Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 10, 2017 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Trading Symbol | irld | |
Entity Registrant Name | IRELAND INC. | |
Entity Central Index Key | 1,166,338 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 272,898,347 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | $ 1,895,912 | $ 56,359 |
Other receivables | 15,558 | 2,279 |
Prepaid expenses | 154,711 | 93,488 |
Total current assets | 2,066,181 | 152,126 |
Property and equipment, net | 1,006,736 | 749,753 |
Mineral properties | 8,239,934 | 8,239,934 |
Reclamation bonds | 1,115,267 | 1,115,153 |
Deposits | 10,262 | 10,262 |
Total non-current assets | 10,372,199 | 10,115,102 |
Total assets | 12,438,380 | 10,267,228 |
Current liabilities | ||
Accounts payable | 100,367 | 772,720 |
Accounts payable - related party | 230,432 | 761,442 |
Accrued payroll and related taxes | 95,087 | 170,673 |
Convertible notes, net of discount | 0 | 139,967 |
Due to related party | 23,290 | 1,060,290 |
Total current liabilities | 449,176 | 2,905,092 |
Long-term liabilities | ||
Asset retirement obligation | 672,338 | 672,338 |
Total long-term liabilities | 672,338 | 672,338 |
Total liabilities | 1,121,514 | 3,577,430 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common stock, $0.001 par value; 400,000,000 shares authorized, 272,898,347 and 181,472,875 shares, respectively, issued and outstanding | 272,898 | 181,471 |
Additional paid-in capital | 75,612,097 | 67,960,874 |
Accumulated deficit | (64,568,129) | (61,452,547) |
Total stockholders' equity | 11,316,866 | 6,689,798 |
Total liabilities and stockholders' equity | $ 12,438,380 | $ 10,267,228 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 272,898,347 | 181,472,875 |
Common Stock, Shares, Outstanding | 272,898,347 | 181,472,875 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses | ||||
Mineral exploration and evaluation expenses | 237,089 | 229,741 | 743,380 | 760,043 |
Mineral exploration and evaluation expenses - related party | 120,914 | 127,549 | 360,220 | 484,897 |
General and administrative | 471,436 | 271,706 | 1,814,609 | 1,926,968 |
Depreciation | 48,129 | 80,860 | 207,775 | 248,173 |
Abandonment of mineral rights | 0 | 7,642,245 | 0 | 7,642,245 |
Total operating expenses | 877,568 | 8,352,101 | 3,125,984 | 11,062,326 |
Loss from operations | (877,568) | (8,352,101) | (3,125,984) | (11,062,326) |
Other income (expense) | ||||
Interest income | 4,022 | 1,481 | 9,769 | 4,807 |
Rental income - related party | 5,409 | 5,202 | 16,227 | 15,606 |
Interest expense | 0 | (9,836) | (15,594) | (11,652) |
Total other income (expense) | 9,431 | (3,153) | 10,402 | 8,761 |
Loss before income taxes | (868,137) | (8,355,254) | (3,115,582) | (11,053,565) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | $ (868,137) | $ (8,355,254) | $ (3,115,582) | $ (11,053,565) |
Loss per common share - basic and diluted | $ 0 | $ (0.05) | $ (0.01) | $ (0.06) |
Weighted average common shares outstanding - basic and dilutive | 272,898,347 | 181,472,875 | 249,735,572 | 176,637,200 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Dec. 31, 2015 | $ 158,696 | $ 66,406,028 | $ (49,116,868) | $ 17,447,856 |
Beginning Balance (Shares) at Dec. 31, 2015 | 158,697,875 | |||
Stock-based compensation | 1,010,908 | 1,010,908 | ||
Investor relations expense | 0 | |||
Exercise of Special Warrants, net | $ 22,775 | (23,150) | (375) | |
Exercise of Special Warrants, net (Shares) | 22,775,000 | |||
Issuance of warrants with convertible notes | 20,000 | 20,000 | ||
Net loss | (11,053,565) | (11,053,565) | ||
Ending Balance at Sep. 30, 2016 | $ 181,471 | 67,413,786 | (60,170,433) | 7,424,824 |
Ending Balance (Shares) at Sep. 30, 2016 | 181,472,875 | |||
Beginning Balance at Dec. 31, 2016 | $ 181,471 | 67,960,874 | (61,452,547) | 6,689,798 |
Beginning Balance (Shares) at Dec. 31, 2016 | 181,472,875 | |||
Stock-based compensation | 402,521 | 402,521 | ||
Investor relations expense | 97,000 | 97,000 | ||
Exercise of stock options | $ 1,100 | 56,900 | $ 58,000 | |
Exercise of stock options (Shares) | 1,100,000 | (1,100,000) | ||
Exercise of stock warrants | $ 38,458 | 3,038,016 | $ 3,076,474 | |
Exercise of stock warrants (Shares) | 38,455,921 | |||
Debt and accrued interest converted into shares | $ 2,500 | 157,527 | 160,027 | |
Debt and accrued interest converted into shares (Shares) | 2,500,428 | |||
Issuance of common stock in private placement, $0.08 per share, net of $902 issuance fees | $ 49,369 | 3,899,259 | 3,948,628 | |
Issuance of common stock in private placement, $0.08 per share, net of $902 issuance fees (Shares) | 49,369,123 | |||
Net loss | (3,115,582) | (3,115,582) | ||
Ending Balance at Sep. 30, 2017 | $ 272,898 | $ 75,612,097 | $ (64,568,129) | $ 11,316,866 |
Ending Balance (Shares) at Sep. 30, 2017 | 272,898,347 |
CONSOLIDATED STATEMENTS OF STO6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (PARENTHETICAL) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Shares Issued, Price Per Share | $ 0.08 | |
Financing issuance costs | $ 902 | $ 375 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (3,115,582) | $ (11,053,565) |
Adjustments to reconcile loss from operations to net cash used in operating activities: | ||
Depreciation | 207,775 | 248,173 |
Stock-based compensation | 402,521 | 1,010,908 |
Abandonment of mineral rights | 0 | 7,642,245 |
Investor relations expense | 97,000 | 0 |
Amortization of debt discount | 10,033 | 4,926 |
Changes in operating assets and liabilities: | ||
Other receivables | (13,279) | 3,266 |
Prepaid expenses | (61,223) | 207,217 |
Reclamation bonds and other deposits | (114) | 6,070 |
Accounts payable and accrued liabilities | (282,692) | 1,079,123 |
Net cash used in operating activities | (2,755,561) | (851,637) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (464,758) | 0 |
Net cash used in investing activities | (464,758) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from private placements | 2,044,000 | 0 |
Proceeds from exercise of stock options and warrants | 3,016,774 | 0 |
Advances due to related party | 0 | 637,000 |
Proceeds from issuance of convertible notes | 0 | 150,000 |
Financing issuance costs | (902) | (375) |
Net cash provided by financing activities | 5,059,872 | 786,625 |
NET CHANGE IN CASH | 1,839,553 | (65,012) |
CASH AT BEGINNING OF PERIOD | 56,359 | 103,343 |
CASH AT END OF PERIOD | 1,895,912 | 38,331 |
SUPPLEMENTAL INFORMATION | ||
Interest paid | 5,561 | 2,986 |
Income taxes paid | 0 | 0 |
Non-cash investing and financing activities: | ||
Accounts payable, accrued liabilities and amounts due to related party settled with issuance of common stock at $0.08 per share | 1,998,230 | 0 |
Accounts payable settled with issuance of common stock at $0.05 per share | 25,000 | 0 |
Convertible notes and accrued interest converted into shares of common stock at $0.064 per share | 160,027 | 0 |
