Golden River Resources 10-Q 7 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2014	Mar. 25, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	GOLDEN RIVER RESOURCES CORP.
Entity Central Index Key	814,904
Trading Symbol	gorv
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock Shares Outstanding		56,807,283
Document Type	10-Q
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2014	Jun. 30, 2014
Current Assets
Cash		$ 1
Receivables	$ 40	44
Receivables - affiliates	49	56
Advances receivable		131
Prepaid expenses and deposits		1
Total Current Assets	89	233
Total Assets	89	233
Current Liabilities
Accounts payable and accrued expenses	149	113
Total Current Liabilities	149	113
Total Liabilities	149	113
Stockholders' Equity (Deficit):
Common Stock: $.0001 par value 400,000,000 shares authorized 56,807,408 issued and outstanding	5	5
Additional paid-in-capital	41,428	41,428
Less treasury stock at cost, 125 shares	(19)	(19)
Retained (deficit)	(41,474)	(41,294)
Total Stockholders' Equity (Deficit)	(60)	120
Total Liabilities and Stockholders' Equity (Deficit)	$ 89	$ 233

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals) - $ / shares	Dec. 31, 2014	Jun. 30, 2014
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	56,807,408	56,807,408
Common stock, shares outstanding	56,807,408	56,807,408
Treasury stock, shares	125	125

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenues
Costs and expenses:
Legal, accounting and professional	$ 12	$ 18	$ 20	$ 38
Administration expenses	30	74	51	116
Total costs and expenses	42	92	71	154
Foreign currency exchange (loss)	(116)	(109)	(258)	(109)
Recovery of/(allowance for) doubtful debt	135	(140)	149	(709)
Gain on marketable investment				2
Other income:
Interest income				1
(Loss) from operations before income taxes	$ (23)	$ (341)	$ (180)	$ (969)
Benefit for deferred income taxes
Net (loss)	$ (23)	$ (341)	$ (180)	$ (969)
Other comprehensive (loss):
Foreign currency translation adjustments				3
Comprehensive (loss)	$ (23)	$ (341)	$ (180)	$ (966)
Basic and diluted net (loss) per common equivalent shares	$ 0	$ (0.01)	$ 0	$ (0.02)
Weighted average number of common equivalent shares used per share calculation (in shares)	56,807	56,807	56,807	56,807

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
CASH FLOW FROM OPERATING ACTIVITIES
Net (loss)	$ (341)	$ (180)	$ (969)	$ (961)
Adjustments to reconcile net (loss) to net cash provided by/(used) in operating activities
Foreign currency exchange loss	109	258	109
(Gain) on sale/revaluation of marketable investment			(2)
(Recovery of)/allowance for doubtful debt	140	(149)	709
Net change net of disposition and acquisition in:
Receivables		128	7
Prepaid expenses and deposits		1
Accounts payable and accrued expenses		36	32
Net Cash Provided by/(Used) in Operating Activities		$ 94	(114)
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of marketable securities			402
Net Cash Provided by Investing Activities			402
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings from affiliates		$ 32	113
Advances and repayments to affiliates		(127)	(1,038)
Net Cash (Used) in Financing Activities		(95)	(925)
Effects of Exchange Rate on Cash			2
Net (Decrease) in Cash		(1)	(635)
Cash at Beginning of Period		$ 1	637	637
Total Cash at End of Period	$ 2		$ 2	$ 1
Supplemental Disclosures
Interest Paid

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Common Stock	Treasury Stock, at Cost	Additional Paid-in Capital	Retained (Deficit) during the Exploration stage	Total
Balance at Jun. 30, 2013	$ 5	$ (19)	$ 41,428	$ (40,333)	$ 1,081
Balance (in shares) at Jun. 30, 2013	56,807,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)				(961)	(961)
Balance at Jun. 30, 2014	$ 5	(19)	41,428	(41,294)	$ 120
Balance (in shares) at Jun. 30, 2014	56,807,000				56,807,408
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)				(180)	$ (180)
Balance at Dec. 31, 2014	$ 5	$ (19)	$ 41,428	$ (41,474)	$ (60)
Balance (in shares) at Dec. 31, 2014	56,807,000				56,807,408

