10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 10-Q/A

(Amendment No. 1)

____________________

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to____________

Commission File No. 000-17106

LKA GOLD INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware	91-1428250
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

3724 47^th Street Ct. N.W.

Gig Harbor, Washington 98335

(Address of principal executive offices)

(253) 514-6661

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year,

if changed since last report)

Indicate by check mark whether the registrant (1) has 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. Yes [X] 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). Yes [X] No [  ]

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

Large accelerated filer [  ]      Accelerated filer [  ]       Non-accelerated filer [  ]      Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [  ] No [X]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Not applicable.

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:  May 19, 2017  – 19,221,970 shares of common stock.

1

[This Amendment No. 1 is to the Form 10-Q of the Registrant for the fiscal quarter ended March 31, 2017, originally filed on May 22, 2017.  This amendment is being filed solely to attach the XBRL files which were not included with the original filing.  The original filing should be reviewed for all purposes related to the Registrant's 10-Q except for the attached XBRL files which can now be reviewed at this location.]

SIGNATURES

Pursuant to the requirements 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

LKA GOLD INCORPORATED

Date:	August 18, 2017	By:	/s/Kye Abraham
			Kye Abraham, Chief Executive Officer
Date:	August 18, 2017	By:	/s/Nanette Abraham
			Nanette Abraham, Chief Financial Officer

2

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Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 19, 2017
Document Information [Line Items]
Entity Registrant Name	LKA GOLD Inc /DE/
Entity Central Index Key	0000831355
Trading Symbol	lkai
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		19,221,970
Document Type	10-Q/A
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Amendment Flag	true
Amendment Description	Amendment #1 to the March 31, 2017 10-Q.

XML

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash	$ 148,533
Restricted cash	30,000	1,101
Prepaid expenses	8,333	625
Total Current Assets	186,866	1,726
FIXED ASSETS
Land, equipment, mining claims and asset retirement liabilities	849,140	849,140
Accumulated deprecation	(383,779)	(381,621)
Total Fixed Assets, Net of Accumulated Depreciation	465,361	467,519
OTHER NON-CURRENT ASSETS
Reclamation bonds	100,042	100,042
TOTAL ASSETS	752,269	569,287
CURRENT LIABILITIES
Accounts payable	92,934	80,668
Accounts payable – related party	21,606	40,095
Note Payable – related party	6,600	5,500
Wastewater discharge liability	150,000	75,000
Derivative liability	1,250,276	659,622
Note payable	10,000	10,000
Accrued interest payable	15,726	7,404
Accrued wages and advances payable to officer	50,757	163,257
Total Current Liabilities	1,597,899	1,041,546
LONG-TERM LIABILITIES
Convertible notes payable – related party, net of $594,029 and $247,710 in debt issuance costs and debt discount, respectively	5,971	2,290
Convertible note payable, net of $144,968 and $145,949 in debt issuance costs and debt discount, respectively	5,032	4,051
Asset retirement obligation	122,950	122,950
Total Liabilities	1,731,852	1,170,837
STOCKHOLDERS' DEFICIT
Preferred stock; $0.001 par value, 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively
Common stock, $0.001 par value, 50,000,000 shares authorized, 19,221,970 and 19,165,152 shares issued and 19,178,346 and 19,121,528 shares outstanding, respectively	19,222	19,165
Additional paid-in capital	17,999,621	17,963,315
Treasury stock; 43,624 and 43,624 shares at cost, respectively	(86,692)	(86,692)
Accumulated deficit	(18,911,734)	(18,497,338)
Total Stockholders' Deficit	(979,583)	(601,550)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 752,269	$ 569,287

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Convertible notes payable, debt issuance costs	$ 144,968	$ 144,968
Convertible notes payable, debt discount	$ 145,949	$ 145,949
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	19,221,970	19,165,152
Common stock, shares outstanding (in shares)	19,178,346	19,121,528
Treasury shares (in shares)	43,624	43,624
Convertible Notes Payable, Related Party [Member]
Convertible notes payable, debt issuance costs	$ 594,029	$ 594,029
Convertible notes payable, debt discount	$ 247,710	$ 247,710

