10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

x

Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended

September 30, 2017

o

Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period _____________to______________

Commission File Number: 333-150582

BLOX, INC.

 (Exact name of registrant as specified in its charter)

Nevada

20-8530914

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation of organization)

Suite 202, 5626 Larch Street, Vancouver, BC  Canada

V6M 4E1

(Address of principal executive offices)

(ZIP Code)

Registrant’s telephone number, including area code:

(604) 696-4236

(Former name, former address and former fiscal year,  if changed since last report

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days

x Yes    o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

x Yes    o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of ‘‘accelerated filer and large accelerated filer’’ in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

o

Small reporting company

x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

oYes   x No

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 108,611,814 shares of common stock as of November 20, 2017.

Transitional Small Business Disclosure Format oYes   x No

BLOX, INC.

Quarterly Report on Form 10-Q
For The Quarterly Period Ended
September 30, 2017

INDEX

2

PART I

As used in this quarterly report on Form 10-Q, the terms “we”, “us” “our”, the “Company” or the “registrant” refer to Blox Inc., a Nevada corporation, and its wholly-owned subsidiaries.

Our financial statements are stated in United States Dollars (US$) unless otherwise stated and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this quarterly report, unless otherwise specified, all references to “common shares” refer to the common shares in our capital stock.

Forward-Looking Statements

This quarterly report contains “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objections of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. Except as required by applicable law, including the securities laws of the United States, we do not intend, and undertake no obligation, to update any forward-looking statement.

Although we believe the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The factors impacting these risks and uncertainties include, but are not limited to:

*

our current lack of working capital;

*

our ability to obtain any necessary financing on acceptable terms;

*

timing and amount of funds needed for capital expenditures;

*

timely receipt of regulatory approvals;

*

our management team’s ability to implement our business plan;

*

effects of government regulation;

*

general economic and financial market conditions;

*

our ability to complete the required feasibility study for permitting of the Mansounia concession in Guinea;

*

our ability to develop our green mining business in Africa; and

*

the fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and they may require our management to make estimates about matters that are inherently uncertain.

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

The following unaudited interim financial statements of Blox, Inc. are included in this quarterly report on Form 10-Q.

3

Blox, Inc.

Condensed Interim Consolidated Balance Sheets

(Unaudited - Expressed in U.S. Dollars)

				As At		As At
				September 30, 2017		March 31, 2017 (audited)
ASSETS
Current Assets
		Cash (Note 7)	$	6,764	$	14,085
		Prepaid expenses		9,167		5,549
Total Current Assets				15,931		19,634
Equipment (Note 4)				71,560		74,132
Mineral Property Interest (Note 5)				931,722		931,722
Total Assets			$	1,019,213	$	1,025,488
LIABILITIES
Current Liabilities
		Accounts payable and accrued liabilities	$	109,594	$	90,595
Long-term Liabilities
	Loans payable (Note 8)			-		825,120
Total Liabilities				109,594		915,715
STOCKHOLDERS' EQUITY
Common Stock (Note 6) – 400,000,000 authorized – 108,611,814 issued (March 31, 2017 – 108,611,814)				967		967
Additional Paid-in Capital				5,957,211		5,957,211
Share subscriptions received				1,073,923		-
Contributed Surplus				3,500,756		3,500,756
Accumulated Other Comprehensive Income				15,491		15,491
Deficit				(9,638,729)		(9,364,652)
Total Stockholders' Equity				909,619		109,773
Total Liabilities and Stockholders' Equity			$	1,019,213	$	1,025,488

See accompanying notes to the condensed interim consolidated financial statements.

4

Blox, Inc.

Condensed Interim Consolidated Statements of Comprehensive Loss

(Unaudited - Expressed in U.S. Dollars)

	Three Months Ended				Six Months Ended
	September 30, 2017		September 30, 2016		September 30,  2017		September 30, 2016
Operating Expenses
Consulting and professional fees (Note 10)	$	92,107	$	90,996	$	183,169	$	182,268
Depreciation (Note 4)		193		275		386		551
Exploration (Note 5)		(15,930)		1,486		3,654		7,511
Foreign exchange		34,717		(3,183)		56,371		(4,816)
Office and administration fees (Note 10)		11,692		10,500		22,182		22,574
Travel		3,818		1,897		6,129		8,300
Total Operating Expenses		126,597		101,971		271,891		216,388
Loss from Operations		(126,597)		(101,971)		(271,891)		(216,388)
Loss on disposal of equipment		(2,186)		-		(2,186)		-
Net Loss and Comprehensive Loss for the period	$	(128,783)	$	(101,971)	$	(274,077)	$	(216,388)
Net Loss Per Common Share	$	(0.00)	$	(0.00)	$	(0.00)	$	(0.00)
Weighted Average Number of Shares Outstanding – Basic and diluted
		108,611,814		108,611,814		108,611,814		108,611,814

See accompanying notes to the condensed interim consolidated financial statements.

5

Blox, Inc.

Condensed Interim Consolidated Statements of Changes in Stockholders’ Equity

Six months ended September 30, 2017 and 2016

(Expressed in U.S. Dollars)

											Accumulated
					Additional		Shares				Other				Total
	Common Stock				Paid-in		Subscriptions		Contributed		Comprehensive				Stockholders’
	Shares		Amount		Capital		Received		Surplus		Income		Deficit		Equity
March 31, 2016	108,611,814	$	967	$	5,957,211	$	-	$	3,500,756	$	15,491	$	(8,925,089)	$	549,336
Net loss for the year	-		-		-		-		-		-		(439,563)		(439,563)
March 31, 2017	108,611,814		967		5,957,211		-		3,500,756		15,491		(9,364,652)		109,773
Private placement proceeds	-		-		-		1,073,923		-		-		-		1,073,923
Net loss for the period	-		-		-		-		-		-		(274,077)		(274,077)
September 30, 2017	108,611,814	$	967	$	5,957,211	$	1,073,923	$	3,500,756	$	15,491	$	(9,638,729)	$	909,619

See accompanying notes to the condensed interim consolidated financial statements.

6

Blox, Inc.

Condensed Interim Consolidated Statements of Cash Flows

(Unaudited - Expressed in U.S. Dollars)

		Six Months Ended
		September 30, 2017		September 30, 2016
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net loss for the period	$	(274,077)	$	(216,388)
Non-cash items:
Depreciation		386		551
Loss on disposal of equipment		2,186		-
Changes in non-cash working capital:
Prepaid expenses		(3,618)		(3,833)
Accounts payable and royalty payments payable		18,998		(14,115)
Cash used in operating activities		(256,125)		(233,785)
FINANCING ACTIVITIES
Proceeds from private placement advanced		248,804		-
Proceeds from loans		-		234,264
Cash provided by financing activities		248,804		234,264
(Decrease) Increase in Cash		(7,321)		479
Cash, Beginning of Period		14,085		8,944
Cash, End of Period	$	6,764	$	9,423
NON-CASH FINANCING ACTIVITIES:
Loans payable converted into share subscriptions	$	825,120

See accompanying notes to the condensed interim consolidated financial statements.

7

Blox, Inc.

Notes to Condensed Interim Consolidated Financial Statements

Six Months Ended September 30, 2017 and 2016

(Unaudited – Expressed in U.S. Dollars)

1.

Description of Business

Blox, Inc. (the "Company") was incorporated on July 21, 2005 under the laws of the state of Nevada. The address of the Company is Suite 202, 5626 Larch Street, Vancouver, British Columbia, V6M 4E1, Canada. The Company is primarily engaged in developing mineral exploration projects in Africa.

On February 27, 2014, the Company completed a business combination with International Eco Endeavors Corp. (“Eco Endeavors”) which has now been renamed “Blox Energy Inc.” During the year ended March 31, 2015, the Company discontinued operations in Europe and disposed of Blox Energy Inc.’s subsidiary, Kenderesh Endeavors Corp.

2.

Basis of Presentation

(a)

Statement of Compliance

These condensed interim consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") and are expressed in U.S. dollars. The Company's fiscal year-end is March 31.

