[X]
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
20-4092640
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
1805 N. Carson Street, Suite 150
Carson City, NV 89701
________________________________________________________________________
(Address of principal executive offices, including zip code)
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
|
Non-accelerated filer [ ]
(Do not check if smaller reporting company)
|
Smaller reporting company [X]
|
Risks Relating to Our Common Stock
|
High
$
|
Low
$
|
|
For the Fiscal Year Ended March 31, 2013
|
||
Fourth Quarter ended March 31, 2013
|
0.37
|
0.20
|
Third Quarter ended December 31, 2012
|
0.57
|
0.24
|
Second Quarter ended September 30, 2012
|
0.47
|
0.09
|
First Quarter ended June 30, 2012
|
0.09
|
0.07
|
For the Fiscal Year Ended March 31, 2012
|
||
Fourth Quarter ended March 31, 2012
|
0.10
|
0.06
|
Third Quarter ended December 31, 2011
|
0.15
|
0.05
|
Second Quarter ended September 30, 2011
|
0.21
|
0.14
|
First Quarter ended June 30, 2011
|
0.25
|
0.17
|
●
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
|
|
●
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
|
●
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.
|
Item 10.
|
Directors, Executive Officers and Corporate Governance.
|
NAME
|
AGE
|
POSITION
|
||
Paul D. Thompson
|
72
|
President
Chief Executive Officer
Chief Financial Officer
Principle Accounting Officer
Secretary
Director
|
Summary Compensation Table
|
||||||||||||||||
Non-Equity
|
Nonqualified
|
All
|
||||||||||||||
Name and
|
Incentive
|
Deferred
|
Other
|
|||||||||||||
Principal
|
Stock
|
Option
|
Plan
|
Compensation
|
Compen
|
|||||||||||
Position
|
Year
|
Salary
|
Bonus
|
Awards
|
Awards
|
Compensation
|
Earnings
|
-sation
|
Total
|
|||||||
Paul D.Thompson
|
2013
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
President, Chief Executive Officer, Chief Financial Officer, Secretary, and Director
|
2012
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||
·
|
each person who is known to be the beneficial owner of more than five percent (5%) of our issued and outstanding shares of common stock;
|
·
|
each of our directors and executive officers; and
|
·
|
All of our Directors and Officers as a group
|
Name And Address
|
Number Of Shares
Beneficially Owned
|
Percentage
Owned
|
Paul D. Thompson(1)
|
75,590,809(2)(3)
|
34%
|
All Officers and Directors as Group
|
75,590,809
|
34%
|
Total
|
75,590,809
|
34%
|
|
(1)
|
1805 N. Carson Street, Suite 150, Carson City, NV 89701.
|
|
(2)
|
Includes 26,044,119 shares held by Mr. Thompson individually, 45,500,000 shares held by Taurus Gold, Inc., 182,918 shares held by Mexus Gold Mining S.A. C.V. and 113,772 shares held by Mexus Gold International.
|
|
(3)
|
In addition, Mr. Thompson owns 375,000 shares of out Series A Convertible Preferred Stock, $.001 par value. Each share of our Series A Convertible Preferred Stock converts into 10 shares of our common stock. Assuming Mr. Thomson converted 100% of the Series A Convertible Preferred Stock held by him, he would hold and additional 3,750,000 shares of common stock and a total of 75,590,809 shares of commons stock or 35% of our issued and outstanding shares of common stock.
|
|
(4)
|
Holders of our Series A Convertible Preferred Stock have such number of votes as is determined by multiplying: (a) the number of shares of Series A Convertible Preferred Stock held by such holder, (b) the number of issued and outstanding shares of the Corporation’s Series A Convertible Preferred Stock and common stock on a fully-diluted basis; and (c) 0.000006. Accordingly, on any stockholders vote, Mr. Thompson has a total of 568,774,961 votes, or greater than 260% of the issued and outstanding common stock of the company.
|
Statements
|
||||
Report of Independent Registered Public Accounting Firm
|
||||
Consolidated Balance Sheets at March 31, 2013 and 2012
|
||||
Consolidated Statements of Operations for the years ended March 31, 2013 and 2012 and from September 18, 2009 (Exploration Stage Re- Entry) to March 31, 2013
|
||||
Consolidated Statement of Changes in Shareholders' Equity for the years ended March 31, 2013 and 2012 and from September 18, 2009 (Exploration Stage Re-Entry) to March 31, 2013
|
||||
Consolidated Statements of Cash Flows for the years ended March 31, 2013 and 2012 and from September 18, 2009 (Exploration Stage Re-Entry) to March 31, 2013
|
||||
Notes to Consolidated Financial Statements
|
||||
Schedules
|
||||
All schedules are omitted because they are not applicable or the required information is shown in the Financial Statements or notes thereto.
|
||||
Exhibit
|
Form
|
Filing
|
Filed with
|
|
Exhibits
|
#
|
Type
|
Date
|
This Report
|
Articles of Incorporation filed with the Secretary of State of Colorado on June 22, 1990
|
3.1
|
10-SB
|
1/24/2007
|
|
Articles of Amendment to the Articles of Incorporation filed with the Secretary of State of Colorado on October 17, 2006
|
3.2
|
10-SB
|
1/24/2007
|
|
Articles of Amendment to Articles of Incorporation filed with the Secretary of State of the State of Colorado on January 25, 2007
|
3.3
|
10KSB
|
6/29/2007
|
|
Amended and Restated Bylaws dated December 30, 2005
|
3.3
|
10-SB
|
1/24/2007
|
|
Code of Ethics
|
14.1
|
10-KSB
|
6/29/2007
|
|
Certification of Paul D. Thompson, pursuant to Rule 13a-14(a)
|
31.1
|
X
|
||
Certification of Paul D. Thompson pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.1
|
X
|
||
Caborca Concessions Site Map (Mexico)
|
99.1
|
X
|
||
Mexus Gold Concessions Site Map (Nevada)
|
99.2
|
X
|
||
Environmental Permits (Mexico)
|
99.3
|
X
|
||
XBRL Instance Document
|
101.INS
|
X
|
||
XBRL Taxonomy Extension Schema Document
|
101.SCH
|
X
|
||
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.CAL
|
X
|
||
XBRL Taxonomy Extension Definition Linkbase Document
|
101.DEF
|
X
|
||
XBRL Taxonomy Extension Label Linkbase Document
|
101.LAB
|
X
|
||
XBRL Taxonomy Extension Presentation Linkbase Document
|
101.PRE
|
X
|
MEXUS GOLD US
/s/ Paul D. Thompson
By: Paul D. Thompson
Its: President
Principle Accounting Officer
|
Signatures
|
Title
|
Date
|
||
/s/ Paul D. Thompson
Paul D. Thompson
|
Chief Executive Officer
Chief Financial Officer
Principal Accounting Officer
President
Secretary
Director
|
July 13, 2013
|
MEXUS GOLD US
|
(An Exploration Stage Company)
|
CONSOLIDATED FINANCIAL STATEMENTS
|
March 31, 2013
|
(Audited)
|
CONSOLIDATED BALANCE SHEETS
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
MEXUS GOLD US
|
(An Exploration Stage Company)
|
CONSOLIDATED BALANCE SHEETS
|
(Audited)
|
March 31, 2013
|
March 31, 2012
|
||||
ASSETS
|
|||||
CURRENT ASSETS
|
|||||
Cash
|
$ 104,701
|
$ -
|
|||
Prepaid and other assets
|
25,019
|
8,419
|
|||
TOTAL CURRENT ASSETS
|
129,720
|
8,419
|
|||
FIXED ASSETS
|
|||||
Equipment, net of accumulated depreciation
|
1,955,813
|
1,131,097
|
|||
TOTAL FIXED ASSETS
|
1,955,813
|
1,131,097
|
|||
OTHER ASSETS
|
|||||
Equipment under construction
|
52,575
|
158,907
|
|||
Property costs
|
1,233,483
|
682,374
|
|||
TOTAL OTHER ASSETS
|
1,286,058
|
841,281
|
|||
TOTAL ASSETS
|
$ 3,371,591
|
$ 1,980,797
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||
CURRENT LIABILITIES
|
|||||
Accounts payable and accrued liabilities
|
$ 50,698
|
$ 96,561
|
|||
Accounts payable - related party
|
30,915
|
52,637
|
|||
Advance from Powercom Services Inc.
