Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2021 | Jul. 28, 2021 | Oct. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | U.S. GOLD CORP. | ||
Entity Central Index Key | 0000027093 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2021 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 27,619,984 | ||
Entity Common Stock, Shares Outstanding | 7,090,621 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
CURRENT ASSETS: | ||
Cash | $ 13,645,405 | $ 2,749,957 |
Income tax receivable | 219,072 | |
Prepaid expenses and other current assets | 430,360 | 212,718 |
Total current assets | 14,075,765 | 3,181,747 |
NON - CURRENT ASSETS: | ||
Property, net | 172,222 | 133,371 |
Reclamation bond deposit | 718,509 | 355,556 |
Mineral rights | 16,356,862 | 6,163,559 |
Total non - current assets | 17,247,593 | 6,652,486 |
Total assets | 31,323,358 | 9,834,233 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued liabilities | 619,038 | 154,381 |
Accounts payable - related parties | 3,459 | |
Total current liabilities | 619,038 | 157,840 |
LONG- TERM LIABILITIES | ||
Asset retirement obligation | 204,615 | 168,392 |
Total liabilities | 823,653 | 326,232 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY : | ||
Common stock ($0.001 Par Value; 200,000,000 Shares Authorized; 7,065,621 and 2,903,393 shares issued and outstanding as of April 30, 2021 and 2020) | 7,065 | 2,903 |
Additional paid-in capital | 74,467,686 | 41,093,050 |
Accumulated deficit | (43,975,046) | (31,587,952) |
Total stockholders' equity | 30,499,705 | 9,508,001 |
Total liabilities and stockholders' equity | 31,323,358 | 9,834,233 |
Convertible Series F Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock value | ||
Convertible Series G Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock value | ||
Convertible Series H Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock value | ||
Convertible Series I Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY : | ||
Preferred stock value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2021 | Apr. 30, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 7,065,621 | 2,903,393 |
Common stock, shares outstanding | 7,065,621 | 2,903,393 |
Convertible Series F Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,250 | 1,250 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Convertible Series G Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 127 | 127 |
Preferred stock, shares issued | 57 | |
Preferred stock, shares outstanding | 57 | |
Convertible Series H Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 106,894 | 106,894 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Convertible Series I Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 921,666 | 921,666 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Statement [Abstract] | ||
Net revenues | ||
Operating expenses: | ||
Compensation and related taxes - general and administrative | 3,334,227 | 1,366,168 |
Exploration costs | 4,019,838 | 1,278,372 |
Professional and consulting fees | 4,085,516 | 2,381,513 |
General and administrative expenses | 947,513 | 661,442 |
Total operating expenses | 12,387,094 | 5,687,495 |
Loss from operations | (12,387,094) | (5,687,495) |
Loss before benefit for income taxes | (12,387,094) | (5,687,495) |
Benefit from income taxes | 438,145 | |
Net loss | (12,387,094) | (5,249,350) |
Deemed dividend related to beneficial conversion feature of preferred stock | (5,530,004) | (2,086,212) |
Net loss applicable to U.S. Gold Corp. common shareholders | $ (17,917,098) | $ (7,335,562) |
Net Loss per common share, basic and diluted | $ (3.80) | $ (3.17) |
Weighted average common shares outstanding - basic and diluted | 4,712,755 | 2,316,610 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock - Series F [Member] | Preferred Stock - Series G [Member] | Preferred Stock - Series H [Member] | Preferred Stock - Series I [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Apr. 30, 2019 | $ 1,986 | $ 33,425,931 | $ (26,275,102) | $ 7,152,815 | ||||
Balance, shares at Apr. 30, 2019 | 1,986,063 | |||||||
Issuance of preferred stock and warrants for cash, net of offering cost | $ 1 | 2,401,201 | 2,401,202 | |||||
Issuance of preferred stock and warrants for cash, net of offering cost, shares | 1,250 | |||||||
Issuance of preferred stock in connection with the Exchange Agreement | ||||||||
Issuance of preferred stock in connection with the Exchange Agreement, shares | (127) | 127 | ||||||
Issuance of common stock for cash, net of offering cost | $ 357 | 1,889,898 | 1,890,255 | |||||
Issuance of common stock for cash, net of offering cost, shares | 357,142 | |||||||
Issuance of common stock to private placement agent related to sale of common stock | $ 25 | (25) | ||||||
Issuance of common stock to private placement agent related to sale of common stock, shares | 25,281 | |||||||
Conversion of preferred stock into common stock | $ (1) | $ 222 | (221) | |||||
Conversion of preferred stock into common stock, shares | (1,123) | (70) | 222,018 | |||||
Issuance of common stock in connection with the share exchange agreement | $ 200 | 2,019,800 | 2,020,000 | |||||
Issuance of common stock in connection with the share exchange agreement, shares | 200,000 | |||||||
Issuance of common stock for services | $ 78 | 572,525 | 572,603 | |||||
Issuance of common stock for services, shares | 78,153 | |||||||
Issuance of common stock for accrued services | $ 3 | 26,900 | 26,903 | |||||
Issuance of common stock for accrued services, shares | 2,862 | |||||||
Stock options granted for services | 196,046 | 196,046 | ||||||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | $ 33 | 497,495 | 497,528 | |||||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants, shares | 32,454 | |||||||
Deemed dividend related to issuance of Series G preferred stock | 63,500 | (63,500) | ||||||
Fractional difference due to the reverse stock-split | $ (1) | (1) | ||||||
Fractional difference due to the reverse stock-split, shares | (580) | |||||||
Net loss | (5,249,350) | (5,249,350) | ||||||
Balance at Apr. 30, 2020 | $ 2,903 | 41,093,050 | (31,587,952) | 9,508,001 | ||||
Balance, shares at Apr. 30, 2020 | 57 | 2,903,393 | ||||||
Issuance of preferred stock and warrants for cash, net of offering cost | $ 922 | 5,529,082 | 5,530,004 | |||||
Issuance of preferred stock and warrants for cash, net of offering cost, shares | 921,666 | |||||||
Conversion of preferred stock into common stock | $ (107) | $ (922) | $ 2,011 | (982) | ||||
Conversion of preferred stock into common stock, shares | (57) | (106,894) | (921,666) | 2,010,963 | ||||
Issuance of preferred stock and common stock in connection with the Share Exchange Agreement | $ 107 | $ 581 | 12,640,292 | 12,640,980 | ||||
Issuance of preferred stock and common stock in connection with the Share Exchange Agreement, shares | 106,894 | 581,053 | ||||||
Issuance of common stock for services | $ 163 | 1,539,201 | 1,539,364 | |||||
Issuance of common stock for services, shares | 163,076 | |||||||
Stock options granted for services | 194,761 | 194,761 | ||||||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants | $ 2 | 1,868,366 | 1,868,368 | |||||
Stock-based compensation in connection with restricted common stock award grants and restricted common stock unit grants, shares | 1,875 | |||||||
Common stock to be issued for cash | $ 914 | 8,998,163 | 8,999,077 | |||||
Common stock to be issued for cash,shares | 914,136 | |||||||
Issuance of common stock for prepaid services | $ 8 | 106,242 | 106,250 | |||||
Issuance of common stock for prepaid services,shares | 8,231 | |||||||
Issuance of common stock for exercise of warrants | $ 483 | 2,499,511 | 2,499,994 | |||||
Issuance of common stock for exercise of warrants, shares | 482,894 | |||||||
Net loss | (12,387,094) | (12,387,094) | ||||||
Balance at Apr. 30, 2021 | $ 7,065 | $ 74,467,686 | $ (43,975,046) | $ 30,499,705 | ||||
Balance, shares at Apr. 30, 2021 | 7,065,621 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (12,387,094) | $ (5,249,350) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 22,886 | 10,730 |
Accretion | 17,477 | 10,474 |
Stock based compensation | 3,602,493 | 1,266,177 |
Abandonment of mineral properties | 56,329 | |
Amortization of prepaid stock based expenses | 40,105 | 160,377 |
Changes in operating assets and liabilities: | ||
Income tax receivable | 219,072 | (219,072) |
Prepaid expenses and other current assets | (151,497) | 240,166 |
Reclamation bond deposit | (362,953) | (16,109) |
Accounts payable and accrued liabilities | 356,005 | (88,959) |
Accounts payable - related parties | (3,459) | (12,177) |
NET CASH USED IN OPERATING ACTIVITIES | (8,590,636) | (3,897,743) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (42,991) | |
Proceeds received in connection with the share exchange agreement | 2,500,000 | 159,063 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 2,457,009 | 159,063 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of preferred stock and warrants, net of issuance cost | 5,530,004 | 2,401,201 |
Issuance of common stock, net of offering costs | 8,999,077 | 1,890,255 |
Issuance of common stock for exercise of warrants | 2,499,994 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 17,029,075 | 4,291,456 |
NET INCREASE IN CASH | 10,895,448 | 552,776 |
CASH - beginning of year | 2,749,957 | 2,197,181 |
CASH - end of year | 13,645,405 | 2,749,957 |
Cash paid for: | ||
Interest | ||
Income taxes | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Issuance of common stock for accrued services | 26,903 | |
Issuance of common stock for prepaid services | 106,250 | |
Issuance of common stock in connection with conversion of preferred stock | 2,011 | |
Issuance of common stock in connection with the share exchange agreement | 2,020,000 | |
Assumption of liabilities in connection with the share exchange agreement | 108,652 | 125,670 |
Increase in acquisition of mineral properties in connection with the share exchange agreement | 10,249,632 | 1,986,607 |
Increase in asset retirement cost and obligation | 18,746 | 69,172 |
Series F Preferred Stock [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Deemed Dividends | 2,086,212 | |
Series I Preferred Stock [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Deemed Dividends | $ 5,530,004 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Organization U.S. Gold Corp., formerly known as Dataram Corporation (the “Company”), was originally incorporated in the State of New Jersey in 1967 and was subsequently re-incorporated under the laws of the State of Nevada in 2016. Effective June 26, 2017, the Company changed its name to U.S. Gold Corp. from Dataram Corporation. On June 13, 2016, Gold King Corp. (“Gold King”), a private Nevada corporation, entered into an Agreement and Plan of Merger (the “Gold King Merger Agreement”) with the Company, the Company’s wholly-owned subsidiary Dataram Acquisition Sub, Inc., a Nevada corporation (“Acquisition Sub”), and all of the principal shareholders of Gold King. Upon closing of the transactions contemplated under the Gold King Merger Agreement (the “Gold King Merger”), Gold King merged with and into Acquisition Sub with Gold King as the surviving corporation and became a wholly-owned subsidiary of the Company. The Gold King Merger was treated as a reverse acquisition and recapitalization, and the business of Gold King became the business of the Company. The financial statements are those of Gold King (the accounting acquirer) prior to the merger and include the activity of the Company (the legal acquirer) from the date of the Gold King Merger. Gold King is a gold and precious metals exploration company pursuing exploration and development opportunities primarily in Nevada and Wyoming. The Company has a wholly owned subsidiary, U.S. Gold Acquisition Corporation, formerly Dataram Acquisition Sub, Inc. (“U.S. Gold Acquisition”), a Nevada corporation which was formed in April 2016. On May 23, 2017, the Company closed the Gold King Merger with Gold King. The Gold King Merger constituted a change of control and the majority of the board of directors changed with the consummation of the Gold King Merger. The Company issued shares of common stock to Gold King which represented approximately 90% of the combined company. On September 10, 2019, the Company, 2637262 Ontario Inc., a corporation incorporated under the laws of the Providence of Ontario (“NumberCo”), and all of the shareholders of NumberCo (the “NumberCo Shareholders”), entered into a Share Exchange Agreement (the “Share Exchange Agreement”), pursuant to which, among other things, the Company agreed to issue to the NumberCo Shareholders 200,000 shares of the Company’s common stock in exchange for all of the issued and outstanding shares of NumberCo, with NumberCo becoming a wholly-owned subsidiary of the Company. On March 17, 2020, the board of directors (the “Board”) of the Company approved a 1-for-10 reverse stock split of the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”), and on March 18, 2020, the Company filed with the Secretary of State of the State of Nevada a Certificate of Amendment to its Articles of Incorporation to effect the Reverse Stock Split. The Reverse Stock Split became effective as of 5:00 p.m. Eastern Time on March 19, 2020, and the Company’s common stock began trading on a split-adjusted basis when the market opened on March 20, 2020. Accordingly, all common stock and per share data are retrospectively restated to give effect of the split for all periods presented herein. On August 10, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gold King Acquisition Corp. (“Acquisition Corp.”), a wholly owned subsidiary of the Company, Northern Panther Resources Corporation (“Northern Panther” or “NPRC”) and the Stockholder Representative named therein, pursuant to which Acquisition Corp. merged with and into NPRC, with NPRC surviving as a wholly-owned subsidiary of the Company (see Note 4). None of the Company’s properties contain proven and probable reserves and all of the Company’s activities are exploratory in nature. Unless the context otherwise requires, all references herein to the “Company” refer to U.S. Gold Corp. and its consolidated subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-K, and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for financial information, which includes the consolidated financial statements and presents the consolidated financial statements of the Company and its wholly-owned subsidiaries as of April 30, 2021. All intercompany transactions and balances have been eliminated. It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation. Use of Estimates and Assumptions In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation of mineral rights, stock-based compensation, the fair value of common and preferred stock, valuation of warrants, asset retirement obligations and the valuation of deferred tax assets and liabilities. Fair Value Measurements The Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. At April 30, 2021 and 2020, the Company had no financial instruments or liabilities accounted for at fair value on a recurring basis or nonrecurring basis. Prepaid expenses and other current assets Prepaid expenses and other current assets of $430,360 and $212,718 at April 30, 2021 and 2020, respectively, consist primarily of costs paid for future services which will occur within a year. Prepaid expenses principally include prepayments in cash and equity instruments for consulting, public relations, business advisory services, insurance premiums, mining claim fees, drilling fees, and mineral lease fees which are being amortized over the terms of their respective agreements. Property Property is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally ten years. Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2021 and 2020. Mineral Rights Costs of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both: ● The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining the fair value of the assets. ● The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of market participants. Leases to explore for or use of natural resources are outside the scope of ASU 2016-02, “Leases”. Share-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 505, “Equity—Equity Based Payments to Non-Employees” (“ASC 505-50”), for share-based payments to consultants and other third parties, compensation expense is determined at the measurement date, which is the grant date. Until the measurement date is reached, the total amount of compensation expense remains uncertain. ASU 2018-07 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted, but no earlier than adoption of ASC 606. The Company chose to early adopt ASU 2018-07 in July 2018. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements and related disclosures. Accounting for Warrants Warrants are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC 815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the consolidated statements of operations. The Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that such instruments met the criteria for equity classification under the guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants that contain a “down round” feature under Topic 815 of ASU 2017-11. Convertible Preferred Stock The Company accounts for its convertible preferred stock under the provisions of ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), which sets forth the standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity. ASC 480 requires an issuer to classify a financial instrument that is within the scope of ASC 480 as a liability if such financial instrument embodies an unconditional obligation to redeem the instrument at a specified date and/or upon an event certain to occur. During the years ended April 30, 2021 and 2020, the Company’s convertible preferred shares were accounted for as equity, with no liability recorded. There were no outstanding preferred stock as of April 30, 2021. Convertible Instruments The Company bifurcates conversion options from their host instruments and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule when the host instrument is deemed to be conventional as that term is described under applicable U.S. GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, the Company records, when necessary, a beneficial conversion feature (“BCF”) related to the issuance of convertible debt and equity instruments that have conversion features at fixed rates that are in-the-money when issued, and the fair value of warrants issued in connection with those instruments. The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to warrants, based on their relative fair value, and as a reduction to the carrying amount of the convertible instrument equal to the intrinsic value of the conversion feature. The discounts recorded in connection with the BCF and warrant valuation are recognized (a) for convertible debt as interest expense over the term of the debt, using the effective interest method or (b) for convertible preferred stock as dividends at the time the stock first becomes convertible. Remediation and Asset Retirement Obligation Asset retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold and Keystone properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary. Foreign Currency Transactions The reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected to have, a material effect on the results of operations of the Company and are included in general and administrative expenses. Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740-10, “Accounting for Income Taxes” (“ASC 740-10”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”). When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits or for any related interest and penalties. The Company has adopted ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and state taxing authorities, generally for three years after they are filed. The Consolidated Balance Sheets include a tax refund receivable of $219,072 as of the period ended April 30, 2020, under the Tax Cuts and Jobs Act of 2017 for carryovers of previously paid alternative minimum tax by Dataram Corporation (see Note 11). On March 1, 2021, the Company collected $219,072 of the income tax receivable which was recorded as of April 30, 2020. Recent Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures. In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes.” This guidance, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40), which eliminates the beneficial conversion and cash conversion accounting models for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions, and modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS calculation. The standard is effective for annual periods beginning after December 15, 2021, and interim periods within those reporting periods. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those reporting periods. The standard can be adopted under the modified retrospective method or the full retrospective method. In October 2020, the FASB issued ASU 2020-09, Debt (Topic 470) - Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762, or ASU 2020-09, to reflect the SEC’s amended disclosure rules for guaranteed debt securities offerings. The final rule amends the disclosure requirements in SEC Regulation S-X, Rule 3-10, which require entities to separately present financial statements for subsidiary issuers and guarantors of registered debt securities unless certain exceptions are met. The amended rule allows entities to provide summarized financial information of the parent company and its issuers and guarantors on a combined basis either in a note to the financial statements or as part of management’s discussion and analysis. ASU 2020-09 is effective for filings on or after January 4, 2021, with early adoption permitted. |