(b)

Basis of Presentation

The condensed interim consolidated financial statements of the Company comprise the Company and its subsidiaries. These consolidated financial statements are prepared on the historical cost basis.  These consolidated financial statements have also been prepared using the accrual basis of accounting, except for cash flow information.  In the opinion of management, all adjustments (including normal recurring ones), considered necessary for the fair statement of results have been included in these financial statements. All intercompany balances and transactions have been eliminated upon consolidation. The interim results are not necessarily indicative of results for the full year ending March 31, 2018, or future operating periods. For further information, see the Company’s annual consolidated financial statements for the year ended March 31, 2017, including the accounting policies and notes thereto.

(c)

Reporting and Functional Currencies

The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The functional currency of the Company is the Canadian dollar (“CAD”). The Company’s reporting currency is the US dollar.

Transactions:

Monetary assets and liabilities denominated in foreign currencies are translated into functional currencies of the Company and its subsidiaries using period end foreign currency exchange rates and expenses are translated using the exchange rate approximating those in effect on the date of the transactions during the reporting periods in which the expenses were transacted. Non-monetary assets and liabilities are translated at their historical foreign currency exchange rates. Gains and losses resulting from foreign exchange transactions are included in the determination of net income or loss for the period.

Translations:

Foreign currency financial statements are translated into the Company’s reporting currency, the US dollar as follows:

(i)

All of the assets and liabilities are translated at the rate of exchange in effect on the balance sheet date;

8

Blox, Inc.

Notes to Condensed Interim Consolidated Financial Statements

Six Months Ended September 30, 2017 and 2016

(Unaudited – Expressed in U.S. Dollars)

2.

Basis of Presentation (Continued)

(c)

Reporting and Functional Currencies (Continued)

(ii)

Expenses are translated at the exchange rate approximating those in effect on the date of the transactions; and

(iii)

Exchange gains and losses arising from translation are included in other comprehensive income.

(d)

Significant Accounting Judgments and Estimates

The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the period.  Actual outcomes could differ from these estimates.  Revisions to accounting estimates are recognized in the period in which the estimate is revised and may affect both the period of revision and future periods.

In applying the Company's accounting policies, management has made certain judgments that may have a significant effect on the consolidated financial statements. Such judgments include the determination of the functional currencies and use of the going concern assumption.

(i)

Determination of Functional Currencies

In determining the Company's functional currency, it periodically reviews its primary and secondary indicators to assess the primary economic environment in which the entity operates in determining the Company's functional currencies.  The Company analyzes the currency that mainly influences labor, material and other costs of providing goods or services which is often the currency in which such costs are denominated and settled.  The Company also analyzes secondary indicators such as the currency in which funds from financing activities such as equity issuances are generated and the funding dependency of the parent company whose predominant transactional currency is the Canadian dollar. Determining the Company's predominant economic environment requires significant judgment.

(ii)

Going Concern

These condensed interim consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred a net loss of $274,077 for the six months ended September 30, 2017, and has incurred cumulative losses since inception of $9,638,729 as at September 30, 2017.

These factors raise substantial doubt about the ability of the Company to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary debt and/or equity financing to continue operations. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management of the Company has undertaken steps as part of a plan to sustain operations for the next fiscal year including plans to raise additional equity financing, controlling costs and reducing operating losses. Waratah Investments Limited, the Company’s controlling shareholder continued to finance the required working capital through a private placement (Note 6(a)).

9

Blox, Inc.

Notes to Condensed Interim Consolidated Financial Statements

Six Months Ended September 30, 2017 and 2016

(Unaudited – Expressed in U.S. Dollars)

3.

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

4.

Equipment

		Office Equipment		Machinery		Total
Cost
Balance at March 31, 2017	$	8,760	$	232,620	$	241,380
Additions (disposals)		(8,760)		-		(8,760)
Balance at September 30, 2017	$	-	$	232,620	$	232,620
Accumulated Depreciation
Balance at March 31, 2017	$	6,188	$	161,060	$	167,248
Depreciation for the period		386		-		386
Disposal for the period		(6,574)		-		(6,574)
Balance at September 30, 2017	$	-	$	161,060	$	161,060
Carrying amounts
As at September 30, 2017	$	-	$	71,560	$	71,560
Carrying amounts
As at March 31, 2017	$	2,572	$	71,560	$	74,132

Equipment in the amount of $71,560 has not been placed into production and is not currently being depreciated.

5.

Mineral Property Interest

The Company entered into a Deed of Assignment and Assumption Agreement dated July 24, 2014 (the "Assumption Agreement") among Joseph Boampong Memorial Institute Ltd. ("JBMIL") and Equus Mining Ltd. ("EML"), Burey Gold Guinee sarl ("BGGs") and Burey Gold Limited ("BGL") and, collectively with EML and BGGs, (the "Vendors"), pursuant to which the Company agreed to assume JBMIL's right to acquire a 78% beneficial interest in the Mansounia Concession (the "Property") from the Vendors. The Company exercised that right and has acquired a 78% beneficial interest in the Property.

An exploration permit for the Property was granted by the Ministère des Mines et de la Géologie on August 20, 2013. As part of its due diligence, the Company obtained a legal opinion which confirmed that the license was in good standing at the time of acquisition. It is the Company's intention to obtain an exploitation permit to allow the Company the right to mine and dispose of minerals for 15 years, with a possible 5-year extension. The Company has commenced work on the feasibility study and environmental impact assessment required for obtaining this permit.

10

Blox, Inc.

Notes to Condensed Interim Consolidated Financial Statements

Six Months Ended September 30, 2017 and 2016

(Unaudited – Expressed in U.S. Dollars)

5.

Mineral Property Interest (continued)

In consideration for the acquisition of the interest in the Property, the Company paid in cash $100,000 to BGL and $40,000 to EML and issued BGL and EML an aggregate of 6,514,350 shares of common stock of the Company (the "First Tranche Shares"), at a deemed price of $0.1765 per share, for an aggregate deemed value of $1,150,000. The First Tranche Shares were issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively. For accounting purposes, the Company recorded the cash payment of $140,000, and $10,000 for an independent valuation of the Property. Additionally, $781,722 was capitalized to mineral property interests, being the fair value of the first tranche of shares. The fair value of the first tranche shares was based on the closing price of the Company’s shares on the OTCQB on July 24, 2014.

Within 14 days of commercial gold production being publicly declared from ore mined from the Property, the Company will issue BGL and EML a second tranche of shares of common stock of the Company (the "Second Tranche Shares"). The number of Second Tranche Shares to be issued shall be calculated by dividing $1,150,000 by the volume weighted average share price of the Company's common stock over a 20-day period preceding the issuance date. The Second Tranche Shares shall be issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively.

The mining exploration license for the Company has been extended for an additional three months to January 24, 2018, in order to allow the Company sufficient time to finalize the Feasibility Study and Application for an Exploitation License.   During the six months ended September 30, 2017, the Company spent $3,654 (September 30, 2016 – $7,511) on the property.

	Mansounia Property, West Africa
Acquisition of mineral property interest
Cash payment	$	150,000
Issuance of 6,514,350 common shares	781,722
Balance, as at September 30 and March 31, 2017	$	931,722

6.

Common Stock

(a)

Private placement

On September 29, 2017, the Company entered into an agreement with Waratah Capital Ltd. (“Waratah”) whereby Waratah and the Company agreed that in order to allow the Company to finalize its acquisition of Quivira Gold Ltd. pursuant to the Share Purchase Agreement dated June 22, 2013 among the Company, Quivira Gold Ltd. and Waratah (the “Quivira Agreement”), the Bridge Loan Agreement dated as of April 17, 2015, and  amended on April 28, 2016 and November 1, 2016 between the Company and Waratah would be cancelled and the Company will utilize the loan proceeds advanced to close the required private placement of $1,000,000 to $1,500,000 required to consummate the Company’s acquisition of Quivira Gold Ltd.  As a condition of entering into the agreement with Waratah, Waratah agreed to provide the remaining balance of funds required to close the private placement, and/or arrange for third parties to participate in the private placement on or before December 31, 2017, or such other date as may be agreed to among the parties (Note 8).

