Document and Entity Information
Document and Entity Information - $ / shares | Mar. 15, 2018 | Mar. 31, 2018 |
Details | ||
Registrant Name | Oroplata Resources, Inc. | |
Registrant CIK | 1,576,873 | |
SEC Form | 10-Q | |
Period End date | Mar. 31, 2018 | |
Fiscal Year End | --09-30 | |
Trading Symbol | ORRP | |
Tax Identification Number (TIN) | 331,227,980 | |
Number of common stock shares outstanding | 90,916,957 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Contained File Information, File Number | 000-55088 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | 930 Tahoe Blvd. Suite 802-16 | |
Entity Address, City or Town | Incline Village | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89,451 | |
City Area Code | 775 | |
Local Phone Number | 434-7333 | |
Entity Listing, Par Value Per Share | $ 0.001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 |
Current assets | ||
Cash | $ 5,911 | $ 9,141 |
Prepaid expenses | 315,000 | 52,500 |
Total assets | 320,911 | 61,641 |
Current liabilities | ||
Accounts payable and accrued liabilities | 415,080 | 412,463 |
Due to related parties | 528,949 | 218,246 |
Convertible Notes payable, net of unamortized discount | 813,817 | 696,937 |
Total current liabilities | 1,757,846 | 1,327,646 |
STOCKHOLDERS' DEFICIT | ||
Common Stock, Value, Issued | 89,147 | 58,500 |
Additional paid-in capital | 33,038,245 | 29,892,737 |
Deficit | (34,564,327) | (31,217,242) |
Total stockholders' deficit | (1,436,935) | (1,266,005) |
Total liabilities and stockholders' deficit | $ 320,911 | $ 61,641 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 |
Details | ||
Debt Instrument, Unamortized Discount, Current | $ 23,783 | $ 13,063 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 89,147,392 | 58,500,000 |
Common Stock, Shares, Outstanding | 89,147,392 | 58,500,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Details | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Expenses | ||||
Exploration costs | 6,452 | 0 | 9,582 | 600,000 |
General and administrative | 790,872 | 1,120,744 | 3,281,570 | 1,281,122 |
Net loss before other expenses | (797,324) | (1,120,744) | (3,291,152) | (1,881,122) |
Other expense | ||||
Interest expense | (31,784) | (65,342) | (55,933) | (141,428) |
Gain on forgiveness of debt | 0 | 0 | 0 | 25,000 |
Loss on settlement of debt | 0 | (36,000) | 0 | (36,000) |
Net loss | $ (829,108) | $ (1,222,086) | $ (3,347,085) | $ (2,033,550) |
Net loss per share, basic and diluted | $ (0.01) | $ (0.02) | $ (0.05) | $ (0.04) |
Weighted average shares outstanding | 84,788,426 | 58,715,910 | 71,738,486 | 58,500,168 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities | ||
Net loss | $ (3,347,085) | $ (2,033,550) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accretion expense | 16,425 | 124,160 |
Fair value of share purchase warrants issued | 101,310 | 652,977 |
Issuance costs of convertible debt | 0 | 9,948 |
Convertible note issued for commitment fee | 0 | 75,000 |
Gain on forgiveness of debt | 0 | (25,000) |
Shares issued for mineral property exploration costs | 0 | 36,000 |
Shares issued for mineral property exploration costs | 0 | 600,000 |
Shares issued for services | 2,622,250 | 292,000 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 52,500 | 0 |
Accounts payable and accrued liabilities | 14,667 | 90,823 |
Due to related parties | 310,203 | 45,000 |
Net Cash Used In Operating Activities | (229,730) | (132,642) |
Financing Activities | ||
Proceeds from issuance of convertible debentures | 0 | 99,480 |
Proceeds from issuance of convertible notes payable | 226,000 | 6,000 |
Proceeds from related party | 500 | 0 |
Repayment on note payable | 0 | (34,068) |
Net Cash Provided By Financing Activities | 226,500 | 71,412 |
Change in Cash | (3,230) | (61,230) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 9,141 | 90,040 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 5,911 | 28,810 |
Non-cash investing and financing activities: | ||
Discount on convertible debenture | 4,545 | 0 |
Issuance of common shares for conversion of convertible notes and accrued interest | 133,050 | 0 |
Fair value of common shares within prepaid expenses | 315,000 | 0 |
Supplemental Disclosures | ||
Interest paid | 0 | 0 |
Income tax paid | $ 0 | $ 0 |
1. Organization and Nature of O
1. Organization and Nature of Operations | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