Going Concern
Going Concern | 12 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 — GOING CONCERN The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of April 30, 2021, the Company had cash of approximately $13.6 million, working capital of approximately $13.5 million and an accumulated deficit of approximately $44.0 million. The Company had a net loss and cash used in operating activities of approximately $12.4 million and $8.6 million, respectively, for the year ended April 30, 2021. As a result of the utilization of cash in its operating activities, and the development of its assets, the Company has incurred losses since it commenced exploration operations. The Company’s primary source of operating funds since inception has been equity financings. As of the date of filing the annual report for the year ended April 30, 2021, the Company had sufficient cash to fund its operations for approximately 9 to 12 months and expects that it would be required to raise additional funds to fund its operations thereafter. The ongoing COVID-19 pandemic has and may continue to adversely impact the Company’s business, as the Company’s operations are based in and rely on third parties located in areas affected by the pandemic. These matters raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these financial statements. Additionally, on February 1, 2021, the Company closed the transaction under the securities purchase agreement (the “February 2021 Purchase Agreement”) with certain institutional and accredited investors (the “Purchasers”). Pursuant to the February 2021 Purchase Agreement, the Company issued and sold to the Purchasers (i) in a registered direct offering (the “Offering”) an aggregate of 914,136 shares of the Company’s common stock at a price of $10.54 per share and (ii) in a concurrent private placement warrants to purchase an aggregate of 457,068 shares of common stock at an exercise price of $14.50 per share for aggregate gross proceeds from the Offering of approximately $9.6 million (see Note 8). There can be no assurance that the Company will be able to raise additional capital or if the terms will be favorable. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Mineral Rights
Mineral Rights | 12 Months Ended |
Apr. 30, 2021 | |
Extractive Industries [Abstract] | |
Mineral Rights | NOTE 4 — MINERAL RIGHTS As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition costs and exploration costs. CK Gold Project The Company, through its wholly-owned subsidiary, Gold King Corp., a Nevada corporation, owns the Copper King gold and copper development project (the “CK Gold Project”), which is comprised of two State of Wyoming Metallic and Non-metallic Rocks and Minerals Mining Leases covering an area of approximately 1.8 square miles located in the Silver Crown Mining District of southeast Wyoming. On July 2, 2014, the Company entered into an Asset Purchase Agreement whereby the Company acquired certain mining leases and other mineral rights comprising the CK Gold Project. The purchase price consisted of (a) cash payment in the amount of $1.5 million and (b) closing shares calculated at 50% of the issued and outstanding shares of the Company’s common stock and valued at $1.5 million. In accordance with ASC 360-10, “Property, Plant, and Equipment”, assets are recognized based on their cost to the acquiring entity, which generally includes the transaction costs of the asset acquisition. Accordingly, the Company recorded a total cost of the acquired mineral properties of $3,091,738 at the date of purchase, which included the purchase price ($3,000,000) and related transaction costs. Keystone Project The Company, through its wholly-owned subsidiary, U.S. Gold Acquisition Corporation (“USGAC”), a Nevada corporation, acquired the mining claims comprising the Keystone Project on May 27, 2016 from Nevada Gold Ventures, LLC (“Nevada Gold”) and Americas Gold Exploration, Inc. under the terms of a purchase and sale agreement. At the time of purchase, the Keystone Project consisted of 284 unpatented lode mining claims situated in Eureka County, Nevada. The purchase price for the Keystone Project consisted of cash payment in the amount of $250,000, shares of common stock at the fair value of $555,000 and options valued at $184,968 at the time of acquisition. Accordingly, at the date of acquisition, the Company recorded a total cost of the acquired mineral properties of $1,028,885 which includes the purchase price ($989,968) and related transaction cost ($38,917). Some of the Keystone Project claims are subject to pre-existing net smelter royalty (“NSR”) obligations. In addition, under the terms of the purchase and sale agreement, Nevada Gold retained additional NSR rights of 0.5% with regard to certain claims and 3.5% with regard to certain other claims. Under the terms of the Purchase and Sale Agreement, the Company may buy down one percent (1%) of the royalty from Nevada Gold at any time through the fifth anniversary of the closing date for $2,000,000 which the Company did not exercise. The Company may buy down an additional one percent (1%) of the royalty anytime through the eighth anniversary of the closing date for $5,000,000. Gold Bar North Project In August 2017, the Company closed on a transaction under a purchase and sale agreement executed in June 2017 with Nevada Gold and USGAC, pursuant to which Nevada Gold sold and USGAC purchased all rights, title and interest in the Gold Bar North Property, a gold development project located in Eureka County, Nevada. The purchase price for the Gold Bar North Property was: (a) cash payment in the amount of $20,479, which was paid in August 2017, and (b) shares of common stock of the Company, which were issued in August 2017, valued at $35,850. During the year ended April 30, 2021, the Company did not renew the mineral claims on the Gold Bar North mineral properties and as such the Company recorded an abandonment expense of $56,329 included in general and administrative expenses in the accompanying consolidated statements of operations. Maggie Creek Project On September 10, 2019, the Company, NumberCo and the NumberCo Shareholders, entered into the Share Exchange Agreement, pursuant to which, among other things, the Company agreed to issue to the NumberCo Shareholders 200,000 shares of the Company’s common stock in exchange for all of the issued and outstanding shares of NumberCo, with NumberCo becoming a wholly owned subsidiary of the Company. NumberCo owns all of the issued and outstanding shares of Orevada Metals Inc. (“Orevada”), a corporation under the laws of the state of Nevada. At the time of acquisition, the Company acquired from NumberCo cash of $159,063, and assumed liabilities consisting of accounts payable totaling $125,670. As a result, the Company acquired Orevada’s right to an option agreement dated in February 2019 (the “Option Agreement”). The Option Agreement grants Orevada the exclusive right and option to earn-in and acquire up to 50% undivided interest in a property called Maggie Creek, located in Eureka County, Nevada by completing a $4.5 million in exploration and development expenditures (“Initial Earn-in”) and payment to Renaissance Exploration, Inc. (“Renaissance”), the grantor, of $250,000. Orevada may elect within 60 days after making the $250,000 payment, to increase its interest by an additional 20% (total interest of 70%) by producing a feasibility study by the end of the ninth year of the Option Agreement. As of April 30, 2021, approximately $5,200 of expenditures have been incurred against the Option Agreement. Pursuant to ASU 2017-01 and ASC 805, each titled “Business Combinations”, the Company analyzed the Share Exchange Agreement to determine if the Company acquired a business or assets. Based on this analysis, it was determined that the Company acquired assets, primarily consisting of cash and the right to an Option Agreement. The Company excluded the cash received in the determination of the gross assets and concluded that the right to the Option Agreement represents substantially all of the fair value of the gross assets acquired. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset is not considered a business. The monetary value of the 200,000 shares issued to the NumberCo Shareholders was deemed by the Company to be $2,020,000. In accordance with ASC 805-50-30 “Business Combinations”, the Company determined that if the consideration paid is not in the form of cash, the measurement may be based on either (i) the cost which is measured based on the fair value of the consideration given or (ii) the fair value of the assets (or net assets) acquired, whichever is more clearly evident and thus more reliably measurable. The 200,000 shares issued to the NumberCo Shareholders were valued at $2,020,000, or $10.10 per share, the fair value of the Company’s common stock based on the quoted trading price on the date of the Share Exchange Agreement (see Note 8). No goodwill was recorded as the Share Exchange Agreement was accounted for as an asset purchase. The relative fair value of the assets acquired and liabilities assumed were based on management’s estimates of the fair values on September 10, 2019, the date of the Share Exchange Agreement. Based upon the purchase price allocation, the following table summarizes the estimated relative fair value of the assets acquired and liabilities assumed at the date of acquisition: Cash $ 159,063 Mineral property – Maggie Creek 1,986,607 Total assets acquired at fair value 2,145,670 Total Liabilities assumed at fair value (125,670 ) Total purchase consideration $ 2,020,000 Northern Panther Merger Agreement On August 10, 2020, the Company entered into the Merger Agreement with Acquisition Corp., NPRC and the Stockholder Representative named therein, pursuant to which Acquisition Corp. merged with and into NPRC, with NPRC surviving as a wholly-owned subsidiary of the Company (such transaction, the “Merger”). At the closing of the Merger, which occurred on August 11, 2020, the shares of common stock of NPRC outstanding immediately prior to the Merger (other than shares held as treasury stock) were converted into and represent the right to receive (i) 581,053 shares of the Company’s common stock and (ii) 106,894 shares of the Company’s Series H Convertible Preferred Stock, par value $0.001 per share (the “Series H Preferred Stock” and, together with the common stock, the “Merger Consideration”), which Series H Preferred Stock was convertible into common stock on a 1 for 10 basis (see Notes 8). On November 13, 2020, the Company issued an aggregate of 1,068,940 shares of the Company’s common stock in exchange for the conversion of all 106,894 outstanding shares of Series H Preferred Stock. Pursuant to ASU 2017-01 and ASC 805, the Company analyzed the Merger Agreement to determine if the Company acquired a business or acquired assets. Based on this analysis, it was determined that the Company acquired assets primarily consisting of 1) cash and 2) mineral rights on a gold exploration project in Idaho called the Challis Gold exploration project In accordance with ASC 805-50-30 “Business Combinations”, the Company determined that if the consideration paid is not in the form of cash, the measurement may be based on either (i) the cost which is measured based on the fair value of the consideration given or (ii) the fair value of the assets (or net assets) acquired, whichever is more clearly evident and thus more reliably measurable. Accordingly, the total consideration given consist of the shares of common stock and common stock equivalents of 1,650,000 shares, valued at the Volume Weighted Average Price for the 30-day period immediately prior to the date of the Merger Agreement of $7.6612 per share of common stock, or $12,640,980. Net assets purchased consist of: Cash – US Dollars $ 2,500,000 Intangible assets – (mineral rights) Challis Gold Project 10,249,632 Total assets acquired at fair value 12,749,632 Total Liabilities assumed at fair value – US Dollars (108,652 ) Total purchase consideration $ 12,640,980 As of the dates presented, mineral properties consisted of the following: April 30, 2021 April 30, 2020 CK Gold Project $ 3,091,738 $ 3,091,738 Keystone Project 1,028,885 1,028,885 Gold Bar North Project - 56,329 Maggie Creek Project 1,986,607 1,986,607 Challis Gold Project 10,249,632 - Total $ 16,356,862 $ 6,163,559 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 5 — PROPERTY AND EQUIPMENT As of the dates presented, property consisted of the following: April 30, 2021 April 30, 2020 Site costs $ 169,803 $ 151,057 Computer equipment 3,498 - Vehicle 39,493 - Total 212,794 151,057 Less: accumulated depreciation (40,572 ) (17,686 ) Total $ 172,222 $ 133,371 For the years ended April 30, 2021 and 2020, depreciation expense amounted to $22,886 and $10,730, respectively. |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Apr. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | NOTE 6 — ASSET RETIREMENT OBLIGATION In conjunction with various permit approvals permitting the Company to undergo exploration activities at the CK Gold, Keystone and Maggie Creek Project Projects, the Company has recorded an ARO based upon the reclamation plans submitted in connection with the various permits. The following table summarizes activity in the Company’s ARO for the periods presented: April 30, 2021 April 30, 2020 Balance, beginning of period $ 168,392 $ 88,746 Addition and changes in estimates 18,746 69,172 Accretion expense 17,477 10,474 Balance, end of period $ 204,615 $ 168,392 For the years ended April 30, 2021 and 2020, accretion expense amounted to $17,477 and $10,474, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 7 — RELATED PARTY TRANSACTIONS On April 16, 2019, the Company entered into a one-year consulting agreement with a director of the Company for providing services related to investor and strategic introduction to potential industry partners. In consideration for the services, the consultant was paid $3,750 per month in cash, and total shares of the Company’s common stock with a value of $45,000. In April 2019, the Company issued 4,592 shares of the Company’s common stock, valued at $45,000 at the market price on the dates of grant, in connection with this consulting agreement. On January 7, 2021, the Company entered into another one-year agreement (“January 2021 Agreement”) with the director providing for an annual fee of $86,000 consisting of shares of the Company’s common stock with a value of $50,000 and cash payments of $36,000 which is paid $3,000 per month. In January 2021, the Company issued 3,222 shares of common stock pursuant to the January 2021 Agreement (see Note 8). The Company paid consulting fees to such director of $15,750 and $45,000 in cash during the year ended April 30, 2021 and 2020, respectively. Accounts payable to related parties as of April 30, 2021 and 2020 was $0 and $3,459, respectively, and was reflected as accounts payable – related party in the accompanying consolidated balance sheets. The related party to which accounts were payable as of April 30, 2020 was the former Chief Financial Officer, who was owed a total of $3,459 (including $2,700 payable in shares of common stock). On September 16, 2020, the Company and David Rector, the Company’s former Chief Operating Officer, agreed by mutual understanding, that Mr. Rector’s employment as an officer and employee of the Company was terminated, effective as of October 31, 2020 (see Note 8). In connection with Mr. Rector’s departure, the Company entered into a General Release and Severance Agreement with Mr. Rector, pursuant to which Mr. Rector provided certain transition services to the Company from the Separation Date until December 31, 2020. The Company paid consulting fees to Mr. Rector of $30,000 in cash after his termination. On March 19, 2021, the Company and Edward Karr, the Company’s former Executive Chairman, agreed by mutual understanding, that Mr. Karr’s employment as an officer and employee, and his service as a member of the board of directors, of the Company was terminated, effective March 19, 2021. In connection with Mr. Karr’s departure, the Company entered into a General Release and Severance Agreement with Mr. Karr, as amended, pursuant to which Mr. Karr will provide certain transition services to the Company through the Separation Date. Pursuant to the Separation Agreement, Mr. Karr will be entitled to receive any equity awards granted to Mr. Karr by the Company. Additionally, on March 19, 2021, the Company entered into a one-year agreement (“March 2021 Agreement”) for general corporate advisory services to be provided by Mr. Karr for an annual fee of $180,000 consisting of shares of the Company’s common stock with a value of $60,000 and cash payments of $120,000 which is paid $10,000 per month. The Company paid consulting fees to Mr. Karr of $16,371 in cash during the year ended April 30, 2021 and recorded accrued expenses of $7,500 in connection with the March 2021 consulting agreement and reflected in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 8 — STOCKHOLDERS’ EQUITY As of April 30, 2021, authorized capital stock consisted of 200,000,000 shares of common stock, par value $0.001 per share, and 50,000,000 shares of “blank check” preferred stock, par value $0.001 per share, of which 1,300,000 shares are designated as Series A Convertible Preferred Stock, 400,000 shares