The Private Placement will consist of a minimum of 20,000,000 units and up to a maximum of 30,000,000 units at a deemed price of $0.05 per share, with each unit consisting of one common share and one share purchase warrant entitling the holder thereof to purchase one additional common share at a price of $0.05 per share for a term of five years from the date of issuance.

11

Blox, Inc.

Notes to Condensed Interim Consolidated Financial Statements

Six Months Ended September 30, 2017 and 2016

(Unaudited – Expressed in U.S. Dollars)

6.

Common Stock (continued)

(b)

Share Purchase Warrants

The Company had 88,000,000 outstanding warrants as at September 30, 2017 and March 31, 2017 exercisable at $0.05 per share until February 27, 2019 (1.4 years).

(c)

Stock Options

The Company did not grant any stock options during the six months ended September 30, 2017 and 2016.

The following table summarizes historical information about the Company’s incentive stock options:

	Number of Options	Weighted Average Exercise Price
Balance, September 30, 2017 and March 31, 2017	4,650,000	$0.03

At September 30, 2017, the following stock options were outstanding and exercisable:

Exercise Price	Expiry Date	Options Outstanding	Weighted Average Remaining Life in Years	Options Exercisable
$0.01	21-Jul-20	4,000,000	2.8	4,000,000
$0.15	07-Aug-19	650,000	1.9	650,000
		4,650,000	2.7	4,650,000

7.

Fair Value of Financial Instruments

The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which fair value is observable:

Level 1 – fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 – fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Level 2 and 3 financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments. Changes in such judgments could have a material impact on fair value estimates. In addition, since estimates are as of a specific point in time, they are susceptible to material near-term changes. Changes in economic conditions may also dramatically affect the estimated fair values.

12

Blox, Inc.

Notes to Condensed Interim Consolidated Financial Statements

Six Months Ended September 30, 2017 and 2016

(Unaudited – Expressed in U.S. Dollars)

7.

Fair Value of Financial Instruments (continued)

The following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy:

	Level 1	Level 2	Level 3	Total September 30, 2017
Cash	$    6,764	$       -	$      -	$     6,764

	Level 1	Level 2	Level 3	Total March 31, 2017
Cash	$    14,085	$       -	$     -	$     14,085

8.

Loans Payable

The Company entered into a bridge loan agreement with Waratah Capital Ltd. (“Waratah”) dated as of April 17, 2015, which agreement was amended on April 28, 2016 and again on November 1, 2016 (the “Loan Agreement”), whereby Waratah agreed to provide a bridge loan to the Company in order to fund its obligations and for general working capital purposes for a total of Cdn$1,500,000 (the “Loan Proceeds”) on the terms and conditions set out in the loan Agreement.

On September 29, 2017, the Company entered into an agreement with Waratah Capital Ltd. (“Waratah”) whereby Waratah and the Company agreed that in order to allow the Company to finalize its acquisition of Quivira Gold Ltd. pursuant to the Share Purchase Agreement dated June 22, 2013 among the Company, Quivira Gold Ltd. and Waratah (the “Quivira Agreement”), the Loan Agreement would be cancelled and the Company will utilize the loan proceeds advanced to close the required private placement of $1,000,000 to $1,500,000 required to consummate the Company’s acquisition of Quivira Gold Ltd.  As a condition of entering into the agreement with Waratah, Waratah agreed to provide the remaining balance of funds required to close the private placement, and/or arrange for third parties to participate in the private placement on or before December 31, 2017, or such other date as may be agreed to among the parties (Note 6(a)).

As at September 30, 2017, the proceeds of loan payable were reclassified to share capital subscription and the balance of the loan payable was $Nil (March 31, 2017 - $825,120/Cdn$1,083,020).

9.

Commitment

On June 22, 2013, the Company entered into a share purchase agreement with Waratah Investments Limited (“Waratah Investments”) where the Company shall purchase all of Waratah Investments’s right, title, and interest in the Quivira Gold Ltd. (“Quivira”) shares, of which Waratah holds 100% of the outstanding shares. As consideration for the Quivira shares, the Company will issue to Waratah 60,000,000 shares of common stock and 60,000,000 warrants. Each warrant entitles the holder to purchase one additional common share at $0.05 for a period of five years from the closing date. Quivira, a subsidiary of Waratah Investments, owns and operates gold and diamond mining properties in Ghana.

The closing of the agreement is subject to the completion of due diligence and the completion of a private placement.  The agreement provides that closing is subject to completion of a private placement financing of up to US$1,500,000, consisting of units priced at $0.05 per unit, with each unit comprising a share in the common stock of the Company and a share purchase warrant, exercisable at $0.05 for five years.  As of the issuance date of these financial statements, the due diligence and financing has not yet been completed.

13

Blox, Inc.

Notes to Condensed Interim Consolidated Financial Statements

Six Months Ended September 30, 2017 and 2016

(Unaudited – Expressed in U.S. Dollars)

10.

Related Party Transactions

The Company’s related parties include its controlling shareholder, directors, and key management personnel. Transactions with related parties for goods and services are based on the exchange amount as agreed to by the related parties.

The Company incurred the following expenses with related parties during the three and six months ended September 30, 2017 and 2016:

	Three Months Ended				Six Months Ended
	September 30, 2017		September 30, 2016		September 30, 2017			September 30, 2016
Compensation – Directors	$	59,795	$	57,720	$	116,993	$		104,803
Compensation – Officers		14,730		16,794		31,058			31,345

During the six months ended September 30, 2017, $4,349 (September 30, 2016 - $4,369) was paid for bookkeeping services to a company owned by an officer of the Company.

As at September 30, 2017, the Company was indebted to its related parties for the amounts as below:

	September 30, 2017		March 31, 2017
Accounts payable and accrued liabilities	$	58,113	$	46,467
Loans payable (Note 8)		-		825,120

As at September 30, 2017, $58,113 (March 31, 2017 - $46,467) remains unpaid to directors and officers for the consulting, professional fees, and other expenses. These amounts owing are unsecured, non-interest bearing and have no fixed repayment terms.  

14

Blox, Inc.

Notes to Condensed Interim Consolidated Financial Statements

Six Months Ended September 30, 2017 and 2016

(Unaudited – Expressed in U.S. Dollars)

11.

Geographical Area Information

		Canada		Africa		Total
September 30, 2017:
Current assets	$	15,931	$	-	$	15,931
Equipment		-		71,560		71,560
Mineral property interest		-		931,722		931,722
Total assets	$	15,931	$	1,003,282	$	1,019,213
Total liabilities	$	109,594	$	-	$	109,594
March 31, 2017:
Current assets	$	19,634	$	-	$	19,634
Equipment		2,572		71,560		74,132
Mineral property interest		-		931,722		931,722
Total assets	$	22,206	$	1,003,282	$	1,025,488
Total liabilities	$	915,715	$	-	$	915,715

15

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this quarterly report on Form 10-Q.

Overview

We were incorporated in the State of Nevada on July 21, 2005, under the name “Nava Resources, Inc.” for the purpose of conducting mineral exploration activities. We were authorized to issue 400,000,000 shares of common stock, having a par value of $0.001 per share.  On January 4, 2007, we obtained written consent from our shareholders to amend our Articles of Incorporation to change the par value of our common stock from $0.001 to $0.00001 per share, which change was effected on February 28, 2007.  Effective July 30, 2013, we changed our name from “Nava Resources, Inc.” to “Blox, Inc.”.

On August 6, 2014, we announced that we entered into a Deed of Assignment and Assumption Agreement dated July 24, 2014 (the "Assumption Agreement") with Joseph Boampong Memorial Institute Ltd. ("JBMIL") and Equus Mining Ltd. ("EML"), Burey Gold Guinee sarl ("BGGs") and Burey Gold Limited ("BGL") and, collectively with EML and BGGs, (the "Vendors"), pursuant to which we agreed to assume JBMIL's right to acquire a 78% beneficial interest in the Mansounia Concession (the "Mansounia Property") from the Vendors, which right was exercised.

