Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Oct. 31, 2013 | Dec. 20, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Grizzly Gold Corp. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-13 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001492541 | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 48,400,000 |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Current Assets | ' | ' |
Cash | $3,332 | $69,052 |
Prepaid expenses | 5,849 | 3,250 |
Total Current Assets | 9,181 | 72,302 |
Reclamation deposit | 11,817 | 9,976 |
Mineral property acquisition rights (restated) | 66,440 | 40,000 |
Total other assets | 78,257 | 49,976 |
Total Assets | 87,438 | 122,278 |
Current Liabilities | ' | ' |
Accounts payable | 10,431 | 3,393 |
Accrued liabilities | 0 | 9,500 |
Total Current Liabilities | 10,431 | 12,893 |
STOCKHOLDERS' EQUITY | ' | ' |
Common Stock, Par Value $0.0001 Authorized 300,000,000 shares, 48,400,000 and 48,150,000 shares issued and outstanding at October 31, 2013 and April 30, 2013 | 4,818 | 4,815 |
Additional paid-in capital (restated) | 795,109 | 728,275 |
Deficit accumulated during the exploration stage (restated) | -722,919 | -623,705 |
Total stockholders' equity | 77,007 | 109,385 |
Total Liabilities and Stockholders' Equity | $87,438 | $122,278 |
BALANCE_SHEETS_PARENTHETICALS
BALANCE SHEETS PARENTHETICALS (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Stock Transactions, Parenthetical Disclosures [Abstract] | ' | ' |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 48,400,000 | 48,150,000 |
Common Stock, shares outstanding | 48,400,000 | 48,150,000 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | 42 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Revenues [Abstract] | ' | ' | ' | ' | ' |
Revenues | $0 | $0 | $0 | $0 | $0 |
Expenses | ' | ' | ' | ' | ' |
Mineral property exploration expenditures | 7,016 | 132,981 | 22,981 | 162,898 | 348,459 |
General and administrative (restated) | 45,290 | 77,957 | 76,233 | 90,796 | 374,460 |
Impairment of mineral property acquisition rights (restated) | 0 | 0 | 0 | 0 | 0 |
Net Loss from Operations | -52,306 | -210,938 | -99,214 | -253,694 | -722,919 |
Net Loss | ($52,306) | ($210,938) | ($99,214) | ($253,694) | ($722,919) |
Basic and diluted loss per share of common stock | $0 | $0 | $0 | ($0.01) | ' |
Weighted average number of shares outstanding | 48,199,451 | 47,943,478 | 48,300,815 | 47,921,739 | ' |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | 42 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss for the period | ($99,214) | ($253,694) | ($722,919) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' | ' |
Stock based compensation (restated) | 35,396 | 76,693 | 147,486 |
Impairment of mineral property acquisition rights (restated) | 0 | 0 | 0 |
Change in Prepaid Expenses | -2,599 | -1,813 | -5,849 |
Change in Accounts Payable and Accrued Liabilities | -2,462 | 27,155 | 10,431 |
Net cash used in operating activities | -68,879 | -151,659 | -570,851 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Payments on mineral property acquisition rights | -20,000 | -20,000 | -60,000 |
Payments for reclamation deposit | -1,841 | -3,822 | -11,817 |
Net cash used in investing activities | -21,841 | -23,822 | -71,817 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from sale Common Stock | 25,000 | 250,000 | 646,000 |
Net cash provided by financing activities | 25,000 | 250,000 | 646,000 |
Increase (decrease) in cash | -65,720 | 74,519 | 3,332 |
Cash, beginning of period | 69,052 | 142,287 | 0 |
Cash, end of period | 3,332 | 216,806 | 3,332 |
Cash paid during the year for: | ' | ' | ' |
Interest | 0 | 0 | 0 |
Income taxes | $0 | $0 | $0 |
1_NATURE_OF_BUSINESS_AND_OPERA
1. NATURE OF BUSINESS AND OPERATIONS | 6 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF BUSINESS AND OPERATIONS | ' |
Organization and Basis of Presentation | |