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Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES
OPERATING EXPENSES
Exploration and related costs	76,157	25,826
General and administrative	33,506	29,691
Officer salaries	37,500	37,500
Professional and consulting	25,173	23,978
Total Operating Expenses	172,336	116,995
OPERATING LOSS	(172,336)	(116,995)
OTHER INCOME (EXPENSES)
Other income	12,205
Derivative loss	(240,654)	(55,806)
Interest expense, net	(13,611)	(7,620)
Total Other Income (Expenses)	(242,060)	(63,426)
NET LOSS	$ (414,396)	$ (180,421)
BASIC NET LOSS PER SHARE (in dollars per share)	$ (0.02)	$ (0.01)
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in shares)	19,194,824	19,121,528

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (414,396)	$ (180,421)
Items to reconcile net loss to net cash used by operating activities:
Accretion of asset retirement obligation		1,297
Depreciation and amortization	2,158	6,763
Amortization of debt issuance costs	1,232	1,163
Amortization of debt discount	3,430	261
Loss on derivative	240,654	55,806
Common stock issued for expenses	10,863
Changes in operating assets and liabilities
(Increase) decrease in prepaid expenses and other assets	(7,708)	17,305
Increase in wastewater discharge liabilities	75,000
Increase (decrease) in accounts payable and accrued expenses	20,588	(12,619)
Increase in accounts payable – related party	7,011	12,372
Increase in accrued wages	37,500	12,500
Net Cash Used in Operating Activities	(23,668)	(85,573)
CASH FLOWS FROM INVESTING ACTIVITIES
Change in restricted cash	(28,899)	11,250
Net Cash Provided by (Used in) Investing Activities	(28,899)	11,250
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from convertible notes payable	200,000
Proceeds from notes payable, related party	1,100
Net Cash Provided by Financing Activities	201,100
INCREASE (DECREASE) IN CASH	148,533	(74,323)
CASH AT BEGINNING OF PERIOD		150,068
CASH AT END OF PERIOD	148,533	75,745
CASH PAID FOR:
Interest	300	11,549
Income taxes
NON-CASH TRANSACTIONS
Discount on convertible notes payable	350,000
Convertible debt issued for accrued wages	150,000
Common stock issued for debt and expense	$ 25,500

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Note 1 - Organization and Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE

1

-        ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

LKA Gold Incorporated ("LKA" or the "Company") is currently engaged in efforts to expand mine production and continues to seek additional investment opportunities.

The accompanying unaudited condensed consolidated financial statements have been prepared by LKA pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim consolidated financial statements include normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with LKA's most recent audited financial statements. Operating results for the

three

months ended

March

31,

2017

are not necessarily indicative of the results that

may

be expected for the year ending

December

31,

2017.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

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Note 2 - Related Party Transactions

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE

2

-        RELATED PARTY TRANSACTIONS

Related Party Debt – Office Space

LKA pays a company owned by an officer and shareholder

$1,500

per month for office rent and expenses. The affiliated company (Abraham & Co., Inc. a FINRA member and registered investment advisor) also executes LKA's securities transactions and manages its investment portfolio. During the

three

months ended

March

31,

2017,

Abraham & Co., Inc. agreed to exchange

$25,500

in outstanding accounts payable for

56,818

shares of LKA common stock valued at the market price on the grant date and recognized

$25,500

in accounts payable extinguishment and

$10,863

in expense related to market discount. LKA owed Abraham & Co.

$10,500

and

$31,500

as of

March

31,

2017

and

December

31,

2016,

respectively.

Related Party Debt – Notes, Accounts and Wages Payable

At

March

31,

2017

and

December

31,

2016,

LKA owes

$6,600

and

$5,500,

respectively, for short-term operating capital notes payable to LKA's President, Kye Abraham.  

At

March

31,

2017

and

December

31,

2016,

LKA owes

$11,106

and

$8,595,

respectively, for purchases made on the personal credit card of LKA's President, Kye Abraham.  

During the

three

months ended

March

31,

2017,

Kye Abraham agreed to convert

$150,000

in accrued unpaid salary into a convertible debenture. At

March

31,

2017

and

December

31,

2016,

LKA owed Kye Abraham

$50,757

and

$163,257

in unpaid salary, respectively.

Convertible Debentures

On

September

29,

2015,

LKA issued

two

convertible debentures (Convertible Debentures), each in the amount of

$125,000

,

or a total of

$250,000

to members of the Koski family, the Company's largest shareholders. Principal on the Convertible Debentures is due

September

29,

2018.

