MIME-Version: 1.0 X-Document-Type: Workbook Content-Type: multipart/related; boundary="----=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92" This document is a Single File Web Page, also known as a Web Archive file. If you are seeing this message, your browser or editor doesn't support Web Archive files. Please download a browser that supports Web Archive, such as Microsoft Internet Explorer. ------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Workbook.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"

This page should be opened with Microsoft Excel XP or newer.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet01.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Document And Entity Information (USD $)
12 Months Ended
Oct. 31, 2014
Feb. 10, 2015
Apr. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name WESTMOUNTAIN GOLD, INC.
Document Type 10-K
Current Fiscal Year End Date --10-31
Entity Common Stock, Shares Outstanding 27,496,403
Entity Public Float $ 9,374,389
Amendment Flag false
Entity Central Index Key 0001421601
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Filer Category Smaller Reporting Company
Entity Well-known Seasoned Issuer No
Document Period End Date Oct 31, 2014
Document Fiscal Year Focus 2014
Document Fiscal Period Focus FY
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet02.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Consolidated Balance Sheets (USD $)
Oct. 31, 2014
Oct. 31, 2013
Current Assets
Cash and cash equivalents $ 22,766 $ 82,376
Prepaid expenses 8,932 6,355
Inventory 459,461 66,485
Total current assets 491,159 155,216
Equipment, net 440,562 528,973
Other Assets
Contractual rights 900,000 800,000
Mining claims 1,946,458 11,820
Security deposits 5,225 5,250
Total Assets 3,783,404 1,501,259
Current Liabilities
Accounts payable 1,444,060 1,315,070
Accounts payable - related parties 670,106 697,127
Accrued expenses 263,354 216,078
Accrued interest 1,538,176 394,274
Accrued expenses - related parties    57,000
Forward contract 300,659 794,760
Derivative liability - warrants 1,092,597 2,000,000
Promissory notes 5,583,248 3,083,248
Total current liabilities 10,892,200 8,557,557
Commitments and Contingencies      
STOCKHOLDERS' DEFICIT
Preferred stock, $0.10 par value; 987,900 shares authorized, 0 shares issued and outstanding at October 31, 2014 and October 31, 2013, respectively, Preferred Series A Convertible Stock, $0.10 par value; 12,100 shares authorized, 12,100 shares issued and outstanding at October 31, 2014 and October 31, 2013, respectively 1,210 1,210
Common stock, $0.001 par value; 200,000,000 shares authorized, 27,296,403 and 24,659,832 shares issued and outstanding at October 31, 2014 and October 31, 2013, respectively 27,296 24,659
Additional paid in capital 13,163,655 10,608,128
Accumulated deficit - stock dividends (60,500)   
Accumulated deficit (20,240,457) (17,690,295)
Total stockholders' deficit (7,108,796) (7,056,298)
Total Liabilities and Stockholders' Deficit 3,783,404 1,501,259
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred stock, $0.10 par value; 987,900 shares authorized, 0 shares issued and outstanding at October 31, 2014 and October 31, 2013, respectively, Preferred Series A Convertible Stock, $0.10 par value; 12,100 shares authorized, 12,100 shares issued and outstanding at October 31, 2014 and October 31, 2013, respectively 1,210 1,210
Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred stock, $0.10 par value; 987,900 shares authorized, 0 shares issued and outstanding at October 31, 2014 and October 31, 2013, respectively, Preferred Series A Convertible Stock, $0.10 par value; 12,100 shares authorized, 12,100 shares issued and outstanding at October 31, 2014 and October 31, 2013, respectively      
Total stockholders' deficit $ 1,210 $ 1,210
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet03.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Consolidated Balance Sheets (Parentheticals) (USD $)
Oct. 31, 2014
Oct. 31, 2013
Common Stock, par value (in Dollars per share) $ 0.001 $ 0.001
Common Stock shares Authorized 200,000,000 200,000,000
Common Stock shares Issued 27,296,403 24,659,832
Common Stock shares Outstanding 27,296,403 24,659,832
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member]
Preferred stock par value (in Dollars per share) $ 0.1 $ 0.1
Preferred stock, shares authorized 12,100 12,100
Preferred Stock shares Issued 12,100 12,100
Preferred Stock shares Outstanding 12,100 12,100
Preferred Stock [Member]
Preferred stock par value (in Dollars per share) $ 0.1 $ 0.1
Preferred stock, shares authorized 987,900 987,900
Preferred Stock shares Issued 0 0
Preferred Stock shares Outstanding 0 0
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet04.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Consolidated Statements of Operations (USD $)
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Revenue:
Sales $ 1,043,571 $ 94,233
Total revenue 1,043,571 94,233
Cost of sales 656,794 49,000
Total cost of sales 656,794 49,000
Gross profit 386,777 45,233
Operating Expenses
Selling, general and administrative expenses 1,051,388 1,993,995
Exploration expenses 872,726 2,965,309
Total operating expenses 1,924,114 4,959,304
Loss from operations (1,537,337) (4,914,071)
Other income/(expense)
Interest income 14   