Detachable warrants issued with convertible notes | $ 0 | $ 20,000 |
DESCRIPTION OF BUSINESS, HISTOR
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES | 9 Months Ended |
Sep. 30, 2017 | |
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES [Text Block] | 1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES Description of business History Basis of presentation Going concern If the Company continues to incur operating losses and does not raise sufficient additional capital, material adverse events may occur including, but not limited to, 1) a reduction in the nature and scope of the Company’s operations and 2) the Company’s inability to fully implement its current business plan. There can be no assurance that the Company will successfully improve its liquidity position. The accompanying consolidated financial statements do not reflect any adjustments that might be required resulting from the adverse outcome relating to this uncertainty. As of September 30, 2017, the Company had cumulative net losses of $64,568,129 from operations and had not commenced its commercial mining and mineral processing operations; rather it is still in the exploration stage. For the nine month period ended September 30, 2017, the Company incurred a net loss of $3,115,582, had negative cash flows from operating activities of $2,755,561 and will incur additional future losses due to planned continued exploration expenses. During 2017, the Company raised $5,060,774 in cash and settled $2,183,257 in current obligations through completion of a private placement, conversion of debt to common stock and through warrant and stock option exercises. Management believes that these funds will allow the Company to continue its operations for the next twelve months. Additionally, the Company may reduce expenses and defer payment of certain obligations where available. The Company is focused on continuing to reduce costs and obtaining additional funding. There is no assurance that such funding will be available on terms acceptable to the Company, or at all. If the Company raises additional funds by selling additional shares of common stock the ownership interest of the Company’s existing common stock holders will be diluted. Principles of consolidation Use of estimates Mineral properties Mineral exploration and development costs Property and equipment Impairment of long-lived assets The tests for long-lived assets in the exploration, development or producing stage that have a value beyond proven and probable reserves will be monitored for impairment based on factors such as current market value of the mineral property and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset, including evaluating its reserves beyond proven and probable amounts. The Company's policy is to record an impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable either by impairment or by abandonment of the property. The impairment loss is calculated as the amount by which the carrying amount of the assets exceeds its fair value. While the Company incurred losses from operations, these losses have not been in excess of planned expenditures on the specific mineral properties in order to ultimately realize their value. Asset retirement obligation Future reclamation expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation technology. Per share amounts Stock-based compensation For awards that vest dependent on achieving a performance target, the total value of the award is recognized over the requisite service period only if management has determined that achievement of the performance condition is probable. The requisite service period is based on management’s estimate of when the performance condition will be met. Changes in the requisite service period or the estimated probability of achievement can materially affect the amount of stock-based compensation recognized in the consolidated financial statements. The fair value of market-based stock option grants is determined on their grant date through use of an option pricing model which uses a combination of Monte Carlo simulation and a Trinomial Lattice function. The requisite service period for market-based awards is derived from the model. Achievement of the market condition earlier than estimated can materially affect the amount of stock- based compensation recognized in the consolidated financial statements. Upon exercise, shares issued will be newly issued shares from authorized common stock. Income taxes The Company follows the liability method of accounting for income taxes. This method recognizes certain temporary differences between the financial reporting basis of liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset as measured by the statutory tax rates in effect. The effect of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax asset will not be realized. For acquired properties that do not constitute a business, a deferred income tax liability is recorded on GAAP basis over income tax basis using statutory federal and state rates. The resulting estimated future income tax liability associated with the temporary difference between the acquisition consideration and the tax basis is reflected as an increase in the total purchase price which is then applied to the underlying acquired assets in the absence of there being a goodwill component associated with the acquisition transactions. Recent accounting standards The Company adopted ASU No. 2016-09 on January 1, 2017. The guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. Adoption of the standard did not have a material impact on the Company’s financial position, results of operations or statement of cash flows. In May 2017, the FASB issued ASU No. 2017-09, which clarifies diversity in practice in how companies account for a change to the terms or conditions of a share-based payment award. The update to the standard is effective for the Company beginning January 1, 2018, with early application permitted. The Company is evaluating the effect the guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, which clarifies diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update to the standard is effective for the Company beginning January 1, 2018, with early application permitted. The Company is evaluating the effect the guidance will have on its consolidated financial statements. In February 2016, ASU No. 2016-02 was issued related to leases. The new guidance modifies the classification criteria and requires lessees to recognize the assets and liabilities arising from most leases on the balance sheet. This update is effective in fiscal years beginning after December 15, 2018, and early adoption is permitted. Adoption of the new guidance is being evaluated. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2017 | |
