Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 18, 2021 | Sep. 30, 2020 | |
Cover [Abstract] | |||
Registrant Name | DAKOTA TERRITORY RESOURCE CORP | ||
Registrant CIK | 0001182737 | ||
Fiscal Year End | --03-31 | ||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2021 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 80-0942566 | ||
Entity Address, Address Line One | 141 Glendale Drive | ||
Entity Address, City or Town | Lead | ||
Entity Address, State or Province | SD | ||
Entity Address, Postal Zip Code | 57754 | ||
City Area Code | 605 | ||
Local Phone Number | 717-2540 | ||
Title of 12(g) Security | Common Stock, par value $0.001 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,092,871 | ||
Entity Common Stock, Shares Outstanding | 57,915,020 | ||
Amendment Flag | true | ||
Amendment Description | The purpose of this Amendment No. 1 to the Annual Report on Form 10-K (the “Form 10-K”) for the period ended March 31, 2021, is to furnish Exhibit 4.1, Exhibit 4.2 and Exhibit [101] to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit [101] to the Form 10-K provides the financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language). No other changes have been made to the Form 10-K. This Amendment No. 1 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-K. Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 10,392,940 | $ 146,425 |
Prepaid expenses and other current assets | 75,608 | 7,649 |
Total current assets | 10,468,548 | 154,074 |
Mineral properties, net | 5,337,072 | 216,104 |
Property and equipment, net | 870,744 | 0 |
TOTAL ASSETS | 16,676,364 | 370,178 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 162,024 | 501,818 |
Accounts payable - related party | 3,000 | 1,790,829 |
Line of credit | 30,082 | |
Notes payable | 300,000 | |
Current portion of notes payable - related party | 906,768 | 325,645 |
Total current liabilities | 1,071,792 | 2,948,374 |
Notes payable - related party, net of current portion and discount | 473,325 | |
Total liabilities | 1,545,117 | 2,948,374 |
SHAREHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2021 and March 31, 2020, respectively | 0 | 0 |
Common stock, par value $0.001; 75,000,000 shares authorized, 56,197,331 and 16,354,197 shares issued and outstanding as of March 31, 2021 and March 31, 2020, respectively | 56,197 | 16,354 |
Additional paid-in capital | 23,617,834 | 2,783,193 |
Accumulated deficit | (8,542,784) | (5,377,743) |
Total shareholders' equity (deficit) | 15,131,247 | (2,578,196) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 16,676,364 | $ 370,178 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 56,197,331 | 16,354,197 |
Common Stock, Shares, Outstanding | 56,197,331 | 16,354,197 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING EXPENSES | ||
Exploration costs | $ 673,545 | $ 100,133 |
General and administrative expenses | 1,160,979 | 1,001,339 |
Total operating expenses | 1,834,524 | 1,101,472 |
LOSS FROM OPERATIONS | (1,834,524) | (1,101,472) |
OTHER EXPENSE | ||
Interest income | 7,204 | |
Interest expense | (1,337,721) | (12,801) |
Total other expense | (1,330,517) | (12,801) |
NET LOSS | $ (3,165,041) | $ (1,114,273) |
Net loss per share: | ||
Basic and diluted net loss per share (in dollars per share) | $ (0.12) | $ (0.07) |
Weighted average shares outstanding: | ||
Basic and diluted(in shares) | 25,904,749 | 16,054,675 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (3,165,041) | $ (1,114,273) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 124,706 | 110,897 |
Common stock issued for services | 85,000 | |
Depreciation expense | 17,554 | |
Accretion of debt discount | 1,331,121 | |
Changes in current assets and liabilities: | ||
Prepaid expenses and other assets | (67,959) | 1,202 |
Accounts payable and accrued expenses | (257,626) | 275,922 |
Accounts payable - related party | (422,000) | 190,170 |
Net cash used in operating activities | (2,439,245) | (451,082) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (888,298) | 0 |
Purchases of mineral properties | (3,800,968) | 0 |
Net cash used in investing activities | (4,689,266) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment of cash dividend | (4,357,246) | |
Proceeds from note payable | 1,450,000 | 300,000 |
Proceeds from sale of common stock | 19,635,000 | 100,000 |
Proceeds from exercise of common stock options and warrants | 1,011,000 | 50,000 |
Repayment of note payable - related party | (333,646) | |
Repayment of line of credit, net | (30,082) | (5,083) |
Net cash provided by financing activities | 17,375,026 | 444,917 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 10,246,515 | (6,165) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 146,425 | 152,590 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 10,392,940 | 146,425 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest expense | 6,865 | |
Cash paid for income taxes | 0 | $ 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued for investment in mineral property | 1,320,000 | |
Common stock issued upon conversion of note payable | 1,750,000 | |
Related party accounts payable and accrued interest converted to related party note payable | $ 1,447,997 |
STATEMENTS OF CHANGES SHAREHOLD
STATEMENTS OF CHANGES SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Mar. 31, 2019 | $ 15,729 | $ 2,437,921 | $ (4,263,470) | $ (1,809,820) |
Beginning Balance (Shares) at Mar. 31, 2019 | 15,729,197 | |||
Common stock issued for cash | $ 250 | 99,750 | $ 100,000 | |
Common stock issued for cash (Shares) | 250,000 | 250,000 | ||
Common stock issued for services | $ 250 | 84,750 | $ 85,000 | |
Common stock issued for services (Shares) | 250,000 | 250,000 | ||
Stock options issued for services | 110,897 | $ 110,897 | ||
Common stock issued upon exercise of options | $ 125 | 49,875 | $ 50,000 | |
Common stock issued upon exercise of options (Shares) | 125,000 | 125,000 | ||
Stock-based compensation expense | $ 110,897 | |||
Net loss | (1,114,273) | (1,114,273) | ||
Ending Balance at Mar. 31, 2020 | $ 16,354 | 2,783,193 | (5,377,743) | $ (2,578,196) |
Ending Balance (Shares) at Mar. 31, 2020 | 16,354,197 | 16,354,197 | ||
Common stock issued for cash | $ 32,725 | 19,602,275 | $ 19,635,000 | |
Common stock issued for cash (Shares) | 32,725,000 | 32,725,000 | ||
Common stock issued upon exercise of options | $ 2,950 | 1,008,050 | $ 1,011,000 | |
Common stock issued upon exercise of options (Shares) | 2,950,000 | 2,950,000 | ||
Common stock issued for investment in mineral properties | $ 750 | 1,319,250 | $ 1,320,000 | |
Common stock issued for investment in mineral properties (Shares) | 750,000 | 750,000 | ||
Debt discount assigned to purchase option | 1,305,000 | $ 1,305,000 | ||
Cashless exercise of stock options and warrants | $ 501 | (501) | ||
Cashless exercise of stock options and warrants (Shares) | 501,467 | 501,467 | ||
Common stock issued upon conversion of debt | $ 2,917 | 1,747,083 | $ 1,750,000 | |
Common stock issued upon conversion of debt (Shares) | 2,916,667 | 2,916,667 | ||
Stock-based compensation expense | 124,706 | $ 124,706 | ||
Debt discount on notes payable - related party | 86,024 | 86,024 | ||
Cash dividend | (4,357,246) | (4,357,246) | ||
Net loss | (3,165,041) | (3,165,041) | ||
Ending Balance at Mar. 31, 2021 | $ 56,197 | $ 23,617,834 | $ (8,542,784) | $ 15,131,247 |
Ending Balance (Shares) at Mar. 31, 2021 | 56,197,331 | 56,197,331 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Mar. 31, 2021 | |
Organization And Nature Of Business [Abstract] | |
Organization and Nature of Business [Text Block] | Note 1 Organization and Nature of Business Dakota Territory Resource Corp., ("the Company") was incorporated in the State of Nevada on February 6, 2002, has been in the exploration stage since its formation, and has not realized any revenues to date from its properties. Our Company is engaged in the business of acquisition and exploration of mineral properties within the Homestake Gold District of the Black Hills of South Dakota. To date, while no development or mining activities have commenced, our strategy is to move projects from exploration to development and finally on to production as results of exploration may dictate. Dakota Territory's management and technical teams have extensive mining and exploration experience in the Homestake District and we intend to leverage our experience together with our business presence in South Dakota to create value for our shareholders. The Company currently holds eight brownfield project areas in the district comprised of 976 unpatented claims and a combination of surface and mineral leases covering a total of approximately 19,604 acres. Our goal is to obtain sufficient capital to advance our current property portfolio, to fund acquisition of additional prospective mineral property, and for the general working capital needs of the Company. In September 2012, the Company