|
-
|
800,000
|
|||
Notes payable
|
192,500
|
199,747
|
|||
Note payable - related party
|
218,992
|
115,942
|
|||
Loan payable
|
-
|
1,284
|
|||
TOTAL CURRENT LIABILITIES
|
493,105
|
1,266,171
|
|||
LONG TERM LIABILITIES
|
|||||
Loan payable, net of current portion
|
-
|
36,858
|
|||
TOTAL LONG TERM LIABILITIES
|
-
|
36,858
|
|||
TOTAL LIABILITIES
|
493,105
|
1,303,029
|
|||
SHAREHOLDERS' EQUITY
|
|||||
Capital stock
|
|||||
Authorized
|
|||||
9,000,000 shares of preferred stock, $0.001 par value per share, nil issued and outstanding
|
|||||
1,000,000 shares of Series A Convertible Preferred Stock, $0.001 par value per share
|
|||||
500,000,000 shares of common stock, $0.001 par value per share
|
|||||
Issued and outstanding
|
|||||
375,000 shares of Series A Convertible Preferred Stock (375,000 - March 31, 2012)
|
375
|
375
|
|||
212,468,077 shares of common stock (179,381,712 - March 31, 2012)
|
212,468
|
179,382
|
|||
Additional paid-in capital
|
11,266,771
|
5,381,846
|
|||
Share subscription payable
|
417,369
|
67,893
|
|||
Accumulated deficit
|
(648,441)
|
(648,441)
|
|||
Accumulated deficit during the exploration stage
|
(7,893,186)
|
(4,303,287)
|
|||
Total Mexus Gold Shareholders' Equity
|
3,355,356
|
677,768
|
|||
Non-controlling interest
|
(476,870)
|
-
|
|||
TOTAL SHAREHOLDERS' EQUITY
|
2,878,486
|
677,768
|
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ 3,371,591
|
$ 1,980,797
|
|||
The accompanying notes are an integral part of these consolidated financial statements.
|
MEXUS GOLD US
|
(An Exploration Stage Company)
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Audited)
|
For the Period from
|
||||
Exploration Stage re-entry
|
||||
Year Ended
|
Year Ended
|
(September 18, 2009) to
|
||
March 31, 2013
|
March 31, 2012
|
March 31, 2013
|
||
REVENUES
|
||||
Revenues
|
$ 1,158,742
|
$ 239,911
|
$ 1,419,653
|
|
Total revenues
|
1,158,742
|
239,911
|
1,419,653
|
|
Expenses
|
||||
General and administrative
|
898,768
|
705,080
|
2,767,763
|
|
Bad debt expense - related party
|
240,673
|
-
|
240,673
|
|
Exploration costs
|
3,281,234
|
561,926
|
4,110,814
|
|
Stock-based expense - consulting services
|
823,504
|
303,619
|
2,486,286
|
|
Impairment of mineral property
|
339,664
|
-
|
339,664
|
|
Loss on sale of equipment
|
159,439
|
128,273
|
279,317
|
|
Gain on settlement of debt
|
(283,715)
|
-
|
(283,715)
|
|
Total operating expenses
|
5,459,567
|
1,698,898
|
9,940,802
|
|
OTHER INCOME (EXPENSE)
|
||||
Interest expense
|
(32,611)
|
(52,945)
|
(115,576)
|
|
(32,611)
|
(52,945)
|
(115,576)
|
||
NET LOSS
|
(4,333,436)
|
(1,511,932)
|
(8,636,725)
|
|
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
(743,537)
|
-
|
(743,537)
|
|
NET LOSS ATTRIBUTABLE TO MEXUS GOLD US
|
$ (3,589,899)
|
$ (1,511,932)
|
$ (7,893,188)
|
|
BASIC LOSS PER COMMON SHARE
|
$ (0.02)
|
$ (0.01)
|
||
WEIGHTED AVERAGE NUMBER OFCOMMON SHARES
|
||||
OUTSTANDING- BASIC
|
194,389,689
|
165,769,742
|
||
The accompanying notes are an integral part of these consolidated financial statements.
|
MEXUS GOLD US
|
(An Exploration Stage Company)
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)
|
For the Period from Exploration Stage re-entry (September 18, 2009) to March 31, 2013
|
(Audited)
|
Preferred Stock
|
Series A Preferred Stock
|
Common Stock
|
Share
|
Deficit Accumulated During
|
Non-
|
Total
|
||||||||
Number of Shares
|
Amount
|
Number of Shares
|
Amount
|
Number of Shares
|
Amount
|
Additional Paid-in Capital
|
Subscription Payable
|
Accumulated Deficit
|
Exploration Stage
|
controlling interest
|
Shareholders' Equity (Deficit)
|
|||
Balance, September 18, 2009
|
-
|
$ -
|
-
|
$ -
|
136,614,000
|
$ 136,614
|
$ -
|
$ (648,441)
|
$ -
|
$ -
|
$ (511,827)
|
|||
Forgiveness of debt by related party and Cancellation of shares for cash
|
-
|
-
|
-
|
-
|
(129,025,000)
|
(129,025)
|
540,127
|
-
|
-
|
-
|
-
|
411,102
|
||
Shares issued for services
|
-
|
-
|
-
|
-
|
12,225,000
|
12,225
|
734,525
|
-
|
-
|
-
|
-
|
746,750
|
||
Shares issued for equipment
|
-
|
-
|
-
|
-
|
40,213,846
|
40,214
|
27,587
|
-
|
-
|
-
|
-
|
67,801
|
||
Shares issued for cash
|
-
|
-
|
-
|
-
|
44,389,833
|
44,390
|
175,564
|
-
|
-
|
-
|
-
|
219,954
|
||
Shares issued for options on mineral properties
|
-
|
-
|
-
|
-
|
250,000
|
250
|
-
|
-
|
-
|
-
|
-
|
250
|
||
Shares issued to Mexus Gold Mining S.A. de C.V.
|
-
|
-
|
-
|
-
|
40,000,000
|
40,000
|
2,180,000
|
-
|
-
|
-
|
-
|
2,220,000
|
||
Deemed Distribution to Mexus Gold Mining S.A. de C.V.
