Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Sep. 25, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Idaho North Resources Corp. | |
Document Type | 10-K | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 13,440,683 | |
Entity Public Float | $ 2,537,000 | |
Amendment Flag | false | |
Entity Central Index Key | 1,543,395 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current Assets | ||
Cash | $ 55,699 | $ 310,749 |
Accounts receivable | 4,620 | 49,815 |
Prepaid expenses | 4,357 | 43,006 |
Total Current Assets | 64,676 | 403,570 |
Reclamation bond | 9,489 | |
Mineral interests | 72,500 | 123,000 |
TOTAL ASSETS | 146,665 | 526,570 |
Current Liabilities | ||
Accounts payable | 2,063 | 1,875 |
Deposits | 43,560 | |
Total Current Liabilities | 2,063 | 45,435 |
Common stock payable (note 6) | 53,190 | |
Total Liabilities | 55,253 | 45,435 |
Stockholders' Equity | ||
Preferred stock, $0.05 par value, 10,000,000 shares authorized, 0 outstanding as of June 30, 2015 and 2014, respectively | 0 | 0 |
Common stock, $0.01 par value, 100,000,000 common shares authorized, 13,440,683 and 12,944,333 shares outstanding as of June 30, 2015 and 2014, respectively | 134,406 | 129,443 |
Additional paid-in capital | 874,578 | 813,592 |
Accumulated deficit | (917,572) | (461,900) |
Total Stockholders' Equity | 91,412 | 481,135 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 146,665 | $ 526,570 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Preferred stock, par value (in Dollars per share) | $ 0.05 | $ 0.05 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, outstanding | 0 | 0 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, outstanding | 13,440,683 | 12,944,333 |
Statements of Operations
Statements of Operations - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUE: | ||
Exploration services income | $ 175,752 | $ 46,255 |
Operating Expenses | ||
Exploration services expense | 126,194 | 42,050 |
Other exploration expenditures | 196,103 | 56,792 |
Impairment of mineral interests | 119,000 | |
General and administrative expenses | 190,127 | 185,213 |
Total Operating Expenses | 631,424 | 284,055 |
Loss from Operations | (455,672) | (237,800) |
Net Loss | $ (455,672) | $ (237,800) |
Net Loss per Common Share | ||
Basic and diluted (in Dollars per share) | $ (0.03) | $ (0.03) |
Weighted average number of common shares outstanding | ||
Basic and diluted (in Shares) | 13,318,272 | 8,765,064 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at year end, June 30 (in Shares) | 7,661,000 | |||
Common stock issued for mineral property | $ 3,000 | $ 27,000 | $ 30,000 | |
Common stock issued for mineral property (in Shares) | 300,000 | |||
Common stock issued for services | $ 5,500 | 73,000 | 78,500 | |
Common stock issued for services (in Shares) | 550,000 | |||
Common stock and warrants issued for cash | $ 44,333 | 465,667 | 510,000 | |
Common stock and warrants issued for cash (in Shares) | 4,433,333 | |||
Share issuance cost | (48,940) | (48,940) | ||
Net loss | $ (237,800) | (237,800) | ||
Balance at year end, June 30 at Jun. 30, 2014 | $ 129,443 | 813,592 | (461,900) | $ 481,135 |
Common stock and warrants issued for cash (in Shares) | 521,550 | |||
Balance at year end, June 30 at Jun. 30, 2015 | $ 134,406 | 874,578 | (917,572) | $ 91,412 |
Balance at year end, June 30 (in Shares) | 12,944,333 | |||
Balance at year end, June 30 at Jun. 30, 2014 | $ 129,443 | 813,592 | (461,900) | 481,135 |
Common stock issued for mineral property | $ 3,000 | 33,000 | 36,000 | |
Common stock issued for mineral property (in Shares) | 300,000 | |||
Common stock issued for services | $ 1,963 | 27,986 | 29,949 | |
Common stock issued for services (in Shares) | 196,350 | |||
Net loss | (455,672) | (455,672) | ||
Balance at year end, June 30 at Jun. 30, 2015 | $ 134,406 | $ 874,578 | $ (917,572) | $ 91,412 |
Balance at year end, June 30 (in Shares) | 13,440,683 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (455,672) | $ (237,800) |
Adjustments to reconcile net loss to net cash used in operating activities : | ||