closed on the agreement with North Homestake Mining Company ("NHMC") to exchange common stock to affect the acquisition of North Homestake's gold exploration properties located in South Dakota. Since 2012, our Company has pursued a strategy of expanding our portfolio of brownfields exploration properties located exclusively within the Homestake District with the goal to build a dominant land position. Our property acquisitions have been based on our past exploration experiences, the extensive data sets we have assembled over the past 9 years, and new exploration and research the Company has conducted on the gold system that created the District. We have not established that any of our projects or properties contain any proven or probable reserves under SEC Industry Guide 7. Uncertainties and Economic Development In March 2020, the World Health Organization designated the new coronavirus ("COVID-19") as a global pandemic. Federal, state and local governments have mandated orders to slow the transmission of the virus, including but not limited to shelter-in-place orders, quarantines, restrictions on travel, and work restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic effects of the pandemic has resulted in significant volatility in the financial markets. The restrictions put in place by federal, state and local governments could delay our exploratory programs on our mineral properties. Furthermore, the impact of the pandemic on the global economy could also negatively impact the availability and cost of future borrowings should the need arise. It is unknown how long the adverse conditions associated with the pandemic will last and what the complete financial effect will be to the Company. The Company continues to monitor the impact that the pandemic, including relief bills enacted in response thereto, may have on operations. Currently, the Company is unable to determine the impact that the pandemic will have on its financial condition, results of operations, or liquidity. Going Concern These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through March 31, 2021 of approximately $8,543,000 and has yet to achieve profitable operations, and projects further losses in the development of its business. The Company's ability to continue as a going concern is dependent upon its ability to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that may be necessary should we be unable to continue as a going concern. We anticipate that additional funding will be in the form of equity financing from the sale of common stock, and/or debt financing. However, there can be no assurance that the issuances of additional equity securities or debt financing can be obtained. Based on these factors, there is substantial doubt as to the Company's ability to continue as a going concern. Reverse Stock Split On May 13, 2021, the Board of Directors of the Company approved a reverse stock split of the Company's common stock at a ratio of 1-for-4. All share numbers and common stock prices presented give effect to the reverse split. |
Summary of Accounting Policies
Summary of Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies [Text Block] | Note 2 Summary of Accounting Policies Basis of Presentation Our financial records are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of demand deposits at commercial banks. The Company is exposed to credit risk from its deposits of cash and cash equivalents in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on such deposits. Property and Equipment Property and equipment consist primarily of land, buildings, office furniture and equipment, and are recorded at cost. Expenditures related to acquiring or extending the useful life of property and equipment are capitalized. Expenditures for repair and maintenance are charged to operations as incurred. Depreciation is computed using the straight-line method over an estimated useful life of 3-39 years. Mineral Property Costs We have been in the exploration stage since inception and have not yet realized any revenues from our planned operations. All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If we do not continue with exploration after the completion of the feasibility study, the associated capitalized costs will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if the capitalized mineral property costs are in excess of their recoverable amount, we conduct periodic evaluation of the carrying value of capitalized costs and any related property and equipment costs based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets Fair Value Measurements We account for assets and liabilities measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. Our financial instruments consist principally of cash, accounts payable, accrued liabilities and notes payable. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term nature or the underlying terms are consistent with market terms. Environmental Costs Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue general, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company's commitments to plan of action based on the then known facts. Income Taxes Income taxes are computed using the asset and liability method, in accordance with ASC 740, Income Taxes The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgement changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate or future recognition of an unrecognized tax benefit. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. The Company recognizes interest and penalties related to unrecognized tax positions within the income tax expense line in the statements of operations. Basic and Diluted Loss Per Share The Company computes basic and diluted income (loss) per share amounts pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic loss per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted income (loss) per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted for the dilutive effect of potential future issuances of common stock related to outstanding options and warrants. The dilutive effect of outstanding options and warrants is reflected in diluted earnings per share by application of the treasury stock method. The effect of the Company's outstanding options and warrants were excluded for the years ended March 31, 2021 and 2020, because they were anti-dilutive. Stock-Based Compensation The Company estimates the fair value of share-based compensation using the Black-Scholes valuation model, in accordance with the provisions of ASC 718, Compensation - Stock Compensation Recent Accounting Pronouncements Pronouncements between March 31, 2021 and the date of this filing are not expected to have a significant impact on our operations, financial position, or cash flow, nor does the Company expect the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on our results of operations, financial position or cash flows. |
Related Party Transactions
Related Party Transactions | 1 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | Note 3 Related Party Transactions The Company engages in related party transactions that involve its officers and directors and/or companies controlled by the officers and directors. Following is an analysis of related party transactions: Mr. Gerald Aberle is the Company's former President, Chief Executive Officer and is Chief Operating Officer of the Company. He is also a director and significant shareholder of the Company and the owner of Jerikodie, Inc. Under a February 2012 agreement, Jerikodie Inc. earns a fixed consulting fee of $9,000 per month, plus approved expenses. In October 2020, the Company paid Jerikodie, Inc, $200,000 of the approximate $729,500 owed to it for consulting fees and issued a note payable to Jerikodie for the remaining balance of approximately $529,500 bearing interest at 0.25% per year. On June 1, 2021 the Company and Jerikodie settled debt of $529,500 through the payment of $376,550 and the issuance of 45,563 shares of common stock. During the year ended March 31, 2021, the Company engaged a Company controlled by a family member of Mr. Aberle, for the purpose of providing general labor and incurred approximately $37,000 in costs. As of March 31, 2020, the Company owed Mr. Aberle, individually, $20,500 in unsecured loans. These unsecured loans bear interest of 3% per year and are due on demand. In July 2020, Mr. Aberle was paid in full for these unsecured loans and related accrued interest of $770. Mr. Richard Bachman is the Company's former Chief Geological Officer ("CGO"). He is also a director and significant shareholder of the Company and the owner of Minera Teles Pires Inc. ("Minera Teles"). Under an October 2005 agreement that expired in March 2020, Minera Teles earned a $10,000 monthly consulting fee and received $1,500 per month for office rent and expenses. The consulting fee was divided between a $5,000 per month cash payment and a $5,000 per