Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2019 | May 15, 2019 | Jul. 31, 2018 | |
Document and Entity Information: | |||
Entity Registrant Name | RED METAL RESOURCES, LTD. | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 31, 2019 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001358654 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 37,504,588 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 1,216,315 | ||
Trading Symbol | rmes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 |
Current Assets | ||
Cash | $ 8,686 | $ 2,392 |
Prepaids and other receivables | 1,838 | 7,034 |
Total Current Assets | 10,524 | 9,426 |
Equipment | 1,305 | 1,966 |
Unproved mineral properties | 730,549 | 694,616 |
Total Assets | 742,378 | 706,008 |
Current Liabilities | ||
Accounts payable | 216,926 | 387,961 |
Accrued liabilities | 133,383 | 179,239 |
Due to related parties | 1,849 | 1,196,798 |
Notes payable | 27,019 | 34,384 |
Notes payable to related parties | 1,218,375 | |
Total Current Liabilities | 379,177 | 3,016,757 |
Long-term notes payable to related parties | 613,540 | |
Total Liabilities | 992,717 | 3,016,757 |
Stockholders' Equity | ||
Common stock value | 37,504 | 35,004 |
Additional paid-in capital | 8,968,677 | 6,803,833 |
Deficit | (9,263,300) | (9,129,238) |
Accumulated other comprehensive income (loss) | 6,780 | (20,348) |
Total Stockholders' Equity (Deficit) | (250,339) | (2,310,749) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 742,378 | $ 706,008 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2019 | Jan. 31, 2018 |
Balance Sheet | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 37,504,588 | 35,004,588 |
Common stock, shares outstanding | 37,504,588 | 35,004,588 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Operating expenses | ||
Amortization | $ 492 | $ 675 |
Consulting fees | 30,000 | 60,000 |
General and administrative | 56,165 | 63,958 |
Mineral exploration costs | 15,432 | 1,868 |
Professional fees | 41,784 | 18,702 |
Rent | 5,099 | 10,245 |
Regulatory | 7,770 | 10,461 |
Salaries, wages and benefits | 64,507 | 65,241 |
Total operating expenses | 221,249 | 231,150 |
Other items | ||
Foreign exchange gain (loss) | 4,062 | (1,663) |
Extinguishment of debt, forgiveness | 162,723 | 41,807 |
Interest expense on payables | 79,598 | 102,831 |
Net loss | (134,062) | (293,837) |
Unrealized foreign exchange gain (loss) | 27,128 | (46,501) |
Comprehensive income (loss) | $ (106,934) | $ (340,338) |
Net loss per share - basic and diluted | $ 0 | $ (0.01) |
Weighted average number of shares outstanding - basic and diluted | 37,504,588 | 34,699,304 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance, shares at Jan. 31, 2017 | 34,647,445 | ||||
Beginning Balance, amount at Jan. 31, 2017 | $ 34,647 | $ 6,779,190 | $ (8,835,401) | $ 26,153 | $ (1,995,411) |
Stock issued for mineral property, shares | 357,143 | ||||
Stock issued for mineral property, value | $ 357 | 24,643 | 25,000 | ||
Foreign exchange translation | (46,501) | (46,501) | |||
Net income (loss) for the period | (293,837) | (293,837) | |||
Ending Balance, shares at Jan. 31, 2018 | 35,004,588 | ||||
Ending Balance, amount at Jan. 31, 2018 | $ 35,004 | 6,803,833 | (9,129,238) | (20,348) | (2,310,749) |
Stock issued for cash, shares | 2,500,000 | ||||
Stock issued for cash, value | $ 2,500 | 185,000 | 187,500 | ||
Extinguishment of related party debt | 1,979,844 | 1,979,844 | |||
Foreign exchange translation | 27,128 | 27,128 | |||
Net income (loss) for the period | (134,062) | (134,062) | |||
Ending Balance, shares at Jan. 31, 2019 | 37,504,588 | ||||
Ending Balance, amount at Jan. 31, 2019 | $ 37,504 | $ 8,968,677 | $ (9,263,300) | $ 6,780 | $ (250,339) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Cash Flows used in Operating Activities | ||
Net loss | $ (134,062) | $ (293,837) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Accrued interest on related party notes payable | 70,138 | 84,809 |
Accrued interest on related party payables | 7,061 | 14,614 |
Accrued interest on notes payable | 2,399 | 3,228 |
Amortization | 492 | 675 |
Extinguishment of debt, forgiveness | 162,723 | 41,807 |
Changes in operating assets and liabilities: | ||
Prepaids and other receivables | 4,751 | 77 |
Accounts payable | 1,793 | 32,961 |
Accrued liabilities | (35,746) | 9,544 |
Due to related parties | 36,962 | 70,535 |
Cash paid for interest on notes payable | (4,646) | (3,785) |
Net cash used in operating activities | (213,581) | (122,986) |
Cash Flows from Investing Activities | ||
Acquisition of unproved mineral properties | 103,530 | 35,921 |
Net cash provided by (used in) investing activities | (103,530) | (35,921) |
Cash Flows from Financing Activities | ||
Cash received on issuance of notes payable to related party | 142,142 | 161,976 |
Cash received on issuance of common stock | 187,500 | |
Cash paid for notes payable | 2,130 | 8,502 |
Net cash provided by financing activities | 327,512 | 153,474 |
Effect of foreign currency exchange | (4,107) | 146 |
Increase (decrease) in cash | 6,294 | (5,287) |
Cash, beginning of period | 2,392 | 7,679 |
Cash, end of period | 8,686 | 2,392 |
Supplemental Disclosure of Cash Flow Information: | ||
Income tax | ||
Interest | $ 4,646 | |
Non-Cash Investing Transactions: | ||
Stock issued for mineral property, value | $ 25,000 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Jan. 31, 2019 | |