PROPERTY AND EQUIPMENT [Text Block] | 2. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: September 30, 2017 December 31, 2016 Accumulated Net book Accumulated Net book Cost depreciation value Cost depreciation value Furniture and fixtures $ 61,405 $ (61,011 ) $ 394 $ 61,405 $ (53,072 ) $ 8,333 Computers and equipment 55,626 (47,815 ) 7,811 57,785 (46,548 ) 11,237 Land 30,000 - 30,000 30,000 - 30,000 Site improvements 2,925,731 (2,797,478 ) 128,253 2,925,731 (2,783,133 ) 142,598 Site equipment 2,641,306 (1,930,195 ) 711,111 2,179,803 (1,788,885 ) 390,918 Vehicles 23,595 (23,595 ) - 23,595 (23,595 ) - Building 500,000 (370,833 ) 129,167 500,000 (333,333 ) 166,667 $ 6,237,663 $ (5,230,927 ) $ 1,006,736 $ 5,778,319 $ (5,028,566 ) $ 749,753 Depreciation expense was $48,129 and $80,860 for the three month periods ended September 30, 2017 and 2016, respectively and $207,775 and $248,173 for the nine month periods ended September 30, 2017 and 2016, respectively. |
MINERAL PROPERTIES
MINERAL PROPERTIES | 9 Months Ended |
Sep. 30, 2017 | |
MINERAL PROPERTIES [Text Block] | 3. MINERAL PROPERTIES Mineral properties Reclamation bonds Asset retirement obligation |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 9 Months Ended |
Sep. 30, 2017 | |
CONVERTIBLE NOTES [Text Block] | 4. CONVERTIBLE NOTES During the year ended December 31, 2016, the Company entered into convertible note agreements in the amount of $150,000. During the nine month period ended September 30, 2017, all of the convertible notes and $10,027 of accrued interest were converted into shares of common stock at $0.064 per share. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 9 Months Ended |
Sep. 30, 2017 | |
STOCKHOLDERS EQUITY [Text Block] | 5. STOCKHOLDERS’ EQUITY During the nine month period ended September 30, 2017, stockholders’ equity activity consisted of the following: Warrant modifications and inducements Additionally, the Company had 35,133,333 warrants outstanding expiring on various dates through July 2021. Such warrants were issued in private placement transactions completed between 2014 and 2016 and had a weighted average exercise price of $0.53 per share. Effective December 27, 2016, the Company temporarily reduced the exercise price of each warrant to $0.08 per share for a period expiring January 31, 2017 after which, the warrants are exercisable at their original terms. On January 17, 2017, the temporary reduction period was extended to February 17, 2017. The Company issued 9,700,000 shares of common stock from the exercise of warrants during the inducement period resulting in investor relations expense of $97,000. Proceeds received from warrant exercises included $2,983,774 in cash and settlement of $92,700 of accounts payable. The Company used the following assumptions to estimate the fair values of the warrant extensions: Dividend yield - Expected volatility 117.37% Risk-free interest rate 0.50 – 0.52% Expected life (years) - Private placement Stock option exercises During the nine month period ended September 30, 2016, stockholders’ equity activity consisted of the following: Warrants Special Warrants At September 30, 2017, the Company’s outstanding warrants issued in financing transactions consisted of the following: Shares Underlying Outstanding Warrants Exercise Price Expiration Date 5,050,000 $0.40 March 2019 1,333,333 0.45 March 2019 18,650,000 0.40 February 2020 200,000 0.20 June 2021 200,000 0.20 July 2021 25,433,333 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2017 | |
STOCK-BASED COMPENSATION [Text Block] | 6. STOCK-BASED COMPENSATION Stock-based compensation includes grants of stock options and purchase warrants to eligible directors, employees and consultants as determined by the Board of Directors. Stock option plans Stock warrants Valuation of awards 1. Service-based; 2. Performance-based; and 3. Market-based. The Company used the following assumptions to estimate the fair values of the options granted for the nine month periods ended: September 30, September 30, 2017 2016 Dividend yield - - Expected volatility 117.37 – 148.20% 132.45% - 164.23% Risk-free interest rate 0.52 – 1.48% 0.30 - 1.08% Expected life (years) 0.10 – 2.10 0.00 – 3.20 Inputs used in these models are determined as follows: 1. The expected life represents the weighted-average period the awards are expected to remain outstanding and is a derived output of the option pricing models. The expected life is impacted by all of the underlying assumptions and calibration of the Company’s models. 2. The requisite service period for market-based stock option awards is a derived output of the hybrid Monte Carlo-Trinomial Lattice model. 3. Volatility is based on the average historical volatility levels of a representative peer group or the Company’s common stock depending on the life of the options. 4. The risk-free interest rate is based on the implied yield available on U.S. Treasury zero- coupon issues over the equivalent contractual lives of the options. During the nine month period ended September 30, 2017, stock based compensation activity was as follows: a) On December 27, 2016, the Company’s Board of Directors unilaterally determined to amend 1,367,197 stock options by extending their expiration dates and reducing their exercise price to $0.08 per share. The options were granted on various dates between 2009 and 2011 and had a weighted average exercise price of $0.61 per share. The expiration dates of all of the options were extended to January 31, 2017. On January 17, 2017, the Board of Directors unilaterally determined to further extend the expiration dates and reduced exercise price period to February 17, 2017. The modification resulted in incremental compensation cost of $2,587. No options were exercised during the inducement period. Additionally, the Company’s Board of Directors unilaterally determined to amend 7,600,000 stock options by temporarily reducing their exercise price to $0.08 per share for a period ending January 31, 2017. The options were granted on various dates between 2010 and 2015 and had a weighted average exercise price of $0.56 per share. On January 17, 2017, the Board of Directors unilaterally determined to further extend the reduced exercise price period to February 17, 2017. After the inducement period the options are exercisable under their previous terms. During the inducement period, 100,000 stock options were exercised for gross proceeds of $8,000. Compensation cost related to the exercise was $2,028. The Company’s Board of Directors also unilaterally determined to amend 4,800,000 warrants by extending their expiration dates and reducing their exercise price to $0.08 per share. The warrants were granted to consultants on various dates between 2009 and 2011 and had a weighted average exercise price of $0.74 per share. The expiration dates of all of the warrants were extended to January 31, 2017. On January 17, 2017, the Board of Directors unilaterally determined to further extend the expiration