1. Organization and Nature of Operations | 1. Organization and Nature of Operations The accompanying unaudited consolidated financial statements of Oroplata Resources, Inc. and its subsidiary (Oroplata or the Company) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive consolidated financial statements and should be read in conjunction with our audited consolidated financial statements for the year ended September 30, 2017, included in our Annual Report on Form 10-K for the year ended September 30, 2017. The Company was incorporated under the laws of the state of Nevada on October 6, 2011 for the purpose of acquiring and developing mineral properties. The Company has a wholly-owned subsidiary called Oroplata Exploraciones E Ingenieria SRL, which was incorporated in the Dominican Republic on January 10, 2012. On July 26, 2016, the Company incorporated Lithortech Resources Inc., a Nevada company, as a wholly-owned subsidiary. The Company currently holds mineral rights in the Dominican Republic and in the Western Nevada Basin of Nye County in the state of Nevada. Going Concern These unaudited consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As at March 31, 2018, the Company has not earned revenue, has a working capital deficit of $1,436,935, and an accumulated deficit of $34,564,327. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Companys future operations. If the Company is able to obtain financing, there is no certainty that terms will be favorable to the Company. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These unaudited consolidated 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. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
2. Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Basis of Presentation The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) and are expressed in U.S. dollars. The Companys fiscal year end is September 30. (b) Principles of Consolidation These condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Oroplata Exploraciones E Ingenieria SRL and Lithortech Resources Inc. All inter-company accounts and transactions have been eliminated on consolidation. |
3. Convertible Notes Payable
3. Convertible Notes Payable | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
3. Convertible Notes Payable | 3. Convertible Notes Payable (a) On July 18, 2016 , the Company entered into a convertible note agreement, as amended, with a non-related party for proceeds of $75,000 . The terms of the convertible note became effective on February 15, 2017. The amount owing is secured by assets of the company, bears interest at 10% , is convertible into common shares of the Company at $0.24 per share , and is due on February 18, 2017. In September 2017, the conversion price was amended to $0.115 per share and the due date extended to December 31, 2017. On December 11, 2017, the due date was extended to December 11, 2018 . The initial amortized discount was $9,375 and as at March 31, 2018, the carrying value of the note payable is $75,000 (September 30, 2017 - $75,000 ), and accrued interest of $8,425 (September 30, 2017 - $4,685 ) has been recorded in accounts payable and accrued liabilities. (b) On July 18, 2016 , the Company entered into a loan agreement with a non-related party for proceeds of $121,000 . The amount owing is unsecured , bears interest at 10% per annum, and is due on April 18, 2017, and is convertible into common shares of the Company at $0.50 per share . On January 31, 2017, the due date was extended to December 31, 2017. In September 2017, the conversion feature on the note payable was adjusted $0.115 per share. On December 11, 2017, the due date was extended to December 11, 2018 . During the period ended March 31, 2018, the Company issued 1,157,382 common shares for the conversion of $121,000 of note payable and $12,100 of interest payable. As at March 31, 2018, the carrying value of the note payable is $nil (September 30, 2017 - $121,000 ), and accrued interest of $5,584 (September 30, 2017 - $15,382 ) has been recorded in accounts payable and accrued liabilities. As an incentive for the loan, the Company issued 121,000 cashless warrants to the note holder as a bonus incentive, which has an exercise price of $0.50 per warrant until July 18, 2021. The fair value of the cashless warrants was $229,069, and was calculated using the Black-Scholes option pricing model assuming no expected dividends, volatility of 239%, and risk-free rate of 1%. (c) On September 28, 2016 , the Company entered into a loan agreement with a non-related party for proceeds up to $550,000 . On September 30, 2016, the Company received proceeds of $110,000, net of