are designated as Series B Convertible Preferred Stock, 45,002 shares are designated as Series C Convertible Preferred Stock, 7,402 shares are designated as Series D Convertible Preferred Stock, 2,500 shares are designated as Series E Convertible Preferred Stock, 1,250 shares are designated as Series F Preferred Stock, 127 shares are designated as Series G Preferred Stock, 106,894 shares are designated as Series H Preferred Stock, and 921,666 shares are designated as Series I Preferred Stock. The Company’s Board has the authority, without further action by the stockholders, to issue shares of preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions granted to or imposed upon the preferred stock. Series F Convertible Preferred Stock On June 20, 2019, the Company sold, under the terms of a securities purchase agreement (the “June 2019 Purchase Agreement”) dated June 19, 2019, 1,250 Series F Preferred units for an aggregate purchase price of $2,500,000, or $2,000 per unit. Each unit consisted of one (1) share of 0% Series F Preferred Stock and 87 Class X Warrants on a registered basis and 175 Class A Warrants on an unregistered basis. The Series F Preferred Stock contains no redemption feature. The Company sold a total of 1,250 shares of Series F Preferred Stock, 219,375 Class A Warrants and 109,750 Class X Warrants under the June 2019 Purchase Agreement. Each share of Series F Preferred Stock, at the option of the holder at any time, was convertible into the number of shares of common stock of the Company determined by dividing the $2,000 (the stated value per share of the Series F Preferred Stock) by a conversion price of $11.40 per share (approximately 219,375 shares of common stock), subject to adjustment. Each Class X Warrant was exercisable to acquire one share of the Company’s common stock and one Class Y Warrant at an exercise price of $11.40, for a period of six (6) months from the date of issuance. Class X Warrants expired on December 19, 2019. Each Class Y Warrant was exercisable to acquire one share of the Company’s common stock at an exercise price of $11.40 per share, commencing six (6) months from the date of issuance (the “Initial Exercise Date”) and would have expired on a date that is the five (5) year anniversary of the Initial Exercise Date. No Class X Warrant was exercised prior to its expiration and, as such, no Class Y Warrants were issued. Each Class A Warrant is exercisable to acquire one share of the Company’s common stock at an exercise price of $11.40 per share, commencing six (6) months from the date of issuance and will expire on a date that is the five (5) year anniversary of the date of issuance. The Company incurred $98,799 in offering costs for this placement. The fair value of the Series F Preferred Stock and warrants if converted on the date of issuance was greater than the value allocated to the Series F Preferred Stock and warrants. As a result, the Company recorded a BCF of approximately $2.0 million that the Company recognized as deemed dividend to the preferred stockholders and accordingly, an adjustment to net loss to arrive at net loss available to common stockholders and a corresponding increase in additional paid in capital upon issuance of the Series F Preferred Stock and warrants. The Company accounted for the deemed dividend resulting from the issuance of Series F Preferred Stock and warrants using the relative fair value method (see Note 2). The June 2019 Purchase Agreement includes customary representations, warranties and covenants by the Company and provides for indemnification of the purchasers against certain liabilities, including liabilities incurred as a result of or relating to any breach of the representations, warranties, covenants or agreements made by the Company in the June 2019 Purchase Agreement. The Company assessed the classification of these warrants and determined that such instruments met the criteria for equity classification under the guidance in ASC 815. During the three months ended July 31, 2019, the Company issued an aggregate of 108,070 shares of the Company’s common stock in exchange for the conversion of 616 shares of the Company’s Series F Preferred Stock. During the three months ended October 31, 2019, the Company issued an aggregate of 63,860 shares of the Company’s common stock in exchange for the conversion of 364 shares of the Company’s Series F Preferred Stock. During the three months ended April 30, 2020, the Company issued an aggregate of 25,088 shares of the Company’s common stock in exchange for the conversion of 143 shares of the Company’s Series F Preferred Stock. After the conversion of these shares, there remained 127 shares of Series F Convertible Preferred Stock outstanding, which were exchanged for Series G Convertible Preferred Stock. As of April 30, 2021 and 2020, all Series F Preferred Stock had converted and there were no shares of Series F Preferred Stock outstanding. Series G Convertible Preferred Stock On March 29, 2020, concurrent with the issuance of shares of common stock and warrants for cash, the Company entered into an exchange agreement with holders of shares of the Series F Preferred Stock pursuant to which the remaining 127 shares of the Company’s Series F Preferred Stock were exchanged for 127 shares of the Series G Preferred Stock at a stated value of $2,000 per share, the same as the Series F Convertible Preferred Stock. The Series G Preferred Stock had substantially the same terms as that of the Series F Preferred Stock except the conversion price of the Series G Preferred Stock was $5.60 per share, for a total of 45,357 common shares. During April 2020, the Company issued an aggregate of 25,000 shares of the Company’s common stock in exchange for the conversion of 70 shares of Series G Preferred Stock. As a result of the exchange, the Company recorded approximately $64,000 of deemed dividend to the preferred stockholders and accordingly, an adjustment to net loss to arrive at net loss available to common stockholders and a corresponding increase in additional paid in capital upon issuance of the Series G Preferred Stock. The Company accounted for the deemed dividend resulting from the exchange of Series F Preferred Stock into Series G Preferred Stock in accordance with ASC 470-50 and ASC 260-10-S99-2. As of April 30, 2020, there were 57 shares of Series G Preferred Stock outstanding. During the year ended April 30, 2021, the Company issued an aggregate of 20,357 shares of the Company’s common stock in exchange for the conversion of 57 shares of Series G Preferred Stock. As of April 30, 2021, all Series G Preferred Stock had converted and there were no shares of Series G Preferred Stock outstanding. Series H Convertible Preferred Stock Northern Panther Merger Agreement On August 10, 2020, the Company entered into the Merger Agreement with Acquisition Corp., NPRC and the Stockholder Representative named therein, pursuant to which the Company agreed to issue (i) 581,053 shares of the Company’s common stock, and (ii) 106,894 shares of the Company’s Series H Preferred Stock in exchange for all the issued and outstanding shares of NPRC with NPRC becoming a wholly owned subsidiary of the Company. The Merger closed on August 11, 2020 (see Note 4). On August 11, 2020, the Company filed a Certificate of Designations, Preferences and Rights of the Series H Preferred Stock with the Secretary of State of the State of Nevada amending its Articles of Incorporation to establish the Series H Preferred Stock and the number, relative rights, preferences and limitations thereof. Pursuant to the Certificate of Designations, 106,894 shares of preferred stock have been designated as Series H Preferred Stock. The Series H Preferred Stock was convertible into common stock on a 1 for 10 basis upon the receipt of the approval by the requisite vote of the Company’s stockholders at the Company’s 2020 annual meeting, which was held on November 9, 2020. The Company’s stockholders approved such conversion on November 9, 2020. On November 13, 2020, the Company issued an aggregate of 1,068,940 shares of the Company’s common stock in exchange for the conversion of all 106,894 outstanding shares of Series H Preferred Stock. In connection with the Merger, Luke Norman Consulting Ltd. received a finder’s fee equal to the quotient of (a) 5% of the purchase value for the Merger and (b) the 30-day Volume Weighted Average Price (“VWAP”) of a share of the Company’s common stock as reported on the Nasdaq Capital Market prior to the execution Merger Agreement, which was paid in 82,500 shares of restricted common stock on August 11, 2020. The total consideration given consist of the shares of common stock and common stock equivalents of 1,650,000 shares, valued at the Volume Weighted Average Price for the 30-day period immediately prior to the date of the Merger Agreement of $7.6612 per share of common stock, or $12,640,980. As of April 30, 2021, all Series H Preferred Stock had converted and there were no shares of Series H Preferred Stock outstanding. Series I Convertible Preferred Stock Securities Purchase Agreement In connection with the Merger, on August 10, 2020, the Company entered into a securities purchase agreement (the “SPA”) with certain investors, pursuant to which the Company sold to such investors in a private placement (i) an aggregate of 921,666 shares of the Company’s Series I Convertible Preferred Stock, par value $0.001 per share (the “Series I Preferred Stock”) and (ii) warrants to purchase an aggregate of 921,666 shares of common stock at an exercise price of $6.00 per share for aggregate consideration of $5,530,004. On August 11, 2020, the Company filed a Certificate of Designation of Rights, Powers, Preferences, Privileges and Restrictions of the Series I Preferred Stock (the “Series I Certificate of Designation”) with the Secretary of State of the State of Nevada amending its Articles of Incorporation to establish the Series I Preferred Stock and the number, relative rights, powers, preferences, privileges and restrictions thereof. Pursuant to the Series I Certificate of Designations, 921,666 shares of preferred stock have been designated as Series I Preferred Stock. The Series I Preferred Stock has substantially the same terms as the Series H Preferred Stock, except that each share of Series I Preferred Stock is convertible into one share of common stock. The Warrants are exercisable in whole or in part at any time, from time to time following the initial exercise date, and terminate five years following the issuance. The sale of the Series I Preferred Stock and warrants under the SPA closed on August 11, 2020. The conversion of the Series I Preferred Stock and the warrants into common stock was subject to the Company’s stockholders’ approval, which was received on November 9, 2020. On November 17, 2020, the Company issued an aggregate of 921,666 shares of the Company’s common stock in exchange for the conversion of all 921,666 outstanding shares of Series I Preferred Stock. The fair value of the Series I Preferred Stock and warrants if converted on the date of issuance was greater than the value allocated to the Series I Preferred Stock and warrants. As a result, the Company recorded a BCF of approximately $5.5 million that the Company recognized as deemed dividend to the holders of Series I Preferred Stock and accordingly, an adjustment to net loss to arrive at net loss available to common stockholders and a corresponding increase in additional paid in capital upon issuance of the Series I Preferred Stock and warrants. The Company accounted for the deemed dividend resulting from the issuance of Series I Preferred Stock and warrants using the relative fair value method. As of April 30, 2021, all Series I Preferred Stock had converted and there were no shares of Series I Preferred Stock outstanding. Common Stock issued for cash On April 1, 2020, the Company, issued 357,142 shares of common stock of the Company at a price of $5.60 per share, for gross proceeds of approximately $2.0 million before the deduction of placement agent fees and offering expenses. In relation to this offering, the Company entered into the advisory agreement, dated March 29, 2020 (the “Advisory Agreement”), with Palladium Capital Advisors (“Palladium”) pursuant to which a fixed fee of $135,000 in shares of common stock would be issued, to be valued at the closing price on the date of issuance. On March 30, 2020, pursuant to the Advisory Agreement, the Company issued 25,281 shares of its common stock to Palladium, based on the closing price as of March 30, 2020 of $5.34. Pursuant to the February 2021 Purchase Agreement closed on February 1, 2021, the Company issued and sold to the Purchasers (i) in the Offering an aggregate of 914,136 shares of the Company’s common stock at a price of $10.54 per share and (ii) in a concurrent private placement warrants to purchase an aggregate of 457,068 shares of common stock at an exercise price of $14.50 per share for aggregate gross proceeds from the Offering of $9,635,967 million before the deduction of total placement agent fees, and legal related offering expenses of approximately $636,890. Pursuant to the February 2021 Purchase Agreement, the warrants are exercisable six months following the date of issuance and terminate five years following the initial exercise date. A holder of such warrant will not have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or 9.99% at the election of the holder prior to the date of issuance) of the number of shares of common stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that upon 61 days’ prior notice to the Company, the holder may increase the Beneficial Ownership Limitation, provided that in no event shall the Beneficial Ownership Limitation exceed 9.99%. On January 27, 2021, the Company entered into an amendment to that certain engagement agreement (“Engagement Agreement Amendment”) with Palladium Capital Group, LLC (“Palladium”), dated March 29, 2020, in connection with the Offering, among other things. Pursuant to the Engagement Agreement Amendment, the Company agreed to pay Palladium a cash fee equal to 8% of the aggregate gross proceeds received by the Company in the Offering from investors introduced to the Company by Palladium. In addition, the Company issued to Palladium warrants to purchase up to 46,490 shares of common stock which are identical in all material respects to the warrants issued pursuant to the February 2021 Purchase Agreement. Common Stock Issued for Accrued Services On May 6, 2019, the Company paid an accrued service liability to its former Chief Geologist in the amount of $12,500 by issuing 1,068 shares of common stock at a price of $11.70 per share of common stock based on the quoted trading price on the date of grant. In connection with this issuance, the Company reduced accrued salaries by $12,500 during the year ended April 30, 2020. On November 26, 2019, the Company paid an accrued service liability to its former Chief Financial Officer in the amount of $14,403 and stock-based accounting fees of $3,881 by issuing 2,276 shares of common stock at a price of $8.00 per share of common stock based on the quoted trading price on the date of grant. In connection with this issuance, the Company reduced accrued expenses by $14,403 and recorded stock-based accounting fees of $3,881 during the year ended April 30, 2020. The shares issued to this former officer were fully vested at the date of issuance. Common Stock Issued and RSUs Granted for Services Between May 2019 and June 2019, the Company issued an aggregate of 2,153 shares of common stock to satisfy a stock payable to its former Chief Geologist for services rendered between May 2019 and June 2019. The shares were valued at $25,000 using a share price ranging from $10.30 to $13.30 on the dates of grant. On September 18, 2019, the Compensation Committee of the Board awarded Edward Karr, the Company’s former Chief Executive Officer, President and Director, 20,000 performance-based restricted stock units (“RSUs”), David Rector, the Company’s Chief Operating Officer, 7,500 performance-based RSUs and an employee of the Company 5,000 performance-based RSUs pursuant to respective restricted stock unit award agreements. The RSUs will vest upon the earlier to occur of (i) a Change in Control (as defined in the 2020 Plan), or (ii) a material discovery of a mineral deposit, as determined by the Compensation Committee of the Board in its sole discretion. The total 32,500 RSUs had a fair value of $334,750 or $10.30 per share based on the quoted trading price on the date of grant and will be expensed upon the occurrence of the vesting term. Additionally, on September 18, 2019, the Compensation Committee of the Board awarded one director and four former directors of the Company an aggregate of 25,000 shares of common stock. The shares of common stock vested immediately on the date of grant. The total 25,000 shares of common stock had a fair value of $257,500 or $10.30 per share based on the quoted trading price on the date of grant, which was expensed immediately. On November 26, 2019, the Company issued 2,100 shares of common stock to a consultant for investor relations-related services rendered. The 2,100 shares of common stock had a fair value of $18,297, or $8.70 per share, based on the quoted trading price on the date of grant, which was fully vested and expensed immediately. On November 26, 2019, the Company issued 3,703 shares of common stock to a consultant for services to be rendered. The shares vest over a six-month period. The 3,703 shares of common stock had a fair value of $29,848, or $8.06 per share, based on quoted trading price on the date of grant and will be expensed over the vesting period. On January 14, 2020, the Compensation Committee of the Board awarded an aggregate of 47,777 shares of common stock to Edward Karr, the Company’s former Chief Executive Officer, and David Rector, the Company’s former Chief Operating Officer as 2019 Executive Bonus Awards. The total 47,777 shares of common stock had a fair value of $396,520, or $8.30 per share, based on the quoted trading price on the date of grant, which was fully vested and expensed immediately. On January 6, 2020, the Compensation Committee of the Board awarded four former directors of the Company an aggregate of 1,875 shares of common stock. The shares of common stock vested immediately on the date of grant. The total 1,875 shares of common stock had a fair value of $17,438, or $9.30 per share, based on the quoted trading price on the date of grant, which was fully vested and expensed immediately. On February 1, 2020, the Company paid stock-based accounting fees to its former Chief Financial Officer in the amount of $5,158 by issuing 639 shares of common stock at a price of $8.10 per share of common stock based on the quoted trading price on the date of grant. In connection with this issuance, the Company recorded stock-based accounting fees of $5,158 during the year ended April 30, 2020. The shares issued to this former officer were fully vested and expensed immediately. On April 9, 2020, the Company issued 25,000 shares of common stock to a consultant for investor relations-related services rendered. The 25,000 shares of common stock had a fair value of $123,750, or $4.95 per share, based on the quoted trading price on the date of grant, which was fully vested and expensed immediately. On April 30, 2020, the Compensation Committee of the Board awarded four former directors of the Company an aggregate of 1,875 shares of common stock. The shares of common stock vested immediately on the date of grant. The