• Filing Date: 2020-06-12
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.1
EARN-IN OPTION AGREEMENT (Tables)
6 Months Ended
Apr. 30, 2020
Other Commitments [Abstract]  
Schedule of Consolidated Assets and Liabilities of Subsidiaries

The combined approximate carrying amount of the assets and liabilities of Contratistas and Minera Metalin (consolidated with their wholly-owned subsidiary) are as follows at April 30, 2020:

 

 

Assets:  Mexico
Cash and cash equivalents  $17,000 
Value-added tax receivable, net   216,000 
Other receivables   4,000 
Income tax receivable   1,000 
Prepaid expenses and deposits   100,000 
Office and mining equipment, net   208,000 
Property concessions   5,020,000 
Total assets  $5,566,000 

 

 

Liabilities:   
Accounts payable  $51,000 
Accrued liabilities and expenses   116,000 
Payable to Silver Bull Resources, Inc. to be converted to equity upon exercise of the Option   3,348,000 
Total liabilities  $3,515,000 
      
Net advances and investment in the Company’s Mexican subsidiaries  $2,051,000