The Mansounia Property lies in the southwest margin of the Siguiri Basin, in the Kouroussa Prefecture, Kankan Region, in Guinea, West Africa and covers a surface area of 145 square kilometres. The Mansounia Property is located approximately 80 kilometres west, by road, from the country's third largest city, Kankan.

An exploration permit for the Mansounia Property was granted by the Ministère des Mines et de la Géologie on August 20, 2013. On October 25, 2016, an exploration permit extension was granted for a period of 12-months.  The purpose of the extension was to provide time to complete the required feasibility study and environmental impact assessment that will be submitted to Ministre des Mines et de la Géologie and the La Ministre de l’Environnement, des Eaux et Forêts. Work has commenced on the feasibility study and a consultant has been engaged to commence the environmental impact assessment.  It is our intention to obtain an exploitation permit, which would give us the exclusive right to mine and dispose of minerals for 15 years, with a possible five-year extension.  In February 2017, our directors and management teams from Vancouver and Guinea met in Accra, Ghana, to further the process of advancing a project viability study for the Mansounia Property.  The environmental impact assessment of the concession is in progress.  Once completed, the results of these two studies will be presented to the Guinea Ministry of Mines and Geology and the Environmental Protection Agency in Guinea, with a view to advancing towards an exploitation license.   

In consideration for the acquisition of the interest in the Mansounia Property, we paid approximately $100,000 to BGL and $40,000 to EML and on July 31, 2014, issued BGL and EML an aggregate of 6,514,350 shares of common stock of our company (the "First Tranche Shares"), at a deemed price of $0.1765 per share, for an aggregate deemed value of $1,150,000. The First Tranche Shares were issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively. For accounting purposes, we recorded the cash payment of $150,000 plus $781,722 as the fair value of the First Tranche Shares in mineral interest. The fair value of the First Tranche Shares was based on the closing price of our shares on the OTCQB on July 24, 2014.

Within 14 days of commercial gold production being publicly declared from ore mined from the Mansounia Property, we will issue BGL and EML a second tranche of shares of our common stock (the "Second Tranche Shares"). The number of Second Tranche Shares to be issued shall be calculated by dividing $1,150,000 by the volume weighted average share price of our common stock over a 20-day period preceding the issuance date. The Second Tranche Shares shall be issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively.

The field program scheduled last year for the Mansounia Property has now been completed with results pending.  Crews were on the ground at Mansounia undertaking geological traverses and collecting soil and rock grab samples.  Those samples have now been sent to the laboratory for analysis.  No results were available as at the date of this Form 10-Q Quarterly Report.

16

Pramkese, Osenase and Asamankese, Ghana, West Africa

On June 22, 2013, we entered into a share purchase agreement with Waratah Investments Limited (“Waratah”) whereby we agreed purchase all of Waratah’s right, title, and interest in the Quivira Gold (“Quivira”) shares, of which Waratah holds 100% of the outstanding shares. As consideration for the Quivira shares, we agreed to issue to Waratah 60,000,000 shares of common stock and 60,000,000 warrants. Each warrant entitles the holder to purchase one additional common share at $0.05 for a period of five years from the closing date. Quivira, a subsidiary of Waratah, owns and operates gold and diamond mining properties in Ghana.

The closing of the agreement is subject to the completion of a private placement financing of up to $1,500,000, consisting of units priced at $0.05 per unit, with each unit to be comprised of one common share and one share purchase warrant, exercisable at $0.05 for five years.  Closing the Agreement is also conditional upon receiving legal opinions of Ghana counsel confirming various matters relating to the laws of Ghana, including corporate and title opinions; the Company receiving legal opinions of Australian counsel confirming various matters relating to the laws of Australia, including corporate and title opinions; completion of certain ongoing transactions by Quivira relating to the transfer of title to certain assets and to an assignment of debt; and preparation of U.S. GAAP consolidated financial statements for Quivira.

Our directors conducted their first visit to Ghana in August 2015, when they visited the Birim Region where the three Ghanaian concessions are located.  The objective was to carry out a geological reconnaissance over the areas to identify potentially favourable lithologies.  The directors inspected the existing field programs in Ghana and oversaw the planning and implementation of programs for the near future.

Going Concern

Our financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. We have not yet established an ongoing source of revenues sufficient to cover our operating costs and to allow us to continue as a going concern. We have incurred a net loss of $274,077 for the six months ended September 30, 2017, and have incurred cumulative losses since inception of $9,638,729.  These factors raise substantial doubt about the ability of the Company to continue as going concern. Our ability to continue as a going concern is dependent on our ability to continue obtaining adequate capital to fund operating losses until we become profitable. If we are unable to obtain adequate capital, we could be forced to significantly curtail or cease operations.

We will need to raise additional funds to finance continuing operations. However, there are no assurances that we will be successful in raising additional funds. Without sufficient additional financing, it would be unlikely for us to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability to successfully accomplish the plans described in this quarterly report and eventually secure other sources of financing and attain profitable operations.

Results of Operations

Six Months Ended September 30, 2017 and 2016

The following summary of our results of operations should be read in conjunction with our unaudited consolidated interim financial statements for the six months ended September 30, 2017 and 2016, which are included herein.

Expenses

The expenses were as follows:

	Three Months Ended		Six Month Ended
	September 30, 2017	September 30, 2016	September 30, 2017	September 30, 2016
Administration and office	11,692	10,500	22,182	22,574
Consulting and professional fees	92,107	90,996	183,169	182,268
Depreciation	193	275	386	551
Exploration	(15,930)	1,486	3,654	7,511

17

Foreign exchange	34,717	(3,183)	56,371	(4,816)
Loss on disposal of equipment	2,186	-	2,186	-
Travel	3,818	1,897	6,129	8,300
Net Loss	$      128,783	$      101,971	$  274,077	$  216,388

We incurred a net loss of $128,783 and $274,077 ($0.00 per share) for the three and six month ended September 30, 2017, compared to $101,971 and $216,388 ($0.00 loss per share), in the same periods in 2016. During the three and six months ended September 30, 2017, we incurred foreign exchange loss of $34,717 and $56,371, respectively, which resulted in the increased operating expenses during fiscal 2017 compared to fiscal 2016

Management anticipates operating expenses will materially increase in future periods as we focus on green mineral development and incur increased costs as a result of being a public company with a class of securities registered under the Securities Exchange Act of 1934.

Liquidity and Capital Resources

Working Capital

Continuing Operations	September  30, 2017	March 31, 2017
Current Assets	$         15,931	$       19,634
Current Liabilities	109,594	90,595
Working Capital Deficit	$   (93,663)	$     (70,961)

Current Assets

The nominal decrease in current assets as of September 30, 2017 compared to March 31, 2017 was primarily due to a decrease in cash from $14,085 to $6,764.  

Current Liabilities  

Current liabilities as at September 30, 2017 increased by $18,999 since March 31, 2017, primarily due to additional expenses being incurred during the current quarter.

Cash Flow

Our cash flow was as follows:

	Six months Ended September 30
	2017 $	2016 $
Net cash used in operating activities	(256,125)	(233,785)
Net cash used in investing activities	-	-
Net cash provided by financing activities	248,804	234,264
(Decrease) increase in cash and cash equivalents	(7,321)	479

Operating activities

The increase in net cash used in operating activities for the six months ended September 30, 2017, compared to the same period in 2016 was primarily as a result of increased accounts payable and royalty payments.

18

Investing activities

There is no cash used in investing activities for the six months ended September 30, 2017 or September 30, 2016.  

Financing activities

The increased net cash provided by financing activities for the six months ended September 30, 2016, compared to the same period in 2015 was mainly attributable to the proceeds advanced by a shareholder for subscriptions received.  

Critical Accounting Policies

There have been no significant changes to the critical accounting policies as described in our Annual Form 10-K for the year ended March 31, 2017.

