Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Jul. 27, 2020 | |
Details | ||
Registrant CIK | 0001182737 | |
Fiscal Year End | --03-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-501191 | |
Entity Registrant Name | Dakota Territory Resource Corp | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 98-0201259 | |
Entity Address, Address Line One | 10580 N. McCarran Blvd. | |
Entity Address, Address Line Two | Building 115-208 | |
Entity Address, City or Town | Reno | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89503 | |
Entity Address, Address Description | Address of principal executive offices | |
City Area Code | 775 | |
Local Phone Number | 747-0667 | |
Phone Fax Number Description | Registrant’s telephone number, including area code | |
Entity Current Reporting Status | Yes | |
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 Common Stock, Shares Outstanding | 67,214,964 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 1,257,548 | $ 146,425 |
Prepaid Expense and Other Assets, Current | 11,892 | 7,649 |
Total current assets | 1,269,440 | 154,074 |
Mineral Properties, Net | 273,317 | 216,104 |
Total assets | 1,542,757 | 370,178 |
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY | ||
Accounts Payable and Accrued Liabilities, Current | 505,306 | 501,818 |
Accounts payable, related party | 1,800,234 | 1,790,829 |
Line of credit | 28,610 | 30,082 |
Note payable to related party | 285,500 | 325,645 |
Liabilities, Current | 2,619,650 | 2,648,374 |
Liabilities | 2,831,688 | 2,948,374 |
Shareholders' deficit: | ||
Preferred Stock | 0 | 0 |
Common Stock, Value, Issued | 66,915 | 65,417 |
Additional paid-in capital | 4,367,632 | 2,734,130 |
Accumulated deficit | (5,723,478) | (5,377,743) |
Total shareholders' deficit | (1,288,931) | (2,578,196) |
Total liabilities and shareholders' deficit | 1,542,757 | 370,178 |
Notes payable, net of discount | $ 212,038 | $ 300,000 |
Balance Sheets (Unaudited) - Pa
Balance Sheets (Unaudited) - Parenthetical - $ / shares | Jun. 30, 2020 | Mar. 31, 2020 |
Details | ||
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 | $ 0.001 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares, Issued | 66,914,964 | 65,416,787 |
Common Stock, Shares, Outstanding | 66,914,964 | 65,416,787 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating expenses: | ||
Exploration costs | $ 126,461 | $ 8,000 |
General and administrative expenses | 151,530 | 128,843 |
Total operating expenses | 277,991 | 136,843 |
Operating loss | (277,991) | (136,843) |
Other Nonoperating Income (Expense) | ||
Interest income | 2,000 | 0 |
Interest expense | (69,744) | (3,267) |
Total other income (expense) | (67,744) | (3,267) |
Net Income (Loss) | $ (345,735) | $ (140,110) |
Net loss per share: | ||
Basic and diluted net loss per common share | $ (0.01) | $ 0 |
Basic and diluted weighted-average common shares outstanding | 65,643,473 | 63,216,787 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Equity Balance, Starting at Mar. 31, 2019 | $ 2,390,733 | $ (4,263,470) | $ (1,809,820) | |
Shares Outstanding, Starting at Mar. 31, 2019 | 62,916,787 | |||
Net Income (Loss) | $ 0 | 0 | (140,110) | (140,110) |
Shares Outstanding, Ending at Jun. 30, 2019 | 62,916,787 | |||
Equity Balance, Ending at Jun. 30, 2019 | 2,390,733 | (4,403,580) | (1,949,930) | |
Equity Balance, Starting at Mar. 31, 2020 | 2,734,130 | (5,377,743) | (2,578,196) | |
Shares Outstanding, Starting at Mar. 31, 2020 | 65,416,787 | |||
Cashless exercise of stock options and warrants, Value | (1,498) | 0 | $ 0 | |
Cashless exercise of stock options and warrants, Shares | 1,498,177 | 1,300,000 | ||
Cash received for unissued shares, Value | 330,000 | 0 | $ 330,000 | |
Cash received for unissued shares, Shares | 0 | |||
Debt discount assigned to purchase option, Value | 1,305,000 | 0 | 1,305,000 | |
Debt discount assigned to purchase option, Shares | 0 | |||
Net Income (Loss) | $ 0 | 0 | (345,735) | (345,735) |
Shares Outstanding, Ending at Jun. 30, 2020 | 66,914,964 | |||
Equity Balance, Ending at Jun. 30, 2020 | $ 4,367,632 | $ (5,723,478) | $ (1,288,931) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Details | ||
Net Income (Loss) | $ (345,735) | $ (140,110) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of debt discount | 67,037 | 0 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Prepaid expenses and other assets | (4,244) | (1,024) |
Accounts payable & accrued liabilities | 3,490 | 1,574 |
Accounts payable, related party | 9,405 | 62,715 |
Net cash used in operating activities | (270,047) | (76,845) |
Cash Flows From Investing Activities: | ||
Investment in mineral properties | (57,213) | 0 |
Net cash used in investing activities | (57,213) | 0 |
Cash flows from financing activities: | ||
Proceeds from the issuance of note payable - related party | (40,145) | 0 |
Proceeds from the issuance of note payable | 1,150,000 | 0 |
Proceeds from the issuance of common stock | 330,000 | 0 |
Repayment on line of credit, net | (1,472) | (1,266) |
Net cash provided by financing activities | 1,438,383 | (1,266) |
Net increase (decrease) in cash | 1,111,123 | (78,111) |
Cash and cash equivalents | 146,425 | 152,590 |