Organisation

Organisation	6 Months Ended
	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organisation	1. Organisation Golden River Resources Corporation (“Golden River Resources”) is incorporated in the State of Delaware. The principal shareholder of Golden River Resources is Northern Capital Resources Corp (“NCRC”) which owned 96.62% of Golden River Resources as of December 31, 2014. Golden River Resources was a gold exploration company. On March 17, 2009, the Company announced that it had reached agreement with Acadian Mining Corporation (TSX: ADA) ("Acadian") to subscribe in private placement transactions for common shares in Acadian and since that time, it acquired an interest by June 30, 2011 of 71.48%. Between January 2012 and June 2013 the Company sold a majority of its interest in Acadian and at June 30, 2013, it held a 0.50% interest in Acadian. On September 18, 2013, the Company converted a convertible note of US$402,000 into 3,500,000 shares in Acadian thus increasing its equity interest in Acadian to 6.53%. On October 11, 2013, Acadian and LionGold Corp. Ltd. ("LionGold") announced that they concluded the arrangement by which LionGold, compulsory acquired all of the common shares of Acadian that it did not already own. As a result, effective October 11, 2013, the Company no longer has an equity interest in Acadian. The Company is now looking for new gold acquisitions interests. The financial statements presented herein have been prepared on a consolidated basis to include the accounts of Golden River Resources and its other subsidiaries (collectively “the Company”). All intercompany balances and transactions have been eliminated in consolidation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Dec. 31, 2014
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern (ASU 2014-15). The guidance in ASU 2014-15 sets forth management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU however at the current period management does not believe that it has met conditions which would subject these financial statements for additional disclosure other than disclosed in Note 4. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis (“ASU 2015-02”) which provides guidance for reporting entities that are required to evaluate whether they should consolidate certain legal entities. In accordance with ASU 2015-02, all legal entities are subject to revaluation under the revised consolidation model. ASU 2015-02 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is still assessing the potential impact of ASU 2015-02 on its financial position and results of operations. Other Recently Issued, but not Yet Effective Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting policy followed in connection with the preparation of the financial statements. Foreign Currency Translation Effective October 1, 2013, the Company’s functional and reporting currency is the United States dollar. Revenue and expenses incurred in a currency other than the United States dollars are translated at the date incurred or invoiced. Assets and liabilities are re-valued at the period end exchange rate where appropriate. Gains or losses from foreign currency transactions are included in the results of operations. Prior to October 1, 2013, the Company’s functional and reporting currency was the Canadian dollar (CDN). The major asset of Company at December 31, 2013 was a marketable security held in a former consolidated entity. In October 2013 all shares held in in the former consolidated entity were compulsory acquired by a third party. As a result of the disposal of the investment, the Company’s revenue and expenses are no longer primarily denominated in Canadian dollars. ASC 830 Foreign Currency Translation, states that the functional currency of an entity is the currency of the primary economic environment in which the entity operates. Accordingly the Company determined that from October 1, 2013 the functional currency of the Company is the United States dollar (US$). Assets, liabilities and equity were translated at the rate of exchange at October 1, 2013 of CDN$1.00 = US$0.9704. Revenues and expenses were translated at rates at date of transaction. The recasting of the Company’s assets, liabilities, revenue and expense into US dollars did not have a material impact on the consolidated financial statements. Translation gains and losses were not material and accordingly were included as part of operations. Restatement of comparative numbers was made for the change in functional and reporting currency.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Dec. 31, 2014
Going Concern [Abstract]
GOING CONCERN	4. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. At December 31, 2014, the Company had not yet commenced revenue producing operations and had a retained deficit of US$41,474,000. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company will require additional funding for operations and this additional funding may be raised through debt or equity offerings. The Company has a debt due from AXIS Consultants Pty Ltd (AXIS) which is nearly fully offset by the allowance for doubtful debt. AXIS provides management services to the Company and the cost of these services reduces the amount of the debt. In addition, the Company has historically relied on loans and advances from corporations affiliated with the President of Golden River Resources and fund raising through the sale of equity instruments. Based on discussions with these affiliate companies, the Company believes this source of funding will continue to be available. Other than the arrangements noted above, the Company has not confirmed any other arrangement for ongoing funding. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Affiliate Transactions