Grizzly Gold Corp. (an exploration stage company) (the "Company") was incorporated in the State of Florida on April 21, 2010 under the name BCS Solutions, Inc. In July 2011 we changed our name to Grizzly Gold Corp. and we re-incorporated in the State of Nevada. | |
We are currently an exploration stage company as defined by the United States Generally Accepted Accounting Principles (“US GAAP”) engaged in the business of exploring and if warranted, advancing certain unpatented Nevada mineral claims to a point where we believe maximum shareholder returns can be realized. We currently have one property under option which is located in Humboldt County, Nevada. We currently do not have any proven and probable reserves nor have we generated any revenues since our inception. | |
The accompanying interim unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six month period ended October 31, 2013, are not necessarily indicative of the results that may be expected for the year ending April 30, 2014. For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2013, along with the applicable restatement discussion contained in Note 7 below. | |
2_GOING_CONCERN
2. GOING CONCERN | 6 Months Ended |
Oct. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
GOING CONCERN | ' |
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. We have incurred a net loss of $722,919 for the period from April 21, 2010 (inception) to October 31, 2013, and have not generated any revenue since inception. Our future is dependent upon our ability to obtain future financing and upon future profitable operations from the development of our mineral property. We expect we will need approximately $530,000 to fund our operations during the next twelve months which will include property option payments, exploration and drilling, and general and administrative costs. | |
In order to continue to develop our property we will need to obtain additional financing. Management may in the future seek additional capital through private placements and public offerings of common stock, although there are no assurances these plans will be realized. If we are unable to continue as a “going concern”, then substantial adjustments would be necessary to the carrying values of assets, the reported amounts of its liabilities, the reported expenses, and the balance sheet classifications used. |
3_SUMMARY_OF_SIGNIFICANT_ACCOU
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Management’s Estimates and Assumptions | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and notes. Significant areas requiring the use of estimates relate to the impairment of long-lived assets and accrued liabilities. Management believes the estimates utilized in preparing these financial statements are reasonable and prudent and are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could differ significantly from those estimates. | |
Cash and Cash Equivalents | |
For purposes of the statement of cash flows, we consider all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. As of October 31, 2013 we did not hold any cash equivalents. | |
Concentration of Credit Risk | |
We maintain all of our cash with one financial institution in the form of a demand deposit. | |
Exploration and Development Costs | |
Mineral property interests include optioned, leased, and acquired mineral development and exploration stage properties. The amount capitalized related to a mineral property interest represents its fair value at the time it was optioned or acquired, either as an individual asset or as a part of a business combination. Exploration costs are expensed as incurred and development costs are capitalized if proven and probable reserves exist and the property is a commercially minable property. Mine development costs incurred either to develop new ore deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company periodically evaluates, at least annually, the carrying value of capitalized mineral interests costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value. | |