Cash and cash equivalents | 1,257,548 | 74,479 |
Supplemental Disclosure of Cashflow Information | ||
Interest paid | 0 | 0 |
Taxes paid | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 1 - Basis of Presentation | Note 1Basis of Presentation The accompanying unaudited interim financial statements of Dakota Territory Resource Corp. (we, us, our, the Company, the Corporation) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (SEC), and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K, for the year ended March 31, 2020 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended March 31, 2020 as reported in our annual report on Form 10-K, have been omitted. The Companys absence of revenues, its experience of recurring losses from operations, and its need for significant additional financing to fund its projected 2020 loss raise substantial doubt about its ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Note 2 - Related Party Transact
Note 2 - Related Party Transactions | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 2 - Related Party Transactions | Note 2Related Party Transactions The Company regularly 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 (Mr. Aberle) is the Companys president, chief executive officer and chief operating officer. He is also a director and significant stockholder of the Company and the owner of Jerikodie, Inc. Under a February 2012 agreement, Jreikodie Inc. earns a fixed consulting fee of $9,000 per month, plus approved expenses. During both the three months ended June 30, 2020 and 2019, Jerikodie, Inc. earned consulting fees of $27,000 and $27,000 respectively, and submitted approved expense of $1,215 and $1,215, respectively. At June 30, 2020 and March 30, 2020, Mr. Aberle and Jerikode, Inc., on a combined basis, are owed accrued consulting/salary and approved expenses of $729,500 and $720,000, respectively, which amounts are included in accounts payable related party in the accompanying balance sheets. At June 30, 2020 Mr. Aberle, has made unsecured loans to the company totaling $20,500. These unsecured loans bear interest of 3% per year and are due on demand or past due. At June 30, 2020 and March 31, 2020, the balance of these unsecured loans was $20,500, which balances are included in notes payable to related parties in the accompanying balance sheet. In July 2020, Mr. Aberle was paid in full for these unsecured loans and related accrued interest of $671. Mr. Richard Bachman (Mr. Bachman) serves as the Companys chief geological officer. He is also a director and significant stockholder of the Company and owns of Minera Teles Pires Inc. Under an October 2005 agreement, Minera Teles Pires Inc. earns a $10,000 monthly consulting fee and receives $1,500 per month for office rent and expenses. The consulting fee is divided between a $5,000 per month cash payment and a $5,000 per month deferred amount, payable when adequate financing is obtained to support its payment. At June 30, 2020 and March 30, 2020, Mr. Bachman and Minera Teles Pires Inc., on a combined basis, are owed accrued consulting fees and rent reimbursement of approximately $920,000, which balances are included in accounts payable related party in the accompanying balance sheets. At June 30, 2020, Mr. Bachman has made unsecured loans to the Company totaling $265,000. These unsecured loans bear interest at rates ranging from 3% to 4% per year and are due on demand or past due. At June 30, 2020 and March 31, 2020, the balance of these unsecured loans was $265,000 and $305,145, respectively, which balances are included in notes payable to related parties in the accompanying balance sheets. At June 30, 2020 and March 31, 2020, accrued interest on these loans was $77,697 and $81,164, respectively, and included in Notes payable to related parties in the accompanying balance sheets.. At June 30, 2020 and March 31, 2020, the Company owes Mr. Chris Mathers, the Companys chief financial officer $151,000 for accrued consulting fees. These balances are included in accounts payable related party in the accompanying balance sheets. In September 2018, Mr. Stephen T. ORourke, a director of the Company, purchased 750,000 shares of our common stock in a private placement for $75,000. Additionally, Mr. ORourke, through his consulting firm, entered into a one-year consulting agreement with the Company (i) in September 2018 whereby he was issued a consulting fee of 1,000,000 shares for services rendered, and (ii) in September 2019 whereby he was issued a five-year option to purchase 1,000,000 shares of our common stock at an exercise price of $0.08 per share. Messrs. Aberle and Bachman own a 5% net smelter return royalty on the original eighty-four unpatented mining claims comprising the Blind Gold Property. |
Note 3 - Mineral Properties