Affiliate Transactions	6 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Affiliate Transactions	5. Affiliate Transactions Golden River Resources advances to and receives advances from various affiliates and such advances are denominated in Australian dollars. The Company has entered into an agreement with AXIS Consultants Pty Ltd (“AXIS”) to provide geological, management and administration services to the Company. AXIS is affiliated through common management. The Company is one of nine affiliated companies to which AXIS provides services. Each of the companies has some common Directors, officers and shareholders. Golden River Resources holds a 9.09% interest in AXIS at a cost of A$1 and is accounted for under the cost method. Any profits generated by AXIS are returned to its shareholders in the form of dividends. The Company has made advances to AXIS in connection with the ongoing business relationship between the two parties, which have been disclosed in the Company’s SEC reports, but which are not specifically provided for in the AXIS Services Agreement. In order to service its clients, AXIS is required to make ongoing expenditures for payroll, facilities and equipment that may exceed the amount of its cash receipts during particular periods, depending on the amount of services provided to its clients and the amount of fees received from such clients during these periods. Historically, the shortfall in its cash receipts has been covered by cash advances from a number of the companies, which receive services from AXIS, including the Company. The purpose of such advances is to assist AXIS in meeting its ongoing cash flow requirements in order to assure that AXIS has the necessary resources to provide services to the Company on an as needed basis. The parties are in discussions in relation to AXIS providing security to the Company for the amount outstanding and such discussions are anticipated to be concluded by the end of fiscal 2015. However no agreement has been reached to-date. Two of the Company’s directors (Mr Gutnick and Dr Tyrwhitt) are also directors of AXIS, Mr Lee is Chief Financial Officer and Company Secretary of AXIS and all owe fiduciary obligations to both parties. It is the intention of the Boards of Directors of AXIS and the Company that this issue be resolved in a manner that is fair to all parties and equitable to the shareholders of each, but there are no agreements or understandings addressing the priority or dispensation of fiduciary duties with respect to the discussions to resolve the amount outstanding owed by AXIS or any other conflict of interest with AXIS or other affiliates. During the six months ended December 31, 2014, AXIS repaid Golden River Resources US$12,000 and the Company advanced AXIS US$127,000, provided services in accordance with the service agreement of US$19,000 and in addition an accrual (which is included in accounts payable and accrued expenses) was recorded for services of US$24,000. For the six months ended December 31, 2014, the foreign currency translation effect of the amount owing by AXIS was a loss of approximately US$245,000. The amount owed by AXIS at December 31, 2014 is US$1,601,000. At December 31, 2014, management considered the recoverability of the amount owed by AXIS and in accordance with the requirements of accounting standards recorded a recovery of US$149,000 against the provision for doubtful receivable. During the six months ended December 31, 2014, the Company did not charge interest. At December 31, 2014, the provision for doubtful receivable amounts to US$1,552,000. The amount owed by AXIS (net of allowance) at December 31, 2014 under current assets – receivables from affiliates was US$49,000. During the six months ended December 31, 2013, AXIS repaid the Company US$31,000 and provided services in accordance with the service agreement of US$83,000 and the Company advanced AXIS US$1,038,000, before foreign currency translation of approximately US$103,000. The amount owed by AXIS at December 31, 2013 was US$1,791,000. At December 31, 2013, management considered the recoverability of the amount owed by AXIS and in accordance with the requirements of accounting standards provided a provision for doubtful receivable. For the six months ended December 31, 2013, the Company recorded an additional provision of US$709,000. During fiscal 2010, the Company sold shares of common stock to NCRC, a Nevada corporation, pursuant to certain subscription agreements. Mr Joseph Gutnick, the Company’s President, is the Chairman and Chief Executive Officer of NCRC. In addition, Legend International Holdings, Inc., of which Mr. Gutnick is the Chairman and Chief Executive Officer and a principal stockholder, owns 31.46% of NCRC. As of December 31, 2014, NCRC owned approximately 96.6% of the outstanding common stock of the Company. During fiscal 2013, the Company advanced NCRC US$1,189,000 and after foreign exchange adjustments US$1,158,000 is the amount owed by NCRC at December 31, 2014. Management had previously considered the recoverability of the amount owed by NCRC and in accordance with the requirements of accounting standards provided a provision for doubtful receivable for the full amount. During fiscal 2013, Golden River advanced Acadian US$141,000 in funds for operating expenditures and incurred expenditures on behalf of Acadian of US$2,000. On September 25, 2014 the amount outstanding was repaid in full.