Notes | |
Organization and Basis of Presentation | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Nature of Operations Red Metal Resources Ltd. (the Company) holds a 99% interest in Minera Polymet SpA (Polymet) under the laws of the Republic of Chile. The Company is involved in acquiring and exploring mineral properties in Chile. The Company has not determined whether its properties contain mineral reserves that are economically recoverable. The Companys consolidated financial statements are prepared on a going concern basis in accordance with US generally accepted accounting principles (GAAP) which contemplates the realization of assets and discharge of liabilities and commitments in the normal course of business. The Company has generated only minimal income to date, and has accumulated losses of $9,263,300 since inception. The Company has funded its operations through the issuance of capital stock and debt. Management plans to raise additional funds through equity and/or debt financings, and by entering into joint venture agreements. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The Companys ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon its ability to raise new capital sufficient to fund its commitments and ongoing losses, the continued financial support from related party creditors, and ultimately on generating profitable operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2019 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These consolidated financial statements and related notes are presented in accordance with US GAAP, and are expressed in United States dollars. The Company has not produced revenues from its principal business. These financial statements include the accounts of the Company and its subsidiary, Polymet. All intercompany transactions and balances have been eliminated. Reclassifications Certain comparative amounts in the accompanying consolidated financial statements have been reclassified to conform to the current years presentation. These reclassifications had no effect on the consolidated results of operations or financial position for any year presented. Accounting Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to carrying values of unproved mineral properties, asset retirement obligations, fair value of stock based transactions, and recognition of deferred tax assets or liabilities. Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, other receivables, accounts payable, and amounts due to related parties approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1 Level 2 Level 3 The Companys notes payable and notes payable to related parties are based on Level 2 inputs in the ASC 820 fair value hierarchy. The notes payable and notes payable to related parties accumulate interest at a rate of 8% per annum, which is a representative of current borrowing rates, as such the fair value of these instruments is equivalent to their carrying value. Asset Retirement Obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any asset retirement obligations. Long Lived Assets The carrying value of long-lived assets, other than mineral properties, is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. Foreign Currency Translation and Transaction The functional currency for the Company and the Companys foreign subsidiary is the US dollar and the Chilean peso, respectively. The Company translates assets and liabilities to US dollars using year-end exchange rates and translates revenues and expenses using average exchange rates during the period. Exchange gains and losses arising from the translation of foreign entity financial statements are included as a component of other comprehensive income (loss). Transactions denominated in currencies other than the functional currency of the legal entity are re-measured to the functional currency of the legal entity at the year-end exchange rates. Any associated transactional currency re-measurement gains and losses are recognized in current operations. Income Taxes Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's financial statements. Loss per Share The Company presents both basic and diluted loss per share (LPS) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. Mineral Properties Acquisition costs (including option payments) and mineral property taxes are capitalized as mineral property costs. Mineral exploration costs are expensed as incurred until commercially mineable deposits are determined to exist within a particular property. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option. Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. Mineral properties are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: · · · · After technical feasibility and commercial viability of extracting a mineral resource are demonstrable the capitalized balance, net of any impairment recognized, is then reclassified to either tangible or intangible mine development assets according to the nature of the asset. Although the Company has taken steps that it considers adequate to verify title to mineral properties which it has an interest, these procedures do not guarantee the Companys title. Title to mineral properties in foreign jurisdictions is subject to uncertainty and consequently, such properties may be subject to prior undetected agreements or transfers and title may be affected by such instances. Equipment Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at 30% per year. Royalty Income Royalty payments received from authorized contractors are recognized when the risks and rewards of ownership to delivered concentrate pass to the buyer and collection is reasonably assured. Stock Options and Other Share-Based Compensation For equity awards, such as stock options, total compensation cost is based on the grant date fair value and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The Company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement, adjusted for the expected rate of forfeiture of the equity awards granted. Recently Adopted Accounting Guidance Recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Related-Party Transactions Disc
