Gold Torrent 10-Q 11 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 11, 2017
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, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,508,552
Trading Symbol	GTOR
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Current
Cash	$ 3,732,012	$ 1,584,684
Prepaids and deposits	296,720	153,487
Total Current Assets	4,028,732	1,738,171
Long Term Assets
Mineral property interest (Note 4)	4,807,090	405,406
Equipment (Note 5)	67,136
Total Non Current Assets	4,874,226
Total Assets	8,902,958	2,143,577
Current
Accounts payable (Note 6)	356,716	356,274
Accrued liabilities (Note 8)	496,562	475,573
Payroll liabilities	43,799
Total Current Liabilities	897,077	831,847
Long Term Liabilities
Long-term debt (Note 7)	5,250,000	2,000,000
Total Liabilities	6,147,077	2,831,847
Stockholders' Equity (Deficiency)
Common Stock (Note 10)	18,509	33,087
Preferred Stock
Additional Paid-in Capital	3,225,266	3,057,263
Contributed Surplus (Notes 10 and 11)	1,930,358	208,808
Non-controlling Interest (Note 4)	3,456,043
Deficit	(5,874,295)	(3,987,428)
Total Stockholders' Equity (Deficiency)	2,755,881	(688,270)
Total Liabilities and Stockholders' Equity (Deficiency)	$ 8,902,958	$ 2,143,577

Interim Consolidated Balance S3

Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
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	18,508,550	14,758,600
Common stock, shares outstanding	18,508,550	14,758,600
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, par value	$ 0.001	$ 0.001

Interim Consolidated Statements

Interim Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Expenses
Accounting and legal	$ 80,432	$ 35,300
Advertising	12,049
Amortization	1,739
Bank charges and interest	53,452	1,237
Executive compensation and salaries	308,255	121,250
Exploration and evaluation (Note 4)	366,948	162,582
Insurance	98,598
Licenses and fees	5,679	5,360
Office	39,402	5,384
Share-based payments	1,725,000
Travel and entertainment	24,984	13,651
Net Loss and Comprehensive Loss for the Period	(2,716,538)	(344,764)
Attributed to non-controlling interest	(829,671)
Attributed to stockholders of the Company	$ (1,886,867)	$ (344,764)
Weighted average number of common shares outstanding	18,508,552	12,157,173
Basic and diluted loss per share	$ (14.68)	$ (0.03)

Interim Consolidated Statement5

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flow from Operating Activities
Net loss for the period	$ (2,716,538)	$ (344,764)
Items not involving cash:
Share- based payments	1,725,000
Accrued interest	53,250	936
Amortization	1,739
Changes in non-cash working capital items:
Prepaids and deposits	(143,233)	39,574
Accounts payable and accrued liabilities	8,530	206
Cash Used in Operating Activities	(1,071,252)	(304,048)
Cash Flow from Investing Activities
Mineral property interest	(115,970)
Purchase of equipment	(68,875)
Cash used in Investing Activities	(184,845)
Cash Flow from Financing Activities
Proceeds from issuance of common stock	153,425	485,000
Proceeds from long-term debt	3,250,000
Repayment of shareholders' loan		(94,729)
Cash provided by Financing Activities	3,403,425	390,271
Increase in Cash	2,147,328	86,223
Cash, Beginning of Period	1,584,684	265,315
Cash, End of Period	3,732,012	351,538
Supplemental Information
Taxes paid
Interest paid