dates and reduced exercise price period to February 17, 2017. The modification resulted in no incremental compensation cost. No warrants were exercised during the inducement period. Additionally, the Company’s Board of Directors unilaterally determined to amend 4,950,000 warrants by temporarily reducing their exercise price to $0.08 per share for a period ending January 31, 2017. The warrants were granted to consultants on February 26, 2016 and had a weighted average exercise price of $0.40 per share. On January 17, 2017, the Board of Directors unilaterally determined to further extend the reduced exercise price period to February 17, 2017. After the inducement period the warrants are exercisable under their previous terms. No warrants were exercised during the inducement period. b) On February 17, 2017, the Company granted 300,000 warrants to a consultant exercisable at a price of $0.14 per share for a period expiring on February 17, 2020. The warrants were issued in consideration for services provided. During the nine month period ended September 30, 2016, stock based compensation activity was as follows: a) On March 25, 2016, the Company’s Board of Directors unilaterally determined to amend 3,067,197 stock options by extending their expiration dates. The options were granted at various dates between 2009 and 2015 and have a weighted average exercise price of $0.49 per share. The expiration dates of all of the options were extended to December 31, 2016. In all other respects, the terms and conditions of the options remain the same. b) On February 26, 2016, the Company granted 4,950,000 warrants to consultants exercisable at a price of $0.40 per share for a period expiring on February 28, 2020. The warrants were issued in consideration for services provided. 4,500,000 of the warrants were granted to NMC who is a related party as discussed in Note 10. The total expense related to the granting, vesting and modification of all stock-based compensation awards was $124,410 and $13,746 for the three month periods ended September 30, 2017 and 2016, respectively and $402,521 and $1,010,908 for the nine month periods ended September 30, 2017 and 2016, respectively. Such expenses are included in general and administrative expense and mineral exploration and evaluation expense on the consolidated statements of operations. For the nine month period ended September 30, 2017, the Company received $58,000 from the exercise of stock options; the related tax benefit amounted to $26,600 and the intrinsic value was $76,000. For the nine month period ended September 30, 2016, no stock options were exercised. The following table summarizes the Company’s stock-based compensation activity for the nine month period ended September 30, 2017: Weighted Weighted Average Average Remaining Grant Weighted Contractual Aggregate Number of Date Fair Average Life Intrinsic Shares Value Exercise Price (Years) Value Outstanding, December 31, 2016 31,562,197 $ 0.20 $ 0.41 2.92 Options/warrants granted 300,000 0.08 0.14 2.38 Options/warrants expired (9,937,197 ) 0.35 0.59 - Options/warrants exercised (1,100,000 ) 0.41 0.05 - Outstanding, September 30, 2017 20,825,000 $ 0.15 $ 0.33 3.59 $ 726,300 Exercisable, September 30, 2017 15,607,500 $ 0.13 $ 0.29 3.24 $ 551,925 Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the period ended in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. The following table summarizes the changes of the Company’s stock-based compensation awards subject to vesting during the nine month period ended September 30, 2017: Weighted Average Number of Grant Date Shares Fair Value Unvested, December 31, 2016 11,350,000 $ 0.12 Granted - - Expired - - Vested (6,132,500 ) 0.06 Unvested, September 30, 2017 5,217,500 $ 0.19 As of September 30, 2017, there was $124,410 of total unrecognized compensation cost related to unvested stock-based compensation awards. The weighted average period over which this cost will be recognized was 0.48 years as of September 30, 2017. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2017 | |
INCOME TAXES [Text Block] | 7. INCOME TAXES No income tax expense or benefit was recognized for the three or nine month periods ended September 30, 2017 or 2016. The effective tax rates of 0% differed from the U.S. statutory rate of 35% primarily due to valuation allowances on the Company’s net deferred tax assets due to the uncertainty of realizing those assets. The overall effective income tax rate for the year could be different from the effective tax rate for the nine month period ended September 30, 2017. A summary of the Company’s deferred tax assets and liabilities and federal net operating loss carryforward are included in Note 8 “Income Taxes” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The Company and its subsidiary file income tax returns in the United States. These tax returns are subject to examination by taxation authorities provided the years remain open under the relevant statutes of limitations, which may result in the payment of income taxes and/or decreases in its net operating losses available for carryforward. The Company has losses from inception to date, and thus all years remain open for examination. While the Company believes that its tax filings do not include uncertain tax positions, the results of potential examinations or the effect of changes in tax law cannot be ascertained at this time. The Company does not have any tax returns currently under examination by the Internal Revenue Service. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2017 | |
COMMITMENTS AND CONTINGENCIES [Text Block] | 8. COMMITMENTS AND CONTINGENCIES Lease obligations 2018 $ 56,089 2019 58,256 2020 60,475 2021 52,116 $ 226,936 Rental expense for office space was $15,996 and $15,170 for the three month periods ended September 30, 2017 and 2016, respectively and $47,266 and $46,017 for the nine month periods ended September 30, 2017 and 2016, respectively. Columbus Project Stand-by letter of credit |
CONCENTRATIONS
CONCENTRATIONS | 9 Months Ended |
Sep. 30, 2017 | |
CONCENTRATIONS [Text Block] | 9. CONCENTRATIONS Concentration of credit risk Concentration of activity |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2017 | |