month deferred amount. The Company also owed Mr. Bachman, individually, $305,145 in unsecured loans. These unsecured loans bear interest at rates ranging from 3% to 4% per year and are due on demand. In June 2020, the Company repaid $40,145 of unsecured loans, plus accrued interest totaling $6,095. In October 2020, the Company paid Minera Teles $200,000 for amounts owed for prior services and combined the remaining amount owed of approximately $795,500 with amounts owed under the unsecured loans, including unpaid interest, into a new note in the amount of $1,055,310, bearing interest at 0.25% per year. A payment of $145,000 was made in December 2020. As of March 31, 2021, the unpaid principal balance totalled $910,454. In October 2020, the Company issued a note payable to WCM Associates, LP, an entity controlled by the Company's CFO, in the amount of $123,000, bearing interest at 0.25% per year, for amounts owed for consulting fees. As of the date of this filing, the note has been paid in full. In connection with the notes payable issued in 2020, as discussed above, the Company determined that the 0.25% contractual rate represents a below-market interest rate. Interest was imputed on the notes payable at 5.00% interest resulting in a discount at issuance of $86,024. During year ended March 31, 2021, the Company recognized amortization of the debt discount of $26,121 in interest expense, with the remaining unamortized discount to be recognized into interest expense over the remaining life of the notes using the effective interest method. In September 2018, Mr. Stephen O'Rourke, a director of the Company, through his consulting firm, entered into a one-year consulting agreement with the Company whereby he was issued a consulting fee of 250,000 shares valued at $85,000, or $0.34 per share, for services rendered. In September 2019, Mr. O'Rourke was issued a five In October and December 2020, options to purchase 1,075,000 shares of common stock were exercised for $344,000 by our officers and directors. Messrs. Aberle and Bachman own a 5% net smelter return royalty on the original 84 unpatented mining claims that comprised the Blind Gold Property. On June 1, 2021 the Company and Jerikodie settled debt of $529,500 through the payment of $376,550 and the issuance of 45,563 shares of common stock. |
Mineral Properties
Mineral Properties | 12 Months Ended |
Mar. 31, 2021 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Properties [Text Block] | Note 4 Mineral Properties On September 26, 2012, the Company was re-organized with North Homestake Mining Company. With this re-organization, the Company acquired 84 unpatented lode mining claims covering approximately 1,600 acres known as the Blind Gold Property located in the Black Hills of South Dakota. On December 28, 2012, the Company acquired 57 unpatented lode mining claims covering approximately 853 acres known as the West False Bottom Creek and Paradise Gulch Claim Group, the City Creek Claims Group, and the Homestake Paleoplacer Claims Group, all located in the Black Hills of South Dakota. The West False Bottom Creek and Paradise Gulch Claims were contiguous to the Blind Gold Property and have been incorporated into the Blind Gold Property. The purchase price was 250,000 restricted common shares valued at $0.60 per share, or $150,000. On February 24, 2014 the Company acquired surface and mineral title to the 26.16 acres of the Squaw and Rubber Neck Lodes that comprise Mineral Survey 1706 in the Black Hills of South Dakota. The Company is required to make annual lease payments of $8,000 for a period of 5 years, of which $8,000 was due upon execution of the agreement. On May 7, 2019, the Company extended the lease with option to purchase agreement for Mineral Survey 1706 for an additional 5-year period. The property is part of the Homestake Paleoplacer Property, and the Company has maintained the option to purchase the mineral property for $150,000. On March 3, 2014, the Company completed the acquisition of approximately 565.24 mineral acres in the Northern Black Hills of South Dakota. The acquisition increased our mineral interests in the Homestake District by nearly 23%, to over 3,057 acres. As part of the property acquisition, the Company purchased an additional 64.39 mineral acres located immediately southwest and contiguous to our Paleoplacer Property, including mineral title to the historic Gustin, Minerva and Deadbroke Gold Mines. The purchase price of the mineral interests was $33,335. On April 5, 2017 the Company acquired options to purchase a combination of surface and mineral titles to approximately 293 acres in the Homestake District of the Northern Black Hills of South Dakota. The acquisition included 61 acres located immediately south and contiguous with our City Creek Property; 82 acres located approximately one half mile south of our Blind Gold Property at the western fringe of the historic Maitland Gold Mine; and 141 acres located immediately north and contiguous to our Homestake Paleoplacer Property. The Company is required to make annual lease payments totaling $20,000 for a period of 5 years, of which $20,000 was due upon execution of the agreement. The Company has an option to purchase the mineral properties for total price of $626,392. As of March 31, 2021 the Company is current on all required annual lease payments. In November 2018, we acquired 42 unpatented lode mining claims covering approximately 718 acres located immediately to the north and adjacent to the Company's City Creek Property. Through this staking, the City Creek project area was expanded from approximately 449 acres to 1,106 acres. In September 2019 the Company completed the acquisition of 106 unpatented lode mining claims covering approximately 1,167 acres in close proximity to the historic Tinton Gold Camp. The Tinton area was the site of placer mining activity between 1876 and the turn of the century. On March 6, 2020 the Company completed the acquisition of 65 unpatented lode mining claims covering approximately 1,152 acres in the Homestake District of the Black Hills of South Dakota. The new property is contiguous to the Company's Blind Gold Property. In May 2020 the Company acquired 67 unpatented lode mining claims covering approximately 1,045 acres located on the western margin of the structural corridor that extends north of the Homestake Gold Mine. The West Corridor property is located just south of the mineral property Dakota Territory acquired from Deadbroke Mining Company in March of 2014, just north of the producing Wharf Mine (Coeur Mining) and just to the south and east of the former Richmond Hill Mine (Barrick Gold). In July 2020 the Company acquired 166 unpatented lode mining claims covering approximately 3,152 acres located immediately north and adjacent to the Company's City Creek Property. Through this staking, the City Creek project area was expanded from approximately 1,176 acres to 4,319 acres. The City Creek Property is comprised of a combination of patented and unpatented mining claims covering the continuous extension of the iron-formation gold host northeast of the Homestake Mine. The City Creek geology is dominated by the Homestake, Ellison and Poorman stratigraphic sequence that has been delineated by more than 40,000 ft of core drilling across the property. The historic drilling also documents the occurrence of gold mineralization in the classic quartz vein, chlorite-arsenopyrite style of the Homestake Mine. On September 15, 2020 we completed the acquisition of 50 unpatented lode mining claims covering approximately 840 acres at the historic Ragged Top Gold Camp of the Black Hills of South Dakota. Tertiary-aged gold mineralization in the Ragged Top area is hosted primarily in the Paha Sapa Limestone formation and has been mined from both vertical fissures called "Verticals" and from collapsed breccias. The Ragged Top acquisition is located just northwest of the producing Wharf Mine (Coeur Mining) and approximately 3 miles southwest of the former Richmond Hill Mine (Barrick Gold). On October 26, 2020, the Company completed the purchase of the Maitland Gold Property from Homestake Mining Company of California, a wholly owned subsidiary of Barrick Gold Corporation ("Barrick"). At closing, the Company paid Barrick $3.5 million cash and issued 750,000 shares of its common stock valued at $1.76 per share, for total consideration of $4.82 million. Additionally, Barrick retained a 2.5% net smelter returns royalty on the property. The 2,112 mineral-acre Maitland acquisition is an important component of Dakota Territory's exploration and development strategy for the structural corridor that extends from the Homestake Gold Mine to the Company's Blind Gold Property at the northern end of the Homestake District. On November 25, 2020 the Company acquired 64 unpatented lode mining claims covering approximately 1,092 acres located south and