Interim Consolidated Statement6

Interim Consolidated Statements of Stockholders' Equity (Deficiency) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Contributed Surplus [Member]	Noncontrolling Interest [Member]	Deficit [Member]	Total
Balance at Mar. 31, 2016	$ 29,157	$ 1,606,193	$ 208,808		$ (2,040,757)	$ (196,599)
Balance, shares at Mar. 31, 2016	10,828,600
Shares issued for cash	$ 3,930	1,451,070				1,455,000
Shares issued for cash, shares	3,930,000
Net loss					(1,946,671)	(1,946,671)
Balance at Mar. 31, 2017	$ 33,087	3,057,263	208,808		(3,987,428)	(688,270)
Balance, shares at Mar. 31, 2017	14,758,600
Mineral property leases contributed				4,285,714		4,285,714
Shares issued for cash	$ 3,750	149,675				153,425
Shares issued for cash, shares	306,850
Share-based payments			1,721,550			1,721,550
Share-based payments,shares	3,443,100
Net loss				(829,671)	(1,886,867)	(1,886,867)
Balance at Jun. 30, 2017	$ 18,509	$ 3,225,266	$ 1,930,358	$ 3,456,043	$ (5,874,295)	$ 2,755,881
Balance, shares at Jun. 30, 2017	18,508,550

Nature of Operations and Going

Nature of Operations and Going Concern	3 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Going Concern	1. Nature of Operations and Going Concern Gold Torrent, Inc. (the “Company”) was incorporated in Nevada as Celldonate Inc. on August 15, 2006. Historically we were in the business of developing mobile monetization solutions and applications. On September 10, 2013, certain shareholders, including the Company’s current Chief Executive Officer and its President, acquired approximately 53% of the Company’s issued and outstanding common stock resulting in a change of control. In connection with the transaction, Daniel Kunz was appointed Executive Chairman and Ryan Hart was appointed Chief Executive Officer and President. 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. 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 4). The Company has incurred losses since inception and has an accumulated deficit of $6,703,966 (March 31, 2017 - $3,987,428) as of June 30, 2017, with limited resources and limited source of operating cash flows. As at June 30, 2017, the Company has a working capital of $3,131,655 (March 31, 2017 - $906,324). These factors raise substantial doubt about the ability of the Company to continue as a going concern. The Company’s 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 consolidated financial statements could be material. These consolidated 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, 2017
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 Company’s functional and reporting currency is the US dollar. These unaudited consolidated interim financial statements include the accounts of the Company and the accounts of the Company’s 70% owned subsidiary, Alaska Gold Torrent, LLC, incorporated in the State of Alaska. For all periods presented, all significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. The results of operations for the consolidated 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, 2018. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted. These unaudited consolidated interim financial statements and notes included herein have been prepared on a basis consistent with, and should be read in conjunction with, the Company’s audited financial statements and notes for the year ended March 31, 2017, as filed in its Form 10-K. (b) Use of estimates The preparation of interim consolidated 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 instrument’s 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) Equipment Equipment is carried at cost less accumulated amortization and impairment losses, if any. Amortization is provided at rates and methods designed to write off cost of the assets over their estimated useful lives as follows: Computers 25% declining balance Vehicles 20% declining balance Furniture and fittings 20% declining balance Management reviews the amortization method, useful lives and residual values annually and accounts for any changes in estimates on a prospective basis. (j) 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, 2017
Fair Value Disclosures [Abstract]
Financial Instruments	3. Financial Instruments The Company has designated its cash as held-for-trading; and accounts payable, and accrued liabilities as other financial liabilities. (a) Fair value The fair values of the Company’s cash, accounts payable, and accrued liabilities 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, 2017. (c) Translation risk The Company’s 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, 2017, the Company had accounts payable of $356,716 (March 31, 2017 - $356,274), which are due within 30 days or less. At June 30, 2017, accrued liabilities consist of accrued accounting and legal fees of $10,000 (March 31, 2017 - $15,000), accrued interest of $Nil (March 31, 2017 - $25,205), accrued executive compensation of $486,562 (March 31, 2017 - $407,607), and exploration and development costs of $Nil (March 31, 2017 - $27,761).