RELATED PARTY TRANSACTIONS [Text Block] | 10. RELATED PARTY TRANSACTIONS DOSA NMC The following table provides details of transactions between the Company and NMC for the three and nine month periods ended September 30, 2017 and 2016: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2017 2016 2017 2016 Reimbursement of expenses $ 15,914 $ 22,549 $ 45,220 $ 169,897 Consulting services provided 105,000 105,000 315,000 315,000 Mineral and exploration expense – related party $ 120,914 $ 127,549 $ 360,220 $ 484,897 At September 30, 2017 and December 31, 2016, the Company owed $230,432 and $761,442, respectively, for NMC fees and reimbursements. During the first quarter of 2017, accounts payable of $731,800 were settled with the issuance of 9,147,500 shares of common stock at $0.08 per share and $25,000 of accounts payable were settled with issuance of 500,000 shares of common stock at $0.05 per share. During the year ended December 31, 2016, NMC advanced the Company $1,037,000 for working capital purposes. During the first quarter of 2017, the amount was settled with issuance of 12,962,500 shares of common stock at $0.08 per share. Pursuant to an option assignment agreement related to the Columbus Project, the Company granted a 5% net smelter return royalty to NMC as further discussed in Note 3. Searchlight Minerals Corp. (“SMC”) Accrued director fees settlement Former officers |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Description of business [Policy Text Block] | Description of business |
History [Policy Text Block] | History |
Basis of presentation [Policy Text Block] | Basis of presentation |
Going concern [Policy Text Block] | Going concern If the Company continues to incur operating losses and does not raise sufficient additional capital, material adverse events may occur including, but not limited to, 1) a reduction in the nature and scope of the Company’s operations and 2) the Company’s inability to fully implement its current business plan. There can be no assurance that the Company will successfully improve its liquidity position. The accompanying consolidated financial statements do not reflect any adjustments that might be required resulting from the adverse outcome relating to this uncertainty. As of September 30, 2017, the Company had cumulative net losses of $64,568,129 from operations and had not commenced its commercial mining and mineral processing operations; rather it is still in the exploration stage. For the nine month period ended September 30, 2017, the Company incurred a net loss of $3,115,582, had negative cash flows from operating activities of $2,755,561 and will incur additional future losses due to planned continued exploration expenses. During 2017, the Company raised $5,060,774 in cash and settled $2,183,257 in current obligations through completion of a private placement, conversion of debt to common stock and through warrant and stock option exercises. Management believes that these funds will allow the Company to continue its operations for the next twelve months. Additionally, the Company may reduce expenses and defer payment of certain obligations where available. The Company is focused on continuing to reduce costs and obtaining additional funding. There is no assurance that such funding will be available on terms acceptable to the Company, or at all. If the Company raises additional funds by selling additional shares of common stock the ownership interest of the Company’s existing common stock holders will be diluted. |
Principles of consolidation [Policy Text Block] | Principles of consolidation |
Use of estimates [Policy Text Block] | Use of estimates |
Mineral properties [Policy Text Block] | Mineral properties |
Mineral exploration and development costs [Policy Text Block] | Mineral exploration and development costs |
Property and equipment [Policy Text Block] | Property and equipment |
Impairment of long-lived assets [Policy Text Block] | Impairment of long-lived assets The tests for long-lived assets in the exploration, development or producing stage that have a value beyond proven and probable reserves will be monitored for impairment based on factors such as current market value of the mineral property and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset, including evaluating its reserves beyond proven and probable amounts. The Company's policy is to record an impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable either by impairment or by abandonment of the property. The impairment loss is calculated as the amount by which the carrying amount of the assets exceeds its fair value. While the Company incurred losses from operations, these losses have not been in excess of planned expenditures on the specific mineral properties in order to ultimately realize their value. |
Asset retirement obligation [Policy Text Block] | Asset retirement obligation Future reclamation expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation technology. |
Per share amounts [Policy Text Block] | Per share amounts |
Stock-based compensation [Policy Text Block] | Stock-based compensation For awards that vest dependent on achieving a performance target, the total value of the award is recognized over the requisite service period only if management has determined that achievement of the performance condition is probable. The requisite service period is based on management’s estimate of when the performance condition will be met. Changes in the requisite service period or the estimated probability of achievement can materially affect the amount of stock-based compensation recognized in the consolidated financial statements. The fair value of market-based stock option grants is determined on their grant date through use of an option pricing model which uses a combination of Monte Carlo simulation and a Trinomial Lattice function. The requisite service period for market-based awards is derived from the model. Achievement of the market condition earlier than estimated can materially affect the amount of stock- based compensation recognized in the consolidated financial statements. Upon exercise, shares issued will be newly issued shares from authorized common stock. |
Income taxes [Policy Text Block] | Income taxes The Company follows the liability method of accounting for income taxes. This method recognizes certain temporary differences between the financial reporting basis of liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset as measured by the statutory tax rates in effect. The effect of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax asset will not be realized. For acquired properties that do not constitute a business, a deferred income tax liability is recorded on GAAP basis over income tax basis using statutory federal and state rates. The resulting estimated future income tax liability associated with the temporary difference between the acquisition consideration and the tax basis is reflected as an increase in the total purchase price which is then applied to the underlying acquired assets in the absence of there being a goodwill component associated with the acquisition transactions. |