Related-Party Transactions Disclosure | 12 Months Ended |
Jan. 31, 2019 | |
Notes | |
Related-Party Transactions Disclosure | NOTE 3 - RELATED-PARTY TRANSACTIONS The following amounts were due to related parties as at: January 31, 2019 January 31, 2018 Due to a company owned by an officer (a) $ 25 $ 699,882 Due to a company controlled by directors (b) 1,824 371,303 Due to a company controlled by a major shareholder (a) -- 85,906 Due to a major shareholder (a) -- 39,707 Total due to related parties $ 1,849 $ 1,196,798 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand, and prior to forgiveness of debt effected on July 31, 2018, bore interest at 10%. Subsequent to July 31, 2018, no interest is being accrued on the amounts owed to the company controlled by directors. During the year ended January 31, 2019, the Company accrued $7,061 (January 31, 2018 - $14,614) in interest expense on trade accounts payable with related parties. On July 31, 2018, debt owing by the Company to related parties of $1,206,055 was forgiven. The gain on the extinguishment of debt was recorded in additional paid-in capital. The details of debt forgiveness are as follows: July 31, 2018 Amounts due for services: Debt forgiven by the company owned by an officer $ 721,947 Debt forgiven by the company controlled by directors 361,163 Debt forgiven by the company controlled by a major shareholder 85,374 Debt forgiven by the major shareholder 37,571 Total debt forgiven by related parties $ 1,206,055 Transactions with Related Parties During the years ended January 31, 2019 and 2018, the Company incurred the following expenses with related parties: January 31, 2019 January 31, 2018 Consulting fees paid or accrued to a company owned by the CFO $ 30,000 $ 60,000 Rent fees paid or accrued to a company controlled by a major shareholder $ 5,184 $ 10,245 Notes Payable Issued to Related Parties The following amounts were due under the notes payable the Company issued to related parties: January 31, 2019 January 31, 2018 Notes payable to the Chief Executive Officer (CEO) (c) $ 502,448 $ 478,355 Note payable to the Chief Financial Officer (CFO) (c) 8,849 13,724 Note payable to a major shareholder (c) -- 569,064 Note payable to a company controlled by directors (c) 102,243 157,232 Total notes payable to related parties (d) $ 613,540 $ 1,218,375 (c) Amounts are unsecured and bear interest at 8%. (d) As at January 31, 2019, the debt holders agreed to extend the repayment period until July 31, 2021; as such, the full amount due under the notes payable was reclassified to long-term notes payable. During the year ended January 31, 2019, the Company accrued $70,138 (January 31, 2018 - $84,809) in interest expense on the notes payable to related parties. During the year ended January 31, 2019, debt owing by the Company to related parties under the demand notes payable of $773,789 was forgiven. The gain on the extinguishment of debt was recorded in additional paid-in capital. The details of forgiveness of the notes payable are as follows: July 31, 2018 Amounts due for Principal Accrued Interest Accrued interest on note payable to the CEO $ - $ 127,674 Accrued interest on note payable to the CFO - 5,777 Note payable including accrued interest to a major shareholder 456,369 128,666 Accrued interest on note payable to the company controlled by directors - 55,303 Total notes payable and accrued interest forgiven by related parties $ 456,369 $ 317,420 |
Forgiveness of Debt Disclosure
Forgiveness of Debt Disclosure | 12 Months Ended |
Jan. 31, 2019 | |
Notes | |
Forgiveness of Debt Disclosure | NOTE 4 -FORGIVENESS OF DEBT During the year ended January 31, 2019, the Company reached an agreement with its arms-length service providers who agreed to forgive portion of debt the Company owed to them as at July 31, 2018. As a result of these negotiations, the Company recognized $162,723 as debt forgiveness, of which $38,211 was associated with reversal of old debt which exceeded the statute of limitations. |
Unproved Mineral Properties Dis
Unproved Mineral Properties Disclosure | 12 Months Ended |
Jan. 31, 2019 | |
Notes | |