issuance fees of $10,000. The amount owing is unsecured , bears interest at 10% per annum, and is due on September 30, 2017, and is convertible into common shares of the Company at $0.10 per share . In September 2017, the conversion price was amended to $0.115 per share and the due date extended to December 31, 2017. On December 11, 2017, the due date was extended to December 11, 2018 . As at March 31, 2018, the carrying value of the note payable is $110,000 (September 30, 2017 - $110,000 ), and accrued interest of $16,485 (September 30, 2017 - $11,000 ) has been recorded in accounts payable and accrued liabilities. As an incentive for the loan, the Company issued 121,000 cashless warrants to the note holder as a bonus incentive, which has an exercise price of $0.50 per warrant until September 30, 2021. The fair value of the cashless warrants was $65,990, and was calculated using the Black-Scholes option pricing model assuming no expected dividends, volatility of 233%, and risk-free rate of 1%. (d) On February 16, 2017 , the Company entered into a loan agreement with a non-related party for proceeds up to $250,000 . On February 16, 2017, the Company received proceeds of $32,428, net of issuance fees of $2,948. On February 24, 2017, the Company received proceeds of $77,000, net of issuance fees of $7,000. On April 17, 2017, the Company received proceeds of $13,750, net of issuance fees of $1,250. On April 26, 2017, the Company received proceeds of $88,000, net of issuance fees of $8,000. On June 13, 2017, the Company received proceeds of $38,822 net of issuance fees of $3,882. The aggregate principal amount owed of $250,000 is secured , bears interest at 10% , is due one year after the date of funding for each tranche, and is convertible into common shares of the Company at $0.10 per share . In September 2017, the conversion price was amended to $0.115 per share. On December 11, 2017, the due date for all tranches was extended to December 11, 2018 . As at December 31, 2017, the carrying value of the note payable is $250,000 (September 30, 2017 - $250,000 ), and accrued interest of $24,702 (September 30, 2017 - $12,236 ) has been recorded in accounts payable and accrued liabilities. (e) On July 25, 2017 , the Company entered into a loan agreement with a non-related party for proceeds up to $550,000 . On July 25, 2017 the Company received proceeds of $44,000, net of issuance fees of $4,000. On August 17, 2017, the Company received proceeds of $110,000, net of issuance fees of $10,000. The aggregate principal amount owed of $154,000 is secured , bears interest at 10% , is due one year after the date of funding for each tranche, and is convertible into common shares of the Company at $0.115 per share . On October 23, 2017, the Company received proceeds of $82,500, net of issuance costs of $7,500. On December 1, 2017, the Company received proceeds of $55,000, net of issuance costs of $5,000. On December 11, 2017, the due date was extended to December 11, 2018 . On December 15, 2017, the Company received proceeds of $55,000, net of issuance costs of $5,000. On February 9, 2018, the Company received proceeds of $56,100, net of issuance costs of $5,100. As at March 31, 2018, the carrying value of the note payable is $378,817 (September 30, 2017 - $140,937 ), the unamortized discount on the note is $23,783 (September 30, 2017 - $13,063 ), and accrued interest of $18,022 (September 30, 2017 - $2,507 ) has been recorded in accounts payable and accrued liabilities. |
4. Related Party Transactions
4. Related Party Transactions | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
4. Related Party Transactions | 4. Related Party Transactions (a) As of March 31, 2018, the Company owes $120,146 (September 30, 2017 - $120,146) to the former Chief Executive Officer and Director of the Company for advances to the Company to fund day-to-day operations. The amounts owing are unsecured, non-interest bearing, and due on demand. (b) (c) As of March 31, 2018, the Company owes $239,211 (September 30, 2017 - $100) to the Chief Executive Officer of the Company for accrued management fees. The amounts owing are unsecured, non-interest bearing, and due on demand. (d) As of March 31, 2018, the Company owes $84,092 (September 30, 2017 $85,000) to directors of the Company for accrued management fees. The amounts owing are unsecured, non-interest bearing, and due on demand. |
5. Common Shares
5. Common Shares | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