Recent accounting standards [Policy Text Block] | Recent accounting standards The Company adopted ASU No. 2016-09 on January 1, 2017. The guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. Adoption of the standard did not have a material impact on the Company’s financial position, results of operations or statement of cash flows. In May 2017, the FASB issued ASU No. 2017-09, which clarifies diversity in practice in how companies account for a change to the terms or conditions of a share-based payment award. The update to the standard is effective for the Company beginning January 1, 2018, with early application permitted. The Company is evaluating the effect the guidance will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, which clarifies diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update to the standard is effective for the Company beginning January 1, 2018, with early application permitted. The Company is evaluating the effect the guidance will have on its consolidated financial statements. In February 2016, ASU No. 2016-02 was issued related to leases. The new guidance modifies the classification criteria and requires lessees to recognize the assets and liabilities arising from most leases on the balance sheet. This update is effective in fiscal years beginning after December 15, 2018, and early adoption is permitted. Adoption of the new guidance is being evaluated. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Table Text Block] | September 30, 2017 December 31, 2016 Accumulated Net book Accumulated Net book Cost depreciation value Cost depreciation value Furniture and fixtures $ 61,405 $ (61,011 ) $ 394 $ 61,405 $ (53,072 ) $ 8,333 Computers and equipment 55,626 (47,815 ) 7,811 57,785 (46,548 ) 11,237 Land 30,000 - 30,000 30,000 - 30,000 Site improvements 2,925,731 (2,797,478 ) 128,253 2,925,731 (2,783,133 ) 142,598 Site equipment 2,641,306 (1,930,195 ) 711,111 2,179,803 (1,788,885 ) 390,918 Vehicles 23,595 (23,595 ) - 23,595 (23,595 ) - Building 500,000 (370,833 ) 129,167 500,000 (333,333 ) 166,667 $ 6,237,663 $ (5,230,927 ) $ 1,006,736 $ 5,778,319 $ (5,028,566 ) $ 749,753 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Warrants, Valuation Assumptions [Table Text Block] | Dividend yield - Expected volatility 117.37% Risk-free interest rate 0.50 – 0.52% Expected life (years) - |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Shares Underlying Outstanding Warrants Exercise Price Expiration Date 5,050,000 $0.40 March 2019 1,333,333 0.45 March 2019 18,650,000 0.40 February 2020 200,000 0.20 June 2021 200,000 0.20 July 2021 25,433,333 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | September 30, September 30, 2017 2016 Dividend yield - - Expected volatility 117.37 – 148.20% 132.45% - 164.23% Risk-free interest rate 0.52 – 1.48% 0.30 - 1.08% Expected life (years) 0.10 – 2.10 0.00 – 3.20 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Average Remaining Grant Weighted Contractual Aggregate Number of Date Fair Average Life Intrinsic Shares Value Exercise Price (Years) Value Outstanding, December 31, 2016 31,562,197 $ 0.20 $ 0.41 2.92 Options/warrants granted 300,000 0.08 0.14 2.38 Options/warrants expired (9,937,197 ) 0.35 0.59 - Options/warrants exercised (1,100,000 ) 0.41 0.05 - Outstanding, September 30, 2017 20,825,000 $ 0.15 $ 0.33 3.59 $ 726,300 Exercisable, September 30, 2017 15,607,500 $ 0.13 $ 0.29 3.24 $ 551,925 |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Number of Grant Date Shares Fair Value Unvested, December 31, 2016 11,350,000 $ 0.12 Granted - - Expired - - Vested (6,132,500 ) 0.06 Unvested, September 30, 2017 5,217,500 $ 0.19 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2018 $ 56,089 2019 58,256 2020 60,475 2021 52,116 $ 226,936 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Transactions Between the Company and NMC [Table Text Block] | Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2017 2016 2017 2016 Reimbursement of expenses $ 15,914 $ 22,549 $ 45,220 $ 169,897 Consulting services provided 105,000 105,000 315,000 315,000 Mineral and exploration expense – related party $ 120,914 $ 127,549 $ 360,220 $ 484,897 |
DESCRIPTION OF BUSINESS, HIST24
DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Cumulative Net Losses | $ 64,568,129 | $ 64,568,129 | $ 61,452,547 | ||
Net Income (Loss) | $ 868,137 | $ 8,355,254 | 3,115,582 | $ 11,053,565 | |
Net Cash Used in Operating Activities | 2,755,561 | $ 851,637 | |||
Stock Issued During Period, Value, Private placement, and warrant and stock option exercises | 5,060,774 | ||||
Extinguishment of Debt, Amount | $ 2,183,257 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 46,258,333 | 102,542,357 | |||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Depreciation | $ 48,129 | $ 80,860 | $ 207,775 | $ 248,173 |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Feb. 29, 2008 | Sep. 30, 2017 | Dec. 31, 2016 | Feb. 20, 2008 | Feb. 19, 2008 | |
Mineral properties | $ 8,239,934 | $ 8,239,934 | |||
Columbus Project [Member] | |||||
Mineral Property, Interest Held | 100.00% | 15.00% | |||
Net Smelter Return Royalty Percentage | 5.00% | ||||
Mineral properties | 8,239,934 | ||||
Reclamation bonds [Member] | |||||
Restricted Investments | 1,115,267 | $ 1,115,153 | |||
Asset Retirement Obligation [Member] | |||||
Asset Retirement Obligation | $ 672,338 | ||||
Adjusted risk free rate of assets retirement obligation | 4.25% | ||||
Adjusted inflation rate of assets retirement obligation | 3.78% |
CONVERTIBLE NOTES (Narrative) (
CONVERTIBLE NOTES (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument, Face Amount | $ 150,000 | |
Stock Issued During Period, Value, Conversion of accrued interest | $ 10,027 | |
Conversion of Debt, Conversion Price | $ 0.064 |
STOCKHOLDERS EQUITY (Narrative)
STOCKHOLDERS EQUITY (Narrative) (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 29, 2017 | Feb. 17, 2017 | Feb. 17, 2017 | Jan. 31, 2017 | Feb. 28, 2016 | Feb. 26, 2016 | Feb. 29, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Investor relations expense | $ 97,000 | $ 0 | ||||||||
Proceeds from private placements | 2,044,000 | 0 | ||||||||
Financing issuance costs | $ 902 | 375 | ||||||||
Exercise of stock options (Shares) | (1,100,000) | |||||||||
Proceeds from Stock Options Exercised | $ 58,000 | |||||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||||
Class of Warrant or Right, Grants in Period, Exercise Price | $ 0.14 | $ 0.40 | ||||||||
Warrant modifications and inducements [Member] | ||||||||||
Class of Warrant or Right, Expirations in Period | 35,133,333 | 43,566,827 | ||||||||
Reduced exercise price for Warrants, Average exercise price prior to reduction | $ 0.53 | $ 0.80 | ||||||||
Reduced exercise price for Warrants | $ 0.08 | |||||||||
Stock Issued During Period, Shares, Warrants Exercised | 9,700,000 | 28,755,921 | ||||||||
Investor relations expense | $ 97,000 | |||||||||
Proceeds from Warrant Exercises | 2,983,774 | |||||||||
Proceeds From Warrant Exercises, settlement of accounts payable | $ 92,700 | |||||||||
Private Placement [Member] | ||||||||||
Issuance of common stock in private placement, $0.08 per share, net of $902 issuance fees (Shares) | 49,369,123 | |||||||||
Price Per Share | $ 0.08 | |||||||||
Proceeds from private placements | $ 2,044,000 | |||||||||