Cash Requirements

Our current cash position is not sufficient to meet our present and near-term cash needs.  We will require additional cash resources, including the sale of equity or debt securities, to meet our planned capital expenditures and working capital requirements.  For the next 12 months we estimate that our capital needs will be $250,000 to $500,000 and we currently have approximately $920 in cash. We will seek to sell additional equity or debt securities or obtain additional credit facilities. The sale of additional equity securities will result in dilution to our stockholders. The incurrence of indebtedness will result in increased debt service obligations and could require us to agree to operating and financial covenants that could restrict our operations or modify our plans to grow the business. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, will limit our ability to expand our business operations and could harm our overall business prospects.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to our stockholders.

Contractual Obligations

Not applicable.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. We conducted an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15 of the Exchange Act. Based on this Evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our Disclosure Controls were effective as of the end of the period covered by this report.

19

Changes in Internal Control Over Financial Reporting

There were no changes in our internal controls that occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect our internal controls.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

On September 7, 2017, we filed a Notice of Claim in the Supreme Court of British Columbia against our former President and CEO, Robert Abenante and his wholly-owned company Emerald Power Consulting Inc.  Mr. Abenante was a director, President and CEO of our company from February 27, 2014 until he resigned on May 1, 2015.  Among other things, the claims against Mr. Abenante include failure to perform his duties to the level of competence and skill expected, failing to act in our company’s best interests, failing to develop and further our business and failure to devote sufficient time to perform his duties, acting in a manner of self-interest and devoting significant time towards other personal interests to the exclusion and prejudice of our company, as well as failing to maintain property financial and corporate records and failing to assist with accessing electronic records after his resignation.  As a result of Mr. Abenante’s failures, we have suffered a loss of cash, revenue and business opportunities.  We are seeking damages, including the return of 11,402,496 shares of our company and 10,168,636 share purchase warrants and termination of the right to receive 10% of the total shares issued on the close of acquisition of Quivira Gold Ltd., which were acquired by Mr. Abenante as part of his employment agreement with our company.

Management is not aware of any threatened litigation, claims or assessments.

Item 1A.

Risk Factors

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

We did not issue any securities during the quarter ended September 30, 2017.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosure

Not applicable.

Item 5.

Other Information

None

20

Item 6. Exhibits

Number	Exhibit Description
31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14 Or 15d-14 of the Securities Exchange Act Of 1934,as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14 Or 15d-14 of the Securities Exchange Act Of 1934,as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of the Chief Executive Officer pursuant to 18 U.S.C.  Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of the Chief Financial Officer pursuant to 18 U.S.C.  Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101 **	Interactive data files formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.
	101.INS	XBRL Instance Document
	101.SCH	XBRL Taxonomy Extension Schema Document
	101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
	101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
	101.LAB	XBRL Taxonomy Extension Label Linkbase Document
	101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

21

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BLOX INC.

By:	/s/ Trevor Pickett
Name:	Trevor Pickett
Title:	Interim Chief Executive Officer
Date:	November 20, 2017

22

EX-31.1

TREVOR PICKETTExhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER  PURSUANT TO RULE 13A-14 OR 15D-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Trevor Pickett, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Blox, Inc.;  

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entitles, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and  

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ Trevor Pickett

-----------------------------------

Name: Trevor Pickett

Title: Interim Chief Executive Officer

Date:  November 20, 2017

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER  PURSUANT TO RULE 13A-14 OR 15D-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Nancy Zhao, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Blox, Inc.;  

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entitles, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and  

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ Nancy Zhao

------------------------------------

Name: Nancy Zhao

Title: Chief Financial Officer

Date:  November 20, 2017

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Blox, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Trevor Pickett, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 that:

1.

this report fully complies with the requirements of Sections 13(a) or 15(d) of the 1934 Act, and

2.

the information contained in this report fairly presents, in all material respects, the registrant's financial condition and results of operations of the registrant.  

By: /s/ Trevor Pickett

-----------------------------------

Name: Trevor Pickett

Title: Interim Chief Executive Officer

Date:  November 20, 2017

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Blox Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Nancy Zhao, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002 that:

1.

this report fully complies with the requirements of Sections 13(a) or  15(d) of the 1934 Act, and

2.

the information contained in this report fairly presents, in all material respects, the registrant's financial condition and results of  operations of the registrant.  

By: /s/ Nancy Zhao

------------------------------------

Name: Nancy Zhao

Title: Chief Financial Officer

Date:  November 20, 2017

XML

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2017	Nov. 17, 2017
Document And Entity Information
Entity Registrant Name	Blox, Inc.
Entity Central Index Key	0001428389
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		108,611,814
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

XML

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2017	Mar. 31, 2017
Current Assets
Cash	$ 6,764	$ 14,085
Prepaid expenses	9,167	5,549
Total Current Assets	15,931	19,634
Equipment	71,560	74,132
Mineral Property Interest	931,722	931,722
Total Assets	1,019,213	1,025,488
Current Liabilities
Accounts payable and accrued liabilities	109,594	90,595
Current Liabilities	109,594	90,595
Long-term Liabilities
Loans payable		825,120
Total Liabilities	109,594	915,715
STOCKHOLDERS' EQUITY
Common Stock - 400,000,000 authorized - 108,611,814 issued (March 31, 2017 - 108,611,814)	967	967
Additional paid-in capital	5,957,211	5,957,211
Share subscriptions received	1,073,923
Contributed Surplus	3,500,756	3,500,756
Accumulated Other Comprehensive Income	15,491	15,491
Deficit	(9,638,729)	(9,364,652)
Total Stockholders' Equity	909,619	109,773
Total Liabilities and Stockholders' Equity	$ 1,019,213	$ 1,025,488

XML

Condensed Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares	Sep. 30, 2017	Mar. 31, 2017
Statement of Financial Position [Abstract]
Common Stock, shares authorized	400,000,000	400,000,000
Common Stock, shares issued	108,611,814	108,611,814
Common Stock, shares outstanding	108,611,814	108,611,814

XML

Condensed Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating Expenses
Consulting and professional fees	$ 92,107	$ 90,996	$ 183,169	$ 182,268
Depreciation	193	275	386	551
Exploration	(15,930)	1,486	3,654	7,511
Foreign exchange	34,717	(3,183)	56,371	(4,816)
Office and administration fees	11,692	10,500	22,182	22,574
Travel	3,818	1,897	6,129	8,300
Total Operating Expenses	126,597	101,971	271,891	216,388
Loss from Operations	(126,597)	(101,971)	(271,891)	(216,388)
Loss on disposal of equipment	(2,186)		(2,186)
Net Loss and Comprehensive Loss for the Period	$ (128,783)	$ (101,971)	$ (274,077)	$ (216,388)
Net Loss Per Common Share	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted Average Number of Shares Outstanding - Basic and diluted	108,611,814	108,611,814	108,611,814	108,611,814

XML

Condensed Interim Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Share Subscriptions Received	Contributed Surplus	Accumulated Other Comprehensive Income	Deficit	Total
Beginning Balance at Mar. 31, 2016	$ 967	$ 5,957,211		$ 3,500,756	$ 15,491	$ (8,925,089)	$ 549,336
Begging Balance, Shares at Mar. 31, 2016	108,611,814
Net Loss						(439,563)	(439,563)
Ending Balance at Mar. 31, 2017	$ 967	5,957,211		3,500,756	15,491	(9,364,652)	109,773
Ending Balance, Shares at Mar. 31, 2017	108,611,814
Private placement proceeds			1,073,923				248,804
Net Loss						(274,077)	(274,077)
Ending Balance at Sep. 30, 2017	$ 967	$ 5,957,211	$ 1,073,923	$ 3,500,756	$ 15,491	$ (9,638,729)	$ 909,619
Ending Balance, Shares at Sep. 30, 2017	108,611,814

XML

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
OPERATING ACTIVITIES
Net loss for the period	$ (274,077)	$ (216,388)
Non-cash items:
Depreciation	386	551
Loss on disposal of equipment	2,186
Changes in non-cash working capital:
Prepaid expenses	(3,618)	(3,833)
Accounts payable and royalty payments payable	18,998	(14,115)
Cash used in operating activities	(256,125)	(233,785)
FINANCING ACTIVITIES
Proceeds from private placement advanced	248,804
Proceeds from loans		234,264
Cash used in financing activities	248,804	234,264
Increase (Decrease) in Cash and Cash Equivalents	(7,321)	479
Cash and Cash Equivalents, Beginning of Year	14,085	8,944
Cash and Cash Equivalents, End of Year	$ 6,764	$ 9,423

XML

Description of Business

6 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

Blox, Inc. (the "Company") was incorporated on July 21, 2005 under the laws of the state of Nevada. The address of the Company is Suite 202, 5626 Larch Street, Vancouver, British Columbia, V6M 4E1, Canada. The Company is primarily engaged in developing mineral exploration projects in Africa.