Fair Value of Financial Instruments | |
The book values of cash, prepaid expenses, and accounts payable approximate their respective fair values due to the short-term nature of these instruments. |
4_MINERAL_EXPLORATION_PROPERTY
4. MINERAL EXPLORATION PROPERTY | 6 Months Ended | ||||
Oct. 31, 2013 | |||||
Mineral Industries Disclosures [Abstract] | ' | ||||
MINERAL EXPLORATION PROPERTY | ' | ||||
Fox Spring Project | |||||
On May 1, 2011, we executed a property option agreement (the “Agreement”) with Nevada Mine Properties II, Inc. (“NMPII”) granting us the right to acquire 100% of the mining interests of a Nevada mineral exploration property currently controlled by NMPII, a natural resource exploration company. The property known as the LB/Vixen Property is located in Humboldt County, Nevada and currently consists of 86 unpatented claims (the ‘Property”). Annual option payments and minimum annual exploration expenditures under Agreement are as noted below: | |||||
Property | Work | ||||
Payments | Expenditures | ||||
By January 31, 2014 | $ | 20,000 | $ | - | |
By May 1, 2014 | 45,000 | 200,000 | |||
By May 1, 2015 | 60,000 | 250,000 | |||
By May 1, 2016 | 70,000 | 250,000 | |||
By May 1, 2017 | 80,000 | 300,000 | |||
By May 1, 2018 | 90,000 | 300,000 | |||
By May 1, 2019 | 100,000 | 350,000 | |||
By May 1, 2020 | 100,000 | 400,000 | |||
By May 1, 2021 | 250,000 | 750,000 | |||
$ | 815,000 | $ | 2,800,000 | ||
In addition to the above payment requirements, NMPII retained a 3% royalty of the aggregate proceeds received by us from any smelter or other purchaser of any ores, concentrates, metals or other material of commercial value produced from the Property, minus the cost of transportation of the ores, concentrates or metals, including related insurance, and smelting and refining charges, including penalties. | |||||
We have a one time right exercisable for 90 days following completion of a bankable feasibility study to buy up to two thirds (66.7%) of NMPII’s royalty (i.e. an amount equal to 2% of the royalty) for $3,000,000. | |||||
During the six months ended October 31, 2013 we paid NMPII $20,000 in accordance with the terms of our acquisition agreement and capitalized $26,440 of stock based payments associated with the Fox Spring Project. |
5_RECLAMATION_DEPOSIT
5. RECLAMATION DEPOSIT | 6 Months Ended |
Oct. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' |
RECLAMATION DEPOSIT | ' |
We have paid a $11,817 reclamation deposit to the Bureau of Land Management (“BLM”) on the Fox Spring Project. The reclamation deposit is refundable upon completion of the required remediation of the property at the completion of our planned drill program. |
6_STOCKHOLDERS_EQUITY
6. STOCKHOLDERS' EQUITY | 6 Months Ended |
Oct. 31, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
As of October 31, 2013, the Company had 48,400,000 shares of common stock issued and outstanding. For details associated with our common stock issuances prior to the six months ended October 31, 2013 please refer to our Form 10-K for the fiscal year ended April 30, 2013. | |
During the six months ended October 31, 2013 we issued 250,000 shares of our common stock for $25,000 cash. | |
2012 Stock Option Plan | |
During the six months ended October 31, 2013 we did not issue any additional options under the Plan. We recognized $41,836 of cost, of which $6,440 was capitalized as mineral property acquisition costs, in stock based compensation for previously issued options that vested during the six months ended October 31, 2013 and no options were forfeited. |
7_RESTATEMENT
7. RESTATEMENT | 6 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
RESTATEMENT | ' | ||||||||||||