|
-
|
-
|
-
|
-
|
(2,220,000)
|
-
|
-
|
-
|
-
|
(2,220,000)
|
||||
Share subscription payable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
20,000
|
-
|
-
|
-
|
20,000
|
||
Net loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(958,576)
|
-
|
(958,576)
|
||
Balance at March 31, 2010
|
-
|
$ -
|
-
|
$ -
|
144,667,679
|
$ 144,668
|
$ 1,437,803
|
$ 20,000
|
$ (648,441)
|
$ (958,576)
|
$ -
|
$ (4,546)
|
||
Shares issued for services
|
-
|
-
|
-
|
-
|
5,337,500
|
5,338
|
607,095
|
-
|
-
|
-
|
-
|
612,433
|
||
Shares issued for equipment
|
-
|
-
|
-
|
-
|
2,981,464
|
2,981
|
320,970
|
-
|
-
|
-
|
-
|
323,951
|
||
Shares issued for cash
|
-
|
-
|
-
|
-
|
6,630,952
|
6,631
|
820,069
|
-
|
-
|
-
|
-
|
826,700
|
||
Shares issued for options on mineral properties
|
-
|
-
|
-
|
-
|
1,500,000
|
1,500
|
279,000
|
-
|
-
|
-
|
-
|
280,500
|
||
Share subscription payable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
135,245
|
-
|
-
|
-
|
135,245
|
||
Net loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,832,779)
|
-
|
(1,832,779)
|
||
Balance at March 31, 2011
|
-
|
$ -
|
-
|
$ -
|
161,117,595
|
$ 161,118
|
$ 3,464,937
|
$ 155,245
|
$ (648,441)
|
$ (2,791,355)
|
$ -
|
$ 341,504
|
||
Shares issued for services and supplies
|
-
|
-
|
-
|
-
|
2,671,367
|
2,671
|
272,460
|
-
|
-
|
-
|
-
|
275,131
|
||
Shares issued for equipment
|
-
|
-
|
-
|
-
|
955,034
|
955
|
165,236
|
-
|
-
|
-
|
-
|
166,191
|
||
Shares issued for cash
|
-
|
-
|
-
|
-
|
12,651,914
|
12,652
|
1,069,093
|
-
|
-
|
-
|
-
|
1,081,745
|
||
Shares issued for mineral properties
|
-
|
-
|
-
|
-
|
750,000
|
750
|
149,250
|
-
|
-
|
-
|
-
|
150,000
|
||
Shares issued for payments of loans, accounts payable and accrued interest
|
-
|
-
|
375,000
|
375
|
1,235,802
|
1,236
|
260,870
|
-
|
-
|
-
|
-
|
262,481
|
||
Share subscription payable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(87,352)
|
-
|
-
|
-
|
(87,352)
|
||
Net loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,511,932)
|
-
|
(1,511,932)
|
||
Balance, March 31, 2012
|
-
|
$ -
|
375,000
|
$ 375
|
179,381,712
|
$ 179,382
|
$ 5,381,846
|
$ 67,893
|
$ (648,441)
|
$ (4,303,287)
|
$ -
|
$ 677,768
|
||
Shares issued for services and supplies
|
-
|
-
|
-
|
-
|
4,635,405
|
4,635
|
802,681
|
-
|
-
|
-
|
-
|
807,316
|
||
Shares issued for equipment
|
-
|
-
|
-
|
-
|
681,388
|
681
|
162,534
|
-
|
-
|
-
|
-
|
163,215
|
||
Shares issued for cash
|
-
|
-
|
-
|
-
|
22,461,892
|
22,462
|
3,350,071
|
-
|
-
|
-
|
-
|
3,372,533
|
||
Shares issued for mineral properties
|
-
|
-
|
-
|
-
|
1,100,000
|
1,100
|
410,900
|
-
|
-
|
-
|
-
|
412,000
|
||
Shares issued for payments of loans, accounts payable and accrued interest
|
-
|
-
|
-
|
-
|
4,207,680
|
4,208
|
1,158,739
|
-
|
-
|
-
|
-
|
1,162,947
|
||
Share subscription payable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
349,476
|
-
|
-
|
-
|
349,476
|
||
Non-controlling interest mineral property contribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
266,667
|
266,667
|
||
Net loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,589,899)
|
(743,537)
|
(4,333,436)
|
||
Balance, March 31, 2013
|
-
|
$ -
|
375,000
|
$ 375
|
212,468,077
|
$ 212,468
|
$ 11,266,771
|
$ 417,369
|
$ (648,441)
|
$ (7,893,186)
|
$ (476,870)
|
$ 2,878,486
|
||
The accompanying notes are an integral part of these consolidated financial statements.
|
Mexus Gold US
|
(An Exploration Stage Company)
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Audited)
|
Exploration Stage
|
|||
Year ended
|
Year ended
|
re-entry (September 18,
|
|
March 31, 2013
|
March 31, 2012
|
2009) to March 31, 2013
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|||
Net loss
|
$ (4,333,436)
|
$ (1,511,932)
|
$ (8,636,725)
|
Adjustments to reconcile net loss
|
|||
to net cash used in operating activities:
|
|||
Depreciation and amortization
|
302,245
|
221,404
|
621,882
|
Loss on sale of equipment
|
159,439
|
128,273
|
279,317
|
Loss on settlement of accounts payable
|
-
|
11,000
|
11,000
|
Gain on settlement of debt
|
(283,715)
|
-
|
(283,715)
|
Stock-based compensation
|
823,504
|
275,132
|
2,457,816
|
Accrued interest expense
|
32,611
|
26,020
|
61,631
|
Impairment of mineral property
|
339,664
|
-
|
339,664
|
Bad debt expense - related party
|
240,673
|
-
|
240,673
|
Changes in operating assets and liabilities:
|
|||
Increase in prepaid and other assets
|
(16,600)
|
(2,435)
|
(25,019)
|
Increase in accounts payable and accrued liabilities
|
278,577
|
34,218
|
435,342
|
NET CASH USED IN OPERTATING ACTIVITIES
|
(2,457,038)
|
(818,320)
|
(4,498,134)
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|||
Purchase of equipment
|
(1,142,118)
|
(149,793)
|
(1,964,308)
|
Purchase of equipment under construction
|
(2,780)
|
(135,223)
|
(421,608)
|
Purchase of mineral properties
|
(197,106)
|
(80,805)
|
(448,730)
|
Issuance of notes receivable
|
(240,673)
|
-
|
(240,673)
|
Proceeds from sale of equipment
|
209,000
|
26,989
|
285,989
|
NET CASH USED IN INVESTING ACTIVITES
|
(1,373,677)
|
(338,832)
|
(2,789,330)
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|||
Proceeds from issuance of notes payable
|
310,946
|
150,319
|
960,765
|
Payments on notes payable
|
(165,304)
|
(141,312)
|
(306,616)
|
Payments on loans payable
|
(204)
|
(1,139)
|
(1,343)
|
Advances from related party
|
232,001
|
65,340
|
359,430
|
Payment on advances from related party
|
(34,696)
|
(19,091)
|
(53,787)
|
Advance from Powercom Services Inc.