Exploration and Mineral Propert

Exploration and Mineral Properties	3 Months Ended
	Jun. 30, 2017
Extractive Industries [Abstract]
Exploration and Mineral Properties	4. Exploration and Mineral Properties On July 28, 2014, the Company entered into a non-binding Letter of Intent 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 this earn-in. Therefore, the Company would 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. In addition, the Company is committed to paying $150,000 every year on January 15. The purpose of this lease is to afford Miranda the opportunity to enter onto and produce minerals from certain patents and State of Alaska mining claims located in the State of Alaska. This lease is to be vended by Miranda to the joint venture upon the Company earning its initial 20% interest. On May 25, 2016, the Company received formal notice from Miranda that the Company has acquired a permanent 20% interest in the Lucky Shot project by virtue of meeting the initial earn-in required expenditures. On February 13, 2017, the Company entered into a $11,250,000 gold and silver prepayment arrangement for the Lucky Shot gold project. The Streaming Agreement provided for a closing on the first tranche of $6,250,000 upon satisfaction by the Company of certain closing conditions. On June 27, 2017, the Company and the Stream Investor agreed, after the satisfaction by the Company of a majority of the Tranche 1 closing conditions, to amend certain provisions of the Streaming Agreement and concurrently close on one-half of Tranche 1 in the amount of $3,250,000. It is anticipated that the second half of the first tranche, also in the amount of $3,250,000, will be consummated within 30 days upon satisfaction of the final closing conditions. The Company has acquired a permanent 70% interest in the Lucky Shot project by virtue of meeting the earn-in required expenditures. In addition, Miranda contributed mineral property leases valued at $4,285,714 to the Lucky Shot project. As at June 30, 2017, mineral property interest consists of: Land $ 100,506 Buildings 420,870 Mineral property leases 4,285,714 $ 4,807,090 As at June 30, 2017, the Company provided funding to Alaska Gold Torrent, LLC in the total amount of $6,636,925. This consists of cumulative acquisition, exploration, engineering costs and capital contributions of $2,886,925 as at March 31, 2017, and $3,750,000 in additional funding during the three months ended June 30, 2017: Cumulative Funding to Alaska Gold Torrent LLC As at March 30, 2017 $ 2,886,925 Current period funding. 500,000 Streaming Agreement financing 3,250,000 $ 6,636,925

Equipment

Equipment	3 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Equipment	5. Equipment Balance as at June 30, 2017: Cost Amortization Net Book Value Computers $ 2,728 $ 85 $ 2,643 Vehicles 62,748 1,568 61,180 Furniture and Fittings 3,399 86 3,313 $ 68,875 $ 1,739 $ 67,136

Accounts Payable

Accounts Payable	3 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Accounts Payable	6. Accounts Payable Accounts payable as at June 30, 2017 includes the following: ● $356,716 due to unrelated parties.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt On February 13, 2017, the Company entered into a convertible preferred note and investment agreement with two Singapore private limited companies for a $2,000,000 convertible preferred note and a $11,250,000 gold and silver prepayment arrangement for the Company’s Lucky Shot gold project. The Company paid $100,000 in legal expenses and used the proceeds from the note as part of the Company’s initial investment in the project. The convertible preferred note bears interest at 10% per annum, is due on February 13, 2019 and secured by certain assets of the Company. It is also convertible into 15% of the shares of common stock of the Company on a post-money basis on the earlier of: (i) a Canadian Going Public Transaction or (ii) funding of the $11,250,000 prepayment arrangement and following an equity raise by the Company of $5,000,000 or more (of which $2,000,000 will include the conversion of the preferred note). Concurrent with the closing and funding of the convertible preferred note, the Company and Miranda, a wholly-owned subsidiary of Miranda Gold Corp. of Canada, executed a joint venture operating agreement and formed Alaska Gold Torrent, LLC, an Alaska limited liability company under which the Company now owns a seventy percent (70%) undivided interest in the project. On June 27, 2017, the Company received an additional $3,250,000 per the Streaming Agreement (Note 4).

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2017
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) During the year ended March 31, 2016, the Company signed employment agreements with three directors and officers. A total of $42,500 (June 30, 2016 - $121,250) for one director was accrued in the period ended June 30, 2017 as a result of these contracts, and $408,107 (March 31, 2017 - $462,607) were owing as at June 30, 2017. A monthly payment of $26,500 was paid to a company controlled by a director. A total of $78,750 (June 30, 2016 - $Nil) was paid in the period ended June 30, 2017. (b) On February 13, 2017, the Company entered into a Gold and Silver Prepayment Agreement, and as per this agreement, the Company signed an employment agreement with one director and shareholder. A total of $45,000 (June 30, 2016 - $Nil) was paid in the period ended June 30, 2017 as a result of this agreement.