5. Common Shares | 5. Common Shares The Companys authorized common stock consists of 500,000,000 shares of common stock, with par value of $0.001. (a) On December 5, 2017, the Company issued 578,696 common shares with a fair value of $66,500 as part of a conversion of convertible notes payable and accrued interest at $0.115 per share. (b) On December 18, 2017, the Company cancelled 1,000,000 common shares issued to the Chief Executive Officer of the Company which was previously issued in error. (c) On December 29, 2017, the Company issued 19,700,000 common shares with a fair value of $1,970,000 for services, including 5,000,000 common shares to the Chief Executive Officer of the Company, and 4,000,000 common shares to directors of the Company. In addition, the Company also issued 1,000,000 common shares to the Chief Executive Officer of the Company to replace the common shares that were previously issued in error and cancelled on December 18, 2017. (d) On January 29, 2018, the Company issued 3,600,000 common shares with a fair value of $360,000 to the directors of the Company, of which $135,000 has been recorded in prepaid expense as at March 31, 2018. In addition, the Company issued 2,400,000 common shares for consulting services with a fair value of $240,000, of which $180,000 has been recorded as prepaid expense as at March 31, 2018. All amounts in prepaid expenses will be amortized over one year from the date of issuance of the common shares. (e) On January 29, 2018, the Company issued 1,440,000 common shares for professional fees with a fair value of $144,000. (f) On February 2, 2018, the Company issued 578,696 common shares with a fair value of $66,550 as part of a conversion of convertible notes payable and accrued interest at $0.115 per share. (g) On March 8, 2018, the Company issued 2,000,000 common shares to officers of the Company for management fees with a fair value of $190,000, of which 1,000,000 common shares were issuable on each of January 1, 2018 and March 1, 2018. (h) On March 8, 2018, the Company issued 350,000 common shares for consulting services with a fair value of $33,250. |
6. Share Purchase Warrants
6. Share Purchase Warrants | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
6. Share Purchase Warrants | 6. Share Purchase Warrants In December 2017, the Company granted 1,000,000 share purchase warrants to a consultant of the Company for professional services. The warrants are exercisable into common shares at $0.10 per share for a period of five years. The fair value of the share purchase warrants was $101,310 calculated using the Black-Scholes Option Pricing Model assuming volatility of 154%, risk-free rate of 1.0%, expected life of 5 years, and no expected dividends. Number of cashless warrants Weighted average exercise price $ Balance, September 30, 2017 2,742,000 0.05 Issued 1,000,000 0.10 Balance, March 31, 2018 3,742,000 0.08 Additional information regarding share purchase warrants as of March 31, 2018, is as follows: Outstanding and exercisable Range of Exercise Prices $ Number of Warrants Weighted Average Remaining Contractual Life (years) 0.001 2,000,000 3.9 0.10 1,000,000 4.7 0.15 500,000 4.1 0.50 242,000 3.4 3,742,000 4.1 |
7. Subsequent Events
7. Subsequent Events | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
7. Subsequent Events | 7. Subsequent Events (a) On April 3, 2018, the Company entered into a loan agreement with a non-related party for $85,800, net of an original issue discount of $7,800. The amounts owing are unsecured, bear interest at 12% per annum, are due on January 3, 2019, and are convertible into common shares at $0.15 per share until October 3, 2018 (180 days following the issuance date of the loan) when the conversion price is equal to 75% of the lowest closing bid price during the fifteen trading days prior to conversion. Upon the due date on January 15, 2019, if the loan remains unpaid, the interest will increase to 22% per annum. (b) On April 13, 2018, the Company entered into a loan agreement with a non-related party for $150,000, of which $75,000 is a front-end note and $75,000 is a back-end note. The amounts owing are unsecured, bear interest at 10% per annum, are due in 12 months, and are convertible into common shares at 66% of the lowest trading price for the twenty trading days prior to conversion. (c) On April 19, 2018, the Company issued 717,391 common shares with a fair value of $82,500 as part of a conversion of convertible notes payable at $0.115 per share. (d) On April 20, 2018, the Company entered into a loan agreement