0001445866-20-001626.txt : 20201027 0001445866-20-001626.hdr.sgml : 20201027 20201027165137 ACCESSION NUMBER: 0001445866-20-001626 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20201027 DATE AS OF CHANGE: 20201027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Santa Fe Gold CORP CENTRAL INDEX KEY: 0000851726 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 841094315 STATE OF INCORPORATION: AZ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12974 FILM NUMBER: 201264706 BUSINESS ADDRESS: STREET 1: 3544 RIO GRANDE BLVD., NW CITY: ALBUQUERQUE STATE: NM ZIP: 87107 BUSINESS PHONE: (505)255-4852 MAIL ADDRESS: STREET 1: 3544 RIO GRANDE BLVD., NW CITY: ALBUQUERQUE STATE: NM ZIP: 87107 FORMER COMPANY: FORMER CONFORMED NAME: AZCO MINING INC DATE OF NAME CHANGE: 19940322 10-Q 1 sfeg_10q.htm SANTA FE GOLD CORPORATION: FORM 10Q Santa Fe Gold Corporation: Form 10Q - Filed by newsfilecorp.com

 

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the Quarterly Period Ended September 30, 2019

 

 

 

¨

 

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to __________

 

Commission file number:  001-12974

  

SANTA FE GOLD CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

84-1094315

(State or Other Jurisdiction

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

 

3544 Rio Grande Blvd.   NW

Albuquerque, NM 87107

(Address of Principal Executive Offices)

 

(505) 255-4852

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(g) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.002 par value

SFEG

OTC PINK

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ¨ No þ

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ¨ No þ

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer   ¨

Accelerated filer   ¨

 

 

Non-accelerated filer    ¨

Smaller reporting company  þ 

 

 

(Do not check if smaller reporting company)

Emerging growth company  ¨ 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨


1


 

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).  Yes ¨ No þ

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date 427,504,214 shares of common stock par value $0.002, of the issuer were issued and outstanding as of October 26, 2020.


2


 

 

 

SANTA FE GOLD CORPORATION

INDEX TO FORM 10-Q

 

PART I

FINANCIAL INFORMATION

 

 

 

 

Page

 

Cautionary Statement on Forward-Looking Statements

4

 

Cautionary Note Regarding Exploration Stage Status

5

 

SEC Industry Guide Definitions

5

                  

 

 

Item 1.  

Financial Statements

6

 

Consolidated Balance Sheets as of September 30, 2019 (Unaudited) and June 30, 2019

6

 

Consolidated Statements of Operations for the Three Months Ended September 30, 2019 and 2018 (Unaudited)

7

 

Consolidated Statements of Changes in Stockholders’ Deficit for the Three Months Ended September 30, 2019 and 2018 (Unaudited)

8

 

Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2019 and 2018 (Unaudited)

9

 

Notes to the Consolidated Financial Statements (Unaudited)

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

22

Item 4.

Controls and Procedures

23

 

PART II
OTHER INFORMATION

Item 1.    

Legal Proceedings

24

Item 1A

Risk Factors

25

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

25

Item 3.

Defaults Upon Senior Securities

26

Item 4.

Mine Safety Disclosures

26

Item 5.

Other Information

26

Item 6.

Exhibits

26

SIGNATURES

26

CERTIFICATIONS

 


3


CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This Form 10-Q contains certain “forward-looking” statements as such term is defined by the Securities and Exchange Commission in its rules, regulations and releases, which represent the Company’s expectations or beliefs, including but not limited to, statements concerning the Company’s strategy, operations, economic performance, financial condition, resource drilling strategies, investments, and future operational plans. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intent,” “could,” “estimate,” “might,” “plan,” “predict” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by any forward-looking statements. This Form 10-Q contains forward-looking statements, many assuming that the Company secures adequate financing and is able to continue as a going concern, including statements regarding, among other things: our ability to continue as a going concern; including but not limited to statements regarding the following:

 

exploration for minerals is highly speculative and involves greater risk than many other businesses; as such, most exploration programs fail to result in the discovery of economic mineralization; 

our mineralized material calculations at various projects are only estimates and are based principally on historic data; 

actual capital costs, operating costs, production and economic returns may differ significantly from those that we have anticipated; 

exposure to all of the risks associated with restarting and establishing new mining operations, if the development of one or more of our mineral projects is found to be economically feasible; 

title to some of our mineral properties may be uncertain or defective; 

land reclamation and mine closure may be burdensome and costly; 

significant risk and hazards associated with mining operations; 

we will require additional financing in the future to develop a mine at any other projects; 

the requirements that we obtain, maintain and renew environmental, construction and mining permits, which is often a costly and time-consuming process and may be opposed by local environmental group; 

our anticipated needs for working capital; 

our ability to secure financing; 

claims and legal proceedings against us; 

our lack of necessary financial resources to complete development of our projects and the uncertainty of our future financing plans; 

our exposure to material costs, liabilities and obligations because of environmental laws and regulations (including changes thereto) and permits; 

changes in the price of silver and gold; 

extensive regulation by the U.S. government as well as state and local governments; 

our projected sales and profitability; 

our business growth strategies; 

anticipated trends in our industry; 

the lack of commercial acceptance of our product or by-products; 

problems regarding availability of materials and equipment; 

failure of equipment to process or operate in accordance with specifications, including expected throughput, which could prevent the production of commercially viable output; and 

our ability to seek out and acquire high quality gold, silver and/or copper properties. 

 

Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or


4


attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, the Company does not intend to undertake to update the information in this Form 10-Q if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events, or other circumstances.

 

CAUTIONARY NOTE REGARDING EXPLORATION STAGE STATUS 

 

We are considered an “exploration stage” company under the U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations (“Industry Guide 7”), because we do not have reserves as defined under Industry Guide 7.  Reserves are defined in Industry Guide 7 as that part of a mineral deposit which can be economically and legally extracted or produced at the time of the reserve determination.  The establishment of reserves under Industry Guide 7 requires, among other things, certain spacing of exploratory drill holes to establish the required continuity of mineralization and the completion of a detailed cost or feasibility study.

 

Because we have no reserves as defined in Industry Guide 7, we have not exited the exploration stage and continue to report our financial information as an exploration stage entity as required under Generally Accepted Accounting Principles (“GAAP”).  Although for purposes of FASB Accounting Standards Codification Topic 915, Development Stage Entities, we have exited the development stage and no longer report inception to date results of operations, cash flows and other financial information, we will remain an exploration stage company under Industry Guide 7 until such time as we demonstrate reserves in accordance with the criteria in Industry Guide 7.

 

Because we have no reserves, we have and will continue to expense all mine construction costs, even though these expenditures are expected to have a future economic benefit in excess of one year.  We also expense our reclamation and remediation costs at the time the obligation is incurred.  Companies that have reserves and have exited the exploration stage typically capitalize these costs, and subsequently amortize them on a units-of-production basis as reserves are mined, with the resulting depletion charge allocated to inventory, and then to cost of sales as the inventory is sold.  As a result of these and other differences, our financial statements will not be comparable to the financial statements of mining companies that have established reserves and have exited the exploration stage.

 

SEC INDUSTRY GUIDE 7 DEFINITIONS 

 

The following definitions are taken from the mining industry guide entitled “Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations” contained in the Securities Act Industry Guides published by the United States Securities and Exchange Commission, as amended.

 

Exploration State

 

The term “exploration state” (or “exploration stage”) includes all issuers engaged in the search for mineral deposits (reserves) which are not in either the development or production stage.

 

 

 

Development Stage

 

The term “development stage” includes all issuers engaged in the preparation of an established commercially mineable deposit (reserves) for its extraction which are not in the production stage. This stage occurs after completion of a feasibility study.

 

 

 

Mineralized Material

 

The term “mineralized material” refers to material that is not included in the reserve as it does not meet all of the criteria for adequate demonstration for economic or legal extraction.

 

 

 

Probable (Indicated) Reserve

 

The term “probable reserve” or “indicated reserve” refers to reserves for which quantity and grade and/or quality are computed from information similar to that used for proven (measured) reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.

 

 

 

Production Stage

 

The term “production stage” includes all issuers engaged in the exploitation of a mineral deposit (reserve).

 

 

 

Proven (Measured) Reserve

 

The term “proven reserve” or “measured reserve” refers to reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established.

 

 

 

Reserve

 

The term “reserve” refers to that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. Reserves must be supported by a feasibility study done to bankable standards that demonstrates the economic extraction. (“Bankable standards” implies that the confidence attached to the costs and achievements developed in the study is sufficient for the project to be eligible for external debt financing.) A reserve includes adjustments to the in-situ tons and grade to include diluting materials and allowances for losses that might occur when the material is mined.


5


PART I
FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

SANTA FE GOLD CORPORATION

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

September 30,

 

 

June 30,

 

 

 

2019

 

 

2019*

 

 

 

(Unaudited)

 

 

(Audited)

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

$

227,387

 

$

264,900

 

Prepaid expenses and other current assets

 

19,209

 

 

76,921

 

Total current assets

 

246,596

 

 

341,821

 

 

 

 

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

 

 

 

Property and equipment, net

 

232,808

 

 

25,543

 

Mineral property

 

3,515,365

 

 

3,315,365

 

Total non-current assets

 

3,748,173

 

 

3,340,908

 

Total Assets

$

3,994,769

 

$

3,682,729

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

$

3,329,457

 

$

3,151,035

 

Accrued liabilities

 

668,363

 

 

645,068

 

Notes payable

 

558,543

 

 

598,543

 

Notes payable and accrued interest to related party

 

74,528

 

 

63,499

 

Total Current Liabilities

 

4,630,891

 

 

4,458,145

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIT:

 

 

 

 

 

 

Common stock, $.002 par value, 550,000,000 shares authorized at September 30, 2019 and June 30, 2019; 392,242,397 issued and outstanding at September 30, 2019 and 379,775,217 shares issued and outstanding at June 30, 2019

 

784,485

 

 

759,550

 

Additional paid-in capital

 

92,794,048

 

 

91,943,704

 

Accumulated deficit

 

  (94,214,655)

 

 

  (93,478,670)

 

Total Stockholders' Deficit

 

(636,122)

 

 

(775,416)

 

Total Liabilities and Stockholders' Deficit

$

3,994,769

 

$

3,682,729

 

*The balance sheet at June 30, 2019 has been derived from the audited consolidated financial statement at that date.

The accompanying notes are an integral part of the unaudited consolidated financial statements.


6


SANTA FE GOLD CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

REVENUES

 

$

— 

 

 

$

 

 

 

 

 

 

 

 

 

 

Exploration and other mine related costs

 

 

282,974

 

 

 

6,076

 

General and administrative

 

 

466,400

 

 

 

294,326

 

Total Operating Expenses

 

 

749,374

 

 

 

300,402

 

 

 

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

 

(749,374)

 

 

 

(300,402)

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

Recovery (misappropriation) of funds

 

 

27,539

 

 

 

378,060

 

Financing costs- commodity supply agreements

 

 

 

 

 

234,417

 

Interest expense

 

 

(14,150)

 

 

 

(165,783)

 

Total Other Income (Expense)

 

 

13,389

 

 

 

446,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES

 

 

(735,985)

 

 

 

146,292

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(735,985)

 

 

$

146,292

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Per Share Data:

 

 

 

 

 

 

 

 

    Net Income (Loss) - Basic

 

$

(0.00)

 

 

$

(0.00)

 

    Net Income ( Loss) - Diluted

 

$

(0.00)

 

 

$

(0.00)

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

    Basic

 

 

387,108,689

 

 

 

300,000,000

 

    Diluted

 

 

387,108,689

 

 

 

300,100,000

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of the unaudited consolidated financial statements.


7


 

SANTA FE GOLD CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(Unaudited)

 

  

 

 

 

 

 

Additional

 

 

 

 

 

 

 

Three Months Ended September 30, 2019:

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Total

 

Balance, June 30, 2019

 

 

379,775,217

 

 

$

759,550

 

 

$

91,943,704

 

 

$

(93,478,670

)

 

$

(775,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting stock-based compensation

 

 

181,466

 

 

 

363

 

 

 

14,916

 

 

 

 

 

 

15,279

 

Share subscriptions issued

 

 

12,285,714

 

 

 

24,572

 

 

 

835,428

 

 

 

 

 

 

860,000

 

Net income (loss)

 

 

— 

 

 

 

— 

 

 

 

— 

 

 

 

(735,985

 

 

(735,985

Balance, September 30, 2019 (Unaudited)

 

 

392,242,397

 

 

$

784,485

 

 

$

92,794,048

 

 

$

(94,214,655

)

 

$

(636,122

  

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

Three Months Ended September 30, 2018:

 

Common Stock

 

 

Paid- In

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Total

 

Balances, June 30, 2018

 

 

300,000,000

 

 

$

600,000

 

 

$

84,113,690

 

 

$

(102,013,374

)

 

$

(17,299,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation change on mandatory share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     redemption

 

 

 

 

 

 

 

 

342,000

 

 

 

 

 

 

342,000

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

146,292

 

 

 

146,292

 

Balances, September 30, 2018 (Unaudited)

 

 

300,000,000

 

 

$

600,000

 

 

$

84,455,690

 

 

$

(101,867,082

)

 

$

(16,811,392

  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.


8


SANTA FE GOLD CORPORATION

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

   Net income (loss)

$

(735,985

)

$

 146,292

 

   Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

        Stock-based compensation

 

15,279

 

 

17,800

 

       Financing costs – commodity supply agreements

 

 

 

(234,417

)

       Depreciation expense

 

6,670

 

 

 

             Non-cash interest expense  

 

1,029

 

 

 

    Net change in operating assets and liabilities:

 

 

 

 

 

 

        Prepaid expenses and other current assets

 

57,712

 

 

(5,853

)

        Accounts payable and accrued liabilities

 

186,717

 

 

188,613

 

                           Net Cash (Used) Provided in Operating Activities

 

(468,578

)

 

112,435

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

  Payment on mineral property

 

(200,000

)

 

 

  Purchase of property and equipment     

 

(198,935

)

 

 

                         Net Cash Used in Investing Activities:

 

(398,935

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

  

 

 

 

  Proceeds from common stock subscriptions

 

860,000

 

 

200,000

 

  Loan proceeds from a related party

 

10,000

 

 

 

  Payment on note payable principle

 

(40,000

)

 

 

                          Net Cash Provided by Financing Activities

 

830,000

 

 

200,000

 

 

 

 

 

 

 

 

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

 

(37,513

)

 

312,435

 

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

264,900

 

 

18,897

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

227,387

 

$

331,332

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

   Cash paid for interest

$

 —

 

$

 

   Cash paid for income taxes

$

 —

 

$

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

  Valuation change on mandatory share redemption

$

 

$

342,000

 

The accompanying notes are an integral part of the unaudited consolidated financial statements.


9


 

SANTA FE GOLD CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2019

(Unaudited)

 

 

NOTE 1 – ORGANIZATION AND BUSINESS DESCRIPTION

 

Santa Fe Gold Corporation (the “Company”, “our” or “we”) is a U.S. mining company incorporated in Delaware in August 1991. Our general business strategy is to acquire, explore, develop and mine mineral properties. The Company elected on August 26, 2015, to file for Chapter 11 Bankruptcy protection, Case # 15-11761 (MFW) and that case was dismissed on June 15, 2016. The Summit Silver-Gold Project, the Lordsburg Copper Project, Black Canyon Mica Project, Planet MIO Project, all claims and other assets were lost in the process. After the Company emerged from the bankruptcy with a management team of two with no assets, we developed a business plan to raise equity funds to acquire new mining claims, a potential processing plant or arrangements with a processing plant in an acceptable geographic location to potential new mining claims.

 

In August 2017, the Company acquired all the capital stock of Bullard’s Peak Corporation and the related patented and unpatented claims in the Black Hawk district of New Mexico from Black Hawk Consolidated Mines Company for a purchase price of $3,115,365. The mine property is known as the Alhambra mine site. The transaction was finalized and closed in April 2019. The mining property acquired is an asset of Mineral Acquisitions, LLC, one of the Company’s five wholly owned subsidiaries.

 

In January 2019 the Company has acquired right of use on two properties in western New Mexico, consisting of eight (8) patented claims and two unpatented claims, all located in the Steeple Rock Mining District, Grant County, New Mexico and a related water rights lease agreement. The two properties are known as the Billali Mine and the Jim Crow Imperial Mine. The Company has begun improvements to the Jim Crow Imperial mine to start mining operations during the third calendar quarter of 2020.

 

We are considered an “exploration stage” company under the U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7.

 

Interim Financial Statements

 

The accompanying unaudited financial statements and related notes present the Company’s consolidated financial position as of September 30, 2019 and June 30, 2019 (Audited), the consolidated results of operations for the three months ended September 30, 2019 and 2018, the consolidated statements of shareholders’ deficit for the three months ended September 30, 2019 and 2018 and, consolidated cash flows for the three months ended September 30, 2019 and 2018. The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. The accounting policies followed by the Company are set forth in Note 2 to the Company’s financial statements included in Form 10-K for the fiscal year ended June 30, 2019. These interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements presented in the Company’s 2019 Annual Report on Form 10-K filed on July 15, 2020.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation and Going Concern

 

The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due.

 

The Company has recorded net loss of $735,985 for the three months ended September 30, 2019, and has a total accumulated deficit of $94,214,655 and a working capital deficit at September 30, 2019 of $4,384,295. The Company used in operating activities approximately $469,000 during the current period of measurement. The Company currently has no source of generating revenue.


10


To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of current operating expenses until the Company has put into production an acceptable source to generate mineralized ore to generate a revenue stream. Currently we have no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as required, or if available, that its terms will be favorable or acceptable to the Company.

 

At September 30, 2019, the Company was in default on delinquent payments of approximately: $3.04 million on accounts payable, $398,000 on a note payable and $643,000 on other accrued liabilities.

 

The unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries AZCO Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation, and Santa Fe Gold Barbados Corporation, a Barbados corporation, Santa Fe Acquisitions Company, a New Mexico Limited Liability Company,  Mineral Acquisitions, a New Mexico Limited Liability Company and Bullard’s Peak Corporation, a New Mexico Corporation. All significant inter-company accounts and transactions have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions.

 

Significant estimates are used when accounting for the Company's carrying value of mineral properties, fixed assets, depreciation, amortization, accruals, derivative instrument liabilities, valuation of warrants, taxes and contingencies, and stock-based compensation.

 

Fair Value Measurements

 

The carrying values of cash and cash equivalents, accounts payable and accrued liabilities approximated their related fair values as of September 30, 2019, and June 30, 2019, due to the relatively short-term nature of these instruments.

 

Cash and Cash Equivalents

 

The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash balances.

 

Property and Equipment

 

Property and equipment are carried at cost. Maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred.  Expenditures for new property or equipment and expenditures that extend the useful lives of existing property and equipment are capitalized and recorded at cost. Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations.  Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of the equipment are shown below. Land is not depreciated.

 

 

Estimated Useful Life

Mine equipment

7 Years

General equipment

5 – 7 Years

Automotive

4.5 - 5 Years

Small tools

1.25 Years

 

Derivative Financial Instruments  


11


The Financial Accounting Standards Board (“FASB”) provides guidance that requires derivative instruments to be recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. For derivative instruments designated as hedges, the changes in fair value are recorded in the balance sheets as a component of accumulated other comprehensive income (loss). Changes in the fair value of derivative instruments not designated as hedges are recorded in the consolidated statements of operations, generally as a component of other income (expense).

 

Net Income (Loss) Per Share

 

Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the three months ended September 30, 2019, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive.

 

A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share (“EPS”) computation is as follows:  

 

 

 

Net Income

(Numerator)

 

 

Weighted

Average

Common Shares

(Denominator)

 

 

Per Share

Amount

 

For the three months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders

 

$

         146,292

 

 

 

300,000,000

 

 

$

0.00

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive shares from options and warrants

 

 

                   — 

 

 

 

        100,000

 

 

 

 

 

Income available to common stockholders plus assumed conversions

 

$

         146,292

 

 

 

 300,100,000

 

 

$

0.00

 

 

The number of stock options excluded from the calculation of diluted earnings per share for the three months ended September 30, 2018 was 100,000 and excluded warrants was 4,320,000, because their inclusion would have been anti-dilutive.  

 

Stock-Based Compensation

 

Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation’ (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 505, “Equity—Equity Based Payments to Non-Employees” (“ASC 505-50”), for share-based payments to consultants and other third parties, compensation expense is determined at the measurement date, which is the grant date. Until the measurement date is reached, the total amount of compensation expense remains uncertain.

 

The Company accounts for share-based compensation on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The compensation cost is recognized over the expected vesting period. Share based payments to nonemployees are valued at the earlier or a commitment date or completion of services. The Company had stock-based compensation of $15,279 and $17,800 in the three months ending September 30, 2019 and 2018, respectively.

 

Accounting Standards to be Adopted in Future Periods

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with a term of more than one year. Accounting by lessors will remain similar to existing U.S. GAAP. Subsequent accounting standards updates have been issued, which amend and/or clarify the application of ASU 2016-02. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018.  The Company adopted Topic 842 as of July 1, 2019 and at this time the new standard will not have an impact on our consolidated financial statements until significant a lease agreement is entered.


12


In June 2018, the FASB issued ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted, but no earlier than adoption of ASC 606. The Company adopted ASU 2018-07, effective July 1, 2019, and determined the adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

 

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies and adds various disclosure requirements related to fair value disclosures. Disclosures related to transfers between fair value hierarchy levels will be removed and further detail around changes in unrealized gains and losses for the period and unobservable inputs used in determining level 3 fair value measurements will be added, among other changes. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating this guidance and the impact on its Consolidated Financial Statements.

 

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows.

 

Mine Development

 

Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure in an underground mine. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves.

 

Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting non-reserve mineralization to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales.

 

As of September 30, 2019, the Company has not established proven or probable reserves or established the commercial feasibility of any of our exploration projects and all exploration costs are being expensed. The Company may never identify proven and probable reserves.

 

Mineral Rights

 

Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established.

 

To date, the Company has not established the commercial feasibility of any exploration projects; therefore, all exploration costs are expensed as incurred. Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. ASC 930-805, “Extractive Activities-Mining: Business Combinations.” ASC 930-805 states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights.

 

Acquired mineral rights are considered tangible assets under ASC 930-805. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims.

 

When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of long-lived assets”, and evaluates the carrying value under ASC 930-360, “Extractive Activities - Mining”, annually. An impairment is recognized when the sum of the expected


13


undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value.

 

When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development is capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. We may never identify proven and probable reserves.

 

At the time the Company has a revenue stream from a project, the Company will amortize any capitalized balance each quarter. Companies that have reserves under SEC Industry Guide 7 typically capitalize these costs, and subsequently depreciate or amortize them on a units-of-production basis as reserves are mined. Unlike these other companies, our properties have no reserves and we will depreciate or amortize any capitalized costs based on the most appropriate amortization method, which includes straight-line or units-of-production method over the estimated remaining life of the mine, as determined by our geologist. As we have no reliable information to compute  a units of production methodology, we will amortize our capitalized costs on a straight-line basis over the estimated remaining life of the mine as determined by our geologist. Because of these and other differences, our financial statements may not be comparable to the financial statements of mining companies that have proven and probable reserves on their properties.

 

Reclamation Costs

 

Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to accretion expense. The asset retirement cost is capitalized as part of the asset’s carrying value and depreciated over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based on when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets.  No reclamation costs were required for the three months ended September 30, 2019.

 

 

NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at September 30, 2019 and June 30, 2019:

 

 

 

 

September 30,

 

 

June 30,

 

 

 

 

2019

 

 

2019

 

 

Vehicles

$

20,725

 

$

20,725

 

 

     Small tools

 

4,882

 

 

 

 

Mining equipment

 

178,871

 

 

4,818

 

 

Land, non-mineral

 

35,000

 

 

 

 

 

 

239,478

 

 

25,543

 

 

Less Accumulated depreciation

 

(6,670

)

 

 

 

 

$

232,808

 

$

25,543

 

 

During the three-month periods ended September 30, 2019 and 2018 the Company recognized depreciation expense of $6,670 and $0, respectively.