Issue of Options under Stock Op

Issue of Options under Stock Option Plan	6 Months Ended
	Dec. 31, 2014
Disclosure Of Compensation Related Costs Share based Payments [Abstract]
Issue of Options under Stock Option Plan	6. Issue of Options under Stock Option Plan In October 2004, the Board of Directors and Remuneration Committee of the Company adopted a Stock Option Plan. The Company issued 605,000 options under the plan. At December 31, 2014, the options are fully vested. Since the issue of the options, 200,000 options have lapsed following the termination of participants to the issue. A summary of the options outstanding and exercisable at December 31, 2014 are as follows: Outstanding Exercisable Number of options 405,000 405,000 Exercise price US$3.08 US$3.08 Expiration date October 15, 2016 October 15, 2016

(Loss) per share

(Loss) per share	6 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
(Loss) per share	7. (Loss) per share The Company calculates (loss) per share in accordance with ASC Topic 260, Earnings per Share. Basic profit/(loss) per share is computed based on the weighted average number of common shares outstanding during the period. Options to acquire 405,000 shares of common stock were not included in the diluted weighted average shares outstanding as such effects would be anti-dilutive.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	6 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Of Financial Instruments	8. Fair Value Of Financial Instruments The Company’s financial instruments consist of cash, receivables, accounts payable and accrued expenses and advances due from affiliates. The carrying amounts of receivables, accounts payable and accrued expenses, advances receivable approximate their respective fair values because of the short maturities of these accounts. The fair values of advances due from affiliates are not practicable to estimate as no similar market exists for these instruments and as it does not have a specified date of repayment.

Investments In and Receivable f

Investments In and Receivable from Acadian	6 Months Ended
	Dec. 31, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments In and Receivable from Acadian	9. Investments In and Receivable from Acadian On October 11, 2013 Acadian and LionGold announced that they concluded the arrangement by which LionGold, through its wholly-owned subsidiary LionGold Mining Canada Inc. (formerly 9286-0930 Québec Inc.) compulsory acquired all of the common shares of Acadian ("Acadian Shares") that it did not already own (the "Arrangement"). Effective from that date, LionGold directly or indirectly owns 100% of the outstanding shares of Acadian. Under the Arrangement, Acadian shareholders (other than LionGold and its affiliates) received CDN$0.12 in cash for each Acadian Share. On October 17, 2013 the Company received US$402,000 for 3,509,998 shares it held in Acadian. The balance of the funds of US$28,000 (after currency translation) was received in March 2015.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The Company recognises deferred tax assets or liabilities for the expected future consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company is subject to taxation in both the USA and Canada. The Company’s net deferred taxes at December 31, 2014 is summarized as follows: USA 2014 US$000s Canada 2014 US$000s Total 2014 US$000s Deferred tax assets Net operating loss carry-forward 2,465 120 2,585 Exploration expenditure 526 2,797 3,323 2,991 2,917 5,908 Less valuation allowance (2,991 ) (2,917 ) (5,908 ) - - - The Company’s net deferred taxes at June 30, 2014 is summarized as follows: USA 2014 US$000s Canada 2014 US$000s Total 2014 US$000s Deferred tax assets Net operating loss carry-forward 2,442 130 2,571 Exploration expenditure 526 3,040 3,567 2,968 3,170 6,138 Less valuation allowance (2,968 ) (3,170 ) (6,138 ) - - - Total available net operating loss carryforwards in the United States, which are subject to limitations, amount to approximately US$7,000,000 at December 31, 2014 and expire in years 2023 through 2034. Net operating loss carryforwards in Canada do not have a definite expiration date and amounted to US$8,000,000 subject to certain limitations. The Company’s tax years for all years since fiscal year ending June 30, 2011 remain open to most taxing authorities.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events The Company has evaluated events and transactions after the balance sheet date and, through the date the consolidated financial statements were issued and believes that all relevant disclosures have been included herein and there are no other events which require recognition or disclosure in the accompanying consolidated financial statements, other than disclosed herein.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Foreign Currency Translation	Foreign Currency Translation Effective October 1, 2013, the Company’s functional and reporting currency is the United States dollar. Revenue and expenses incurred in a currency other than the United States dollars are translated at the date incurred or invoiced. Assets and liabilities are re-valued at the period end exchange rate where appropriate. Gains or losses from foreign currency transactions are included in the results of operations. Prior to October 1, 2013, the Company’s functional and reporting currency was the Canadian dollar (CDN). The major asset of Company at December 31, 2013 was a marketable security held in a former consolidated entity. In October 2013 all shares held in in the former consolidated entity were compulsory acquired by a third party. As a result of the disposal of the investment, the Company’s revenue and expenses are no longer primarily denominated in Canadian dollars. ASC 830 Foreign Currency Translation, states that the functional currency of an entity is the currency of the primary economic environment in which the entity operates. Accordingly the Company determined that from October 1, 2013 the functional currency of the Company is the United States dollar (US$). Assets, liabilities and equity were translated at the rate of exchange at October 1, 2013 of CDN$1.00 = US$0.9704. Revenues and expenses were translated at rates at date of transaction. The recasting of the Company’s assets, liabilities, revenue and expense into US dollars did not have a material impact on the consolidated financial statements. Translation gains and losses were not material and accordingly were included as part of operations. Restatement of comparative numbers was made for the change in functional and reporting currency.