|
-
|
-
|
800,000
|
Proceeds from issuance of common stock
|
3,592,673
|
1,081,245
|
5,585,618
|
Share subscriptions payable
|
-
|
(87,352)
|
43,393
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
3,935,416
|
1,048,010
|
7,387,460
|
INECREASE (DECREASE) IN CASH
|
104,701
|
(109,142)
|
99,996
|
CASH, BEGINNING OF PERIOD
|
-
|
109,142
|
4,705
|
CASH, END OF PERIOD
|
$ 104,701
|
$ -
|
$ 104,701
|
Supplemental disclosure of cash flow information:
|
|||
Interest paid
|
$ 9,741
|
$ 12,340
|
$ 22,081
|
Taxes paid
|
$ -
|
$ -
|
$ -
|
Supplemental disclosure of non-cash investing and financing activities:
|
|||
Shares issued for notes payable
|
$ 611,697
|
$ 195,260
|
$ 806,957
|
Shares issued for advances - related party
|
$ -
|
$ 2,200
|
$ 2,200
|
Shares issued for accounts payable, including related party
|
$ 551,250
|
$ 39,000
|
$ 590,250
|
Deferred gain on equipment
|
$ -
|
$ -
|
$ 46,000
|
Shares issued and unissued for equipment purchase
|
$ 282,108
|
$ 161,691
|
$ 475,299
|
Shares issued for equipment under construction
|
$ -
|
$ 5,000
|
$ 5,000
|
Shares issued for mineral property
|
$ 412,000
|
$ 150,000
|
$ 562,000
|
Asset relinquished to settle debt
|
$ 37,938
|
$ 108,000
|
$ 145,938
|
Asset given as settlement of payable
|
$ -
|
$ 6,500
|
$ 6,500
|
Loan for equipment
|
$ -
|
$ -
|
$ 43,046
|
Payables issued for mineral properties
|
$ (15,000)
|
$ -
|
$ (15,000)
|
Subscription payable settled by related party
|
$ (5,745)
|
$ -
|
$ (5,745)
|
Equipment under construction placed into service
|
$ 109,112
|
$ -
|
$ 109,112
|
The accompanying notes are an integral part of these consolidated financial statements.
|
1.
|
ORGANIZATION AND BUSINESS OF COMPANY
|
2.
|
GOING CONCERN
|
3.
|
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
|
|
There have been no recent accounting pronouncements or changes in accounting pronouncements that impacted the fourth quarter of fiscal 2013, or which are expected to impact future periods that were not already adopted and disclosed in prior periods.
|
4.
|
MINERAL PROPERTIES AND EXPLORATION COSTS
|
Balance
March 31,
2012
|
Cash
Payments
|
Share-Based
Payments
|
Impairment
|
Balance
March 31,
2013
|
|
Lida Mining District (a)
|
$150,656
|
$3,640
|
$0
|
($154,296)
|
$0
|
Ures (b)
|
170,368
|
15,000
|
0
|
(185,368)
|
0
|
Corborca (c)
|
361,350
|
117,447
|
12,000
|
0
|
490,797
|
Trinidad (d)
|
0
|
76,019
|
666,667
|
0
|
742,686
|
$682,374
|
$212,106
|
$678,667
|
($339,664)
|
$1,233,483
|
|
Balance
March 31,
2011
|
Cash
Payments
|
Share-Based
Payments
|
Impairment
|
Balance
March 31,
2012
|
|
Lida Mining District (a)
|
$120,001
|
$10,655
|
$20,000
|
$0
|
$150,656
|
Ures (b)
|
110,868
|
59,500
|
0
|
0
|
170,368
|
Corborca (c)
|
220,700
|
10,650
|
130,000
|
0
|
361,350
|
$451,569
|
$80,805
|
$150,000
|
$0
|
$682,374
|
|
Balance
March 31,
2012
|
Cash
Payments
|
Share-Based
Payments
|
Balance
March 31,
2013
|
|
Lida Mining District (a)
|
$0
|
$0
|
$0
|
$0
|
Ures (b)
|
610,515
|
306,430
|
355,065
|
1,272,010
|
Corborca (c)
|
461,609
|
306,430
|
355,064
|
1,123,103
|
Trinidad (d)
|
0
|
2,668,374
|
0
|
2,668,374
|
$1,072,124
|
$3,281,234
|
$710,129
|
$5,063,487
|
|
Balance
March 31,
2011
|
Cash
Payments
|
Share-Based
Payments
|
Balance
March 31,
2012
|
|
Lida Mining District (a)
|
$0
|
$0
|
$0
|
$0
|
Ures (b)
|
208,280
|
280,963
|
121,272
|
610,515
|
Corborca (c)
|
59,374
|
280,963
|
121,272
|
461,609
|
$267,654
|
$561,926
|
$242,544
|
$1,072,124
|
|
(a)
|
Lida Mining District, Esmeralda County, Nevada
|
(b)
|
Ures, Sonora, Mexico
|
(c)
|
Corborca, Sonora, Mexico
|
(d)
|
Corborca, Sonora, Mexico
|
5.
|
NOTE RECEIVABLE AND RECOVERABLE DISBURSEMENTS - RELATED PARTY
|
6.
|
EQUIPMENT
|
Cost
|
Accumulated
Depreciation
|
March 31,
2013
Net Book
Value
|
March 31,
2013
Net Book
Value
|
|
Mining tools and equipment
|
$1,915,817
|
$243,729
|
$1,672,088
|
$446,298
|
Watercraft
|
298,950
|
82,150
|
216,800
|
665,383
|
Vehicles
|
106,930
|
40,005
|
66,925
|
19,416
|
$2,321,697
|
$365,884
|
$1,955,813
|
$1,131,097
|
|
7.
|
ACCOUNTS PAYABLE – RELATED PARTIES
|
8.
|
ACCOUNTS PAYABLE
|
9.
|
ADVANCE FROM POWERCOM SERVICES INC.
|
10.
|
NOTES PAYABLE – RELATED PARTY
|
11.
|
NOTES PAYABLE
|
12.
|
LOAN PAYABLE
|
13.
|
SHAREHOLDERS’ EQUITY (DEFICIT)
|
14.
|
RELATED PARTY TRANSACTIONS
|
15.
|
INCOME TAXES
|
Year Ended
March 31, 2013
|
Year Ended
March 31, 2012
|
|
Net loss before taxes
|
($4,333,436)
|
($1,511,931)
|
|
||
Income tax expense charged to loss before taxes
|
$0
|
$0
|
Year Ended
March 31, 2013
|
Year Ended
March 31, 2012
|
|
Expected tax expense (recovery)
|
($1,517,000)
|
($529,000)
|
Share-based payments
|
$288,000
|
$96,000
|
Loss on sale of equipment
|
$56,000
|
$45,000
|
Gain on settlement of debt
|
($99,000)
|
|
Impairment of mineral property
|
$119,000
|
|
Other than-temporary impairment of note receivable
|
$84,000
|
|
Change in valuation allowance
|
$1,069,000
|
$388,000
|
|
||
$0
|
$0
|
|
16.
|
SUBSEQUENT EVENTS
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
NOTES PAYABLE
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
NOTES PAYABLE: | |
NOTES PAYABLE | 11. NOTES PAYABLE
On September 30, 2009, March 15, 2010 and June 25, 2010 the Company entered into unsecured loan agreements with Francis Stadelman in the amounts of $10,000, $8,000 and $5,000 with interest payable of 8%, 6.5% and 10%, respectively, which were due in six months. On May 6, 2011, the Company issued 63,728 shares of common stock to fully pay the promissory notes and accrued interest totalling $24,021 in full.
On December 22, 2009, the Company entered into an unsecured promissory note agreement with Mr. Williams in the amount of $7,500 with interest payable at 8% per annum and due on demand. On October 21, 2011, the Company issued 68,182 shares of common stock payable valued at $7,500 ($0.11 per share) to pay the promissory note in full.
On February 16, 2010, the Company entered into an unsecured promissory note agreement with Martin Wisby in the amount of $3,000 with interest payable at 8% per annum and due on demand.
On February 22, 2010, the Company entered into an unsecured demand note agreement with Roy Riley in the amount of $5,000 which is due on demand and without interest. In July 2011, the note was paid in full personally by Paul Thompson, the sole officer and director of the Company.