 

The Company during the current quarter, began maintenance and repair activities at the Jim Crow mine site along with geological work on the site and related mine ore material. The Company during this quarter purchased the required materials and equipment to perform the required activities under our mine manager. During the quarter our major mining equipment purchases aggregated $174,053. The significant acquisitions were mainly a crusher, generators, wheel loader, conveyors and freight on related heavy equipment purchases. We also purchased a site for a storage yard for our mine inventory for $35,000 and is accessible to our Billali and Jim Crow mines. The property consist of 1.64 acres, has water and electricity to the property, a night security light and security fencing with a truck access gate.


14


NOTE 4 –MINERAL PROPERTIES

 

The Company has capitalized acquisition costs on mineral properties as follows:

 

 

 

 

 

September 30,

 

 

June 30,

 

 

 

 

 

2019

 

 

2019

 

 

 

Alhambra - Blackhawk project

$

3,115,365

 

$

3,115,365

 

 

 

Billali – Jim Crow Imperial mineral rights project

 

400,000

 

 

200,000

 

 

 

 

 

3,515,365

 

 

3,315,365

 

 

 

Less Accumulated amortization

 

 

 

 

 

 

 

$

3,515,365

 

$

3,315,365

 

 

Exploration Status

 

We have not established that the Alhambra - Blackhawk project or Billali Mine - Jim Crow mine rights projects contain proven or probably reserves, as defined under Industry Guide 7.  Minimal exploration activities have commenced to date and minimal exploration costs have been incurred and expensed. To date, the Company has not (i) commenced or adopted plans to conduct any exploration, (ii) prepared drilling plans, proposals, timetables or budgets for exploration work, or (iii) identified engineers and other personnel that will conduct or assist in any exploration work.  The Company will need to raise funds to conduct exploration work and it currently lacks a firm financing commitment for any exploration activities.

 

The Company commenced development of the Jim Crow mine in late 2019. Work to date has consisted of beginning the upgrading of the surface facilities, rehabilitating the shaft, expanding the hoisting capability and underground development on three levels. A crushing plant was purchased and installed at Duncan, Arizona, in late 2019.

 

Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date.  Mining assets include mineral rights. The payments made under the Billali Mine - Jim Crow Mine Agreement are capitalized by the Company and when a revenue stream is attained the capitalized balance will amortized.

 

NOTE 5 ACCRUED LIABILITIES

 

Accrued liabilities consist of the following at September 30, 2019 and June 30, 2019:

 

 

September 30,

 

 

June 30,

 

 

 

2019

 

 

2019

 

Interest

$

207,442

 

$

194,318

 

Vacation

 

15,771

 

 

15,771

 

Payroll

 

119,794

 

 

124,623

 

Franchise taxes

 

8,697

 

 

8,697

 

Other

 

44,579

 

 

29,579

 

Audit

 

18,557

 

 

18,557

 

Property taxes

 

253,523

 

 

253,523

 

 

$

668,363

 

$

645,068

 

 

NOTE 6 – NOTES PAYABLE

 

Installment Note

 

On June 1, 2012, the Company entered into an installment sales contract for $593,657 to purchase certain equipment. The term of the agreement is for 48 months at an interest rate of 5.75%, with the equipment securing the loan. The balance owed on the note was $398,793 at September 30, 2019 and June 30, 2019. The Company has been unable to make its monthly payments since November 2013, and has been in default since that time. The equipment has been returned to the vendor for sale and remains unsold at September 30, 2019. Interest expense for the three months ended September 30, 2019 and 2018 was $5,733, respectively. Accrued interest on the note at September 30, 2019 and June 30, 2019 was $116,351 and $110,618, respectively.


15


Note Payable

 

An individual during the prior fiscal year loaned Company $239,750 of which the Company paid back $40,000 during that current fiscal year and $40,000 was paid back during the current quarter. The loan is at an annual interest rate of 6%, has no stated due date and is payable on demand by the lender. Accrued interest on the loan at September 30, 2019 and June 30, 2019 was $10,531 and $7,793, respectively. Interest expense on the loan for the three months ended September 30, 2019 and 2018 is $2,738 and $0, respectively.

 

The following summarizes notes payable: 

 

September 30,

 

 

June 30,

 

 

2019

 

 

2019

Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016.

$

       398,793

 

$

398,793

Note payable

 

159,750

 

 

199,750

Notes payable - current

$

558,543

 

$

598,543

 

NOTE 7 – FAIR VALUE MEASUREMENTS

 

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

Level 1

 

Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2

 

Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3

 

Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.  A slight change in unobservable inputs such as volatility can significantly have a significant impact on the fair value measurement of the derivatives liabilities.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amounts of the Company’s financial assets and liabilities, such as cash and accounts payable approximate their fair values because of the short maturity of these instruments.

 

NOTE 8 – CONTINGENCIES AND COMMITMENTS

 

Billali and Jim Crow/Imperial Mines Project

 

The Company determined the Agreement on the Billali and Jim Crow/Imperial mines is effectively a lease and is cancellable at any time by the Company. Costs of mineral lease renewals, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. The Company can cancel the Agreement at any time  as detailed in the Agreement.

 

As of September 30, 2019, the Company has not established the commercial feasibility of any of our exploration projects; therefore, all exploration costs are being expensed. In the three months ended September 30, 2019, we paid and capitalized $200,000 under the Agreement. Acquired mineral rights are considered tangible assets under ASC 930-805. As a result, the direct


16


costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims

 

Payments under the Amended Agreement No. 4 dated effective October 7, 2020, on the Billali and Jim Crow/Imperial project are as follows:

 

The Total Purchase Price of $10,000,000 will be paid as follows:

(i)Six Hundred Thousand Dollars ($600,000) has been paid by Buyer to Seller as of the date of this   Amendment. 

(ii)Commencing November 1, 2020 and continuing on the first day of each subsequent month thereafter, a monthly payment of $25,000 will be paid until (A) the mill processing plant to create concentrate is in operation and (B) we received our first payment for shipment of such concentrate from the mill (satisfaction of these two items is referred to as “Milestone”).  Upon satisfaction of this Milestone and commencing on the first day of the following month and continuing the first day of each subsequent month thereafter, Buyer will pay to Seller the sum of Fifty Thousand Dollars ($50,000) until a total of  One Million Six Hundred Thousand Dollars  ($1,600,000  is paid.  

(iii)Commencing 30 days after the last payment in (ii) above and continuing with 48 subsequent payments every 30 days thereafter, Buyer will pay to Seller the sum of One Hundred Seventy-Five Thousand Dollars ($175,000.00) per period. 

(iv)Each payment made hereunder will be allocated Twenty-Five per cent (25%) to the Billali and Seventy-Five percent (75%) to the Jim Crow, Imperial. 

 

Office and Real Property Leases

 

On August 1, 2015, the Company moved the office to a single room located in Albuquerque, NM, at the home of the CFO for a monthly rent of $500 until the Company is required to lease increased office space due to additional personnel requirements. Rent expense totaled $1,500 for the three months ended September 30, 2019 and 2018, respectively.

 

Title to Mineral Properties

 

Although the Company has taken steps, consistent with industry standards, to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

 

NOTE 9 - STOCKHOLDERS' DEFICIT

 

Common Stock Transactions

 

For the three months ended September 30, 2019:

 

 

(i)

Issued 181,466 shares of restricted common stock for consulting services at a value of $15,279 on the date of issuance;

 

(ii)

Issued an aggregate of 12,285,714 shares of restricted common stock to accredited investors for cash proceeds of $860,000.

 

Stock Warrants

 

During the three months ended September 30, 2019, the Company issued no new warrants and no warrants expired.

 

Stock Options

 

During three months ended September 30, 2019, the Company granted no new options and no options expired.


17


Stock option and warrant activity, for the three months ended September 30, 2019, are as follows:

 

 

Stock Options

Stock Warrants

 

 

Weighted

 

Weighted

 

 

Average

 

Exercise

 

Shares

Price

Shares

Price

Outstanding at June 30, 2019

30,100,000

$0.05

100,000

$0.15

               Granted

               Canceled

               Expired

               Exercised

Outstanding at September 30, 2019

30,100,000

$0.05

100,000

$0.15

Stock options and warrants outstanding and exercisable at September 30, 2019 are as follows:

 

 

Outstanding and Exercisable Options

 

 

 

 

 

Outstanding and Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

Contractual

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

Contractual

 

 

Weighted

 

Exercise

 

 

 

 

 

 

 

Remaining

 

 

Average

 

 

Exercise

 

 

 

 

 

 

 

 

Remaining

 

 

Average

 

Price

 

Outstanding

 

 

Exercisable

 

 

Life

 

 

Exercise

 

 

Price

 

 

Outstanding

 

 

Exercisable

 

 

Life

 

 

Exercise

 

Range

 

Number

 

 

Number

 

 

(in Years)

 

 

Price

 

 

Range

 

 

Number

 

 

Number

 

 

(in Years)

 

 

Price

 

$0.07

 

100,000

 

 

100,000

 

 

.26

 

$

0.07

 

$

0.15

 

 

100,000

 

 

100,000

 

 

3.21

 

$

0.15

 

$0.05

 

30,000,000

 

 

30,000,000

 

 

4.47

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

30,100,000

 

 

30,100,000

 

 

 

 

 

 

 

 

 

 

 

100,000

 

 

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Options

 

 

4.46

 

$

0.05

 

 

Outstanding Warrants

 

 

 

 

 

3.21

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable Options

 

 

4.46

 

$

0.05

 

 

Exercisable Warrants

 

 

 

 

 

3.21

 

$

0.15

 

As of September 30, 2019, the aggregate intrinsic value of all stock options and warrants vested was $992,300.  The intrinsic value of each option share is the difference between the fair market value of the common stock and the exercise price of such option or warrant share to the extent it is "in-the-money". Aggregate intrinsic value represents the value that would have been received by the holders of in-the-money options had they exercised their options on the last trading day of the quarter and sold the underlying shares at the closing stock price on such day. The intrinsic value calculation is based on the $0.083 closing stock price of the common stock on September 30, 2019.

 

The total intrinsic value associated with options exercised during the three months ended September 30, 2019, was $0. Intrinsic value of exercised shares is the total value of such shares on the date of exercise less the cash received from the option or warrant holder to exercise the options.

 

NOTE 10 – RELATED PARTY TRANSACTIONS

 

On August 1, 2015, the Company leased a home office space from the Company’s CFO for $500 a month for the corporate administrative office in Albuquerque, NM until such time growth requires a larger corporate administrative office. Rent expense for the three months ended September 30, 2019 and 2018 was $1,500 respectively.

 

The board authorized on June 16, 2016, the hiring of Nataliia Mueller, wife of the Company’s CFO, with a current annual wage of $60,000 as an assistant to the CFO.

 

During the fiscal year ended June 30, 2019, the CFO for the Company loaned the Company $10,000 and deferred net salary aggregating $51,848 into a note at 6% per annum and during the quarter ended September 30, 2019, loaned an additional $10,000. Accrued interest on the note at September 30, 2019 and June 30, 2019, was $2,680 and $1,650, respectively. Interest expense on the note for the three months ended September 30, 2019 and 2018 was $1,029 and $0, respectively. The loan has no stated due date and is payable on demand by the lender. The combined loan and interest balance at September 30, 2019 and June 30, 2019 was $74,528 and $63,499, respectively.

 

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply


18


that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

 

NOTE 11 – LEGAL PROCEEDINGS

 

All legal proceedings were stayed with the filing of Chapter 11 bankruptcy.

 

Boart Long year Company v. Lordsburg Mining Company, Case No. D-2-2-CV-2015- 06048, County of Bernalillo, NM; Boart Longyear Company v. Lordsburg Mining Company, Case No. D-721-CV-2015- 00058, County of Sierra, NM; and Boart Longyear Company v. Lordsburg Mining Company, Case No. D-608-CV- 201500165, County of Quintero, NM.  There are a series of collection cases by Boart Longyear Company, a company that obtained Utah judgments for equipment delivered to Lordsburg Mining Company in the aggregate amounts of $158,480 and has an interest rate of 5.25% per annum. Accrued interest on the obligation at September 30, 2019 and June 30, 2019 was $30,436 and $28,339 respectively. Interest on the obligation for the three months ended September 30, 2019 and 2018 was $2,097 respectively.

 

Wagner Equipment Co. v. Lordsburg Mining Company, Case No. D-2014-02372, County of Bernalillo, NM 28 is a collection case by Wagner equipment, who obtained judgment for equipment delivered to Lordsburg Mining Company in the amount of $115,789 and has a rate of interest of 8.75% per annum. During the three months ended September 30, 2019 and 2018, Company interest on the obligation was $2,554, respectively. Accrued interest on the obligation at September 30, 2019 and June 30, 2019 was $50,125 and $47,571, respectively.

 

The bankruptcy court set up a Trust fund that will be funded by the activities of the Summit mine for five (5) years after reopening of the mine and the trust funds will be distributed by an independent trustee to all credit holders on record.  Currently all debts at the time of the bankruptcy are currently due and in default. None of the claims have been reopened since June 2016.

 

In November 2017, the Company entered into substantially identical agreements with Fortune Graphite, Inc. and Worldwide Graphite Producers, Ltd. to acquire a total of four placer claims for aggregate consideration of Can$400,000 and the issuance of 10,000,000 shares of Company common stock.  The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock.  To date, the Company has paid Can$260,000.  The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock.  Based upon our subsequent scrutiny and analysis of the transaction, the Company in February 2019 initiated an arbitration proceeding against the seller to void and rescind the purchase of these British Columbia properties, including requesting additional remedies.  The Company cannot predict the outcome of this arbitration, and there can be no assurance that the Company will not lose its interest in these claims, or owe seller the remaining outstanding amounts. In connection with this arbitration, the Company’s legal position is to void the transaction and, due to the uncertainty of the outcome, has provided an impairment of the amount at June 30, 2019, in the amount of $210,116.

 

In November 2018, Santa Fe filed a complaint in Luna County District Court, State of New Mexico, requesting a $930,000 money judgment against Mr. and Mrs. Laws for misappropriation of Company funds, in addition to foreclosing on the mortgage Mr. and Ms. Laws granted to Santa Fe on real property to secure the promissory note located in Luna County, New Mexico.  

 

In November 2018, Santa Fe filed a similar complaint in Grant County District Court, State of New Mexico, as Mr. and Mrs. Laws and XYZ Ranch Estates, LLC granted Santa Fe a deed of trust and a mortgage, respectively, on several pieces of real property in Grant County, New Mexico. Mr. Laws also granted Santa Fe a security agreement on an airplane located in Grant County, New Mexico.  The complaint in Grant County requested a money judgment in the amount of $930,000 against Mr. and Mrs. Laws, in addition to a request to foreclose on the assets pledged to us located in Grant County, New Mexico.  

 

Subsequent professional costs including legal, auditing, forensic accounting and related filing costs related to this event have been added to the amounts owed by Mr. Laws. At the time of filing this report, we have determined costs associated with Mr. Laws action currently aggregates $1,651,263, of which we have collected $485,966 as of the date of filing this report.

 

As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by the U. S. District Attorney for the District of New Mexico , which include the Company allegations. Mr. Laws is currently awaiting sentencing on the pleaded to charges. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court and the Company does not anticipate receiving a substantial reimbursement of the remaining Laws costs.

 

The Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) have each initiated investigation’s into the Company and certain other individuals, resulting from the Laws transactions and related misappropriation of funds described herein.  The SEC has obtained a formal order to investigate the Company.  The DOJ investigation is still preliminary.  These types of investigations are expensive, time-consuming for management, and unpredictable – often resulting in other aspects of the Company’s


19


operations becoming subject to regulatory scrutiny.  These investigations are ongoing and no prediction can be made regarding the timing or outcome of such matters including remedial action pursued against the Company and others, including its officers and directors.

 

In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements not to be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote.

 

We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. Other than the above described litigation, as of September 30, 2019, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements.

 

Because litigation outcomes are inherently unpredictable, the Company’s evaluation of legal proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. If the assessments indicate that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. While the consequences of certain unresolved proceedings are not presently determinable, and an estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be reasonably made, an adverse outcome from such proceedings could have a material adverse effect on its financial statements in any given reporting period. However, in the opinion of Management, after consulting with legal counsel, the ultimate liability related to the current outstanding litigation is not expected to have a material adverse effect on its financial statements.

 

NOTE 12 – SUBSEQUENT EVENTS

 

Recent Issuances of Unregistered Securities

 

In the period from October 1, 2019 through October 14, 2020, the Company sold an aggregate of 24,107,143 restricted shares of common stock to nine existing accredited investors for cash proceeds $1,482,500. During this period the Company sold an aggregate of 6,642,858 restricted shares of common stock to the chairman of the board for cash proceeds $375,000.

 

In the period from March 2020 through October 14, 2020, the Company issued warrants to existing accredited  investors aggregating 6,541,667, and 2,250,000 warrants to the chairman of the board that were attached to restricted stock purchases. The warrants were vested at issuance, have a two or three-year life and an exercise price of $0.05 to $0.07 per share.

 

During the period from October 1, 2019 through October 14, 2020, the Company issued 797,517 restricted shares of common stock for consulting services at a market value of $62,707 on the date of issuance.

 

On April 10, 2020, the Company converted $100,000 of accrued salary for the Company’s CFO into 2,000,000 shares of restricted common stock at a market value of $117,000 on the date of grant and recorded a loss on debt conversion of $17,000. Warrants issued in conjunction with the conversion were 1,000,000 vested three-year warrants and have an exercise price of $0.05 per share.

 

On June 30, 2020, the Company converted a note payable with the Company’s CFO consisting of principal and interest of $42,037 and $6,178, respectively, into 964,299 shares of restricted common stock at $0.05 per share. The market value on the date of conversion was $67,501 and on the date of conversion the Company recorded a loss on debt conversion of $19,286. In conjunction with the conversion, 482,149 vested three-year warrants were granted and have an exercise price of $0.05 per share.

 

On August 7, 2020, former Chief Financial Officer (“CFO”) of the  Company resigned from that position. As the former CFO has significant institutional knowledge and background Company knowledge, the Board offered the individual the position of Managing Director of Mining Operations with a signing bonus of $20,000 and 750,00 shares of restricted common stock and an employment agreement was signed.

 

Miscellaneous Events

 

On December 18, 2019, Mr. Daniel Gorski, our consultant geologist, was appointed to our board of directors.


20


 

As of filing of this report, the Company has determined that Mr. Laws owes the Company $1,651,263, net of funds recovered from Mr. Laws of $485,966. This amount represents an increase consisting of legal, forensic accounting services incurred by the Company and the audit restatement of our fiscal year 2017 that was attributable the misappropriation of funds. The current amount does not include any penalties or interest as provided in the secured promissory note and security agreement signed by Mr. Laws. The Company does not anticipate collecting a material amount due from Mr. Laws and any recovery will be determined by the bankruptcy court.

 

As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by government officials, which include the Company allegations. Mr. Laws is currently awaiting sentencing on the charges he plead to. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court.

 

Effective July 7, 2020, the Company retained a new Chief Financial Officer and an employment agreement was signed.

 

The Company signed employment agreements with the new Chief Financial Officer and Managing Director of Mining Operations. The agreements are a one-year employment agreement with the Company, with automatic successive one-year renewals provided that neither  party has provided notice of termination prior to 30 days from the end of such applicable term.

 

ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Forward-Looking Statements

 

In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. See “Cautionary Statement on Forward-Looking Statements.” Our results and the timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including the risk factors described in this report and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2019.

 

Overview

 

We are an exploration company that owns certain mining and mineral rights at our Alhambra-Blackhawk project and have right-of-use mineral rights comprising the Billali and Jim Crow-Imperial mine project in southwest New Mexico.

 

During the three-months ended September 30, 2019, the Company focused primarily on repair and improvement projects at the Jim Crow mine site and initiated our limited exploratory program at the mine site.  

 

Basis of Presentation and Going Concern

 

The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due.

 

The Company has recorded a net loss of $735,985 for the three months ended September 30, 2019, and has a total accumulated deficit of $94,214,655 and a working capital deficit at September 30, 2019 of $4,384,295. The Company used in operating activities, approximately $469,000. The Company currently has no source of generating revenue.

 

To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of current operating expenses until the Company has put into production, an acceptable source to generate mineralized ore to generate a revenue stream. Currently we have no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as required, or if available, that its terms will be favorable or acceptable to the Company.

 

At September 30, 2019, the Company was in default on delinquent payments of approximately: $3.04 million on accounts payable, $398,000 on a note payable and $643,000 on other accrued liabilities.

 

The unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.


21


The results of operations in the past reflected a continued under-capitalization of our projects which required additional funding to be able to achieve full project performance and sustained potential profitability. We currently are dependent on additional financing to resume any mining operations and to continue our exploration efforts in the future as warranted.

 

Operating Results for the Three Months Ended September 30, 2019 and 2018

 

Revenue

 

During the three months ended September 30, 2019 and 2018, the Company had no revenue in the periods of measurement.

 

Operating Costs and Expenses

 

Our operating expenses incurred in three months ended September 30, 2019, increased $448,972 from $300,402 in the three months ended September 30, 2018, to $749,374 for the current period of measurement. The increases in operating expenses in the current period of measurement is attributable to increased exploration and mine related costs of $270,228, and increased general and administrative of $172,074 and an increase in depreciation of $6,670.

 

The increase in exploration and mine related costs were incurred on the Jim Crow mine and consisted of $156,470 in wages and payroll burden costs and other mine related costs of $113,758. The increase in general and administrative of $172,074 was mainly attributable to decreased consulting fees related to working capital raises of $62,803 and offset by an increase accounting and audit fees of $175,666, legal fees of $35,871 and salaries and payroll burden costs of $14,714.

 

Other Income (Expense)

 

Other income for the three months ended September 30, 2019, was $13,389 as compared to $446,694 for three months ended September 30, 2018, a decrease in other income of $433,305. The net decrease in other income for the current period of measurement is mainly comprised of the following income components: decrease in financing costs on commodity supply agreements of $234,417 and a decrease in recovery of a misappropriation of funds aggregating $350,521. These income items were offset by a decrease in interest expense of $151,633. The decreased interest expense and financing costs on commodity supply agreements are a result of debt write-off at our fiscal year ended June 30, 2019.

 

Liquidity and Capital Resources; Plan of Operation

 

The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due.

 

The Company has recorded a net loss of $735,985 for the three months ended September 30, 2019, and has a total accumulated deficit of $94,214,655 and a working capital deficit at September 30, 2019 of $4,384,295. The Company used in operating activities, approximately $469,000. The Company currently has no source of generating revenue.

 

To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of current operating expenses until the Company has put into production an acceptable source to generate mineralized ore to generate a revenue stream. Currently we have no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as required, or if available, that its terms will be favorable or acceptable to the Company.

 

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.


22


ITEM 4 – CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

During the three months ended September 30, 2019, our management, with the participation of our Chairman and Chief Financial Officer of the Company at that time, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended. Our Chairman and Interim Chief Financial Officer have concluded that, as of September 30, 2019, our disclosure controls and procedures were not effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the required time periods and are designed to ensure that information required to be disclosed in our reports is accumulated and communicated to our management, including our Chairman and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. This was due to the following material weakness:

 

Due to the Company’s continuing financial condition, the Company had limited personnel which resulted in a lack of segregation of duties and a lack of formal reviews at multiple levels. A significant weakness existed that our then current Chief Executive Officer, also a CPA, insisted on maintaining various original detail financial records at his office and not the corporate office. The lack of not receiving these original documents and related reviews, resulted in the Company uncovering a misappropriation of Company funds by the then current Chief Executive Officer.

 

At the beginning of the current fiscal year, new formal policies were initiated for review of material transactions by an outside accounting professional with a CPA and CFO background and all disbursements reviewed and approved by the Chairman of the Board. Any discrepancies will be reported directly to the Board of Directors. These policies are intended for multiple reviews on all material transactions and assist in eliminating a material weakness described above.

 

Inherent Limitations over Internal Controls

 

The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).

 

While present in our design of internal controls, our internal controls over financial reporting and disclosure are not written; however, the operation of many controls are in place and are applied on a consistent basis. Company personnel perform controls standard to: 1) approve all Company expenditures, 2) approve and sign contractual obligations, 3) reconcile bank accounts and other general ledger accounts, and 4) many other similar rudimentary controls applied as best practice.