Note 3 - Mineral Properties | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 3 - Mineral Properties | Note 3Mineral 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 1,000,000 restricted common shares valued at $0.15 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 284 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 June 30, 2020, 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 Companys City Creek Property. Through this staking, the City Creek project area was expanded from approximately 449 acres to 1,167 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 acquired 65 unpatented lode mining claims covering approximately 1,152 acres in the Homestake District of the Black Hills of South Dakota. The property is contiguous to the Company's Blind Gold Property and is the subject to historic prospecting activity that we believe suggests the occurrence of gold and/or silver mineralization at multiple locales on the property. We believe that the property is also a target for Pre-Cambrian Homestake style gold mineralization under the younger cover rocks based on the Companys projections of the Homestake stratigraphic sequence (Ellison, Homestake, and Poorman Formations) and inversion modeling of geophysical survey data completed by our technical team in late 2018. On May 18, 2020, the Company increased its land holdings in the Black Hills through the staking of 70 unpatented lode mining claims covering approximately 1,120 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 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). We believe that the Property is a target for both Homestake Iron Formation hosted gold mineralization under the cover of younger sedimentary and igneous rocks that also host tertiary-aged replacement gold and silver mineralization in the area. We are flying a broad high definition airborne geophysical survey to enhance our current drill targets, as well as to screen other areas of interest for additional targets. We believe the Homestake District holds exceptional discovery potential and it is our intent to continue to establish a dominant land position and consolidate the systematic exploration of the district within our Company. June 30, March 31, 2020 2020 Capitalized costs $ 273,317 $ 216,104 Accumulated amortization - - Impairment - - Capitalized costs, net $ 273,317 $ 216,104 |
Note 4 - Notes Payable
Note 4 - Notes Payable | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 4 - Notes Payable | Note 4Notes 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 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 $0.15 per share through December 31, 2020 and, thereafter, the lesser of $0.15 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 $0.10 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. Concurrent with the above note, the Company and JR entered into an option agreement, providing JR the option to acquire up to 142,566,667 shares of common stock at $0.15 per share. The option agreement expires October 15, 2020 and can be exercised in part or in full, as further described in the agreement. The proceeds from the debt issuance were allocated between the debt instrument and the purchase option based on their estimated relative fair values (management calculated the initial estimated fair values, to be followed up with a third-party valuation). The Company estimated that $1,305,000 of the total proceeds was allocable 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. For the three months ended June 30, 2020, the Company recognized additional interest expense of approximately $67,000 related to amortization of the debt discount. Notes Payable to Related Party As of June 30, 2020, Mr. Aberle, the chief executive officer and a director of the Company, and/or his affiliates has loaned the Company an aggregate of $20,500, which loans are unsecured obligations of the Company, bearing interest at an annual rate of 3%, and are currently due on demand or past due in the amount of $21,249 as of June 30, 2020. Subsequent to the quarter ended June 30, 2020, Mr. Aberle was paid in full for the note and accrued interest. As of June 30, 2020, the Company owed Mr. Bachman, the CGO and a director of the Company, and/or his affiliates a principal amount of $265,000 and accrued interest of $77,697. These loans are unsecured obligations of the Company, bearing interest at annual rates of between 3% and 4%, and are due on demand or past due. |
Note 5 - Line of Credit
Note 5 - Line of Credit | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 5 - Line of Credit | Note 5Line of Credit The Company executed 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 at June 30, 2020 was approximately $28,600. |
Note 6 - Common Stock, Options
Note 6 - Common Stock, Options and Warrants | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 6 - Common Stock, Options and Warrants | Note 6Common Stock, Options and Warrants Our authorized capital stock consists of 300,000,000 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. In June 2020, an option to purchase 1,300,000 shares of common stock was exercised on a cashless basis by our chief financial officer, resulting in the issuance of 1,083,333 shares of common stock. In June 2020, a warrant to purchase 500,000 shares of common stock was exercised on a cashless basis by a consultant, resulting in the issuance of 414,844 shares of common stock. In June 2020, a 5-year option to purchase 150,000 shares of our common stock at an exercise price of $0.15 were granted to a consultant. At June 30, 2020, the total issued and outstanding shares of our common stock