Interest accrues at

7.5%

per annum and interest is due on a semi-annual basis. The Convertible Debentures are convertible at any time into shares of LKA common stock at

$0.50

per share.

On

March

15,

2017,

LKA issued a convertible debenture in the amount of

$150,000

to members of the Koski family, the Company's largest shareholders. Principal on the Convertible Debenture is due

March

15,

2021.

The Convertible Debenture accrues interest at

7.5%

and is convertible at any time into shares of LKA common stock at

$0.50

per share. Interest is due on a semi-annual basis and LKA is required to retain a reserve amount of the proceeds to pay the

first

two

semi-annual interest payments, which, if the Convertible Debentures are converted within

one

year, will be paid to the Convertible Debenture holders. As such, LKA has designated

$11,250

as restricted cash at

March

31,

2017.

On

March

17,

2017,

LKA issued a convertible debenture in the amount of

$150,000

to its President and Chairman, Kye Abraham in exchange for

$150,000

in accrued and unpaid wages. Principal on the Convertible Debenture is due

March

17,

2021.

The Convertible Debenture accrues interest at

7.5%

and is convertible at any time into shares of LKA common stock at

$0.50

per share. Interest is due on a semi-annual basis and LKA is required to retain a reserve amount of the proceeds to pay the

first

two

semi-annual interest payments, which, if the Convertible Debentures are converted within

one

year, will be paid to the Convertible Debenture holders. As such, LKA has designated

$11,250

as restricted cash at

March

31,

2017.

On

March

31,

2017,

LKA issued a convertible debenture in the amount of

$50,000

to an entity controlled by by LKA's President and Chairman, Kye Abraham. Principal on the Convertible Debenture is due

March

31,

2021.

The Convertible Debenture accrues interest at

7.5%

and is convertible at any time into shares of LKA common stock at

$0.50

per share. Interest is due on a semi-annual basis and LKA is required to retain a reserve amount of the proceeds to pay the

first

two

semi-annual interest payments, which, if the Convertible Debentures are converted within

one

year, will be paid to the Convertible Debenture holders. As such, LKA has designated

$3,750

as restricted cash at

March

31,

2017.

If any event of default occurs, the interest rate increases to

15%

per annum and the conversion rate shall be decreased to

$0.25

per share. As a result of the potential variable conversion rate, the conversion option embedded in this instrument is classified as a liability in accordance with Accounting Series Codification Topic

815,

"Derivatives and Hedging" (ASC

815)

on the date of issuance and during the

three

months ended

March

31,

2017,

LKA recognized debt discounts totaling

$350,000.

During the

three

months ended

March

31,

2017

and

2016,

LKA recognized

$2,654

and

$261

of interest expense from the amortization of the debt discounts, respectively.

LKA incurred

$12,500

in debt issuance costs on the convertible debenture issuances in

September

2015.

The debt issuance costs are being amortized over the

three

year term of the convertible debenture. During the

three

months ended

March

31,

2017

and

2016,

LKA recognized

$1,026

and

$970

of interest expense from the amortization of debt issuance costs, respectively.

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Note 3 - Convertible Debentures

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Convertible Debt [Text Block]

NOTE

3

-       CONVERTIBLE DEBENTURES

During

October

2015,

LKA issued a

7.5%

Convertible Debenture for

$50,000

in cash. The Convertible Debenture accrues interest at

7.5%

per annum due in semi-annual payments, is unsecured, due in

three

years from the date of issuance and is convertible into shares of LKA common stock at any time at the option of the holder at a rate of

$0.50

per share.

During

April

2016,

LKA issued

two

$

50,000

Convertible Debentures for

$100,000

in cash.  The Convertible Debentures accrue interest at

7.5%

per annum due in semi-annual payments, are unsecured, due in

three

years from the dates of issuance and are convertible into shares of LKA common stock at any time at the option of the holder at a rate of

$0.50

per share. Interest is due in semi-annual payments and LKA is required to maintain a reserve of proceeds equal to the

first

two

semi-annual payments, the

first

of which were paid in

2016.

  As such, LKA has designated

$3,750

as restricted cash at

March

31,

2017.

If any event of default occurs, the interest rate increases to

15%

per annum and the conversion rate shall be decreased to

$0.25

per share. As a result of the potential variable conversion rate, the conversion option embedded in this instrument is classified as a liability in accordance with ASC

815

and LKA recognized a debt discount of

$149,369

on all the above mentioned Convertible Debentures. During the

three

months ended

March

31,

2017

and

2016,

LKA recognized

$776

and

$43

of interest expense from the amortization of the debt discount.