 

However, we have concluded that due to the Company’s small size and limited personnel available to perform control functions, and the weakness described above, the Company was precluded from applying adequate segregation of duties in financial transactions. The Company has taken steps to assure all original financial documents are received and maintained at the corporate office. The material weaknesses described are common to companies of our similar size and staffing in our industry. We expect these material weakness conditions to continue for the foreseeable future, or until Company growth results in additional personnel to perform segregated financial functions.

 

Management, including the Company’s Chairman and Chief Financial Officer, does not expect that the Company’s internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Exchange Act, during the three months ended September 30, 2019, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


23


PART II

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

All legal proceedings were stayed with the filing of Chapter 11 bankruptcy.

 

Boart Long year Company v. Lordsburg Mining Company, Case No. D-2-2-CV-2015- 06048, County of Bernalillo, NM; Boart Longyear Company v. Lordsburg Mining Company, Case No. D-721-CV-2015- 00058, County of Sierra, NM; and Boart Longyear Company v. Lordsburg Mining Company, Case No. D-608-CV- 201500165, County of Quintero, NM.  There are a series of collection cases by Boart Longyear Company, a company that obtained Utah judgments for equipment delivered to Lordsburg Mining Company in the aggregate amounts of $158,480 and has an interest rate of 5.25% per annum. Accrued interest on the obligation at September 30, 2019 and June 30, 2019 was $30,436 and $28,339 respectively. Interest on the obligation for the three months ended September 30, 2019 and 2018 was $2,097 respectively.

 

Wagner Equipment Co. v. Lordsburg Mining Company, Case No. D-2014-02372, County of Bernalillo, NM 28 is a collection case by Wagner equipment, who obtained judgment for equipment delivered to Lordsburg Mining Company in the amount of $115,789 and has a rate of interest of 8.75% per annum. During the three months ended September 30, 2019 and 2018. Company interest on the obligation was $2,554, respectively. Accrued interest on the obligation at September 30, 2019 and June 30, 2019 was $50,125 and $47,571, respectively.

 

The bankruptcy court set up a Trust fund that will be funded by the activities of the Summit mine for five (5) years after reopening of the mine and the trust funds will be distributed by an independent trustee to all credit holders on record.  Currently all debts at the time of the bankruptcy are currently due and in default. None of the claims have been reopened since June 2016.

 

In November 2017, the Company entered into substantially identical agreements with Fortune Graphite, Inc. and worldwide Graphite Producers, Ltd. to acquire a total of four placer claims for aggregate consideration of Can$400,000 and the issuance of 10,000,000 shares of Company common stock.  The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock.  To date, the Company has paid Can$260,000.  The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock.  Based upon our subsequent scrutiny and analysis of the transaction, the Company in February 2019 initiated an arbitration proceeding against the seller to void and rescind the purchase of these British Columbia properties, including requesting additional remedies.  The Company cannot predict the outcome of this arbitration, and there can be no assurance that the Company will not lose its interest in these claims, or owe seller the remaining outstanding amounts. In connection with this arbitration, the Company’s legal position is to void the transaction and, due to the uncertainty of the outcome, has provided an impairment of the amount at June 30, 2019, in the amount of $210,116.

 

In November 2018, Santa Fe filed a complaint in Luna County District Court, State of New Mexico, requesting a $930,000 money judgment against Mr. and Mrs. Laws for misappropriation of Company funds, in addition to foreclosing on the mortgage Mr. and Ms. Laws granted to Santa Fe on real property to secure the promissory note located in Luna County, New Mexico.  

 

In November 2018, Santa Fe filed a similar complaint in Grant County District Court, State of New Mexico, as Mr. and Mrs. Laws and XYZ Ranch Estates, LLC granted Santa Fe a deed of trust and a mortgage, respectively, on several pieces of real property in Grant County, New Mexico. Mr. Laws also granted Santa Fe a security agreement on an airplane located in Grant County, New Mexico.  The complaint in Grant County requested a money judgment in the amount of $930,000 against Mr. and Mrs. Laws, in addition to a request to foreclose on the assets pledged to us located in Grant County, New Mexico.  

 

Subsequent review of these transactions for the fiscal year ended June 30, 2017, resulted in a restatement of assets and operating costs in the amount of $971,099 and charged to the former chief executive officer. Subsequent professional costs including legal, auditing, forensic accounting and related filing costs related to this event have been added to the amounts owed by Mr. Laws. At the time of filing this report, we have determined costs associated with Mr. Laws action currently aggregates $1,651,263, of which we have collected $485,966 as of the date of filing this report.

 

As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by the U. S. District Attorney for the District of New Mexico , which include the Company allegations. Mr. Laws is currently awaiting sentencing on the pleaded to charges. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court and the Company does not anticipate receiving a substantial reimbursement of the remaining Laws costs.

 

The Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) have each initiated investigation’s into the Company and certain other individuals, resulting from the Laws transactions and related misappropriation of funds described herein.  The SEC has obtained a formal order to investigate the Company.  The DOJ investigation is still preliminary.  These types of investigations are expensive, time-consuming for management, and unpredictable – often resulting in


24


other aspects of the Company’s operations becoming subject to regulatory scrutiny.  These investigations are ongoing and no prediction can be made regarding the timing or outcome of such matters including remedial action pursued against the Company and others, including its officers and directors.   

 

In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements not to be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote.

 

We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. Other than the above-described litigation, as of September 30, 2019, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements.

 

Because litigation outcomes are inherently unpredictable, the Company’s evaluation of legal proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. If the assessments indicate that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. While the consequences of certain unresolved proceedings are not presently determinable, and an estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be reasonably made, an adverse outcome from such proceedings could have a material adverse effect on its financial statements in any given reporting period. However, in the opinion of Management, after consulting with legal counsel, the ultimate liability related to the current outstanding litigation is not expected to have a material adverse effect on its financial statements.

 

ITEM 1A. RISK FACTORS

 

Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described in our annual report for Fiscal 2019, although we may disclose changes to such risk factors or disclose additional risk factors from time to time in our future filings with on Form 10-K for our year fiscal ended June 30, 2019, in addition to the other information included in this quarterly report. If any of the risks described actually occurs, our business, financial condition or results of operations would likely suffer. In that case, the trading price of our common stock could fall.

 

Except as set forth herein, Santa Fe Gold and all its subsidiaries, filed for bankruptcy protection under Chapter 11 in the state of Delaware, Case # 15-11761-MFW on August 26, 2015 and on June 15, 2016, the case was dismissed on June 15, 2016. The Company’s most current risk factors are disclosed in our Annual Report filed with the Commission on Form 10-K for the fiscal year ended June 30, 2019 to the SEC on July 15, 2020 and are incorporated herein by reference.

 

ITEM 2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Between July 1, 2019, and September 30, 2019, in reliance upon the exemptions from registration provided by Section 4(a)(2) of the Securities Act and/or  Regulation S promulgated thereunder, the Company accepted a stock subscription from an existing accredited investor at $0.07 per share for an aggregate of 12,285,714 shares of the Company’s restricted common stock for a total aggregate consideration of $860,000. There were no subsequent or contemporaneous public offerings of common stock by the Company or other securities. The shares of the Company’s restricted common stock were broken down into smaller denominations and gifted to family members. Negotiations for the issuance of the shares took place directly between the investor and the Company.

 

The Company, on July 31, 2019, approved the issuance of 181,466 shares of restricted common stock for consulting fees with a value of $15,279 on the issuance date.

 

The issuances of the restricted common shares during the three months ended September 30, 2019, were exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a) (2) thereof and/or Regulation S promulgated thereunder and/or because such issuances did not involve a public offering and/or because such sales were to non-US-persons. The cash proceeds were utilized for working capital by the Company. In connection with transactions referenced above, other than issuances to the Company’s officers, directors, employees and consultants for services, the Company obtained representations from the investor that (i) such investor was an “accredited investor” within the meaning of Rule 501 of Regulation D, (ii) such investor was acquiring the securities for its own account for investment and not for the account of any other person and not with a view to or for distribution, assignment or resale in connection with any distribution within the meaning of the Securities Act, (iii) such investor understands that the purchased securities or shares underlying such securities are subject to


25


transfer restrictions under the Securities Act and any applicable state securities laws, (iv) such investor has knowledge and experience in financial and business matters such that such investor is capable of evaluating the merits and risks of an investment in us, and (v) such investor has considered the risk factors contained in SEC filings.  

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

With the filing of bankruptcy protection on August 26, 2015, all debt securities are in default and all but Waterton remain after the dismissal of the proceedings on June 15, 2016.

 

ITEM 4. MINE SAFETY DISCLOSURES  

 

Pursuant to Section 1503(a) of the Dodd-Frank Act, issuers that are operators, or that have a subsidiary that is an operator of mine in the United States are required to disclose specified information about mine health and safety in their periodic reports. These reporting requirements are based on the safety and health requirements applicable to mines under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”) which is administered by the U.S. Department of Labor’s Mine Safety and Health Administration (“MSHA”). During the three-month period ended September 30, 200  19, we and our properties or operations were not subject to regulation by MSHA under the Mine Act and thus no disclosure is required under Section 1503(a) of the Dodd-Frank Act.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS  

(a)The following exhibits are filed as part of this report: 

Exhibit

Description

31.1

Certification of Chief Financial Officer and Principal Accounting Officer pursuant to Rule 13a-14a and Rule 15d-14(a).

 

 

32.1

Certification of Chief Financial Officer and Principal Accounting Officer pursuant to 18 U.S.C.-. Section 1350.

 

 

 

SIGNATURES:

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 27, 2020

/s/ Stephen J. Antol

 

Stephen J. Antol

Chief Financial Officer, Principal Accounting Officer

 

 

 

 

 

 

 

 

 

 


26

 

EX-31.1 2 sfeg_ex31z1.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13A-14 OR 15D-14 OF THE SECURITIES
EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Stephen J. Antol, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Santa Fe Gold Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 27, 2020

/s/ Stephen J. Antol

 

Stephen J. Antol

 

Chief Financial Officer, Principal Accounting Officer

 


EX-32.1 3 sfeg_ex32z1.htm CERTIFICATION

EXHIBIT 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

          In connection with this Quarterly Report of Santa Fe Gold Corporation, (the “Company”) on Form 10-Q for the three-month period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

 

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company, as of, and for the periods presented in the Report.

 

 

 

 

Date October 27, 2020

/s/ Stephen J. Antol

     

Stephen J. Antol

 

Chief Financial Officer, Principal Accounting Officer

 

 

 

         