Proceeds from Issuance of Private Placement, settlement of accounts payable | 1,905,530 | |||||||||
Financing issuance costs | $ 902 | |||||||||
Stock option exercises [Member] | ||||||||||
Exercise of stock options (Shares) | 1,100,000 | |||||||||
Proceeds from Stock Options Exercised | $ 33,000 | |||||||||
Proceeds from Stock Options Exercised, settlement of accounts payable | $ 25,000 | |||||||||
Warrants [Member] | ||||||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||||
Issuance of Detachable Warrants | 600,000 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.20 | |||||||||
Class of Warrant or Right, Grants in Period, Contractual Term | 5 years | |||||||||
Special Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercises in Period | 1,750,000 | |||||||||
Class of Warrant or Right, Automatically Converted into Units | 21,025,000 | |||||||||
Class of Warrant or Right, Grants in Period, Exercise Price | $ 0.40 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Feb. 17, 2017 | Feb. 17, 2017 | Dec. 31, 2016 | Feb. 26, 2016 | Mar. 27, 2007 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 31,562,197 | 20,825,000 | 20,825,000 | 31,562,197 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 300,000 | |||||||||
Exercise of stock options (Shares) | (1,100,000) | |||||||||
Proceeds from Stock Options Exercised | $ 58,000 | |||||||||
Class of Warrant or Right, Grants in Period, Net of Forfeitures | 300,000 | 4,950,000 | ||||||||
Class of Warrant or Right, Grants in Period, Exercise Price | $ 0.14 | $ 0.40 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 15,607,500 | 15,607,500 | ||||||||
Share-based Compensation | $ 124,410 | $ 13,746 | $ 402,521 | $ 1,010,908 | ||||||
Income Tax Expense (Benefit) | 0 | $ 0 | 0 | $ 0 | ||||||
Other Tax Expense (Benefit) | 26,600 | |||||||||
Total Intrinsic Value Of The Options Exercised | 76,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 124,410 | $ 124,410 | ||||||||
Share Based Compensation Arrangement Weighted Average Period Cost Recognized | 5 months 23 days | |||||||||
NMC [Member] | ||||||||||
Class of Warrant or Right, Grants in Period, Net of Forfeitures | 4,500,000 | |||||||||
Stock option plans [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,000,000 | |||||||||
Increase equal to total number of outstanding shares | 15.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued, Number | 25,486,916 | 25,486,916 | ||||||||
Stock option granted, weighted average exercise price | $ 0.34 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 15,575,000 | 15,575,000 | ||||||||
1,367,197 stock options amended by extending their expiration dates [Member] | ||||||||||
Stock option granted, weighted average exercise price | $ 0.08 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 1,367,197 | |||||||||
Amended stock options, exercise price prior to reduction | $ 0.61 | |||||||||
Share-based Compensation | $ 2,587 | |||||||||
7,600,000 stock options amended [Member] | ||||||||||
Stock option granted, weighted average exercise price | $ 0.08 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 7,600,000 | |||||||||
Amended stock options, exercise price prior to reduction | $ 0.56 | |||||||||
Exercise of stock options (Shares) | 100,000 | |||||||||
Proceeds from Stock Options Exercised | $ 8,000 | |||||||||
Share-based Compensation | $ 2,028 | |||||||||
4,800,000 stock options amended by extending their expiration dates [Member] | ||||||||||
Stock option granted, weighted average exercise price | $ 0.08 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 4,800,000 | |||||||||
Amended stock options, exercise price prior to reduction | $ 0.74 | |||||||||
4,950,000 stock options amended [Member] | ||||||||||
Stock option granted, weighted average exercise price | $ 0.08 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 4,950,000 | |||||||||
Amended stock options, exercise price prior to reduction | $ 0.40 | |||||||||
3,067,197 stock options amended by extending their expiration dates [Member] | ||||||||||
Stock option granted, weighted average exercise price | $ 0.49 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 3,067,197 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Effective Income Tax Rate, Continuing Operations | 0.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% |
COMMITMENTS AND CONTINGENCIES31
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2007 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Lease obligations [Member] | |||||
Operating Leases, Rent Expense | $ 15,996 | $ 15,170 | $ 47,266 | $ 46,017 | |
Payments For Rent Increase | 4.00% | ||||
Payment For Operating Expenses | $ 748 | ||||
Columbus Project [Member] | |||||
Net Smelter Return Royalty Percentage | 5.00% | ||||
Standby Letters of Credit [Member] | |||||
Stand By Letter Of Credit Value | 100,000 | ||||
Certificates of Deposit, at Carrying Value | $ 100,000 | $ 100,000 | |||
Required to pay of the total value of the letter of credit | 2.00% | 2.00% |
CONCENTRATIONS (Narrative) (Det
CONCENTRATIONS (Narrative) (Details) | Sep. 30, 2017USD ($) |
Cash, FDIC Insured Amount | $ 250,000 |
Cash, Uninsured Amount | $ 1,352,981 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Extinguishment of Debt, Amount | $ 2,183,257 | |||||
Shares Issued, Price Per Share | $ 0.08 | $ 0.08 | ||||
Accounts Payable, Related Parties, Current | $ 230,432 | $ 230,432 | $ 761,442 | |||
Rental Income, Nonoperating | 5,409 | $ 5,202 | 16,227 | $ 15,606 | ||
Due to Related Parties, Current | 23,290 | $ 23,290 | 1,060,290 | |||
Equity issuance at $0.08 Per Share [Member] | ||||||
Extinguishment of Debt, Amount | $ 731,800 | |||||
Stock Issued During Period, Shares, Settlement of Debt | 9,147,500 | |||||
Shares Issued, Price Per Share | $ 0.08 | |||||
Equity issuance at $0.05 Per Share [Member] | ||||||
Extinguishment of Debt, Amount | $ 25,000 | |||||
Stock Issued During Period, Shares, Settlement of Debt | 500,000 | |||||
Shares Issued, Price Per Share | $ 0.05 | |||||
DOSA Consulting, LLC [Member] | ||||||
Extinguishment of Debt, Amount | $ 63,900 | |||||
Stock Issued During Period, Shares, Settlement of Debt | 798,750 | |||||
Shares Issued, Price Per Share | $ 0.08 | |||||
Accounts Payable, Related Parties, Current | 761,442 | |||||
NMC [Member] | ||||||
Stock Issued During Period, Shares, Settlement of Debt | 12,962,500 | |||||
Shares Issued, Price Per Share | $ 0.08 | |||||
Majority Stockholder Ownership Percentage | 23.60% | |||||
Advances from Related Parties | 1,037,000 | |||||
Net smelter return royalty to NMC | 5.00% | |||||
Former officers [Member] | ||||||
Due to Related Parties, Current | 23,290 | $ 23,290 | $ 23,290 | |||
Directors | ||||||
Extinguishment of Debt, Amount | $ 40,000 | |||||
Stock Issued During Period, Shares, Settlement of Debt | 500,000 | |||||
Shares Issued, Price Per Share | $ 0.08 | |||||
Searchlight Minerals Corp [Member] | ||||||