During the six months ended October 31, 2013 our management along with our Board of Directors, determined that our previously issued financial statements from inception to April 30, 2013 contained certain errors. | |||||||||||||
In prior periods, the Company capitalized, as property acquisition costs, the required property option payments for the Fox Spring Project and correspondingly recognized an immediate impairment expense associated with these payments. Upon further review, our management determined there were no supportable indicators for impairment through the date of this report as the Company is continuing to aggressively explore the Fox Spring Project. In addition, the land and mineral owners were issued stock option as part of the 2012 Stock Option Plan that should have been capitalized as part of the property acquisition costs. | |||||||||||||
The Company also discovered certain errors related to the valuation and recognition of stock based compensation. The Company previously re-valued unvested options granted to employees subsequent to the initial grant date. The Company has included the restatements associated with recognizing stock based compensation based on the grant date fair value over the requisite service period. | |||||||||||||
The following tables show the impacts of restating our previously issued financial statements by period. | |||||||||||||
BALANCE SHEET | April 30, 2013 as Restated | April 30, 2013 as Previously Reported | Change | ||||||||||
ASSETS: | |||||||||||||
Mineral property acquisition rights | $ | 40,000 | $ | – | $ | 40,000 | |||||||
STOCKHOLDERS’ EQUITY: | |||||||||||||
Additional Paid in Capital | $ | 728,275 | $ | 709,416 | $ | 18,859 | |||||||
Deficit accumulated during exploration stage | $ | (623,705 | ) | $ | (644,846 | ) | $ | 21,141 | |||||
STATEMENT OF OPERATIONS: | Inception to | Inception to | Change | ||||||||||
30-Apr-13 | 30-Apr-13 | ||||||||||||
Restated | As Previously Reported | ||||||||||||
EXPENSES: | |||||||||||||
General and administrative | $ | 288,242 | $ | 269,383 | $ | 18,859 | |||||||
Impairment of mineral property acquisition payments | $ | – | $ | 40,000 | $ | (40,000 | ) | ||||||
Net Loss | $ | 623,705 | $ | 644,846 | $ | (21,141 | ) | ||||||
STATEMENT OF OPERATIONS: | Three Months Ended October 31, 2012 | Three Months Ended October 31, 2012 | Change | ||||||||||
Restated | As Previously Reported | ||||||||||||
EXPENSES: | |||||||||||||
Impairment of mineral property acquisition payments | $ | – | $ | – | $ | – | |||||||
Net Loss | $ | 210,938 | $ | 240,537 | $ | (29,599 | ) | ||||||
STATEMENT OF OPERATIONS: | Six Months Ended October 31, 2012 | Six Months Ended October 31, 2012 | Change | ||||||||||
Restated | As Previously Reported | ||||||||||||
EXPENSES: | |||||||||||||
Impairment of mineral property acquisition payments | $ | – | $ | 20,000 | $ | (20,000 | ) | ||||||
Net Loss | $ | 253,694 | $ | 283,293 | $ | (29,599 | ) | ||||||
8_RELATED_PARTY_TRANSACTIONS
8. RELATED PARTY TRANSACTIONS | 6 Months Ended |
Oct. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
During the quarters ended October 31, 2013 and 2012 the Company paid a geological consulting firm controlled by our President and CEO $22,516 and $18,300, respectively, related to the on-going exploration activities associated with our Fox Spring Project. |
3_SUMMARY_OF_SIGNIFICANT_ACCOU1
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 6 Months Ended |
Oct. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Management's Estimates and Assumptions | ' |