with a non-related party for $58,800, net of an original issue discount of $5,800. The amounts owing are unsecured, bear interest at 12% per annum, are due on January 30, 2019, and are convertible into common shares at $0.15 per share until October 20, 2018 (180 days following the issuance date of the loan) when the conversion price is equal to 75% of the lowest trading price during the fifteen trading days prior to conversion. Upon the due date on January 30, 2019, if the loan remains unpaid, the interest will increase to 22% per annum. (e) On May 8, 2018, the Company issued 1,052,174 common shares with a fair value of $121,000 as part of a conversion of convertible notes payable at $0.115 per share. |
1. Organization and Nature of13
1. Organization and Nature of Operations: Going Concern (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Going Concern | Going Concern These unaudited consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As at March 31, 2018, the Company has not earned revenue, has a working capital deficit of $1,436,935, and an accumulated deficit of $34,564,327. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Companys future operations. If the Company is able to obtain financing, there is no certainty that terms will be favorable to the Company. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These unaudited consolidated 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. |
2. Summary of Significant Acc14
2. Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Basis of Presentation | (a) Basis of Presentation The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) and are expressed in U.S. dollars. The Companys fiscal year end is September 30. |
2. Summary of Significant Acc15
2. Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Principles of Consolidation | (b) Principles of Consolidation These condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Oroplata Exploraciones E Ingenieria SRL and Lithortech Resources Inc. All inter-company accounts and transactions have been eliminated on consolidation. |
6. Share Purchase Warrants_ Sch
6. Share Purchase Warrants: Schedule of Warrant Activity (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Tables/Schedules | |
Schedule of Warrant Activity | Number of cashless warrants Weighted average exercise price $ Balance, September 30, 2017 2,742,000 0.05 Issued 1,000,000 0.10 Balance, March 31, 2018 3,742,000 0.08 |
6. Share Purchase Warrants_ S17
6. Share Purchase Warrants: Schedule of Additional information regarding share purchase warrants (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Tables/Schedules | |
Schedule of Additional information regarding share purchase warrants | Outstanding and exercisable Range of Exercise Prices $ Number of Warrants Weighted Average Remaining Contractual Life (years) 0.001 2,000,000 3.9 0.10 1,000,000 4.7 0.15 500,000 4.1 0.50 242,000 3.4 3,742,000 4.1 |
1. Organization and Nature of18
1. Organization and Nature of Operations: Going Concern (Details) - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 |
Details | ||
Total stockholders' deficit | $ (1,436,935) | $ (1,266,005) |
Deficit | $ (34,564,327) | $ (31,217,242) |
3. Convertible Notes Payable (D
3. Convertible Notes Payable (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Sep. 30, 2017 | |
Debt Instrument, Unamortized Discount, Current | $ 23,783 | $ 13,063 |
Convertible Note 1 | ||
Debt Instrument, Issuance Date | Jul. 18, 2016 | |
Debt Instrument, Issuer | the Company | |
Debt Instrument, Description | a convertible note agreement, as amended, with a non-related party | |
Debt Instrument, Face Amount | $ 75,000 | |
Debt Instrument, Collateral | secured | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common shares of the Company at $0.24 per share | |
Debt Instrument, Maturity Date | Dec. 11, 2018 | |
Debt Instrument, Unamortized Discount, Current | $ 9,375 | |
Long-term Debt | 75,000 | 75,000 |
Accrued Interest | $ 8,425 | 4,685 |
Convertible Note 2 | ||
Debt Instrument, Issuance Date | Jul. 18, 2016 | |
Debt Instrument, Issuer | the Company | |
Debt Instrument, Description | a loan agreement with a non-related party | |
Debt Instrument, Face Amount | $ 121,000 | |
Debt Instrument, Collateral | unsecured | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common shares of the Company at $0.50 per share | |
Debt Instrument, Maturity Date | Dec. 11, 2018 | |
Long-term Debt | $ 0 | 121,000 |
Accrued Interest | $ 5,584 | 15,382 |
Convertible Note 3 | ||