Common stock issued and payable for services and compensation | 83,139 | 78,500 |
Impairment of mineral interests | 119,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 45,195 | (49,815) |
Prepaid expenses | 38,649 | (43,006) |
Accounts payable and other current liabilities | (43,372) | 43,581 |
Cash used in operating activities | (213,061) | (208,540) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of mineral interests | (32,500) | (25,000) |
Acquisition of reclamation bond | (23,721) | |
Refund of reclamation bond | 14,232 | |
Cash used in investing activities | (41,989) | (25,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Sales of common stock and warrants | 510,000 | |
Share issuance cost | (48,940) | |
Cash provided by financing activities | 461,060 | |
Increase (decrease) in cash | (255,050) | 227,520 |
Cash, beginning of year | 310,749 | 83,229 |
Cash, end of year | 55,699 | 310,749 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued for mineral interests | $ 36,000 | $ 30,000 |
1. NATURE AND CONTINUANCE OF OP
1. NATURE AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. NATURE AND CONTINUANCE OF OPERATIONS Idaho North Resources Corporation ("the Company") was incorporated under the laws of Idaho in 2007. The Company is engaged primarily in acquiring and exploring prospective precious metals mining properties in the western United States. |
2. BASIS OF PRESENTATION
2. BASIS OF PRESENTATION | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 2. BASIS OF PRESENTATION a) Basis of presentation b) Estimates and Assumptions c) Cash and cash equivalents d) Mineral Property Costs e) Asset Retirement Obligations f) Financial Instruments- Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash and reclamation bonds. Pursuant to ASC 820, the fair value of our cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. g) Revenue Recognition h) Stock Based Compensation i) Income Taxes j) Basic and Diluted Net Earnings (Loss) Per Share- k) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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 In June 2014, the Financial Accounting Standards Board ("FASB") published Accounting Standards Update No. 2014-10, an amendment of the FASB Accounting Standards Codification. The amendments in the Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements of development stage companies to (1) present inception-to-date information in the statements of operation, cash flows, and stockholders' equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 15, 2014, with early adoption permitted for any annual reporting period or interim period for which the entity's financial statements have not yet been issued. The Company elected to early adopt the amendments, beginning with the June 30, 2014 financial statements. |
3. GOING CONCERN
3. GOING CONCERN | 12 Months Ended |
Jun. 30, 2015 | |
Going Concern Note [Abstract] | |
Going Concern Note | 3. GOING CONCERN As shown in the accompanying interim financial statements, the Company had a net loss of $455,672 for the year ended June 30, 2015 and an accumulated deficit of $917,572 at June 30, 2015. There is substantial doubt about the Company's ability to continue as a going concern. The Company intends to raise additional capital either through debt or equity financing. The interim financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
4. EARNINGS PER SHARE
4. EARNINGS PER SHARE | 12 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share Reconciliation Disclosure | 4. EARNINGS PER SHARE For the years ended June 30, 2015 and 2014, the effect of the Company's potential issue of 3,756,667 shares from the exercise of outstanding warrants (see note 6) and the issuance of 521,550 shares for common stock payable would have been anti-dilutive. Accordingly, basic net loss per share is the same as diluted at June 30, 2015 and 2014. |
5. CENTRAL NEVADA EXPLORATION P
