Document and Entity Information - shares |
6 Months Ended | |
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Jun. 30, 2016 |
Aug. 10, 2016 |
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | Lithium Corp | |
Entity Central Index Key | 0001415332 | |
Trading Symbol | ltum | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 81,845,075 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 |
Condensed Balance Sheets (Parentheticals) - $ / shares |
Jun. 30, 2016 |
Dec. 31, 2015 |
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Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 79,861,408 | 77,361,408 |
Condensed Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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Income Statement [Abstract] | ||||
REVENUE | ||||
OPERATING EXPENSES | ||||
Professional fees | 9,750 | 6,747 | 22,190 | 19,364 |
Exploration expenses | 15,673 | 10,922 | 32,693 | 27,794 |
Consulting fees | 11,304 | 21,300 | 29,304 | 46,200 |
Insurance expense | 5,633 | 4,266 | 9,858 | 8,638 |
Investor relations | 3,121 | 2,685 | 10,404 | 6,060 |
Stock based compensation | 22,034 | |||
Transfer agent and filing fees | 2,607 | 3,705 | 5,213 | 5,980 |
Travel | 663 | 6,094 | 3,448 | 10,554 |
General and administrative expenses | 3,383 | 2,623 | 4,897 | 5,855 |
TOTAL OPERATING EXPENSES | 52,134 | 58,342 | 140,041 | 130,445 |
LOSS FROM OPERATIONS | (52,134) | (58,342) | (140,041) | (130,445) |
OTHER INCOME (EXPENSES) | ||||
Interest income | 114 | 20 | 114 | |
TOTAL OTHER INCOME (EXPENSE) | 114 | 20 | 114 | |
LOSS BEFORE INCOME TAXES | (52,134) | (58,228) | (140,021) | (130,331) |
PROVISION FOR INCOME TAXES | ||||
NET LOSS | $ (52,134) | $ (58,228) | $ (140,021) | $ (130,331) |
NET LOSS PER SHARE: BASIC AND DILUTED (in dollars per share) | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED (in shares) | 77,664,741 | 74,661,408 | 78,718,867 | 74,661,408 |
Statements of Stockholders' Equity (Deficit) - USD ($) |
Common Stock |
Additional Paid-in Capital |
Additional Paid-in Capital - Warrants |
Additional Paid-in Capital - Options |
Accumulated Deficit |
Total |
---|---|---|---|---|---|---|
Balance at Dec. 31, 2014 | $ 74,662 | $ 3,368,453 | $ 257,949 | $ 159,301 | $ (3,184,726) | $ 675,639 |
Balance (in shares) at Dec. 31, 2014 | 74,661,408 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock issued for cash | $ 2,700 | 19,327 | 45,473 | 67,500 | ||
Stock issued for cash (in shares) | 2,700,000 | |||||
Net loss | (282,739) | (282,739) | ||||
Balance at Dec. 31, 2015 | $ 77,362 | 3,387,780 | 303,422 | 159,301 | (3,467,465) | $ 460,400 |
Balance (in shares) at Dec. 31, 2015 | 77,361,408 | 77,361,408 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock issued for cash | $ 2,500 | 60,000 | $ 62,500 | |||
Stock issued for cash (in shares) | 2,500,000 | |||||
Stock based compensation | 22,034 | 22,034 | ||||
Net loss | (140,021) | (140,021) | ||||
Balance at Jun. 30, 2016 | $ 79,862 | $ 3,447,780 | $ 303,422 | $ 181,335 | $ (3,607,486) | $ 404,913 |
Balance (in shares) at Jun. 30, 2016 | 79,861,408 | 79,861,408 |
Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies
Lithium Corporation (formerly Utalk Communications Inc.) (the “Company”) was incorporated on January 30, 2007 under the laws of Nevada. On September 30, 2009, Utalk Communications Inc. changed its name to Lithium Corporation.
Nevada Lithium Corporation was incorporated on March 16, 2009 under the laws of Nevada under the name Lithium Corporation. On September 10, 2009, the Company amended its articles of incorporation to change its name to Nevada Lithium Corporation. By agreement dated October 9, 2009 Nevada Lithium Corporation and Lithium Corporation amalgamated as Lithium Corporation. Lithium Corporation is engaged in the acquisition and development of certain lithium interests in the state of Nevada, and flake graphite prospects in British Columbia and is currently in the exploration stage.