were 66,914,964. Common Stock Options and Warrants A summary of the Company's stock option activity and related information for the period ended June 30, 2020 is as follows: Options Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 10,150,000 $ 0.08 4.81 Granted 150,000 0.15 5.64 Cancelled/Expired - - - Exercised (1,300,000) 0.08 - Outstanding and exercisable June 30, 2020 9,000,000 $ 0.08 4.60 A summary of the Company's stock warrant activity and related information for the period ended June 30, 2020 is as follows: Warrants Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 4,300,000 $ 0.10 1.99 Granted - - - Cancelled/Expired - - - Exercised (3,800,000) 0.10 - Outstanding and exercisable June 30, 2020 500,000 $ 0.10 0.38 |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 3 Months Ended |
Jun. 30, 2020 | |
Notes | |
Note 7 - Subsequent Events | Note 7 Subsequent Events In June 2020, outstanding warrants entitling the holders to purchase an aggregate of 3,300,000 shares of common stock were exercised. We received proceeds in the amount of $330,000 from the exercise of these warrants. These shares were issued in July and August 2020. |
Note 3 - Mineral Properties_ Sc
Note 3 - Mineral Properties: Schedule of Exploratory Program (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of Exploratory Program | June 30, March 31, 2020 2020 Capitalized costs $ 273,317 $ 216,104 Accumulated amortization - - Impairment - - Capitalized costs, net $ 273,317 $ 216,104 |
Note 6 - Common Stock, Option_2
Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Stock Options, Activity | Options Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 10,150,000 $ 0.08 4.81 Granted 150,000 0.15 5.64 Cancelled/Expired - - - Exercised (1,300,000) 0.08 - Outstanding and exercisable June 30, 2020 9,000,000 $ 0.08 4.60 |
Note 6 - Common Stock, Option_3
Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Warrants, Activity (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Warrants, Activity | Warrants Price Range Weighted Average Remaining Life (Years) Outstanding March 31, 2020 4,300,000 $ 0.10 1.99 Granted - - - Cancelled/Expired - - - Exercised (3,800,000) 0.10 - Outstanding and exercisable June 30, 2020 500,000 $ 0.10 0.38 |
Note 3 - Mineral Properties_ _2
Note 3 - Mineral Properties: Schedule of Exploratory Program (Details) - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
Details | ||
Capitalized costs | $ 216,104 | $ 273,317 |
Accumulated amortization | 0 | 0 |
Impairment | 0 | 0 |
Capitalized costs, net | $ 216,104 | $ 273,317 |
Note 5 - Line of Credit (Detail
Note 5 - Line of Credit (Details) | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Details | |
Line of Credit Facility, Description | Company executed 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 During Period | 7.75% |
Line of Credit Facility, Collateral | unsecured |
Line of Credit Facility, Covenant Terms | due on demand |
Note 6 - Common Stock, Option_4
Note 6 - Common Stock, Options and Warrants (Details) - $ / shares | Jun. 30, 2020 | Mar. 31, 2020 |
Details | ||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 66,914,964 | 65,416,787 |
Note 6 - Common Stock, Option_5
Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Stock Options, Activity (Details) | 3 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 10,150,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 0.08 |
Share-based compensation arrangement by share-based payment award, Options outstanding, Weighted Average Remaining Life in Years | 4.81 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 150,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 |
Cashless exercise of stock options and warrants, Shares | (1,300,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 9,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | $ 0.08 |
Share-based compensation arrangement by share-based payment award, Options outstanding, Weighted Average Remaining Life in Years | 4.60 |
Note 6 - Common Stock, Option_6
Note 6 - Common Stock, Options and Warrants: Schedule of Share-based Compensation, Warrants, Activity (Details) | 3 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Outstanding, Number | 4,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 0.10 |
Share-based compensation arrangement by share-based payment award,Warrants, Weighted Average Remaining Life in Years, Starting Balance | 1.99 |
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Granted | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Expirations | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Exercised | (3,800,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Outstanding, Number | 500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Warrants, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 0.10 |
Share-based compensation arrangement by share-based payment award,Warrants, Weighted Average Remaining Life in Years, Ending Balance | 0.38 |
Note 7 - Subsequent Events (Det
Note 7 - Subsequent Events (Details) | 3 Months Ended |
Jun. 30, 2020 | |
Details | |
Subsequent Event, Description | outstanding warrants entitling the holders to purchase an aggregate of 3,300,000 shares of common stock were exercised |