total 1,875 shares of common stock had a fair value of $9,581, or $5.11 per share, based on the quoted trading price on the date of grant, which was fully vested and expensed immediately. On July 31, 2020, the Company granted to four former directors of the Company an aggregate of 1,875 shares of common stock for board services. The shares of common stock vested immediately on the date of grant. On August 11, 2020, the Company issued 82,500 shares of common stock to a consultant for finder’s fee related to the Merger. The 82,500 shares of common stock had a fair value of $786,225, or $9.53 per share, based on the quoted trading price on the date of grant, which was fully vested and expensed immediately. On September 16, 2020, the Company and David Rector, the Company’s former Chief Operating Officer, agreed by mutual understanding that Mr. Rector’s employment as an officer and employee of the Company would terminate, effective as of October 31, 2020 (the “Separation Date”). In connection with Mr. Rector’s departure, the Company entered into a General Release and Severance Agreement with Mr. Rector (the “Separation Agreement”), pursuant to which Mr. Rector provided certain transition services to the Company from the Separation Date until December 31, 2020. Pursuant to the Separation Agreement, Mr. Rector received (i) a prorated annual bonus for the 2020 calendar year and through the Separation Date equal to $150,000 (the “Prorated Bonus”), which was paid in the number of fully vested shares of restricted common stock of the Company equal to the Prorated Bonus determined based on the common stock’s fair market value on the date of grant, and subject to the terms and conditions of the Company’s 2020 Stock Incentive Plan (the “2020 Plan”) and the Company’s standard form Restricted Stock Award Agreement; and (ii) any equity awards granted to Mr. Rector by the Company pursuant to its 2014 Equity Incentive Plan (the “2014 Plan”), 2017 Equity Incentive Plan (the “2017 Plan”), or 2020 Plan (the 2014 Plan, 2017 Plan, and 2020 Plan are collectively referred to herein as, the “Equity Plans”) during the term of Mr. Rector’s employment, were 100% vested and retained by Mr. Rector, notwithstanding any terms in an award agreement or plan document regarding forfeiture of such awards under the Equity Plans upon termination of employment provided that the foregoing did not in any way extend the awards beyond their original term. The $150,000 bonus was paid in 18,502 shares of restricted common stock and had a fair value of $150,000, or $8.11 per share, based on the quoted trading price on the date of grant, which were fully vested and expensed immediately. Additionally, the Company recognized stock-based compensation of $77,250 due to the accelerated vesting of the 7,500 RSUs granted on September 18, 2019. Accordingly, the Company issued 7,500 shares in November 2020 in connection with the vested 7,500 RSUs. On September 17, 2020, the Compensation Committee of the Board awarded five directors of the Company an aggregate of 12,500 shares of common stock. The shares of common stock vested immediately on the date of grant. On September 17, 2020, the Company issued 30,107 shares of common stock to Edward Karr, former Chief Executive Officer, as bonus in connection with the consummation of the acquisition by the Company of the NPRC (see Note 4). The Company agreed to pay Mr. Karr a bonus in the amount of $450,000 payable as follows: (i) 75% or $337,500 of the bonus payable in fully vested shares of common stock and (ii) the remaining 25% or $112,500 in cash which was paid in October 2020. The $337,500 bonus was paid in 30,107 shares of common stock and had a fair value of $337,500, or $11.21 per share, based on the quoted trading price on the date of grant, which was fully vested and expensed immediately. On October 31, 2020, the Company granted four former directors of the Company an aggregate of 1,875 shares of common stock for board services. The shares of common stock vested immediately on the date of grant. On October 31, 2020, the Company paid its former Chief Financial Officer for accounting services rendered from February 2020 to September 2020 by issuing 1,857 shares of common stock at an average price of $7.08 per share of common stock based on the quoted trading prices on the date of grants. In connection with this issuance, the Company recorded stock-based accounting fees of $13,145 during the year ended April 30, 2021. The common stock issued to the former Chief Financial Officer were fully vested and expensed immediately. On November 9, 2020, the Company issued an aggregate of 188 shares of common stock for director services rendered from November 1 to November 9, 2020. On December 8, 2020, the Company entered into a one-year consulting agreements for investor relation services under which it was required to pay for services either in cash or shares of the Company’s common stock. On December 8, 2020, the Company issued 5,009 shares at a fair value of $56,250 or $11.23 per share of common stock based on the quoted trading prices on the date of grant. The Company recognized stock-based compensation of $23,437 during the year ended April 30, 2021 and recorded prepaid stock-based expense of $32,813 at April 30, 2021 to be amortized over the term of the consulting agreement. On December 9, 2020, the Company granted an aggregate of 254,464 RSUs to two officers and one employee of the Company pursuant to respective restricted stock unit award agreements. The RSUs vested 25% on the date of issuance and 25% vest on each of the first, second and third anniversaries of the date of grant. The 254,464 RSUs had a fair value of $2,852,541 or $11.21 per share of common stock based on the quoted trading price on the date of grant and will be expensed over the vesting period. On December 9, 2020, the Company granted 50,000 RSUs to Edward Karr, former Executive Chairman, pursuant to restricted stock unit award agreements. The RSUs vesting terms were 25% on the date of issuance and 25% vest on each of the first, second and third anniversaries of the date of grant. The 50,000 RSUs had a fair value of $560,500 or $11.21 per share of common stock based on the quoted trading price on the date of grant. On March 19, 2021, the Company and Edward, agreed by mutual understanding that Mr. Karr’s employment as an officer and employee, and his service as a member of the board of directors, of the Company will terminate, effective as of March 19, 2021. Accordingly, the Company recognized stock-based compensation of $560,500 due to the accelerated vesting of the 50,000 RSUs granted on December 9, 2020 pursuant to the Separation Agreement. On December 9, 2020, the Company granted an aggregate of 13,392 RSUs to three directors of the Company for services rendered. The 13,392 RSUs had a fair value of $150,124 or $11.21 per share of common stock based on the quoted trading price on the date of grant. The RSUs fully vested and expensed immediately. On January 7, 2021, the Company entered into another one-year agreement with a director of the Company (see Note 7). On January 7, 2021, the Company issued 3,222 shares at a fair value of $50,000 or $15.52 per share of common stock based on the quoted trading prices on the date of grant. The Company recognized stock-based compensation of $16,667 during the year ended April 30, 2021 and recorded prepaid stock-based expense of $33,333 at April 30, 2021 to be amortized over the term of the consulting agreement. Between January 2021 and April 2021, the Company issued an aggregate of 8,047 shares of common stock to two consultants for business development and advisory, and consulting services rendered. The total 8,047 shares of common stock had a fair value of $95,565, or $11.88 per share of common stock, based on the quoted trading price on the date of grant, which was fully vested and expensed immediately. On February 14, 2021, the Company granted an aggregate of 3,946 RSUs to a director of the Company for services rendered. The 3,946 RSUs had a fair value of $50,000 or $12.67 per share of common stock based on the quoted trading price on the date of grant. The RSUs fully vested and expensed immediately. Total stock compensation expense for awards issued for services (as discussed above) of $1,868,368 and $497,528 was expensed for the year ended April 30, 2021 and 2020, respectively. A balance of $2,099,766 remains to be expensed over future vesting periods related to unvested RSUs issued for services. Common Stock issued for exercise of Stock Warrants In October 2020, the Company issued 10,000 shares of common stock for the exercise of stock warrants and received proceeds of $70,000. In November and December 2020, the Company issued an aggregate of 168,571 shares of common stock for the exercise of stock warrants and received proceeds of $1,179,997. In December 2020, the Company issued 33,858 shares of common stock for the cashless exercise of 109,688 stock warrants. Between February 2021 and March 2021, the Company issued an aggregate of 178,571 shares of common stock for the exercise of stock warrants and received proceeds of $1,249,997. In February 2021, the Company issued 91,894 shares of common stock for the cashless exercise of 166,666 stock warrants. Equity Incentive Plan In August 2017, the Board approved the Company’s 2017 Plan including the reservation of 165,000 shares of common stock thereunder. On August 6, 2019, the Board approved and adopted, subject to stockholder approval, the 2020 Plan. The 2020 Plan reserves 330,710 shares for future issuance to officers, directors, employees and contractors as directed from time to time by the Compensation Committee of the Board. The 2020 Plan was approved by a vote of stockholders at the 2019 annual meeting. With the approval and effectivity of the 2020 Plan, no further grants will be made under the 2017 Plan. On August 31, 2020, the Board approved and adopted, subject to stockholder approval, an amendment (the “2020 Plan Amendment”) to the 2020 Plan. The 2020 Plan Amendment increased the number of shares of common stock available for issuance pursuant to awards under the 2020 Plan by an additional 836,385, to a total of 1,167,095 shares of the Company’s common stock. The 2020 Plan Amendment was approved by the Company’s stockholders on November 9, 2020. Stock options On November 26, 2019, the Company granted 5,000 options to purchase the Company’s common stock to the Company’s Chief Financial Officer. The options have a term of 10 years from the date of grant and are exercisable at an exercise price of $8.10. The options vest over 24 months at 208 options per month. The Company used the Black-Scholes model to determine the fair value of stock options granted during the year ended April 30, 2020. In applying the Black-Scholes option pricing model to options granted, the Company used the following assumptions: For the Risk free interest rate 1.74 % Dividend yield 0.00 % Expected volatility 72 % Contractual term (in years) 10.0 Forfeiture rate 0.00 % In September 2020, the Board approved the acceleration of the vesting terms of the 50,000 stock options granted to Edward Karr, former Chief Executive Officer of the Company, and 25,000 stock options granted to David Rector, former Chief Operating Officer of the Company on December 21, 2017 and therefore the total 75,000 stock options are fully vested. Additionally, the Board of Directors of the Company approved to extend the exercise period of the stock options granted to Mr. Rector and three former directors, to December 21, 2022, the original termination date of the respective stock option agreements. The Company recognized stock-based compensation of $133,439 due to the accelerated vesting of the 75,000 fully vested stock options granted on December 21, 2017. Stock-based compensation for stock options recorded in the consolidated statements of operations totaled $194,761 and $196,046 for the year ended April 30, 2021 and 2020, respectively. There were no unvested options remaining. The following is a summary of the Company’s stock option activity during the years ended April 30, 2021 and 2020: Number of Weighted Weighted Balance at April 30, 2019 145,646 18.00 2.29 Granted 5,000 8.10 10.00 Exercised — — — Forfeited (50,646 ) 24.44 — Cancelled — — — Balance at April 30, 2020 100,000 $ 14.31 2.87 Granted — — — Exercised |
Net Loss Per Common Share
Net Loss Per Common Share | 12 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | NOTE 9 — NET LOSS PER COMMON SHARE Net loss per share of common stock is calculated in accordance with ASC 260, “Earnings Per Share”. Basic loss per share is computed by dividing net loss available to common stockholder, by the weighted average number of shares of common stock outstanding during the period. The following were excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive impact on the Company’s net loss. In periods where the Company has a net loss, all dilutive securities are excluded. April 30, 2021 April 30, 2020 Common stock equivalents: Preferred stock — 20,357 Restricted stock units 346,802 33,117 Stock options 95,000 100,000 Stock warrants 1,538,481 746,753 Total 1,980,283 900,227 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 — COMMITMENTS AND CONTINGENCIES Mining Leases The CK Gold property position consists of two State of Wyoming Metallic and Non-metallic Rocks and Minerals Mining Leases. These leases were assigned to the Company in July 2014 through the acquisition of the CK Gold Project. Leases to explore for or use of natural resources are outside the scope of ASU 2016-02 “Leases”. There are no lease contracts for office space or other Company expenses which qualify for treatment as capital assets under ASU 2016-02. The Company’s rights to the CK Gold Project arise under two State of Wyoming mineral leases; 1) State of Wyoming Mining Lease No. 0-40828, consisting of 640 acres, and 2) State of Wyoming Mining Lease No. 0-40858 consisting of 480 acres. Lease 0-40828 was renewed in February 2013 for a second ten-year term and Lease 0-40858 was renewed for its second ten-year term in February 2014. Each lease requires an annual payment of $2.00 per acre. In connection with the Wyoming Mining Leases, the following production royalties must be paid to the State of Wyoming, although once the project is in operation, the Board of Land Commissioners has the authority to reduce the royalty payable to the State of Wyoming: FOB Mine Value per Ton Percentage Royalty $00.00 to $50.00 5 % $50.01 to $100.00 7 % $100.01 to $150.00 9 % $150.01 and up 10 % The future minimum lease payments at April 30, 2021 under these mining leases are as follows, each payment to be made in the fourth quarter of the respective fiscal years: Fiscal 2022 $ 2,240 Fiscal 2023 2,240 Fiscal 2024 960 $ 5,440 The Company may renew each lease for a third ten-year term, which will require one annual payment of $3.00 per acre for the first year and $4.00 per acre for each year thereafter. Maggie Creek option: The Maggie Creek option agreement grants the Company the exclusive right and option to earn-in and acquire up to 50% undivided interest in a property called Maggie Creek, located in Eureka County, Nevada by completing the Initial Earn-in over a seven-year period, as amended: First agreement year $ - Second agreement year 300,000 Third agreement year 500,000 Fourth agreement year 700,000 Fifth agreement year 1,000,000 Sixth agreement year 1,000,000 Seventh agreement year 1,000,000 $ 4,500,000 Once the Initial Earn-in has been met, the Company is required to pay an additional $250,000 to the counterparty to vest the Company’s 50% interest in the Maggie Creek property. NPRC option: Pursuant to the Merger (see Note 4), the Company acquired from NPRC a mineral property called Challis Gold located in Idaho pursuant to an option agreement dated in February 2020 which was later amended in June 2020. The annual advance minimum royalty payments at April 30, 2021 under the option agreement are as follows, each payment to be made in the beginning on the first anniversary of the effective date of this option agreement and continuing until the tenth anniversary: Fiscal 2022 $ 25,000 Fiscal 2023 25,000 Fiscal 2024 25,000 Fiscal 2025 25,000 Fiscal 2026 and thereafter 150,000 $ 250,000 100% of the advance minimum royalty payments will be applied to the royalty credits. Legal Matters On October 27, 2020, Mandeep Singh (“Plaintiff”), through his attorney, filed a complaint ( Singh v. U.S. Gold Corp., et al., The complaint alleges, among other things, that the Company’s definitive proxy statement on Schedule 14A (as further amended and supplemented, the “proxy statement”) filed with the Commission on September 14, 2020 contains material omissions and materially misleading statements in connection with the acquisition of NPRC (such acquisition, the Merger”) and the related financing transactions and that the Directors breached their duty by failing to disclose the required information in the proxy statement. The complaint seeks to enjoin the Company from taking any actions that would allow the issuances of shares of the Company’s common stock upon the conversion of Series H Convertible Preferred Stock, Series I Convertible Preferred Stock and exercise of certain warrants, all of which were previously issued in connection with the Merger and the related financing or, in the event that the proposed share issuances are consummated, seeks a judgment for damages. The complaint alleges that the proxy statement failed to disclose, among other things, (i) the background process leading up to the Merger and related transactions, (ii) the discussion of due diligence undertaken by the Company and financial analysis prepared in connection with the Merger, (iv) the discussion of the Company’s financial advisor and the fairness opinion delivered by the financial advisor in connection with the Merger, and (v) a summary of financial projections prepared by the Company in connection with the share issuances. The Company believes that the suit is without merit and intends to defend vigorously against the suit. |
Income Tax