On February 27, 2014, the Company completed a business combination with International Eco Endeavors Corp. (“Eco Endeavors”) which has now been renamed “Blox Energy Inc.” During the year ended March 31, 2015, the Company discontinued operations in Europe and disposed of Blox Energy Inc.’s subsidiary, Kenderesh Endeavors Corp.

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Basis of Presentation

6 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

2. Basis of Presentation

(a) Statement of Compliance

These condensed interim consolidated financial statements are presented in accordance with generally accepted accounting principles in the United States ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") and are expressed in U.S. dollars. The Company's fiscal year-end is March 31.

(b) Basis of Presentation

The condensed interim consolidated financial statements of the Company comprise the Company and its subsidiaries. These consolidated financial statements are prepared on the historical cost basis.  These consolidated financial statements have also been prepared using the accrual basis of accounting, except for cash flow information.  In the opinion of management, all adjustments (including normal recurring ones), considered necessary for the fair statement of results have been included in these financial statements. All intercompany balances and transactions have been eliminated upon consolidation. The interim results are not necessarily indicative of results for the full year ending March 31, 2018, or future operating periods. For further information, see the Company’s annual consolidated financial statements for the year ended March 31, 2017, including the accounting policies and notes thereto.

(c) Reporting and Functional Currencies

The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The functional currency of the Company is the Canadian dollar (“CAD”). The Company’s reporting currency is the US dollar.

Transactions:

Monetary assets and liabilities denominated in foreign currencies are translated into functional currencies of the Company and its subsidiaries using period end foreign currency exchange rates and expenses are translated using the exchange rate approximating those in effect on the date of the transactions during the reporting periods in which the expenses were transacted. Non-monetary assets and liabilities are translated at their historical foreign currency exchange rates. Gains and losses resulting from foreign exchange transactions are included in the determination of net income or loss for the period.

Translations:

Foreign currency financial statements are translated into the Company’s reporting currency, the US dollar as follows:

(i) All of the assets and liabilities are translated at the rate of exchange in effect on the balance sheet date;

(ii) Expenses are translated at the exchange rate approximating those in effect on the date of the transactions; and

(iii) Exchange gains and losses arising from translation are included in other comprehensive income.

(d) Significant Accounting Judgments and Estimates

The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the period.  Actual outcomes could differ from these estimates.  Revisions to accounting estimates are recognized in the period in which the estimate is revised and may affect both the period of revision and future periods.

In applying the Company's accounting policies, management has made certain judgments that may have a significant effect on the consolidated financial statements. Such judgments include the determination of the functional currencies and use of the going concern assumption.

(i) Determination of Functional Currencies

In determining the Company's functional currency, it periodically reviews its primary and secondary indicators to assess the primary economic environment in which the entity operates in determining the Company's functional currencies.  The Company analyzes the currency that mainly influences labor, material and other costs of providing goods or services which is often the currency in which such costs are denominated and settled.  The Company also analyzes secondary indicators such as the currency in which funds from financing activities such as equity issuances are generated and the funding dependency of the parent company whose predominant transactional currency is the Canadian dollar. Determining the Company's predominant economic environment requires significant judgment.

(ii) Going Concern

These condensed interim consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred a net loss of $274,077 for the six months ended September 30, 2017, and has incurred cumulative losses since inception of $9,638,729 as at September 30, 2017.

These factors raise substantial doubt about the ability of the Company to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary debt and/or equity financing to continue operations. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management of the Company has undertaken steps as part of a plan to sustain operations for the next fiscal year including plans to raise additional equity financing, controlling costs and reducing operating losses. Waratah Investments Limited, the Company’s controlling shareholder continued to finance the required working capital through a private placement (Note 6(a)).

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Recent Accounting Pronouncements

6 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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Equipment

6 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Equipment

4. Equipment

	Office Equipment			Machinery		Total
Cost
Balance at March 31, 2017	$	8,760		$	232,620	$	241,380
Additions (disposals)		(8,760	)		—		(8,760	)
Balance at September 30, 2017	$	—		$	232,620	$	232,620
Accumulated Depreciation
Balance at March 31, 2017	$	6,188		$	161,060	$	167,248
Depreciation for the period		386			—		386
Disposal for the period		(6,574	)		—		(6,574	)
Balance at September 30, 2017	$	—		$	161,060	$	161,060
Carrying amounts
As at September 30, 2017	$	—		$	71,560	$	71,560
Carrying amounts
As at March 31, 2017	$	2,572		$	71,560	$	74,132

Equipment in the amount of $71,560 has not been placed into production and is not currently being depreciated.

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Mineral Property Interest

6 Months Ended

Sep. 30, 2017

Extractive Industries [Abstract]

Mineral Property Interest

5. Mineral Property Interest

The Company entered into a Deed of Assignment and Assumption Agreement dated July 24, 2014 (the "Assumption Agreement") among Joseph Boampong Memorial Institute Ltd. ("JBMIL") and Equus Mining Ltd. ("EML"), Burey Gold Guinee sarl ("BGGs") and Burey Gold Limited ("BGL") and, collectively with EML and BGGs, (the "Vendors"), pursuant to which the Company agreed to assume JBMIL's right to acquire a 78% beneficial interest in the Mansounia Concession (the "Property") from the Vendors. The Company exercised that right and has acquired a 78% beneficial interest in the Property.

An exploration permit for the Property was granted by the Ministère des Mines et de la Géologie on August 20, 2013. As part of its due diligence, the Company obtained a legal opinion which confirmed that the license was in good standing at the time of acquisition. It is the Company's intention to obtain an exploitation permit to allow the Company the right to mine and dispose of minerals for 15 years, with a possible 5-year extension. The Company has commenced work on the feasibility study and environmental impact assessment required for obtaining this permit.

In consideration for the acquisition of the interest in the Property, the Company paid in cash $100,000 to BGL and $40,000 to EML and issued BGL and EML an aggregate of 6,514,350 shares of common stock of the Company (the "First Tranche Shares"), at a deemed price of $0.1765 per share, for an aggregate deemed value of $1,150,000. The First Tranche Shares were issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively. For accounting purposes, the Company recorded the cash payment of $140,000, and $10,000 for an independent valuation of the Property. Additionally, $781,722 was capitalized to mineral property interests, being the fair value of the first tranche of shares. The fair value of the first tranche shares was based on the closing price of the Company’s shares on the OTCQB on July 24, 2014.

Within 14 days of commercial gold production being publicly declared from ore mined from the Property, the Company will issue BGL and EML a second tranche of shares of common stock of the Company (the "Second Tranche Shares"). The number of Second Tranche Shares to be issued shall be calculated by dividing $1,150,000 by the volume weighted average share price of the Company's common stock over a 20-day period preceding the issuance date. The Second Tranche Shares shall be issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively.

The mining exploration license for the Company has been extended for an additional three months to January 24, 2018, in order to allow the Company sufficient time to finalize the Feasibility Study and Application for an Exploitation License. During the six months ended September 30, 2017, the Company spent $3,654 (September 30, 2016 – $7,511) on the property.