Segmented Information

Segmented Information	3 Months Ended
	Jun. 30, 2017
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.

Common Stock

Common Stock	3 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Common Stock	10. Common Stock During the year ended March 31, 2017, the Company entered into subscription agreements for the issuance of 2,040,000 shares of common stock at a purchase price of $0.25 per share for a total amount of $510,000 in cash, and 1,890,000 shares of common stock at a purchase price of $0.50 per share for a total amount of $945,000 in cash. During the period ended June 30, 2017, the Company entered into subscription agreements for the issuance of 3,443,100 bonus shares of common stock as compensation to its current CEO, Chairman, management and technical team for $0.50 per share. The Company also issued 306,850 shares of common stock for $153,425 in cash.

Stock Options

Stock Options	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options	11. 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 the 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. The Company’s stock options are outstanding and exercisable as follows: June 30, 2017 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 During the period ended June 30, 2017 and fiscal year ended March 31, 2017, the Company did not grant any stock options. In April 2017, the Board approved a new “2016 Stock Option and Bonus Plan” granting up to 3,000,000 options to the directors, officers, employees, subsidiary employees and advisors; the total amount of options granted was 2,175,000.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events 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 Polici19

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2017
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 Company’s functional and reporting currency is the US dollar. These unaudited consolidated interim financial statements include the accounts of the Company and the accounts of the Company’s 70% owned subsidiary, Alaska Gold Torrent, LLC, incorporated in the State of Alaska. For all periods presented, all significant inter-company accounts and transactions have been eliminated in the consolidated financial statements. The results of operations for the consolidated 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, 2018. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted. These unaudited consolidated interim financial statements and notes included herein have been prepared on a basis consistent with, and should be read in conjunction with, the Company’s audited financial statements and notes for the year ended March 31, 2017, as filed in its Form 10-K.
Use of Estimates	(b) Use of estimates The preparation of interim consolidated 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 instrument’s 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.
Equipment	(i) Equipment Equipment is carried at cost less accumulated amortization and impairment losses, if any. Amortization is provided at rates and methods designed to write off cost of the assets over their estimated useful lives as follows: Computers 25% declining balance Vehicles 20% declining balance Furniture and fittings 20% declining balance Management reviews the amortization method, useful lives and residual values annually and accounts for any changes in estimates on a prospective basis.
Recent Accounting Guidance Adopted	(j) 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.

Significant Accounting Polici20

Significant Accounting Policies (Tables)	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Schedule of Property Equipment Estimated Useful Lives	Amortization is provided at rates and methods designed to write off cost of the assets over their estimated useful lives as follows: Computers 25% declining balance Vehicles 20% declining balance Furniture and fittings 20% declining balance

Exploration and Mineral Prope21

Exploration and Mineral Properties (Tables)	3 Months Ended
	Jun. 30, 2017
Extractive Industries [Abstract]
Schedule of Mineral Property Interest	As at June 30, 2017, mineral property interest consists of: Land $ 100,506 Buildings 420,870 Mineral property leases 4,285,714 $ 4,807,090
Schedule of Cumulative Funding	Cumulative Funding to Alaska Gold Torrent LLC As at March 30, 2017 $ 2,886,925 Current period funding. 500,000 Streaming Agreement financing 3,250,000 $ 6,636,925

Equipment (Tables)

Equipment (Tables)	3 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of Equipment	Balance as at June 30, 2017: Cost Amortization Net Book Value Computers $ 2,728 $ 85 $ 2,643 Vehicles 62,748 1,568 61,180 Furniture and Fittings 3,399 86 3,313 $ 68,875 $ 1,739 $ 67,136

Stock Options (Tables)