Exploration Stage Company
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.
Accounting Basis
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end.
Cash and Cash Equivalents
Cash includes cash on account, demand deposits, and short-term instruments with maturities of three months or less.
Concentrations of Credit Risk
The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition
The Company has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.
Loss per Share
Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. In the periods in which a loss is incurred, the effect of potential issuances of shares under options and warrants would be anti-dilutive, and therefore basic and diluted losses per share are the same.
Income Taxes
The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities.
Financial Instruments
The Company's financial instruments consist of cash, deposits, prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because of the short maturity and capacity of prompt liquidation of such assets and liabilities, the fair value of these financial instruments approximate their carrying values, unless otherwise noted.
Mineral Properties
Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment of $0 and $0 was recorded during the periods ended June 30, 2016 and 2015, respectively.
Recent Accounting Pronouncements
In January 2016, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. generally accepted
accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard.
In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company's financial position, results of operations and disclosures.
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Prepaid Expenses |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses | Note 2 - Prepaid Expenses
Prepaid expenses consisted of the following at June 30, 2016 and December 31, 2015:
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Investment |
6 Months Ended |
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Jun. 30, 2016 | |
Investment [Abstract] | |
Investment | Note 3 - Investment
Effective April 23, 2014, the Company entered into an operating agreement with All American Resources, L.L.C and TY & Sons Investments Inc. with respect to Summa, LLC, a Nevada limited liability company incorporated on December 12, 2013, wherein we hold a 25% membership. The Company's capital contribution to Summa, LLC was $125,000, of which $100,000 was in cash and the balance in services.
The Company participated in the formation of Summa, which holds 88 fee-title patented lode claims, which cover approximately 1,191.3 acres of prospective mineral lands. The Company has recently signed a joint operating agreement with the other participants to govern the conduct of Summa, and the development of the lands. The Company’s president, Tom Lewis, has been named as a managing member of Summa.
The investment has been accounted for using the equity method of accounting. As such, the Company shall record its proportionate share of income or loss in the investment. As of June 30, 2016, the Company has contributed $116,700 recorded a loss on investment of $32,703.
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Mineral Properties |
6 Months Ended | |||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||
Extractive Industries [Abstract] | ||||||||||||||||
Mineral Properties | Note 4 - Mineral Properties
Fish Lake Property
The Company purchased a 100% interest in the Fish Lake property by making staged payments of $350,000 worth of common stock. Title to the pertinent claims was transferred to the Company through quit claim deed dated June 1, 2011, and this quit claim was recorded at the county level on August 3, 2011 and at the BLM on August 4, 2011. Quarterly stock disbursements were made on the following schedule:
1st Disbursement: Within 10 days of signing agreement (paid)
2nd Disbursement: within 10 days of June 30, 2009 (paid)
3rd Disbursement: within 10 days of December 30, 2009 (paid)
4th Disbursement: within 10 days of March 31, 2010 (paid)
5th Disbursement: within 10 days of June 30, 2010 (paid)
6th Disbursement: within 10 days of September 30, 2010 (paid)
7th Disbursement: within 10 days of December 31, 2010 (paid)
8th Disbursement: within 10 days of March 31, 2011 (paid)
As at June 30, 2016, the Company has recorded $436,764 in acquisition costs related to the Fish Lake Property and associated impairment of $276,908 related to abandonment of claims. The carrying value of the Fish Lake Property was $159,859 as of June 30, 2016.
On March 10, 2016, the Company entered into an agreement with respect to the Fish Lake Property whereby the purchaser may earn an 80% interest in the property for payments of $300,000, 400,000 shares and work performed on the property over the next three years totaling $1,100,000. Should these terms be met, the purchaser has the ability to purchase the remaining 20% of the property for $1,000,000. The Company shall retain a 2.5% NSR on the property should they sell 100% of their interest.
To date, the Company has received $100,000 and 200,000 common shares in relation to the option agreement.
