 30, 2015 | |
Expenses | ||
Accounting and legal | $ 35,300 | $ 14,500 |
Bank charges and finance fees (Note 7) | 1,237 | 6,575 |
Executive compensation (Note 8) | 121,250 | |
Exploration and evaluation (Note 10) | 162,582 | 352,495 |
Licenses and fees | 5,360 | 41,161 |
Office | 5,384 | 5,141 |
Travel and entertainment | 13,651 | 11,646 |
Net Loss and Comprehensive Loss for the Period | $ (344,764) | $ (431,518) |
Weighted average number of common shares outstanding | 12,157,173 | 6,140,893 |
Basic and diluted loss per share | $ (0.03) | $ (0.07) |
Interim Statements of Cash Flow
Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flow from Operating Activities | ||
Net loss for the period | $ (344,764) | $ (431,518) |
Items not involving cash: | ||
Accrued interest | 936 | |
Changes in non-cash working capital items: | ||
Prepaid and deposits | 39,574 | 31,875 |
Accounts payable and accrued liabilities | 206 | 329,081 |
Cash Used in Operating Activities | (304,048) | (70,562) |
Cash Flow from Financing Activities | ||
Net proceeds from issuance of common stock | 485,000 | 450,000 |
Loans received from stockholders | 6,550 | |
Repayment of stockholders' loans | (94,729) | (200,000) |
Cash Provided by Financing Activities | 390,271 | 256,550 |
Increase in Cash | 86,223 | 185,988 |
Cash, Beginning of Period | 265,315 | 80,037 |
Cash, End of Period | 351,538 | 266,025 |
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, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | |
Common Stock [Member] | |||
Balance | $ 29,157 | $ 23,793 | $ 23,793 |
Balance, shares | 10,828,600 | 5,465,000 | 5,465,000 |
Shares issued for cash | $ 1,940 | $ 5,364 | |
Shares issued for cash, shares | 1,940,000 | 5,363,600 | |
Share-based payments | |||
Net loss | |||
Balance | $ 31,097 | $ 29,157 | |
Balance, shares | 12,768,600 | 10,828,600 | |
Additional Paid-In Capital [Member] | |||
Balance | $ 1,606,193 | $ 270,657 | $ 270,657 |
Shares issued for cash | 483,060 | 1,335,536 | |
Share-based payments | |||
Net loss | |||
Balance | 2,089,253 | 1,606,193 | |
Contributed Surplus [Member] | |||
Balance | 208,808 | 199,958 | 199,958 |
Shares issued for cash | |||
Share-based payments | 8,850 | ||
Net loss | |||
Balance | 208,808 | 208,808 | |
Deficit [Member] | |||
Balance | (2,040,757) | (736,215) | (736,215) |
Shares issued for cash | |||
Share-based payments | |||
Net loss | (344,764) | (1,304,542) | |
Balance | (2,385,521) | (2,040,757) | |
Balance | (196,599) | (241,807) | (241,807) |
Shares issued for cash | 485,000 | 1,340,900 | |
Share-based payments | 8,850 | ||
Net loss | (344,764) | $ (431,518) | (1,304,542) |
Balance | $ (56,363) | $ (196,599) |
Nature of Operations and Going
Nature of Operations and Going Concern | 3 Months Ended |
Jun. 30, 2016 | |
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 as Celldonate Inc. 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 September 10, 2013, certain shareholders, including the Companys current Chief Executive Officer and its President, acquired approximately 53% of the Companys issued and outstanding common stock resulting in a change of control. Thereafter the Company began 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. On January 16, 2014, the Company changed its name to Gold Torrent, Inc. in order to better reflect the direction and business of the Company. 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. 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 $2,385,521 (March 31, 2016 - $2,040,757) as of June 30, 2016, with limited resources and limited source of operating cash flows. As at June 30, 2016, the Company has a working capital deficiency of $56,363 (March 31, 2016 $196,599). 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, 2016 | |
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, 2017. 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, 2016, 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 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 implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Jun. 30, 2016 | |
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 as at June 30, 2016. (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, 2016, the Company had accounts payable of $186,068 (March 31, 2016 - $226,619), which are due within 30 days or less. At June 30, 2016, accrued liabilities consist of accrued accounting and legal fees of $10,000 (March 31, 2016 - $15,000), and accrued executive compensation of $310,507 (March 31, 2016 - $264,750). |
Common Stock
Common Stock | 3 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Common Stock | 4. Common Stock During the year ended March 31, 2016, the Company entered into subscription agreements for the issuance of 5,363,600 shares of common stock at a purchase price of $0.25 per share for a total amount of $1,340,900 in cash. During the period ended June 30, 2016, the Company entered into subscription agreements for the issuance of 1,940,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $485,000 in cash. Subsequent to period-end, in July 2016, the Company entered into subscription agreements for the issuance of 100,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $25,000 in cash. |
Stock Options
Stock Options | 3 Months Ended |
Jun. 30, 2016 | |