5. CENTRAL NEVADA EXPLORATION PROGRAM and EARN-IN AGREEMENT | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 5. CENTRAL NEVADA EXPLORATION PROGRAM and EARN-IN AGREEMENT In the first calendar quarter of 2014, the Company completed a private placement and signed a letter of intent to enter into an exploration program agreement with Coeur Mining Inc. ("Coeur"). Coeur purchased 1,333,333 units at $0.15 per unit, for a total of $200,000. Each unit consists of one common share and one warrant. Two warrants plus $0.30 allow Coeur to purchase one common share. The warrants expire in March 2017. At June 30, 2015, Coeur owned 9.92% of the Company's shares. On October 2, 2014, the Company signed the definitive Exploration Program Agreement (the "Agreement") with Coeur. The Agreement calls for Coeur to fund a Central Nevada Exploration Program within a specified Area of Interest for a three-year period. During the Agreement period, Coeur will have the right to select target properties identified and acquired or appropriated by IDAH, and earn a 60% interest in the target properties by meeting certain minimum investment and other requirements, with the option to acquire an additional 20% or 40%, giving Coeur 80% or 100% ownership. Prior to selection of any target properties, Coeur will pay certain consulting and field-related costs associated with the Program, along with a 10% administrative fee to the Company. The Company recognized exploration service income of $175,752 and $46,255 for the years ended June 30, 2015 and 2014, respectively, for exploration costs and administrative fees. On October 21, 2014, the Company signed an Earn-In Option Agreement (the "Earn-In") with Coeur for the Klondyke area, Nevada. |
6. COMMON STOCK AND WARRANTS
6. COMMON STOCK AND WARRANTS | 12 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 6. COMMON STOCK AND WARRANTS a) FY 2014 Activity In July 2013, the Company issued 100,000 common shares pursuant to a mining lease agreement at a fair value, based on the quoted market price of common shares, of $0.10 per share. The Company accounted for $10,000 as mineral interests. In October 2013, the Company issued 200,000 common shares for services at a fair value, based on the quoted market price of common shares, of $0.10 per share. In October 2013, the Company issued 200,000 common shares pursuant to a mining lease agreement at a fair value, based on the quoted market price of common shares, of $0.10 per share. The Company accounted for $20,000 as mineral interests. In March 2014, the Company issued 300,000 common shares for services at a fair value, based on the quoted market price of common shares, of $0.10 per share. In March 2014, the Company sold 1,333,333 common shares and warrants at $0.15 per unit for proceeds of $200,000 (see note 5). During the twelve months ended June 30, 2014, the Company sold 3,100,000 common shares and warrants at $0.10 per unit for gross proceeds of $310,000 ($261,060 net of $48,940 in offering costs). 155,000 broker's warrants were issued at the same terms as the private placement. In June 2014, the Company issued 50,000 common shares for services at a fair value, based on the quoted market price of common shares, of $0.15 per share. FY 2015 Activity In July 2014, the Company issued 300,000 common shares pursuant to a mining lease agreement at a fair value, based on the quoted market price of common shares, of $0.12 per share. In November 2014, the Company issued 11,350 common shares for compensation at a fair value, based on the quoted market price of common shares, of $0.15 per share. In November 2014, the Company approved the award of 50,000 common shares for director compensation at a fair value, based on the quoted market price of common shares, of $0.16 per share. The shares were issued in January 2015. In December 2014, the Company approved the award of 135,000 common shares for director and CFO compensation at a fair value, based on the quoted market price of common shares, of $0.15 per share. The shares were issued in January 2015. In January 2015, the Company approved the award of 13,605 common shares for compensation to a consultant at a fair value, based on the quoted market price of common shares, of $0.147 per share. The expense was recorded as common stock payable. In March 2015, the Company approved