Mt. Heimdal Property
The Company entered into an agreement in April 2013, as amended in August 2013, whereby it earned a 100% interest in the Mt. Heimdal Flake Graphite property in BC, subject to a 1.5% net overriding royalty. The carrying value of the Mt. Heimdal property is $0 (2014: $300) as of December 30, 2015. During the year-ended December 31, 2015, the Company incurred a $300 impairment allowance on the property.
Sugar Property
In June 2013, the company purchased claims in the Cherryville, BC area for 250,000 shares of the Company’s common stock. Since this time the company has expanded the claim block considerably, and has expended approximately $45,000 to date exploring this property for flake graphite deposits. In January, 2014, the company agreed to buy back the shares issued pursuant to the June agreement for $2,500. The buy-back was completed in April, 2014 and recorded the purchase of stock in the Company’s equity.
Staked Properties
The Company has staked claims with various registries as summarized below:
The Company performs an impairment test on an annual basis to determine whether a write-down is necessary with respect to the properties. The Company believes no circumstances have occurred and no evidence has been uncovered that warrant a write-down of the mineral properties other than those abandoned by management and thus included in write-down of mineral properties. During the year-ended December 31, 2015, the Company recorded in impairment charge of $21,494 related to the properties.
On May 3, 2016, the Company entered into an agreement with respect to the Fish Lake Property whereby the purchaser may earn an 80% interest in the property for payments of $100,000, 300,000 shares and work performed on the property over the next three years totaling $600,000. Should these terms be met, the purchaser has the ability to purchase the remaining 20% of the property for $1,000,000. The Company shall retain a 2.5% NSR on the property should they sell 100% of their interest.
To date, the Company has received $100,000 and 100,000 common shares in relation to the option agreement.
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Capital Stock |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock | Note 5 - Capital Stock
The Company is authorized to issue 3,000,000,000 shares of it $0.001 par value common stock. On September 30, 2009, the Company effected a 60-for-1 forward stock split of its $0.001 par value common stock.
All share and per share amounts have been retroactively restated to reflect the splits discussed above.
Common Stock
On June 6, 2013, the Company issued 250,000 shares of its common stock as part of the Cherryville property acquisition located in British Columbia.
On January 17, 2014 the Company repurchased the 250,000 shares of its common stock issued as part of the Cherryville property acquisition for $2,500. The shares were returned to the treasury and retired in April 2014.
On October 15, 2016, the Company issued 2,700,000 shares of its common stock for proceeds of $67,500.
During the quarter ended June 30, 2016, the Company issued 2,300,000 common shares for gross proceeds of $57,000 related to a private placement.
During the quarter ended June 30, 2016, the Company issued 200,000 common shares for gross proceeds of $5,000 pursuant to the exercise of stock options.
There were 79,861,408 shares of common stock issued and outstanding as of June 30, 2016.
Warrants
On October 15, 2015, the Company issued 2,700,000 warrants exercisable at $0.05 for the first 12 months after closing and $0.075 for the following 12 months after closing. The fair value of the warrants has been measured at $45,473.
Stock Based Compensation
On March 15, 2013, all pre-existing options were modified to exercise prices of $0.045. The modification resulted in stock-based compensation of $8,848. Also on March 15, 2013, the Company issued an additional 200,000 options at an exercise price of $0.045 to consultants for management services. These options were vested on the date of grant and resulted in stock-based compensation of $7,794.
The Company uses the Black-Scholes option valuation model to value stock options. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates, which are subjective and may not be representative of actual results. Assumptions used to determine the fair value of the remaining stock options are as follows:
On November 12, 2014, the Company granted 700,000 options at an exercise price of $0.045 in exchange for various professional and managerial services. The fair value of these options was $38,723. The Company uses the Black-Scholes option valuation model to value stock options. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates, which are subjective and may not be representative of actual results. Assumptions used to determine the fair value of the remaining stock options are as follows:
On February 10, 2016, the Company granted 850,000 options at an exercise price of $0.025 in exchange for various professional and managerial services. The fair value of these options was $22,034. The Company uses the Black-Scholes option valuation model to value stock options. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The model requires management to make estimates, which are subjective and may not be representative of actual results. Assumptions used to determine the fair value of the remaining stock options are as follows:
The following table summarizes the stock options outstanding at June 30, 2016:
Total stock-based compensation for the periods ended June 30, 2016 and 2015 was $22,034 and $0, respectively.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6 - Subsequent Events
The Company has analyzed its operations subsequent to June 30, 2016 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Exploration Stage Company | Exploration Stage Company
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to accounting and reporting by exploration stage companies. An exploration stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.