to the west of the former Homestake Gold Mine at Lead, South Dakota. The Poorman Anticline geological structure is the southwestern-most known extension of the Homestake iron-formation host in the district. Gold mineralization was discovered underground on the 2600 and 4100 foot levels in the far western extents of the Homestake Mine in the 1950's and 60's with little historic follow-up exploration in the Poorman Anticline closer to surface. Dakota Territory's targeting in the Poorman Anticline is based on the presence of the Homestake iron-formation host and projected intersections with important shear fabric that is known to have conducted fluids necessary to the deposition of gold mineralization in the northern extents of the structural corridor. On January 26, 2021 the Company acquired 143 unpatented lode mining claims covering approximately 2,468 acres. The acquisition was based on continuing analysis of the Company's historic data sets coupled with new insights derived from the Company's district-scale airborne geophysical survey flown during the summer of 2020 and increased the acreage covered by three of the Company's existing project areas. At the west side of the Homestake District, the Tinton property was extended to the north and northwest adding approximately 1,966 acres to the original claim block. In the central region of the District, the West Corridor property was extended west to Cleopatra Creek covering approximately 242 additional acres between Richmond Hill and Wharf gold mines, and the Blind Gold Property was expanded west adding approximately 260 acres immediately north of the Richmond Hill Mine. On March 8, 2021 the Company acquired 39 unpatented lode mining claims covering approximately 806.5 at the eastern boundary of the Company's Tinton Property. Tinton was the site of placer mining activity between 1876 and the turn of the century, the lode source for which has not been discovered. Our original Tinton claim block was located based on historic research and exploration conducted by members of our technical team at Homestake Mining Company in the 1980's and 1990's, which suggested a Pre-Cambrian lode source at depth. The latest property acquisition is focussed on additional younger Tertiary-aged gold mineralization in the younger sedimentary and igneous rocks covering the property. On March 9, 2021 Dakota Territory acquired, by option, 25 patented mining claims covering approximately 307 acres at the eastern boundary of the northern segment of the Company's Ragged Top Property. The property was acquired from Donald Valentine of Steamboat Springs, Colorado. Two additional unpatented lode claims covering approximately 29 acres were also acquired by staking and added at the north end of the property. The Ragged Top Property has been subject to historic mining operations producing Tertiary-aged gold and silver mineralization primarily from vertical fissures and collapsed breccias within the Paha Sapa limestone unit. The Ragged Top property is located just northwest of the producing Wharf Mine (Coeur Mining) and approximately 3 miles southwest of the former Richmond Hill Mine (Barrick Gold). As of March 31, 2021 and 2020, the Company's mineral properties totaled $5,337,072 and $216,104, respectively. As of March 31, 2021, the Company is in the exploration stage and has not commenced amortization of its properties. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Text Block] | Note 5 Property and Equipment As of March 31, 2021 and 2020, the Company's property and equipment consists of the following: Estimated 2021 2020 Land $ 70,000 $ — Building 39 503,711 — Furniture and equipment 3 - 5 330,125 15,538 903,836 15,538 Less accumulated depreciation (33,092 ) (15,538 ) Property and equipment, net $ 870,744 $ — Depreciation expense for the year ended March 31, 2021 was $17,554. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Note 6 Income Taxes The following table sets forth a reconciliation of the statutory federal income tax for the years ended March 31: 2021 2020 Income tax benefit computed at federal statutory rates $ 664,659 $ 233,997 Non-deductible stock-based compensation (26,188 ) (41,138 ) Non-deductible interest expense (279,536 ) Change in valuation allowance (358,935 ) (192,859 ) Tax benefit $ — $ — The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as a deferred tax asset and liability. Significant components of the deferred tax assets are set out below along with a valuation allowance to reduce the net deferred tax asset to zero. In order to comply with generally accepted accounting principles in the United States of America, management has decided to establish a valuation allowance because of the potential that the tax benefits underlying the deferred tax asset may not be realized. Significant components of our deferred tax asset as of March 31 are as follows: 2021 2020 Deferred tax assets: Net operating loss carry forward $ 1,124,389 $ 703,077 Basis of mining properties 32,235 32,235 Less: valuation allowance (1,094,247 ) (735,312 ) Total deferred tax assets 62,377 — Basis in property and equipment (62,377 ) — Net deferred tax assets $ — $ — As a result of a change in control effective in October 2020, our net operating losses prior to that date may be partially or entirely unavailable, by law, to offset future income and, accordingly, are excluded from the associated deferred tax asset. The net operating loss carry forward in the approximate amount of $5,354,333 will begin to expire in 2027. We file income tax returns in the United States and in one state jurisdiction. We follow the provisions of ASC 740 relating to uncertain tax provisions and have commenced analyzing filing positions in all of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. There are no unrecognized tax benefits as of March 31, 2021 or March 31, 2020. The Company files income tax returns in the U.S. federal jurisdiction and in certain state jurisdictions. The Company has not been subjected to tax examinations for any year and the statute of limitations has not expired. The Company's tax returns remain open for examination by the applicable authorities, generally 3 years for federal and 4 years for state. |
Notes Payable
Notes Payable | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable [Text Block] | Note 7 Notes Payable JR Resources Corp. In February 2020, we entered into a $300,000 unsecured promissory note agreement with JR Resources Corp. ("JR"). The note bore interest at 3.0% per year and was due on May 5, 2021. In May 2020, JR and the Company entered into an amended and restated promissory note in the amount of $1,450,000, which includes the $300,000 that was advanced in February 2020 and an additional $1,150,000 that was advanced in May 2020. The amended and restated unsecured note bears interest at 0.25% per year, compounded annually, and matures on December 31, 2021. At maturity, the principal amount of the note, together with any accrued but unpaid interest, will be due and payable in cash, provided that, if and to the extent that the Company does not pay this note in cash on the maturity date, then JR will be required to exercise, and will in fact be deemed to have exercised, its right to convert such unpaid portion of the note into shares of Company common stock. The conversion price is $0.60 per share through December 31, 2020 and, thereafter, the lesser of $0.60 per share on the volume weighted average price of Company common stock for the five consecutive trading days immediately preceding the date of such conversion (with a floor of $0.40 per share). The note has customary event of default provisions and, upon an event of default, JR will be required to convert the unpaid portion of the note into the shares of Company common stock, if not paid in cash by the Company. In connection with the promissory note agreement with JR, the Company granted JR an option to purchase up to 35,641,667 shares of common stock at $0.60 per share in one or more closings on or prior to October 15, 2020. The proceeds from the debt issuance were allocated between the debt instrument and the purchase option based on their estimated relative fair values resulting in $1,305,000 of the total proceeds being allocated to the purchase option and recognized through a charge to additional paid-in capital with a corresponding discount on the debt. The debt discount will be amortized to interest expense over the remaining life of the note using the effective interest method. On October 15, 2020, and as a part of the first closing of our agreement with JR Resources, the promissory note was converted into 2,416,667 shares of the Company's common stock. In connection with the conversion, the Company recognized the remaining $1,036,849 of unamortized debt discount as interest expense. For the year ended March 31, 2021, the Company recognized additional interest expense of $1,305,000 related to amortization of the debt discount. On January 20, 2021 JR lent the Company $300,000, on an unsecured basis. On the occurrence of the final closing, the unpaid principle of the loan would be applied to the consideration relating to the final close. In March 2021, the Company and JR effected the second and final closing under the option, whereby JR acquired 18,225,000 shares of Company common stock for aggregate consideration of $10,935,000, $10,635,000 in cash and $300,000 upon conversion of the principal amount of a promissory note issued in January 2021. The final closing resulted in a change in control of the Company to JR Resources. |