LKA incurred

$12,500

in debt issuance costs on the convertible debenture issuance. The debt issuance costs are being amortized over the

three

year term of the convertible debenture. During the

three

months ended

March

31,

2017

and

2016,

LKA recognized

$206

and

$164

of interest expense from the amortization of debt issuance costs.

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Note 4 - Derivative Liability

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Derivatives and Fair Value [Text Block]

NOTE

4

-        DERIVATIVE LIABILITY

LKA analyzed the conversion options embedded in the convertible notes payable and convertible notes payable related party for derivative accounting consideration under ASC

815

and determined that the instruments embedded in the above referenced Convertible Notes should be classified as liabilities and recorded at fair value due to the potentially variable conversion prices.  

The fair value of the conversion options for Convertible Debentures issued during the

three

months ended

March

31,

2017

was determined to be

$512,046

as of the issuance date using a Black-Scholes option-pricing model.   Upon the date of issuance of the Convertible Notes,

$350,000

was recorded as debt discount and

$162,046

was recorded as day

one

loss on derivative liability.  During the

three

months ended

March

31,

2017,

$78,608

of loss was recorded on mark-to-market of the conversion options, respectively.

The following table summarizes the derivative liabilities included in the consolidated balance sheets at

March

31,

2017

and

December

31,

2016:

Balance, December 31, 2016	$	659,622
Day one loss due to convertible debt		162,046
Debt discount		350,000
Loss on change in fair value		78,608
Balance, March 31, 2017	$	1,250,276

The Company valued its derivatives liabilities using the Black-Scholes option-pricing model.  Assumptions used during the

three

months ended

March

31,

2017

include

(1)

risk-free interest rates of

1.93%,

(2)

lives of between

1.52

and

4.06

years,

(3)

expected volatility between

218%

-

264%,

(4)

zero

expected dividends,

(5)

conversion prices as set forth in the related instruments, and

(6)

the common stock price of the underlying share on the valuation dates.

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Note 5 - Notification of Possible Environmental Remediation

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Environmental Loss Contingency Disclosure [Text Block]

NOTE

5

-       NOTIFICATION OF POSSIBLE ENVIRONMENTAL REMEDIATION

In

2002

the Federal Bureau of Land Management (the "BLM") advised LKA of its desire to extend to the Ute-Ulay Property certain environmental clean-up ("remediation") activities that it is conducting on neighboring properties that LKA does not own.  The BLM commissioned and obtained

three

engineering evaluation and cost analysis ("EE/CA") studies/reports on the Ute-Ulay and the neighboring public lands in

2002

-

2006.

  These EE/CA studies analyzed the current environmental state of the Ute-Ulay property and other properties in the area.  The studies identified a large volume of mine tailings and metals loading of shallow ground water, with elevated levels of arsenic, cadmium and lead being present.  The BLM's most recent study, "Value Engineering Study on the Ute Ulay Mine/Mill Site – Final Report" dated

January

5,

2006,

projected the costs of remediation and property stabilization on the Ute-Ulay property to be approximately

$2.1

million.  Based upon  discussions with Hinsdale County, Colorado officials, Colorado Department of Public Health & Environment Ute-Ulay project supervisor, the Federal Environmental Protection Agency's (the "EPA") regional manager, and legal counsel, the actual costs associated with this effort are expected to be approximately

$1.2

million; substantially below previous BLM estimates.  Under the federal Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), the EPA

may

either require a property owner to perform the necessary cleanup or the agencies

may

perform the work and seek recovery of costs against the property owner and previous owners.  While it cannot be determined with absolute certainty until the project is completed, LKA's status as a "

de minimis"

participant and the fact that remediation activities are focused on property located largely outside of LKA's permitted operating area, LKA management expects this project will have a negligible impact on the LKA's financial condition.  Accordingly, pursuant to Generally Accepted Accounting Principles, and all discussions with the above named agencies to date, LKA management believes it is unlikely there will be a material impact to its financial statements and

no

liability for this project has been recorded as of

March

31,

2017.

Actual completion of remediation work at the site was completed in late

2013

by the EPA. The EPA has not yet issued its notice of final determination.