Interest expense (1,272,225) (546,767)
Financing fee (228,238) (148,989)
Loss on change in forward contract (70,000)
Gain(Loss) on change - derivative liability warrants 907,403 (2,000,000)
Loss on settlement of forward contract (349,779)   
Total other income/(expense) (1,012,825) (2,695,756)
Net income (loss) before income taxes (2,550,162) (7,609,827)
Income tax expense (benefit)      
Net income (loss) $ (2,550,162) $ (7,609,827)
Basic net loss per share (in Dollars per share) $ (0.1) $ (0.32)
Diluted net loss per share (in Dollars per share) $ (0.1) $ (0.32)
Basic weighted average common shares outstanding (in Shares) 25,738,942 23,737,492
Diluted weighted average common shares outstanding (in Shares) 25,738,942 23,737,492
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet05.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Consolidated Statements of Stockholders` Equity (USD $)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Beginning Balance at Oct. 31, 2012 $ 21,383 $ 7,675,241 $ (10,080,468) $ (2,383,844)
Beginning Balance (in Shares) at Oct. 31, 2012 21,382,776
Issuance of common stock and warrants for services 1,128 1,178,160 1,179,288
Issuance of common stock and warrants for services (in Shares) 1,129,155
Issuance of common stock for offering reprice 628 (628)
Issuance of common stock for offering reprice (in Shares) 628,233
Issuance of common stock related to the exercise of warrants 1,520 1,138,232 1,139,752
Issuance of common stock related to the exercise of warrants (in Shares) 1,519,668
Issuance of common stock related to convertible debentures   
Warrant amortization expense 13,333 13,333
Issuance of preferred stock 1,210 603,790 605,000
Issuance of preferred stock (in Shares) 12,100
Net loss (7,609,827) (7,609,827)
Ending Balance at Oct. 31, 2013 1,210 24,659 10,608,128 (17,690,295) (7,056,298)
Ending Balance (in Shares) at Oct. 31, 2013 12,100 24,659,832
Warrant amortization expense   
Net loss (2,550,162) (2,550,162)
Issuance of common stock for services 1,074 765,859 766,933
Issuance of common stock for services (in Shares) 1,073,989
Stock issued for cash 114 99,988 100,102
Stock issued for cash (in Shares) 113,636
Exercise of warrants 52 52
Exercise of warrants (in Shares) 52,000
Issuance of stock options 143,125 143,125
Issuance of common stock for fees 400 457,352 457,352
Issuance of common stock for fees (in Shares) 399,529
Issuance of common stock and warrants for forward contract settlement 728 892,972 893,700
Issuance of common stock and warrants for forward contract settlement (in Shares) 728,667
Acquisition of an mining claims 200 135,800 136,000
Acquisition of an mining claims (in Shares) 200,000
Preferred stock dividend paid in common stock 69 60,431 (60,500)
Preferred stock dividend paid in common stock (in Shares) 68,750
Ending Balance at Oct. 31, 2014 $ 1,210 $ 27,296 $ 13,163,655 $ (20,300,957) $ (7,108,796)
Ending Balance (in Shares) at Oct. 31, 2014 12,100 27,296,403
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet06.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Consolidated Statement of Cash Flows (USD $)
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Cash flows from operating activities
Net loss $ (2,550,162) $ (7,609,827)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 159,842 144,701
Warrant amortization expense    13,333
Issuance of common stock for fees 457,752   
Issuance of common stock and warrants for services and expenses 1,223,721 1,093,988
Loss on forward contract 70,000 194,760
Loss on settlement of forward contract 349,779 2,000,000
(Gain) Loss on derivative liability (907,403)   
Changes in operating assets and operating liabilities:
Prepaid expenses and other current assets (2,577) 662
Inventory (392,976) (66,485)
Other assets 25 (3,200)
Accrued interest 1,143,902 351,693
Accounts payable and accrued liabilities (57,575) 939,085
Accounts payable and accrued liabilities - related parties (84,021)   
Net cash used in operating activities (589,693) (2,941,290)
Cash flows from investing activities:
Capital expenditures (70,069) (254,239)
Contractual rights (100,000) (100,000)
Cash paid for mining claims (1,800,000)   
Net cash used in investing activities (1,970,069) (354,239)
Cash flows from financing activities:
Proceeds from promissory notes 1 944,283
Forward contract (100,000) 600,000
Proceeds from the issuance of preferred stock    605,000
Proceeds from the issuance of common stock 100,152 1,139,752
Net cash provided by financing activities 2,500,152 3,289,035
Net increase (decrease) in cash and cash equivalents (59,610) (6,494)
Cash and cash equivalents, beginning of period 82,376 88,870
Cash and cash equivalents, end of period 22,766 82,376
Supplemental disclosures of cash flow information:
Interest paid      
Taxes paid      
Non-cash investing and financing activities:
Common stock issued in exchange for account payable 233,841 85,300
Common stock and warrants issued for mining claims 136,000   
Common stock and warrants issued for settlement of forward contract $ 345,140   
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet07.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
BUSINESS
12 Months Ended
Oct. 31, 2014
Disclosure Text Block [Abstract]
Business Description and Basis of Presentation [Text Block]
NOTE 1.  BUSINESS