On August 26, 2010, the Company entered into an unsecured note payable agreement with Brian Farcy in the amount of $150,000 with interest payable at 4.5 % per annum and monthly principal payments of $3,000 commencing October 1, 2010. The Company made $42,000 (March 31, 2012 - $18,000) in payments towards principal on this note in cash. The remaining principal of $108,000 plus accrued interest was paid in full in February 2012 by sale of Tugboat Caleb to the note holder. The Company recorded a loss on sale of the tugboat of $125,197.
On September 1, 2010, the Company entered into an unsecured promissory note agreement to purchase Barge ITB230 with Island Tug & Barge Co. in the amount of $240,000 with interest payable at 6% per annum and four payments of $60,000 plus accrued interest due on March 1, 2011, September 1, 2011, March 1, 2012 and September 1, 2012. As of March 31, 2013, the Company made payments of $120,000 towards principal and $120,000 was outstanding at March 31, 2013 (March 31, 2012 - $180,000).
On October 6, 2010, the Company entered into an unsecured loan agreement in the amount of $100,000 with William McCreary, interest payable at 6.5% per annum and due on October 6, 2011. This note may be repaid in Company stock or cash, at the option of the note holder. On May 23, 2011, the Company issued 454,545 shares of common stock payable valued at $100,000 ($0.20 per share) to pay the note in full.
On February 18, 2011, the Company entered into an unsecured promissory note agreement with Lorna D. Seals in the amount of $50,000 with interest at 12% per annum payable monthly and principal due on January 17, 2012. On November 9, 2012, the Company paid $20,000 in cash and issued 80,000 shares of common stock valued at $45,600 ($0.57 per share) to settle $45,600 note payable due to Lorna Seals. As a result, the Company recorded a loss on settlement of debt of $25,600. At March 31, 2013 and 2012, $0 and $39,288, respectively, of principal was outstanding.
On April 20, 2011, the Company made an unsecured Loan Agreement with Francis Stadelman in the amount of $40,000 at eight percent interest and due on demand no later than April 20, 2012. At the option of the holder, the loan may be paid in all or part in cash or common stock of the Company at the closing pricing at the date of election. On August 19, 2011, the Company issued 266,667 shares of common stock payable valued at $40,000 ($0.15 per share) to pay the loan.
On July 21, 2011, the Company made an unsecured Loan Agreement with Francis Stadelman in the amount of $60,000 at eight percent interest and which was due in 90 days. At the option of the holder, the loan may be paid in all or part in cash or common stock of the Company at a fixed conversion price of $0.15 per share at the date of election. The Loan Agreement resulted in a beneficial conversion feature of $10,000 since the closing price of common stock exceeds the fixed conversion price on July 21, 2011. The beneficial conversion feature of $10,000 is included in additional paid-in capital. On July 31, 2011, the Company fully converted the loan into 400,000 shares of common stock.
On December 1, 2011, the Company made an unsecured Promissory Note Agreement with Francis Stadelman in the amount of $20,000 at eight percent interest with two payments of $10,300 due no later than December 10, 2011 and January 1, 2012. As of December 31, 2011, the Company has made both scheduled payments.
On December 19, 2011, the Company made an unsecured Promissory Note Agreement with Francis Stadelman in the amount of $30,000 at eight percent interest with a payment of $10,500 due no later than January 1, 2012 and two remaining payments of $11,000 due no later than February 1, 2012 and March 1, 2012. As of March 31, 2012 the Company made all three scheduled payments.
On March 28, 2012, the Company entered into an unsecured promissory note agreement with GJB Enterprise in the amount of $10,000. The note has no specific terms of repayment. A finance charge of $3,000 is due upon payment. As of March 31, 2013, the Company issued 100,000 shares of common stock valued at $10,000 ($0.10 per share) to pay the loan.
On April 16, 2012, the Company made a Promissory Note Agreement with Francis Stadelman secured by a marine vessel (Barge ITB230) in the amount of $121,200 at six percent interest with monthly payments of $2,343. The Promissory Note is due in five years. At the option of the holder, $60,000 of the Promissory Note amount may be paid in common stock of the Company valued on a 30 day average. The proceeds from this Promissory Note were used to pay in full principal of $120,000 and total outstanding interest of $1,200 of a Promissory Note with Island Tug & Barge. At December 31, 2012 and March 31, 2012, the balances on this note totalled $96,806 and $0, respectively.
On January 8, 2013, the Company entered into an unsecured promissory note agreement with William H. Brinker in the amount of $185,000. The note is due on demand upon the occurrence of certain events and at the discretion of the note holder. A finance charge of $5,000 is due on or before March 31, 2013. The note is secured by 5,000,000 shares of common stock of Mexus Gold US pledged by the Company and certain mining equipment include a radial stacker and cone crushing plant.
On January 1, 2013, Francis Stadleman agreed to convert $98,806 of notes payable and $1,194 of interest payable owing to him into 500,000 shares of common stock of the Company valued at $117,500 ($0.235 per share). As a result, the Company recorded a loss on settlement of debt of $17,500. On March 20, 2013, the Company issued shares in satisfaction of the payable.
Defaulted Senior Notes
On February 16, 2010, the Company made an unsecured Promissory Note Agreement with William McCreary in the amount of $2,500 at eight percent interest and due on demand or no later than September 1, 2010. The Company has not made the scheduled payments and is in default on this note as of December 31, 2011. The default rate on the note is eight percent. At March 31, 2013 and 2012, the balances on this note totalled $2,500 and $2,500, respectively.
|
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
|
12 Months Ended | 42 Months Ended | |
---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
|
REVENUES: | |||
Revenues | $ 1,158,742 | $ 239,911 | $ 1,419,653 |
Total revenues | 1,158,742 | 239,911 | 1,419,653 |
Expenses | |||
General and administrative | 898,768 | 705,080 | 2,767,763 |
Bad debt expense - related party | 240,673 | 240,673 | |
Exploration costs | 3,281,234 | 561,926 | 4,110,814 |
Stock-based expense consulting service | 823,504 | 303,619 | 2,486,286 |
Impairment of mineral property | 339,664 | 339,664 | |
Loss on sale of equipment | 159,439 | 128,273 | 279,317 |
Gain on settlement of debt | (283,715) | (283,715) | |
Total operating expenses | 5,459,567 | 1,698,898 | 9,940,802 |
OTHER INCOME (EXPENSE) | |||
Interest expense | (32,611) | (52,945) | (115,576) |
Total Other Income Expense | (32,611) | (52,945) | (115,576) |
NET LOSS | (4,433,436) | (1,511,932) | (8,636,725) |
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | (743,537) | (743,537) | |
NET LOSS ATTRIBUTABLE TO MEXUS GOLD US | $ 3,589,899 | $ (1,511,932) | $ (7,893,188) |
BASIC LOSS PER COMMON SHARE | $ (0.02) | $ (0.01) | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC | 194,389,689 | 165,769,742 | 0 |
MINERAL PROPERTIES AND EXPLORATION COSTS
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
MINERAL PROPERTIES AND EXPLORATION COSTS: | |
MINERAL PROPERTIES AND EXPLORATION COSTS | 4. MINERAL PROPERTIES AND EXPLORATION COSTS
The following is a continuity of mineral property acquisition costs capitalized on the consolidated balance sheets:
Balance Balance March 31, Cash Share-Based March 31, 2012 Payments Payments Impairment 2013
Lida Mining District (a) $ 150,656 $ 3,640 $ - $ (154,296) $ - Ures (b) 170,368 15,000 - (185,368) - Corborca (c) 361,350 117,447 12,000 - 490,797 Trinidad (d) - 76,019 666,667 - 742,686 $ 682,374 $ 212,106 $ 678,667 $ (339,664) $ 1,233,483
Balance Balance March 31, Cash Share-Based March 31, 2011 Payments Payments Impairment 2012
Lida Mining District (a) $ 120,001 $ 10,655 $ 20,000 $ - $ 150,656 Ures (b) 110,868 59,500 - - 170,368 Corborca (c) 220,700 10,650 130,000 - 361,350 $ 451,569 $ 80,805 $ 150,000 $ - $ 682,374
The following is a continuity of exploration costs expensed in the consolidated statements of operation:
Balance Balance March 31, Cash Share-Based March 31, 2012 Payments Payments 2013
Lida Mining District (a) $ - $ - $ - $ - Ures (b) 610,515 306,430 355,065 1,272,010 Corborca (c) 461,609 306,430 355,064 1,123,103 Trinidad (d) - - 2,668,374 - 2,668,374 $ 1,072,124 $ 3,281,234 $ 710,129 $ 5,063,487
Balance Balance March 31, Cash Share-Based March 31, 2011 Payments Payments 2012
Lida Mining District (a) $ - $ - $ - $ - Ures (b) 208,280 280,963 121,272 610,515 Corborca (c) 59,374 280,963 121,272 461,609 $ 267,654 $ 561,926 $ 242,544 $ 1,072,124
(a) Lida Mining District, Esmeralda County, Nevada
On September 21, 2009, the Company entered into an agreement on lands located in Esmeralda County, Nevada. The Company holds an option on 150 acres of patented lands, 14 mining claims and two mill sites with water rights. The Company also staked additional claims as a result of our initial geological evaluations. On June 4, 2010, the optionor granted the Company an extension of the option until June 3, 2011. In consideration for extending the option, the Company paid $5,000 and 500,000 shares of common stock of the Company valued at $0.187 per share or $110,000. The properties were fully impaired at March 31, 2013 as the reserves were deemed not to be sufficient to warrant further work.