Management’s Estimates and Assumptions | |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and notes. Significant areas requiring the use of estimates relate to the impairment of long-lived assets and accrued liabilities. Management believes the estimates utilized in preparing these financial statements are reasonable and prudent and are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results could differ significantly from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For purposes of the statement of cash flows, we consider all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. As of October 31, 2013 we did not hold any cash equivalents. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
We maintain all of our cash with one financial institution in the form of a demand deposit. | |
Exploration and Development Costs | ' |
Exploration and Development Costs | |
Mineral property interests include optioned, leased, and acquired mineral development and exploration stage properties. The amount capitalized related to a mineral property interest represents its fair value at the time it was optioned or acquired, either as an individual asset or as a part of a business combination. Exploration costs are expensed as incurred and development costs are capitalized if proven and probable reserves exist and the property is a commercially minable property. Mine development costs incurred either to develop new ore deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company periodically evaluates, at least annually, the carrying value of capitalized mineral interests costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The book values of cash, prepaid expenses, and accounts payable approximate their respective fair values due to the short-term nature of these instruments. |
4_MINERAL_EXPLORATION_PROPERTY1
4. MINERAL EXPLORATION PROPERTY AS FOLLOWS (Tables) | 6 Months Ended | ||||
Oct. 31, 2013 | |||||
Mineral Industries Disclosures [Abstract] | ' | ||||
Annual option payments and minimum annual exploration expenditures | ' | ||||
Property | Work | ||||
Payments | Expenditures | ||||
By January 31, 2014 | $ | 20,000 | $ | - | |
By May 1, 2014 | 45,000 | 200,000 | |||
By May 1, 2015 | 60,000 | 250,000 | |||
By May 1, 2016 | 70,000 | 250,000 | |||
By May 1, 2017 | 80,000 | 300,000 | |||
By May 1, 2018 | 90,000 | 300,000 | |||
By May 1, 2019 | 100,000 | 350,000 | |||
By May 1, 2020 | 100,000 | 400,000 | |||
By May 1, 2021 | 250,000 | 750,000 | |||
$ | 815,000 | $ | 2,800,000 |
7_RESTATEMENT_Tables
7. RESTATEMENT (Tables) | 6 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Restatement tables | ' | ||||||||||||
The following tables show the impacts of restating our previously issued financial statements by period. | |||||||||||||
BALANCE SHEET | April 30, 2013 as Restated | April 30, 2013 as Previously Reported | Change | ||||||||||
ASSETS: | |||||||||||||
Mineral property acquisition rights | $ | 40,000 | $ | – | $ | 40,000 | |||||||
STOCKHOLDERS’ EQUITY: | |||||||||||||
Additional Paid in Capital | $ | 728,275 | $ | 709,416 | $ | 18,859 | |||||||
Deficit accumulated during exploration stage | $ | (623,705 | ) | $ | (644,846 | ) | $ | 21,141 | |||||
STATEMENT OF OPERATIONS: | Inception to | Inception to | Change | ||||||||||
30-Apr-13 | 30-Apr-13 | ||||||||||||
Restated | As Previously Reported | ||||||||||||
EXPENSES: | |||||||||||||
General and administrative | $ | 288,242 | $ | 269,383 | $ | 18,859 | |||||||
Impairment of mineral property acquisition payments | $ | – | $ | 40,000 | $ | (40,000 | ) | ||||||
Net Loss | $ | 623,705 | $ | 644,846 | $ | (21,141 | ) | ||||||
STATEMENT OF OPERATIONS: | Three Months Ended October 31, 2012 | Three Months Ended October 31, 2012 | Change | ||||||||||
Restated | As Previously Reported | ||||||||||||
EXPENSES: | |||||||||||||
Impairment of mineral property acquisition payments | $ | – | $ | – | $ | – | |||||||
Net Loss | $ | 210,938 | $ | 240,537 | $ | (29,599 | ) | ||||||
STATEMENT OF OPERATIONS: | Six Months Ended October 31, 2012 | Six Months Ended October 31, 2012 | Change | ||||||||||
Restated | As Previously Reported | ||||||||||||
EXPENSES: | |||||||||||||
Impairment of mineral property acquisition payments | $ | – | $ | 20,000 | $ | (20,000 | ) | ||||||