EX-101.CAL 4 sfeg-20190930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 sfeg-20190930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.INS 6 sfeg-20190930.xml XBRL INSTANCE DOCUMENT 0000851726 --06-30 10-Q true 2019-09-30 false 001-12974 SANTA FE GOLD CORPORATION DE 84-1094315 3544 Rio Grande Blvd. NW Albuquerque NM 87107 505 255-4852 Registrant&#146;s telephone number, including area code No No Non-accelerated Filer true false false 427504214 false 2020 Q1 19209 76921 246596 341821 3748173 3340908 3994769 3682729 3329457 3151035 4630891 4458145 0.002 0.002 550000000 550000000 392242397 392242397 379775217 379775217 784485 759550 92794048 91943704 -93478670 3994769 3682729 0 0 282974 6076 466400 294326 749374 300402 -749374 -300402 -27539 -378060 0 -234417 14150 165783 13389 446694 -735985 146292 0 0 -0.00 -0.00 -0.00 -0.00 387108689 300000000 387108689 300100000 379775217 759550 91943704 -93478670 -775416 181466 363 14916 0 12285714 24572 835428 0 0 0 -735985 392242397 784485 92794048 -94214655 -636122 300000000 600000 84113690 -102013374 -17299684 0 0 146292 300000000 600000 84455690 -101867082 -16811392 146292 0 -234417 6670 0 1029 0 -57712 5853 186717 188613 -468578 112435 200000 0 198935 0 -398935 0 200000 10000 0 40000 0 830000 200000 -37513 312435 264900 18897 227387 331332 0 0 0 0 0 342000 <b>NOTE 1 &#150; ORGANIZATION AND BUSINESS DESCRIPTION</b><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Santa Fe Gold Corporation (the &#147;Company&#148;, &#147;our&#148; or &#147;we&#148;) is a U.S. mining company incorporated in Delaware in August 1991. Our general business strategy is to acquire, explore, develop and mine mineral properties. The Company elected on August 26, 2015, to file for Chapter 11 Bankruptcy protection, Case # 15-11761 (MFW) and that case was dismissed on June 15, 2016. The Summit Silver-Gold Project, the Lordsburg Copper Project, Black Canyon Mica Project, Planet MIO Project, all claims and other assets were lost in the process. After the Company emerged from the bankruptcy with a management team of two with no assets, we developed a business plan to raise equity funds to acquire new mining claims, a potential processing plant or arrangements with a processing plant in an acceptable geographic location to potential new mining claims. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In August 2017, the Company acquired all the capital stock of Bullard&#146;s Peak Corporation and the related patented and unpatented claims in the Black Hawk district of New Mexico from Black Hawk Consolidated Mines Company for a purchase price of $3,115,365. The mine property is known as the Alhambra mine site. The transaction was finalized and closed in April 2019. The mining property acquired is an asset of Mineral Acquisitions, LLC, one of the Company&#146;s five wholly owned subsidiaries.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In January 2019 the Company has acquired right of use on two properties in western New Mexico, consisting of eight (8) patented claims and two unpatented claims, all located in the Steeple Rock Mining District, Grant County, New Mexico and a related water rights lease agreement. The two properties are known as the Billali Mine and the Jim Crow Imperial Mine. The Company has begun improvements to the Jim Crow Imperial mine to start mining operations during the third calendar quarter of 2020.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>We are considered an &#147;exploration stage&#148; company under the U.S. Securities and Exchange Commission (&#147;SEC&#148;) Industry Guide 7.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Interim Financial Statements</b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The accompanying unaudited financial statements and related notes present the Company&#146;s consolidated financial position as of September 30, 2019 and June 30, 2019 (Audited), the consolidated results of operations for the three months ended September 30, 2019 and 2018, the consolidated statements of shareholders&#146; deficit for the three months ended September 30, 2019 and 2018 and, consolidated cash flows for the three months ended September 30, 2019 and 2018. The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions of Form&#160;10-Q and Article&#160;10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. The accounting policies followed by the Company are set forth in Note 2 to the Company&#146;s financial statements included in Form&#160;10-K for the fiscal year ended June 30, 2019. These interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements presented in the Company&#146;s 2019 Annual Report on Form&#160;10-K filed on July 15, 2020.</p><p align="justify" style='margin:0'>&nbsp;</p> <b>NOTE 2 &#150;&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </b><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Basis of Presentation and Going Concern </b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The Company has recorded net loss of $735,985 for the three months ended September 30, 2019, and has a total accumulated deficit of $94,214,655 and a working capital deficit at September 30, 2019 of $4,384,295. The Company used in operating activities approximately $469,000 during the current period of measurement. The Company currently has no source of generating revenue. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of current operating expenses until the Company has put into production an acceptable source to generate mineralized ore to generate a revenue stream. Currently we have no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as required, or if available, that its terms will be favorable or acceptable to the Company. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>At September 30, 2019, the Company was in default on delinquent payments of approximately: $3.04 million on accounts payable, $398,000 on a note payable and $643,000 on other accrued liabilities. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Principles of Consolidation</b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries AZCO Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation, and Santa Fe Gold Barbados Corporation, a Barbados corporation, Santa Fe Acquisitions Company, a New Mexico Limited Liability Company, &nbsp;Mineral Acquisitions, a New Mexico Limited Liability Company and Bullard&#146;s Peak Corporation, a New Mexico Corporation. All significant inter-company accounts and transactions have been eliminated in consolidation.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Use of Estimates</b></p><p align="justify" style='margin-top:0.4pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin:0'>The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions.</p><p align="justify" style='margin-top:0.1pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin-top:0.05pt;margin-bottom:0pt'>Significant estimates are used when accounting for the Company's carrying value of mineral properties, fixed assets, depreciation, amortization, accruals, derivative instrument liabilities, valuation of warrants, taxes and contingencies, and stock-based compensation.</p><p align="justify" style='margin-top:0.1pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin-top:0.1pt;margin-bottom:0pt'><b>Fair Value Measurements</b></p><p align="justify" style='margin-top:0.2pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin:0'>The carrying values of cash and cash equivalents, accounts payable and accrued liabilities approximated their related fair values as of September 30, 2019, and June 30, 2019, due to the relatively short-term nature of these instruments. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Cash and Cash Equivalents</b></p><p align="justify" style='margin-top:0.4pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin:0'>The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. 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Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations. &nbsp;Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of the equipment are shown below. Land is not depreciated.</p><p align="justify" style='margin:0'>&nbsp;</p><table align="center" style='border-collapse:collapse;width:59.58%'><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>&#160; </p></td><td valign="top" style='width:29.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Estimated Useful Life</font></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:70.04%'><p style='margin:0'>Mine equipment</p></td><td valign="top" bgcolor="#CCEEFF" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>7 Years </p></td></tr><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>General equipment </p></td><td valign="top" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>5 &#150;&nbsp;7 Years </p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:70.04%'><p style='margin:0'>Automotive</p></td><td valign="top" bgcolor="#CCEEFF" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>4.5 - 5 Years </p></td></tr><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>Small tools</p></td><td valign="top" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>1.25 Years</p></td></tr></table><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Derivative Financial Instruments &nbsp;</b></p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The Financial Accounting Standards Board (&#147;FASB&#148;) provides guidance that requires derivative instruments to be recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. For derivative instruments designated as hedges, the changes in fair value are recorded in the balance sheets as a component of accumulated other comprehensive income (loss). Changes in the fair value of derivative instruments not designated as hedges are recorded in the consolidated statements of operations, generally as a component of other income (expense).</p><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Net Income (Loss) Per Share </b></p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the three months ended September 30, 2019, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive.</p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share (&#147;EPS&#148;) computation is as follows: &#160;</p><p align="justify" style='margin:0'>&nbsp;</p><table style='border-collapse:collapse;width:100%'><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:13%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Net Income</p><p align="center" style='margin:0'>(Numerator)</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:12.98%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted</p><p align="center" style='margin:0'>Average</p><p align="center" style='margin:0'>Common Shares</p><p align="center" style='margin:0'>(Denominator)</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:12.98%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-right:5.2pt'>Per Share</p><p align="center" style='margin:0;margin-right:5.2pt'>Amount</p></td><td valign="bottom" style='width:1%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0'>For the three months ended September 30, 2018</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:10.35pt'><td valign="bottom" style='width:55%'><p align="justify" style='margin-top:6pt;margin-bottom:0pt'>Basic EPS</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12.02%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:1.12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:1%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0;text-indent:9pt'>Income available to common stockholders</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,292</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'> 300,000,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'>0.00</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0'>Diluted EPS</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.02%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0;text-indent:9pt'>Dilutive shares from options and warrants</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p align="right" style='margin:0;margin-right:8pt'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#160;&#151;&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0;text-indent:9pt'>Income available to common stockholders plus assumed conversions </p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" style='width:12.02%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,292</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> &nbsp;300,100,000 </p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" style='width:12%'><p align="right" style='margin:0'>0.00</p></td><td valign="bottom" style='width:1%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The number of stock options excluded from the calculation of diluted earnings per share for the three months ended September 30, 2018 was 100,000 and excluded warrants was 4,320,000, because their inclusion would have been anti-dilutive. &#160;</p><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Stock-Based Compensation</b></p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Share-based compensation is accounted for based on the requirements of ASC 718, &#147;Compensation&#151;Stock Compensation&#146; (&#147;ASC 718&#148;), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 505, &#147;Equity&#151;Equity Based Payments to Non-Employees&#148; (&#147;ASC 505-50&#148;), for share-based payments to consultants and other third parties, compensation expense is determined at the <font style='background-color:#FFFFFF'>measurement date, which is the grant date. Until the measurement date is reached, the total amount of compensation expense remains uncertain. </font></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><font style='background-color:#FFFFFF'>The Company accounts for share-based compensation on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value</font> due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The compensation cost is recognized over the expected vesting period. Share based payments to nonemployees are valued at the earlier or a commitment date or completion of services. The Company had stock-based compensation of $15,279 and $17,800 in the three months ending September 30, 2019 and 2018, respectively.</p><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Accounting Standards to be Adopted in Future Periods </b></p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><font style='background-color:#FFFFFF'>In February 2016, the FASB issued ASU </font>2016-02,<font style='background-color:#FFFFFF'> &#147;Leases (Topic 842),&#148; which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with a term of more than one year. Accounting by lessors will remain similar to existing U.S. GAAP. Subsequent accounting standards updates have been issued, which amend and/or clarify the application of ASU </font>2016-02.<font style='background-color:#FFFFFF'> The guidance is effective for fiscal years, and interim periods within those years, beginning after December&#160;15, 2018. &nbsp;The Company adopted Topic 842 as of July 1, 2019 and at this time </font>the new standard will not have an impact on our consolidated financial statements until significant a lease agreement is entered.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In June 2018, the FASB issued ASU 2018-07, &#147;Compensation &#151;&nbsp;Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting&#148;, which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted, but no earlier than adoption of ASC 606. The Company adopted ASU 2018-07, effective July 1, 2019, and determined the adoption of this standard did not have a material impact on the Company&#146;s consolidated financial statements and related disclosures.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies and adds various disclosure requirements related to fair value disclosures. Disclosures related to transfers between fair value hierarchy levels will be removed and further detail around changes in unrealized gains and losses for the period and unobservable inputs used in determining level 3 fair value measurements will be added, among other changes. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating this guidance and the impact on its Consolidated Financial Statements.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Mine Development </b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure in an underground mine. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting non-reserve mineralization to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>As of September 30, 2019, the Company has not established proven or probable reserves or established the commercial feasibility of any of our exploration projects and all exploration costs are being expensed. The Company may never identify proven and probable reserves.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Mineral Rights</b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established.</p><p align="justify" style='margin:0'>&#160;</p><p align="justify" style='margin:0'>To date, the Company has not established the commercial feasibility of any exploration projects; therefore, all exploration costs are expensed as incurred.&#160;Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. ASC 930-805, &#147;Extractive Activities-Mining: Business Combinations.&#148; ASC 930-805 states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Acquired mineral rights are considered tangible assets under ASC 930-805. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, &#147;Impairment of long-lived assets&#148;, and evaluates the carrying value under ASC 930-360, &#147;Extractive Activities - Mining&#148;, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development is capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. We may never identify proven and probable reserves.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>At the time the Company has a revenue stream from a project, the Company will amortize any capitalized balance each quarter. Companies that have reserves under SEC Industry Guide 7 typically capitalize these costs, and subsequently depreciate or amortize them on a units-of-production basis as reserves are mined. Unlike these other companies, our properties have no reserves and we will depreciate or amortize any capitalized costs based on the most appropriate amortization method, which includes straight-line or units-of-production method over the estimated remaining life of the mine, as determined by our geologist. As we have no reliable information to compute &nbsp;a units of production methodology, we will amortize our capitalized costs on a straight-line basis over the estimated remaining life of the mine as determined by our geologist. Because of these and other differences, our financial statements may not be comparable to the financial statements of mining companies that have proven and probable reserves on their properties.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Reclamation Costs </b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to accretion expense. The asset retirement cost is capitalized as part of the asset&#146;s carrying value and depreciated over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based on when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with the provisions of ASC 440, &#147;Asset Retirement and Environmental Obligations&#148;, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets.&#160;&#160;No reclamation costs were required for the three months ended September 30, 2019. </p><p style='margin:0'>&nbsp;</p><p style='margin:0'>&nbsp;</p> <b>Basis of Presentation and Going Concern </b><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The Company has recorded net loss of $735,985 for the three months ended September 30, 2019, and has a total accumulated deficit of $94,214,655 and a working capital deficit at September 30, 2019 of $4,384,295. The Company used in operating activities approximately $469,000 during the current period of measurement. The Company currently has no source of generating revenue. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of current operating expenses until the Company has put into production an acceptable source to generate mineralized ore to generate a revenue stream. Currently we have no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as required, or if available, that its terms will be favorable or acceptable to the Company. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>At September 30, 2019, the Company was in default on delinquent payments of approximately: $3.04 million on accounts payable, $398,000 on a note payable and $643,000 on other accrued liabilities. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p><p align="justify" style='margin:0'>&nbsp;</p> -735985 -94214655 4384295 <b>Principles of Consolidation</b><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries AZCO Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation, and Santa Fe Gold Barbados Corporation, a Barbados corporation, Santa Fe Acquisitions Company, a New Mexico Limited Liability Company, &nbsp;Mineral Acquisitions, a New Mexico Limited Liability Company and Bullard&#146;s Peak Corporation, a New Mexico Corporation. All significant inter-company accounts and transactions have been eliminated in consolidation.</p><p align="justify" style='margin:0'>&nbsp;</p> <b>Use of Estimates</b><p align="justify" style='margin-top:0.4pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin:0'>The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions.</p><p align="justify" style='margin-top:0.1pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin-top:0.05pt;margin-bottom:0pt'>Significant estimates are used when accounting for the Company's carrying value of mineral properties, fixed assets, depreciation, amortization, accruals, derivative instrument liabilities, valuation of warrants, taxes and contingencies, and stock-based compensation.</p><p align="justify" style='margin-top:0.1pt;margin-bottom:0pt'>&nbsp;</p> <b>Fair Value Measurements</b><p align="justify" style='margin-top:0.2pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin:0'>The carrying values of cash and cash equivalents, accounts payable and accrued liabilities approximated their related fair values as of September 30, 2019, and June 30, 2019, due to the relatively short-term nature of these instruments. </p><p align="justify" style='margin:0'>&nbsp;</p> <b>Cash and Cash Equivalents</b><p align="justify" style='margin-top:0.4pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin:0'>The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash balances. </p><p align="justify" style='margin:0'>&nbsp;</p> <b>Property and Equipment</b><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Property and equipment are carried at cost. Maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. &nbsp;Expenditures for new property or equipment and expenditures that extend the useful lives of existing property and equipment are capitalized and recorded at cost. Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations. &nbsp;Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of the equipment are shown below. Land is not depreciated.</p><p align="justify" style='margin:0'>&nbsp;</p><table align="center" style='border-collapse:collapse;width:59.58%'><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>&#160; </p></td><td valign="top" style='width:29.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Estimated Useful Life</font></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:70.04%'><p style='margin:0'>Mine equipment</p></td><td valign="top" bgcolor="#CCEEFF" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>7 Years </p></td></tr><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>General equipment </p></td><td valign="top" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>5 &#150;&nbsp;7 Years </p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:70.04%'><p style='margin:0'>Automotive</p></td><td valign="top" bgcolor="#CCEEFF" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>4.5 - 5 Years </p></td></tr><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>Small tools</p></td><td valign="top" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>1.25 Years</p></td></tr></table><p style='margin:0'>&nbsp;</p> <table align="center" style='border-collapse:collapse;width:59.58%'><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>&#160; </p></td><td valign="top" style='width:29.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Estimated Useful Life</font></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:70.04%'><p style='margin:0'>Mine equipment</p></td><td valign="top" bgcolor="#CCEEFF" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>7 Years </p></td></tr><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>General equipment </p></td><td valign="top" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>5 &#150;&nbsp;7 Years </p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:70.04%'><p style='margin:0'>Automotive</p></td><td valign="top" bgcolor="#CCEEFF" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>4.5 - 5 Years </p></td></tr><tr align="left"><td valign="top" style='width:70.04%'><p style='margin:0'>Small tools</p></td><td valign="top" style='width:29.96%'><p align="right" style='margin:0;margin-right:4.95pt'>1.25 Years</p></td></tr></table><p style='margin:0'>&nbsp;</p> P7Y P7Y P5Y P1Y3M <b>Derivative Financial Instruments &nbsp;</b><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The Financial Accounting Standards Board (&#147;FASB&#148;) provides guidance that requires derivative instruments to be recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. For derivative instruments designated as hedges, the changes in fair value are recorded in the balance sheets as a component of accumulated other comprehensive income (loss). Changes in the fair value of derivative instruments not designated as hedges are recorded in the consolidated statements of operations, generally as a component of other income (expense).</p><p style='margin:0'>&nbsp;</p> <b>Net Income (Loss) Per Share </b><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the three months ended September 30, 2019, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive.</p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share (&#147;EPS&#148;) computation is as follows: &#160;</p><p align="justify" style='margin:0'>&nbsp;</p><table style='border-collapse:collapse;width:100%'><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:13%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Net Income</p><p align="center" style='margin:0'>(Numerator)</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:12.98%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted</p><p align="center" style='margin:0'>Average</p><p align="center" style='margin:0'>Common Shares</p><p align="center" style='margin:0'>(Denominator)</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:12.98%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-right:5.2pt'>Per Share</p><p align="center" style='margin:0;margin-right:5.2pt'>Amount</p></td><td valign="bottom" style='width:1%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0'>For the three months ended September 30, 2018</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:10.35pt'><td valign="bottom" style='width:55%'><p align="justify" style='margin-top:6pt;margin-bottom:0pt'>Basic EPS</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12.02%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:1.12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:1%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0;text-indent:9pt'>Income available to common stockholders</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,292</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'> 300,000,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'>0.00</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0'>Diluted EPS</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.02%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0;text-indent:9pt'>Dilutive shares from options and warrants</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p align="right" style='margin:0;margin-right:8pt'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#160;&#151;&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0;text-indent:9pt'>Income available to common stockholders plus assumed conversions </p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" style='width:12.02%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,292</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> &nbsp;300,100,000 </p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" style='width:12%'><p align="right" style='margin:0'>0.00</p></td><td valign="bottom" style='width:1%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The number of stock options excluded from the calculation of diluted earnings per share for the three months ended September 30, 2018 was 100,000 and excluded warrants was 4,320,000, because their inclusion would have been anti-dilutive. &#160;</p><p style='margin:0'>&nbsp;</p> <table style='border-collapse:collapse;width:100%'><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:13%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Net Income</p><p align="center" style='margin:0'>(Numerator)</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:12.98%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>Weighted</p><p align="center" style='margin:0'>Average</p><p align="center" style='margin:0'>Common Shares</p><p align="center" style='margin:0'>(Denominator)</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:12.98%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-right:5.2pt'>Per Share</p><p align="center" style='margin:0;margin-right:5.2pt'>Amount</p></td><td valign="bottom" style='width:1%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0'>For the three months ended September 30, 2018</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:10.35pt'><td valign="bottom" style='width:55%'><p align="justify" style='margin-top:6pt;margin-bottom:0pt'>Basic EPS</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12.02%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:1.12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td><td valign="bottom" style='width:1%'><p style='margin-top:6pt;margin-bottom:0pt'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0;text-indent:9pt'>Income available to common stockholders</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,292</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'> 300,000,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'>0.00</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0'>Diluted EPS</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.02%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:55%'><p style='margin:0;text-indent:9pt'>Dilutive shares from options and warrants</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.02%'><p align="right" style='margin:0;margin-right:8pt'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#160;&#151;&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:7.2pt'><td valign="bottom" style='width:55%'><p style='margin:0;text-indent:9pt'>Income available to common stockholders plus assumed conversions </p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" style='width:12.02%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146,292</p></td><td valign="bottom" style='width:1.12%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'> &nbsp;300,100,000 </p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.98%'><p style='margin:0'>$</p></td><td valign="bottom" style='width:12%'><p align="right" style='margin:0'>0.00</p></td><td valign="bottom" style='width:1%;padding-bottom:0.45pt'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p> 146292 300000000 0.00 0 100000 146292 300100000 0.00 100000 4320000 <b>Stock-Based Compensation</b><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Share-based compensation is accounted for based on the requirements of ASC 718, &#147;Compensation&#151;Stock Compensation&#146; (&#147;ASC 718&#148;), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 505, &#147;Equity&#151;Equity Based Payments to Non-Employees&#148; (&#147;ASC 505-50&#148;), for share-based payments to consultants and other third parties, compensation expense is determined at the <font style='background-color:#FFFFFF'>measurement date, which is the grant date. Until the measurement date is reached, the total amount of compensation expense remains uncertain. </font></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><font style='background-color:#FFFFFF'>The Company accounts for share-based compensation on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value</font> due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The compensation cost is recognized over the expected vesting period. Share based payments to nonemployees are valued at the earlier or a commitment date or completion of services. The Company had stock-based compensation of $15,279 and $17,800 in the three months ending September 30, 2019 and 2018, respectively.</p><p style='margin:0'>&nbsp;</p> 15279 17800 <b>Accounting Standards to be Adopted in Future Periods </b><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><font style='background-color:#FFFFFF'>In February 2016, the FASB issued ASU </font>2016-02,<font style='background-color:#FFFFFF'> &#147;Leases (Topic 842),&#148; which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with a term of more than one year. Accounting by lessors will remain similar to existing U.S. GAAP. Subsequent accounting standards updates have been issued, which amend and/or clarify the application of ASU </font>2016-02.<font style='background-color:#FFFFFF'> The guidance is effective for fiscal years, and interim periods within those years, beginning after December&#160;15, 2018. &nbsp;The Company adopted Topic 842 as of July 1, 2019 and at this time </font>the new standard will not have an impact on our consolidated financial statements until significant a lease agreement is entered.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In June 2018, the FASB issued ASU 2018-07, &#147;Compensation &#151;&nbsp;Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting&#148;, which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted, but no earlier than adoption of ASC 606. The Company adopted ASU 2018-07, effective July 1, 2019, and determined the adoption of this standard did not have a material impact on the Company&#146;s consolidated financial statements and related disclosures.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies and adds various disclosure requirements related to fair value disclosures. Disclosures related to transfers between fair value hierarchy levels will be removed and further detail around changes in unrealized gains and losses for the period and unobservable inputs used in determining level 3 fair value measurements will be added, among other changes. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating this guidance and the impact on its Consolidated Financial Statements.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows.</p><p align="justify" style='margin:0'>&nbsp;</p> <b>Mine Development </b><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure in an underground mine. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting non-reserve mineralization to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>As of September 30, 2019, the Company has not established proven or probable reserves or established the commercial feasibility of any of our exploration projects and all exploration costs are being expensed. The Company may never identify proven and probable reserves.</p><p align="justify" style='margin:0'>&nbsp;</p> <b>Mineral Rights</b><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established.</p><p align="justify" style='margin:0'>&#160;</p><p align="justify" style='margin:0'>To date, the Company has not established the commercial feasibility of any exploration projects; therefore, all exploration costs are expensed as incurred.&#160;Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. ASC 930-805, &#147;Extractive Activities-Mining: Business Combinations.&#148; ASC 930-805 states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Acquired mineral rights are considered tangible assets under ASC 930-805. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, &#147;Impairment of long-lived assets&#148;, and evaluates the carrying value under ASC 930-360, &#147;Extractive Activities - Mining&#148;, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development is capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. We may never identify proven and probable reserves.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>At the time the Company has a revenue stream from a project, the Company will amortize any capitalized balance each quarter. Companies that have reserves under SEC Industry Guide 7 typically capitalize these costs, and subsequently depreciate or amortize them on a units-of-production basis as reserves are mined. Unlike these other companies, our properties have no reserves and we will depreciate or amortize any capitalized costs based on the most appropriate amortization method, which includes straight-line or units-of-production method over the estimated remaining life of the mine, as determined by our geologist. As we have no reliable information to compute &nbsp;a units of production methodology, we will amortize our capitalized costs on a straight-line basis over the estimated remaining life of the mine as determined by our geologist. Because of these and other differences, our financial statements may not be comparable to the financial statements of mining companies that have proven and probable reserves on their properties.</p><p align="justify" style='margin:0'>&nbsp;</p> <b>Reclamation Costs </b><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to accretion expense. The asset retirement cost is capitalized as part of the asset&#146;s carrying value and depreciated over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based on when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with the provisions of ASC 440, &#147;Asset Retirement and Environmental Obligations&#148;, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets.&#160;&#160;No reclamation costs were required for the three months ended September 30, 2019. </p><p style='margin:0'>&nbsp;</p> <b>NOTE 3 &#150;&nbsp;PROPERTY AND EQUIPMENT</b><p style='margin:0'>&nbsp;</p><p style='margin:0'>Property and equipment consist of the following at September 30, 2019 and June 30, 2019: </p><p style='margin:0'>&nbsp;</p><table style='border-collapse:collapse;width:95.78%'><tr style='height:12.7pt'><td valign="top" style='width:0.84%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:66.84%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:2.54%'><p style='margin:0'>&nbsp;</p></td><td colspan="3" valign="bottom" style='width:12.58%'><p align="center" style='margin:0'>September 30,</p></td><td valign="bottom" style='width:1.38%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.02%'><p align="center" style='margin:0'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:13.64%'><p align="center" style='margin:0'>June 30,</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:13.45pt'><td valign="top" style='width:0.84%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:66.84%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:2.54%'><p style='margin:0'>&#160;</p></td><td colspan="3" valign="bottom" style='width:12.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.38%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.02%'><p align="center" style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:13.64%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.7pt'><td valign="top" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" bgcolor="#CCEEFF" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>Vehicles </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.04%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.22%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>20,725</p></td><td colspan="3" valign="bottom" bgcolor="#CCEEFF" style='width:2.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.66%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>20,725</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.7pt'><td valign="top" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:69.38%'><p style='margin:0;margin-right:-12.35pt'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small tools </p></td><td valign="bottom" style='width:1.04%'><p style='margin:0'>&#160;</p></td><td valign="top" style='width:11.22%'><p align="right" style='margin:0'>4,882</p></td><td colspan="3" valign="bottom" style='width:2.72%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.66%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:13.45pt'><td valign="top" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" bgcolor="#CCEEFF" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>Mining equipment</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.04%'><p style='margin:0'>&#160;</p></td><td valign="top" bgcolor="#CCEEFF" style='width:11.22%'><p align="right" style='margin:0'>178,871</p></td><td colspan="3" valign="bottom" bgcolor="#CCEEFF" style='width:2.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.66%'><p align="right" style='margin:0'>4,818</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.7pt'><td valign="top" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>Land, non-mineral</p></td><td valign="bottom" style='width:1.04%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.22%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>35,000</p></td><td colspan="3" valign="bottom" style='width:2.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.66%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.7pt'><td valign="top" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" bgcolor="#CCEEFF" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.04%;border-top:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.22%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>239,478</p></td><td colspan="3" valign="bottom" bgcolor="#CCEEFF" style='width:2.72%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%;border-top:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.66%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>25,543</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:13.45pt'><td valign="top" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>Less Accumulated depreciation</p></td><td valign="bottom" style='width:1.04%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:11.22%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(6,670</p></td><td colspan="3" valign="bottom" style='width:2.72%'><p style='margin:0'>)</p></td><td valign="bottom" style='width:0.96%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:12.66%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:12.05pt'><td valign="top" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" bgcolor="#CCEEFF" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.04%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.22%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>232,808</p></td><td colspan="3" valign="bottom" bgcolor="#CCEEFF" style='width:2.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.66%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>25,543 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>During the three-month periods ended September 30, 2019 and 2018 the Company recognized depreciation expense of $6,670 and $0, respectively.</p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The Company during the current quarter, began maintenance and repair activities at the Jim Crow mine site along with geological work on the site and related mine ore material. The Company during this quarter purchased the required materials and equipment to perform the required activities under our mine manager. During the quarter our major mining equipment purchases aggregated $174,053. The significant acquisitions were mainly a crusher, generators, wheel loader, conveyors and freight on related heavy equipment purchases. We also purchased a site for a storage yard for our mine inventory for $35,000 and is accessible to our Billali and Jim Crow mines. 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valign="top" style='width:0.84%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:66.84%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:2.54%'><p style='margin:0'>&#160;</p></td><td colspan="3" valign="bottom" style='width:12.58%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.38%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.02%'><p align="center" style='margin:0'>&#160;</p></td><td colspan="2" valign="bottom" style='width:13.64%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.7pt'><td valign="top" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" bgcolor="#CCEEFF" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>Vehicles </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.04%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.22%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>20,725</p></td><td colspan="3" valign="bottom" bgcolor="#CCEEFF" style='width:2.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.66%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>20,725</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.7pt'><td valign="top" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:69.38%'><p style='margin:0;margin-right:-12.35pt'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small tools </p></td><td valign="bottom" style='width:1.04%'><p style='margin:0'>&#160;</p></td><td valign="top" style='width:11.22%'><p align="right" style='margin:0'>4,882</p></td><td colspan="3" valign="bottom" style='width:2.72%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.66%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:13.45pt'><td valign="top" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" bgcolor="#CCEEFF" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>Mining equipment</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.04%'><p style='margin:0'>&#160;</p></td><td valign="top" bgcolor="#CCEEFF" style='width:11.22%'><p align="right" style='margin:0'>178,871</p></td><td colspan="3" valign="bottom" bgcolor="#CCEEFF" style='width:2.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.66%'><p align="right" style='margin:0'>4,818</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.7pt'><td valign="top" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>Land, non-mineral</p></td><td valign="bottom" style='width:1.04%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.22%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>35,000</p></td><td colspan="3" valign="bottom" style='width:2.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.66%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.7pt'><td valign="top" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" bgcolor="#CCEEFF" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.04%;border-top:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.22%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>239,478</p></td><td colspan="3" valign="bottom" bgcolor="#CCEEFF" style='width:2.72%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%;border-top:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.66%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>25,543</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:13.45pt'><td valign="top" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>Less Accumulated depreciation</p></td><td valign="bottom" style='width:1.04%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:11.22%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(6,670</p></td><td colspan="3" valign="bottom" style='width:2.72%'><p style='margin:0'>)</p></td><td valign="bottom" style='width:0.96%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:12.66%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:12.05pt'><td valign="top" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0;margin-right:-12.35pt'>&nbsp;</p></td><td colspan="2" valign="bottom" bgcolor="#CCEEFF" style='width:69.38%'><p style='margin:0;text-indent:13.25pt;margin-right:-12.35pt'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.04%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.22%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>232,808</p></td><td colspan="3" valign="bottom" bgcolor="#CCEEFF" style='width:2.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.66%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>25,543 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>&nbsp;</p> 20725 20725 4882 0 178871 4818 35000 0 239478 25543 6670 0 232808 25543 <b>NOTE 4 &#150;MINERAL PROPERTIES </b><p style='margin:0'>&nbsp;</p><p style='margin:0'>The Company has capitalized acquisition costs on mineral properties as follows: </p><p style='margin:0'>&nbsp;</p><table style='border-collapse:collapse;width:99.58%'><tr style='height:12.4pt'><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:65.06%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.84%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.5%'><p align="center" style='margin:0'>September 30,</p></td><td valign="bottom" style='width:2.76%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.92%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:11.3%'><p align="center" style='margin:0'>June 30,</p></td><td valign="bottom" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:13.1pt'><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:65.06%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.84%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:2.76%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.92%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.3%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:1.88%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.4pt'><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:65.06%'><p style='margin:0'>Alhambra - Blackhawk project</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,115,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2.76%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.92%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.3%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,115,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.4pt'><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:65.06%'><p style='margin:0'>Billali &#150;&nbsp;Jim Crow Imperial mineral rights project</p></td><td valign="bottom" style='width:0.84%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.5%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>400,000</p></td><td valign="bottom" style='width:2.76%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.92%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.3%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>200,000</p></td><td valign="bottom" style='width:1.88%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.4pt'><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:65.06%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.84%;border-top:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,515,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2.76%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.92%;border-top:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.3%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,315,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:13.1pt'><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:65.06%'><p style='margin:0'>Less Accumulated amortization</p></td><td valign="bottom" style='width:0.84%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.5%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:2.76%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.92%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:11.3%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:12.4pt'><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:65.06%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.84%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>3,515,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2.76%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.92%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.3%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>3,315,365 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Exploration Status</b></p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>We have not established that the Alhambra - Blackhawk project or Billali Mine - Jim Crow mine rights projects contain proven or probably reserves, as defined under Industry Guide 7. &#160;Minimal exploration activities have commenced to date and minimal exploration costs have been incurred and expensed. To date, the Company has not (i) commenced or adopted plans to conduct any exploration, (ii) prepared drilling plans, proposals, timetables or budgets for exploration work, or (iii) identified engineers and other personnel that will conduct or assist in any exploration work. &#160;The Company will need to raise funds to conduct exploration work and it currently lacks a firm financing commitment for any exploration activities.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The Company commenced development of the Jim Crow mine in late 2019. Work to date has consisted of beginning the upgrading of the surface facilities, rehabilitating the shaft, expanding the hoisting capability and underground development on three levels. A crushing plant was purchased and installed at Duncan, Arizona, in late 2019. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. &nbsp;Mining assets include mineral rights. The payments made under the Billali Mine - Jim Crow Mine Agreement are capitalized by the Company and when a revenue stream is attained the capitalized balance will amortized. </p><p style='margin:0'>&nbsp;</p> <table style='border-collapse:collapse;width:99.58%'><tr style='height:12.4pt'><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:65.06%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.84%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.5%'><p align="center" style='margin:0'>September 30,</p></td><td valign="bottom" style='width:2.76%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.92%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:11.3%'><p align="center" style='margin:0'>June 30,</p></td><td valign="bottom" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:13.1pt'><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:65.06%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.84%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.5%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:2.76%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.92%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.3%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:1.88%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.4pt'><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:65.06%'><p style='margin:0'>Alhambra - Blackhawk project</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.84%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,115,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2.76%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.92%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.3%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,115,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.4pt'><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:65.06%'><p style='margin:0'>Billali &#150;&nbsp;Jim Crow Imperial mineral rights project</p></td><td valign="bottom" style='width:0.84%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.5%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>400,000</p></td><td valign="bottom" style='width:2.76%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.92%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.3%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>200,000</p></td><td valign="bottom" style='width:1.88%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.4pt'><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:65.06%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.84%;border-top:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,515,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2.76%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.92%;border-top:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.3%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,315,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:13.1pt'><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:65.06%'><p style='margin:0'>Less Accumulated amortization</p></td><td valign="bottom" style='width:0.84%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.5%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:2.76%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.92%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:11.3%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:12.4pt'><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="top" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:65.06%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.84%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>3,515,365</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2.76%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.92%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.3%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>3,315,365 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.88%'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p><p style='margin:0'>&nbsp;</p> 3115365 3115365 400000 200000 3515365 3315365 0 0 3515365 3315365 NOTE 5 &#150;<b> ACCRUED LIABILITIES</b> <p align="justify" style='margin:0'><font style='background-color:#FFFF00'> </font>&nbsp;</p><p style='margin:0'>Accrued liabilities consist of the following at September 30, 2019 and June 30, 2019: </p><p style='margin:0'>&nbsp;</p><table style='border-collapse:collapse;width:66.9%;margin-left:48.4pt'><tr style='height:13.45pt'><td valign="bottom" style='width:66.74%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.6%'><p align="center" style='margin:0'>September 30,</p></td><td valign="bottom" style='width:1.98%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:12.96%'><p align="center" style='margin:0'>June 30,</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:66.74%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.6%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:1.98%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.96%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Interest </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.56%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.6%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>207,442</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p align="right" style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.96%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>194,318</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:13.45pt'><td valign="bottom" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Vacation </p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.6%'><p align="right" style='margin:0'>15,771</p></td><td valign="bottom" style='width:1.98%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.96%'><p align="right" style='margin:0'>15,771</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Payroll</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.6%'><p align="right" style='margin:0'>119,794</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.96%'><p align="right" style='margin:0'>124,623</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Franchise taxes </p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.6%'><p align="right" style='margin:0'>8,697</p></td><td valign="bottom" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.96%'><p align="right" style='margin:0'>8,697</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:13.45pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Other </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.6%'><p align="right" style='margin:0'>44,579</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.96%'><p align="right" style='margin:0'>29,579</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Audit</p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.6%'><p align="right" style='margin:0'>18,557</p></td><td valign="bottom" style='width:1.98%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.18%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:12.96%'><p align="right" style='margin:0'>18,557</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Property taxes </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.6%'><p align="right" style='margin:0'>253,523</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.96%'><p align="right" style='margin:0'>253,523</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:66.74%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.56%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" style='width:13.6%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>668,363</p></td><td valign="bottom" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$</p></td><td valign="bottom" style='width:12.96%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>645,068</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p> <table style='border-collapse:collapse;width:66.9%;margin-left:48.4pt'><tr style='height:13.45pt'><td valign="bottom" style='width:66.74%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.6%'><p align="center" style='margin:0'>September 30,</p></td><td valign="bottom" style='width:1.98%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:12.96%'><p align="center" style='margin:0'>June 30,</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:66.74%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.6%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:1.98%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.96%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Interest </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.56%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.6%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>207,442</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p align="right" style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.96%;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>194,318</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:13.45pt'><td valign="bottom" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Vacation </p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.6%'><p align="right" style='margin:0'>15,771</p></td><td valign="bottom" style='width:1.98%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.96%'><p align="right" style='margin:0'>15,771</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Payroll</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.6%'><p align="right" style='margin:0'>119,794</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.96%'><p align="right" style='margin:0'>124,623</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Franchise taxes </p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.6%'><p align="right" style='margin:0'>8,697</p></td><td valign="bottom" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:12.96%'><p align="right" style='margin:0'>8,697</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:13.45pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Other </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.6%'><p align="right" style='margin:0'>44,579</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.96%'><p align="right" style='margin:0'>29,579</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Audit</p></td><td valign="bottom" style='width:1.56%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.6%'><p align="right" style='margin:0'>18,557</p></td><td valign="bottom" style='width:1.98%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1.18%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:12.96%'><p align="right" style='margin:0'>18,557</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&nbsp;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:66.74%'><p style='margin:0;margin-left:36pt'>Property taxes </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.56%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.6%'><p align="right" style='margin:0'>253,523</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:12.96%'><p align="right" style='margin:0'>253,523</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:2%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:12.75pt'><td valign="bottom" style='width:66.74%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.56%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" style='width:13.6%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>668,363</p></td><td valign="bottom" style='width:1.98%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$</p></td><td valign="bottom" style='width:12.96%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>645,068</p></td><td valign="bottom" style='width:2%'><p style='margin:0'>&#160;</p></td></tr></table><p style='margin:0'>&nbsp;</p> 207442 194318 15771 15771 119794 124623 8697 8697 44579 29579 18557 18557 253523 253523 668363 645068 <b>NOTE 6 &#150;&nbsp;NOTES PAYABLE</b><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Installment Note</b></p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>On June 1, 2012, the Company entered into an installment sales contract for $593,657 to purchase certain equipment. The term of the agreement is for 48 months at an interest rate of 5.75%, with the equipment securing the loan. The balance owed on the note was $398,793 at September 30, 2019 and June 30, 2019. The Company has been unable to make its monthly payments since November 2013, and has been in default since that time. The equipment has been returned to the vendor for sale and remains unsold at September 30, 2019. Interest expense for the three months ended September 30, 2019 and 2018 was $5,733, respectively. Accrued interest on the note at September 30, 2019 and June 30, 2019 was $116,351 and $110,618, respectively.