the award of 44,445 and 9,000 common shares for compensation to the CEO and consultants at a fair value, based on the quoted market price of common shares, of $0.135 and $0.11 per share, respectively. The expense was recorded as common stock payable. In April 2015, the Company approved the award of 280,000 common shares for compensation to the CEO and a consultant at a fair value, based on the quoted market price of common shares, of $0.10. The expense was recorded as common stock payable. In May 2015, the Company approved the award of 76,000 common shares for compensation to the CEO and a consultant at a fair value, based on the quoted market price of common shares, of $0.10. The expense was recorded as common stock payable. In June 2015, the Company approved the award of 107,500 common shares for compensation to the CEO and consultants, at a fair value, based on the quoted market price of common shares, of $0.08. The expense was recorded as common stock payable. b) Warrants Warrants to Purchase Common Shares Weighted Average Exercise Price Outstanding at June 30, 2013 1,462,500 $ 0.25 Issued March 2014 666,667 0.30 Issued June 2014 1,627,500 0.25 Exercised - - Expired - - Outstanding at June 30, 2014 and June 30, 2015 3,756,667 $ 0.26 The warrants that are issued and outstanding as at June 30, 2015 are as follows: Warrants to Purchase Common Shares Exercise Price Expiration Date 1,462,500 $ 0.25 September 1, 2016* 666,667 0.30 March 4, 2017 1,627,500 0.25 November 1, 2016 *These warrants were set to expire on March 1, 2015. In February 2015, the Company extended the expiration date of these warrants an additional 18 months, to September 1, 2016. |
7. MINERAL PROPERTY COMMITMENTS
7. MINERAL PROPERTY COMMITMENTS - RELATED PARTY | 12 Months Ended |
Jun. 30, 2015 | |
Mineral Industries Disclosures Related Pary [Abstract] | |
Mineral Industries Disclosures Related Pary | 7. MINERAL PROPERTY COMMITMENTS - RELATED PARTY For the following properties, the related party is a shareholder (not an officer or director) who exercises voting rights over 9.1% percent of the Company's common stock. He is also the Company's consulting geologist and a member of the Company's Technical Advisory Committee. The Eagleville Property has an additional related party who serves as the Company's CEO and Chairman of its Board of Directors and controls less than 4% of the Company's common stock. The Company has satisfied its work commitments on all properties to date. Work commitments include, but are not limited to, annual claim fees, exploration, mapping, sampling, drilling and administration costs. Klondike North Property. of Land Management lands in the Klondike Mining District, Esmerelda County, Nevada. The Company has the right to conduct all customary mineral exploration activities in return for the following commitments: Advanced Royalty Payments Date Payment Amount Common Shares Upon execution of Agreement – October 24, 2011 $ - 500,000 First Anniversary of the Agreement – 2012 10,000 - Second Anniversary of the Agreement – 2013 20,000 * - Third Anniversary of the Agreement – 2014 30,000 - Fourth Anniversary of the Agreement – 2015 40,000 - Fifth through the tenth Anniversary 50,000 - Eleventh Anniversary and thereafter 100,000 - The Company valued the 500,000 shares issued for the above acquisition of mineral rights at $0.02, based on the most recent sale of common shares, and recorded $10,000 as mineral property in the fiscal year ended June 30, 2012. *The Company, with agreement from the sellers, satisfied its Second Anniversary obligation with 200,000 shares of common stock issued with a fair value of $0.10 per share in the fiscal year ended June 30, 2014. Work Commitment Lease Year Amount First Lease Year $ 5,000 Second Lease Year 25,000 Third Lease Year 50,000 Fourth Lease Year 75,000 Fifth Lease Year and thereafter 100,000 Divide Property. Eagleville Property. Green Monster-Danville Property. Advanced Royalty Payments Date Payment Amount Upon execution of Agreement – October 31, 2014 $ 2,500 * First Anniversary of the Agreement – 2015 5,000 Second Anniversary of the Agreement - 2016 10,000 Third Anniversary of the Agreement – 2017 20,000 Fourth Anniversary of the Agreement – 2018 30,000 Fifth Anniversary of the Agreement – 2019 40,000 Sixth 50,000 Eleventh Anniversary through the fifteenth 75,000 Sixteenth Anniversary and thereafter 100,000 *Plus reimbursement of the 2014 -15 BLM Annual Maintenance Fee of $12,245 and Nye County Notice to Intent to Hold Fee of $834, which has been paid. Work Commitment Lease Year Amount First Lease Year $ 5,000 Second Lease Year 10,000 Third Lease Year and thereafter 50,000 |
