• Filing Date: 2020-06-12
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.1
SEGMENT INFORMATION
6 Months Ended
Apr. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 15 – SEGMENT INFORMATION

The Company operates in a single reportable segment: the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico.

Geographic information is approximately as follows:

   For the Three Months Ended  For the Six Months Ended
   April 30,  April 30,
   2020  2019  2020  2019
             
Mexico          (117,000)  $(377,000)  $(314,000)  $(846,000)
Canada       (361,000)   63,000    (732,000)   (470,000)
 Net Loss    (478,000)  $(314,000)  $(1,046,000)  $(1,316,000)
                     

 

The following table details the allocation of assets included in the accompanying balance sheet at April 30, 2020:

   Canada  Mexico  Total
Cash and cash equivalents  $1,317,000   $17,000   $1,334,000 
Value-added tax receivable, net   —      216,000    216,000 
Other receivables   5,000    5,000    10,000 
Prepaid expenses and deposits   54,000    100,000    154,000 
Office and mining equipment, net   —      208,000    208,000 
Property concessions   —      5,020,000    5,020,000 
Goodwill   —      2,058,000    2,058,000 
   $1,376,000   $7,624,000   $9,000,000 

 

The following table details the allocation of assets included in the accompanying balance sheet at October 31, 2019:

   Canada  Mexico  Total
Cash and cash equivalents  $1,370,000   $62,000   $1,432,000 
Value-added tax receivable, net   —      256,000    256,000 
Other receivables   4,000    5,000    9,000 
Prepaid expenses and deposits   103,000    102,000    205,000 
Office and mining equipment, net   —      226,000    226,000 
Property concessions   —      5,020,000    5,020,000 
Goodwill   —      2,058,000    2,058,000 
   $1,477,000   $7,729,000   $9,206,000 

 

The Company has significant assets in Coahuila, Mexico. Although Mexico is generally considered economically stable, it is always possible that unanticipated events in Mexico could disrupt the Company’s operations. The Mexican government does not require foreign entities to maintain cash reserves in Mexico.