9. Restatement

12 Months Ended

Sep. 30, 2017

Notes

9. Restatement

9. Restatement

The Company has restated its consolidated financial statements as at September 30, 2016 and for the year then ended to reflect adjustments related to notes payable that were not valid obligations of the Company, and issuance of common shares for the acquisition of mineral properties that were not issued for proper consideration. This restatement resulted in an increase to net loss of $25,000 and no change to net loss per share.

The impact of the restatement as at September 30, 2016 and for the year then ended is summarized below:

Consolidated Balance Sheet

	As at September 30, 2016
	As reported $	Adjustment $	As restated $
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities	95,208	328,000	423,208
Total Current Liabilities	306,033	328,000	634,033
Notes payable	303,000	(303,000)	–
Total Liabilities	609,033	25,000	634,033
Stockholders’ Equity
Deficit	(28,501,900)	(25,000)	(28,526,900)
Total Stockholders’ Equity	(518,993)	(25,000)	(543,993)

Consolidated Statement of Operations

	Year ended September 30, 2016
	As reported $	Adjustment $	As restated $
Expenses
Exploration costs	152,500	(75,000)	77,500
Impairment of mineral property	27,051,848	(25,820,000)	1,231,848
Net loss before other expense	(28,293,931)	25,895,000	(2,398,931)
Other expenses	–	(25,920,000)	(25,920,000)
Total other income (expense)	(37,249)	(25,920,000)	(25,957,249)
Net loss for the year	(28,331,180)	(25,000)	(28,356,180)

Consolidated Statement of Stockholders’ Equity (Deficit)

	Year ended September 30, 2016
	As reported $	Adjustment $	As restated $
Deficit	(28,501,900)	(25,000)	(28,526,900)

Consolidated Statement of Cash Flows

	Year ended September 30, 2016
	As reported $	Adjustment $	As restated $
Operating Activities
Net loss for the year	(28,331,180)	(25,000)	(28,356,180)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment loss on mineral property	27,051,848	(25,820,000)	1,231,848
Shares issued for other expenses	–	25,920,000	25,920,000
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	75,192	128,000	203,192
Net Cash Used In Operating Activities	(402,402)	203,000	(199,402)
Investing Activities
Mineral property acquisition costs	(100,000)	100,000	–
Net Cash Used in Investing Activities	(100,000)	100,000	–
Changes in financing activities
Proceeds from issuance of notes payable	534,000	(303,000)	231,000
Net Cash Provided by Financing Activities	582,496	(303,000)	279,496