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Note Payable</b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>An individual during the prior fiscal year loaned Company $239,750 of which the Company paid back $40,000 during that current fiscal year and $40,000 was paid back during the current quarter. The loan is at an annual interest rate of 6%, has no stated due date and is payable on demand by the lender. Accrued interest on the loan at September 30, 2019 and June 30, 2019 was $10,531 and $7,793, respectively. Interest expense on the loan for the three months ended September 30, 2019 and 2018 is $2,738 and $0, respectively.</p><p align="justify" style='margin:0'>&nbsp;</p><p style='margin:0'>&nbsp;</p><table style='border-collapse:collapse;width:96.6%'><tr style='height:8.1pt'><td valign="bottom"><p style='margin-top:12pt;margin-bottom:0pt'>The following summarizes notes payable:&#160; </p></td><td valign="bottom" style='width:1.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.9%'><p align="center" style='margin:0'>September 30, </p></td><td valign="bottom" style='width:1.72%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.02%'><p align="center" style='margin:0'>June 30, </p></td></tr><tr style='height:7.2pt'><td valign="bottom"><p style='margin:0'><b>&#160; </b></p></td><td valign="bottom" style='width:1.48%;border-bottom:0.75pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.9%;border-bottom:0.75pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:1.72%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.02%;border-bottom:0.75pt solid #000000'><p align="center" style='margin:0;margin-right:-5.2pt'>2019 </p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0;text-indent:-9pt;margin-left:9pt'>Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016. </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.48%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.9%'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398,793 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.72%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p align="right" style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.02%'><p align="right" style='margin:0;margin-right:4.15pt'>398,793</p></td></tr><tr style='height:7.2pt'><td valign="bottom"><p style='margin:0'>Note payable </p></td><td valign="bottom" style='width:1.48%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:11.9%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>159,750</p></td><td valign="bottom" style='width:1.72%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.02%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-right:4.15pt'>199,750</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0'>Notes payable - current</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.48%;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.9%;border-bottom:3px double #000000'><p align="right" style='margin:0'>558,543</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.02%;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-right:4.15pt'>598,543</p></td></tr></table><p style='margin:0'>&nbsp;</p> 593657 P48M 0.0575 398793 398793 5733 5733 116351 110618 239750 0.0600 10531 7793 2738 0 <table style='border-collapse:collapse;width:96.6%'><tr style='height:8.1pt'><td valign="bottom"><p style='margin-top:12pt;margin-bottom:0pt'>The following summarizes notes payable:&#160; </p></td><td valign="bottom" style='width:1.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.9%'><p align="center" style='margin:0'>September 30, </p></td><td valign="bottom" style='width:1.72%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.02%'><p align="center" style='margin:0'>June 30, </p></td></tr><tr style='height:7.2pt'><td valign="bottom"><p style='margin:0'><b>&#160; </b></p></td><td valign="bottom" style='width:1.48%;border-bottom:0.75pt solid #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:11.9%;border-bottom:0.75pt solid #000000'><p align="center" style='margin:0'>2019 </p></td><td valign="bottom" style='width:1.72%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1%;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:13.02%;border-bottom:0.75pt solid #000000'><p align="center" style='margin:0;margin-right:-5.2pt'>2019 </p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0;text-indent:-9pt;margin-left:9pt'>Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016. </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.48%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.9%'><p align="right" style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398,793 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.72%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%'><p align="right" style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.02%'><p align="right" style='margin:0;margin-right:4.15pt'>398,793</p></td></tr><tr style='height:7.2pt'><td valign="bottom"><p style='margin:0'>Note payable </p></td><td valign="bottom" style='width:1.48%;border-bottom:0.5pt solid #000000'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:11.9%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>159,750</p></td><td valign="bottom" style='width:1.72%'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:1%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:13.02%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-right:4.15pt'>199,750</p></td></tr><tr style='height:7.2pt'><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0'>Notes payable - current</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.48%;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:11.9%;border-bottom:3px double #000000'><p align="right" style='margin:0'>558,543</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.72%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.02%;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-right:4.15pt'>598,543</p></td></tr></table><p style='margin:0'>&nbsp;</p> 398793 398793 159750 199750 558543 598543 <b>NOTE 7 &#150;&nbsp;FAIR VALUE MEASUREMENTS</b><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (&#147;Paragraph 820-10-35-37&#148;) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in generally accepted accounting principles (&#147;GAAP&#148;), and expands disclosures about fair value measurements. 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Costs of mineral lease renewals, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. The Company can cancel the Agreement at any time &nbsp;as detailed in the Agreement.</p><p align="justify" style='margin:0'>&#160;</p><p align="justify" style='margin:0'>As of September 30, 2019, the Company has not established the commercial feasibility of any of our exploration projects; therefore, all exploration costs are being expensed. In the three months ended September 30, 2019, we paid and capitalized $200,000 under the Agreement. Acquired mineral rights are considered tangible assets under ASC 930-805. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. 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Rent expense totaled $1,500 for the three months ended September 30, 2019 and 2018, respectively. </p><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Title to Mineral Properties </b></p><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Although the Company has taken steps, consistent with industry standards, to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company&#146;s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.</p><p align="justify" style='margin:0'>&nbsp;</p> 500 <b>NOTE 9 </b>- <b>STOCKHOLDERS' DEFICIT</b><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Common Stock Transactions</b></p><p style='margin:0'>&nbsp;</p><p style='margin:0'>For the three months ended September 30, 2019: </p><p style='margin:0'>&nbsp;</p><table style='border-collapse:collapse;width:96.16%'><tr align="left"><td valign="top" style='width:34.75pt'><p style='margin:0'>&#160;</p></td><td valign="top" style='width:22.05pt'><p style='margin:0'>(i)</p></td><td valign="top" style='width:444.8pt'><p align="justify" style='margin-top:0pt;margin-bottom:3pt'>Issued 181,466 shares of restricted common stock for consulting services at a value of $15,279 on the date of issuance;</p></td></tr><tr align="left"><td valign="top" style='width:34.75pt'><p style='margin:0'>&#160;</p></td><td valign="top" style='width:22.05pt'><p style='margin:0'>(ii)</p></td><td valign="top" style='width:444.8pt'><p align="justify" style='margin:0'>Issued an aggregate of 12,285,714 shares of restricted common stock to accredited investors for cash proceeds of $860,000. </p></td></tr></table><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Stock Warrants </b></p><p style='margin:0'>&nbsp;</p><p style='margin:0'>During the three months ended September 30, 2019, the Company issued no new warrants and no warrants expired.</p><p style='margin:0'>&nbsp;</p><p style='margin:0'><b>Stock Options </b></p><p style='margin:0'>&nbsp;</p><p style='margin:0'>During three months ended September 30, 2019, the Company granted no new options and no options expired. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Stock option and warrant activity, for the three months ended September 30, 2019, are as follows:</p><p style='margin:0'>&nbsp;</p><table style='border-collapse:collapse;width:94.74%'><tr align="left"><td valign="bottom" style='width:34.6%'><p align="center" style='margin:0'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:31.88%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Stock Options</font> </p></td><td colspan="2" valign="bottom" style='width:33.52%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Stock Warrants</font> </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:10.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:14.54%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>Weighted </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:10.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:14.54%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>Exercise </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:10.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Shares</font> </p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Price</font> </p></td><td valign="bottom" style='width:14.54%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Shares</font> </p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Price</font> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF" style='width:34.6%'><p style='margin:0'>Outstanding at June 30, 2019 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:10.96%'><p align="right" style='margin:0'>30,100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:20.94%'><p align="center" style='margin:0'>$0.05 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:14.54%'><p align="right" style='margin:0'>100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:18.96%'><p align="center" style='margin:0'>$0.15 </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted </p></td><td valign="bottom" style='width:10.96%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:14.54%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>&#151;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF" style='width:34.6%'><p style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:10.96%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:20.94%'><p align="center" style='margin:0'>&#151;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:14.54%'><p align="right" style='margin:0'>&#151; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:18.96%'><p align="center" style='margin:0'>&#151; </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired </p></td><td valign="bottom" style='width:10.96%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:14.54%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>&#151;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF" style='width:34.6%'><p style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:10.96%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:20.94%'><p align="center" style='margin:0'>&#151; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:14.54%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:18.96%'><p align="center" style='margin:0'>&#151;</p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p style='margin:0'>Outstanding at September 30, 2019 </p></td><td valign="bottom" style='width:10.96%;border-bottom:3px double #000000'><p align="right" style='margin:0'>30,100,000 </p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>$0.05 </p></td><td valign="bottom" style='width:14.54%;border-bottom:3px double #000000'><p align="right" style='margin:0'>100,000 </p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>$0.15 </p></td></tr></table><p style='margin-top:12pt;margin-bottom:6pt'>Stock options and warrants outstanding and exercisable at September 30, 2019 are as follows: </p><table style='border-collapse:collapse;width:100%'><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td colspan="7" valign="bottom" style='width:30.56%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Outstanding and Exercisable Options</font> </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td colspan="7" valign="bottom" style='width:27.5%'><p align="center" style='margin:0'>O<font style='border-bottom:1px solid #000000'>utstanding and Exercisable</font> </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p align="center" style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Warrants</font> </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p align="center" style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p align="center" style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p align="center" style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Contractual</p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Contractual </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>Exercise </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Remaining </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>Exercise </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Remaining </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>Price </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>Outstanding </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>Exercisable </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Life </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Exercise </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>Price </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>Outstanding </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>Exercisable </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Life </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Exercise </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Range</font> </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Number</font> </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Number</font> </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>(in Years)</font> </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Price</font> </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Range</font> </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Number</font> </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Number</font> </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>(in Years)</font> </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Price</font> </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF"><p align="center" style='margin:0'>$0.07</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:9.38%'><p align="right" style='margin:0'>100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%'><p align="right" style='margin:0'>100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>.26</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.07 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.7%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:6.6%'><p align="right" style='margin:0'>0.15</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:9.38%'><p align="right" style='margin:0'>100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.14%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%'><p align="right" style='margin:0'>100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>3.21</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.15</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.72%'><p style='margin:0'>&nbsp;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>$0.05 </p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="right" style='margin:0'>30,000,000 </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="right" style='margin:0'>30,000,000 </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>4.47</p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" style='width:7.46%'><p align="right" style='margin:0'>0.05 </p></td><td valign="bottom" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:6.6%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.14%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:8.94%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:7.46%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%;border-bottom:3px double #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:9.38%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>30,100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%;border-bottom:3px double #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>30,100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:6.6%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%;border-bottom:3px double #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:9.38%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%;border-bottom:3px double #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" bgcolor="#CCEEFF" style='width:19.96%'><p align="right" style='margin:0'>&nbsp;</p><p align="right" style='margin:0'>Outstanding Options </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>4.46 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.05 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" bgcolor="#CCEEFF" style='width:16.94%'><p align="right" style='margin:0'>Outstanding Warrants </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>3.21 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.15 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" style='width:19.96%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" style='width:16.94%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:5.4pt'><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" bgcolor="#CCEEFF" style='width:19.96%'><p align="right" style='margin:0'>Exercisable Options</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>4.46</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.05</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" bgcolor="#CCEEFF" style='width:16.94%'><p align="right" style='margin:0'>Exercisable Warrants</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>3.21</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.15</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr></table><p align="justify" style='margin:0'>As of September 30, 2019, the aggregate intrinsic value of all stock options and warrants vested was $992,300. &nbsp;The intrinsic value of each option share is the difference between the fair market value of the common stock and the exercise price of such option or warrant share to the extent it is &quot;in-the-money&quot;. Aggregate intrinsic value represents the value that would have been received by the holders of in-the-money options had they exercised their options on the last trading day of the quarter and sold the underlying shares at the closing stock price on such day. The intrinsic value calculation is based on the $0.083 closing stock price of the common stock on September 30, 2019.</p><p align="justify" style='margin-top:0.5pt;margin-bottom:0pt'>&nbsp;</p><p align="justify" style='margin:0'>The total intrinsic value associated with options exercised during the three months ended September 30, 2019, was $0. Intrinsic value of exercised shares is the total value of such shares on the date of exercise less the cash received from the option or warrant holder to exercise the options. </p><p style='margin:0'>&nbsp;</p> 181466 15279 12285714 860000 <table style='border-collapse:collapse;width:94.74%'><tr align="left"><td valign="bottom" style='width:34.6%'><p align="center" style='margin:0'>&nbsp;</p></td><td colspan="2" valign="bottom" style='width:31.88%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Stock Options</font> </p></td><td colspan="2" valign="bottom" style='width:33.52%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Stock Warrants</font> </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:10.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:14.54%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>Weighted </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:10.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:14.54%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>Exercise </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:10.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Shares</font> </p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Price</font> </p></td><td valign="bottom" style='width:14.54%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Shares</font> </p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Price</font> </p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF" style='width:34.6%'><p style='margin:0'>Outstanding at June 30, 2019 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:10.96%'><p align="right" style='margin:0'>30,100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:20.94%'><p align="center" style='margin:0'>$0.05 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:14.54%'><p align="right" style='margin:0'>100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:18.96%'><p align="center" style='margin:0'>$0.15 </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted </p></td><td valign="bottom" style='width:10.96%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:14.54%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>&#151;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF" style='width:34.6%'><p style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:10.96%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:20.94%'><p align="center" style='margin:0'>&#151;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:14.54%'><p align="right" style='margin:0'>&#151; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:18.96%'><p align="center" style='margin:0'>&#151; </p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired </p></td><td valign="bottom" style='width:10.96%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:14.54%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>&#151;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF" style='width:34.6%'><p style='margin:0'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:10.96%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:20.94%'><p align="center" style='margin:0'>&#151; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:14.54%;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>&#151; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:18.96%'><p align="center" style='margin:0'>&#151;</p></td></tr><tr align="left"><td valign="bottom" style='width:34.6%'><p style='margin:0'>Outstanding at September 30, 2019 </p></td><td valign="bottom" style='width:10.96%;border-bottom:3px double #000000'><p align="right" style='margin:0'>30,100,000 </p></td><td valign="bottom" style='width:20.94%'><p align="center" style='margin:0'>$0.05 </p></td><td valign="bottom" style='width:14.54%;border-bottom:3px double #000000'><p align="right" style='margin:0'>100,000 </p></td><td valign="bottom" style='width:18.96%'><p align="center" style='margin:0'>$0.15 </p></td></tr></table><p style='margin-top:12pt;margin-bottom:6pt'>Stock options and warrants outstanding and exercisable at September 30, 2019 are as follows: </p><table style='border-collapse:collapse;width:100%'><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td colspan="7" valign="bottom" style='width:30.56%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Outstanding and Exercisable Options</font> </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td colspan="7" valign="bottom" style='width:27.5%'><p align="center" style='margin:0'>O<font style='border-bottom:1px solid #000000'>utstanding and Exercisable</font> </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p align="center" style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Warrants</font> </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p align="center" style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p align="center" style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p align="center" style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Contractual</p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Contractual </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Weighted </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>Exercise </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Remaining </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>Exercise </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Remaining </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Average </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>Price </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>Outstanding </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>Exercisable </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Life </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Exercise </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'>Price </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'>Outstanding </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'>Exercisable </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>Life </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'>Exercise </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Range</font> </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Number</font> </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Number</font> </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>(in Years)</font> </p></td><td valign="bottom" style='width:1.16%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Price</font> </p></td><td valign="bottom" style='width:0.7%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Range</font> </p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Number</font> </p></td><td valign="bottom" style='width:1.14%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Number</font> </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>(in Years)</font> </p></td><td valign="bottom" style='width:1.18%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="center" style='margin:0'><font style='border-bottom:1px solid #000000'>Price</font> </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF"><p align="center" style='margin:0'>$0.07</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:9.38%'><p align="right" style='margin:0'>100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%'><p align="right" style='margin:0'>100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>.26</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.07 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.7%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:6.6%'><p align="right" style='margin:0'>0.15</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:9.38%'><p align="right" style='margin:0'>100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.14%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%'><p align="right" style='margin:0'>100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>3.21</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.15</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.72%'><p style='margin:0'>&nbsp;</p></td></tr><tr align="left"><td valign="bottom"><p align="center" style='margin:0'>$0.05 </p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="right" style='margin:0'>30,000,000 </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p align="right" style='margin:0'>30,000,000 </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>4.47</p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" style='width:7.46%'><p align="right" style='margin:0'>0.05 </p></td><td valign="bottom" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:6.6%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.14%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:8.94%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&nbsp;</p></td><td valign="bottom" style='width:7.46%'><p align="right" style='margin:0'>&#151;</p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%;border-bottom:3px double #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:9.38%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>30,100,000 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%;border-bottom:3px double #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>30,100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:6.6%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%;border-bottom:3px double #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:9.38%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%;border-bottom:3px double #000000'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>100,000</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:6.6%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:9.38%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160; </p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p style='margin:0'>&#160; </p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" bgcolor="#CCEEFF" style='width:19.96%'><p align="right" style='margin:0'>&nbsp;</p><p align="right" style='margin:0'>Outstanding Options </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>4.46 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.05 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" bgcolor="#CCEEFF" style='width:16.94%'><p align="right" style='margin:0'>Outstanding Warrants </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%'><p style='margin:0'>&#160; </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>3.21 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.15 </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr align="left"><td valign="bottom"><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" style='width:19.96%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" style='width:16.94%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.94%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:8.96%'><p align="center" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td valign="bottom" style='width:7.46%'><p align="right" style='margin:0'>&#160;</p></td><td valign="bottom" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr><tr style='height:5.4pt'><td valign="bottom" bgcolor="#CCEEFF"><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" bgcolor="#CCEEFF" style='width:19.96%'><p align="right" style='margin:0'>Exercisable Options</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>4.46</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.16%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.05</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.7%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>&#160;</p></td><td colspan="4" valign="bottom" bgcolor="#CCEEFF" style='width:16.94%'><p align="right" style='margin:0'>Exercisable Warrants</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.14%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.94%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.48%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:8.96%'><p align="center" style='margin:0'>3.21</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:1.18%'><p style='margin:0'>&#160;</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.96%'><p style='margin:0'>$</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:7.46%'><p align="right" style='margin:0'>0.15</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:0.72%'><p style='margin:0'>&#160;</p></td></tr></table><p align="justify" style='margin:0'>&nbsp;</p> 30100000 0.05 100000 0.15 0 0 0 0 0 0 0 0 0 0 0.05 100000 0.15 100000 100000 0.07 100000 100000 0.15 30000000 30000000 0.05 30100000 30100000 992300 0.083 0 <b>NOTE 10 &#150; RELATED PARTY TRANSACTIONS </b><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>On August 1, 2015, the Company leased a home office space from the Company&#146;s CFO for $500 a month for the corporate administrative office in Albuquerque, NM until such time growth requires a larger corporate administrative office. Rent expense for the three months ended September 30, 2019 and 2018 was $1,500 respectively.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The board authorized on June 16, 2016, the hiring of Nataliia Mueller, wife of the Company&#146;s CFO, with a current annual wage of $60,000 as an assistant to the CFO.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>During the fiscal year ended June 30, 2019, the CFO for the Company loaned the Company $10,000 and deferred net salary aggregating $51,848 into a note at 6% per annum and during the quarter ended September 30, 2019, loaned an additional $10,000. Accrued interest on the note at September 30, 2019 and June 30, 2019, was $2,680 and $1,650, respectively. Interest expense on the note for the three months ended September 30, 2019 and 2018 was $1,029 and $0, respectively. The loan has no stated due date and is payable on demand by the lender. The combined loan and interest balance at September 30, 2019 and June 30, 2019 was $74,528 and $63,499, respectively.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.</p><p style='margin:0'>&nbsp;</p> 1500 1500 60000 10000 51848 0.0600 10000 2680 1650 1029 0 74528 63499 <b>NOTE 11 &#150;&nbsp;LEGAL PROCEEDINGS </b><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>All legal proceedings were stayed with the filing of Chapter 11 bankruptcy.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><i>Boart Long year Company v. Lordsburg Mining Company</i>, Case No. D-2-2-CV-2015- 06048, County of Bernalillo, NM; <i>Boart Longyear Company v. Lordsburg Mining Company</i>, Case No. D-721-CV-2015- 00058, County of Sierra, NM; and <i>Boart Longyear Company v. Lordsburg Mining Company</i>, Case No. D-608-CV- 201500165, County of Quintero, NM. &nbsp;There are a series of collection cases by Boart Longyear Company, a company that obtained Utah judgments for equipment delivered to Lordsburg Mining Company in the aggregate amounts of $158,480 and has an interest rate of 5.25% per annum. Accrued interest on the obligation at September 30, 2019 and June 30, 2019 was $30,436 and $28,339 respectively. Interest on the obligation for the three months ended September 30, 2019 and 2018 was $2,097 respectively.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><i>Wagner Equipment Co. v. Lordsburg Mining Company</i>, Case No. D-2014-02372, County of Bernalillo, NM 28 is a collection case by Wagner equipment, who obtained judgment for equipment delivered to Lordsburg Mining Company in the amount of $115,789 and has a rate of interest of 8.75% per annum. During the three months ended September 30, 2019 and 2018, Company interest on the obligation was $2,554, respectively. Accrued interest on the obligation at September 30, 2019 and June 30, 2019 was $50,125 and $47,571, respectively. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The bankruptcy court set up a Trust fund that will be funded by the activities of the Summit mine for five (5) years after reopening of the mine and the trust funds will be distributed by an independent trustee to all credit holders on record. &nbsp;Currently all debts at the time of the bankruptcy are currently due and in default. None of the claims have been reopened since June 2016.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In November 2017, the Company entered into substantially identical agreements with Fortune Graphite, Inc. and Worldwide Graphite Producers, Ltd. to acquire a total of four placer claims for aggregate consideration of Can$400,000 and the issuance of 10,000,000 shares of Company common stock. &nbsp;The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock. &nbsp;To date, the Company has paid Can$260,000. &nbsp;The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock. &nbsp;Based upon our subsequent scrutiny and analysis of the transaction, the Company in February 2019 initiated an arbitration proceeding against the seller to void and rescind the purchase of these British Columbia properties, including requesting additional remedies. &nbsp;The Company cannot predict the outcome of this arbitration, and there can be no assurance that the Company will not lose its interest in these claims, or owe seller the remaining outstanding amounts. In connection with this arbitration, the Company&#146;s legal position is to void the transaction and, due to the uncertainty of the outcome, has provided an impairment of the amount at June 30, 2019, in the amount of $210,116. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In November 2018, Santa Fe filed a complaint in Luna County District Court, State of New Mexico, requesting a $930,000 money judgment against Mr. and Mrs. Laws for misappropriation of Company funds, in addition to foreclosing on the mortgage Mr. and Ms. Laws granted to Santa Fe on real property to secure the promissory note located in Luna County, New Mexico. &nbsp;</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In November 2018, Santa Fe filed a similar complaint in Grant County District Court, State of New Mexico, as Mr. and Mrs. Laws and XYZ Ranch Estates, LLC granted Santa Fe a deed of trust and a mortgage, respectively, on several pieces of real property in Grant County, New Mexico. Mr. Laws also granted Santa Fe a security agreement on an airplane located in Grant County, New Mexico.&#160; The complaint in Grant County requested a money judgment in the amount of $930,000 against Mr. and Mrs. Laws, in addition to a request to foreclose on the assets pledged to us located in Grant County, New Mexico. &nbsp;</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Subsequent professional costs including legal, auditing, forensic accounting and related filing costs related to this event have been added to the amounts owed by Mr. Laws. At the time of filing this report, we have determined costs associated with Mr. Laws action currently aggregates $1,651,263, of which we have collected $485,966 as of the date of filing this report.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by the U. S. District Attorney for the District of New Mexico , which include the Company allegations. Mr. Laws is currently awaiting sentencing on the pleaded to charges. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court and the Company does not anticipate receiving a substantial reimbursement of the remaining Laws costs.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>The Department of Justice (&#147;DOJ&#148;) and the U.S. Securities and Exchange Commission (&#147;SEC&#148;) have each initiated investigation&#146;s into the Company and certain other individuals, resulting from the Laws transactions and related misappropriation of funds described herein. &nbsp;The SEC has obtained a formal order to investigate the Company. &nbsp;The DOJ investigation is still preliminary. &nbsp;These types of investigations are expensive, time-consuming for management, and unpredictable &#150;&nbsp;often resulting in other aspects of the Company&#146;s operations becoming subject to regulatory scrutiny. &nbsp;These investigations are ongoing and no prediction can be made regarding the timing or outcome of such matters including remedial action pursued against the Company and others, including its officers and directors.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements not to be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. Other than the above described litigation, as of September 30, 2019, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Because litigation outcomes are inherently unpredictable, the Company&#146;s evaluation of legal proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. If the assessments indicate that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. While the consequences of certain unresolved proceedings are not presently determinable, and an estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be reasonably made, an adverse outcome from such proceedings could have a material adverse effect on its financial statements in any given reporting period. However, in the opinion of Management, after consulting with legal counsel, the ultimate liability related to the current outstanding litigation is not expected to have a material adverse effect on its financial statements. </p><p style='margin:0'>&nbsp;</p> 158480 0.0525 30436 28339 2097 2097 115789 0.0875 2554 2554 50125 47571 Company entered into substantially identical agreements with Fortune Graphite, Inc. and Worldwide Graphite Producers, Ltd. to acquire a total of four placer claims for aggregate consideration of Can$400,000 and the issuance of 10,000,000 shares of Company common stock. The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock. To date, the Company has paid Can$260,000. The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock. Based upon our subsequent scrutiny and analysis of the transaction, the Company in February 2019 initiated an arbitration proceeding against the seller to void and rescind the purchase of these British Columbia properties, including requesting additional remedies. The Company cannot predict the outcome of this arbitration, and there can be no assurance that the Company will not lose its interest in these claims, or owe seller the remaining outstanding amounts. In connection with this arbitration, the Company&#146;s legal position is to void the transaction and, due to the uncertainty of the outcome, has provided an impairment of the amount at June 30, 2019, in the amount of $210,116 930000 <b>NOTE 12 &#150;&nbsp;SUBSEQUENT EVENTS</b><p style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Recent Issuances of Unregistered Securities</b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In the period from October 1, 2019 through October 14, 2020, the Company sold an aggregate of 24,107,143 restricted shares of common stock to nine existing accredited investors for cash proceeds $1,482,500. During this period the Company sold an aggregate of 6,642,858 restricted shares of common stock to the chairman of the board for cash proceeds $375,000. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>In the period from March 2020 through October 14, 2020, the Company issued warrants to existing accredited &nbsp;investors aggregating 6,541,667, and 2,250,000 warrants to the chairman of the board that were attached to restricted stock purchases. The warrants were vested at issuance, have a two or three-year life and an exercise price of $0.05 to $0.07 per share.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>During the period from October 1, 2019 through October 14, 2020, the Company issued 797,517 restricted shares of common stock for consulting services at a market value of $62,707 on the date of issuance. </p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>On April 10, 2020, the Company converted $100,000 of accrued salary for the Company&#146;s CFO into 2,000,000 shares of restricted common stock at a market value of $117,000 on the date of grant and recorded a loss on debt conversion of $17,000. Warrants issued in conjunction with the conversion were 1,000,000 vested three-year warrants and have an exercise price of $0.05 per share.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>On June 30, 2020, the Company converted a note payable with the Company&#146;s CFO consisting of principal and interest of $42,037 and $6,178, respectively, into 964,299 shares of restricted common stock at $0.05 per share. The market value on the date of conversion was $67,501 and on the date of conversion the Company recorded a loss on debt conversion of $19,286. In conjunction with the conversion, 482,149 vested three-year warrants were granted and have an exercise price of $0.05 per share.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>On August 7, 2020, former Chief Financial Officer (&#147;CFO&#148;) of the &nbsp;Company resigned from that position. As the former CFO has significant institutional knowledge and background Company knowledge, the Board offered the individual the position of Managing Director of Mining Operations with a signing bonus of $20,000 and 750,00 shares of restricted common stock and an employment agreement was signed.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'><b>Miscellaneous Events</b></p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>On December 18, 2019, Mr. Daniel Gorski, our consultant geologist, was appointed to our board of directors.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'> As of filing of this report, the Company has determined that Mr. Laws owes the Company $1,651,263, net of funds recovered from Mr. Laws of $485,966. This amount represents an increase consisting of legal, forensic accounting services incurred by the Company and the audit restatement of our fiscal year 2017 that was attributable the misappropriation of funds. The current amount does not include any penalties or interest as provided in the secured promissory note and security agreement signed by Mr. Laws. The Company does not anticipate collecting a material amount due from Mr. Laws and any recovery will be determined by the bankruptcy court.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by government officials, which include the Company allegations. Mr. Laws is currently awaiting sentencing on the charges he plead to. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court.</p><p align="justify" style='margin:0'>&nbsp;</p><p align="justify" style='margin:0'>Effective July 7, 2020, the Company retained a new Chief Financial Officer and an employment agreement was signed. </p><p align="justify" style='margin:0'>&nbsp;</p><p style='margin:0'>The Company signed employment agreements with the new Chief Financial Officer and Managing Director of Mining Operations. The agreements are a one-year employment agreement with the Company, with automatic successive one-year renewals provided that neither &nbsp;party has provided notice of termination prior to 30 days from the end of such applicable term.</p><p style='margin:0'>&nbsp;</p> In the period from October 1, 2019 through October 14, 2020, the Company sold an aggregate of 24,107,143 restricted shares of common stock to nine existing accredited investors for cash proceeds $1,482,500. During this period the Company sold an aggregate of 6,642,858 restricted shares of common stock to the chairman of the board for cash proceeds $375,000. In the period from March 2020 through October 14, 2020, the Company issued warrants to existing accredited investors aggregating 6,541,667, and 2,250,000 warrants to the chairman of the board that were attached to restricted stock purchases. The warrants were vested at issuance, have a two or three-year life and an exercise price of $0.05 to $0.07 per share. During the period from October 1, 2019 through October 14, 2020, the Company issued 797,517 restricted shares of common stock for consulting services at a market value of $62,707 on the date of issuance. On April 10, 2020, the Company converted $100,000 of accrued salary for the Company&#146;s CFO into 2,000,000 shares of restricted common stock at a market value of $117,000 on the date of grant and recorded a loss on debt conversion of $17,000. Warrants issued in conjunction with the conversion were 1,000,000 vested three-year warrants and have an exercise price of $0.05 per share. On June 30, 2020, the Company converted a note payable with the Company&#146;s CFO consisting of principal and interest of $42,037 and $6,178, respectively, into 964,299 shares of restricted common stock at $0.05 per share. The market value on the date of conversion was $67,501 and on the date of conversion the Company recorded a loss on debt conversion of $19,286. In conjunction with the conversion, 482,149 vested three-year warrants were granted and have an exercise price of $0.05 per share. On August 7, 2020, former Chief Financial Officer (&#147;CFO&#148;) of the Company resigned from that position. As the former CFO has significant institutional knowledge and background Company knowledge, the Board offered the individual the position of Managing Director of Mining Operations with a signing bonus of $20,000 and 750,00 shares of restricted common stock and an employment agreement was signed. On December 18, 2019, Mr. Daniel Gorski, our consultant geologist, was appointed to our board of directors. As of filing of this report, the Company has determined that Mr. Laws owes the Company $1,651,263, net of funds recovered from Mr. Laws of $485,966. This amount represents an increase consisting of legal, forensic accounting services incurred by the Company and the audit restatement of our fiscal year 2017 that was attributable the misappropriation of funds. The current amount does not include any penalties or interest as provided in the secured promissory note and security agreement signed by Mr. Laws. The Company does not anticipate collecting a material amount due from Mr. Laws and any recovery will be determined by the bankruptcy court. As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by government officials, which include the Company allegations. Mr. Laws is currently awaiting sentencing on the charges he plead to. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court. Effective July 7, 2020, the Company retained a new Chief Financial Officer and an employment agreement was signed. The Company signed employment agreements with the new Chief Financial Officer and Managing Director of Mining Operations. 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Document and Entity Information - shares
3 Months Ended
Sep. 30, 2019
Oct. 26, 2020
Details    
Registrant CIK 0000851726  
Fiscal Year End --06-30  
Registrant Name SANTA FE GOLD CORPORATION  
SEC Form 10-Q  
Period End date Sep. 30, 2019  
Tax Identification Number (TIN) 84-1094315  
Number of common stock shares outstanding   427,504,214
Filer Category Non-accelerated Filer  
Current with reporting No  
Interactive Data Current No  
Shell Company false  
Small Business true  
Emerging Growth Company false  
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 001-12974  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 3544 Rio Grande Blvd. NW  
Entity Address, City or Town Albuquerque  
Entity Address, State or Province NM  
Entity Address, Postal Zip Code 87107  
City Area Code 505  
Local Phone Number 255-4852  
Phone Fax Number Description Registrant’s telephone number, including area code  
Amendment Flag false  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q1  
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Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Jun. 30, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 227,387 $ 264,900
Prepaid expenses and other current assets 19,209 76,921
Total current assets 246,596 341,821
Total Assets 3,994,769 3,682,729
NON-CURRENT ASSETS:    
Property and equipment, net 232,808 25,543
Mineral property 3,515,365 3,315,365
Total non-current assets 3,748,173 3,340,908
Current liabilities:    
Accounts payable 3,329,457 3,151,035
Accrued liabilities 668,363 645,068
Notes payable 558,543 598,543
Notes payable and accrued interest to related party 74,528 63,499
Total Current Liabilities 4,630,891 4,458,145
STOCKHOLDERS' DEFICIT:    
Common shares 784,485 759,550
Additional paid-in capital 92,794,048 91,943,704
Accumulated deficit (94,214,655) (93,478,670)
Total Stockholders' Deficit (636,122) (775,416)
Total Liabilities and Stockholders' Deficit $ 3,994,769 $ 3,682,729
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Sep. 30, 2019
Jun. 30, 2019
Details    
Common Stock, Par or Stated Value Per Share $ 0.002 $ 0.002
Common Stock, Shares Authorized 550,000,000 550,000,000
Common Stock, Shares, Issued 392,242,397 379,775,217
Common Stock, Shares, Outstanding 392,242,397 379,775,217
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Consolidated Statement of Operations - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Details    
REVENUES $ 0 $ 0
Exploration and other mine related costs 282,974 6,076
General and administrative expenses 466,400 294,326
Total Operating Expenses 749,374 300,402
LOSS FROM OPERATIONS (749,374) (300,402)
Other Nonoperating Income (Expense)    
Recovery (misappropriation) of funds 27,539 378,060
Financing costs- commodity supply agreements 0 234,417
Interest expense (14,150) (165,783)
Total Other Income (Expense) 13,389 446,694
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES (735,985) 146,292
PROVISION FOR INCOME TAXES 0 0
NET INCOME (LOSS) $ (735,985) $ 146,292
Basic and Diluted Per Share Data:    
Net Income (Loss) - Basic $ (0.00) $ (0.00)
Net Income ( Loss) - Diluted $ (0.00) $ (0.00)
Weighted Average Common Shares Outstanding:    
Basic 387,108,689 300,000,000
Diluted 387,108,689 300,100,000
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Consolidated Statements of Shareholders' Deficit - USD ($)
Common Stock
Additional Paid-in Capital
Retained Earnings
Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2018 $ 600,000 $ 84,113,690 $ (102,013,374) $ (17,299,684)
Shares, Outstanding, Beginning Balance at Jun. 30, 2018 300,000,000      
Proceeds from common stock subscriptions       200,000
NET INCOME (LOSS) $ 0 0 146,292 146,292
Shares, Outstanding, Ending Balance at Sep. 30, 2018 300,000,000      
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2018 $ 600,000 84,455,690 (101,867,082) $ (16,811,392)
Common Stock, Shares, Issued       379,775,217
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2019 $ 759,550 91,943,704 (93,478,670) $ (775,416)
Shares, Outstanding, Beginning Balance at Jun. 30, 2019 379,775,217      
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture $ 363 14,916 0 $ 15,279
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture 181,466     181,466
Proceeds from common stock subscriptions $ 24,572 835,428 0 $ 860,000
Share subscriptions issued 12,285,714     12,285,714
NET INCOME (LOSS) $ 0 0 (735,985) $ (735,985)
Shares, Outstanding, Ending Balance at Sep. 30, 2019 392,242,397      
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2019 $ 784,485 $ 92,794,048 $ (94,214,655) $ (636,122)
Common Stock, Shares, Issued       392,242,397
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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Net Cash Provided by (Used in) Operating Activities    
NET INCOME (LOSS) $ (735,985) $ 146,292
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities    
Stock-based compensation 15,279 17,800
Financing costs - commodity supply agreements 0 (234,417)
Depreciation expense 6,670 0
Non-cash interest expense 1,029 0
Net change in operating assets and liabilities:    
Prepaid expenses and other current assets 57,712 (5,853)
Increase (Decrease) in Accounts Payable and Accrued Liabilities 186,717 188,613
Net Cash Provided by (Used in) Operating Activities, Continuing Operations (468,578) 112,435
Net Cash Provided by (Used in) Investing Activities    
Payment on mineral property (200,000) 0
Purchase of property and equipment (198,935) 0
Net Cash Provided by (Used in) Investing Activities (398,935) 0
Net Cash Provided by (Used in) Financing Activities    
Proceeds from common stock subscriptions 860,000 200,000
Loan proceeds from a related party 10,000 0
Payment on note payable principle (40,000) 0
Net Cash Provided by (Used in) Financing Activities 830,000 200,000
Cash and Cash Equivalents, Period Increase (Decrease) (37,513) 312,435
Cash and Cash Equivalents, at Carrying Value, Beginning Balance 264,900 18,897
Cash and Cash Equivalents, at Carrying Value, Ending Balance 227,387 331,332
Supplemental Cash Flow Information    
Interest Paid, Including Capitalized Interest, Operating and Investing Activities 0 0
Income Taxes Paid, Net 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Valuation change on mandatory share redemption $ 0 $ 342,000
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NOTE 1 - COMPANY AND NATURE OF OPERATIONS
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 1 - COMPANY AND NATURE OF OPERATIONS NOTE 1 – ORGANIZATION AND BUSINESS DESCRIPTION

