SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jan. 31, 2014

Summary Of Significant Accounting Policies Tables

Effect of correction

The following table presents the effect of the correction of the previously reported information and the impact on the Company’s consolidated balance sheet for the year ended January 31, 2014:

	As of January 31, 2014
	As Previously Reported			Adjustments			As Restated
Liabilities and stockholders’ deficit:
Derivative liabilities	$	324,642		$	825,813		$	1,150,455
Deficit accumulated during the exploration stage		(3,486,292	)		(825,813	)		(4,312,105	)
Total liabilities and stockholders’ deficit		336,854			—			336,854

The following table presents the effect of the correction of the previously reported information and the impact on the Company’s consolidated statement of expenses for the year ended January 31, 2014:

	As of January 31, 2014
	As Previously Reported			Adjustments			As Restated
Loss from operations:	$	(617,994	)		—		$	(617,994	)
Other income (expenses):
Realized and unrealized (loss) gain on derivatives, net		3,019			(825,813	)		(822,794	)
Total other income (expenses)		(35,846	)		(825,813	)		(861,659	)
Net loss		(653,840	)		(825,813	)		(1,479,653	)

The following table presents the effect of the correction of the previously reported information and the impact on the Company’s consolidated statement of expenses for the period April 19, 2004 (inception) to January 31, 2014:

	As of January 31, 2014
	As Previously Reported			Adjustments			As Restated
Loss from operations:	$	(5,003,645	)		—		$	(5,003,645	)
Other income (expenses):
Realized and unrealized (loss) gain on derivatives, net		1,564,900			(825,813	)		739,087
Total other income (expenses)		1,517,353			(825,813	)		694,562
Net income(loss)		(3,486,292	)		(825,813	)		(4,312,105	)