Line of Credit
Line of Credit | 12 Months Ended |
Mar. 31, 2021 | |
Line of Credit Facility [Abstract] | |
Line of Credit [Text Block] | Note 8 Line of Credit The Company has a line of credit with Wells Fargo Bank in California. The line of credit allows the Company to borrow up to $47,500. The Line of Credit bears interest at 7.75% per annum, is unsecured, and due on demand. The balance on this line of credit as of March 31, 2021 and 2020 was $0 and $30,082, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity [Text Block] | Note 9 Shareholders' Equity Common Stock Our authorized capital stock consists of 75,000,000 shares of common stock, with a par value of $0.001 per share, and 10,000,000 preferred shares with a par value of $0.001 per share. During the year ended March 31, 2021, the Company issued (i)) 32,725,000 shares of common stock for $19,635,000; (iii) 2,950,000 shares of common stock for $1,011,000 upon the exercise of stock options and warrants; (iv) 501,467 shares upon cashless exercise of stock options and warrants; (v) 750,000 shares of common stock valued at $1,320,000 for investment in mineral properties (see Note 4 for further discussion); and (vi) 2,916,667 shares of common stock upon conversion of notes payable balances totaling $1,750,000 (See Note 7 for further discussion). During the year ended March 31, 2020, the Company issued (i) an aggregate of 250,000 shares of common stock for $100,000, (ii) 125,000 shares for $50,000 upon the exercise of stock options, and (iii) 250,000 shares of common stock valued at $85,000 in exchange for consulting services. The Company also issued options and warrants to purchase an aggregate of 800,000 shares of common stock at exercise prices ranging between $0.32 and $0.40 per share, expiring through January 2025. Dividends On November 13, 2020, the Company declared a special cash dividend of $0.22 per common share, totaling $4,357,246, to holders of record of 19,805,664 shares of common stock. Such dividend was paid in January 2021. JR Resources Option In connection with the May 2020 promissory note agreement between the Company and JR, as further described in Note 7 above, the Company provided JR the option to acquire up to 35,641,667 shares of common stock at an exercise price of $0.60 per share. JR exercised the option in two closings occurring in October 2020 and March 2021. Upon the first closing in October 2020, JR acquired 17,416,667 shares of Company common stock for aggregate consideration of $10,450,000, $9,000,000 in cash and $1,450,000 upon conversion of the principal amount of the May 2020 promissory note. In March 2021, the Company and JR effected the second and final closing under the option, whereby JR acquired 18,225,000 shares of Company common stock for aggregate consideration of $10,935,000, $10,635,000 in cash and $300,000 upon conversion of the principal amount of a promissory note issued in January 2021. The final closing resulted in a change in control of the Company to JR Resources. Common Stock Options and Warrants The Company's 2015 Omnibus Incentive Plan (the "Omnibus Plan") authorizes the Company to grant or issue non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, cash-based awards or other stock-based awards up to a total of 3,750,000 shares. Under the terms of the Omnibus Plan, awards may be granted to employees, directors and third-party service providers. Awards issued under the Omnibus Plan vest as determined by the board of directors at the time of grant. Any shares related to an award granted under the Omnibus Plan that terminates by expiration, forfeiture, or otherwise without the issuance of the shares shall be available again for grant under the Omnibus Plan. As of March 31, 2021, a total of 1,087,500 shares remained available for future grants under the Omnibus Plan. Outstanding stock options under the Omnibus Plan have terms ranging from 5 to 10 years. Outstanding stock options granted to third-party service providers generally vest over the period of the contract, which is typically one year. The Company recognized stock-based compensation related to issuance of stock options totaling $124,706 and $110,897 during the years ended March 31, 2021 and 2020, respectively, which is included in general and administrative expenses in the accompanying statements of operations. Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding as of March 31, 2020 2,662,500 $ 0.32 4.78 $ 1,025,000 Options granted 750,000 1.92 4.96 Options exercised (2,587,500 ) 0.32 — Outstanding as of March 31, 2021 825,000 1.77 4.86 285,000 Options vested or expected to vest as of March 31, 2021 75,000 0.32 3.84 135,000 Options exercisable as of March 31, 2021 75,000 $ 0.32 3.84 $ 135,000 During the year ended March 31, 2021, we estimated the fair value of each stock option on the date of grant using a Black Scholes valuation model. The weighted-average assumptions used to calculate the grant date fair value were as follows: (i) risk-free interest rate of 1.52%, (ii) estimated volatility of 80%, (iii) dividend yield of 0%, and (iv) expected life of 5 years. A summary of the Company's stock warrant activity and related information for the period ended March 31, 2021 is as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Outstanding as of March 31, 2020 825,000 $ 0.40 1.99 Warrants granted — — — Warrants exercised 825,000 $ 0.40 — Outstanding as of March 31, 2021 — $ — — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 10 Subsequent Events On May 13, 2021, the Board of Directors of the Company approved a reverse stock split of the Company's common stock at a ratio of 1-for-4. All share numbers and common stock prices presented give effect to the reverse split. On May 14, 2021, the Company announced it had entered into a definitive merger agreement (the "Merger Agreement") with JR. Pursuant to the Merger Agreement, JR and the Company have incorporated a new company ("NewCo") that will acquire all of the outstanding securities of JR and of the Company in exchange for securities of NewCo (the "Merger"). Shareholders of JR will receive a number of NewCo shares of common stock equal to their percentage shareholding in JR multiplied by the 35,641,667 Dakota Territory shares that JR owns. Shareholders of the Company other than JR will receive one share of common stock of NewCo for each share of common stock of the Company. In addition, at the closing of the Merger, (i) each outstanding option to purchase Dakota Territory common stock, whether vested or unvested, will be assumed and converted into an option with respect to a number of shares of NewCo common stock in the manner set forth in the Merger Agreement, (ii) each outstanding warrant to purchase JR common stock, whether or not exercisable, will be assumed and converted into a warrant with respect to a number of shares of NewCo common stock in the manner set forth in the Merger Agreement, (iii) any outstanding awards of restricted stock units with respect to shares of Dakota Territory common stock will be assumed and converted into the right to receive an award of restricted stock units representing a right to receive a number of shares of NewCo common stock in the manner set forth in the Merger Agreement and (iv) NewCo will change its name to "Dakota Gold Corp." The completion of the Merger is subject to customary closing conditions for a transaction of this nature, including securities law compliance, the approval of JR shareholders and the approval of Dakota Territory shareholders. In addition, in connection with the Merger, the Company and JR intend to cause NewCo to prepare and file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission ("SEC"). On May 21, 2021 a purchase of surface and mineral title to approximately 213 acres located contiguous to the northwest boundary of the Company's West Corridor Property. The property is also located is located just south of the mineral property Dakota Territory acquired from Deadbroke Mining Company in the Maitland Area in March of 2014, just north of the producing Wharf Mine (Coeur Mining) and just to the south and east of the former Richmond Hill Mine (Barrick Gold). The purchased property is subject to a 2% NSR Royalty held by Homestake Mining Company of California and a buyback right for 51% interest in the property subject to, among other provisions, the establishment of a 1,000,000-ounce reserve and/or inferred resource from one or more deposits located within a one-kilometer area of influence surrounding the property. On June 4, 2021 the Company issued 1,450,000 shares of common stock and 1,050,000 restricted share units to certain directors, officers, employees and consultants. On March 15, 2021, 750,000 options were granted, on May 17, 2021, 2,071,250 options were granted, resulting in a total of 2,896,250 options outstanding as of June 4, 2021. On June 15, 2021 the Company announced its intention to complete a non-brokered private placement of up to 5,555,556 shares of common stock of the Company at a price of $4.50 per Common Share for aggregate gross proceeds of up to $25 million pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended (the "Securities Act"). |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation Our financial records are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents consist of demand deposits at commercial banks. The Company is exposed to credit risk from its deposits of cash and cash equivalents in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on such deposits. |