 

Santa Fe Gold Corporation (the “Company”, “our” or “we”) is a U.S. mining company incorporated in Delaware in August 1991. Our general business strategy is to acquire, explore, develop and mine mineral properties. The Company elected on August 26, 2015, to file for Chapter 11 Bankruptcy protection, Case # 15-11761 (MFW) and that case was dismissed on June 15, 2016. The Summit Silver-Gold Project, the Lordsburg Copper Project, Black Canyon Mica Project, Planet MIO Project, all claims and other assets were lost in the process. After the Company emerged from the bankruptcy with a management team of two with no assets, we developed a business plan to raise equity funds to acquire new mining claims, a potential processing plant or arrangements with a processing plant in an acceptable geographic location to potential new mining claims.

 

In August 2017, the Company acquired all the capital stock of Bullard’s Peak Corporation and the related patented and unpatented claims in the Black Hawk district of New Mexico from Black Hawk Consolidated Mines Company for a purchase price of $3,115,365. The mine property is known as the Alhambra mine site. The transaction was finalized and closed in April 2019. The mining property acquired is an asset of Mineral Acquisitions, LLC, one of the Company’s five wholly owned subsidiaries.

 

In January 2019 the Company has acquired right of use on two properties in western New Mexico, consisting of eight (8) patented claims and two unpatented claims, all located in the Steeple Rock Mining District, Grant County, New Mexico and a related water rights lease agreement. The two properties are known as the Billali Mine and the Jim Crow Imperial Mine. The Company has begun improvements to the Jim Crow Imperial mine to start mining operations during the third calendar quarter of 2020.

 

We are considered an “exploration stage” company under the U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7.

 

Interim Financial Statements

 

The accompanying unaudited financial statements and related notes present the Company’s consolidated financial position as of September 30, 2019 and June 30, 2019 (Audited), the consolidated results of operations for the three months ended September 30, 2019 and 2018, the consolidated statements of shareholders’ deficit for the three months ended September 30, 2019 and 2018 and, consolidated cash flows for the three months ended September 30, 2019 and 2018. The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. The accounting policies followed by the Company are set forth in Note 2 to the Company’s financial statements included in Form 10-K for the fiscal year ended June 30, 2019. These interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements presented in the Company’s 2019 Annual Report on Form 10-K filed on July 15, 2020.

 

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation and Going Concern

 

The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due.

 

The Company has recorded net loss of $735,985 for the three months ended September 30, 2019, and has a total accumulated deficit of $94,214,655 and a working capital deficit at September 30, 2019 of $4,384,295. The Company used in operating activities approximately $469,000 during the current period of measurement. The Company currently has no source of generating revenue.

 

To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of current operating expenses until the Company has put into production an acceptable source to generate mineralized ore to generate a revenue stream. Currently we have no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as required, or if available, that its terms will be favorable or acceptable to the Company.

 

At September 30, 2019, the Company was in default on delinquent payments of approximately: $3.04 million on accounts payable, $398,000 on a note payable and $643,000 on other accrued liabilities.

 

The unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries AZCO Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation, and Santa Fe Gold Barbados Corporation, a Barbados corporation, Santa Fe Acquisitions Company, a New Mexico Limited Liability Company,  Mineral Acquisitions, a New Mexico Limited Liability Company and Bullard’s Peak Corporation, a New Mexico Corporation. All significant inter-company accounts and transactions have been eliminated in consolidation.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions.

 

Significant estimates are used when accounting for the Company's carrying value of mineral properties, fixed assets, depreciation, amortization, accruals, derivative instrument liabilities, valuation of warrants, taxes and contingencies, and stock-based compensation.

 

Fair Value Measurements

 

The carrying values of cash and cash equivalents, accounts payable and accrued liabilities approximated their related fair values as of September 30, 2019, and June 30, 2019, due to the relatively short-term nature of these instruments.

 

Cash and Cash Equivalents

 

The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash balances.

 

Property and Equipment

 

Property and equipment are carried at cost. Maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred.  Expenditures for new property or equipment and expenditures that extend the useful lives of existing property and equipment are capitalized and recorded at cost. Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations.  Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of the equipment are shown below. Land is not depreciated.

 

 

Estimated Useful Life

Mine equipment

7 Years

General equipment

5 – 7 Years

Automotive

4.5 - 5 Years

Small tools

1.25 Years

 

Derivative Financial Instruments  

 

The Financial Accounting Standards Board (“FASB”) provides guidance that requires derivative instruments to be recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. For derivative instruments designated as hedges, the changes in fair value are recorded in the balance sheets as a component of accumulated other comprehensive income (loss). Changes in the fair value of derivative instruments not designated as hedges are recorded in the consolidated statements of operations, generally as a component of other income (expense).

 

Net Income (Loss) Per Share

 

Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the three months ended September 30, 2019, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive.

 

A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share (“EPS”) computation is as follows:  

 

 

 

Net Income

(Numerator)

 

 

Weighted

Average

Common Shares

(Denominator)

 

 

Per Share

Amount

 

For the three months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders

 

$

         146,292

 

 

 

300,000,000

 

 

$

0.00

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive shares from options and warrants

 

 

                   — 

 

 

 

        100,000

 

 

 

 

 

Income available to common stockholders plus assumed conversions

 

$

         146,292

 

 

 

 300,100,000

 

 

$

0.00

 

 

The number of stock options excluded from the calculation of diluted earnings per share for the three months ended September 30, 2018 was 100,000 and excluded warrants was 4,320,000, because their inclusion would have been anti-dilutive.  

 

Stock-Based Compensation

 

Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation’ (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 505, “Equity—Equity Based Payments to Non-Employees” (“ASC 505-50”), for share-based payments to consultants and other third parties, compensation expense is determined at the measurement date, which is the grant date. Until the measurement date is reached, the total amount of compensation expense remains uncertain.

 

The Company accounts for share-based compensation on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The compensation cost is recognized over the expected vesting period. Share based payments to nonemployees are valued at the earlier or a commitment date or completion of services. The Company had stock-based compensation of $15,279 and $17,800 in the three months ending September 30, 2019 and 2018, respectively.

 

Accounting Standards to be Adopted in Future Periods

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with a term of more than one year. Accounting by lessors will remain similar to existing U.S. GAAP. Subsequent accounting standards updates have been issued, which amend and/or clarify the application of ASU 2016-02. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018.  The Company adopted Topic 842 as of July 1, 2019 and at this time the new standard will not have an impact on our consolidated financial statements until significant a lease agreement is entered.

 

In June 2018, the FASB issued ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted, but no earlier than adoption of ASC 606. The Company adopted ASU 2018-07, effective July 1, 2019, and determined the adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

 

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies and adds various disclosure requirements related to fair value disclosures. Disclosures related to transfers between fair value hierarchy levels will be removed and further detail around changes in unrealized gains and losses for the period and unobservable inputs used in determining level 3 fair value measurements will be added, among other changes. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating this guidance and the impact on its Consolidated Financial Statements.

 

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows.

 

Mine Development

 

Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure in an underground mine. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves.

 

Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting non-reserve mineralization to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales.

 

As of September 30, 2019, the Company has not established proven or probable reserves or established the commercial feasibility of any of our exploration projects and all exploration costs are being expensed. The Company may never identify proven and probable reserves.

 

Mineral Rights

 

Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established.

 

To date, the Company has not established the commercial feasibility of any exploration projects; therefore, all exploration costs are expensed as incurred. Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. ASC 930-805, “Extractive Activities-Mining: Business Combinations.” ASC 930-805 states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights.

 

Acquired mineral rights are considered tangible assets under ASC 930-805. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims.

 

When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of long-lived assets”, and evaluates the carrying value under ASC 930-360, “Extractive Activities - Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value.

 

When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development is capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. We may never identify proven and probable reserves.