8. INCOME TAXES
8. INCOME TAXES | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES There was no income tax expense for the years ended June 30, 2015 and 2014 due to the Company's net losses. The components of the Company's net deferred tax asset are as follows: June 30, 2015 June 30, 2014 Deferred Tax Asset Exploration costs $ 154,416 $ 41,390 Federal and state operating net losses 302,826 234,034 Total deferred tax assets 457,242 275,424 Deferred tax liability - - Net deferred tax asset 457,242 275,424 Valuation allowance (457,242 ) (275,424 ) Deferred tax asset $ - $ - Deferred income taxes arise from timing differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. A deferred tax asset valuation allowance is recorded when it is more likely than not that deferred tax assets will not be realized. As the Company cannot determine that it is more likely than not that the Company will realize the benefit of the net deferred tax asset, a valuation allowance equal to 100% of the net deferred tax asset has been recorded at June 30, 2015 and 2014. The effective tax rate was 0% for the years ended June 30, 2015 and 2014. A reconciliation between the statutory federal and state income tax rate and the Company's tax provision is as follows: June 30, 2015 2014 Expected income tax benefit based on statutory rate $ (159,485 ) (35 %) $ (83,230 ) (35 %) Permanent differences Meals and entertainment 156 - % 866 1 % Effect of state taxes (22,489 ) (5 %) (11,625 ) (5 %) Non-recognition due to increase in valuation account 181,818 40 % 93,989 40 % Total income tax benefit $ - - % $ - - % At June 30, 2015 and 2014, respectively, the Company had federal and state net operating loss carry forwards of approximately $757,065 and $585,085 which will expire in fiscal years ending June 30, 2032 through June 30, 2035. The Company has concluded that the guidance regarding accounting for uncertainty in income taxes had no significant impact on its results of operations or financial position as of June 30, 2015 and 2014. Therefore, the Company does not have an accrual for uncertain tax positions as of June 30, 2015 or 2014. As a result, tabular reconciliation of beginning and ending balances would not be meaningful. If interest and penalties were to be assessed, the Company would charge interest to interest expense, and penalties to other operating expense. It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of the reporting date. Fiscal years 2012 through 2014 remain subject to examination by state and federal tax authorities. |
9. SUBSEQUENT EVENT
9. SUBSEQUENT EVENT | 12 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 9. SUBSEQUENT EVENT On July 8, 2015, the Company filed a Form D with the Securities and Exchange announcing its intention to raise up to $250,000 in a private equity placement. To date, the Company has not raised any funds. |
6. COMMON STOCK AND WARRANTS (T
6. COMMON STOCK AND WARRANTS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Warrants to Purchase Common Shares Weighted Average Exercise Price Outstanding at June 30, 2013 1,462,500 $ 0.25 Issued March 2014 666,667 0.30 Issued June 2014 1,627,500 0.25 Exercised - - Expired - - Outstanding at June 30, 2014 and June 30, 2015 3,756,667 $ 0.26 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants to Purchase Common Shares Exercise Price Expiration Date 1,462,500 $ 0.25 September 1, 2016* 666,667 0.30 March 4, 2017 1,627,500 0.25 November 1, 2016 |
7. MINERAL PROPERTY COMMITMEN17