Rental Income, Nonoperating | 5,409 | $ 5,202 | 16,227 | $ 15,606 | ||
Due to Related Parties, Current | $ 10,818 | $ 10,818 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Cost | $ 6,237,663 | $ 5,778,319 |
Accumulated depreciation | (5,230,927) | (5,028,566) |
Net book value | 1,006,736 | 749,753 |
Furniture and fixtures [Member] | ||
Cost | 61,405 | 61,405 |
Accumulated depreciation | (61,011) | (53,072) |
Net book value | 394 | 8,333 |
Computers and equipment [Member] | ||
Cost | 55,626 | 57,785 |
Accumulated depreciation | (47,815) | (46,548) |
Net book value | 7,811 | 11,237 |
Land [Member] | ||
Cost | 30,000 | 30,000 |
Accumulated depreciation | 0 | 0 |
Net book value | 30,000 | 30,000 |
Site improvements [Member] | ||
Cost | 2,925,731 | 2,925,731 |
Accumulated depreciation | (2,797,478) | (2,783,133) |
Net book value | 128,253 | 142,598 |
Site equipment [Member] | ||
Cost | 2,641,306 | 2,179,803 |
Accumulated depreciation | (1,930,195) | (1,788,885) |
Net book value | 711,111 | 390,918 |
Vehicles [Member] | ||
Cost | 23,595 | 23,595 |
Accumulated depreciation | (23,595) | (23,595) |
Net book value | 0 | 0 |
Building [Member] | ||
Cost | 500,000 | 500,000 |
Accumulated depreciation | (370,833) | (333,333) |
Net book value | $ 129,167 | $ 166,667 |
Schedule of Warrants, Valuation
Schedule of Warrants, Valuation Assumptions (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Dividend yield | 0.00% |
Expected volatility | 117.37% |
Expected life (years) | 0 years |
Minimum [Member] | |
Risk-free interest rate | 0.50% |
Maximum [Member] | |
Risk-free interest rate | 0.52% |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) | Sep. 30, 2017$ / sharesshares |
Class of Warrant or Right, Outstanding | 25,433,333 |
Expiration Date March 2019 [Member] | |
Class of Warrant or Right, Outstanding | 5,050,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.40 |
Expiration Date March 2019 2 [Member] | |
Class of Warrant or Right, Outstanding | 1,333,333 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.45 |
Expiration Date February 2020 [Member] | |
Class of Warrant or Right, Outstanding | 18,650,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.40 |
Expiration Date June 2021 [Member] | |
Class of Warrant or Right, Outstanding | 200,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.20 |
Expiration Date July 2021 [Member] | |
Class of Warrant or Right, Outstanding | 200,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.20 |
Schedule of Share-based Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 117.37% | 132.45% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.52% | 0.30% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 month 6 days | 0 years |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 148.20% | 164.23% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.48% | 1.08% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 1 month 6 days | 3 years 2 months 12 days |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning of Period | 31,562,197 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | 0.20 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ 0.41 | |
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term, Beginning of Period | 3 years 7 months 2 days | 2 years 11 months 1 day |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.08 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.14 | |
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Options, Granted Weighted Average Remaining Contractual Term | 2 years 4 months 17 days | |
Exercise of stock options (Shares) | (1,100,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Grant Date Fair Value | 0.41 | |
Share-based Compensation Arrangement By Share Based Payment Award, Exercised, Weighted Average Exercise Price | 0.05 | |
Share-based Compensation Shares Authorized Under Stock Option Plans, Exercise Price Range, Options Exercised Weighted Average Remaining Contractual Term | 0 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (9,937,197) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period, Weighted Average Grant Date Fair Value | 0.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 0.59 | |
Share-based Compensation Shares Authorized Under Stock Option Plans, Exercise Price Range, Options Expired, Weighted Average Remaining Contractual Term | 0 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, End of Period | 20,825,000 | 31,562,197 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value, End of Period | 0.15 | 0.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period | $ 0.33 | $ 0.41 |
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term, End of Period | 3 years 7 months 2 days | 2 years 11 months 1 day |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value, End of Period | $ 726,300 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number, End of Period | 15,607,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Grant Date Fair Value, End of Period | $ 0.13 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price, End of Period | $ 0.29 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term, End of Period | 3 years 2 months 26 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value, End of Period | $ 551,925 |
Schedule of Nonvested Share Act
Schedule of Nonvested Share Activity (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Outstanding Number | 11,350,000 |
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Outstanding Weighted Average Grant Date Fair Value | 0.12 |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Net of Forfeitures | 0 |
Share-based Compensation, Options Subject to Vesting, Grants in Period, Weighted Average Grant Date Fair Value | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Unvested Options, Expirations in Period | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ / shares | $ 0 |
Share Based Compensation Arrangement By Share Based Payment Award Vested Options Outstanding Number | (6,132,500) |
Share Based Compensation Arrangement By Share Based Payment Award Vested Options Weighted Average Grant Date Fair Value | 0.06 |
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Outstanding Number | 5,217,500 |
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Weighted Average Grant Date Fair Value | 0.19 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Sep. 30, 2017USD ($) |
2,018 | $ 56,089 |
2,019 | 58,256 |
2,020 | 60,475 |
2,021 | 52,116 |
Future Minimum Payments Due Total | $ 226,936 |
Schedule of Transactions Betwee
Schedule of Transactions Between the Company and NMC (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reimbursement of expenses | $ 15,914 | $ 22,549 | $ 45,220 | $ 169,897 |
Consulting services provided | 105,000 | 105,000 | 315,000 | 315,000 |
Mineral exploration and evaluation expenses - related party | $ 120,914 | $ 127,549 | $ 360,220 | $ 484,897 |