Related Party Transactions

3 Months Ended

Sep. 30, 2014

Related Party Transactions [Abstract]

Note 5 - Related Party Transactions

Officer and director fees totaled $148,250 and $86,524 for the three month periods ended September 30, 2014 and 2013, respectively. The total compensation of officers and directors was recorded as a component of general and administrative expenses.

In September 2014 the Company granted 4,690,339 common stock options to its officers (see Note 10). The total fair value of the award was estimated to be $9,380,675. Share-based compensation expense is recognized ratably over the vesting periods. For the three month period ended September 30, 2014, the Company recognized share-based compensation expense as a component of general and administrative expenses of $2,669,673.

As of September 30, 2014 and June 30, 2014, the Company owed its officers and directors $17,917 for compensation which was recorded as accounts payable and accrued liabilities in its consolidated balance sheets.

In August 2014, the Company issued 300,000 shares of common stock for certain unpatented mining claims valued at $450,000 on the date of the acquisition. The mining claims were owned by a company whose sole owner is an officer and Director of the Company.