7. MINERAL PROPERTY COMMITMENTS - RELATED PARTY (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Mineral Industries Disclosures Related Pary [Abstract] | |
Schedule of Advanced Royalty Payments - Klondike North Property | Date Payment Amount Common Shares Upon execution of Agreement – October 24, 2011 $ - 500,000 First Anniversary of the Agreement – 2012 10,000 - Second Anniversary of the Agreement – 2013 20,000 * - Third Anniversary of the Agreement – 2014 30,000 - Fourth Anniversary of the Agreement – 2015 40,000 - Fifth through the tenth Anniversary 50,000 - Eleventh Anniversary and thereafter 100,000 - |
Schedule of Work Commitment - Klondike North Property | Lease Year Amount First Lease Year $ 5,000 Second Lease Year 25,000 Third Lease Year 50,000 Fourth Lease Year 75,000 Fifth Lease Year and thereafter 100,000 |
Schedule of Advanced Royalty Payments - Green Monster Danville Property | Date Payment Amount Upon execution of Agreement – October 31, 2014 $ 2,500 * First Anniversary of the Agreement – 2015 5,000 Second Anniversary of the Agreement - 2016 10,000 Third Anniversary of the Agreement – 2017 20,000 Fourth Anniversary of the Agreement – 2018 30,000 Fifth Anniversary of the Agreement – 2019 40,000 Sixth 50,000 Eleventh Anniversary through the fifteenth 75,000 Sixteenth Anniversary and thereafter 100,000 |
Schedule of Work Commitment - Green Monster Danville Property | Lease Year Amount First Lease Year $ 5,000 Second Lease Year 10,000 Third Lease Year and thereafter 50,000 |
8. INCOME TAXES (Tables)
8. INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 30, 2015 June 30, 2014 Deferred Tax Asset Exploration costs $ 154,416 $ 41,390 Federal and state operating net losses 302,826 234,034 Total deferred tax assets 457,242 275,424 Deferred tax liability - - Net deferred tax asset 457,242 275,424 Valuation allowance (457,242 ) (275,424 ) Deferred tax asset $ - $ - |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | June 30, 2015 2014 Expected income tax benefit based on statutory rate $ (159,485 ) (35 %) $ (83,230 ) (35 %) Permanent differences Meals and entertainment 156 - % 866 1 % Effect of state taxes (22,489 ) (5 %) (11,625 ) (5 %) Non-recognition due to increase in valuation account 181,818 40 % 93,989 40 % Total income tax benefit $ - - % $ - - % |
3. GOING CONCERN (Details)
3. GOING CONCERN (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Going Concern Note [Abstract] | ||||
Net Income (Loss) Attributable to Parent | $ (455,672) | $ (237,800) | $ (455,672) | $ (237,800) |
Retained Earnings (Accumulated Deficit) | $ (917,572) | $ (461,900) | $ (917,572) | $ (461,900) |
4. EARNINGS PER SHARE (Details)
4. EARNINGS PER SHARE (Details) | 24 Months Ended |
Jun. 30, 2015shares | |
Earnings Per Share Reconciliation [Abstract] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,756,667 |
521,550 |
5. CENTRAL NEVADA EXPLORATION21
5. CENTRAL NEVADA EXPLORATION PROGRAM and EARN-IN AGREEMENT (Details) - USD ($) | Oct. 02, 2014 | Sep. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | May. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Jul. 31, 2014 | Mar. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2012 |
Disclosure Text Block [Abstract] | |||||||||||||||||
Units Issued During Period, Shares, Issued for Cash | 1,333,333 | 3,100,000 | |||||||||||||||
Share Price (in Dollars per share) | $ 0.15 | $ 0.08 | $ 0.10 | $ 0.08 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.135 | $ 0.147 | $ 0.15 | $ 0.15 | $ 0.12 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.02 | |
Units Issued During Period, Value, Issued for Cash | 200,000 | 310,000 | |||||||||||||||
Unit - Description | 1 | ||||||||||||||||
Equity Method Investment, Ownership Percentage | 9.92% | 9.92% | 9.10% | ||||||||||||||
Exploration Services Income (in Dollars) | $ 175,752 | $ 46,255 | $ 175,752 | $ 46,255 |
6. COMMON STOCK AND WARRANTS (D
6. COMMON STOCK AND WARRANTS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2015 | May. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2012 | |
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 300,000 | 200,000 | 100,000 | 500,000 | ||||||||||||