Issue of Options under Stock 19

Issue of Options under Stock Option Plan (Tables)	6 Months Ended
	Dec. 31, 2014
Disclosure Of Compensation Related Costs Share based Payments [Abstract]
Schedule of options outstanding and exercisable	Outstanding Exercisable Number of options 405,000 405,000 Exercise price US$3.08 US$3.08 Expiration date October 15, 2016 October 15, 2016

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of net deferred taxes	The Company’s net deferred taxes at December 31, 2014 is summarized as follows: USA 2014 US$000s Canada 2014 US$000s Total 2014 US$000s Deferred tax assets Net operating loss carry-forward 2,465 120 2,585 Exploration expenditure 526 2,797 3,323 2,991 2,917 5,908 Less valuation allowance (2,991 ) (2,917 ) (5,908 ) - - - The Company’s net deferred taxes at June 30, 2014 is summarized as follows: USA 2014 US$000s Canada 2014 US$000s Total 2014 US$000s Deferred tax assets Net operating loss carry-forward 2,442 130 2,571 Exploration expenditure 526 3,040 3,567 2,968 3,170 6,138 Less valuation allowance (2,968 ) (3,170 ) (6,138 ) - - -

Organisation (Detail Textuals)

Organisation (Detail Textuals) - USD ($)	1 Months Ended
	Sep. 18, 2013	Dec. 31, 2014	Jun. 30, 2013	Jun. 30, 2011
Acadian
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of ownership interest acquired				71.48%
Percentage of ownership interest held			0.50%
Percentage of ownership interest	6.53%
Convertible note	$ 402,000
Shares received upon conversion of note	3,500,000
Northern Capital Resources Corp ("NCRC")
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Percentage of parent company's equity owned by related parties		96.62%

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals)	Oct. 01, 2013
Accounting Policies [Abstract]
US dollars at foreign currency exchange rate per one Canadian dollar	0.9704

GOING CONCERN (Detail Textuals)

GOING CONCERN (Detail Textuals) - USD ($) $ in Thousands	Dec. 31, 2014	Jun. 30, 2014
Going Concern [Abstract]
Retained (deficit)	$ (41,474)	$ (41,294)

Affiliate Transactions (Detail

Affiliate Transactions (Detail Textuals)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2014USD ($)Affiliate	Dec. 31, 2013USD ($)	Dec. 31, 2014USD ($)Affiliate	Dec. 31, 2013USD ($)	Jun. 30, 2013USD ($)	Jun. 30, 2010	Dec. 31, 2014AUDAffiliate	Jun. 30, 2014USD ($)
Related Party Transaction [Line Items]
Foreign currency translation adjustments				$ 3,000
Allowance for doubtful debt	$ (135,000)	$ 140,000	$ (149,000)	709,000
Receivables - affiliates	$ 49,000		$ 49,000					$ 56,000
Acadian
Related Party Transaction [Line Items]
Amount advanced to affiliate					$ 141,000
Expenditure incurred on behalf of affiliate					2,000
AXIS Consultants Pty Ltd ("AXIS")
Related Party Transaction [Line Items]
Number of affiliated companies under service agreement | Affiliate	9		9				9
Ownership interest	9.09%		9.09%				9.09%
Cost of ownership interest | AUD							AUD 1
Repayment of debt by affiliate			$ 12,000	31,000
Amount advanced to affiliate			127,000	1,038,000
Services provided in accordance with service agreement			19,000	83,000
Accrual recorded for services	$ 24,000		24,000
Foreign currency translation adjustments			245,000	103,000
Amount owned by affiliate	1,601,000	1,791,000	1,601,000	1,791,000
Allowance for doubtful debt			149,000
Provision for doubtful receivable	1,552,000	$ 709,000	1,552,000	$ 709,000
Receivables - affiliates	49,000		49,000
Northern Capital Resources Corp ("NCRC")
Related Party Transaction [Line Items]
Amount advanced to affiliate					$ 1,189,000
Amount owned by affiliate	$ 1,158,000		$ 1,158,000
Percentage of parent company's equity owned by related parties	96.62%		96.62%				96.62%
Northern Capital Resources Corp ("NCRC") | Legend International Holdings, Inc.
Related Party Transaction [Line Items]
Percentage of related party's equity owned by affiliated entities						31.46%