Stock Options (Tables)	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Options Outstanding and Exercisable	The Company’s stock options are outstanding and exercisable as follows: June 30, 2017 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 Goin24

Nature of Operations and Going Concern (Details Narrative) - USD ($)	Jun. 30, 2017	Mar. 31, 2017	Sep. 10, 2013
Accumulated deficit	$ 5,874,295	$ 3,987,428
Working capital (deficiency)	$ 3,131,655	$ 906,324
Chief Executive Officer and President [Member]
Precentage of issued and outstanding common stock			53.00%

Significant Accounting Polici25

Significant Accounting Policies (Details Narrative)	3 Months Ended
	Jun. 30, 2017
Percentage of tax benefits likelihood of being realized upon settlement	greater than 50%
Alaska Gold Torrent, LLC [Member]
Percentage of owned subsidiary	70.00%

Significant Accounting Polici26

Significant Accounting Policies - Schedule of Property Equipment Estimated Useful Lives (Details)	3 Months Ended
	Jun. 30, 2017
Computers [Member]
Equipment estimated useful lives	25% declining balance
Vehicles [Member]
Equipment estimated useful lives	20% declining balance
Furniture and Fittings [Member]
Equipment estimated useful lives	20% declining balance

Financial Instruments (Details

Financial Instruments (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Accounts payable	$ 356,716	$ 356,274
Accounts payable due period	due within 30 days or less
Accrued accounting and legal fees	$ 10,000	15,000
Accrued interest		25,205
Accrued executive compensation	486,562	407,607
Exploration and development costs		$ 27,761

Exploration and Mineral Prope28

Exploration and Mineral Properties (Details Narrative)

Jun. 27, 2017USD ($)

Mar. 15, 2017USD ($)

Feb. 13, 2017USD ($)

Jul. 08, 2016USD ($)a

Jan. 06, 2016USD ($)

Jan. 15, 2015USD ($)

Nov. 05, 2014USD ($)

Jun. 30, 2017USD ($)

Jun. 30, 2016USD ($)

Mar. 31, 2017USD ($)

May 25, 2016

Mar. 31, 2016USD ($)

Sep. 02, 2015USD ($)

Purchased a building

$ 304,900

Mineral property streaming agreement financing

$ 3,250,000

Total amount funded to agreement

$ 6,636,925

$ 2,886,925

Alaska Gold Torrent, LLC [Member]

Total amount funded to agreement

$ 6,636,925

Cumulative acquisition, exploration, engineering and capital contributions

$ 2,886,925

Development costs

$ 3,750,000

Lucky Shot Project [Member]

Business acquisition equity interest

70.00%

Prepayment arrangement for company project

$ 11,250,000

Lucky Shot Project [Member] | First Tranche [Member]

Prepayment arrangement for company project

$ 6,250,000

Streaming Agreement [Member] | One-Half of Tranche 1 [Member]

Mineral property streaming agreement financing

$ 3,250,000

Streaming Agreement [Member] | Second Half of First Tranche [Member]

Mineral property streaming agreement financing

3,250,000

Miranda USA Inc [Member]

Business acquisition equity interest

70.00%

Business acquisition expenditures over next three years

$ 10,000,000

Percentage of initial earnings interest in project

20.00%

20.00%

20.00%

Project incurring initial work commitment

$ 1,070,000

$ 1,070,000

Paid of lease agreement

$ 150,000

$ 150,000

Committed to pay lease agreement amount

$ 150,000

$ 150,000

Area of land purchased | a

30

Purchase price of undeveloped land

$ 100,506

Miranda USA Inc [Member] | Lucky Shot Project [Member]

Percentage of initial earnings interest in project

20.00%

Mineral property streaming agreement financing

$ 4,285,714

Exploration and Mineral Prope29

Exploration and Mineral Properties - Schedule of Mineral Property Interest (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Mineral property interest	$ 4,807,090	$ 405,406
Land [Member]
Mineral property interest	100,506
Building [Member]
Mineral property interest	420,870
Mineral Property Leases [Member]
Mineral property interest	$ 4,285,714