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 period ended June 30, 2016 and fiscal year ended March 31, 2016, the Company did not grant any options to officers and directors of the Company. The following table summarizes information about the Companys stock options in accordance with its Plan: Number Weighted-average exercise price Balance, June 30, 2016, March 31, 2016 and 2015 175,000 $ 1.27 The Companys stock options are outstanding and exercisable as follows: June 30, 2016 Expiry date Exercise price Options outstanding Options exercisable July 30, 2019 $ 1.25 150,000 150,000 July 30, 2019 $ 1.38 25,000 25,000 175,000 175,000 The weighted average remaining contractual life of stock options outstanding at June 30, 2016 is 3.08 (March 31, 2016 3.33) years. As at June 30, 2016, unamortized share-based payment expense on the outstanding options is $Nil (March 31, 2016 - $Nil). |
Accounts Payable
Accounts Payable | 3 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable | 6. Accounts Payable Accounts payable as at June 30, 2016 includes the following: ● $81,624 due to a company controlled by an officer and stockholder of the Company; ● $10,000 due to an officer and stockholder of the Company; ● $92,000 due to a company, who is a stockholder of the Company for payment of legal services made on behalf of the Company; and ● $2,444 due to unrelated parties. |
Stockholders' Loans
Stockholders' Loans | 3 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Stockholders' Loans | 7. Stockholders Loans As at June 30, 2016, current officers and stockholders of the Company had loans outstanding amounting to $Nil (March 31, 2016- $93,793). As at June 30, 2016, the Company had accrued interest of $Nil (March 31, 2016 - $13,446). |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Transactions with related parties for goods and services are based on the exchange amount as agreed to by the related parties. Details of related party transactions are as follows: (a) Effective October 1, 2014, the Company signed a technical services and administration 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 and rent. During the period ended June 30, 2016, the Company paid or accrued various expenses of $40,589 (March 31, 2016 - $447,817) relating to this agreement. In addition, as at June 30, 2016, the Company accrued finance fees of $10,000 (March 31, 2016 - $10,000) to this director. (b) During the year ended March 31, 2016, the Company signed employment agreements with three directors and officers. A total of $121,250 (2016 - $Nil) was accrued in the period ended June 30, 2016 as a result of these contracts, and $310,507 (2015 - $Nil) were owing as at June 30, 2016. |
Segmented Information
Segmented Information | 3 Months Ended |
Jun. 30, 2016 | |
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, 2016 | |
Extractive Industries [Abstract] | |
Exploration and Evaluation | 10. Exploration and Evaluation On July 28, 2014, the Company entered into a non-binding Letter of Intent (LOI) with a third party to negotiate and enter into a Joint Venture Agreement for the development of the gold property known as Lucky Shot, Alaska (formerly known as Willow Creek). On November 5, 2014, the Company signed an Exploration and Option to Enter Joint Venture Agreement for the Lucky Shot project in 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. (Miranda) by making certain expenditures over the next three years totaling $10,000,000. The principal terms of the Exploration and Option Agreement provide that the Company can earn an initial 20% interest in the Lucky Shot gold 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 September 2, 2015, Miranda granted the Company a six-month extension to the dates related to the earn-in. Therefore, the Company can earn an initial 20% interest in the Lucky Shot gold project by incurring an initial work commitment of $1,070,000 before May 5, 2016 in costs related to exploration and development of the project. On January 15, 2015 and January 6, 2016, the Company paid $150,000 for a Lease Agreement between Miranda 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 As of June 30, 2016, $ 1,112,514 The exploration and evaluation costs for the period ended June 30, 2016 are associated with hourly fees of geological, metallurgical and mining engineering consultants employed by a company controlled by a director, third party geological computer modeling services, third party consultants preparing an independent Preliminary Feasibility Study, third party metallurgical test work, and the office costs required for this work. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 11. Subsequent Events Subsequent to June 30, 2016, the Company entered into the following agreements: ● On July 6, 2016, the Company entered into subscription agreements for the issuance of 100,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $25,000 in cash. ● On July 8, 2016, the Company purchased a 30-acre parcel of private, undeveloped land in Alaska near the Lucky Shot project for the siting of a gold recovery plant. The Company evaluates events that have occurred after the balance sheet date, but before the financial statements are issued. Based upon the evaluation, other than what is described above, the Company did not identify any recognized or non-recognized subsequent events that would have required further adjustments or disclosures in the financial statements. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2016 | |