Unproved Mineral Properties Disclosure | NOTE 5 - UNPROVED MINERAL PROPERTIES The following are the schedules of the Companys unproved mineral properties as at January 31, 2019 and 2018: Mineral Claims at January 31, 2019 January 31, 2018 Additions/ Payments Property Taxes Paid/ Accrued Effect of foreign currency translation January 31, 2019 Farellon Project Farellon Alto 1-8 (1) $ 443,027 $ -- $ 10,635 $ (42,394) $ 411,268 Quina 117,145 50,000 1,962 (10,588) 158,519 Exeter 92,741 25,000 1,837 (9,994) 109,584 652,913 75,000 14,434 (62,976) 679,371 Perth Project 41,703 5,553 8,543 (4,621) 51,178 Total Costs $ 694,616 $ 80,553 $ 22,977 $ (67,597) $ 730,549 Mineral Claims at January 31, 2018 January 31, 2017 Additions/ Payments Property Taxes Paid/ Accrued Effect of foreign currency translation January 31, 2018 Farellon Project Farellon Alto 1-8 (1) $ 412,782 $ -- $ 282 $ 29,963 $ 443,027 Quina 80,315 25,000 3,790 8,040 117,145 Exeter 57,165 25,000 3,549 7,027 92,741 550,262 50,000 7,621 45,030 652,913 Perth Project 35,588 -- 3,300 2,815 41,703 Total Costs $ 585,850 $ 50,000 $ 10,921 $ 47,845 $ 694,616 (1) During the year ended January 31, 2018, the small scale mining operations carried out by a third-party on the Farellon Alto 1-8 property (the Farellon) were terminated, and as such the Company did not receive any royalty payments. In connection with the above, the Company had no obligation to make royalty payments to the original vendor of the Farellon. Farellon Project, Quina Claim On May 27, 2014, Polymet entered into a memorandum of understanding (the MOU) with an unrelated party to acquire an option to earn a 100% interest in two mining claims contiguous to the Farellon Property. On December 15, 2014, the MOU was superseded by an option agreement to earn 100% interest in one of the mining claims included in the MOU, Quina 1-56 (the Quina Claim). In order to acquire the 100% interest in the Quina Claim, the Company was required to pay a total of $150,000, which, at discretion of the Company, could be paid in a combination of shares of the Company and cash over four years, as detailed in the following schedule: Date Option Payment Shares Issued Upon execution of the option agreement (Execution date) (paid) $ 25,000 500,000 12 months subsequent to the Execution date (paid) 25,000 833,333 24 months subsequent to the Execution date (paid) 25,000 357,143 36 months subsequent to the Execution date (paid) 25,000 357,143 48 months subsequent to the Execution date (paid) 50,000 n/a Total $ 150,000 2,047,619 The number of shares issued for each option payment was determined based on the average trading price of the Companys shares during a 30-day period prior to the payment. As of January 31, 2019, the Company holds 100% interest in Quina Claim. The Company agreed to pay a 1.5% royalty from net smelter returns (NSR) on the Quina Claim, which the Company can buy out for a one-time payment of $1,500,000. Farellon Project, Exeter Claim On June 3, 2015, Polymet entered into an option agreement, made effective on June 15, 2015, with an unrelated party, to earn 100% interest in a mining exploration concession Exeter 1-54 (the Exeter Claim). In order to acquire 100% interest in the Exeter Claim, the Company is required to pay a total of $150,000 as outlined in the following schedule: Option Payment Upon execution of the option agreement (Execution date) (paid) $ 25,000 On or before May 12, 2016 (paid) 25,000 On or before May 12, 2017 (paid) 25,000 On or before May 12, 2018 (paid) 25,000 On or before May 12, 2019 (paid subsequent to January 31, 2019, Note 8) 50,000 Total $ 150,000 All of the above payments shall be made only if the Company wishes to keep the option agreement in force and finally to exercise the option to purchase. In addition to the option payments, the Company agreed to pay a 1.5% NSR royalty on the Exeter Claim, which the Company may buy out for a one-time payment of $750,000 any time after acquiring 100% of the Exeter Claim. Should the Company choose to mine the Exeter Claim prior to acquiring the option, the Company will be obligated to pay a minimum monthly royalty of $2,500 up to 5,000 tonnes, and a further $0.25 for every additional tonne mined. |
Common Stock Disclosure
Common Stock Disclosure | 12 Months Ended |
Jan. 31, 2019 | |
Notes | |
Common Stock Disclosure | NOTE 6- COMMON STOCK On April 20, 2018, the Company issued 2,500,000 units of the Companys common stock at a price of $0.075 per unit for total proceeds of $187,500. Each unit consisted of one common share of the Company and one share purchase warrant entitling a holder to purchase one additional common share for a period of two years after closing at an exercise price of $0.1875 per share. The Company may accelerate the expiration date of the warrants if the daily volume weighted average share price of the Companys common shares equals to or is greater than CAD$0.30 as posted on Canadian Securities Exchange, or USD$0.225 as posted on OTC Link alternative trading system (or such other stock exchange as the Companys common shares are then trading on) for ten consecutive trading days. On December 9, 2017, the Company issued 357,143 shares of its common stock with a fair value of $25,000 as consideration for the fourth option payment to acquire an interest in the Quina Claim (Note 5). Warrants At January 31, 2019, the Company had 2,500,000 warrants (January 31, 2018: nil) issued and exercisable. Each warrant entitles its holder to purchase one common share for a period of two years expiring on April 20, 2020, at an exercise price of $0.1875 per share, subject to acceleration clause as described above. |
Income Taxes Disclosure
Income Taxes Disclosure | 12 Months Ended |
Jan. 31, 2019 | |
Notes | |