Exploration and Mineral Prope30

Exploration and Mineral Properties - Schedule of Cumulative Funding (Details)	3 Months Ended
	Jun. 30, 2016USD ($)
Extractive Industries [Abstract]
Beginning balance	$ 2,886,925
Current period funding	500,000
Streaming Agreement financing	3,250,000
Ending balance	$ 6,636,925

Equipment - Schedule of Equipme

Equipment - Schedule of Equipment (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Equipment, Cost	$ 68,875
Equipment, Amortization	1,739
Equipment, Net Book Value	67,136
Computers [Member]
Equipment, Cost	2,728
Equipment, Amortization	85
Equipment, Net Book Value	2,643
Vehicles [Member]
Equipment, Cost	62,748
Equipment, Amortization	1,568
Equipment, Net Book Value	61,180
Furniture and Fittings [Member]
Equipment, Cost	3,399
Equipment, Amortization	86
Equipment, Net Book Value	$ 3,313

Accounts Payable (Details Narra

Accounts Payable (Details Narrative)	Jun. 30, 2017USD ($)
Accounts Payable [Member]
Due to unrelated parties	$ 356,716

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($)	Feb. 13, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 27, 2017	Mar. 31, 2017
Convertible preferred note	$ 2,000,000
Legal expenses	$ 100,000
Convertible preferred note bears interest rate	10.00%
Convertible preferred note due date	Feb. 13, 2019
Percentage of convertible preferred note into shares of common stock	15.00%
Prepayment of arrangement funding amount	$ 11,250,000
Equity raise amount	5,000,000	$ 153,425	$ 485,000
Mineral property interest		$ 4,807,090			$ 405,406
Streaming Agreement [Member]
Mineral property interest				$ 3,250,000
Lucky Shot Gold Project [Member]
Prepayment arrangement for company project	$ 11,250,000
Alaska Gold Torrent, LLC [Member]
Percentage of owned subsidiary		70.00%

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Employment Agreements [Member]
Due to directors	$ 78,750
Gold and Silver Prepayment Agreement [Member]
Due to directors	45,000
Directors and Officers [Member] | Employment Agreements [Member]
Expenses related to related party transactions	42,500	$ 121,250
Due to directors	408,107		$ 462,607
Director [Member] | Employment Agreements [Member]
Due to directors	$ 26,500

Segmented Information (Details

Segmented Information (Details Narrative)	3 Months Ended
	Jun. 30, 2017Segment
Segment Reporting [Abstract]
Number of operating segment	1

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Number of common stock issued in cash	$ 153,425	$ 1,455,000
Common Stock [Member]
Number of common stock shares issued in cash	306,850	3,930,000
Number of common stock issued in cash	$ 3,750	$ 3,930
Subscription Agreements [Member]
Number of common stock shares issued in cash	3,443,100	2,040,000
Common stock, price per share	$ 0.50	$ 0.25
Number of common stock issued in cash		$ 510,000
Subscription Agreements [Member] | Common Stock [Member]
Number of common stock shares issued in cash	306,850	1,890,000
Common stock, price per share		$ 0.50
Number of common stock issued in cash	$ 153,425	$ 945,000

Stock Options (Details Narrativ

Stock Options (Details Narrative) - shares	1 Months Ended	3 Months Ended
	Apr. 30, 2017	Jun. 30, 2017
April 2017 [Member]
Number of stock option shares granted		2,175,000
Maximum [Member]
Term of stock options		10 years
Equity Incentive Plan [Member] | Employees, Directors And Consultants [Member]
Number of stock option shares granted		20,000,000
2016 Stock Option and Bonus Plan [Member] | Directors, Officers, Employees, Subsidiary Employees and Advisors [Member] | April 2017 [Member]
Number of stock option shares granted	3,000,000

Stock Options - Schedule of Sto

Stock Options - Schedule of Stock Options Outstanding and Exercisable (Details)	3 Months Ended
	Jun. 30, 2017$ / 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