Property and Equipment [Policy Text Block] | Property and Equipment Property and equipment consist primarily of land, buildings, office furniture and equipment, and are recorded at cost. Expenditures related to acquiring or extending the useful life of property and equipment are capitalized. Expenditures for repair and maintenance are charged to operations as incurred. Depreciation is computed using the straight-line method over an estimated useful life of 3-39 years. |
Mineral Property Costs [Policy Text Block] | Mineral Property Costs We have been in the exploration stage since inception and have not yet realized any revenues from our planned operations. All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If we do not continue with exploration after the completion of the feasibility study, the associated capitalized costs will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if the capitalized mineral property costs are in excess of their recoverable amount, we conduct periodic evaluation of the carrying value of capitalized costs and any related property and equipment costs based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, Impairment or Disposal of Long-Lived Assets |
Fair Value Measurements [Policy Text Block] | Fair Value Measurements We account for assets and liabilities measured at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs that are generally unobservable. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. Our financial instruments consist principally of cash, accounts payable, accrued liabilities and notes payable. The carrying amounts of such financial instruments in the accompanying financial statements approximate their fair values due to their relatively short-term nature or the underlying terms are consistent with market terms. |
Environmental Costs [Text Block] | Environmental Costs Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue general, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable, and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study or the Company's commitments to plan of action based on the then known facts. |
Income Taxes [Policy Text Block] | Income Taxes Income taxes are computed using the asset and liability method, in accordance with ASC 740, Income Taxes The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgement changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate or future recognition of an unrecognized tax benefit. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. The Company recognizes interest and penalties related to unrecognized tax positions within the income tax expense line in the statements of operations. |
Basic and Diluted Loss Per Share [Policy Text Block] | Basic and Diluted Loss Per Share The Company computes basic and diluted income (loss) per share amounts pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic loss per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted income (loss) per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted for the dilutive effect of potential future issuances of common stock related to outstanding options and warrants. The dilutive effect of outstanding options and warrants is reflected in diluted earnings per share by application of the treasury stock method. The effect of the Company's outstanding options and warrants were excluded for the years ended March 31, 2021 and 2020, because they were anti-dilutive. |
Stock-Based Compensation [Policy Text Block] | Stock-Based Compensation The Company estimates the fair value of share-based compensation using the Black-Scholes valuation model, in accordance with the provisions of ASC 718, Compensation - Stock Compensation |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Pronouncements between March 31, 2021 and the date of this filing are not expected to have a significant impact on our operations, financial position, or cash flow, nor does the Company expect the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on our results of operations, financial position or cash flows. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment [Table Text Block] | Estimated 2021 2020 Land $ 70,000 $ — Building 39 503,711 — Furniture and equipment 3 - 5 330,125 15,538 903,836 15,538 Less accumulated depreciation (33,092 ) (15,538 ) Property and equipment, net $ 870,744 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense (benefit) [Table Text Block] | 2021 2020 Income tax benefit computed at federal statutory rates $ 664,659 $ 233,997 Non-deductible stock-based compensation (26,188 ) (41,138 ) Non-deductible interest expense (279,536 ) Change in valuation allowance (358,935 ) (192,859 ) Tax benefit $ — $ — |
Schedule of deferred tax assets and liabilities [Table Text Block] | 2021 2020 Deferred tax assets: Net operating loss carry forward $ 1,124,389 $ 703,077 Basis of mining properties 32,235 32,235 Less: valuation allowance (1,094,247 ) (735,312 ) Total deferred tax assets 62,377 — Basis in property and equipment (62,377 ) — Net deferred tax assets $ — $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Outstanding as of March 31, 2020 2,662,500 $ 0.32 4.78 $ 1,025,000 Options granted 750,000 1.92 4.96 Options exercised (2,587,500 ) 0.32 — Outstanding as of March 31, 2021 825,000 1.77 4.86 285,000 Options vested or expected to vest as of March 31, 2021 75,000 0.32 3.84 135,000 Options exercisable as of March 31, 2021 75,000 $ 0.32 3.84 $ 135,000 |
Schedule of warrant activity and related information [Table Text Block] | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (In Years) Outstanding as of March 31, 2020 825,000 $ 0.40 1.99 Warrants granted — — — Warrants exercised 825,000 $ 0.40 — Outstanding as of March 31, 2021 — $ — — |
Organization and Nature of Bu_2
Organization and Nature of Business (Narrative) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization And Nature Of Business [Abstract] | ||
Entity Incorporation, State or Country Code | NV | |
Entity Incorporation, Date of Incorporation | Feb. 6, 2002 | |
Accumulated deficit | $ (8,542,784) | $ (5,377,743) |
Summary of Accounting Policie_2
Summary of Accounting Policies (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment, Estimated Useful Lives | 3-39 years |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Oct. 31, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 31, 2005 | Jun. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jul. 31, 2020 | Feb. 29, 2012 | |
Related Party Transaction [Line Items] | |||||||||||
Number of shares issued for consulting fee | 250,000 | ||||||||||
Value of shares issued for consulting fee | $ 85,000 | ||||||||||
Jerikodie Inc. [Member] | Subsequent Event [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Note payable issued | $ 529,500 | ||||||||||
Repayments of debt | $ 376,550 | ||||||||||
Number of shares issued | 45,563 | ||||||||||
Mr. Gerald Aberle [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of interest rate | 3.00% | ||||||||||
Unsecured loans | $ 20,500 | ||||||||||
Accrued interest | $ 770 | ||||||||||
Percentage of net smelter return royalty owned | 5.00% | ||||||||||
Mr. Gerald Aberle [Member] | Jerikodie Inc. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Consulting fee per month | $ 9,000 | ||||||||||
Payment to related party | $ 200,000 | ||||||||||
Owed to related party | 729,500 | ||||||||||
Note payable issued | $ 529,500 | ||||||||||
Percentage of interest rate | 0.25% | ||||||||||
Repayments of debt | $ 376,550 | ||||||||||
Number of shares issued | 45,563 | ||||||||||
Related party costs | $ 37,000 | ||||||||||
Mr. Richard Bachman [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payment to related party | $ 200,000 | ||||||||||