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Note 6 - Wastewater Discharge Liability

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Waste Water Discharge Liability [Text Block]

NOTE

6

-        WASTEWATER DISCHARGE LIABILITY

During the

fourth

quarter of

2014,

LKA received a Notice of Violation

(NOV)

from the Colorado Department of Health and Environment (CDPHE) for failure to meet certain requirements of the Company's wastewater discharge permit. During

2016,

the Company undertook all corrective actions specified in the

NOV,

under CDPHE oversight, and believes it is in compliance with the terms of its permit. Additional work is going to be required to modify and upgrade the mine's water treatment process in

2017

to meet regulatory requirements and bring LKA back into compliance with its discharge permit requirements. Until this work is completed to the satisfaction of CDPHE, the Company is considered to be in a "non-compliance" status with the terms of its discharge permit and additional penalties could be assessed beyond those described (anticipated) above.  It is currently expected that discussions with the CDPHE will be concluded within the

first

half of

2017

and that any financial penalty assessed and any further corrective actions will not likely cost less than

$75,000

but not more than

$150,000.

If LKA is unsuccessful is achieving full compliance with permit requirements, it

may

be subject to additional penalties or revocation of its discharge permit. As a result, LKA has accrued a liability of

$150,000

and

$75,000

as of

March

31,

2017

and

December

31,

2016,

respectively, as there is no better estimate of the amount of loss within this range. During the

three

months ended

March

31,

2017,

due to an increase in estimated costs to meet proposed corrective actions, LKA increase the accrual by

$75,000.

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Note 7 - Mine Exploration and Option Agreement

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Mine Exploration and Option Agreement [Text Block]

NOTE

7

-       MINE EXPLORATION AND OPTION AGREEMENT

On

July

9,

2015,

LKA entered into an Exploration Agreement & Option (Agreement) with Kinross Gold U.S.A., Inc. for the purpose of expanding its Golden Wonder Mine exploration beyond LKA's active workings. The Agreement, amongst its other provisions, grants Kinross a

five

-year exclusive right to explore, and if successful, develop any mineral resource(s) containing

50,000

or more ounces of gold on LKA's properties above and adjacent to the Golden Wonder Mine. If such a resource, or multiple resources, is discovered, LKA will have the option to enter into a joint venture with Kinross for the purpose of developing such resource(s) by reimbursing

40.25%

of Kinross' exploration expenses in return for a

35%

interest in the joint venture. If a joint venture is formed, LKA's contribution will also include all of LKA's Golden Wonder properties.

During the

five

-year exploration period, Kinross will, but is not obligated to, conduct exploration, at its own expense, while LKA will retain the exclusive right to continue exploration and development of any resources within a "Carve-Out Area" which is LKA's current area of operation.

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Note 8 - Going Concern

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

NOTE

8

-       GOING CONCERN

LKA's consolidated financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business.  However, LKA has recently accumulated significant losses, has a working capital deficit and has negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern.  Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about the LKA's ability to continue as a going concern are as follows:

LKA is currently engaged in an exploration program at the Golden Wonder mine with the objective of returning the mine to a commercial producing status. The exploration program, which began in

November

2008,

has involved extensive sampling/assaying for the purpose of identifying possible new production zones within the mine. During this evaluation period, sampling and analysis of exposed veins yielded encouraging results and some precious metals revenues. While encouraging, no conclusion can be drawn at this time about the commercial viability of the mine and LKA continues to evaluate potential merger, joint venture or lease agreements for the property.

In order to support continued operation of the mine, LKA completed a

$200,000

capital funding raise in

March

2017

(see Note

2).

 If LKA is not successful in the resumption of mine operations which produce positive cash flows from operations, LKA

may

be forced to continue to raise additional equity or debt financing to fund its ongoing obligations or risk ceasing doing business.  

There can be no assurance that LKA will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan.  The ability of LKA to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

The accompanying unaudited condensed consolidated financial statements have been prepared by LKA pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim consolidated financial statements include normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim consolidated financial statements be read in conjunction with LKA's most recent audited financial statements. Operating results for the

three

months ended

March

31,

2017

are not necessarily indicative of the results that

may

be expected for the year ending

December

31,

2017.