Income Taxes Disclosure | NOTE 7 - INCOME TAXES The provision for income taxes differs from the amount that would have resulted in applying the combined federal statutory tax rate as follows: January 31, 2019 January 31, 2018 Net loss $ (134,062) $ (293,837) Statutory income tax rate 21% 21% Expected in tax recovery at statutory income tax rates (28,100) (62,000) Permanent differences and other -- -- Difference in foreign tax rates, foreign exchange, other (12,000) (8,000) Change in tax rate 162,000 Other (18,900) -- Adjustment to prior year provisions versus statutory tax returns 18,000 330,000 Change in valuation allowance 41,000 (422,000) Income tax recovery $ -- $ -- Temporary differences that give rise to the following deferred tax assets and liabilities at are: January 31, 2019 January 31, 2018 Deferred tax assets (liabilities) Federal loss carry forwards $ 715,000 $ 715,000 Foreign loss carry forwards 925,000 877,000 Mineral properties 24,000 31,000 1,664,000 1,623,000 Valuation allowance (1,664,000) (1,623,00) $ -- $ -- The Company has approximately $3,402,738 of United States federal net operating loss carry forwards that may be offset against future taxable income. These losses may be carried forward indefinitely. The Company also has approximately $3,425,123 of Chilean tax losses. The Chilean tax losses can be carried forward indefinitely. |
Subsequent Events Disclosure
Subsequent Events Disclosure | 12 Months Ended |
Jan. 31, 2019 | |
Notes | |
Subsequent Events Disclosure | NOTE 8 - SUBSEQUENT EVENTS Subsequent to January 31, 2019, the Company entered into a number of loan agreements with Ms. Jeffs, the Companys CEO and President, for $34,618 (CAD$44,200) and $50,835. 85,453 The loans are unsecured, due on or after July 31, 2021, with interest payable at a rate of 8% per annum (Note 3). On May 13, 2019, the Company made its 5 th |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Basis of Presentation | Basis of Presentation These consolidated financial statements and related notes are presented in accordance with US GAAP, and are expressed in United States dollars. The Company has not produced revenues from its principal business. These financial statements include the accounts of the Company and its subsidiary, Polymet. All intercompany transactions and balances have been eliminated. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies: Reclassifications Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Reclassifications Policy | Reclassifications Certain comparative amounts in the accompanying consolidated financial statements have been reclassified to conform to the current years presentation. These reclassifications had no effect on the consolidated results of operations or financial position for any year presented. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies: Accounting Estimates (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these financial statements relate to carrying values of unproved mineral properties, asset retirement obligations, fair value of stock based transactions, and recognition of deferred tax assets or liabilities. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reflected in the balance sheets for cash, other receivables, accounts payable, and amounts due to related parties approximate the respective fair values due to the short maturities of these items. The Company does not hold any investments that are available-for-sale. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1 Level 2 Level 3 The Companys notes payable and notes payable to related parties are based on Level 2 inputs in the ASC 820 fair value hierarchy. The notes payable and notes payable to related parties accumulate interest at a rate of 8% per annum, which is a representative of current borrowing rates, as such the fair value of these instruments is equivalent to their carrying value. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies: Asset Retirement Obligations (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Asset Retirement Obligations | Asset Retirement Obligations The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation. To date the Company has not incurred any asset retirement obligations. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies: Long Lived Assets Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Long Lived Assets Policy | Long Lived Assets The carrying value of long-lived assets, other than mineral properties, is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies: Foreign Currency Translation and Transaction Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Foreign Currency Translation and Transaction Policy | Foreign Currency Translation and Transaction The functional currency for the Company and the Companys foreign subsidiary is the US dollar and the Chilean peso, respectively. The Company translates assets and liabilities to US dollars using year-end exchange rates and translates revenues and expenses using average exchange rates during the period. Exchange gains and losses arising from the translation of foreign entity financial statements are included as a component of other comprehensive income (loss). Transactions denominated in currencies other than the functional currency of the legal entity are re-measured to the functional currency of the legal entity at the year-end exchange rates. Any associated transactional currency re-measurement gains and losses are recognized in current operations. |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies: Income Taxes Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Income Taxes Policy | Income Taxes Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's financial statements. |