	Mansounia Property, West Africa
Acquisition of mineral property interest
Cash payment	$	150,000
Issuance of 6,514,350 common shares		781,722
Balance, as at September 30 and March 31, 2017	$	931,722

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Common Stock

6 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Common Stock

6. Common Stock

(a) Private placement

On September 29, 2017, the Company entered into an agreement with Waratah Capital Ltd. (“Waratah”) whereby Waratah and the Company agreed that in order to allow the Company to finalize its acquisition of Quivira Gold Ltd. pursuant to the Share Purchase Agreement dated June 22, 2013 among the Company, Quivira Gold Ltd. and Waratah (the “Quivira Agreement”), the Bridge Loan Agreement dated as of April 17, 2015, and  amended on April 28, 2016 and November 1, 2016 between the Company and Waratah would be cancelled and the Company will utilize the loan proceeds advanced to close the required private placement of $1,000,000 to $1,500,000 required to consummate the Company’s acquisition of Quivira Gold Ltd.  As a condition of entering into the agreement with Waratah, Waratah agreed to provide the remaining balance of funds required to close the private placement, and/or arrange for third parties to participate in the private placement on or before December 31, 2017, or such other date as may be agreed to among the parties (Note 8).

The Private Placement will consist of a minimum of 20,000,000 units and up to a maximum of 30,000,000 units at a deemed price of $0.05 per share, with each unit consisting of one common share and one share purchase warrant entitling the holder thereof to purchase one additional common share at a price of $0.05 per share for a term of five years from the date of issuance.

(b) Share Purchase Warrants

The Company had 88,000,000 outstanding warrants as at September 30, 2017 and March 31, 2017 exercisable at $0.05 per share until February 27, 2019 (1.4 years).

(c) Stock Options

The Company did not grant any stock options during the six months ended September 30, 2017 and 2016.

The following table summarizes historical information about the Company’s incentive stock options:

	Number of Options		Weighted Average Exercise Price
Balance, September 30, 2017 and March 31, 2017		4,650,000	$	0.03

At September 30, 2017, the following stock options were outstanding and exercisable:

Exercise Price		Expiry Date	Options Outstanding		Weighted Average Remaining Life in Years		Options Exercisable
$	0.01	21-Jul-20		4,000,000		2.8		4,000,000
$	0.15	07-Aug-19		650,000		1.9		650,000
				4,650,000		2.7		4,650,000

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Fair Value of Financial Instruments

6 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

7. Fair Value of Financial Instruments

The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which fair value is observable:

Level 1 – fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 – fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Level 2 and 3 financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments. Changes in such judgments could have a material impact on fair value estimates. In addition, since estimates are as of a specific point in time, they are susceptible to material near-term changes. Changes in economic conditions may also dramatically affect the estimated fair values.

The following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy:

	Level 1		Level 2		Level 3		Total September 30, 2017
Cash	$	6,764	$	—	$	—	$	6,764
		Level 1		Level 2		Level 3		Total March 31, 2017
Cash	$	14,085	$	—	$	—	$	14,085

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Loans Payable

6 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Loans Payable

8. Loans Payable

The Company entered into a bridge loan agreement with Waratah Capital Ltd. (“Waratah”) dated as of April 17, 2015, which agreement was amended on April 28, 2016 and again on November 1, 2016 (the “Loan Agreement”), whereby Waratah agreed to provide a bridge loan to the Company in order to fund its obligations and for general working capital purposes for a total of Cdn$1,500,000 (the “Loan Proceeds”) on the terms and conditions set out in the loan Agreement.

On September 29, 2017, the Company entered into an agreement with Waratah Capital Ltd. (“Waratah”) whereby Waratah and the Company agreed that in order to allow the Company to finalize its acquisition of Quivira Gold Ltd. pursuant to the Share Purchase Agreement dated June 22, 2013 among the Company, Quivira Gold Ltd. and Waratah (the “Quivira Agreement”), the Loan Agreement would be cancelled and the Company will utilize the loan proceeds advanced to close the required private placement of $1,000,000 to $1,500,000 required to consummate the Company’s acquisition of Quivira Gold Ltd.  As a condition of entering into the agreement with Waratah, Waratah agreed to provide the remaining balance of funds required to close the private placement, and/or arrange for third parties to participate in the private placement on or before December 31, 2017, or such other date as may be agreed to among the parties (Note 6(a)).

As at September 30, 2017, the proceeds of loan payable were reclassified to share capital subscription and the balance of the loan payable was $Nil (March 31, 2017 - $825,120/Cdn$1,083,020).

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Commitments

6 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments

9. Commitment

On June 22, 2013, the Company entered into a share purchase agreement with Waratah Investments Limited (“Waratah Investments”) where the Company shall purchase all of Waratah Investments’s right, title, and interest in the Quivira Gold Ltd. (“Quivira”) shares, of which Waratah holds 100% of the outstanding shares. As consideration for the Quivira shares, the Company will issue to Waratah 60,000,000 shares of common stock and 60,000,000 warrants. Each warrant entitles the holder to purchase one additional common share at $0.05 for a period of five years from the closing date. Quivira, a subsidiary of Waratah Investments, owns and operates gold and diamond mining properties in Ghana.

The closing of the agreement is subject to the completion of due diligence and the completion of a private placement.  The agreement provides that closing is subject to completion of a private placement financing of up to US$1,500,000, consisting of units priced at $0.05 per unit, with each unit comprising a share in the common stock of the Company and a share purchase warrant, exercisable at $0.05 for five years.  As of the issuance date of these financial statements, the due diligence and financing has not yet been completed.

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Related Party Transactions

6 Months Ended

Sep. 30, 2017

Related Party Transactions [Abstract]

Related Party Transactions

10. Related Party Transactions

The Company’s related parties include its controlling shareholder, directors, and key management personnel. Transactions with related parties for goods and services are based on the exchange amount as agreed to by the related parties.

The Company incurred the following expenses with related parties during the three and six months ended September 30, 2017 and 2016:

	Three Months Ended				Six Months Ended
	September 30, 2017		September 30, 2016		September 30, 2017		September 30, 2016
Compensation – Directors	$	59,795	$	57,720	$	116,993	$	104,803
Compensation – Officers		14,730		16,794		31,058		31,345

During the six months ended September 30, 2017, $4,349 (September 30, 2016 - $4,369) was paid for bookkeeping services to a company owned by an officer of the Company.

As at September 30, 2017, the Company was indebted to its related parties for the amounts as below:

	September 30, 2017		March 31, 2017
Accounts payable and accrued liabilities	$	58,113	$	46,467
Loans payable (Note 8)		—		825,120

As at September 30, 2017, $58,113 (March 31, 2017 - $46,467) remains unpaid to directors and officers for the consulting, professional fees, and other expenses. These amounts owing are unsecured, non-interest bearing and have no fixed repayment terms.  

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Geographical Area Information

6 Months Ended

Sep. 30, 2017

Geographical Area Information

Geographical Area Information

11. Geographical Area Information

	Canada		Africa		Total
September 30, 2017:
Current assets	$	15,931	$	—	$	15,931
Equipment		—		71,560		71,560
Mineral property interest		—		931,722		931,722
Total assets	$	15,931	$	1,003,282	$	1,019,213
Total liabilities	$	109,594	$	—	$	109,594
March 31, 2017:
Current assets	$	19,634	$	—	$	19,634
Equipment		2,572		71,560		74,132
Mineral property interest		—		931,722		931,722
Total assets	$	22,206	$	1,003,282	$	1,025,488
Total liabilities	$	915,715	$	—	$	915,715

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Equipment (Tables)

6 Months Ended

Sep. 30, 2017

Property, Plant and Equipment [Abstract]

Schedule of Equipment Carrying Amounts

	Office Equipment			Machinery		Total
Cost
Balance at March 31, 2017	$	8,760		$	232,620	$	241,380
Additions (disposals)		(8,760	)		—		(8,760	)
Balance at September 30, 2017	$	—		$	232,620	$	232,620
Accumulated Depreciation
Balance at March 31, 2017	$	6,188		$	161,060	$	167,248
Depreciation for the period		386			—		386
Disposal for the period		(6,574	)		—		(6,574	)
Balance at September 30, 2017	$	—		$	161,060	$	161,060
Carrying amounts
As at September 30, 2017	$	—		$	71,560	$	71,560
Carrying amounts
As at March 31, 2017	$	2,572		$	71,560	$	74,132