(b) Ures, Sonora, Mexico
On May 25, 2010, the Company entered into a Mineral Exploration and Mining Lease with Option to Purchase with the owner of four mining claims (i) Ocho Hermanos (ii) 370 Area (iii) El Scorpion (iv) Los Laureles located at Ures, Sonora, Mexico. For an initial exploration and drilling term up to June 30, 2011, the Company agreed to pay a monthly lease payment of $5,000 and a production royalty of 3% of the net smelter returns. The Company has the option to purchase the mining claims payable, year 1 - $200,000, year 2 - $300,000, year 3 - $400,000 and year 4 - $2,100,000 for a total of $3,000,000. These property rights are owned by Mexus Gold S.A. de C.V. The properties were fully impaired at March 31, 2013 as the reserves were deemed not to be sufficient to warrant further work.
(c) Corborca, Sonora, Mexico
On January 5, 2011, the Company entered into a Mineral Exploration, Exploitation and Mining Concession Purchase Agreement for two mining properties (i) Julio II (ii) Martha Elena located in the municipality of Caborca, Sonora, Mexico. The purchase price of these rights are (a) $50,000 cash (b) 1,000,000 shares of common stock of Mexus Gold US (c) $2,000,000 paid at a rate of 40% net smelter royalty. The term of the agreement is terminated at the option of the Company. These property rights are owned by Mexus Gold S.A. de C.V.
(d) Corborca, Sonora, Mexico
On November 1, 2012, a Joint Venture Agreement was entered into between Mexus Gold US, Mexus Gold Mining, Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. As a result of the Agreement the Company acquired two mining properties (i) San Felix (ii) La Chinchi located in the municipality of Caborca, Sonora, Mexico. The purchase price of these rights were (a) 1,000,000 shares of common stock of Mexus Gold US. valued at $400,000 ($0.40 per share) for a 60% interest in the Joint Venture Agreement (b) $266,667 attributed to the 40% non-controlling interest in the Joint Venture.
|
Continuity of mineral property acquisition costs capitalized (Tables)
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
Continuity of mineral property acquisition costs capitalized: | |
Continuity of mineral property acquisition costs capitalized | The following is a continuity of mineral property acquisition costs capitalized on the consolidated balance sheets:
Balance Balance March 31, Cash Share-Based March 31, 2012 Payments Payments Impairment 2013
Lida Mining District (a) $ 150,656 $ 3,640 $ - $ (154,296) $ - Ures (b) 170,368 15,000 - (185,368) - Corborca (c) 361,350 117,447 12,000 - 490,797 Trinidad (d) - 76,019 666,667 - 742,686 $ 682,374 $ 212,106 $ 678,667 $ (339,664) $ 1,233,483
Balance Balance March 31, Cash Share-Based March 31, 2011 Payments Payments Impairment 2012
Lida Mining District (a) $ 120,001 $ 10,655 $ 20,000 $ - $ 150,656 Ures (b) 110,868 59,500 - - 170,368 Corborca (c) 220,700 10,650 130,000 - 361,350 $ 451,569 $ 80,805 $ 150,000 $ - $ 682,374
|
LOAN PAYABLE
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
LOAN PAYABLE: | |
LOAN PAYABLE | 12. LOAN PAYABLE
On January 25, 2011, the Company entered into an agreement to purchase a vessel for $45,866 payable in $1,000 in cash, 22,727 shares of common stock of the Company valued at $5,341 and 172 monthly payments of $483 with no stated interest rate. The agreement to facilitate the purchase is contracted at an interest rate substantially below market rates for similar types of vessels. Accordingly, the Company imputed a discount of $43,472 at a market interest rate of 12% in accordance FASB ASC 835, Interest.