Summary of Significant Accou_10
Summary of Significant Accounting Policies: Loss Per Share Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Loss Per Share Policy | Loss per Share The Company presents both basic and diluted loss per share (LPS) on the face of the statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Summary of Significant Accou_11
Summary of Significant Accounting Policies: Mineral Properties Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Mineral Properties Policy | Mineral Properties Acquisition costs (including option payments) and mineral property taxes are capitalized as mineral property costs. Mineral exploration costs are expensed as incurred until commercially mineable deposits are determined to exist within a particular property. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option. Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. Mineral properties are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: · · · · After technical feasibility and commercial viability of extracting a mineral resource are demonstrable the capitalized balance, net of any impairment recognized, is then reclassified to either tangible or intangible mine development assets according to the nature of the asset. Although the Company has taken steps that it considers adequate to verify title to mineral properties which it has an interest, these procedures do not guarantee the Companys title. Title to mineral properties in foreign jurisdictions is subject to uncertainty and consequently, such properties may be subject to prior undetected agreements or transfers and title may be affected by such instances. |
Summary of Significant Accou_12
Summary of Significant Accounting Policies: Equipment Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Equipment Policy | Equipment Equipment is recorded at cost and is being amortized over its estimated useful lives using the declining balance method at 30% per year. |
Summary of Significant Accou_13
Summary of Significant Accounting Policies: Royalty Income Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Royalty Income Policy | Royalty Income Royalty payments received from authorized contractors are recognized when the risks and rewards of ownership to delivered concentrate pass to the buyer and collection is reasonably assured. |
Summary of Significant Accou_14
Summary of Significant Accounting Policies: Stock Options and Other Share-based Compensation Policy (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Stock Options and Other Share-based Compensation Policy | Stock Options and Other Share-Based Compensation For equity awards, such as stock options, total compensation cost is based on the grant date fair value and for liability awards, such as stock appreciation rights, total compensation cost is based on the settlement value. The Company recognizes stock-based compensation expense for all awards over the service period required to earn the award, which is the shorter of the vesting period or the time period an employee becomes eligible to retain the award at retirement, adjusted for the expected rate of forfeiture of the equity awards granted. |
Summary of Significant Accou_15
Summary of Significant Accounting Policies: Recently Adopted Accounting Guidance (Policies) | 12 Months Ended |
Jan. 31, 2019 | |
Policies | |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company. |
Related-Party Transactions Di_2
Related-Party Transactions Disclosure: Schedule of Related Party Transactions (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Schedule of Related Party Transactions | January 31, 2019 January 31, 2018 Due to a company owned by an officer (a) $ 25 $ 699,882 Due to a company controlled by directors (b) 1,824 371,303 Due to a company controlled by a major shareholder (a) -- 85,906 Due to a major shareholder (a) -- 39,707 Total due to related parties $ 1,849 $ 1,196,798 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand, and prior to forgiveness of debt effected on July 31, 2018, bore interest at 10%. Subsequent to July 31, 2018, no interest is being accrued on the amounts owed to the company controlled by directors. |
Related-Party Transactions Di_3
Related-Party Transactions Disclosure: Summary of Debt Forgiveness - Due to related parties (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Summary of Debt Forgiveness - Due to related parties | July 31, 2018 Amounts due for services: Debt forgiven by the company owned by an officer $ 721,947 Debt forgiven by the company controlled by directors 361,163 Debt forgiven by the company controlled by a major shareholder 85,374 Debt forgiven by the major shareholder 37,571 Total debt forgiven by related parties $ 1,206,055 |
Related-Party Transactions Di_4
Related-Party Transactions Disclosure: Schedule of Transactions with Related Parties (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Schedule of Transactions with Related Parties | January 31, 2019 January 31, 2018 Consulting fees paid or accrued to a company owned by the CFO $ 30,000 $ 60,000 Rent fees paid or accrued to a company controlled by a major shareholder $ 5,184 $ 10,245 |