Net Loss | $ | 253,694 | $ | 283,293 | $ | (29,599 | ) | ||||||
2_GOING_CONCERN_Narrative
2. GOING CONCERN (Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 36 Months Ended | 42 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Oct. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' | ' | ' | ' | ' | ' |
Net loss | ($52,306) | ($210,938) | ($99,214) | ($253,694) | ($623,705) | ($722,919) |
4_MINERAL_EXPLORATION_PROPERTY2
4. MINERAL EXPLORATION PROPERTY (Details) (USD $) | Oct. 31, 2013 |
Property Payments | ' |
By January 31, 2014 | $20,000 |
By May 1, 2014 | 45,000 |
By May 1, 2015 | 60,000 |
By May 1, 2016 | 70,000 |
By May 1, 2017 | 80,000 |
By May 1, 2018 | 90,000 |
By May 1, 2019 | 100,000 |
By May 1, 2020 | 100,000 |
By May 1, 2021 | 250,000 |
Total miminum annual exploration expenditures | 815,000 |
Work Expenditures | ' |
By January 31, 2014 | 0 |
By May 1, 2014 | 200,000 |
By May 1, 2015 | 250,000 |
By May 1, 2016 | 250,000 |
By May 1, 2017 | 300,000 |
By May 1, 2018 | 300,000 |
By May 1, 2019 | 350,000 |
By May 1, 2020 | 400,000 |
By May 1, 2021 | 750,000 |
Total miminum annual exploration expenditures | $2,800,000 |
4_MINERAL_EXPLORATION_PROPERTY3
4. MINERAL EXPLORATION PROPERTY (Narrative) (USD $) | 6 Months Ended | 42 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Mineral Exploration Property Narrative | ' | ' | ' |
Payments made on mineral property acquisition | $20,000 | $20,000 | $60,000 |
Stock based payments capitalized | $26,440 | ' | ' |
6_STOCKHOLDERS_EQUITY_Narrativ
6. STOCKHOLDERS EQUITY (Narrative) (USD $) | 6 Months Ended |
Oct. 31, 2013 | |
Stockholders Equity Narrative | ' |
Stock sold for cash | $25,000 |
Stock sold for cash, shares issued | 250,000 |
Stock based compensation | $41,836 |
7_RESTATEMENT_Details
7. RESTATEMENT (Details) (USD $) | 3 Months Ended | 6 Months Ended | 36 Months Ended | 42 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Oct. 31, 2013 | |
Balance Sheet | ' | ' | ' | ' | ' | ' |
Mineral property acquisition rights | $66,440 | ' | $66,440 | ' | $40,000 | $66,440 |
Additional paid in capital | 795,109 | ' | 795,109 | ' | 728,275 | 795,109 |
Deficit accumulated during exploration stage | -722,919 | ' | -722,919 | ' | -623,705 | -722,919 |
Statement of Operations | ' | ' | ' | ' | ' | ' |
General and administrative expenses | 45,290 | 77,957 | 76,233 | 90,796 | 288,242 | 374,460 |
Impairment of mineral property acquisition payments | 0 | 0 | 0 | 0 | 0 | 0 |
Net Loss | 52,306 | 210,938 | 99,214 | 253,694 | 623,705 | 722,919 |
Previously Reported | ' | ' | ' | ' | ' | ' |
Balance Sheet | ' | ' | ' | ' | ' | ' |
Mineral property acquisition rights | ' | ' | ' | ' | 0 | ' |
Additional paid in capital | ' | ' | ' | ' | 709,416 | ' |
Deficit accumulated during exploration stage | ' | ' | ' | ' | -644,846 | ' |
Statement of Operations | ' | ' | ' | ' | ' | ' |
General and administrative expenses | ' | ' | ' | ' | 269,383 | ' |
Impairment of mineral property acquisition payments | ' | 0 | ' | 20,000 | 40,000 | ' |
Net Loss | ' | 240,537 | ' | 283,293 | 644,846 | ' |
Change | ' | ' | ' | ' | ' | ' |
Balance Sheet | ' | ' | ' | ' | ' | ' |
Mineral property acquisition rights | ' | ' | ' | ' | 40,000 | ' |
Additional paid in capital | ' | ' | ' | ' | 18,859 | ' |
Deficit accumulated during exploration stage | ' | ' | ' | ' | 21,141 | ' |
Statement of Operations | ' | ' | ' | ' | ' | ' |
General and administrative expenses | ' | ' | ' | ' | 18,859 | ' |
Impairment of mineral property acquisition payments | ' | 0 | ' | -20,000 | -40,000 | ' |
Net Loss | ' | ($29,599) | ' | ($29,599) | ($21,141) | ' |
8_RELATED_PARTY_TRANSACTIONS_N
8. RELATED PARTY TRANSACTIONS (Narrative) (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Related Party Transactions Narrative | ' | ' |
Exploration activities paid to related party | $22,516 | $18,300 |