Income Tax | 12 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | NOTE 11 — INCOME TAX The components of income tax provision (benefit) are as follows: Year Ended April 30, 2021 2020 Current Federal $ — $ (438,145 ) State and local — — Total current — (438,145 ) Deferred Federal $ — $ — State and local — — Total deferred — — Total income tax provision (benefit) $ — $ (438,145 ) The Company has a net operating loss carryforward for federal tax purposes totaling approximately $32.3 million at April 30, 2021. Approximately $13.2 million expires through the year 2038, with approximately $19.1 million net operating losses incurred in fiscal 2021 through fiscal 2019 that do not expire and can be utilized to offset up to 80% of future taxable income under the Tax Cuts and Jobs Act described below. The Company has approximately $7.1 million of various state net operating loss carryforwards that expire through the year 2038; however, the Company’s business is currently conducted in states with no income tax, so these carryforwards may never be used. The deferred tax assets and deferred tax liabilities are summarized as follows: Deferred tax assets: April 30, 2021 April 30, 2020 Net operating loss carryover $ 6,793,000 $ 5,083,000 Stock-based compensation 2,776,000 2,019,000 Capitalized exploration costs 431,000 340,000 Accrued remediation costs 7,000 7,000 Alternative minimum tax credit carryover — — Subtotal 10,007,000 7,449,000 Less: valuation allowance (7,855,000 ) (7,449,000 ) Total deferred tax asset $ 2,152,000 $ — Deferred tax liabilities: April 30, 2021 April 30, 2020 Acquired mineral rights in excess of tax basis in a tax-free merger $ (2,152,000 ) $ — Total deferred tax liabilities (2,152,000 ) — Net deferred tax asset (liabilities) $ — $ — On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company completed the accounting for the effects of the Act during the fiscal year April 30, 2019. The Company recognized an income tax benefit of 438,145 for the year ended April 30, 2020 as a result of the changes to tax laws and tax rates under the Act. The Act modified the application of alternative minimum tax credits previously being carried forward, to allow for refunds of the credits. The Company had been carrying forward a total of $438,000 in alternative minimum tax credits. As a result of the change, the Company received a federal tax refund during the fiscal years ended April 30, 2020 and April 30, 2021. On August 10, 2020, acquired mineral rights totaling $10,249,632 (see Note 4 – Mineral Rights) in a tax-free merger under IRS Section 368. The Company recorded the assets at fair value for financial reporting purposes and retained the seller’s tax basis in those assets for tax purposes. As required by ASC 740, the Company has recognized the deferred tax impact of acquiring the mineral rights asset in this transaction, with the amount paid exceeding the tax basis of the asset on the acquisition date. This deferred tax liability partially offsets the deferred tax assets recognized by the Company. As of April 30, 2021, the Company had deferred tax assets and liabilities arising principally from the acquisition of the mineral rights described above and the net operating loss carryforward for income tax purposes, multiplied by an expected blended federal and state tax rate of 21.0%. Due to the physical presence (nexus) of the Company in the states of Wyoming and Nevada, the Company no longer has significant income or loss apportioned to any taxable state. Any minor apportionment that may occur to any taxable state will be immaterial to current and future operations of the company. Therefore, the effective state tax rate used in the calculation of deferred tax is 0%. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefits of the deferred tax assets, a valuation allowance equal to 100% of the net deferred tax asset has been established at April 30, 2021. The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% were as follows: Year Ended April 30, 2021 2020 Federal income tax provision (benefit) based on statutory rate $ (2,601,000 ) 21.0 % $ (1,194,000 ) 21.0 % State income tax provision (benefit), net of federal taxes — — % — — % Change in effective state tax rate — — % — — % Change in prior year estimate 43,000 (0.3 )% (381,000 ) 6.7 % Increase (decrease) in valuation allowance 2,558,000 (20.7 )% 1,137,000 (20.0 )% Total tax provision (benefit) on income (loss) $ — — % $ (438,000 ) 7.7 % The Company has assessed its tax positions and has determined that it has not taken a position that would give rise to an unrecognized tax liability being reported. In the event that the Company is assessed penalties and/or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. The Company files income tax returns in the U.S. federal jurisdiction and various states. For both federal and state income tax purposes, the Company’s fiscal 2018 through 2021 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12 — SUBSEQUENT EVENTS On June 1, 2021, the Company granted 2,097 RSUs to a consultant for consulting services rendered. The 2,097 RSUs had a fair value of $25,000 or $11.92 per share of common stock based on the quoted trading price on the date of grant. The RSUs fully vested and expensed immediately. On June 9, 2021, the Company issued 25,000 shares of common stock to a consultant in connection with an investor relations agreement for services to be rendered from April 2021 to April 2022. The 25,000 shares of common stock had a fair value of $258,500, or $10.34 per share, based on the quoted trading price on the date of grant, to be amortized over the term of the consulting agreement. On July 19, 2021, the Company granted 15,322 RSUs to an employee pursuant to his employment agreement. The 15,322 RSUs had a fair value of $150,000 or $9.79 per share of common stock based on the quoted trading price on the date of grant. The RSUs vest 25% on the date of issuance, and the remaining shall vest one-third over a three-year period from the date of issuance. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of presentation and principles of consolidation The accompanying consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-K, and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for financial information, which includes the consolidated financial statements and presents the consolidated financial statements of the Company and its wholly-owned subsidiaries as of April 30, 2021. All intercompany transactions and balances have been eliminated. It is management’s opinion that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statement presentation. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet, and revenues and expenses for the period then ended. Actual results may differ significantly from those estimates. Significant estimates made by management include, but are not limited to, valuation of mineral rights, stock-based compensation, the fair value of common and preferred stock, valuation of warrants, asset retirement obligations and the valuation of deferred tax assets and liabilities. |
Fair Value Measurements | Fair Value Measurements The Company has adopted Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures” (“ASC 820”), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied in accordance with U.S. GAAP, which requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The Company analyzes all financial instruments with features of both liabilities and equity under the Financial Accounting Standard Board’s (“FASB”) accounting standard for such instruments. Under this standard, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. At April 30, 2021 and 2020, the Company had no financial instruments or liabilities accounted for at fair value on a recurring basis or nonrecurring basis. |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets Prepaid expenses and other current assets of $430,360 and $212,718 at April 30, 2021 and 2020, respectively, consist primarily of costs paid for future services which will occur within a year. Prepaid expenses principally include prepayments in cash and equity instruments for consulting, public relations, business advisory services, insurance premiums, mining claim fees, drilling fees, and mineral lease fees which are being amortized over the terms of their respective agreements. |
Property | Property Property is carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, generally ten years. |
Impairment of Long-lived Assets | Impairment of long-lived assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable, or at least annually. The Company recognizes an impairment loss when the sum of expected undiscounted future cash flows is less than the carrying amount of the asset. The amount of impairment is measured as the difference between the asset’s estimated fair value and its book value. The Company did not recognize any impairment during the years ended April 30, 2021 and 2020. |
Mineral Rights | Mineral Rights Costs of leasing, exploring, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs will be amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of Long-Lived Assets”, and evaluates its carrying value under ASC 930-360, “Extractive Activities—Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities—Mining: Business Combinations” (“ASC 930-805”), states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights. Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. ASC 930-805 provides that in measuring the fair value of mineral assets, an acquirer should take into account both: ● The value beyond proven and probable reserves (“VBPP”) to the extent that a market participant would include VBPP in determining the fair value of the assets. ● The effects of anticipated fluctuations in the future market price of minerals in a manner that is consistent with the expectations of market participants. Leases to explore for or use of natural resources are outside the scope of ASU 2016-02, “Leases”. |
Share-based Compensation | Share-Based Compensation Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 505, “Equity—Equity Based Payments to Non-Employees” (“ASC 505-50”), for share-based payments to consultants and other third parties, compensation expense is determined at the measurement date, which is the grant date. Until the measurement date is reached, the total amount of compensation expense remains uncertain. ASU 2018-07 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted, but no earlier than adoption of ASC 606. The Company chose to early adopt ASU 2018-07 in July 2018. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements and related disclosures. |
Accounting for Warrants | Accounting for Warrants Warrants are accounted for in accordance with the applicable accounting guidance provided in ASC 815, “Derivatives and Hedging” (“ASC 815”) as either derivative liabilities or as equity instruments, depending on the specific terms of the agreements. The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). Instruments that are classified as liabilities are recorded at fair value at each reporting period, with any change in fair value recognized as a component of change in fair value of derivative liabilities in the consolidated statements of operations. The Company assessed the classification of its outstanding common stock purchase warrants as of the date of issuance and determined that such instruments met the criteria for equity classification under the guidance in ASU 2017-11 “Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Feature”. The Company has no outstanding warrants that contain a “down round” feature under Topic 815 of ASU 2017-11. |
Convertible Preferred Stock | Convertible Preferred Stock The Company accounts for its convertible preferred stock under the provisions of ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), which sets forth the standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity. ASC 480 requires an issuer to classify a financial instrument that is within the scope of ASC 480 as a liability if such financial instrument embodies an unconditional obligation to redeem the instrument at a specified date and/or upon an event certain to occur. During the years ended April 30, 2021 and 2020, the Company’s convertible preferred shares were accounted for as equity, with no liability recorded. There were no outstanding preferred stock as of April 30, 2021. |
Convertible Instruments | Convertible Instruments The Company bifurcates conversion options from their host instruments and accounts for them as free standing derivative financial instruments according to certain criteria. The criteria includes circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule when the host instrument is deemed to be conventional as that term is described under applicable U.S. GAAP. When the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, the Company records, when necessary, a beneficial conversion feature (“BCF”) related to the issuance of convertible debt and equity instruments that have conversion features at fixed rates that are in-the-money when issued, and the fair value of warrants issued in connection with those instruments. The BCF for the convertible instruments is recognized and measured by allocating a portion of the proceeds to warrants, based on their relative fair value, and as a reduction to the carrying amount of the convertible instrument equal to the intrinsic value of the conversion feature. The discounts recorded in connection with the BCF and warrant valuation are recognized (a) for convertible debt as interest expense over the term of the debt, using the effective interest method or (b) for convertible preferred stock as dividends at the time the stock first becomes convertible. |
Remediation and Asset Retirement Obligation | Remediation and Asset Retirement Obligation Asset retirement obligations (“ARO”), consisting primarily of estimated reclamation costs at the Company’s CK Gold and Keystone properties, are recognized in the period incurred and when a reasonable estimate can be made, and recorded as liabilities at fair value. Such obligations, which are initially estimated based on discounted cash flow estimates, are accreted to full value over time through charges to accretion expense. Corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. AROs are periodically adjusted to reflect changes in the estimated present value resulting from revisions to the estimated timing or amount of reclamation and closure costs. The Company reviews and evaluates its AROs annually or more frequently at interim periods if deemed necessary. |
Foreign Currency Transactions | Foreign Currency Transactions The reporting and functional currency of the Company is the U.S. dollar. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency included in the results of operations as incurred. Translation adjustments, and transaction gains or losses, have not had, and are not expected to have, a material effect on the results of operations of the Company and are included in general and administrative expenses. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740-10, “Accounting for Income Taxes” (“ASC 740-10”), which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provision of ASC 740-10, “Accounting for Uncertain Income Tax Positions” (“ASC 740-10”). When tax returns are filed, there may be uncertainty about the merits of positions taken or the amount of the position that would be ultimately sustained. In accordance with the guidance of ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured at the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefit associated with tax positions taken that exceed the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all more likely than not to be upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits or for any related interest and penalties. The Company has adopted ASC 740-10-25, “Definition of Settlement”, which provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits and provides that a tax position can be effectively settled upon the completion and examination by a taxing authority without being legally extinguished. For tax positions considered effectively settled, an entity would recognize the full amount of tax benefit, even if the tax position is not considered more likely than not to be sustained based solely on the basis of its technical merits and the statute of limitations remains open. The federal and state income tax returns of the Company are subject to examination by the Internal Revenue Service and state taxing authorities, generally for three years after they are filed. The Consolidated Balance Sheets include a tax refund receivable of $219,072 as of the period ended April 30, 2020, under the Tax Cuts and Jobs Act of 2017 for carryovers of previously paid alternative minimum tax by Dataram Corporation (see Note 11). On March 1, 2021, the Company collected $219,072 of the income tax receivable which was recorded as of April 30, 2020. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material effect on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an effect on or are unrelated to its financial condition, results of operations, cash flows or disclosures. In December 2019, the FASB issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes.” This guidance, among other provisions, eliminates certain exceptions to existing guidance related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also requires an entity to reflect the effect of an enacted change in tax laws or rates in its effective income tax rate in the first interim period that includes the enactment date of the new legislation, aligning the timing of recognition of the effects from enacted tax law changes on the effective income tax rate with the effects on deferred income tax assets and liabilities. Under existing guidance, an entity recognizes the effects of the enacted tax law change on the effective income tax rate in the period that includes the effective date of the tax law. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40), which eliminates the beneficial conversion and cash conversion accounting models for convertible instruments, amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions, and modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS calculation. The standard is effective for annual periods beginning after December 15, 2021, and interim periods within those reporting periods. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those reporting periods. The standard can be adopted under the modified retrospective method or the full retrospective method. In October 2020, the FASB issued ASU 2020-09, Debt (Topic 470) - Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762, or ASU 2020-09, to reflect the SEC’s amended disclosure rules for guaranteed debt securities offerings. The final rule amends the disclosure requirements in SEC Regulation S-X, Rule 3-10, which require entities to separately present financial statements for subsidiary issuers and guarantors of registered debt securities unless certain exceptions are met. The amended rule allows entities to provide summarized financial information of the parent company and its issuers and guarantors on a combined basis either in a note to the financial statements or as part of management’s discussion and analysis. ASU 2020-09 is effective for filings on or after January 4, 2021, with early adoption permitted. |
Mineral Rights (Tables)
Mineral Rights (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Extractive Industries [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | Based upon the purchase price allocation, the following table summarizes the estimated relative fair value of the assets acquired and liabilities assumed at the date of acquisition: Cash $ 159,063 Mineral property – Maggie Creek 1,986,607 Total assets acquired at fair value 2,145,670 Total Liabilities assumed at fair value (125,670 ) Total purchase consideration $ 2,020,000 Net assets purchased consist of: Cash – US Dollars $ 2,500,000 Intangible assets – (mineral rights) Challis Gold Project 10,249,632 Total assets acquired at fair value 12,749,632 Total Liabilities assumed at fair value – US Dollars (108,652 ) Total purchase consideration $ 12,640,980 |
Schedule of Mineral Properties | As of the dates presented, mineral properties consisted of the following: April 30, 2021 April 30, 2020 CK Gold Project $ 3,091,738 $ 3,091,738 Keystone Project 1,028,885 1,028,885 Gold Bar North Project - 56,329 Maggie Creek Project 1,986,607 1,986,607 Challis Gold Project 10,249,632 - Total $ 16,356,862 $ 6,163,559 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | As of the dates presented, property consisted of the following: April 30, 2021 April 30, 2020 Site costs $ 169,803 $ 151,057 Computer equipment 3,498 - Vehicle 39,493 - Total 212,794 151,057 Less: accumulated depreciation (40,572 ) (17,686 ) Total $ 172,222 $ 133,371 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligation | The following table summarizes activity in the Company’s ARO for the periods presented: April 30, 2021 April 30, 2020 Balance, beginning of period $ 168,392 $ 88,746 Addition and changes in estimates 18,746 69,172 Accretion expense 17,477 10,474 Balance, end of period $ 204,615 $ 168,392 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Schedule of Weighted-average Black-Scholes Assumptions | In applying the Black-Scholes option pricing model to options granted, the Company used the following assumptions: For the Risk free interest rate 1.74 % Dividend yield 0.00 % Expected volatility 72 % Contractual term (in years) 10.0 Forfeiture rate 0.00 % |