Note payable issued | $ 1,055,310 | ||||||||||
Percentage of interest rate | 0.25% | ||||||||||
Repayments of debt | $ 145,000 | ||||||||||
Unsecured loans | $ 795,500 | $ 305,145 | |||||||||
Accrued interest | $ 6,095 | ||||||||||
Repayments of unsecured debt | $ 40,145 | ||||||||||
Note payable | $ 910,454 | ||||||||||
Percentage of net smelter return royalty owned | 5.00% | ||||||||||
Mr. Richard Bachman [Member] | Minimum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of interest rate | 3.00% | ||||||||||
Mr. Richard Bachman [Member] | Maximum [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of interest rate | 4.00% | ||||||||||
Mr. Richard Bachman [Member] | Minera Teles Pires Inc [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Consulting fee per month | $ 10,000 | ||||||||||
Office rent and expenses | 1,500 | ||||||||||
Consulting Fee Cash Payment | 5,000 | ||||||||||
Consulting Fee Deferred Amount | $ 5,000 | ||||||||||
Mr. Stephen O'Rourke [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of shares issued for consulting fee | 250,000 | ||||||||||
Value of shares issued for consulting fee | $ 85,000 | ||||||||||
Issued price per share | $ 0.34 | ||||||||||
Term of options | 5 years | ||||||||||
Options to purchase number of common stock | 250,000 | ||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 0.32 | ||||||||||
WCM Associates, LP [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Note payable issued | $ 123,000 | ||||||||||
Percentage of interest rate | 0.25% | ||||||||||
Percentage of imputed interest rate on note payable | 5.00% | ||||||||||
Discount at issuance | $ 86,024 | ||||||||||
Amortization of the debt discount | $ 26,121 | ||||||||||
Officers And Directors [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Options to purchase number of common stock | 1,075,000 | 1,075,000 | |||||||||
Proceeds from Stock options exercised | $ 344,000 | $ 344,000 |
Mineral Properties (Narrative)
Mineral Properties (Narrative) (Details) | Mar. 09, 2021aMining_claim | Mar. 08, 2021aMining_claim | Mar. 06, 2020aMining_claim | May 07, 2019USD ($) | Apr. 05, 2017USD ($)a | Mar. 03, 2014USD ($)a | Jan. 26, 2021aMining_claim | Nov. 25, 2020aMining_claim | Oct. 26, 2020USD ($)$ / sharesshares | Sep. 15, 2020aMining_claim | Jul. 31, 2020aMining_claim | May 31, 2020aMining_claim | Sep. 30, 2019aMining_claim | Nov. 30, 2018aMining_claim | Feb. 24, 2014USD ($)a | Dec. 28, 2012USD ($)aMining_claim$ / sharesshares | Sep. 26, 2012aMining_claim | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 143 | ||||||||||||||||||
Area of land | 2,468 | ||||||||||||||||||
Payment to purchase the mineral property | $ | $ 3,800,968 | $ 0 | |||||||||||||||||
Mineral properties | $ | $ 5,337,072 | $ 216,104 | |||||||||||||||||
Blind Gold Property [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 84 | ||||||||||||||||||
Area of land | 82 | 260 | 1,600 | ||||||||||||||||
West False Bottom Creek And Paradise Gulch Claim Group, City Creek Claims Group, And Homestake Paleoplacer Claims Group [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 57 | ||||||||||||||||||
Area of land | 853 | ||||||||||||||||||
Purchase of restricted common shares | shares | 250,000 | ||||||||||||||||||
Restricted common shares purchased price per share | $ / shares | $ 0.60 | ||||||||||||||||||
Purchase price of restricted common shares | $ | $ 150,000 | ||||||||||||||||||
Squaw And Rubber Neck Lodes [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Area of land | 26.16 | ||||||||||||||||||
Annual lease payments | $ | $ 8,000 | ||||||||||||||||||
Operating lease term | 5 years | ||||||||||||||||||
Northern Black Hills [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Area of land | 293 | 565.24 | |||||||||||||||||
Percentage of acquisition mineral interests | 23.00% | ||||||||||||||||||
City Creek Property [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 166 | ||||||||||||||||||
Area of land | 61 | 3,152 | |||||||||||||||||
Paleoplacer Property [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 42 | ||||||||||||||||||
Area of land | 141 | 64.39 | 718 | ||||||||||||||||
Annual lease payments | $ | $ 20,000 | ||||||||||||||||||
Operating lease term | 5 years | 5 years | |||||||||||||||||
Payment to purchase the mineral property | $ | $ 150,000 | $ 626,392 | $ 33,335 | ||||||||||||||||
Tinton Gold Camp [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 106 | ||||||||||||||||||
Area of land | 1,167 | ||||||||||||||||||
Homestake District Of Black Hills Of South Dakota [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 65 | ||||||||||||||||||
Area of land | 1,152 | ||||||||||||||||||
Western Margin [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 67 | ||||||||||||||||||
Area of land | 1,045 | ||||||||||||||||||
Top Gold Camp [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 50 | ||||||||||||||||||
Area of land | 840 | ||||||||||||||||||
Homestake Gold Mine [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 64 | ||||||||||||||||||
Area of land | 1,092 | ||||||||||||||||||
Tinton Property [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 39 | ||||||||||||||||||
Area of land | 806.5 | 1,966 | |||||||||||||||||
West Corridor Property [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Area of land | 242 | ||||||||||||||||||
Ragged Top Property [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Acquired unpatented lode mining claims | Mining_claim | 2 | ||||||||||||||||||
Area of land | 307 | ||||||||||||||||||
Acquired patented lode mining claims | Mining_claim | 25 | ||||||||||||||||||
Barrick Gold Corporation [Member] | Maitland Gold Property [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Stock Issued During Period, Value, Purchase of Assets | $ | $ 3,500,000 | ||||||||||||||||||
Stock Issued During Period, Shares, Purchase of Assets | shares | 750,000 | ||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 1.76 | ||||||||||||||||||
Asset Acquisition, Consideration Transferred | $ | $ 4,820,000 | ||||||||||||||||||
Percentage Of Net Smelter Returns Royalty | 2.50% |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Property, Plant and Equipment [Abstract] | |
Depreciation expense | $ 17,554 |
Property and Equipment - Schedu
Property and Equipment - Schedule of property and equipment (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 903,836 | $ 15,538 |
Less accumulated depreciation | (33,092) | (15,538) |
Property and equipment, net | 870,744 | 0 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 70,000 | 0 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 39 years | |
Property, plant and equipment, gross | $ 503,711 | 0 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 330,125 | $ 15,538 |
Furniture and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 3 years | |
Furniture and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 5 years |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | Mar. 31, 2021USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forward | $ 5,354,333 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit computed at federal statutory rates | $ 664,659 | $ 233,997 |
Non-deductible stock-based compensation | (26,188) | (41,138) |
Non-deductible interest expense | (279,536) | |
Change in valuation allowance | (358,935) | (192,859) |
Tax benefit | $ 0 | $ 0 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carry forward | $ 1,124,389 | $ 703,077 |
Basis of mining properties | 32,235 | 32,235 |
Less: valuation allowance | (1,094,247) | (735,312) |
Total deferred tax assets | 62,377 | 0 |
Basis in property and equipment | (62,377) | 0 |
Net deferred tax assets | $ 0 | $ 0 |
Notes Payable (Narrative) (Deta
Notes Payable (Narrative) (Details) - USD ($) | Oct. 15, 2020 | Mar. 31, 2021 | Oct. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||||
Option to purchase number of common shares | 32,725,000 | 250,000 | ||||||
Number of shares of common stock converted for principal amount of a promissory note | 2,916,667 | |||||||
Aggregate consideration | $ 1,750,000 | |||||||
JR Resources Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unsecured Debt | $ 300,000 | |||||||
Number of shares of common stock converted for principal amount of a promissory note | 18,225,000 | 17,416,667 | ||||||
Aggregate consideration | $ 10,935,000 | $ 10,450,000 | ||||||
Cash received from issuance of shares | 10,635,000 | $ 9,000,000 | ||||||
Cash received from issuance of shares | $ 300,000 | |||||||
Unsecured promissory note [Member] | JR Resources Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unsecured promissory note | $ 300,000 | |||||||
Percentage of interest rate on unsecured promissory note | 3.00% | |||||||
Maturity date of unsecured promissory note | May 5, 2021 | |||||||