 

At the time the Company has a revenue stream from a project, the Company will amortize any capitalized balance each quarter. Companies that have reserves under SEC Industry Guide 7 typically capitalize these costs, and subsequently depreciate or amortize them on a units-of-production basis as reserves are mined. Unlike these other companies, our properties have no reserves and we will depreciate or amortize any capitalized costs based on the most appropriate amortization method, which includes straight-line or units-of-production method over the estimated remaining life of the mine, as determined by our geologist. As we have no reliable information to compute  a units of production methodology, we will amortize our capitalized costs on a straight-line basis over the estimated remaining life of the mine as determined by our geologist. Because of these and other differences, our financial statements may not be comparable to the financial statements of mining companies that have proven and probable reserves on their properties.

 

Reclamation Costs

 

Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to accretion expense. The asset retirement cost is capitalized as part of the asset’s carrying value and depreciated over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based on when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets.  No reclamation costs were required for the three months ended September 30, 2019.

 

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 3 - PROPERTY AND EQUIPMENT
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 3 - PROPERTY AND EQUIPMENT NOTE 3 – PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following at September 30, 2019 and June 30, 2019:

 

 

 

 

September 30,

 

 

June 30,

 

 

 

 

2019

 

 

2019

 

 

Vehicles

$

20,725

 

$

20,725

 

 

     Small tools

 

4,882

 

 

 

 

Mining equipment

 

178,871

 

 

4,818

 

 

Land, non-mineral

 

35,000

 

 

 

 

 

 

239,478

 

 

25,543

 

 

Less Accumulated depreciation

 

(6,670

)

 

 

 

 

$

232,808

 

$

25,543

 

 

During the three-month periods ended September 30, 2019 and 2018 the Company recognized depreciation expense of $6,670 and $0, respectively.

 

The Company during the current quarter, began maintenance and repair activities at the Jim Crow mine site along with geological work on the site and related mine ore material. The Company during this quarter purchased the required materials and equipment to perform the required activities under our mine manager. During the quarter our major mining equipment purchases aggregated $174,053. The significant acquisitions were mainly a crusher, generators, wheel loader, conveyors and freight on related heavy equipment purchases. We also purchased a site for a storage yard for our mine inventory for $35,000 and is accessible to our Billali and Jim Crow mines. The property consist of 1.64 acres, has water and electricity to the property, a night security light and security fencing with a truck access gate.

 

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 4 -MINERAL PROPERTIES
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 4 -MINERAL PROPERTIES NOTE 4 –MINERAL PROPERTIES

 

The Company has capitalized acquisition costs on mineral properties as follows:

 

 

 

 

 

September 30,

 

 

June 30,

 

 

 

 

 

2019

 

 

2019

 

 

 

Alhambra - Blackhawk project

$

3,115,365

 

$

3,115,365

 

 

 

Billali – Jim Crow Imperial mineral rights project

 

400,000

 

 

200,000

 

 

 

 

 

3,515,365

 

 

3,315,365

 

 

 

Less Accumulated amortization

 

 

 

 

 

 

 

$

3,515,365

 

$

3,315,365

 

 

Exploration Status

 

We have not established that the Alhambra - Blackhawk project or Billali Mine - Jim Crow mine rights projects contain proven or probably reserves, as defined under Industry Guide 7.  Minimal exploration activities have commenced to date and minimal exploration costs have been incurred and expensed. To date, the Company has not (i) commenced or adopted plans to conduct any exploration, (ii) prepared drilling plans, proposals, timetables or budgets for exploration work, or (iii) identified engineers and other personnel that will conduct or assist in any exploration work.  The Company will need to raise funds to conduct exploration work and it currently lacks a firm financing commitment for any exploration activities.

 

The Company commenced development of the Jim Crow mine in late 2019. Work to date has consisted of beginning the upgrading of the surface facilities, rehabilitating the shaft, expanding the hoisting capability and underground development on three levels. A crushing plant was purchased and installed at Duncan, Arizona, in late 2019.

 

Acquired mineral rights are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date.  Mining assets include mineral rights. The payments made under the Billali Mine - Jim Crow Mine Agreement are capitalized by the Company and when a revenue stream is attained the capitalized balance will amortized.

 

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 4 - ACCRUED LIABILITIES
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 4 - ACCRUED LIABILITIES NOTE 5 – ACCRUED LIABILITIES

 

Accrued liabilities consist of the following at September 30, 2019 and June 30, 2019:

 

 

 

September 30,

 

 

June 30,

 

 

 

2019

 

 

2019

 

Interest

$

207,442

 

$

194,318

 

Vacation

 

15,771

 

 

15,771

 

Payroll

 

119,794

 

 

124,623

 

Franchise taxes

 

8,697

 

 

8,697

 

Other

 

44,579

 

 

29,579

 

Audit

 

18,557

 

 

18,557

 

Property taxes

 

253,523

 

 

253,523

 

 

$

668,363

 

$

645,068

 

 

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 6 - NOTES PAYABLE
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 6 - NOTES PAYABLE NOTE 6 – NOTES PAYABLE

 

Installment Note

 

On June 1, 2012, the Company entered into an installment sales contract for $593,657 to purchase certain equipment. The term of the agreement is for 48 months at an interest rate of 5.75%, with the equipment securing the loan. The balance owed on the note was $398,793 at September 30, 2019 and June 30, 2019. The Company has been unable to make its monthly payments since November 2013, and has been in default since that time. The equipment has been returned to the vendor for sale and remains unsold at September 30, 2019. Interest expense for the three months ended September 30, 2019 and 2018 was $5,733, respectively. Accrued interest on the note at September 30, 2019 and June 30, 2019 was $116,351 and $110,618, respectively.

 

Note Payable

 

An individual during the prior fiscal year loaned Company $239,750 of which the Company paid back $40,000 during that current fiscal year and $40,000 was paid back during the current quarter. The loan is at an annual interest rate of 6%, has no stated due date and is payable on demand by the lender. Accrued interest on the loan at September 30, 2019 and June 30, 2019 was $10,531 and $7,793, respectively. Interest expense on the loan for the three months ended September 30, 2019 and 2018 is $2,738 and $0, respectively.

 

 

The following summarizes notes payable: 

 

September 30,

 

 

June 30,

 

 

2019

 

 

2019

Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016.

$

       398,793

 

$

398,793

Note payable

 

159,750

 

 

199,750

Notes payable - current

$

558,543

 

$

598,543

 

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 7 - FAIR VALUE MEASUREMENTS
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 7 - FAIR VALUE MEASUREMENTS NOTE 7 – FAIR VALUE MEASUREMENTS

 

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

Level 1

 

Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2

 

Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3

 

Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.  A slight change in unobservable inputs such as volatility can significantly have a significant impact on the fair value measurement of the derivatives liabilities.

 

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

 

The carrying amounts of the Company’s financial assets and liabilities, such as cash and accounts payable approximate their fair values because of the short maturity of these instruments.

 

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 8 - CONTINGENCIES AND COMMITMENTS
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 8 - CONTINGENCIES AND COMMITMENTS NOTE 8 – CONTINGENCIES AND COMMITMENTS

 

Billali and Jim Crow/Imperial Mines Project

 

The Company determined the Agreement on the Billali and Jim Crow/Imperial mines is effectively a lease and is cancellable at any time by the Company. Costs of mineral lease renewals, exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. The Company can cancel the Agreement at any time  as detailed in the Agreement.

 

As of September 30, 2019, the Company has not established the commercial feasibility of any of our exploration projects; therefore, all exploration costs are being expensed. In the three months ended September 30, 2019, we paid and capitalized $200,000 under the Agreement. Acquired mineral rights are considered tangible assets under ASC 930-805. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims

 

Payments under the Amended Agreement No. 4 dated effective October 7, 2020, on the Billali and Jim Crow/Imperial project are as follows:

 

The Total Purchase Price of $10,000,000 will be paid as follows:

(i)Six Hundred Thousand Dollars ($600,000) has been paid by Buyer to Seller as of the date of this   Amendment. 

(ii)Commencing November 1, 2020 and continuing on the first day of each subsequent month thereafter, a monthly payment of $25,000 will be paid until (A) the mill processing plant to create concentrate is in operation and (B) we received our first payment for shipment of such concentrate from the mill (satisfaction of these two items is referred to as “Milestone”).  Upon satisfaction of this Milestone and commencing on the first day of the following month and continuing the first day of each subsequent month thereafter, Buyer will pay to Seller the sum of Fifty Thousand Dollars ($50,000) until a total of  One Million Six Hundred Thousand Dollars  ($1,600,000  is paid.  

(iii)Commencing 30 days after the last payment in (ii) above and continuing with 48 subsequent payments every 30 days thereafter, Buyer will pay to Seller the sum of One Hundred Seventy-Five Thousand Dollars ($175,000.00) per period. 

(iv)Each payment made hereunder will be allocated Twenty-Five per cent (25%) to the Billali and Seventy-Five percent (75%) to the Jim Crow, Imperial. 

 

Office and Real Property Leases

 

On August 1, 2015, the Company moved the office to a single room located in Albuquerque, NM, at the home of the CFO for a monthly rent of $500 until the Company is required to lease increased office space due to additional personnel requirements. Rent expense totaled $1,500 for the three months ended September 30, 2019 and 2018, respectively.

 

Title to Mineral Properties

 

Although the Company has taken steps, consistent with industry standards, to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

 

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 9- STOCKHOLDERS' DEFICIT
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 9- STOCKHOLDERS' DEFICIT NOTE 9 - STOCKHOLDERS' DEFICIT

 

Common Stock Transactions

 

For the three months ended September 30, 2019:

 

 

(i)

Issued 181,466 shares of restricted common stock for consulting services at a value of $15,279 on the date of issuance;

 

(ii)

Issued an aggregate of 12,285,714 shares of restricted common stock to accredited investors for cash proceeds of $860,000.

 

Stock Warrants

 

During the three months ended September 30, 2019, the Company issued no new warrants and no warrants expired.

 

Stock Options

 

During three months ended September 30, 2019, the Company granted no new options and no options expired.

 

Stock option and warrant activity, for the three months ended September 30, 2019, are as follows:

 

 

Stock Options

Stock Warrants

 

 

Weighted

 

Weighted

 

 

Average

 

Exercise

 

Shares

Price

Shares

Price

Outstanding at June 30, 2019

30,100,000

$0.05

100,000

$0.15

               Granted

               Canceled

               Expired

               Exercised

Outstanding at September 30, 2019

30,100,000

$0.05

100,000

$0.15

Stock options and warrants outstanding and exercisable at September 30, 2019 are as follows:

 

 

Outstanding and Exercisable Options

 

 

 

 

 

Outstanding and Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

Contractual

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

Contractual

 

 

Weighted

 

Exercise

 

 

 

 

 

 

 

Remaining

 

 

Average

 

 

Exercise

 

 

 

 

 

 

 

 

Remaining

 

 

Average

 

Price

 

Outstanding

 

 

Exercisable

 

 

Life

 

 

Exercise

 

 

Price

 

 

Outstanding

 

 

Exercisable

 

 

Life

 

 

Exercise

 

Range

 

Number

 

 

Number

 

 

(in Years)

 

 

Price

 

 

Range

 

 

Number

 

 

Number

 

 

(in Years)

 

 

Price

 

$0.07

 

100,000

 

 

100,000

 

 

.26

 

$

0.07

 

$

0.15

 

 

100,000

 

 

100,000

 

 

3.21

 

$

0.15

 

$0.05

 

30,000,000

 

 

30,000,000

 

 

4.47

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

30,100,000

 

 

30,100,000

 

 

 

 

 

 

 

 

 

 

 

100,000

 

 

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Options

 

 

4.46

 

$

0.05

 

 

Outstanding Warrants

 

 

 

 

 

3.21

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable Options

 

 

4.46

 

$

0.05

 

 

Exercisable Warrants

 

 

 

 

 

3.21

 

$

0.15

 

As of September 30, 2019, the aggregate intrinsic value of all stock options and warrants vested was $992,300.  The intrinsic value of each option share is the difference between the fair market value of the common stock and the exercise price of such option or warrant share to the extent it is "in-the-money". Aggregate intrinsic value represents the value that would have been received by the holders of in-the-money options had they exercised their options on the last trading day of the quarter and sold the underlying shares at the closing stock price on such day. The intrinsic value calculation is based on the $0.083 closing stock price of the common stock on September 30, 2019.

 

The total intrinsic value associated with options exercised during the three months ended September 30, 2019, was $0. Intrinsic value of exercised shares is the total value of such shares on the date of exercise less the cash received from the option or warrant holder to exercise the options.

 

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 10 - RELATED PARTY TRANSACTIONS
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 10 - RELATED PARTY TRANSACTIONS NOTE 10 – RELATED PARTY TRANSACTIONS

 

On August 1, 2015, the Company leased a home office space from the Company’s CFO for $500 a month for the corporate administrative office in Albuquerque, NM until such time growth requires a larger corporate administrative office. Rent expense for the three months ended September 30, 2019 and 2018 was $1,500 respectively.

 

The board authorized on June 16, 2016, the hiring of Nataliia Mueller, wife of the Company’s CFO, with a current annual wage of $60,000 as an assistant to the CFO.

 

During the fiscal year ended June 30, 2019, the CFO for the Company loaned the Company $10,000 and deferred net salary aggregating $51,848 into a note at 6% per annum and during the quarter ended September 30, 2019, loaned an additional $10,000. Accrued interest on the note at September 30, 2019 and June 30, 2019, was $2,680 and $1,650, respectively. Interest expense on the note for the three months ended September 30, 2019 and 2018 was $1,029 and $0, respectively. The loan has no stated due date and is payable on demand by the lender. The combined loan and interest balance at September 30, 2019 and June 30, 2019 was $74,528 and $63,499, respectively.

 

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

 

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 11 - LEGAL PROCEEDINGS
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 11 - LEGAL PROCEEDINGS NOTE 11 – LEGAL PROCEEDINGS

 

All legal proceedings were stayed with the filing of Chapter 11 bankruptcy.

 

Boart Long year Company v. Lordsburg Mining Company, Case No. D-2-2-CV-2015- 06048, County of Bernalillo, NM; Boart Longyear Company v. Lordsburg Mining Company, Case No. D-721-CV-2015- 00058, County of Sierra, NM; and Boart Longyear Company v. Lordsburg Mining Company, Case No. D-608-CV- 201500165, County of Quintero, NM.  There are a series of collection cases by Boart Longyear Company, a company that obtained Utah judgments for equipment delivered to Lordsburg Mining Company in the aggregate amounts of $158,480 and has an interest rate of 5.25% per annum. Accrued interest on the obligation at September 30, 2019 and June 30, 2019 was $30,436 and $28,339 respectively. Interest on the obligation for the three months ended September 30, 2019 and 2018 was $2,097 respectively.

 

Wagner Equipment Co. v. Lordsburg Mining Company, Case No. D-2014-02372, County of Bernalillo, NM 28 is a collection case by Wagner equipment, who obtained judgment for equipment delivered to Lordsburg Mining Company in the amount of $115,789 and has a rate of interest of 8.75% per annum. During the three months ended September 30, 2019 and 2018, Company interest on the obligation was $2,554, respectively. Accrued interest on the obligation at September 30, 2019 and June 30, 2019 was $50,125 and $47,571, respectively.

 

The bankruptcy court set up a Trust fund that will be funded by the activities of the Summit mine for five (5) years after reopening of the mine and the trust funds will be distributed by an independent trustee to all credit holders on record.  Currently all debts at the time of the bankruptcy are currently due and in default. None of the claims have been reopened since June 2016.

 

In November 2017, the Company entered into substantially identical agreements with Fortune Graphite, Inc. and Worldwide Graphite Producers, Ltd. to acquire a total of four placer claims for aggregate consideration of Can$400,000 and the issuance of 10,000,000 shares of Company common stock.  The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock.  To date, the Company has paid Can$260,000.  The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock.  Based upon our subsequent scrutiny and analysis of the transaction, the Company in February 2019 initiated an arbitration proceeding against the seller to void and rescind the purchase of these British Columbia properties, including requesting additional remedies.  The Company cannot predict the outcome of this arbitration, and there can be no assurance that the Company will not lose its interest in these claims, or owe seller the remaining outstanding amounts. In connection with this arbitration, the Company’s legal position is to void the transaction and, due to the uncertainty of the outcome, has provided an impairment of the amount at June 30, 2019, in the amount of $210,116.

 

In November 2018, Santa Fe filed a complaint in Luna County District Court, State of New Mexico, requesting a $930,000 money judgment against Mr. and Mrs. Laws for misappropriation of Company funds, in addition to foreclosing on the mortgage Mr. and Ms. Laws granted to Santa Fe on real property to secure the promissory note located in Luna County, New Mexico.  

 

In November 2018, Santa Fe filed a similar complaint in Grant County District Court, State of New Mexico, as Mr. and Mrs. Laws and XYZ Ranch Estates, LLC granted Santa Fe a deed of trust and a mortgage, respectively, on several pieces of real property in Grant County, New Mexico. Mr. Laws also granted Santa Fe a security agreement on an airplane located in Grant County, New Mexico.  The complaint in Grant County requested a money judgment in the amount of $930,000 against Mr. and Mrs. Laws, in addition to a request to foreclose on the assets pledged to us located in Grant County, New Mexico.  

 

Subsequent professional costs including legal, auditing, forensic accounting and related filing costs related to this event have been added to the amounts owed by Mr. Laws. At the time of filing this report, we have determined costs associated with Mr. Laws action currently aggregates $1,651,263, of which we have collected $485,966 as of the date of filing this report.

 

As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by the U. S. District Attorney for the District of New Mexico , which include the Company allegations. Mr. Laws is currently awaiting sentencing on the pleaded to charges. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court and the Company does not anticipate receiving a substantial reimbursement of the remaining Laws costs.

 

The Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) have each initiated investigation’s into the Company and certain other individuals, resulting from the Laws transactions and related misappropriation of funds described herein.  The SEC has obtained a formal order to investigate the Company.  The DOJ investigation is still preliminary.  These types of investigations are expensive, time-consuming for management, and unpredictable – often resulting in other aspects of the Company’s operations becoming subject to regulatory scrutiny.  These investigations are ongoing and no prediction can be made regarding the timing or outcome of such matters including remedial action pursued against the Company and others, including its officers and directors.

 

In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements not to be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote.

 

We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. Other than the above described litigation, as of September 30, 2019, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements.

 

Because litigation outcomes are inherently unpredictable, the Company’s evaluation of legal proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. If the assessments indicate that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. While the consequences of certain unresolved proceedings are not presently determinable, and an estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be reasonably made, an adverse outcome from such proceedings could have a material adverse effect on its financial statements in any given reporting period. However, in the opinion of Management, after consulting with legal counsel, the ultimate liability related to the current outstanding litigation is not expected to have a material adverse effect on its financial statements.

 

XML 27 R18.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 12 - SUBSEQUENT EVENTS
3 Months Ended
Sep. 30, 2019
Notes  
NOTE 12 - SUBSEQUENT EVENTS NOTE 12 – SUBSEQUENT EVENTS

 

Recent Issuances of Unregistered Securities

 

In the period from October 1, 2019 through October 14, 2020, the Company sold an aggregate of 24,107,143 restricted shares of common stock to nine existing accredited investors for cash proceeds $1,482,500. During this period the Company sold an aggregate of 6,642,858 restricted shares of common stock to the chairman of the board for cash proceeds $375,000.

 

In the period from March 2020 through October 14, 2020, the Company issued warrants to existing accredited  investors aggregating 6,541,667, and 2,250,000 warrants to the chairman of the board that were attached to restricted stock purchases. The warrants were vested at issuance, have a two or three-year life and an exercise price of $0.05 to $0.07 per share.

 

During the period from October 1, 2019 through October 14, 2020, the Company issued 797,517 restricted shares of common stock for consulting services at a market value of $62,707 on the date of issuance.

 

On April 10, 2020, the Company converted $100,000 of accrued salary for the Company’s CFO into 2,000,000 shares of restricted common stock at a market value of $117,000 on the date of grant and recorded a loss on debt conversion of $17,000. Warrants issued in conjunction with the conversion were 1,000,000 vested three-year warrants and have an exercise price of $0.05 per share.

 

On June 30, 2020, the Company converted a note payable with the Company’s CFO consisting of principal and interest of $42,037 and $6,178, respectively, into 964,299 shares of restricted common stock at $0.05 per share. The market value on the date of conversion was $67,501 and on the date of conversion the Company recorded a loss on debt conversion of $19,286. In conjunction with the conversion, 482,149 vested three-year warrants were granted and have an exercise price of $0.05 per share.

 

On August 7, 2020, former Chief Financial Officer (“CFO”) of the  Company resigned from that position. As the former CFO has significant institutional knowledge and background Company knowledge, the Board offered the individual the position of Managing Director of Mining Operations with a signing bonus of $20,000 and 750,00 shares of restricted common stock and an employment agreement was signed.

 

Miscellaneous Events

 

On December 18, 2019, Mr. Daniel Gorski, our consultant geologist, was appointed to our board of directors.

 

As of filing of this report, the Company has determined that Mr. Laws owes the Company $1,651,263, net of funds recovered from Mr. Laws of $485,966. This amount represents an increase consisting of legal, forensic accounting services incurred by the Company and the audit restatement of our fiscal year 2017 that was attributable the misappropriation of funds. The current amount does not include any penalties or interest as provided in the secured promissory note and security agreement signed by Mr. Laws. The Company does not anticipate collecting a material amount due from Mr. Laws and any recovery will be determined by the bankruptcy court.

 

As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by government officials, which include the Company allegations. Mr. Laws is currently awaiting sentencing on the charges he plead to. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court.

 

Effective July 7, 2020, the Company retained a new Chief Financial Officer and an employment agreement was signed.

 

The Company signed employment agreements with the new Chief Financial Officer and Managing Director of Mining Operations. The agreements are a one-year employment agreement with the Company, with automatic successive one-year renewals provided that neither  party has provided notice of termination prior to 30 days from the end of such applicable term.

 

XML 28 R19.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation and Going Concern (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Basis of Presentation and Going Concern Basis of Presentation and Going Concern

 

The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due.

 

The Company has recorded net loss of $735,985 for the three months ended September 30, 2019, and has a total accumulated deficit of $94,214,655 and a working capital deficit at September 30, 2019 of $4,384,295. The Company used in operating activities approximately $469,000 during the current period of measurement. The Company currently has no source of generating revenue.

 

To continue as a going concern, the Company is dependent on continued capital financing for project development, repayment of various debt facilities and payment of current operating expenses until the Company has put into production an acceptable source to generate mineralized ore to generate a revenue stream. Currently we have no commitment from any party to provide additional working capital and there is no assurance that any funding will be available as required, or if available, that its terms will be favorable or acceptable to the Company.

 

At September 30, 2019, the Company was in default on delinquent payments of approximately: $3.04 million on accounts payable, $398,000 on a note payable and $643,000 on other accrued liabilities.

 

The unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

XML 29 R20.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Principles of Consolidation (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Principles of Consolidation Principles of Consolidation

 

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries AZCO Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation, and Santa Fe Gold Barbados Corporation, a Barbados corporation, Santa Fe Acquisitions Company, a New Mexico Limited Liability Company,  Mineral Acquisitions, a New Mexico Limited Liability Company and Bullard’s Peak Corporation, a New Mexico Corporation. All significant inter-company accounts and transactions have been eliminated in consolidation.

 

XML 30 R21.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Estimates (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Estimates Use of Estimates

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions.

 

Significant estimates are used when accounting for the Company's carrying value of mineral properties, fixed assets, depreciation, amortization, accruals, derivative instrument liabilities, valuation of warrants, taxes and contingencies, and stock-based compensation.

 

XML 31 R22.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value Measurements (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Fair Value Measurements Fair Value Measurements

 

The carrying values of cash and cash equivalents, accounts payable and accrued liabilities approximated their related fair values as of September 30, 2019, and June 30, 2019, due to the relatively short-term nature of these instruments.

 

XML 32 R23.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Cash and Cash Equivalents Cash and Cash Equivalents

 

The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash balances.

 

XML 33 R24.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Property and Equipment Property and Equipment

 

Property and equipment are carried at cost. Maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred.  Expenditures for new property or equipment and expenditures that extend the useful lives of existing property and equipment are capitalized and recorded at cost. Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations.  Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of the equipment are shown below. Land is not depreciated.