Schedule of Stock Option Activity | The following is a summary of the Company’s stock option activity during the years ended April 30, 2021 and 2020: Number of Weighted Weighted Balance at April 30, 2019 145,646 18.00 2.29 Granted 5,000 8.10 10.00 Exercised — — — Forfeited (50,646 ) 24.44 — Cancelled — — — Balance at April 30, 2020 100,000 $ 14.31 2.87 Granted — — — Exercised — — — Forfeited — — — Cancelled (5,000 ) — — Balance at April 30, 2021 95,000 14.63 1.57 Options exercisable at end of period 95,000 $ 14.63 Options expected to vest — $ — Weighted average fair value of options granted during the period $ — |
Schedule of Fair Value Assumptions of Warrants | Warrants Issued During the Year ended Expected volatility 169.0 % Stock price on date of grant $ 9.53 Exercise price $ 6.00 Expected dividends - Expected term (in years) 5.00 Risk-free rate 0.27 % Expected forfeiture rate 0 % |
Schedule of Stock Warrant Activity | The following is a summary of the Company’s stock warrant activity during the years ended April 30, 2021 and 2020: Number of Warrants Weighted Average Weighted Average Remaining Contractual Warrants with no Class designation: Balance at April 30, 2019 170,236 $ 31.11 1.25 Granted 357,142 7.00 4.92 Exercised — — — Forfeited — — — Canceled — — — Balance at April 30, 2020 527,378 $ 14.83 3.73 Granted 1,425,224 9.09 5.18 Exercised (523,808 ) 6.68 4.03 Forfeited — — — Canceled — — — Balance at April 30, 2021 1,428,794 12.00 4.08 Class A Warrants: Balance at April 30, 2020 219,375 11.40 4.22 Granted — — — Exercised (109,688 ) 11.40 3.22 Forfeited — — — Canceled — — — Balance at April 30, 2021 109,687 11.40 3.22 Class X Warrants: Balance at April 30, 2019 — — — Granted 109,750 11.40 0.50 Exercised — — — Forfeited, with no financial effect (109,750 ) 11.40 — Canceled — — — Balance at April 30, 2020 and April 30, 2021 — — — Class Y Warrants: Total Warrants Outstanding at April 30, 2021 1,538,481 $ 11.96 4.08 Warrants exercisable at end of period 1,034,923 $ 10.73 Weighted average fair value of warrants granted during the period $ 9.00 |
Class A Warrants [Member] | |
Schedule of Fair Value Assumptions of Warrants | Class A Warrants Issued During the Year Ended April 30, 2020 Expected volatility 46% - 74 % Stock price on date of grant $ 11.40 Exercise price $ 11.40 Expected dividends - Expected term (in years) 0.5 – 5 Risk-free rate 1.77% - 2.11 % Expected forfeiture rate 0 % |
Common Warrants [Member] | |
Schedule of Fair Value Assumptions of Warrants | Common Warrants Issued During the Year Ended Expected volatility 133.0 % Stock price on date of grant $ 5.34 Exercise price $ 7.00 Expected dividends - Expected term (in years) 5.00 Risk-free rate 0.39 % Expected forfeiture rate 0 % |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | April 30, 2021 April 30, 2020 Common stock equivalents: Preferred stock — 20,357 Restricted stock units 346,802 33,117 Stock options 95,000 100,000 Stock warrants 1,538,481 746,753 Total 1,980,283 900,227 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Royalty Payable | FOB Mine Value per Ton Percentage Royalty $00.00 to $50.00 5 % $50.01 to $100.00 7 % $100.01 to $150.00 9 % $150.01 and up 10 % |
Schedule of Future Minimum Lease Payments | The future minimum lease payments at April 30, 2021 under these mining leases are as follows, each payment to be made in the fourth quarter of the respective fiscal years: Fiscal 2022 $ 2,240 Fiscal 2023 2,240 Fiscal 2024 960 $ 5,440 |
Schedule of Right and Option to Earn-in and Acquire Undivided Interest | The Maggie Creek option agreement grants the Company the exclusive right and option to earn-in and acquire up to 50% undivided interest in a property called Maggie Creek, located in Eureka County, Nevada by completing the Initial Earn-in over a seven-year period, as amended: First agreement year $ - Second agreement year 300,000 Third agreement year 500,000 Fourth agreement year 700,000 Fifth agreement year 1,000,000 Sixth agreement year 1,000,000 Seventh agreement year 1,000,000 $ 4,500,000 |
Schedule of Advance Minimum Royalty Payments | The annual advance minimum royalty payments at April 30, 2021 under the option agreement are as follows, each payment to be made in the beginning on the first anniversary of the effective date of this option agreement and continuing until the tenth anniversary: Fiscal 2022 $ 25,000 Fiscal 2023 25,000 Fiscal 2024 25,000 Fiscal 2025 25,000 Fiscal 2026 and thereafter 150,000 $ 250,000 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Provision (Benefit) | The components of income tax provision (benefit) are as follows: Year Ended April 30, 2021 2020 Current Federal $ — $ (438,145 ) State and local — — Total current — (438,145 ) Deferred Federal $ — $ — State and local — — Total deferred — — Total income tax provision (benefit) $ — $ (438,145 ) |
Schedule of Net Deferred Tax Asset and Liabilities | The deferred tax assets and deferred tax liabilities are summarized as follows: Deferred tax assets: April 30, 2021 April 30, 2020 Net operating loss carryover $ 6,793,000 $ 5,083,000 Stock-based compensation 2,776,000 2,019,000 Capitalized exploration costs 431,000 340,000 Accrued remediation costs 7,000 7,000 Alternative minimum tax credit carryover — — Subtotal 10,007,000 7,449,000 Less: valuation allowance (7,855,000 ) (7,449,000 ) Total deferred tax asset $ 2,152,000 $ — Deferred tax liabilities: April 30, 2021 April 30, 2020 Acquired mineral rights in excess of tax basis in a tax-free merger $ (2,152,000 ) $ — Total deferred tax liabilities (2,152,000 ) — Net deferred tax asset (liabilities) $ — $ — |
Schedule of Effective Tax Rate | The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% were as follows: Year Ended April 30, 2021 2020 Federal income tax provision (benefit) based on statutory rate $ (2,601,000 ) 21.0 % $ (1,194,000 ) 21.0 % State income tax provision (benefit), net of federal taxes — — % — — % Change in effective state tax rate — — % — — % Change in prior year estimate 43,000 (0.3 )% (381,000 ) 6.7 % Increase (decrease) in valuation allowance 2,558,000 (20.7 )% 1,137,000 (20.0 )% Total tax provision (benefit) on income (loss) $ — — % $ (438,000 ) 7.7 % |
Organization and Description _2
Organization and Description of Business (Details Narrative) - shares | Mar. 17, 2020 | Sep. 10, 2019 | May 23, 2017 |
Equity ownership interest rate percent | 90.00% | ||
Board of Directors [Member] | |||
Reverse stock split description | 1-for-10 reverse stock split of the Company's issued and outstanding shares of common stock (the "Reverse Stock Split"), | ||
Share Exchange Agreement [Member] | |||
Number of shares issued for common stock | 200,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Mar. 02, 2021 | |
Accounting Policies [Abstract] | |||
Prepaid expenses and other current assets | $ 430,360 | $ 212,718 | |
Estimated useful life of property | P10Y | ||
Impairment of long-lived assets | |||
Tax refund receivable | $ 219,072 | ||
Income tax receivable | $ 219,072 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jan. 28, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | Feb. 02, 2021 | Apr. 02, 2020 |
Cash | $ 13,645,405 | $ 2,749,957 | |||
Working capital | 13,500,000 | ||||
Accumulated deficit | (43,975,046) | (31,587,952) | |||
Net loss | (12,387,094) | (5,249,350) | |||
Cash used in operating activities | $ (8,590,636) | $ (3,897,743) | |||
Number of warrats issued | 357,142 | ||||
Exercise price of warrants | $ 7 | ||||
Purchase Agreement [Member] | |||||
Exercise price of warrants | $ 14.50 | ||||
Purchase Agreement [Member] | Accredited Investors [Member] | |||||
Number of common stock issued for sale | 914,136 | ||||
Common stock at per share | $ 10.54 | ||||
Proceeds from sale of equity | $ 9,600,000 | ||||
Purchase Agreement [Member] | Accredited Investors [Member] | Private Placement [Member] | |||||
Number of warrats issued | 457,068 | ||||
Exercise price of warrants | $ 14.50 |
Mineral Rights (Details Narrati
Mineral Rights (Details Narrative) | Nov. 13, 2020shares | Aug. 11, 2020$ / sharesshares | Sep. 10, 2019USD ($)$ / sharesshares | May 27, 2016USD ($) | Jul. 02, 2014USD ($) | Aug. 31, 2017USD ($) | Apr. 30, 2021USD ($)a$ / sharesshares | Apr. 30, 2020USD ($)$ / sharesshares | Nov. 26, 2019$ / shares | Sep. 18, 2019$ / shares |
Common shares fair value | $ 2,020,000 | |||||||||
Royalty revenue | ||||||||||
Number of shares issued of common stock, value | $ 1,890,255 | |||||||||
Share price per share | $ / shares | $ 8.70 | $ 10.30 | ||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||||||||
Series H Preferred Stock [Member] | ||||||||||
Number of shares issued for common stock | shares | 1,068,940 | 106,894 | ||||||||
Common stock, par value | $ / shares | $ 0.001 | |||||||||
Reverse stock split | 1 for 10 basis | |||||||||
Conversion of shares | shares | 106,894 | |||||||||
Common Stock [Member] | ||||||||||
Common shares fair value | $ 200 | |||||||||
Number of shares issued for common stock | shares | 581,053 | 357,142 | ||||||||
Number of shares issued of common stock, value | $ 357 | |||||||||
Common stock, par value | $ / shares | $ 0.001 | |||||||||
Purchase and Sale Agreement [Member] | Gold Bar North Project [Member] | ||||||||||
Payments to acquire mineral properties | $ 20,479 | |||||||||
Common shares fair value | $ 35,850 | |||||||||
Abandonment expense | $ 56,329 | |||||||||
Share Exchange Agreement [Member] | ||||||||||
Number of shares issued for common stock | shares | 200,000 | |||||||||
Merger Agreement [Member] | Common Stock [Member] | ||||||||||
Number of shares issued for common stock | shares | 1,650,000 | |||||||||
Number of shares issued of common stock, value | $ 12,640,980 | |||||||||
Share price per share | $ / shares | $ 7.6612 | |||||||||
CK Gold Project [Member] | ||||||||||
Area of land | a | 1.8 | |||||||||
CK Gold Project [Member] | Asset Purchase Agreement [Member] | ||||||||||
Payments to acquire mineral properties | $ 1,500,000 | $ 3,091,738 | ||||||||
Percentage of issued and outstanding shares | 50.00% | |||||||||
Common stock outstanding value | $ 1,500,000 | |||||||||
Purchase price and related transaction costs | 3,000,000 | |||||||||
Keystone Project [Member] | Purchase and Sale Agreement [Member] | ||||||||||
Payments to acquire mineral properties | $ 250,000 | 989,968 | ||||||||
Purchase price and related transaction costs | 38,917 | |||||||||
Common shares fair value | 555,000 | |||||||||
Grant of stock options for the acquisition of mineral rights | $ 184,968 | |||||||||
Mineral properties cost | $ 1,028,885 | |||||||||
Royalty rights description | Under the terms of the purchase and sale agreement, Nevada Gold retained additional NSR rights of 0.5% with regard to certain claims and 3.5% with regard to certain other claims. Under the terms of the Purchase and Sale Agreement, the Company may buy down one percent (1%) of the royalty from Nevada Gold at any time through the fifth anniversary of the closing date for $2,000,000 which the Company did not exercise. The Company may buy down an additional one percent (1%) of the royalty anytime through the eighth anniversary of the closing date for $5,000,000. | |||||||||
Royalty percentage | 1.00% | |||||||||
Keystone Project [Member] | Purchase and Sale Agreement [Member] | Eight Anniversary of Closing Date [Member] | ||||||||||
Royalty percentage | 1.00% | |||||||||
Keystone Project [Member] | Purchase and Sale Agreement [Member] | Royalty [Member] | Fifth Anniversary [Member] | ||||||||||
Royalty revenue | $ 2,000,000 | |||||||||
Keystone Project [Member] | Purchase and Sale Agreement [Member] | Royalty [Member] | Eight Anniversary of Closing Date [Member] | ||||||||||
Royalty revenue | $ 5,000,000 | |||||||||
Maggie Creek Project [Member] | Number Co [Member] | ||||||||||
Number of shares issued for common stock | shares | 200,000 | |||||||||
Number of shares issued of common stock, value | $ 2,020,000 | |||||||||
Share price per share | $ / shares | $ 10.10 | |||||||||
Maggie Creek Project [Member] | Share Exchange Agreement [Member] | Number Co [Member] | ||||||||||
Payment to acquire business gross | $ 159,063 | |||||||||
Assumed liabilities for accounts payable | $ 125,670 | |||||||||
Business acquisition percentage | 50.00% | |||||||||
Exploration and development expenditures | $ 4,500,000 | |||||||||
Maggie Creek Project [Member] | Share Exchange Agreement [Member] | Renaissance [Member] | Number Co [Member] | ||||||||||
Payments to grantor | $ 250,000 | |||||||||
Payments to grantor term | 60 days | |||||||||
Percentage to increase additional interest | 20.00% | |||||||||
Percentage for overall interest | 70.00% |
Mineral Rights - Schedule of Fa
Mineral Rights - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Sep. 10, 2019 | Apr. 30, 2021 |
Maggie Creek Project [Member] | ||
Cash | $ 159,063 | |
Mineral property - Maggie Creek | 1,986,607 | |
Total assets acquired at fair value | 2,145,670 | |
Total Liabilities assumed at fair value | (125,670) | |
Total purchase consideration | $ 2,020,000 | |
Northern Panther [Member] | ||
Cash | $ 2,500,000 | |
Intangible assets - (mineral rights) Challis Gold Project | 10,249,632 | |
Total assets acquired at fair value | 12,749,632 | |
Total Liabilities assumed at fair value | (108,652) | |
Total purchase consideration | $ 12,640,980 |
Mineral Rights - Schedule of Mi
Mineral Rights - Schedule of Mineral Properties (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Total | $ 16,356,862 | $ 6,163,559 |
CK Gold Project [Member] | ||
Total | 3,091,738 | 3,091,738 |
Keystone Project [Member] | ||
Total | 1,028,885 | 1,028,885 |
Gold Bar North Project [Member] | ||
Total | 56,329 | |
Maggie Creek Project [Member] | ||
Total | 1,986,607 | 1,986,607 |
Challis Gold Project [Member] | ||
Total | $ 10,249,632 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 22,886 | $ 10,730 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Property gross | $ 212,794 | $ 151,057 |
Less: accumulated depreciation | (40,572) | (17,686) |
Total | 172,222 | 133,371 |
Site Costs [Member] | ||
Property gross | 169,803 | 151,057 |
Computer Equipment [Member] | ||
Property gross | 3,498 | |
Vehicles [Member] | ||
Property gross | $ 39,493 |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Accretion expense | $ 17,477 | $ 10,474 |
Asset Retirement Obligation - S
Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Balance, beginning of period | $ 168,392 | $ 88,746 |
Addition and changes in estimates | 18,746 | 69,172 |
Accretion expense | 17,477 | 10,474 |
Balance, end of period | $ 204,615 | $ 168,392 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 15, 2021 | Jan. 07, 2021 | Dec. 08, 2020 | Oct. 31, 2020 | Sep. 16, 2020 | Nov. 26, 2019 | Apr. 16, 2019 | Apr. 30, 2019 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2020 |
Shares issued for services, value | $ 1,539,364 | $ 572,603 | |||||||||
Shares issued for services | 2,100 | ||||||||||
Consulting fees | 4,085,516 | 2,381,513 | |||||||||
Accounts payable to related party | 3,459 | $ 3,459 | |||||||||
Accounts payable in shares of common stock | 1,890,255 | ||||||||||
Four Former Directors [Member] | |||||||||||
Shares issued for services, value | $ 3,222 | ||||||||||
Shares issued for services | 50,000 | ||||||||||
Accounts payable in shares of common stock | $ 15,206 | ||||||||||
Chief Financial Officer [Member] | |||||||||||
Shares issued for services, value | $ 14,403 | 14,403 | |||||||||
Shares issued for services | 2,276 | ||||||||||
Accounts payable to related party | 3,459 | 3,459 | |||||||||
Accounts payable in shares of common stock | $ 13,145 | $ 2,700 | |||||||||
Mr.Rector [Member] | |||||||||||
Consulting fees | $ 30,000 | ||||||||||
Consulting Agreement [Member] | |||||||||||
Payment due to related parties | $ 3,750 | ||||||||||
Shares issued for services, value | $ 45,000 | $ 45,000 | |||||||||
Shares issued for services | 4,592 | ||||||||||
Agreement term | 1 year | ||||||||||
January 2021 Agreement [Member] | Four Former Directors [Member] | |||||||||||
Payment due to related parties | $ 3,000 | ||||||||||
Shares issued for services, value | $ 50,000 | ||||||||||
Shares issued for services | 3,222 | ||||||||||
Agreement term | 1 year | ||||||||||
Consulting fees | $ 86,000 | ||||||||||
Cash payments to related parties | $ 36,000 | ||||||||||
January 2021 Agreement [Member] | Directors [Member] | |||||||||||
Consulting fees | 15,750 | $ 45,000 | |||||||||
March 2021 Agreement [Member] | Mr. Karr [Member] | |||||||||||
Payment due to related parties | $ 10,000 | ||||||||||
Shares issued for services, value | $ 60,000 | ||||||||||
Agreement term | 1 year | ||||||||||
Consulting fees | 16,371 | ||||||||||
Cash payments to related parties | $ 120,000 | ||||||||||
Annual fee | $ 180,000 | ||||||||||