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Accounting Basis | Accounting Basis
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted a December 31 fiscal year end.
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Cash and Cash Equivalents | Cash and Cash Equivalents
Cash includes cash on account, demand deposits, and short-term instruments with maturities of three months or less.
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Concentrations of Credit Risk | Concentrations of Credit Risk
The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
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Use of Estimates | Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Revenue Recognition | Revenue Recognition
The Company has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.
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Loss per Share | Loss per Share
Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. In the periods in which a loss is incurred, the effect of potential issuances of shares under options and warrants would be anti-dilutive, and therefore basic and diluted losses per share are the same.
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Income Taxes | Income Taxes
The asset and liability approach is used to account for income taxes by recognizing deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities.
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Financial Instruments | Financial Instruments
The Company's financial instruments consist of cash, deposits, prepaid expenses, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because of the short maturity and capacity of prompt liquidation of such assets and liabilities, the fair value of these financial instruments approximate their carrying values, unless otherwise noted.
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Mineral Properties | Mineral Properties
Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs are capitalized including licenses and lease payments. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Impairment losses are recorded on mineral properties used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment of $0 and $0 was recorded during the periods ended June 30, 2016 and 2015, respectively.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements
In January 2016, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 2016-01, "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. generally accepted accounting principles on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and are to be adopted by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this standard.
In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU is effective for financial statements issued for annual periods beginning after December 16, 2016, and interim periods within those annual periods. The adoption of this standard will not have any impact on the Company's financial position, results of operations and disclosures.
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Prepaid Expenses (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule for prepaid expenses |
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Mineral Properties (Tables) |
6 Months Ended | |||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||
Extractive Industries [Abstract] | ||||||||||||||||
Schedule of staked claims |
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Capital Stock (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of assumptions used to determine stock options |
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Schedule of stock options outstanding |
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Summary of Significant Accounting Policies (Detail Textuals) - USD ($) |
6 Months Ended | |
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Jun. 30, 2016 |
Jun. 30, 2015 |
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Accounting Policies [Abstract] | ||
Impairment charges | $ 0 | $ 0 |
Prepaid Expenses - Summary of prepaid expenses (Details) - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
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Prepaid Expense, Current [Abstract] | ||
Bonds | $ 26,061 | $ 26,061 |
Transfer agent fees | 1,964 | 3,927 |
Insurance | 12,675 | 5,633 |
Office Misc. | 225 | 520 |
Investor relations | 6,300 | 7,438 |
Total prepaid expenses | $ 47,225 | $ 43,579 |
Investment (Detail Textuals) - Summa, LLC |
1 Months Ended | 6 Months Ended |