In July, 2012, the Company agreed to return the vessel with a net book value of $38,479 to the note holder as full payment for the outstanding loan payable of $37,938 resulting in a loss on disposal recorded in the consolidated statement of operations of $541. |
NOTES PAYABLE CONSISTS OF THE FOLLOWING (Details) (USD $)
|
Oct. 21, 2011
|
May 06, 2011
|
Jun. 25, 2010
|
Mar. 15, 2010
|
Feb. 16, 2010
|
Dec. 22, 2009
|
Sep. 30, 2009
|
---|---|---|---|---|---|---|---|
NOTES PAYABLE CONSISTS OF THE FOLLOWING: | |||||||
Promissory Note Agreement with Francis Stadelman | $ 5,000 | $ 8,000 | $ 10,000 | ||||
Promissory Note Agreement with Rate Of Interest | 10.00% | 6.50% | 8.00% | 8.00% | |||
Company issued shares to fully pay promisory notes | 63,728 | ||||||
Promissory notes and accrued interest totalling | 24,021 | ||||||
Company entered into an unsecured promissory note agreement with Mr. Williams | 7,500 | ||||||
Company issued shares of common stock payable | 68,182 | ||||||
Stock valued at | 7,500 | ||||||
Company entered into an unsecured promissory note agreement with Martin Wisby | $ 3,000 |
Income Tax (Tables)
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
Income Tax: | |
Components of Income Tax Expense (Benefit) | The following table presents income before taxes and income tax expense as well as the taxes charged to stockholders equity:
Year Ended Year Ended March 31, 2013 March 31, 2012 Net loss before taxes $ (4,333,436) $ (1,511,931) Income tax expense charged to loss before taxes $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the expected consolidated income tax expense, computed by applying a 35% U.S. Federal corporate income tax rate to income before taxes to income tax expense is as follows: Year Ended Year Ended March 31, 2013 March 31, 2012 Expected tax expense (recovery) $ (1,517,000) $ (529,000) Share-based payments 288,000 96,000 Loss on sale of equipment 56,000 45,000 Gain on settlement of debt (99,000) - Impairment of mineral property 119,000 - Other than-temporary impairment of note receivable 84,000 - Change in valuation allowance 1,069,000 388,000 |
Mining tools and equipment (Tables)
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
Mining tools and equipment: | |
Mining tools and equipment | March 31, March 31, 2013 2012 Accumulated Net Book Net Book Cost Depreciation Value Value Mining tools and equipment $ 1,915,817 $ 243,729 $ 1,672,088 $ 446,298 Watercraft 298,950 82,150 216,800 665,383 Vehicles 106,930 40,005 66,925 19,416
$ 2,321,697 $ 365,884 $ 1,955,813 $ 1,131,097 |
Accounts Payable (Details) (USD $)
|
Oct. 05, 2012
|
Jul. 05, 2012
|
---|---|---|
Accounts Payable Details | ||
company issued common shares | 23,810 | 250,000 |
Shares Valued amounting | $ 6,524 | $ 21,500 |
share value per share | $ 0.27 | $ 0.086 |
due to unrelated party | 5,000 | 19,250 |
loss on settlement of debt , | $ 1,524 | $ 2,250 |
CAPITAL STOCK TRANSACTIONS in 2012 (details) (USD $)
|
Sep. 27, 2012
|
Sep. 25, 2012
|
Sep. 12, 2012
|
Aug. 16, 2012
|
Jul. 25, 2012
|
Jun. 11, 2012
|
May 21, 2012
|
May 18, 2012
|
---|---|---|---|---|---|---|---|---|
CAPITAL STOCK TRANSACTIONS in 2012: | ||||||||
Issued shares of common stock to satisfy obligations. | 750,000 | 1,252,151 | 1,280,833 | 929,999 | 4,551,848 | 2,766,700 | 873,775 | 1,425,000 |
Share subscriptions payable in cash. | $ 87,625 | $ 55,000 | $ 35,001 | $ 34,800 | $ 267,111 | $ 145,002 | $ 3,000 | $ 85,500 |
Share subscriptions payable in service. | 250,634 | 140,000 | 32,375 | 39,306 | ||||
Share subscriptions payable in equipment. | 4,000 | 20,300 | 13,200 | |||||
Share subscriptions payable in mineral property. | 12,000 | |||||||
Notes payable included in share subscriptions payable. | $ 52,500 |
NOTE RECEIVABLE AND RECOVERABLE DISBURSEMENTS - RELATED PARTY (Details) (USD $)
|
Mar. 31, 2013
|
Feb. 28, 2013
|
Nov. 01, 2012
|
Oct. 29, 2012
|
---|---|---|---|---|
Note Receivable and Related party | ||||
Company entered into a note agreement with Kenneth Azuka, owner and operator of Trinidad Pacifica | $ 0 | $ 0 | $ 0 | $ 140,000 |
Additional advance was disbursed to Kenneth Azuka | 0 | 0 | 0 | 10,000 |
The business purpose of the note | 0 | 140,000 | 0 | 0 |
Advances to pay payroll and social security | 0 | 10,000 | 0 | 0 |
company paid directly to suppliers | 0 | 90,673 | ||
Note advance and recoverable disbursement-bad debt expense | $ 240,673 | $ 0 | $ 0 | $ 0 |
Continuity of exploration costs expensed in the consolidated statements of operation (Tables)
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
Continuity of exploration costs expensed in the consolidated statements of operation: | |
Continuity of exploration costs expensed in the consolidated statements of operation | The following is a continuity of exploration costs expensed in the consolidated statements of operation:
Balance Balance March 31, Cash Share-Based March 31, 2012 Payments Payments 2013
Lida Mining District (a) $ - $ - $ - $ - Ures (b) 610,515 306,430 355,065 1,272,010 Corborca (c) 461,609 306,430 355,064 1,123,103 Trinidad (d) - - 2,668,374 - 2,668,374 $ 1,072,124 $ 3,281,234 $ 710,129 $ 5,063,487
Balance Balance March 31, Cash Share-Based March 31, 2011 Payments Payments 2012
Lida Mining District (a) $ - $ - $ - $ - Ures (b) 208,280 280,963 121,272 610,515 Corborca (c) 59,374 280,963 121,272 461,609 $ 267,654 $ 561,926 $ 242,544 $ 1,072,124 |
GOING CONCERN
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
GOING CONCERN: | |
GOING CONCERN | 2. GOING CONCERN
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company has a limited operating history and limited funds and has an accumulated deficit of $648,441 and an accumulated deficit since entry into the exploration stage of $7,893,186 at March 31, 2013. These factors, among others, may indicate that the Company will be unable to continue as a going concern.
The Company is dependent upon outside financing to continue operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is managements plans to raise necessary funds through a private placement of its common stock to satisfy the capital requirements of the Companys business plan. There is no assurance that the Company will be able to raise the necessary funds, or that if it is successful in raising the necessary funds, that the Company will successfully operate its business plan.
The financial statements do not include any adjustments relating to the recoverability and classification of assets and/or liabilities that might be necessary should the Company be unable to continue as a going concern. The continuation as a going concern is dependent upon the ability of the Company to meet our obligations on a timely basis, and, ultimately to attain profitability. |
NOTE RECEIVABLE AND RECOVERABLE DISBURSEMENTS - RELATED PARTY
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
NOTE RECEIVABLE AND RECOVERABLE DISBURSEMENTS - RELATED PARTY: | |
NOTE RECEIVABLE AND RECOVERABLE DISBURSEMENTS - RELATED PARTY | 5. NOTE RECEIVABLE AND RECOVERABLE DISBURSEMENTS - RELATED PARTY
On October 29, 2012, the Company entered into a note agreement with Kenneth Azuka, owner and operator of Trinidad Pacifica in the amount of $140,000. On February 28, 2013, an additional $10,000 advance was disbursed to Kenneth Azuka. The business purpose of the $140,000 note and advance of $10,000 was to pay payroll and social security tax arrears of Trinidad Pacifica that were incurred prior to November 1, 2012. This note is non-interest bearing and is due on July 29, 2013.
In addition, the Company paid $90,673 directly to suppliers for expenses incurred by Trinidad Pacifica. The Company recorded these payments as a recoverable disbursement since these expenses were incurred by Trinidad Pacifica prior to November 1, 2012, the date of the Joint Venture Agreement. The Company plans to recover these disbursements from the other Venturers as it was represented to the Company in the Joint Venture Agreement that there were no outstanding liabilities from activities of the Venturers prior to November 1, 2013 which the Company was responsible.