Related-Party Transactions Di_5
Related-Party Transactions Disclosure: Schedule of notes payable issued to related parties (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Schedule of notes payable issued to related parties | January 31, 2019 January 31, 2018 Notes payable to the Chief Executive Officer (CEO) (c) $ 502,448 $ 478,355 Note payable to the Chief Financial Officer (CFO) (c) 8,849 13,724 Note payable to a major shareholder (c) -- 569,064 Note payable to a company controlled by directors (c) 102,243 157,232 Total notes payable to related parties (d) $ 613,540 $ 1,218,375 (c) Amounts are unsecured and bear interest at 8%. (d) As at January 31, 2019, the debt holders agreed to extend the repayment period until July 31, 2021; as such, the full amount due under the notes payable was reclassified to long-term notes payable. |
Related-Party Transactions Di_6
Related-Party Transactions Disclosure: Summary of Debt Forgiveness - Notes payable to related parties (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Summary of Debt Forgiveness - Notes payable to related parties | July 31, 2018 Amounts due for Principal Accrued Interest Accrued interest on note payable to the CEO $ - $ 127,674 Accrued interest on note payable to the CFO - 5,777 Note payable including accrued interest to a major shareholder 456,369 128,666 Accrued interest on note payable to the company controlled by directors - 55,303 Total notes payable and accrued interest forgiven by related parties $ 456,369 $ 317,420 |
Unproved Mineral Properties D_2
Unproved Mineral Properties Disclosure: Schedule of Unproved Propertiies (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Schedule of Unproved Propertiies | Mineral Claims at January 31, 2019 January 31, 2018 Additions/ Payments Property Taxes Paid/ Accrued Effect of foreign currency translation January 31, 2019 Farellon Project Farellon Alto 1-8 (1) $ 443,027 $ -- $ 10,635 $ (42,394) $ 411,268 Quina 117,145 50,000 1,962 (10,588) 158,519 Exeter 92,741 25,000 1,837 (9,994) 109,584 652,913 75,000 14,434 (62,976) 679,371 Perth Project 41,703 5,553 8,543 (4,621) 51,178 Total Costs $ 694,616 $ 80,553 $ 22,977 $ (67,597) $ 730,549 Mineral Claims at January 31, 2018 January 31, 2017 Additions/ Payments Property Taxes Paid/ Accrued Effect of foreign currency translation January 31, 2018 Farellon Project Farellon Alto 1-8 (1) $ 412,782 $ -- $ 282 $ 29,963 $ 443,027 Quina 80,315 25,000 3,790 8,040 117,145 Exeter 57,165 25,000 3,549 7,027 92,741 550,262 50,000 7,621 45,030 652,913 Perth Project 35,588 -- 3,300 2,815 41,703 Total Costs $ 585,850 $ 50,000 $ 10,921 $ 47,845 $ 694,616 |
Unproved Mineral Properties D_3
Unproved Mineral Properties Disclosure: Schedule of Option Agreement Commitments, Quina Claim (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Schedule of Option Agreement Commitments, Quina Claim | Date Option Payment Shares Issued Upon execution of the option agreement (Execution date) (paid) $ 25,000 500,000 12 months subsequent to the Execution date (paid) 25,000 833,333 24 months subsequent to the Execution date (paid) 25,000 357,143 36 months subsequent to the Execution date (paid) 25,000 357,143 48 months subsequent to the Execution date (paid) 50,000 n/a Total $ 150,000 2,047,619 |
Unproved Mineral Properties D_4
Unproved Mineral Properties Disclosure: Schedule of Option Agreement Commitments, Exeter Claim (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Schedule of Option Agreement Commitments, Exeter Claim | Option Payment Upon execution of the option agreement (Execution date) (paid) $ 25,000 On or before May 12, 2016 (paid) 25,000 On or before May 12, 2017 (paid) 25,000 On or before May 12, 2018 (paid) 25,000 On or before May 12, 2019 (paid subsequent to January 31, 2019, Note 8) 50,000 Total $ 150,000 |
Income Taxes Disclosure_ Schedu
Income Taxes Disclosure: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | January 31, 2019 January 31, 2018 Net loss $ (134,062) $ (293,837) Statutory income tax rate 21% 21% Expected in tax recovery at statutory income tax rates (28,100) (62,000) Permanent differences and other -- -- Difference in foreign tax rates, foreign exchange, other (12,000) (8,000) Change in tax rate 162,000 Other (18,900) -- Adjustment to prior year provisions versus statutory tax returns 18,000 330,000 Change in valuation allowance 41,000 (422,000) Income tax recovery $ -- $ -- |
Income Taxes Disclosure_ Sche_2
Income Taxes Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2019 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | January 31, 2019 January 31, 2018 Deferred tax assets (liabilities) Federal loss carry forwards $ 715,000 $ 715,000 Foreign loss carry forwards 925,000 877,000 Mineral properties 24,000 31,000 1,664,000 1,623,000 Valuation allowance (1,664,000) (1,623,00) $ -- $ -- |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 | Aug. 21, 2007 |
Details | |||
Business acquisition, interest acquired | 99.00% | ||
Deficit | $ 9,263,300 | $ 9,129,238 |
Related-Party Transactions Di_7
Related-Party Transactions Disclosure: Schedule of Related Party Transactions (Details) - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 |
Due to related parties | $ 1,849 | $ 1,196,798 |
Company Owned by Officer | ||
Due to related parties | 25 | 699,882 |
Company Controlled by Directors | ||