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Apr. 23, 2014
USD ($)
a
Claim
|
Jun. 30, 2016
USD ($)
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Investment [Line Items] | ||
Membership percentage | 25.00% | |
Capital contribution | $ 125,000 | |
Capital contribution in cash | $ 100,000 | |
Number of fee-title patented lode claims | Claim | 88 | |
Area of prospective mineral lands | a | 1,191.3 | |
Loss on investment | $ 32,703 | |
Equity Method Investments | $ 116,700 |
Mineral Properties - Summary of staked claims with various registries (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2016
USD ($)
a
ha
Claim
|
Dec. 31, 2015
USD ($)
|
|
Mineral Properties [Line Items] | ||
Net Carry Value | $ 159,859 | $ 159,859 |
San Emidio | ||
Mineral Properties [Line Items] | ||
Claims | Claim | 20 | |
Area of staked properties | a | 1,600 | |
Cost | $ 11,438 | |
Impairment | (11,438) | |
Net Carry Value | $ 0 | |
Cherryville/BC Sugar | ||
Mineral Properties [Line Items] | ||
Area of staked properties | ha | 8,019.41 | |
Cost | $ 21,778 | |
Impairment | (21,778) | |
Net Carry Value | $ 0 |
Capital Stock - Summary of assumptions used to determine fair value of stock options (Details) |
6 Months Ended | ||
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Feb. 10, 2016 |
Nov. 12, 2014 |
Jun. 30, 2016 |
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Modification | |||
Equity [Line Items] | |||
Risk free interest rate | 0.35% | ||
Expected dividend yield | 0.00% | ||
Expected stock price volatility | 129.00% | ||
Expected life of options | 3 years | ||
New Options | |||
Equity [Line Items] | |||
Risk free interest rate | 0.67% | ||
Expected dividend yield | 0.00% | ||
Expected stock price volatility | 129.00% | ||
Expected life of options | 5 years | ||
Stock Option | |||
Equity [Line Items] | |||
Risk free interest rate | 1.16% | 1.65% | |
Expected dividend yield | 0.00% | 0.00% | |
Expected stock price volatility | 129.00% | 150.00% | |
Expected life of options | 4 years 10 months 24 days | 5 years |
Capital Stock - Summary of stock options outstanding (Details 1) - Stock Option |
6 Months Ended |
---|---|
Jun. 30, 2016
$ / shares
shares
| |
Issue Date May 31, 2012 | |
Equity [Line Items] | |
Number | 100,000 |
Price | $ / shares | $ 0.045 |
Expiry Date | May 31, 2017 |
Total Options Outstanding | 100,000 |
Issue Date March 15, 2013 | |
Equity [Line Items] | |
Number | 200,000 |
Price | $ / shares | $ 0.045 |
Expiry Date | Mar. 15, 2018 |
Total Options Outstanding | 200,000 |
Issue Date November 12, 2014 | |
Equity [Line Items] | |
Number | 700,000 |
Price | $ / shares | $ 0.045 |
Expiry Date | Nov. 12, 2019 |
Total Options Outstanding | 700,000 |
Issue Date February 10, 2016 | |
Equity [Line Items] | |
Number | 650,000 |
Price | $ / shares | $ 0.025 |
Expiry Date | Jan. 08, 2022 |
Total Options Outstanding | 650,000 |
Capital Stock (Detail Textuals) - $ / shares |
1 Months Ended | ||
---|---|---|---|
Sep. 30, 2009 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Equity [Abstract] | |||
Number of shares authorized to issue | 3,000,000,000 | 3,000,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Forward stock split | 60-for-1 |
Capital Stock (Detail Textuals 2) - Warrants |
Oct. 15, 2015
USD ($)
$ / shares
shares
|
---|---|
Equity [Line Items] | |
Number of expired exercisable warrants | shares | 2,700,000 |
Warrants exercisable per share for first 12 months after closing. | $ 0.05 |
Warrants exercisable per share for the following 12 months after closing. | $ 0.075 |
Fair value of warrants measured | $ | $ 45,473 |
Capital Stock (Detail Textuals 3) - Stock Option - USD ($) |
6 Months Ended | ||||
---|---|---|---|---|---|
Feb. 10, 2016 |
Nov. 12, 2014 |
Mar. 15, 2013 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Equity [Line Items] | |||||
Stock-based compensation | $ 22,034 | $ 0 | |||
Consultants | |||||
Equity [Line Items] | |||||
Modified exercise price | $ 0.045 | ||||
Stock-based compensation | $ 8,848 | ||||
Consultants | Exercise Prices $0.045 | |||||
Equity [Line Items] | |||||
Number of options granted | 700,000 | 200,000 | |||
Exercise price of options granted | $ 0.045 | $ 0.045 | |||
Stock-based compensation | $ 7,794 | ||||
Fair value of options | $ 38,723 | ||||
Consultants | Exercise price $0.025 | |||||
Equity [Line Items] | |||||
Number of options granted | 850,000 | ||||
Exercise price of options granted | $ 0.025 | ||||
Fair value of options | $ 22,034 |
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