 

 

Estimated Useful Life

Mine equipment

7 Years

General equipment

5 – 7 Years

Automotive

4.5 - 5 Years

Small tools

1.25 Years

 

XML 34 R25.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Derivative Financial Instruments (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Derivative Financial Instruments Derivative Financial Instruments  

 

The Financial Accounting Standards Board (“FASB”) provides guidance that requires derivative instruments to be recognized as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. For derivative instruments designated as hedges, the changes in fair value are recorded in the balance sheets as a component of accumulated other comprehensive income (loss). Changes in the fair value of derivative instruments not designated as hedges are recorded in the consolidated statements of operations, generally as a component of other income (expense).

 

XML 35 R26.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income (Loss) Per Share (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Net Income (Loss) Per Share Net Income (Loss) Per Share

 

Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the three months ended September 30, 2019, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive.

 

A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share (“EPS”) computation is as follows:  

 

 

 

Net Income

(Numerator)

 

 

Weighted

Average

Common Shares

(Denominator)

 

 

Per Share

Amount

 

For the three months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders

 

$

         146,292

 

 

 

300,000,000

 

 

$

0.00

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive shares from options and warrants

 

 

                   — 

 

 

 

        100,000

 

 

 

 

 

Income available to common stockholders plus assumed conversions

 

$

         146,292

 

 

 

 300,100,000

 

 

$

0.00

 

 

The number of stock options excluded from the calculation of diluted earnings per share for the three months ended September 30, 2018 was 100,000 and excluded warrants was 4,320,000, because their inclusion would have been anti-dilutive.  

 

XML 36 R27.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Stock-Based Compensation Stock-Based Compensation

 

Share-based compensation is accounted for based on the requirements of ASC 718, “Compensation—Stock Compensation’ (“ASC 718”), which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC 505, “Equity—Equity Based Payments to Non-Employees” (“ASC 505-50”), for share-based payments to consultants and other third parties, compensation expense is determined at the measurement date, which is the grant date. Until the measurement date is reached, the total amount of compensation expense remains uncertain.

 

The Company accounts for share-based compensation on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The compensation cost is recognized over the expected vesting period. Share based payments to nonemployees are valued at the earlier or a commitment date or completion of services. The Company had stock-based compensation of $15,279 and $17,800 in the three months ending September 30, 2019 and 2018, respectively.

 

XML 37 R28.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Accounting Standards to be Adopted in Future Periods (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Accounting Standards to be Adopted in Future Periods Accounting Standards to be Adopted in Future Periods

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with a term of more than one year. Accounting by lessors will remain similar to existing U.S. GAAP. Subsequent accounting standards updates have been issued, which amend and/or clarify the application of ASU 2016-02. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018.  The Company adopted Topic 842 as of July 1, 2019 and at this time the new standard will not have an impact on our consolidated financial statements until significant a lease agreement is entered.

 

In June 2018, the FASB issued ASU 2018-07, “Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, which expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted, but no earlier than adoption of ASC 606. The Company adopted ASU 2018-07, effective July 1, 2019, and determined the adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

 

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies and adds various disclosure requirements related to fair value disclosures. Disclosures related to transfers between fair value hierarchy levels will be removed and further detail around changes in unrealized gains and losses for the period and unobservable inputs used in determining level 3 fair value measurements will be added, among other changes. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating this guidance and the impact on its Consolidated Financial Statements.

 

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows.

 

XML 38 R29.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Mine Development (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Mine Development Mine Development

 

Mine development costs include engineering and metallurgical studies, drilling and other related costs to delineate an ore body, and the building of access ways, shafts, lateral access, drifts, ramps and other infrastructure in an underground mine. Costs incurred before mineralization is classified as proven and probable reserves are expensed and classified as exploration expense. Capitalization of mine development project costs, that meet the definition of an asset, begins once mineralization is classified as proven and probable reserves.

 

Drilling and related costs are capitalized for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting non-reserve mineralization to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of costs applicable to sales.

 

As of September 30, 2019, the Company has not established proven or probable reserves or established the commercial feasibility of any of our exploration projects and all exploration costs are being expensed. The Company may never identify proven and probable reserves.

 

XML 39 R30.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Mineral Rights (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Mineral Rights Mineral Rights

 

Costs of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established.

 

To date, the Company has not established the commercial feasibility of any exploration projects; therefore, all exploration costs are expensed as incurred. Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. ASC 930-805, “Extractive Activities-Mining: Business Combinations.” ASC 930-805 states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights.

 

Acquired mineral rights are considered tangible assets under ASC 930-805. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims.

 

When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. The Company assesses the carrying costs of the capitalized mineral properties for impairment under ASC 360-10, “Impairment of long-lived assets”, and evaluates the carrying value under ASC 930-360, “Extractive Activities - Mining”, annually. An impairment is recognized when the sum of the expected undiscounted future cash flows is less than the carrying amount of the mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of the mineral properties over its estimated fair value.

 

When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development is capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. We may never identify proven and probable reserves.

 

At the time the Company has a revenue stream from a project, the Company will amortize any capitalized balance each quarter. Companies that have reserves under SEC Industry Guide 7 typically capitalize these costs, and subsequently depreciate or amortize them on a units-of-production basis as reserves are mined. Unlike these other companies, our properties have no reserves and we will depreciate or amortize any capitalized costs based on the most appropriate amortization method, which includes straight-line or units-of-production method over the estimated remaining life of the mine, as determined by our geologist. As we have no reliable information to compute  a units of production methodology, we will amortize our capitalized costs on a straight-line basis over the estimated remaining life of the mine as determined by our geologist. Because of these and other differences, our financial statements may not be comparable to the financial statements of mining companies that have proven and probable reserves on their properties.

 

XML 40 R31.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Reclamation Costs (Policies)
3 Months Ended
Sep. 30, 2019
Policies  
Reclamation Costs Reclamation Costs

 

Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to accretion expense. The asset retirement cost is capitalized as part of the asset’s carrying value and depreciated over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based on when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets.  No reclamation costs were required for the three months ended September 30, 2019.

 

XML 41 R32.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment: Schedule of Property, Plant and Equipment, Useful Life (Tables)
3 Months Ended
Sep. 30, 2019
Tables/Schedules  
Schedule of Property, Plant and Equipment, Useful Life

 

Estimated Useful Life

Mine equipment

7 Years

General equipment

5 – 7 Years

Automotive

4.5 - 5 Years

Small tools

1.25 Years

 

XML 42 R33.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income (Loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)
3 Months Ended
Sep. 30, 2019
Tables/Schedules  
Schedule of Earnings Per Share, Basic and Diluted

 

 

Net Income

(Numerator)

 

 

Weighted

Average

Common Shares

(Denominator)

 

 

Per Share

Amount

 

For the three months ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

 

Income available to common stockholders

 

$

         146,292

 

 

 

300,000,000

 

 

$

0.00

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive shares from options and warrants

 

 

                   — 

 

 

 

        100,000

 

 

 

 

 

Income available to common stockholders plus assumed conversions

 

$

         146,292

 

 

 

 300,100,000

 

 

$

0.00

 

 

XML 43 R34.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 3 - PROPERTY AND EQUIPMENT: Property, Plant and Equipment (Tables)
3 Months Ended
Sep. 30, 2019
Tables/Schedules  
Property, Plant and Equipment

 

 

 

September 30,

 

 

June 30,

 

 

 

 

2019

 

 

2019

 

 

Vehicles

$

20,725

 

$

20,725

 

 

     Small tools

 

4,882

 

 

 

 

Mining equipment

 

178,871

 

 

4,818

 

 

Land, non-mineral

 

35,000

 

 

 

 

 

 

239,478

 

 

25,543

 

 

Less Accumulated depreciation

 

(6,670

)

 

 

 

 

$

232,808

 

$

25,543

 

 

 

XML 44 R35.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 4 -MINERAL PROPERTIES: Acquisition costs on mineral properties (Tables)
3 Months Ended
Sep. 30, 2019
Tables/Schedules  
Acquisition costs on mineral properties

 

 

 

 

September 30,

 

 

June 30,

 

 

 

 

 

2019

 

 

2019

 

 

 

Alhambra - Blackhawk project

$

3,115,365

 

$

3,115,365

 

 

 

Billali – Jim Crow Imperial mineral rights project

 

400,000

 

 

200,000

 

 

 

 

 

3,515,365

 

 

3,315,365

 

 

 

Less Accumulated amortization

 

 

 

 

 

 

 

$

3,515,365

 

$

3,315,365

 

 

 

XML 45 R36.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 4 - ACCRUED LIABILITIES: Schedule of Accrued Liabilities (Tables)
3 Months Ended
Sep. 30, 2019
Tables/Schedules  
Schedule of Accrued Liabilities

 

 

September 30,

 

 

June 30,

 

 

 

2019

 

 

2019

 

Interest

$

207,442

 

$

194,318

 

Vacation

 

15,771

 

 

15,771

 

Payroll

 

119,794

 

 

124,623

 

Franchise taxes

 

8,697

 

 

8,697

 

Other

 

44,579

 

 

29,579

 

Audit

 

18,557

 

 

18,557

 

Property taxes

 

253,523

 

 

253,523

 

 

$

668,363

 

$

645,068

 

 

XML 46 R37.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 6 - NOTES PAYABLE: Schedule of Notes Payable (Tables)
3 Months Ended
Sep. 30, 2019
Tables/Schedules  
Schedule of Notes Payable

The following summarizes notes payable: 

 

September 30,

 

 

June 30,

 

 

2019

 

 

2019

Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016.

$

       398,793

 

$

398,793

Note payable

 

159,750

 

 

199,750

Notes payable - current

$

558,543

 

$

598,543

 

XML 47 R38.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 9- STOCKHOLDERS' DEFICIT: Share-based Payment Arrangement, Option, Activity (Tables)
3 Months Ended
Sep. 30, 2019
Tables/Schedules  
Share-based Payment Arrangement, Option, Activity

 

Stock Options

Stock Warrants

 

 

Weighted

 

Weighted

 

 

Average

 

Exercise

 

Shares

Price

Shares

Price

Outstanding at June 30, 2019

30,100,000

$0.05

100,000

$0.15

               Granted

               Canceled

               Expired

               Exercised

Outstanding at September 30, 2019

30,100,000

$0.05

100,000

$0.15

Stock options and warrants outstanding and exercisable at September 30, 2019 are as follows:

 

 

Outstanding and Exercisable Options

 

 

 

 

 

Outstanding and Exercisable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

Contractual

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

Contractual

 

 

Weighted

 

Exercise

 

 

 

 

 

 

 

Remaining

 

 

Average

 

 

Exercise

 

 

 

 

 

 

 

 

Remaining

 

 

Average

 

Price

 

Outstanding

 

 

Exercisable

 

 

Life

 

 

Exercise

 

 

Price

 

 

Outstanding

 

 

Exercisable

 

 

Life

 

 

Exercise

 

Range

 

Number

 

 

Number

 

 

(in Years)

 

 

Price

 

 

Range

 

 

Number

 

 

Number

 

 

(in Years)

 

 

Price

 

$0.07

 

100,000

 

 

100,000

 

 

.26

 

$

0.07

 

$

0.15

 

 

100,000

 

 

100,000

 

 

3.21

 

$

0.15

 

$0.05

 

30,000,000

 

 

30,000,000

 

 

4.47

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

30,100,000

 

 

30,100,000

 

 

 

 

 

 

 

 

 

 

 

100,000

 

 

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Options

 

 

4.46

 

$

0.05

 

 

Outstanding Warrants

 

 

 

 

 

3.21

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable Options

 

 

4.46

 

$

0.05

 

 

Exercisable Warrants

 

 

 

 

 

3.21

 

$

0.15

 

 

XML 48 R39.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation and Going Concern (Details) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Jun. 30, 2019
Details      
Net loss $ 735,985 $ (146,292)  
Accumulated deficit 94,214,655   $ 93,478,670
Working Capital Deficit $ 4,384,295    
XML 49 R40.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property and Equipment: Schedule of Property, Plant and Equipment, Useful Life (Details)
3 Months Ended
Sep. 30, 2019
Mine equipment  
Estimated Useful Life 7 years
Equipment  
Estimated Useful Life 7 years
Automotive  
Estimated Useful Life 5 years
Small tools  
Estimated Useful Life 1 year 3 months
XML 50 R41.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income (Loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details)
3 Months Ended
Sep. 30, 2018
USD ($)
$ / shares
shares
Net Income (Numerator)  
Income available to common stockholders | $ $ 146,292
Dilutive shares from options and warrants | shares 0
Income available to common stockholders plus assumed conversions | $ / shares $ 146,292
Weighted Average Common Shares (Denominator)  
Income available to common stockholders | $ $ 300,000,000
Dilutive shares from options and warrants | shares 100,000
Income available to common stockholders plus assumed conversions | $ / shares $ 300,100,000
Per Share Amount  
Income available to common stockholders | $ $ 0.00
Income available to common stockholders plus assumed conversions | $ / shares $ 0.00
XML 51 R42.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Income (Loss) Per Share (Details)
3 Months Ended
Sep. 30, 2018
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 100,000
Warrant  
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 4,320,000
XML 52 R43.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Stock-Based Compensation (Details) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Details    
Stock-based compensation $ 15,279 $ 17,800
XML 53 R44.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 3 - PROPERTY AND EQUIPMENT: Property, Plant and Equipment (Details) - USD ($)
Sep. 30, 2019
Jun. 30, 2019
Property, Plant and Equipment, gross $ 239,478 $ 25,543
Less Accumulated depreciation (6,670) 0
Property and equipment, net 232,808 25,543
Automotive    
Property, Plant and Equipment, gross 20,725 20,725
Small tools    
Property, Plant and Equipment, gross 4,882 0
Mine equipment    
Property, Plant and Equipment, gross 178,871 4,818
Land    
Property, Plant and Equipment, gross $ 35,000 $ 0
XML 54 R45.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 4 -MINERAL PROPERTIES: Acquisition costs on mineral properties (Details) - USD ($)
Sep. 30, 2019
Jun. 30, 2019
Mineral Properties $ 3,515,365 $ 3,315,365
Accumulated amortization 0 0
Mineral property 3,515,365 3,315,365
Alhambra - Blackhawk project    
Mineral Properties 3,115,365 3,115,365
Billali Mine    
Mineral Properties $ 400,000 $ 200,000
XML 55 R46.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 4 - ACCRUED LIABILITIES: Schedule of Accrued Liabilities (Details) - USD ($)
Sep. 30, 2019
Jun. 30, 2019
Details    
Interest $ 207,442 $ 194,318
Vacation 15,771 15,771
Payroll 119,794 124,623
Franchise taxes 8,697 8,697
Other 44,579 29,579
Audit 18,557 18,557
Property taxes 253,523 253,523
Accrued liabilities $ 668,363 $ 645,068
XML 56 R47.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 6 - NOTES PAYABLE (Details) - Notes Payable 1 - USD ($)
3 Months Ended
Jun. 01, 2012
Sep. 30, 2019
Sep. 30, 2018
Jun. 30, 2019
Debt Instrument, Face Amount $ 593,657      
Debt Instrument, Term 48 months      
Debt Instrument, Interest Rate, Stated Percentage 5.75%      
Notes payable   $ 398,793   $ 398,793
Interest Expense, Debt   5,733 $ 5,733  
Interest Payable, Current   $ 116,351   $ 110,618
XML 57 R48.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 6 - NOTES PAYABLE: Schedule of Notes Payable (Details) - USD ($)
Sep. 30, 2019
Jun. 30, 2019
Notes payable $ 558,543 $ 598,543
Notes Payable 1    
Notes payable 398,793 398,793
Notes Payable 2    
Notes payable $ 159,750 $ 199,750
XML 58 R49.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 8 - CONTINGENCIES AND COMMITMENTS (Details) - USD ($)
3 Months Ended
Aug. 01, 2015
Sep. 30, 2019
Sep. 30, 2018
Operating Leases, Rent Expense   $ 1,500 $ 1,500
Office Lease      
Debt Instrument, Periodic Payment $ 500    
XML 59 R50.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 9- STOCKHOLDERS' DEFICIT (Details) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Details    
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture 181,466  
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture $ 15,279  
Share subscriptions issued 12,285,714  
Proceeds from common stock subscriptions $ 860,000 $ 200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value $ 992,300  
Share Price $ 0.083  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value $ 0  
XML 60 R51.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 9- STOCKHOLDERS' DEFICIT: Share-based Payment Arrangement, Option, Activity (Details) - $ / shares
3 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Stock Option 1    
Stock Options Outstanding 100,000  
Stock Options Outstanding, Weighted Average Exercise Price $ 0.07  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 100,000  
Warrant Option 1    
Stock Options Outstanding 100,000  
Stock Options Outstanding, Weighted Average Exercise Price $ 0.15  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 100,000  
Stock Option 2    
Stock Options Outstanding 30,000,000  
Stock Options Outstanding, Weighted Average Exercise Price $ 0.05  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 30,000,000  
Stock Options Outstanding 30,100,000 30,100,000
Stock Options Outstanding, Weighted Average Exercise Price $ 0.05 $ 0.05
Stock Warrants, outstanding 100,000 100,000
Stock Warrants, outstanding, weighted average price $ 0.15 $ 0.15
Stock Warrants, grants in period 0  
Stock Warrants granted, weighted average price granted $ 0  
Stock Options Canceled 0  
Stock Options Canceled, Weighted Average Exercise Price $ 0  
Options expired 0  
Options expired, Weighted Average Exercise Price $ 0  
Stock Warrants, expired 0  
Stock Warrants expired, weighted average price $ 0  
Stock Warrants, exercised 0  
Stock Warrants exercised, weighted average price $ 0  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 30,100,000  
XML 61 R52.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Jun. 30, 2019
Operating Leases, Rent Expense $ 1,500 $ 1,500  
Notes payable and accrued interest to related party 74,528   $ 63,499
Mueller      
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold 60,000    
Chief Financial Officer      
Proceeds from Related Party Debt 10,000 $ 10,000  
Deferred Salary     51,848
Related Party Transaction, Rate   6.00%  
Interest Payable, Current 2,680   $ 1,650
Interest Expense, Debt $ 1,029 $ 0  
XML 62 R53.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 11 - LEGAL PROCEEDINGS (Details) - USD ($)
3 Months Ended
Dec. 31, 2016
Sep. 30, 2019
Sep. 30, 2018
Jun. 30, 2019
Interest Expense   $ 14,150 $ 165,783  
Thomas Laws        
British Columbia Properties, Description   Company entered into substantially identical agreements with Fortune Graphite, Inc. and Worldwide Graphite Producers, Ltd. to acquire a total of four placer claims for aggregate consideration of Can$400,000 and the issuance of 10,000,000 shares of Company common stock. The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock. To date, the Company has paid Can$260,000. The Company owes the sellers Can$140,000 and 10,000,000 shares of Company common stock. Based upon our subsequent scrutiny and analysis of the transaction, the Company in February 2019 initiated an arbitration proceeding against the seller to void and rescind the purchase of these British Columbia properties, including requesting additional remedies. The Company cannot predict the outcome of this arbitration, and there can be no assurance that the Company will not lose its interest in these claims, or owe seller the remaining outstanding amounts. In connection with this arbitration, the Company’s legal position is to void the transaction and, due to the uncertainty of the outcome, has provided an impairment of the amount at June 30, 2019, in the amount of $210,116    
Loans Pledged as Collateral   $ 930,000    
Boart Long year Company        
Debt Instrument, Face Amount $ 158,480      
Debt Instrument, Interest Rate During Period 5.25%      
Interest Payable, Current   30,436   $ 28,339
Interest Expense   2,097 2,097  
Wagner Equipment        
Debt Instrument, Face Amount $ 115,789      
Debt Instrument, Interest Rate During Period 8.75%      
Interest Payable, Current   50,125   $ 47,571
Interest Expense   $ 2,554 $ 2,554  
XML 63 R54.htm IDEA: XBRL DOCUMENT v3.20.2
NOTE 12 - SUBSEQUENT EVENTS (Details)
3 Months Ended
Sep. 30, 2019
Subsequent Event 1  
Subsequent Event, Description In the period from October 1, 2019 through October 14, 2020, the Company sold an aggregate of 24,107,143 restricted shares of common stock to nine existing accredited investors for cash proceeds $1,482,500. During this period the Company sold an aggregate of 6,642,858 restricted shares of common stock to the chairman of the board for cash proceeds $375,000.
Subsequent Event 2  
Subsequent Event, Description In the period from March 2020 through October 14, 2020, the Company issued warrants to existing accredited investors aggregating 6,541,667, and 2,250,000 warrants to the chairman of the board that were attached to restricted stock purchases. The warrants were vested at issuance, have a two or three-year life and an exercise price of $0.05 to $0.07 per share.
Subsequent Event 3  
Subsequent Event, Description During the period from October 1, 2019 through October 14, 2020, the Company issued 797,517 restricted shares of common stock for consulting services at a market value of $62,707 on the date of issuance.
Subsequent Event 4  
Subsequent Event, Description On April 10, 2020, the Company converted $100,000 of accrued salary for the Company’s CFO into 2,000,000 shares of restricted common stock at a market value of $117,000 on the date of grant and recorded a loss on debt conversion of $17,000. Warrants issued in conjunction with the conversion were 1,000,000 vested three-year warrants and have an exercise price of $0.05 per share.
Subsequent Event 5  
Subsequent Event, Description On June 30, 2020, the Company converted a note payable with the Company’s CFO consisting of principal and interest of $42,037 and $6,178, respectively, into 964,299 shares of restricted common stock at $0.05 per share. The market value on the date of conversion was $67,501 and on the date of conversion the Company recorded a loss on debt conversion of $19,286. In conjunction with the conversion, 482,149 vested three-year warrants were granted and have an exercise price of $0.05 per share.
Subsequent Event 6  
Subsequent Event, Description On August 7, 2020, former Chief Financial Officer (“CFO”) of the Company resigned from that position. As the former CFO has significant institutional knowledge and background Company knowledge, the Board offered the individual the position of Managing Director of Mining Operations with a signing bonus of $20,000 and 750,00 shares of restricted common stock and an employment agreement was signed.
Subsequent Event 7  
Subsequent Event, Description On December 18, 2019, Mr. Daniel Gorski, our consultant geologist, was appointed to our board of directors.
Subsequent Event 8  
Subsequent Event, Description As of filing of this report, the Company has determined that Mr. Laws owes the Company $1,651,263, net of funds recovered from Mr. Laws of $485,966. This amount represents an increase consisting of legal, forensic accounting services incurred by the Company and the audit restatement of our fiscal year 2017 that was attributable the misappropriation of funds. The current amount does not include any penalties or interest as provided in the secured promissory note and security agreement signed by Mr. Laws. The Company does not anticipate collecting a material amount due from Mr. Laws and any recovery will be determined by the bankruptcy court.
Subsequent Event 9  
Subsequent Event, Description As of the filing of this report, Mr. Laws has pleaded guilty to various charges brought against him by government officials, which include the Company allegations. Mr. Laws is currently awaiting sentencing on the charges he plead to. The Company attorneys have filed all required documents for future monetary settlements to be determined by the court.
Subsequent Event 10  
Subsequent Event, Description Effective July 7, 2020, the Company retained a new Chief Financial Officer and an employment agreement was signed.
Subsequent Event 11  
Subsequent Event, Description The Company signed employment agreements with the new Chief Financial Officer and Managing Director of Mining Operations. The agreements are a one-year employment agreement with the Company, with automatic successive one-year renewals provided that neither party has provided notice of termination prior to 30 days from the end of such applicable term.
XML 64 R9999.htm IDEA: XBRL DOCUMENT v3.20.2
Label Element Value
Notes Payable 2  
Interest Expense, Debt us-gaap_InterestExpenseDebt $ 2,738
Interest Expense, Debt us-gaap_InterestExpenseDebt 0
Interest Payable, Current us-gaap_InterestPayableCurrent 10,531
Interest Payable, Current us-gaap_InterestPayableCurrent 7,793
Debt Instrument, Face Amount us-gaap_DebtInstrumentFaceAmount $ 239,750
Debt Instrument, Interest Rate, Stated Percentage us-gaap_DebtInstrumentInterestRateStatedPercentage 6.00%
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