Debt Instrument, Issuance Date | Sep. 28, 2016 | |
Debt Instrument, Issuer | the Company | |
Debt Instrument, Description | a loan agreement with a non-related party | |
Debt Instrument, Face Amount | $ 550,000 | |
Debt Instrument, Collateral | unsecured | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common shares of the Company at $0.10 per share | |
Debt Instrument, Maturity Date | Dec. 11, 2018 | |
Long-term Debt | $ 110,000 | 110,000 |
Accrued Interest | $ 16,485 | 11,000 |
Convertible Note 4 | ||
Debt Instrument, Issuance Date | Feb. 16, 2017 | |
Debt Instrument, Issuer | the Company | |
Debt Instrument, Description | a loan agreement with a non-related party | |
Debt Instrument, Face Amount | $ 250,000 | |
Debt Instrument, Collateral | secured | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common shares of the Company at $0.10 per share | |
Debt Instrument, Maturity Date | Dec. 11, 2018 | |
Long-term Debt | $ 250,000 | 250,000 |
Accrued Interest | $ 24,702 | 12,236 |
Convertible Note 5 | ||
Debt Instrument, Issuance Date | Jul. 25, 2017 | |
Debt Instrument, Issuer | the Company | |
Debt Instrument, Description | a loan agreement with a non-related party | |
Debt Instrument, Face Amount | $ 550,000 | |
Debt Instrument, Collateral | secured | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common shares of the Company at $0.115 per share | |
Debt Instrument, Maturity Date | Dec. 11, 2018 | |
Debt Instrument, Unamortized Discount, Current | $ 23,783 | 13,063 |
Long-term Debt | 378,817 | 140,937 |
Accrued Interest | $ 18,022 | $ 2,507 |
4. Related Party Transactions (
4. Related Party Transactions (Details) - USD ($) | Sep. 30, 2017 | Mar. 31, 2018 |
Due to related parties | $ 218,246 | $ 528,949 |
Transaction 1 | ||
Due to related parties | 120,146 | $ 120,146 |
Related Party Transaction, Description of Transaction | advances to the Company to fund day-to-day operations | |
Transaction 2 | ||
Due to related parties | $ 85,500 | $ 85,500 |
Related Party Transaction, Description of Transaction | advances to the Company to fund day-to-day operations and accrued management fees | |
Transaction 3 | ||
Due to related parties | $ 100 | 239,211 |
Related Party Transaction, Description of Transaction | accrued management fees | |
Transaction 4 | ||
Due to related parties | $ 85,000 | $ 84,092 |
Related Party Transaction, Description of Transaction | accrued management fees |
5. Common Shares (Details)
5. Common Shares (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Sep. 30, 2017 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 89,147,392 | 58,500,000 |
Stock transaction 1 | ||
Sale of Stock, Transaction Date | Dec. 5, 2017 | |
Sale of Stock, Description of Transaction | Company issued 578,696 common shares | |
Common Stock, Shares, Issued | 578,696 | |
Stock Issued | $ 66,500 | |
Stock transaction 2 | ||
Sale of Stock, Transaction Date | Dec. 18, 2017 | |
Sale of Stock, Description of Transaction | Company cancelled 1,000,000 common shares | |
Stock transaction 3 | ||
Sale of Stock, Transaction Date | Dec. 29, 2017 | |
Sale of Stock, Description of Transaction | Company issued 19,700,000 common shares | |
Common Stock, Shares, Issued | 19,700,000 | |
Stock Issued | $ 1,970,000 | |
Stock transaction 4 | ||
Sale of Stock, Transaction Date | Jan. 29, 2018 | |
Sale of Stock, Description of Transaction | Company issued 3,600,000 common shares with a fair value of $360,000 to the directors of the Company | |
Common Stock, Shares, Issued | 3,600,000 | |
Stock Issued | $ 360,000 | |
Stock transaction 5 | ||
Sale of Stock, Transaction Date | Jan. 29, 2018 | |
Sale of Stock, Description of Transaction | Company issued 1,440,000 common shares for professional fees | |
Common Stock, Shares, Issued | 1,440,000 | |
Stock Issued | $ 144,000 | |
Stock transaction 6 | ||
Sale of Stock, Transaction Date | Feb. 2, 2018 | |
Sale of Stock, Description of Transaction | Company issued 578,696 common shares with a fair value of $66,550 as part of a conversion of convertible notes payable | |
Common Stock, Shares, Issued | 578,696 | |
Stock Issued | $ 66,550 | |
Stock transaction 7 | ||
Sale of Stock, Transaction Date | Mar. 8, 2018 | |
Sale of Stock, Description of Transaction | Company issued 2,000,000 common shares to officers of the Company for management fees | |
Common Stock, Shares, Issued | 2,000,000 | |
Stock Issued | $ 190,000 | |
Stock transaction 8 | ||
Sale of Stock, Transaction Date | Mar. 8, 2018 | |
Common Stock, Shares, Issued | 350,000 | |
Stock Issued | $ 33,250 |