Share Price (in Dollars per share) | $ 0.08 | $ 0.10 | $ 0.10 | $ 0.135 | $ 0.147 | $ 0.15 | $ 0.15 | $ 0.12 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.15 | $ 0.08 | $ 0.10 | $ 0.02 |
Stock Issued During Period, Value, Acquisitions (in Dollars) | $ 20,000 | $ 10,000 | $ 36,000 | $ 30,000 | $ 10,000 | |||||||||||
Stock Issued During Period, Shares, Issued for Services | 107,500 | 76,000 | 280,000 | 44,445 | 13,605 | 135,000 | 11,350 | 50,000 | 300,000 | 200,000 | ||||||
Development Stage Entities, Stock Issued, Shares, Issued for Cash | 1,333,333 | |||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 | ||||||||||||
Proceeds from Issuance of Common Stock (in Dollars) | $ 200,000 | $ 510,000 | ||||||||||||||
Units Issued During Period, Shares, Issued for Cash | 1,333,333 | 3,100,000 | ||||||||||||||
Units Issued During Period, Value, Issued for Cash | 200,000 | 310,000 | ||||||||||||||
Proceeds from Issuance of Private Placement (in Dollars) | $ 261,060 | |||||||||||||||
Deferred Offering Costs (in Dollars) | $ 48,940 | $ 48,940 | ||||||||||||||
Broker Warrants Issued During Period, Warrants, Issued for Services | 155,000 | |||||||||||||||
Stock Issued During Period, Shares, Other | 50,000 |
6. COMMON STOCK AND WARRANTS
6. COMMON STOCK AND WARRANTS (Details) - Warrant Activity - $ / shares | 1 Months Ended | 12 Months Ended | 24 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2015 | |
Warrant Activity [Abstract] | ||||
Outstanding at period end | 1,462,500 | 3,756,667 | ||
$ 0.25 | $ 0.26 | |||
Issued | 1,627,500 | 666,667 | ||
(in Dollars per share) | $ 0.25 | $ 0.30 |
6. COMMON STOCK AND WARRANT24
6. COMMON STOCK AND WARRANTS (Details) - Warrants Outstanding - $ / shares | 26 Months Ended | 28 Months Ended | 32 Months Ended |
Sep. 01, 2016 | Nov. 01, 2016 | Mar. 04, 2017 | |
Warrants Outstanding [Abstract] | |||
1,462,500 | 1,627,500 | 666,667 | |
$ 0.25 | $ 0.25 | $ 0.30 | |
Sep. 1, 2016 | Nov. 1, 2016 | Mar. 4, 2017 |
7. MINERAL PROPERTY COMMITMEN25
7. MINERAL PROPERTY COMMITMENTS - RELATED PARTY (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2015USD ($)$ / shares | Jul. 31, 2014$ / sharesshares | Oct. 31, 2013USD ($)$ / sharesshares | Jul. 31, 2013USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Jun. 30, 2012USD ($)$ / sharesshares | May. 31, 2015$ / shares | Apr. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Feb. 28, 2015USD ($) | Jan. 31, 2015$ / shares | Dec. 31, 2014$ / shares | Nov. 30, 2014$ / shares | Oct. 31, 2014$ / item | Sep. 30, 2014$ / shares | Mar. 31, 2014$ / shares | Oct. 24, 2011$ / item | |
Mineral Industries Disclosures Related Pary [Abstract] | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 9.92% | 9.92% | 9.92% | 9.10% | |||||||||||||||
Lode Mining Claims (in Dollars per Item) | $ / item | 91 | 38 | |||||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 300,000 | 200,000 | 100,000 | 500,000 | |||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.08 | $ 0.12 | $ 0.10 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.10 | $ 0.02 | $ 0.10 | $ 0.10 | $ 0.135 | $ 0.147 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.10 | |||
Stock Issued During Period, Value, Acquisitions | $ 20,000 | $ 10,000 | $ 36,000 | $ 30,000 | $ 10,000 | ||||||||||||||
Contractual Obligation | $ 200,000 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 32,000 | ||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ 87,000 | ||||||||||||||||||
Maintenance Costs | $ 834 | $ 12,245 |
7. MINERAL PROPERTY COMMITMEN
7. MINERAL PROPERTY COMMITMENTS - RELATED PARTY (Details) - Klondike North - Advanced Royalty Payments - USD ($) | 1 Months Ended | 13 Months Ended | 25 Months Ended | 37 Months Ended | 49 Months Ended | 97 Months Ended | 157 Months Ended | |||||
Oct. 31, 2014 | Oct. 24, 2011 | Oct. 31, 2015 | Oct. 24, 2012 | Oct. 31, 2016 | Oct. 24, 2013 | Oct. 31, 2017 | Oct. 24, 2014 | Oct. 31, 2018 | Oct. 24, 2015 | Oct. 24, 2019 | Oct. 24, 2024 | |
Klondike North - Advanced Royalty Payments [Abstract] | ||||||||||||
Upon execution of Agreement – October 24, 2011 | $ 2,500 | $ 500,000 | ||||||||||