Reclassification, Policy [Policy Text Block]

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

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Note 4 - Derivative Liability (Tables)

3 Months Ended

Mar. 31, 2017

Notes Tables

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

Balance, December 31, 2016	$	659,622
Day one loss due to convertible debt		162,046
Debt discount		350,000
Loss on change in fair value		78,608
Balance, March 31, 2017	$	1,250,276

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Note 2 - Related Party Transactions (Details Textual) - USD ($)					3 Months Ended
	Mar. 31, 2017	Mar. 17, 2017	Mar. 15, 2017	Sep. 29, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Sep. 30, 2015
Notes Payable, Related Parties, Current	$ 6,600				$ 6,600		$ 5,500
Increase (Decrease) in Accounts Payable, Related Parties					7,011	$ 12,372
Accounts Payable, Related Parties, Current	21,606				21,606		40,095
Accrued Salaries, Current	50,757				50,757		163,257
Notes Issued					150,000
Debt Instrument, Discount	145,949				145,949		145,949
Amortization of Debt Discount (Premium)					3,430	261
Debt Issuance Costs, Net	$ 144,968				144,968		144,968
Amortization of Debt Issuance Costs					$ 1,232	1,163
Convertible Debt [Member]
Debt Instrument, Convertible, Conversion Rate Upon Default	$ 0.25				$ 0.25
Debt Instrument, Discount	$ 149,369				$ 149,369
Amortization of Debt Discount (Premium)					776	43
Debt Issuance Costs, Net	12,500				12,500
Amortization of Debt Issuance Costs					206	164
Abraham & Co Inc [Member]
Monthly Office Rent And Expense					1,500
Stock Issued During Period, Value, Issued for Services					$ 25,500
Stock Issued During Period, Shares, Issued for Services					56,818
Issuance of Stock for Extinguishment of Related-party Accounts Payable, Expense Related to Market Discount					$ 10,863
Accounts Payable, Related Parties, Current	10,500				$ 10,500		31,500
Abraham & Co Inc [Member] | Convertible Debt [Member]
Debt Issuance Costs, Net								$ 12,500
Debt Instrument, Term					3 years
Amortization of Debt Issuance Costs					$ 1,026	970
Abraham & Co Inc [Member] | Related-party Accounts Payable Extinguished in Exchange for Common Stock [Member]
Increase (Decrease) in Accounts Payable, Related Parties					(25,500)
President [Member]
Notes Payable, Related Parties, Current	6,600				6,600		5,500
Accounts Payable, Related Parties, Current	11,106				11,106		8,595
Accrued Salaries, Current	50,757				50,757		$ 163,257
President [Member] | Convertible Debt [Member]
Debt Instrument, Convertible, Conversion Price		$ 0.50
Debt Instrument, Face Amount	150,000				150,000
Notes Issued		$ 150,000
Accrued and Unpaid Wages Converted to Debt		$ 150,000
Related Party Transaction, Rate		7.50%
President [Member] | Convertible Debt [Member] | Restricted Cash Designated for Debt Interest Payment to Related Party [Member]
Restricted Cash	11,250				11,250
Koski Family Member [Member] | Convertible Debt [Member]
Debt Instrument, Convertible, Conversion Price			$ 0.50	$ 0.50
Proceeds from Related Party Debt			$ 150,000	$ 250,000
Related Party Transaction, Rate			7.50%	7.50%
Koski Family Member [Member] | Convertible Debt [Member] | Restricted Cash Designated for Debt Interest Payment to Related Party [Member]
Restricted Cash	$ 11,250				$ 11,250
Koski Family Member [Member] | Convertible Debt [Member] | Convertible Debenture 1 [Member]
Proceeds from Related Party Debt				$ 125,000
Koski Family Member [Member] | Convertible Debt [Member] | Convertible Debenture 2 [Member]
Proceeds from Related Party Debt				$ 125,000
Entity Controlled By LKA's President and Chairman [Member] | Convertible Debt [Member]
Debt Instrument, Convertible, Conversion Price	$ 0.50				$ 0.50
Proceeds from Related Party Debt	$ 50,000
Related Party Transaction, Rate	7.50%
Entity Controlled By LKA's President and Chairman [Member] | Convertible Debt [Member] | Restricted Cash Designated for Debt Interest Payment to Related Party [Member]
Restricted Cash	$ 3,750				$ 3,750
Related Parties [Member] | Convertible Debt [Member]
Related Party Transaction Rate, Debt Default					15.00%
Debt Instrument, Convertible, Conversion Rate Upon Default	$ 0.25				$ 0.25
Debt Instrument, Convertible, Remaining Discount Amortization Period					3 years
Debt Instrument, Discount	$ 350,000				$ 350,000
Amortization of Debt Discount (Premium)					$ 2,654	$ 261