WestMountain Gold, Inc. (“WMTN” or the “Company”) is an exploration stage mining company, determined in accordance with applicable Securities and Exchange Commission (“SEC”) guidelines, which pursues gold projects that the Company anticipates will have low operating costs and high returns on capital.

WMTN’s wholly owned subsidiary, Terra Gold Corporation (“TGC”), was a joint venture partner with Raven Gold Alaska, Inc. (“Raven”) through February 12, 2014 on a gold system project (“the TMC Project”). On February 12, 2014, the Company, through its wholly owned subsidiary, Terra Gold Corp, acquired 100% ownership interest in the TMC Project from Raven, which is a wholly owned subsidiary of Corvus Gold Inc. (TSX:KOR, OTCQX:CORVF) for $1.8 million in cash and 200,000 shares of WMTN.  The Company has budgeted expenditures for the TMC Project for the next twelve months of approximately $2,100,000, depending on additional financing, for general and administrative expenses and exploration.

The Company is currently focused on mineral production from mineralized material at the TMC Project in the state of Alaska. The TMC Project consists of 344 Alaska state mining claims plus an additional 5 unpatented lode mining claims held under lease (subject to a 3-4% net smelter return (“NSR”) royalty to the lessor, dependent upon the gold price) covering 223 square kilometers (22,300 hectares). The property is centered on an 8-km-long (800 hectares) trend of gold vein occurrences.  All government permits and reclamation plans for continued exploration through 2014 were renewed and the fees to maintain the Terra claims through 2015 were paid by the Company.  The property lies approximately 200 km (20,000 hectares) west-northwest of Anchorage and is accessible via helicopter or fixed-wing aircraft.  The property has haul roads, a mill facility and adjoining camp infrastructure, a tailings pond and other infrastructure.  The remote camp is powered by diesel powered generators and water is supplied to the mill by spring fed sources and year round water wells.

The Company is considered an exploration stage company under SEC criteria because it has not demonstrated the existence of proven or probable reserves at the TMC Project.  Accordingly, as required under SEC guidelines and U.S. GAAP for companies in the exploration stage, substantially all expenditures in the mining properties to date, have been expensed as incurred and therefore do not appear as assets on our balance sheet.  The Company expects construction expenditures and underground mine exploration and capital improvements will continue during 2014 and subsequent years. The Company expects to remain as an exploration stage company for the foreseeable future. It will not exit the exploration stage until such time that it demonstrates the existence of proven or probable reserves that meet SEC guidelines. Likewise, unless mineralized material is classified as proven or probable reserves, substantially all expenditures for mine exploration and construction will continue to be expensed as incurred.

As of October 31, 2014, the Company had eight secured promissory notes with BOCO Investments, LLC, and has recorded $4,352,115 in principal plus $1,436,351 in accrued interest. The Company is in default on the promissory notes.  We do not currently have the ability to repay the amount due. 

The Company’s principal source of liquidity for the next several years will need to be the continued raising of capital through the issuance of equity or debt.  WMTN plans to raise funds for each step of the TMC Project and as each step is successfully completed, raise the capital for the next phase.  WMTN believes this will reduce the cost of capital as compared to trying to raise all the anticipated capital at once up front.  However, since WMTN’s ability to raise additional capital will be affected by many factors, most of which are not within the Company’s control (see “Risk Factors”), no assurance can be given that WMTN will in fact be able to raise the additional capital as it is needed.

The Company may choose to scale back operations to operate at break-even with a smaller level of business activity, while adjusting overhead depending on the availability of additional financing. In addition, the Company expects that it will need to raise additional funds if the Company decides to pursue more rapid expansion, appropriate responses to competitive pressures, or the acquisition of complementary businesses or technologies, or if it must respond to unanticipated events that require it to make additional investments. The Company cannot assure that additional financing will be available when needed on favorable terms, or at all.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet08.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
GOING CONCERN
12 Months Ended
Oct. 31, 2014
Going Concern [Abstract]
Going Concern [Text Block]
NOTE 2.  GOING CONCERN

The Company’s independent registered public accounting firm has expressed substantial doubt about the Company’s ability to continue as a going concern as a result of its history of net loss. The Company’s ability to achieve and maintain profitability and positive cash flow is dependent upon its ability to successfully execute the plans to pursue the TMC Project as described in this Form 10-K. The outcome of these matters cannot be predicted at this time. These consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue its business.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet09.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
12 Months Ended
Oct. 31, 2014
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]
NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

Accounting Method

The Company’s consolidated financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Principles of Consolidation

These consolidated financial statements include the Company’s consolidated financial position, results of operations, and cash flows. All material intercompany balances and transactions have been eliminated in the accompanying consolidated financial statements.