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Mineral Property Interest (Tables)

6 Months Ended

Sep. 30, 2017

Mineral Property Interest Tables

Schedule of Acquisition Mineral Property Interest

	Mansounia Property, West Africa
Acquisition of mineral property interest
Cash payment	$	150,000
Issuance of 6,514,350 common shares		781,722
Balance, as at September 30 and March 31, 2017	$	931,722

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Common Stock (Tables)

6 Months Ended

Sep. 30, 2017

Share Capital Tables

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes historical information about the Company’s incentive stock options:

	Number of Options		Weighted Average Exercise Price
Balance, September 30, 2017 and March 31, 2017		4,650,000	$	0.03

Schedule of Stock Options Outstanding And Exercisable

At September 30, 2017, the following stock options were outstanding and exercisable:

Exercise Price		Expiry Date	Options Outstanding		Weighted Average Remaining Life in Years		Options Exercisable
$	0.01	21-Jul-20		4,000,000		2.8		4,000,000
$	0.15	07-Aug-19		650,000		1.9		650,000
				4,650,000		2.7		4,650,000

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2017

Fair Value Of Financial Instruments Tables

Schedule of Fair value of Assets

The following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy:

	Level 1		Level 2		Level 3		Total September 30, 2017
Cash	$	6,764	$	—	$	—	$	6,764
		Level 1		Level 2		Level 3		Total March 31, 2017
Cash	$	14,085	$	—	$	—	$	14,085

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Related Party Transactions (Tables)

6 Months Ended

Sep. 30, 2017

Related Party Transactions Tables

Schedule of Expenses with Related Parties

The Company incurred the following expenses with related parties during the three and six months ended September 30, 2017 and 2016:

	Three Months Ended				Six Months Ended
	September 30, 2017		September 30, 2016		September 30, 2017		September 30, 2016
Compensation – Directors	$	59,795	$	57,720	$	116,993	$	104,803
Compensation – Officers		14,730		16,794		31,058		31,345

As at September 30, 2017, the Company was indebted to its related parties for the amounts as below:

	September 30, 2017		March 31, 2017
Accounts payable and accrued liabilities	$	58,113	$	46,467
Loans payable (Note 8)		—		825,120

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Geographical Area Information (Tables)

6 Months Ended

Sep. 30, 2017

Geographical Area Information

Assets and Liabilities by Geographical Area

	Canada		Africa		Total
September 30, 2017:
Current assets	$	15,931	$	—	$	15,931
Equipment		—		71,560		71,560
Mineral property interest		—		931,722		931,722
Total assets	$	15,931	$	1,003,282	$	1,019,213
Total liabilities	$	109,594	$	—	$	109,594
March 31, 2017:
Current assets	$	19,634	$	—	$	19,634
Equipment		2,572		71,560		74,132
Mineral property interest		—		931,722		931,722
Total assets	$	22,206	$	1,003,282	$	1,025,488
Total liabilities	$	915,715	$	—	$	915,715

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Basis of Presentation (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2017
Basis Of Presentation Details Narrative
Net Loss	$ 128,783	$ 101,971	$ 274,077	$ 216,388
Cumulative Losses Since Inception	$ 9,638,729		$ 9,638,729		$ 9,364,652

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Equipment (Details)	6 Months Ended
	Sep. 30, 2017 USD ($)
Office Equipment
Cost
Balance Beginning	$ 8,760
Additions (disposals)	(8,760)
Balance End
Accumulated Depreciation
Accumulated Depreciation Beginning Balance	6,188
Depreciation for the year	386
Disposals	(6,574)
Accumulated Depreciation End Balance
Machinery [Member]
Cost
Balance Beginning	232,620
Additions (disposals)
Balance End	232,620
Accumulated Depreciation
Accumulated Depreciation Beginning Balance	161,060
Depreciation for the year
Disposals
Accumulated Depreciation End Balance	161,060
Total [Member]
Cost
Balance Beginning	241,380
Additions (disposals)	(8,760)
Balance End	232,620
Accumulated Depreciation
Accumulated Depreciation Beginning Balance	167,248
Depreciation for the year	386
Disposals	(6,574)
Accumulated Depreciation End Balance	$ 161,060

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Equipment (Details 2) - USD ($)	Sep. 30, 2017	Mar. 31, 2017
Carrying amounts
Carrying Amounts	$ 71,560	$ 74,132
Office Equipment
Carrying amounts
Carrying Amounts		2,572
Machinery [Member]
Carrying amounts
Carrying Amounts	71,560	71,560
Total [Member]
Carrying amounts
Carrying Amounts	$ 71,560	$ 74,132

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Mineral Property Interest (Details Narrative)	1 Months Ended
	Jul. 24, 2015 USD ($) $ / shares shares
BGL [Member]
Cash Paid	$ 100,000
BGL [Member] | First Tranche Shares [Member]
Shares Issued, percentage	71.43%
BGL [Member] | Second Tranche Shares [Member]
Shares Issued, percentage	71.43%
EML [Member]
Cash Paid	$ 40,000
EML [Member] | First Tranche Shares [Member]
Shares Issued, percentage	28.57%
EML [Member] | Second Tranche Shares [Member]
Shares Issued, percentage	28.57%
BGL and EML [Member] | First Tranche Shares [Member]
Cash Paid	$ 140,000
Shares Issued | shares	6,514,350
Shares Issued, per share | $ / shares	$ 0.1765
Shares Issued, value	$ 1,150,000
Mineral Property Interest	781,722
BGL and EML [Member] | Second Tranche Shares [Member]
Shares Issued, value	$ 1,150,000

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Common Stock (Details) - Employee Stock Option [Member]	6 Months Ended
	Sep. 30, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options Outstanding (beginning of period) | shares	4,650,000
Options Outstanding (end of period) | shares	4,650,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Options Outstanding (beginning of period)	$ 0.03
Granted
Exercised
Forfeited
Options Outstanding (end of period)	$ 0.03

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Common Stock (Details 2)	6 Months Ended
	Sep. 30, 2017 $ / shares shares
Options Outstanding	4,650,000
Weighted Avg. Remaining in Years	2 years 8 months 12 days
Options Exercisable	4,650,000
21-Jul-20 [Member]
Exercise Price | $ / shares	$ 0.01
Expiry Date	Jul. 21, 2020
Options Outstanding	4,000,000
Weighted Avg. Remaining in Years	2 years 9 months 18 days
Options Exercisable	4,000,000
07-Aug-19 [Member]
Exercise Price | $ / shares	$ 0.15
Expiry Date	Aug. 07, 2019
Options Outstanding	650,000
Weighted Avg. Remaining in Years	1 year 10 months 24 days
Options Exercisable	650,000

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Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Mar. 31, 2016
Cash and cash equivalents	$ 6,764	$ 14,085	$ 9,423	$ 8,944
Assets, Total [Member]
Cash and cash equivalents	6,764	14,085
Assets, Total [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	6,764	14,085
Assets, Total [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents
Assets, Total [Member] | Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents

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Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Directors [Member]
Compensation	$ 59,795	$ 57,720	$ 116,993	$ 104,803
Officers [Member]
Compensation	$ 14,730	$ 16,794	$ 31,058	$ 31,058

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Geographical Area Information (Details) - USD ($)	Sep. 30, 2017	Mar. 31, 2017
Current Assets	$ 15,931	$ 19,634
Mineral property interest	931,722	931,722
Total assets	1,019,213	1,025,488
Total liabilities	109,594	915,715
Canada [Member]
Current Assets	15,931	19,634
Equipment		2,572
Mineral property interest
Total assets	15,931	22,206
Total liabilities	109,594	915,715
Africa [Member]
Current Assets
Equipment	71,560	71,560
Mineral property interest	931,722	931,722
Total assets	1,003,282	1,003,282
Total liabilities
Total [Member]
Current Assets	15,931	19,634
Equipment	71,560	74,132
Mineral property interest	931,722	931,722
Total assets	1,019,213	1,025,488
Total liabilities	$ 109,594	$ 915,715