At March 31, 2013, the note, advance and recoverable disbursements were determined to be impaired since the Company believes the debtor does not have the financial capacity to repay these debts at March 31, 2013. A bad debt expnse of $240,673 was recorded in the consolidated statement of operations for the year ended March 31, 2013 (2012 -$0). The Company plans to recover these amounts from either Kenneth Azuka, the Joint Venture or from the other Venturers interest in the Joint Venture. The recovery, if any, will be recorded in the consolidated statement of operations in the period collectability is reasonably assured. |
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
|
12 Months Ended |
---|---|
Mar. 31, 2013
|
|
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES: | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES This summary of significant accounting policies of the Company is presented to assist in understanding the Companys consolidated financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and are presented in U.S. dollars. The Companys fiscal year end is March 31. Basis of Consolidation The consolidated financial statements include the accounts of the Company and controlled subsidiaries, Mexus Gold Mining, S.A. de C.V. (Mexus Gold Mining) and the Joint Venture between Mexus Gold US, Mexus Gold Mining, Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. The portion of less than wholly-owned subsidiaries is included as non-controlling interest. Significant intercompany accounts and transactions have been eliminated. On October 20, 2009, the Company entered into a 180 day option agreement with Mexus Gold Mining, pursuant to which the Company acquired the right to acquire 99% of the capital stock of Mexus Gold Mining, S.A. The option price is 20 million restricted shares of the Companys common stock and the exercise price is 20 million restricted shares of the Companys common stock. The agreement is conditioned upon Mexus Gold Mining, obtaining an audit of its financial records by public accountants acceptable to the standards required for financial reporting purposes in the United States of America. The term of the option may be extended by the Company for such reasonable time as is required by Mexus Gold Mining, to complete its audit. On November 16, 2010, the Company purchased the option by issuing 20 million of its restricted shares and on February 11, 2010 the Company exercised the option by issuing 20 million its restricted shares thereby acquiring 99% of the capital stock of Mexus Gold Mining The shareholder of Mexus Gold Mining, prior to its acquisition, was Paul Thompson Sr., the sole officer and director of Mexus Gold US. As such, the acquisition is accounted for as a common control transaction under Accounting Standards Code ("ASC") 805-50. No new basis of accounting was established upon acquisition and the Company carried forward the carrying amounts of assets and liabilities that were contributed.
On November 1, 2012, Mexus Gold US and Mexus Gold Mining entered into a Joint Venture Agreement, for a term of fifty years, with Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. (Participants). The Participants agreed to contribute to the Joint Venture certain mining concessions located in the Municipality of Caborca, Sonora, Mexico. In exchange for the mining concessions described above, the Company agreed to provide $1,500,000 in operating advances to the Joint Venture within 30 days of execution date of the Joint Venture Agreement and issue 1,000,000 shares of Mexus Gold US common stock which were valued at $400,000 ($0.40 per share) to the legal representative of Minerals La Negra S. de R.L. de C.V. and Trinidad Pacifica S. de R.L. de C.V. Mexus has accounted for the acquisition of and the Participants interest in the mining concession as an asset acquisition. The Joint Venture is consolidated as the Company appoints two of three members of the Administrating Committee of the Joint Venture, serves as the operator of the Joint Venture and receives 60% ownership of net revenue from the mining concessions presently under production and extraction operations. Once the Joint Venture has repaid all debts and provides sufficient net profits in the opinion of the Company, as operator, the interest will revert to 51%.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that the estimates used are reasonable.
Cash and cash equivalents
The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.
Investments
Notes receivable are classified as available-for-sale. Available-for-sale securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income/(loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. For impairments that are other-than-temporary, an impairment loss is recognized in earnings equal to the difference between the investments cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment and it is not adjusted for subsequent recoveries in fair value.
Equipment
Equipment consists of mining tools and equipment, watercraft and vehicles which are depreciated on a straight-line basis over their expected useful lives as follows (see Note 6):
Mining tools and equipment 7 years Watercrafts 7 years Vehicles 3 years
Equipment under Construction
Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $52,575 and $158,907 as of March 31, 2013 and 2012 respectively. Equipment under construction at March 31, 2013 comprises Cone 1709, Equipment Fabrication Materials, Hydraulic Drum 12YD, Skid Mounted Mill and Survey Winch Marine.
Exploration and Development Costs
Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.
Mineral Property Rights Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs would be based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets. Long-Lived Assets
In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.
Financial Instruments
ASC 825, Financial Instruments requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 825 prioritizes the inputs into three levels that may be used to measure fair value:
Level 1
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data of the fair value of the assets or liabilities.
Level 3
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
Pursuant to ASC 825, the fair value of cash is determined based on Level 1 inputs, which consist of quoted prices in active markets for identical assets. The Company's financial instruments consist of cash, notes receivable, accounts payable, accrued liabilities, advances, notes payable, and a loan payable. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
Foreign currency transactions are primarily undertaken in Mexican Pesos. The financial risk is the risk to the Companys operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
Foreign Currency Translation
The Companys functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.
To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Mexican Pesos. The Company has not, as of the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Comprehensive Loss
ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at March 31, 2013 and 2010, the Company had no items that represent a comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements.
Income Taxes
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.
Asset Retirement Obligations
In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2013 and 2012, the Company has not recorded AROs associated with legal obligations to retire any of the Companys mineral properties as the settlement dates are not presently determinable.
Revenue Recognition
The Company recognizes revenues and the related costs when persuasive evidence of an arrangement exists, delivery and acceptance has occurred or service has been rendered, the price is fixed or determinable, and collection of the resulting receivable is reasonably assured.
Stock-based compensation
The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.
ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505.
Per Share Data
Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.
Recently Issued Accounting Pronouncements
There have been no recent accounting pronouncements or changes in accounting pronouncements that impacted the fourth quarter of fiscal 2013, or which are expected to impact future periods that were not already adopted and disclosed in prior periods. |
CAPITAL STOCK TRANSACTIONS in 2013(details) (USD $)
|
Mar. 29, 2013
|
Mar. 20, 2013
|
Feb. 21, 2013
|
Feb. 01, 2013
|
Jan. 28, 2013
|
Jan. 17, 2013
|
---|---|---|---|---|---|---|
CAPITAL STOCK TRANSACTIONS in 2013: | ||||||
Shares of common stock Issued to satisfy obligations. | 1,794,592 | 832,851 | 890,004 | 820,000 | 347,619 | 100,000 |
Share subscriptions payable obligations in cash. | $ 249,076 | $ 43,000 | $ 188,001 | $ 60,000 | $ 73,048 | $ 5,000 |
Share subscriptions payable obligations in service. | 33,465 | 19,000 | 109,320 | 45,600 | ||
Share subscriptions payable obligations in equipment. | 13,700 | |||||
Notes payable included in share subscriptions payable obligations | 116,306 | |||||
Interest on Notes payable included in share subscriptions payable obligations | $ 1,194 |
GOING CONCERNS (Details) (USD $)
|
Mar. 31, 2013
|
---|---|
GOING CONCERNS detail | |
Accumulated deficit as of | $ 648,441 |
Accumulated deficit since entry into the exploration stage | $ 7,893,186 |
ACCOUNTS PAYABLE - RELATED PARTIES (Details) (USD $)
|
Mar. 31, 2013
|
Mar. 31, 2012
|
---|---|---|
ACCOUNTS PAYABLE - RELATED PARTIES Details | ||
Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, | $ 45,600 | $ 45,600 |
company outstanding obligation legal fees | $ 18,052 | $ 52,637 |
LOAN PAYABLE CONSISTS OF THE FOLLOWING (Details) (USD $)
|
Jul. 31, 2012
|
Jan. 25, 2011
|
---|---|---|
LOAN PAYABLE CONSISTS OF THE FOLLOWING: | ||
Agreement to purchase a vessel | $ 45,866 | |
Purchase a vessel payable in cash | 1,000 | |
Purchase a vessel payable in shares of common stock | 22,727 | |
Payable in shares of common stock valued | 5,341 | |
Monthly payments | 172 | |
Monthly payments with no stated interest rate | 483 | |
Imputed a discount | 43,472 | |
Market interest rate in percent | 1200.00% | |
Agreed to return the vessel with a net book value | 38,479 | |
Full payment for the outstanding loan payable | 37,938 | |
Loss on disposal recorded | $ 541 |