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, 2017. 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, 2016, 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 | (h) Exploration and evaluation 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 implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Stock Options (Tables)
Stock Options (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share Options | The following table summarizes information about the Companys stock options in accordance with its Plan: Number Weighted-average exercise price Balance, June 30, 2016, March 31, 2016 and 2015 175,000 $ 1.27 |
Schedule of Stock Options Outstanding and Exercisable | The Companys stock options are outstanding and exercisable as follows: June 30, 2016 Expiry date Exercise price Options outstanding Options exercisable July 30, 2019 $ 1.25 150,000 150,000 July 30, 2019 $ 1.38 25,000 25,000 175,000 175,000 |
Nature of Operations and Goin20
Nature of Operations and Going Concern (Details Narrative) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 | Nov. 19, 2014 | Sep. 10, 2013 |
Accounts payable | $ 420,653 | |||
Accumulated deficit | $ 2,385,521 | $ 2,040,757 | ||
Working capital deficiency | $ 56,363 | $ 196,599 | ||
Chief Executive Officer and President [Member] | ||||
Precentage of issued and outstanding common stock | 53.00% |
Significant Accounting Polici21
Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Jun. 30, 2016 | |
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, 2016 | Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Accounts payable | $ 186,068 | $ 226,619 |
Accounts payable due period | due within 30 days or less | |
Accrued accounting and legal fees | $ 10,000 | 15,000 |
Accrued executive compensation | $ 310,507 | $ 264,750 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Number of common stock issued in cash | $ 485,000 | $ 1,340,900 |
Subscription Agreements [Member] | ||
Number of common stock shares issued in cash | 1,940,000 | 5,363,600 |
Common stock, price per share | $ 0.25 | $ 0.25 |
Number of common stock issued in cash | $ 485,000 | $ 1,340,900 |
Subscription Agreements [Member] | July 2016 [Member] | ||
Number of common stock shares issued in cash | 100,000 | |
Common stock, price per share | $ 0.25 | |
Number of common stock issued in cash | $ 25,000 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Weighted average remaining contractual life of stock options outstanding | 3 years 29 days | 3 years 3 months 29 days |
Unamortized share-based payment | ||
Equity Incentive Plan [Member] | Employees, 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 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of stock options | 175,000 | 175,000 | 175,000 |
Weighted-average exercise price | $ 1.27 | $ 1.27 | $ 1.27 |
Stock Options - Schedule of Sto
Stock Options - Schedule of Stock Options Outstanding and Exercisable (Details) | 3 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Stock options outstanding | 175,000 |
Stock options exercisable | 175,000 |
Range 1 [Member] | |
Stock options expiry date | Jul. 30, 2019 |
Stock options exercise price | $ / shares | $ 1.25 |
Stock options outstanding | 150,000 |
Stock options exercisable | 150,000 |
Range 2 [Member] | |
Stock options expiry date | Jul. 30, 2019 |
Stock options exercise price | $ / shares | $ 1.38 |
Stock options outstanding | 25,000 |
Stock options exercisable | 25,000 |
Accounts Payable (Details Narra
Accounts Payable (Details Narrative) | Jun. 30, 2016USD ($) |
Legal Services [Member] | |
Due to officer and stockholder | $ 92,000 |
Accounts Payable [Member] | |
Due to officer and stockholder | 81,624 |
Due to unrelated parties | 2,444 |
Accounts Payable One [Member] | |
Due to officer and stockholder | $ 10,000 |
Stockholders' Loans (Details Na
Stockholders' Loans (Details Narrative) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 |
Debt Disclosure [Abstract] | ||
Stockholders' loan | $ 93,793 | |
Accrued interest | $ 13,446 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Oct. 02, 2014 | |
Due to related parties | $ 9,529 | |||
Paid or accrued various expenses | $ 40,589 | $ 447,817 | ||
Due to directors | 10,000 | 10,000 | ||
Directors And Officers [Member] | Employment Agreements [Member] | ||||
Paid or accrued various expenses | 121,250 | |||
Due to directors | $ 310,507 |
Segmented Information (Details
Segmented Information (Details Narrative) | 3 Months Ended |
Jun. 30, 2016Segment | |
Unites States [Member] | |
Number of business segment | 1 |
Exploration and Evaluation (Det
Exploration and Evaluation (Details Narrative) - USD ($) | Jan. 06, 2016 | Jan. 15, 2015 | Nov. 05, 2014 | Jun. 30, 2016 | May 25, 2016 | Sep. 02, 2015 |
Lucky Shot Project [Member] | ||||||
Technical services | $ 1,112,514 | |||||
Percentage of initial interest for engineering and technical services related project | 20.00% | |||||
Miranda USA Inc [Member] | ||||||
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% | 20.00% | 20.00% | |||
Project incurring initial work commitment | $ 1,070,000 | $ 1,070,000 | ||||
Lease agreement | $ 150,000 | $ 150,000 | ||||
Committed to pay lease agreement amount | $ 150,000 | $ 150,000 | ||||
Percentage of initial earning interest | 20.00% | 20.00% |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Subsequent Event [Member] | Jul. 06, 2016USD ($)$ / sharesshares | Jul. 08, 2016a |
Number of stock issued for cash | shares | 100,000 | |
Sale of stock price per share | $ / shares | $ 0.25 | |
Number of stock issued for cash, value | $ | $ 25,000 | |
Area of land, purchased | a | 30 |