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Note 3 - Convertible Debentures (Details Textual) - USD ($)		1 Months Ended	3 Months Ended
	Oct. 31, 2015	Apr. 30, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Amortization of Debt Discount (Premium)			$ 3,430	$ 261
Debt Issuance Costs, Net			144,968		$ 144,968
Amortization of Debt Issuance Costs			1,232	1,163
Proceeds from Convertible Debt			200,000
Debt Instrument, Discount			145,949		$ 145,949
Convertible Debt [Member]
Amortization of Debt Discount (Premium)			776	43
Debt Issuance Costs, Net			12,500
Amortization of Debt Issuance Costs			$ 206	$ 164
Debt Instrument, Interest Rate Upon Default			15.00%
Debt Instrument, Convertible, Conversion Rate Upon Default			$ 0.25
Debt Instrument, Discount			$ 149,369
Convertible Debt [Member] | Convertible Debenture Issued During October 2015 [Member]
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	7.50%
Debt Instrument, Term	3 years
Debt Instrument, Convertible, Conversion Price	$ 0.50
Convertible Debt [Member] | Convertible Debenture Issuance 2 Issued in April 2016 [Member]
Debt Instrument, Face Amount		$ 50,000
Convertible Debt [Member] | Convertible Debentures Issued During April 2016 [Member]
Proceeds from Convertible Debt		$ 100,000
Debt Instrument, Term		3 years
Debt Instrument, Convertible, Conversion Price		$ 0.50
Restricted Cash, Convertible Notes Agreement, Cash Reserve Requirement			$ 3,750

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Note 4 - Derivative Liability (Details Textual) - Convertible Notes [Member]	3 Months Ended
	Mar. 31, 2017 USD ($)
Convertible Debt, Fair Value Disclosures	$ 512,046
Debt Instrument, Unamortized Discount	350,000
Day One Loss on Derivative Liability	162,046
Derivative, Loss on Derivative	$ 78,608
Fair Value Assumptions, Risk Free Interest Rate	1.93%
Fair Value Assumptions, Expected Dividend Rate	0.00%
Minimum [Member]
Fair Value Assumptions, Expected Term	1 year 189 days
Fair Value Assumptions, Expected Volatility Rate	218.00%
Maximum [Member]
Fair Value Assumptions, Expected Term	4 years 21 days
Fair Value Assumptions, Expected Volatility Rate	264.00%

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Note 4 - Derivative Liability - Summary of Derivative Liabilities Included in the Balance Sheet (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Balance	$ 659,622
Debt discount	350,000
Balance	1,250,276
Convertible Notes [Member]
Balance	659,622
Day one loss due to convertible debt	162,046
Debt discount	350,000
Loss on change in fair value	78,608
Balance	$ 1,250,276

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Note 5 - Notification of Possible Environmental Remediation (Details Textual) - USD ($) $ in Thousands	36 Months Ended	135 Months Ended
	Jan. 05, 2006	Mar. 31, 2017
Projected Remediation And Property Stabilization Costs	$ 2,100
Remediation And Property Stabilization Expected Actual Costs		$ 1,200
Accrual for Environmental Loss Contingencies		$ 0

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Note 6 - Wastewater Discharge Liability (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Waste Water Discharge Liability, Current	$ 150,000	$ 75,000
Wastewater Discharge Treatment and Penalties [Member]
Accrual for Environmental Loss Contingencies, Revision in Estimates	75,000
Minimum [Member] | Wastewater Discharge [Member]
Loss Contingency, Estimate of Possible Loss	75,000
Maximum [Member] | Wastewater Discharge [Member]
Loss Contingency, Estimate of Possible Loss	$ 150,000

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Note 7 - Mine Exploration and Option Agreement (Details Textual) - Kinross Gold USA [Member]	Jul. 09, 2015 oz
Exclusive Right To Explore Agreement Number Of Years	5 years
Minimum Amount Of Gold Needed To Develop Mineral Resource	50,000
Percentage Of Reimbursed Exploration Expenses	40.25%
Joint Venture Ownership Percentage	35.00%

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Note 8 - Going Concern (Details Textual)	1 Months Ended
	Mar. 31, 2017 USD ($)
Capital Funding Raise	$ 200,000