6. Share Purchase Warrants (Det
6. Share Purchase Warrants (Details) - Warrants 1 | 6 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Share Purchase Warrants Issued | shares | 1,000,000 |
Share Purchase Warrants Issued, Exercise Price | $ / shares | $ 0.10 |
Share Purchase Warrants Issued, Fair Value | $ | $ 101,310 |
Fair Value Measurements, Valuation Techniques | Black-Scholes Option Pricing Model |
Fair Value Assumptions, Expected Volatility Rate | 154.00% |
Fair Value Assumptions, Risk Free Interest Rate | 1.00% |
Fair Value Assumptions, Expected Term | 5 years |
Fair Value Assumptions, Expected Dividend Rate | 0.00% |
6. Share Purchase Warrants_ S23
6. Share Purchase Warrants: Schedule of Warrant Activity (Details) | 6 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Details | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | shares | 2,742,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 0.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,000,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | shares | 3,742,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 0.08 |
6. Share Purchase Warrants_ S24
6. Share Purchase Warrants: Schedule of Additional information regarding share purchase warrants (Details) | 6 Months Ended |
Mar. 31, 2018shares | |
0.001 | |
Number of Warrants Outstanding and Exercisable | 2,000,000 |
Weighted Average Remaining Contractual Life (years) | 3 years 10 months 24 days |
0.10 | |
Number of Warrants Outstanding and Exercisable | 1,000,000 |
Weighted Average Remaining Contractual Life (years) | 4 years 8 months 12 days |
0.15 | |
Number of Warrants Outstanding and Exercisable | 500,000 |
Weighted Average Remaining Contractual Life (years) | 4 years 1 month 6 days |
0.50 | |
Number of Warrants Outstanding and Exercisable | 242,000 |
Weighted Average Remaining Contractual Life (years) | 3 years 4 months 24 days |
All | |
Number of Warrants Outstanding and Exercisable | 3,742,000 |
Weighted Average Remaining Contractual Life (years) | 4 years 1 month 6 days |
7. Subsequent Events (Details)
7. Subsequent Events (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Sep. 30, 2017 | |
Debt Instrument, Unamortized Discount, Current | $ 23,783 | $ 13,063 |
Common Stock, Shares, Issued | 89,147,392 | 58,500,000 |
Event 1 | ||
Subsequent Event, Date | Apr. 3, 2018 | |
Subsequent Event, Description | Company entered into a loan agreement with a non-related party for $85,800 | |
Debt Instrument, Unamortized Discount, Current | $ 7,800 | |
Debt Instrument, Collateral | amounts owing are unsecured | |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |
Debt Instrument, Maturity Date | Jan. 3, 2019 | |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common shares at $0.15 per share until October 3, 2018 (180 days following the issuance date of the loan) when the conversion price is equal to 75% of the lowest closing bid price during the fifteen trading days prior to conversion | |
Event 2 | ||
Subsequent Event, Date | Apr. 13, 2018 | |
Subsequent Event, Description | Company entered into a loan agreement with a non-related party for $150,000 | |
Debt Instrument, Collateral | amounts owing are unsecured | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common shares at 66% of the lowest trading price for the twenty trading days prior to conversion | |
Debt Instrument, Face Amount | $ 150,000 | |
Event 3 | ||
Subsequent Event, Date | Apr. 19, 2018 | |
Subsequent Event, Description | Company issued 717,391 common shares | |
Common Stock, Shares, Issued | 717,391 | |
Stock Issued | $ 82,500 | |
Event 4 | ||
Subsequent Event, Date | Apr. 20, 2018 | |
Subsequent Event, Description | Company entered into a loan agreement with a non-related party for $58,800 | |
Debt Instrument, Unamortized Discount, Current | $ 5,800 | |
Debt Instrument, Collateral | amounts owing are unsecured | |
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |
Debt Instrument, Maturity Date | Jan. 30, 2019 | |
Debt Instrument, Convertible, Terms of Conversion Feature | convertible into common shares at $0.15 per share until October 20, 2018 (180 days following the issuance date of the loan) when the conversion price is equal to 75% of the lowest trading price during the fifteen trading days prior to conversion | |
Debt Instrument, Face Amount | $ 58,800 | |
Event 5 | ||
Subsequent Event, Date | May 8, 2018 | |
Subsequent Event, Description | Company issued 1,052,174 common shares | |
Common Stock, Shares, Issued | 1,052,174 | |
Stock Issued | $ 121,000 |