Accrued expenses | $ 7,500 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | Mar. 19, 2021 | Feb. 14, 2021 | Feb. 02, 2021 | Jan. 27, 2021 | Jan. 07, 2021 | Dec. 31, 2020 | Dec. 09, 2020 | Dec. 09, 2020 | Dec. 08, 2020 | Nov. 30, 2020 | Nov. 17, 2020 | Nov. 13, 2020 | Nov. 13, 2020 | Nov. 09, 2020 | Oct. 31, 2020 | Oct. 30, 2020 | Sep. 17, 2020 | Sep. 16, 2020 | Aug. 31, 2020 | Aug. 11, 2020 | Aug. 10, 2020 | Aug. 10, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Apr. 09, 2020 | Apr. 02, 2020 | Mar. 30, 2020 | Mar. 29, 2020 | Mar. 17, 2020 | Feb. 01, 2020 | Jan. 14, 2020 | Jan. 06, 2020 | Nov. 26, 2019 | Sep. 18, 2019 | Sep. 18, 2019 | Jun. 20, 2019 | Jun. 20, 2019 | Jun. 19, 2019 | May 06, 2019 | Apr. 16, 2019 | Dec. 21, 2017 | Feb. 28, 2021 | Jan. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2019 | Apr. 30, 2019 | Mar. 31, 2021 | Jun. 30, 2019 | Apr. 30, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2020 | Oct. 31, 2021 | Aug. 31, 2017 | Aug. 06, 2017 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of stock description | Each unit consisted of one (1) share of 0% Series F Preferred Stock and 87 Class X Warrants on a registered basis and 175 Class A Warrants on an unregistered basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase up preferred stock | 357,142 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend related to beneficial conversion feature | $ 2,000,000 | $ (5,530,004) | $ (2,086,212) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 32,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 8.70 | $ 10.30 | $ 10.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | 1,539,364 | 572,603 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 2,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in accrued salaries | $ 18,297 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 334,750 | 1,868,368 | 497,528 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 2,749,957 | $ 2,749,957 | $ 13,645,405 | 13,645,405 | $ 2,749,957 | 2,749,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued of common stock, value | 1,890,255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized stock-based compensation | $ 133,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock warrants | $ 2,499,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options granted | 75,000 | 75,000 | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option, outstanding intrinsic value | 5,311,612 | $ 5,311,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option, exercisable intrinsic value | $ 5,311,612 | $ 5,311,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercise price, description | Each Class A Warrant is exercisable to acquire one share of the Company's common stock at an exercise price of $11.40 per share, commencing six (6) months from the date of issuance and will expire on a date that is the five (5) year anniversary of the date of issuance. Each Class X Warrant was exercisable to acquire one share of the Company's common stock and one Class Y Warrant at an exercise price of $11.40, for a period of six (6) months from the date of issuance. Class X Warrants expired on December 19, 2019. Each Class Y Warrant was exercisable to acquire one share of the Company's common stock at an exercise price of $11.40 per share, commencing on the Initial Exercise Date and would have expired on a date that is the five (5) year anniversary of the Initial Exercise Date. No Class X Warrant was exercised prior to its expiration, and, as such, no Class Y Warrants were issued. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of warrant | $ 2,022,712 | $ 1,613,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants, description | Generally, a holder of a warrant will not have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or 9.99% at the election of the holder prior to the date of issuance) of the number of shares of common stock outstanding immediately after giving effect to such exercise (the "Beneficial Ownership Limitation"). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants outstanding, intrinsic value | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercisable, intrinsic value | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 Equity Incentive Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 1,167,095 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 836,385 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock reservation of shares | 165,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 Incentive Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock reservation of shares | 330,710 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Geologist [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 11.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | $ 12,500 | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 1,068 | 2,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in accrued salaries | $ 12,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 1,857 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 7.08 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | $ 14,403 | $ 14,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 2,276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | $ 3,881 | $ 3,881 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued of common stock, value | $ 13,145 | $ 2,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edward Karr [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 20,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options granted | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David Rector [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 7,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options granted | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Board of Director [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 47,777 | 1,875 | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 8.30 | $ 9.30 | $ 10.30 | $ 10.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 396,520 | $ 17,438 | $ 257,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consultant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 8.06 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 3,703 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reduction in accrued salaries | $ 29,848 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting period | 6 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 4.95 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 123,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Board of Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse stock split description | 1-for-10 reverse stock split of the Company's issued and outstanding shares of common stock (the "Reverse Stock Split"), | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 1,875 | 1,875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 8.13 | $ 5.11 | $ 5.11 | $ 5.11 | $ 5.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 15,244 | $ 9,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Edward Karr [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonus payable | $ 450,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash | $ 112,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Four Former Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 1,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 15.52 | $ 8.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | $ 3,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | $ 16,667 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued of common stock, value | $ 15,206 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 11.88 | $ 11.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | $ 95,565 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 8,047 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Former Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise period of stock options granted | Dec. 21, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | $ 1,868,368 | $ 497,528 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of shares over vesting period | 2,099,766 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 8.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued of common stock, value | $ 1,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Edward Karr [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 50,000 | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 11.21 | $ 11.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 560,500 | $ 560,500 | $ 560,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Edward Karr [Member] | Third Anniversary [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Edward Karr [Member] | First Anniversary [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Edward Karr [Member] | Second Anniversary [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Edward Karr [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 30,107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 11.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 337,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 75.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonus payable | $ 337,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Four Former Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 12.67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | $ 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 3,946 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Two Officers and One Employee[Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 254,464 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 2,852,541 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Three Officers and One Employee[Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 11.21 | $ 11.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Three Officers and One Employee[Member] | Third Anniversary [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Three Officers and One Employee[Member] | First Anniversary [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Three Officers and One Employee[Member] | Second Anniversary [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting percentage | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Three Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 150,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 11.21 | $ 11.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 13,392 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock exercise of stock warrants | 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock warrants | $ 70,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cashless Exercise of Stock Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock exercise of stock warrants | 33,858 | 91,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock warrants | $ 109,688 | $ 166,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northern Panther [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition, purchase consideration | $ 12,640,980 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 581,053 | 357,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued for acquisition, shares | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock in exchange of conversion, shares | 2,010,963 | 222,018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 1,875 | 32,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | $ 163 | $ 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 163,076 | 78,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 2 | $ 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued of common stock, value | 357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 8.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 639 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | $ 5,158 | 5,158 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting period | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ 8.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of shares over vesting period | $ 208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining balance of unvested stock options | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 14.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase value, percentage | 4.99% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of warrants to purchase common shares | 457,068 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock exercise of stock warrants | 168,571 | 168,571 | 178,571 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from exercise of stock warrants | $ 1,179,997 | $ 1,179,997 | $ 1,249,997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants exercisable, intrinsic value | $ 3,775,000 | $ 3,775,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option share based compensation | $ 194,761 | $ 196,046 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase up preferred stock | 219,375 | 219,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 11.40 | $ 11.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise period | 5 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock exercise of stock warrants | 109,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class X Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase up preferred stock | 109,750 | 109,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right expired date | Dec. 19, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 11.40 | $ 11.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise period | 5 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock exercise of stock warrants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 11.40 | $ 11.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class X Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right expired date | Dec. 19, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 11.40 | $ 11.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise period | 6 months | 6 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class Y Warrant and Class X Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of stock description | Each Class X Warrant was exercisable to acquire one share of the Company's common stock and one Class Y Warrant at an exercise price of $11.40, for a period of six (6) months from the date of issuance. Class X Warrants expired on December 19, 2019. Each Class Y Warrant was exercisable to acquire one share of the Company's common stock at an exercise price of $11.40 per share, commencing six (6) months from the date of issuance (the "Initial Exercise Date") and would have expired on a date that is the five (5) year anniversary of the Initial Exercise Date. No Class X Warrant was exercised prior to its expiration and, as such, no Class Y Warrants were issued. Each Class A Warrant is exercisable to acquire one share of the Company's common stock at an exercise price of $11.40 per share, commencing six (6) months from the date of issuance and will expire on a date that is the five (5) year anniversary of the date of issuance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Warrant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise period | 5 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Warrant [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 11.40 | $ 11.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 6 | $ 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition, purchase consideration | $ 5,530,004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of warrants to purchase common shares | 921,666 | 921,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger Agreement [Member] | Consultant [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 9.53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | $ 786,225 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 82,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger Agreement [Member] | Northern Panther [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued for acquisition, shares | 106,894 | 581,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse stock split description | The Series H Preferred Stock was convertible into common stock on a 1 for 10 basis upon the receipt of the approval by the requisite vote of the Company's stockholders at the Company's 2020 annual meeting. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock in exchange of conversion, shares | 1,068,940 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition, equity interest issued, number of shares | 1,650,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 7.6612 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisition, purchase consideration | $ 12,640,980 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger Agreement [Member] | Luke Norman Consulting Ltd [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase value, percentage | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 82,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger Agreement [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 1,650,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 7.6612 | $ 7.6612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued of common stock, value | $ 12,640,980 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisory Agreement [Member] | Palladium Capital Advisors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 357,142 | 25,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 5.60 | $ 5.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross sales | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock fixed fee | $ 135,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant right exercise price | $ 14.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 914,136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 10.54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of warrants to purchase common shares | 457,068 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from offering private placement | $ 9,635,967 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal related offering expenses | $ 636,890 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial ownership limitation | A holder of such warrant will not have the right to exercise any portion of its warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or 9.99% at the election of the holder prior to the date of issuance) of the number of shares of common stock outstanding immediately after giving effect to such exercise (the "Beneficial Ownership Limitation"); provided, however, that upon 61 days' prior notice to the Company, the holder may increase the Beneficial Ownership Limitation, provided that in no event shall the Beneficial Ownership Limitation exceed 9.99%. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Agreement [Member] | Palladium Capital Group, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of warrants to purchase common shares | 46,490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Engagement Agreement Amendment [Member] | Palladium Capital Advisors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase value, percentage | 8.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of warrants to purchase common shares | 46,490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employment Agreement [Member] | Chief Geologist [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 10.30 | $ 10.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employment Agreement [Member] | Chief Geologist [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 13.30 | $ 13.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separation Agreement [Member] | Restricted Stock [Member] | Officers and Employees [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 7,500 | 12,500 | 18,502 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 11.21 | $ 8.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | $ 77,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of options, vested | 7,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 140,125 | $ 150,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of shares over vesting period | $ 7,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services, value | $ 45,000 | $ 45,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued for services | 4,592 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agreement term | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognized stock-based compensation | $ 23,437 | 23,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option share based compensation | 32,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting Agreement [Member] | Four Former Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | $ 33,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consulting Agreement [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock | 5,009 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 11.23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of performance based restricted stock, value | $ 56,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 1,300,000 | 1,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 400,000 | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 45,002 | 45,002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 7,402 | 7,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series E Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 2,500 | 2,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series F Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 1,250 | 1,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, stated value | 2,000 | 2,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, conversion price per share | $ 11.40 | $ 11.