Revision of Prior Period Amounts (Tables)

3 Months Ended

Oct. 31, 2013

Revision of Prior Period Amounts [Abstract]

Schedule of Over (Under) Statement

This error resulted in misstatements in stock based compensation expense and additional paid in capital for the following fiscal years:

	Over (under) statement
July 31, 2011	$	(2,018,750	)
July 31, 2012		274,741
July 31, 2013		(2,181,461	)
Net understatement	$	(3,925,470	)

Schedule of Revision of Prior Period Amounts

These errors did not impact total stockholders' deficit but impacted additional paid in capital and accumulated deficit reported on the balance sheet at July 31, 2013, as follows:

	As previously reported			Adjustments			As revised
Additional paid in capital	$	27,429,672		$	6,266,007		$	33,695,679
Accumulated deficit during the development stage		(28,584,388	)	$	(6,266,007	)		(34,850,395	)

The impact of the above errors to the statement of operations for the three months ended October 31, 2012 is as follows:

	As previously reported			Adjustments			As revised
Revenues
Operating expenses
General and administrative		922,575			(238,659	)		683,916
Research and development		49,129			-			49,129
Mineral interests		-			-			-
Total operating expenses		971,704			(238,659	)		733,045
Other income (expense)
Interest expense		(145,421	)		-			(145,421	)
Change in derivative		21,152			-			21,152
Debt forgiveness		-			-			-
Total other income (expense)		(124,269	)		-			(124,269	)
Income (loss) before provision for income taxes		(1,095,973	)		(238,659	)		(857,314	)
Provision for income taxes		-			-			-
Net loss		(1,095,973	)		(238,659	)		(857,314	)
Loss per common share:
Basic and diluted	$	(0.01	)		-		$	(0.01	)
Weighted average common shares outstanding
Basic and diluted		128,120,714			-			128,120,714

The errors impacted additional paid in capital and accumulated deficit during the development stage reported in the statements of stockholders' deficit as follows:

	As previously reported			Adjustments			As revised
Balance at July 31, 2011
Additional paid in capital	$	11,092,214		$	2,018,750		$	13,110,964
Accumulated deficit during the development stage		(11,507,707	)		(2,018,750	)		(13,526,457	)
Balance at July 31, 2012
Additional paid in capital		23,184,094			1,744,009			24,928,103
Accumulated deficit during the development stage		(23,928,895	)		(1,744,009	)		(25,672,904	)
Balance at July 31, 2013
Additional paid in capital		27,429,672			6,266,007			33,695,679
Accumulated deficit during the development stage		(28,584,388	)		(6,266,007	)		(34,850,395	)

The above errors did not impact previously reported amounts of net cash used in operating activities, investing activities and financing activities as reported in the statements of cash flows for the three months ended October 31, 2012.