Due to related parties | $ 1,824 | 371,303 |
Company Controlled by Major Shareholder | ||
Due to related parties | 85,906 | |
Major Shareholder | ||
Due to related parties | $ 39,707 |
Related-Party Transactions Di_8
Related-Party Transactions Disclosure (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Extinguishment of debt, forgiveness | $ 162,723 | $ 41,807 |
Due to related parties - current | ||
Interest accrued with related parties | 7,061 | 14,614 |
Extinguishment of debt, forgiveness | 1,206,055 | |
Notes payable to related parties | ||
Interest accrued with related parties | 70,138 | $ 84,809 |
Extinguishment of debt, forgiveness | $ 773,789 |
Related-Party Transactions Di_9
Related-Party Transactions Disclosure: Schedule of Transactions with Related Parties (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Consulting fees paid or accrued, Company Owned by the CFO | ||
Related Party Transaction, Amounts of Transaction | $ 30,000 | $ 60,000 |
Rent fees paid or accrued, Company Controlled by Major Shareholder | ||
Related Party Transaction, Amounts of Transaction | $ 5,184 | $ 10,245 |
Related-Party Transactions D_10
Related-Party Transactions Disclosure: Schedule of notes payable issued to related parties (Details) - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 |
Long-term notes payable to related parties | $ 613,540 | |
Notes payable to related parties | $ 1,218,375 | |
CEO | ||
Long-term notes payable to related parties | 502,448 | |
Notes payable to related parties | 478,355 | |
CFO | ||
Long-term notes payable to related parties | 8,849 | |
Notes payable to related parties | 13,724 | |
Major Shareholder | ||
Notes payable to related parties | 569,064 | |
Company Controlled by Directors | ||
Long-term notes payable to related parties | $ 102,243 | |
Notes payable to related parties | $ 157,232 |
Forgiveness of Debt Disclosure
Forgiveness of Debt Disclosure (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Extinguishment of debt, forgiveness | $ 162,723 | $ 41,807 |
Reversal of OLD debt | ||
Extinguishment of debt, forgiveness | $ 38,211 |
Unproved Mineral Properties D_5
Unproved Mineral Properties Disclosure: Schedule of Unproved Propertiies (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Mineral claims, balance | $ 730,549 | $ 694,616 | $ 585,850 |
Property taxes paid/accrued | 22,977 | 10,921 | |
Mineral claims, effect of foreign currency translation | (67,597) | 47,845 | |
Farellon Project | |||
Mineral claims, balance | 679,371 | 652,913 | 550,262 |
Property taxes paid/accrued | 14,434 | 7,621 | |
Mineral claims, effect of foreign currency translation | (62,976) | 45,030 | |
Perth Project | |||
Mineral claims, balance | 51,178 | 41,703 | $ 35,588 |
Property taxes paid/accrued | 8,543 | 3,300 | |
Mineral claims, effect of foreign currency translation | $ (4,621) | $ 2,815 |
Unproved Mineral Properties D_6
Unproved Mineral Properties Disclosure: Schedule of Option Agreement Commitments, Quina Claim (Details) | 12 Months Ended |
Jan. 31, 2018shares | |
QuinaClaimMember | |
Common stock issued for mineral properties | 357,143 |
Unproved Mineral Properties D_7
Unproved Mineral Properties Disclosure: Schedule of Option Agreement Commitments, Exeter Claim (Details) | Jan. 31, 2019USD ($) |
Details | |
Option Payments Due | $ 50,000 |
Common Stock Disclosure (Detail
Common Stock Disclosure (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Common stock issued for cash, proceeds | $ 187,500 | |
Fair value of stock offered as consideration | $ 25,000 | |
Warrants issued and exercisable | 2,500,000 | |
Exercise price per warrant | $ 0.1875 | |
Common stock issued with units for cash | ||
Shares of common stock issued | 2,500,000 | |
Price per Stock sold | $ 0.075 | |
Common stock issued for cash, proceeds | $ 187,500 | |
To acquire an interest in the Quina Claim | ||
Common stock issued for mineral properties | 357,143 | |
Fair value of stock offered as consideration | $ 25,000 |
Income Taxes Disclosure_ Sche_3
Income Taxes Disclosure: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Details | ||
Net loss | $ (134,062) | $ (293,837) |
Statutory income tax rate | 0.2100 | 0.2100 |
Expected in tax recovery at statutory income tax rates | (28,100) | (62,000) |
Difference in foreign tax rates | (12,000) | (8,000) |
Change in tax rate | 162,000 | |
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount | (18,900) | |
Adjustment to prior year provisions versus statutory tax returns | 18,000 | 330,000 |
Change in valuation allowance | $ 41,000 | $ (422,000) |
Income Taxes Disclosure_ Sche_4
Income Taxes Disclosure: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 |
Details | ||
Federal loss carryforwards | $ 715,000 | $ 715,000 |
Foreign loss carryforwards | 925,000 | 877,000 |
Mineral properties deferred tax assets (liabilities) | 24,000 | 31,000 |
Deferred tax assets, gross | 1,664,000 | 1,623,000 |
Valuation allowance | $ (1,664,000) | $ (162,300) |
Income Taxes Disclosure (Detail
Income Taxes Disclosure (Details) | Jan. 31, 2019USD ($) |
Details | |
Federal net operating loss carry forwards | $ 3,402,738 |
Chilean tax losses carried forward | $ 3,425,123 |
Subsequent Events Disclosure (D
Subsequent Events Disclosure (Details) | 3 Months Ended |
May 15, 2019USD ($) | |
Loan agreements with Ms. Jeffs, CEO and President | |
Loan from related party | $ 85,453 |