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 25,088 | 63,860 | 108,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon conversion of preferred stock | 143 | 143 | 364 | 616 | 143 | 143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible preferred stock shares reserved for future issuance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series F Preferred Stock [Member] | Class A Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares sold | 1,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase up preferred stock | 219,375 | 219,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series F Preferred Stock [Member] | Class X Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase up preferred stock | 109,750 | 109,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series G Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 127 | 127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 57 | 57 | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend related to beneficial conversion feature | $ 64,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 20,357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series G Preferred Stock [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 25,000 | 25,000 | 25,000 | 25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon conversion of preferred stock | 70 | 70 | 70 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series G Preferred Stock [Member] | Exchange Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, stated value | $ 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, conversion price per share | $ 5.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 45,357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible preferred stock shares reserved for future issuance | 127 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series H Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 106,894 | 106,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issue shares | 1,068,940 | 106,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reverse stock split description | 1 for 10 basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series H Preferred Stock [Member] | Merger Agreement [Member] | Northern Panther [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued for acquisition, shares | 106,894 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series I Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 921,666 | 921,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series I Preferred Stock [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 921,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 921,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock in exchange of conversion, shares | 921,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend | $ 5,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series F Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible preferred stock shares reserved for future issuance | 127 | 127 | 127 | 127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series F Convertible Preferred Stock [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares sold | 1,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per share | $ 2,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of stock description | Each unit consisted of one (1) share of 0% Series F Preferred Stock and 87 Class X Warrants on a registered basis and 175 Class A Warrants on an unregistered basis. The Series F Preferred Stock contains no redemption feature. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series F Convertible Preferred Stock [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per unit | $ 2,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase up preferred stock | 219,375 | 219,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | $ 98,799 | $ 98,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series G Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares designated | 127 | 127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued upon conversion of preferred stock | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series I Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants to purchase up preferred stock | 921,666 | 921,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of warrant | $ 5,530,004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series I Convertible Preferred Stock [Member] | Securities Purchase Agreement [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares sold | 921,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued price per unit | $ 0.001 | $ 0.001 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Weighted-average Black-Scholes Assumptions (Details) | 12 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Risk free interest rate | 1.74% |
Dividend yield | 0.00% |
Expected volatility | 72.00% |
Contractual term (in years) | 10 years |
Forfeiture rate | 0.00% |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock Option Activity (Details) - $ / shares | Dec. 21, 2017 | Sep. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Equity [Abstract] | ||||
Number of Options Outstanding, Beginning of Period | 100,000 | 145,646 | ||
Number of Options, Granted | 75,000 | 75,000 | 5,000 | |
Number of Options, Exercised | ||||
Number of Options, Forfeited | (50,646) | |||
Number of Options, Cancelled | (5,000) | |||
Number of Options Outstanding, End of Period | 95,000 | 100,000 | ||
Number of Options exercisable at end of period | 95,000 | |||
Number of Options expected to vest | ||||
Weighted Average Exercise Price Outstanding, Beginning of Period | $ 14.31 | $ 18 | ||
Weighted Average Exercise Price, Granted | 8.10 | |||
Weighted Average Exercise Price, Exercised | ||||
Weighted Average Exercise Price, Forfeited | 24.44 | |||
Weighted Average Exercise Price, Cancelled | ||||
Weighted Average Exercise Price Outstanding, End of Period | 14.63 | $ 14.31 | ||
Weighted Average Exercise Price Options exercisable at end of period | 14.63 | |||
Weighted Average Exercise Price Options expected to vest | ||||
Weighted Average Exercise Price Weighted average fair value of options granted during the period | ||||
Weighted Average Remaining Contractual Life (Years), Beginning of Period | 2 years 10 months 14 days | 2 years 3 months 15 days | ||
Weighted Average Remaining Contractual Life in Years, Granted | 0 years | 10 years | ||
Weighted Average Remaining Contractual Life (Years), Ending of Period | 1 year 6 months 25 days | 2 years 10 months 14 days |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Fair Value Assumptions of Warrants (Details) | Apr. 30, 2021$ / shares | Apr. 30, 2020$ / shares | Apr. 02, 2020$ / shares |
Warrant exercise price | $ 7 | ||
Expected Volatility [Member] | |||
Warrant measurement input | 169 | ||
Stock Price on Date of Grant [Member] | |||
Warrant exercise price | $ 9.53 | ||
Exercise Price [Member] | |||
Warrant exercise price | $ 6 | ||
Expected Dividends [Member] | |||
Warrant measurement input | 0 | ||
Expected Term (in years) [Member] | |||
Warrant measurement term | 5 years | ||
Risk-free Rate [Member] | |||
Warrant measurement input | 0.27 | ||
Expected Forfeiture Rate [Member] | |||
Warrant measurement input | 0 | ||
Class A Warrants [Member] | |||
Warrant exercise price | $ 11.40 | ||
Warrant measurement term | 5 years | ||
Class A Warrants [Member] | Expected Volatility [Member] | Minimum [Member] | |||
Warrant measurement input | 46 | ||
Class A Warrants [Member] | Expected Volatility [Member] | Maximum [Member] | |||
Warrant measurement input | 74 | ||
Class A Warrants [Member] | Stock Price on Date of Grant [Member] | |||
Warrant exercise price | $ 11.40 | ||
Class A Warrants [Member] | Exercise Price [Member] | |||
Warrant exercise price | $ 11.40 | ||
Class A Warrants [Member] | Expected Dividends [Member] | |||
Warrant measurement input | 0 | ||
Class A Warrants [Member] | Expected Term (in years) [Member] | Minimum [Member] | |||
Warrant measurement term | 6 months | ||
Class A Warrants [Member] | Expected Term (in years) [Member] | Maximum [Member] | |||
Warrant measurement term | 5 years | ||
Class A Warrants [Member] | Risk-free Rate [Member] | Minimum [Member] | |||
Warrant measurement input | 1.77 | ||
Class A Warrants [Member] | Risk-free Rate [Member] | Maximum [Member] | |||
Warrant measurement input | 2.11 | ||
Class A Warrants [Member] | Expected Forfeiture Rate [Member] | |||
Warrant measurement input | 0 | ||
Common Warrants [Member] | Expected Volatility [Member] | |||
Warrant measurement input | 133 | ||
Common Warrants [Member] | Stock Price on Date of Grant [Member] | |||
Warrant exercise price | $ 5.34 | ||
Common Warrants [Member] | Exercise Price [Member] | |||
Warrant exercise price | $ 7 | ||
Common Warrants [Member] | Expected Dividends [Member] | |||
Warrant measurement input | 0 | ||
Common Warrants [Member] | Expected Term (in years) [Member] | |||
Warrant measurement term | 5 years | ||
Common Warrants [Member] | Risk-free Rate [Member] | |||
Warrant measurement input | 0.39 | ||
Common Warrants [Member] | Expected Forfeiture Rate [Member] | |||
Warrant measurement input | 0 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Stock Warrant Activity (Details) - $ / shares | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Warrants with No Class Designation [Member] | ||
Number of Warrants Outstanding, Beginning of Period | 527,378 | 170,236 |
Number of Warrants, Granted | 1,425,224 | 357,142 |
Number of Warrants, Exercised | (523,808) | |
Number of Warrants, Forfeited | ||
Number of Warrants, Canceled | ||
Number of Warrants Outstanding, End of Period | 1,428,794 | 527,378 |
Weighted Average Exercise Price of Warrants Outstanding, Beginning of Period | $ 14.83 | $ 31.11 |
Weighted Average Exercise Price, Granted | 9.09 | 7 |
Weighted Average Exercise Price, Exercised | 6.68 | |
Weighted Average Exercise Price, Forfeited | ||
Weighted Average Exercise Price, Canceled | ||
Weighted Average Exercise Price of Warrants Outstanding, End of Period | $ 12 | $ 14.83 |
Weighted Average Remaining Contractual Life in Years, Beginning of Period | 3 years 8 months 23 days | 1 year 2 months 30 days |
Weighted Average Remaining Contractual Life in Years, Granted | 5 years 2 months 5 days | 4 years 11 months 1 day |
Weighted Average Remaining Contractual Life in Years, Exercised | 4 years 11 days | 0 years |
Weighted Average Remaining Contractual Life in Years, End of Period | 4 years 29 days | 3 years 8 months 23 days |
Class A Warrants [Member] | ||
Number of Warrants Outstanding, Beginning of Period | 219,375 | |
Number of Warrants, Granted | ||
Number of Warrants, Exercised | (109,688) | |
Number of Warrants, Forfeited | ||
Number of Warrants, Canceled | ||
Number of Warrants Outstanding, End of Period | 109,687 | 219,375 |
Weighted Average Exercise Price of Warrants Outstanding, Beginning of Period | $ 11.40 | |
Weighted Average Exercise Price, Granted | ||
Weighted Average Exercise Price, Exercised | 11.40 | |
Weighted Average Exercise Price, Forfeited | ||
Weighted Average Exercise Price, Canceled | ||
Weighted Average Exercise Price of Warrants Outstanding, End of Period | $ 11.40 | $ 11.40 |
Weighted Average Remaining Contractual Life in Years, Beginning of Period | 4 years 2 months 19 days | |
Weighted Average Remaining Contractual Life in Years, Granted | 0 years | |
Weighted Average Remaining Contractual Life in Years, Exercised | 3 years 2 months 19 days | |
Weighted Average Remaining Contractual Life in Years, End of Period | 3 years 2 months 19 days | |
Class X Warrants [Member] | ||
Number of Warrants Outstanding, Beginning of Period | ||
Number of Warrants, Granted | 109,750 | |
Number of Warrants, Exercised | ||
Number of Warrants, Forfeited | (109,750) | |
Number of Warrants, Canceled | ||
Number of Warrants Outstanding, End of Period | ||
Weighted Average Exercise Price of Warrants Outstanding, Beginning of Period | ||
Weighted Average Exercise Price, Granted | 11.40 | |
Weighted Average Exercise Price, Exercised | ||
Weighted Average Exercise Price, Forfeited | 11.40 | |
Weighted Average Exercise Price, Canceled | ||
Weighted Average Exercise Price of Warrants Outstanding, End of Period | ||
Weighted Average Remaining Contractual Life in Years, Beginning of Period | 0 years | |
Weighted Average Remaining Contractual Life in Years, Granted | 6 months | |
Weighted Average Remaining Contractual Life in Years, End of Period | 0 years | 0 years |
Class Y Warrants [Member] | ||
Number of Warrants Outstanding, End of Period | 1,538,481 | |
Warrants exercisable at end of period | 1,034,923 | |
Weighted Average Exercise Price of Warrants Outstanding, End of Period | $ 11.96 | |
Weighted Average Exercise Price, exercisable at end of period | 10.73 | |
Weighted average fair value of warrants granted during the period | $ 9 | |
Weighted Average Remaining Contractual Life in Years, End of Period | 4 years 29 days |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Total | 1,980,283 | 900,227 |
Preferred Stock [Member] | ||
Total | 20,357 | |
Restricted Stock Units [Member] | ||
Total | 346,802 | 33,117 |
Stock Options [Member] | ||
Total | 95,000 | 100,000 |
Stock Warrants [Member] | ||
Total | 1,538,481 | 746,753 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Apr. 30, 2021USD ($)a$ / T | |
Minimum royalty payments percentage | 100.00% |
Maggie Creek [Member] | |
Undivided interest Percentage | 0.50 |
Payment to initial earn in amount | $ | $ 250,000 |
Number Co [Member] | |
Undivided interest Percentage | 0.50 |
State of Wyoming Mining Lease One [Member] | |
Area of land | a | 640 |
Lease renewed date | Feb. 28, 2013 |
Lease term | 10 years |
Lease annual payment per acre | 2 |
Lease annual payment per acre third ten year term | 3 |
Lease annual payment per acre thereafter | 4 |
State of Wyoming Mining Lease Two [Member] | |
Area of land | a | 480 |
Lease renewed date | Feb. 28, 2014 |
Lease term | 10 years |
Lease annual payment per acre | 2 |
Lease annual payment per acre third ten year term | 3 |
Lease annual payment per acre thereafter | 4 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Royalty Payable (Details) | Apr. 30, 2021$ / T |
FOB Mine Value Per Ton Range One [Member] | |
Percentage Royalty | 5.00% |
FOB Mine Value Per Ton Range One [Member] | Minimum [Member] | |
FOB Mine Value per Ton | 0 |
FOB Mine Value Per Ton Range One [Member] | Maximum [Member] | |
FOB Mine Value per Ton | 50 |
FOB Mine Value Per Ton Range Two [Member] | |
Percentage Royalty | 7.00% |
FOB Mine Value Per Ton Range Two [Member] | Minimum [Member] | |
FOB Mine Value per Ton | 50.01 |
FOB Mine Value Per Ton Range Two [Member] | Maximum [Member] | |
FOB Mine Value per Ton | 100 |
FOB Mine Value Per Ton Range Three [Member] | |
Percentage Royalty | 9.00% |
FOB Mine Value Per Ton Range Three [Member] | Minimum [Member] | |
FOB Mine Value per Ton | 100.01 |
FOB Mine Value Per Ton Range Three [Member] | Maximum [Member] | |
FOB Mine Value per Ton | 150 |
FOB Mine Value Per Ton Range Four [Member] | |
FOB Mine Value per Ton | 150.01 |
Percentage Royalty | 10.00% |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) | Apr. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2022 | $ 2,240 |
Fiscal 2023 | 2,240 |
Fiscal 2024 | 960 |
Total | $ 5,440 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Right and Option to Earn-in and Acquire Undivided Interest (Details) | 12 Months Ended |
Apr. 30, 2021USD ($) | |
Initial earn in amount | $ 4,500,000 |
First Agreement Year [Member] | |
Initial earn in amount | |
Second Agreement Year [Member] | |
Initial earn in amount | 300,000 |
Third Agreement Year [Member] | |
Initial earn in amount | 500,000 |
Fourth Agreement Year [Member] | |
Initial earn in amount | 700,000 |
Fifth Agreement Year [Member] | |
Initial earn in amount | 1,000,000 |
Sixth Agreement Year [Member] | |
Initial earn in amount | 1,000,000 |
Seventh Agreement Year [Member] | |
Initial earn in amount | $ 1,000,000 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Advance Minimum Royalty Payments (Details) | Apr. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2022 | $ 25,000 |
Fiscal 2023 | 25,000 |
Fiscal 2024 | 25,000 |
Fiscal 2025 | 25,000 |
Fiscal 2026 and thereafter | 150,000 |
Total | $ 250,000 |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - USD ($) | Aug. 10, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Net operating loss carryforwards | $ 19,100,000 | ||
Future taxable income offset percentage | 80.00% | ||
Income tax benefit | $ (438,145) | ||
Alternative minimum tax credits | $ 438,000 | ||
Mineral rights acquired | $ 10,249,632 | ||
State income tax expense (benefit), net of federal taxes | 0.00% | 0.00% | |
Valuation allowance on deferred tax assets, percentage | 100.00% | ||
Expires through the year 2038 [Member] | |||
Net operating loss carryforwards | $ 13,200,000 | ||
Federal [Member] | |||
Net operating loss carryforwards | 32,300,000 | ||
State [Member] | |||
Net operating loss carryforwards | $ 7,100,000 | ||
Net operating loss carryforwards, expiration date | State net operating loss carryforwards that expire through the year 2038 |
Income Tax - Schedule of Compon
Income Tax - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Current: Federal | $ (438,145) | |
Current: State and local | ||
Total current | (438,145) | |
Deferred: Federal | ||
Deferred: State and local | ||
Total deferred | ||
Total income tax provision (benefit) | $ (438,145) |
Income Tax - Schedule of Net De
Income Tax - Schedule of Net Deferred Tax Asset and Liabilities (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryover | $ 6,793,000 | $ 5,083,000 |
Stock-based compensation | 2,776,000 | 2,019,000 |
Capitalized exploration costs | 431,000 | 340,000 |
Accrued remediation costs | 7,000 | 7,000 |
Alternative minimum tax credit carryover | ||
Subtotal | 10,007,000 | 7,449,000 |
Less: valuation allowance | (7,855,000) | (7,449,000) |
Total deferred tax asset | 2,152,000 | |
Acquired mineral rights in excess of tax basis in a tax-free merger | (2,152,000) | |
Total deferred tax liabilities | (2,152,000) | |
Net deferred tax asset (liabilities) |
Income Tax - Schedule of Effect
Income Tax - Schedule of Effective Tax Rate (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax provision (benefit) based on statutory rate, amount | $ (2,601,000) | $ (1,194,000) |
State income tax provision (benefit), net of federal taxes, amount | ||
Change in effective state tax rate, amount | ||
Change in prior year estimate, amount | (43,000) | (381,000) |
Increase (decrease) in valuation allowance, amount | 2,558,000 | 1,137,000 |
Total taxes on income (loss), amount | $ (438,000) | |
Federal income tax expense (benefit) based on statutory rate | 21.00% | 21.00% |
State income tax expense (benefit), net of federal taxes | 0.00% | 0.00% |
Change in effective state tax rate | 0.00% | 0.00% |
Change in prior year estimate | (30.00%) | 6.70% |
Increase (decrease) in valuation allowance | (2070.00%) | (20.00%) |
Total tax provision (benefit) on income (loss) | 0.00% | 7.70% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Jun. 19, 2021 | Jun. 09, 2021 | Jun. 01, 2021 | Nov. 26, 2019 | Apr. 30, 2021 | Apr. 30, 2020 | Sep. 18, 2019 |
Shares issued for services | 2,100 | ||||||
Shares issued for services, value | $ 1,539,364 | $ 572,603 | |||||
Shares issued price per share | $ 8.70 | $ 10.30 | |||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Shares issued for services | 2,097 | ||||||
Shares issued for services, value | $ 25,000 | ||||||
Shares issued price per share | $ 11.92 | ||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Employee [Member] | |||||||
Shares issued for services | 15,322 | ||||||
Shares issued for services, value | $ 150,000 | ||||||
Shares issued price per share | $ 9.79 | ||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Investor Relations Agreement [Member] | |||||||
Shares issued for services | 25,000 | ||||||
Shares issued for services, value | $ 258,500 | ||||||
Shares issued price per share | $ 10.34 |