Amended and restated promissory note [Member] | JR Resources Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unsecured promissory note | $ 1,450,000 | |||||||
Percentage of interest rate on unsecured promissory note | 0.25% | |||||||
Advance received on amended and restated promissory note | $ 1,150,000 | $ 300,000 | ||||||
Conversion price | $ 0.60 | |||||||
Description of conversion price | The conversion price is $0.60 per share through December 31, 2020 and, thereafter, the lesser of $0.60 per share on the volume weighted average price of Company common stock for the five consecutive trading days immediately preceding the date of such conversion (with a floor of $0.40 per share). | |||||||
Option to purchase number of common shares | 35,641,667 | |||||||
Issued price per share | $ 0.60 | |||||||
Proceeds from promissory note agreement | $ 1,305,000 | |||||||
Promissory note converted into number of shares | 2,416,667 | |||||||
Unamortized debt discount as interest expense | $ 1,036,849 | |||||||
Interest expense related to amortization of debt discount | $ 1,305,000 |
Line of Credit (Narrative) (Det
Line of Credit (Narrative) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility,description | Company has a line of credit with Wells Fargo Bank in California. | |
Line of credit facility, maximum borrowing capacity | $ 47,500 | |
Line of credit facility, interest rate | 7.75% | |
Line of credit facility, collateral | unsecured | |
Line of credit facility, covenant terms | due on demand | |
Line of credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, fair value of amount outstanding | $ 0 | $ 30,082 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | Nov. 13, 2020 | Oct. 15, 2020 | Mar. 31, 2021 | Oct. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | May 31, 2020 | Feb. 29, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | 75,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Common stock issued for cash (Shares) | 32,725,000 | 250,000 | ||||||
Common stock issued for cash | $ 19,635,000 | $ 100,000 | ||||||
Common stock issued upon exercise of options (Shares) | 2,950,000 | 125,000 | ||||||
Common stock issued upon exercise of options | $ 1,011,000 | $ 50,000 | ||||||
Cashless exercise of stock options and warrants (Shares) | 501,467 | |||||||
Common stock issued for investment in mineral properties (Shares) | 750,000 | |||||||
Common stock issued for investment in mineral properties | $ 1,320,000 | |||||||
Common stock issued upon conversion of debt (Shares) | 2,916,667 | |||||||
Common stock issued upon conversion of debt | $ 1,750,000 | |||||||
Common stock issued for services (Shares) | 250,000 | |||||||
Common stock issued for services | $ 85,000 | |||||||
Number of options and warrants issued to purchase common stock | 800,000 | |||||||
Exercise prices, Lower Range Limit | $ 0.32 | |||||||
Exercise Price, Upper Range Limit | $ 0.40 | |||||||
Special cash dividend, per common share | $ 0.22 | |||||||
Dividends, Cash | $ 4,357,246 | |||||||
Common Stock Dividends, Shares | 19,805,664 | |||||||
Stock-based compensation expense | $ 124,706 | $ 110,897 | ||||||
Risk-free interest rate | 1.52% | |||||||
Estimated volatility | 80.00% | |||||||
Dividend yield | 0.00% | |||||||
Expected life | 5 years | |||||||
Omnibus Incentive plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock issued for cash (Shares) | 3,750,000 | |||||||
Shares remained available for future | 1,087,500 | 1,087,500 | ||||||
JR Resources Corp [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock issued upon conversion of debt (Shares) | 18,225,000 | 17,416,667 | ||||||
Common stock issued upon conversion of debt | $ 10,935,000 | $ 10,450,000 | ||||||
Cash received from issuance of shares | 10,635,000 | $ 9,000,000 | ||||||
Conversion of principal amount of a promissory note | $ 300,000 | |||||||
Unsecured promissory note [Member] | JR Resources Corp [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||
Amended and restated promissory note [Member] | JR Resources Corp [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common stock issued for cash (Shares) | 35,641,667 | |||||||
Issued price per share | $ 0.60 | |||||||
Debt Instrument, Face Amount | $ 1,450,000 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share options exercised in share-based payment arrangement | (2,950,000) | (125,000) |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding, Beginning of period | 2,662,500 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ 0.32 | |
Aggregate Intrinsic Value, beginning balance | $ 1,025,000 | |
Number of share options granted in share-based payment arrangement | 750,000 | |
Weighted average exercise price of share options granted in share-based payment arrangement | $ 1.92 | |
Number of share options exercised in share-based payment arrangement | (2,587,500) | |
Options granted, Weighted Average Remaining Contractual Life | 4 years 11 months 15 days | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 0.32 | |
Number of share options outstanding in share-based payment arrangement at end of period | 825,000 | 2,662,500 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 1.77 | $ 0.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 10 months 9 days | 4 years 9 months 10 days |
Aggregate Intrinsic Value, Ending balance | $ 285,000 | $ 1,025,000 |
Number of options vested or expected to vest in share based arrangement | 75,000 | |
Weighted average exercise price, Options vested or expected to vest in share based arrangement | $ 0.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 2 days | |
Options vested or expected to vest, Aggregate intrinsic value | $ 135,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 75,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 2 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 135,000 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of warrant activity (Details) - Stock Warrants [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options outstanding, Beginning of period | 825,000 | |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ 0.40 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 11 months 26 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 825,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 0.40 | |
Number of share options outstanding in share-based payment arrangement at end of period | 0 | 825,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 0 | $ 0.40 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Millions | Mar. 15, 2021shares | May 14, 2021shares | May 13, 2021shares | Jun. 04, 2021shares | May 21, 2021aoz | May 17, 2021shares | Jun. 15, 2021USD ($)$ / sharesshares | Mar. 31, 2021shares | Mar. 31, 2020shares |
Subsequent Event [Line Items] | |||||||||
Number of shares issued | 32,725,000 | 250,000 | |||||||
Directors, officers, employees and consultants [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of share options granted in share-based payment arrangement | 750,000 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-4 | ||||||||
Shares issued on Reverse stock split | 1 | ||||||||
Number of shares owned by JR | 35,641,667 | ||||||||
Description of merger agreement | In addition, at the closing of the Merger, (i) each outstanding option to purchase Dakota Territory common stock, whether vested or unvested, will be assumed and converted into an option with respect to a number of shares of NewCo common stock in the manner set forth in the Merger Agreement, (ii) each outstanding warrant to purchase JR common stock, whether or not exercisable, will be assumed and converted into a warrant with respect to a number of shares of NewCo common stock in the manner set forth in the Merger Agreement, (iii) any outstanding awards of restricted stock units with respect to shares of Dakota Territory common stock will be assumed and converted into the right to receive an award of restricted stock units representing a right to receive a number of shares of NewCo common stock in the manner set forth in the Merger Agreement and (iv) NewCo will change its name to "Dakota Gold Corp." | ||||||||
Area of surface and mineral title purchased | a | 213 | ||||||||
Purchased property subject to percentage of NSR royalty | 2.00% | ||||||||
percentage of buyback rights on purchase property | 51.00% | ||||||||
Number of reserved resources | oz | 1,000,000 | ||||||||
Subsequent Event [Member] | Private Placement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued | 5,555,556 | ||||||||
Issued price per share | $ / shares | $ 4.50 | ||||||||
Proceeds from private placement | $ | $ 25 | ||||||||
Subsequent Event [Member] | Directors, officers, employees and consultants [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of shares issued | 1,450,000 | ||||||||
Number of restricted share units issued | 1,050,000 | ||||||||
Number of share options granted in share-based payment arrangement | 2,071,250 | ||||||||
Number of options outstanding | 2,896,250 |