Issue of Options under Stock 25

Issue of Options under Stock Option Plan - Summary of options outstanding and exercisable (Details) - Dec. 31, 2014 - Stock Option - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding	405,000
Exercise price of options outstanding	$ 3.08
Expiration date of options outstanding and exercisable	Oct. 15, 2016
Number of options exercisable	405,000
Exercise price of options exercisable	$ 3.08

Issue of Options under Stock 26

Issue of Options under Stock Option Plan (Detail Textuals) - shares	1 Months Ended	6 Months Ended
	Oct. 31, 2004	Dec. 31, 2014
Disclosure Of Compensation Related Costs Share based Payments [Abstract]
Number of options issued under stock option plan	605,000
Number of options lapsed		200,000

(Loss) Per Share (Detail Textua

(Loss) Per Share (Detail Textuals)	6 Months Ended
	Dec. 31, 2014shares
Earnings Per Share [Abstract]
Anti-dilutive stock options excluded from diluted weighted average shares outstanding	405,000

Investments In and Receivable28

Investments In and Receivable from Acadian (Detail Textuals)	Oct. 17, 2013USD ($)shares	Dec. 31, 2013USD ($)	Dec. 31, 2014USD ($)	Oct. 11, 2013CAD / shares	Sep. 18, 2013
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of marketable securities		$ 402,000
LionGold Corp. Ltd.
Investments in and Advances to Affiliates [Line Items]
Receivable for sale of marketable securities			$ 28,000
Acadian
Investments in and Advances to Affiliates [Line Items]
Percentage of ownership interest					6.53%
Proceeds from sale of marketable securities	$ 402,000
Number of marketable securities sold | shares	3,509,998
Acadian | LionGold Corp. Ltd.
Investments in and Advances to Affiliates [Line Items]
Percentage of ownership interest				100.00%
Cash received for each Acadian Share | CAD / shares				CAD 0.12

Income Taxes - Summary of net d

Income Taxes - Summary of net deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Jun. 30, 2014
Deferred tax assets
Net operating loss carry-forward	$ 2,585	$ 2,571
Exploration expenditure	3,323	3,567
Deferred tax assets, gross	5,908	6,138
Less valuation allowance	$ (5,908)	$ (6,138)
Deferred tax assets, net
USA
Deferred tax assets
Net operating loss carry-forward	$ 2,465	$ 2,442
Exploration expenditure	526	526
Deferred tax assets, gross	2,991	2,968
Less valuation allowance	$ (2,991)	$ (2,968)
Deferred tax assets, net
Canada
Deferred tax assets
Net operating loss carry-forward	$ 120	$ 130
Exploration expenditure	2,797	3,040
Deferred tax assets, gross	2,917	3,170
Less valuation allowance	$ (2,917)	$ (3,170)
Deferred tax assets, net

Income Taxes - (Detail Textuals

Income Taxes - (Detail Textuals) - Dec. 31, 2014 - USD ($)	Total
Income Taxes [Line Items]
Earliest open tax year	2,011
United States
Income Taxes [Line Items]
Total available net operating loss carryforwards	$ 7,000,000
United States | Minimum
Income Taxes [Line Items]
Expiration year of net operating loss carryforwards	2,023
United States | Maximum
Income Taxes [Line Items]
Expiration year of net operating loss carryforwards	2,034
Canada
Income Taxes [Line Items]
Total available net operating loss carryforwards	$ 8,000,000