First Anniversary of the Agreement – 2012 | $ 5,000 | $ 10,000 | ||||||||||
Second Anniversary of the Agreement – 2013 | $ 10,000 | $ 20,000 | ||||||||||
Third Anniversary of the Agreement – 2014 | $ 20,000 | $ 30,000 | ||||||||||
Fourth Anniversary of the Agreement – 2015 | $ 30,000 | $ 40,000 | ||||||||||
Fifth through the tenth Anniversary | $ 50,000 | |||||||||||
Eleventh Anniversary and thereafter | $ 100,000 |
7. MINERAL PROPERTY COMMITM27
7. MINERAL PROPERTY COMMITMENTS - RELATED PARTY (Details) - Klondike North - Work Commitment - USD ($) | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 24, 2015 | Oct. 31, 2014 | Oct. 24, 2014 | Oct. 24, 2013 | Oct. 24, 2012 | Oct. 24, 2011 |
Klondike North - Work Commitment [Abstract] | ||||||||
First Lease Year | $ 5,000 | $ 5,000 | ||||||
Second Lease Year | $ 10,000 | $ 25,000 | ||||||
Third Lease Year | $ 50,000 | |||||||
Fourth Lease Year | $ 75,000 | |||||||
Fifth Lease Year and thereafter | $ 50,000 | $ 100,000 |
7. MINERAL PROPERTY COMMITM28
7. MINERAL PROPERTY COMMITMENTS - RELATED PARTY (Details) - Green Monster - Advanced Royalty Payments - USD ($) | 1 Months Ended | 13 Months Ended | 25 Months Ended | 37 Months Ended | 49 Months Ended | 61 Months Ended | 121 Months Ended | 181 Months Ended | 241 Months Ended | |||||
Oct. 31, 2014 | Oct. 24, 2011 | Oct. 31, 2015 | Oct. 24, 2012 | Oct. 31, 2016 | Oct. 24, 2013 | Oct. 31, 2017 | Oct. 24, 2014 | Oct. 31, 2018 | Oct. 24, 2015 | Oct. 31, 2019 | Oct. 31, 2024 | Oct. 31, 2029 | Oct. 31, 2034 | |
Green Monster - Advanced Royalty Payments [Abstract] | ||||||||||||||
Upon execution of Agreement – October 31, 2014 | $ 2,500 | $ 500,000 | ||||||||||||
First Anniversary of the Agreement – 2015 | $ 5,000 | $ 10,000 | ||||||||||||
Second Anniversary of the Agreement - 2016 | $ 10,000 | $ 20,000 | ||||||||||||
Third Anniversary of the Agreement – 2017 | $ 20,000 | $ 30,000 | ||||||||||||
Fourth Anniversary of the Agreement – 2018 | $ 30,000 | $ 40,000 | ||||||||||||
Fifth Anniversary of the Agreement – 2019 | $ 40,000 | |||||||||||||
Sixth Anniversary through the tenth anniversary | $ 50,000 | |||||||||||||
Eleventh Anniversary through the fifteenth | $ 75,000 | |||||||||||||
Sixteenth Anniversary and thereafter | $ 100,000 |
7. MINERAL PROPERTY COMMITM29
7. MINERAL PROPERTY COMMITMENTS - RELATED PARTY (Details) - Green Monster - Work Commitment - USD ($) | Oct. 31, 2016 | Oct. 31, 2015 | Oct. 24, 2015 | Oct. 31, 2014 | Oct. 24, 2012 | Oct. 24, 2011 |
Green Monster - Work Commitment [Abstract] | ||||||
First Lease Year | $ 5,000 | $ 5,000 | ||||
Second Lease Year | $ 10,000 | $ 25,000 | ||||
Third Lease Year and thereafter | $ 50,000 | $ 100,000 |
8. INCOME TAXES (Details)
8. INCOME TAXES (Details) - USD ($) | 24 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2035 | |
Income Tax Disclosure [Abstract] | ||
DeferredTaxAssetsPercentage | 100.00% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0.00% | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 757,065 | $ 585,085 |
8. INCOME TAXES (D
8. INCOME TAXES (Details) - Net Deferred Tax Asset and Liabilities - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Deferred Tax Asset | ||
Exploration costs | $ 154,416 | $ 41,390 |
Federal and state operating net losses | 302,826 | 234,034 |
Total deferred tax assets | 457,242 | 275,424 |
Net deferred tax asset | 457,242 | 275,424 |
Valuation allowance | $ (457,242) | $ (275,424) |
8. INCOME TAXES 32
8. INCOME TAXES (Details) - Components of Income Tax Expense - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Components of Income Tax Expense [Abstract] | ||
Expected income tax benefit based on statutory rate | $ (159,485) | $ (83,230) |
Permanent differences | ||
Meals and entertainment | 156 | 866 |
Effect of state taxes | (22,489) | (11,625) |
Non-recognition due to increase in valuation account | $ 181,818 | $ 93,989 |
Uncategorized Items - idah-2015
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 296,865 |
Common Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 76,610 |
Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (224,100) |