Foreign Currency Translation

The consolidated financial statements are presented in US dollars.

Cash and Cash Equivalents

The Company classifies highly liquid temporary investments with an original maturity of three months or less when purchased as cash equivalents. The Company maintains cash balances at various financial institutions. Balances at US banks are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk for cash on deposit.  As of October 31, 2014, the Company had no uninsured cash amounts.

Equipment

Equipment consists of machinery, furniture and fixtures and software, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed by the straight-line method over the estimated useful lives or lease period of the relevant asset, generally 3 -5 years.

Prepaid expenses

Prepaid expenses were $8,932 and $6,355 as of October 31, 2014 and 2013, respectively. The prepaid expenses primarily reflect expenses that are being amortized over the life of the service agreements.

 Metal and Other Inventory

Inventories were $459,461 and $66,485 as of October 31, 2014 and October 31, 2013, respectively. Inventories include doré. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Metal inventory costs include direct labor, materials, depreciation, as well as administrative overhead costs relating to mining activities.

Mineral Properties

Costs of acquiring mineral properties are capitalized by project area upon purchase of the associated claims. Costs to maintain the mineral rights are expensed as incurred.  When a property reaches the production stage, the related capitalized costs will be amortized, using the units of production method on the basis of periodic estimates of ore reserves.

Mineral properties are periodically assessed for impairment of value and any diminution in value.

The Company has access to the camp by airplane. There is road access from the camp to the project area where drilling and bulk sampling mining occurs. It is approximately 1 1/2 miles from camp to the project area.  Power generation is by diesel generator at the camp. Fuel is brought in for the generators by a cargo plane to the airstrip.

Long-Lived Assets

The Company reviews its long-lived assets for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results.  As of October 31, 2014, there are no impairments recognized.

Alaska Reclamation and Remediation Liabilities

The Company operates in Alaska. The State of Alaska Department of Natural Resources requires a pool of funds from all permittees with exploration and mining projects to cover reclamation. There is a $750 per acre disturbance reclamation bond that is required for disturbance of 5 acres or more and/or removal of more than 50,000 cubic yards of material.

Fair Value Measurements

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value.  The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs).  The hierarchy consists of three levels:

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

Liabilities measured at fair value on a recurring basis are summarized as follows:

 

Fair Value Measurements Using Inputs

 

Carrying Amount at

Financial Instruments

Level 1

 

Level 2

 

Level 3

 

October 31,

2014

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Forward contract

$

-

 

$

300,659

 

$

-

 

$

300,659

Derivative Instruments -Warrants

$

-

 

$

1,092,597

 

$

-

 

$

1,092,597

Total

$

-

 

$

1,393,256

 

$

-

 

$

1,393,256


 

Fair Value Measurements Using Inputs

 

Carrying Amount at

Financial Instruments

Level 1

 

Level 2

 

Level 3

 

October 31,

2013

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Forward contract

$

-

 

$

794,760

 

$

-

 

$

794,760

Derivative Instruments -Warrants

$

-

 

$

2,000,000

 

$

-

 

$

2,000,000

Total

$

-

 

$

2,794,760

 

$

-

 

$

2,794,760


Market price and estimated fair value of common stock used to measure the Derivative Instruments-Warrants at October 31, 2014 and October 31, 2013:

 

October 31,

2014

 

October 31,

2013

 

 

Market price and estimated fair value of common stock:

$

0.48

 

$

1.06

Exercise price

$

0.38

 

$

0.75

Expected term (years)

 

3.50

 

 

4.8

Dividend yield

 

-

 

 

-

Expected volatility

 

174.2%

 

 

112%

Risk-free interest rate

 

1.62%

 

 

0.95%


The risk-free rate of return reflects the interest rate for the United States Treasury Note with similar time-to-maturity to that of the warrants.  

The recorded value of other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, other current assets, and accounts payable and accrued expenses approximate the fair value of the respective assets and liabilities at October 31, 2014 and October 31, 2013 based upon the short-term nature of the assets and liabilities. 

Derivative Instruments – Warrants

In May and June 2013, the Company received a total of $1.0 million and entered into Promissory Notes, Security Agreement, Loan Agreement and Warrants to Purchase Stock Agreement (collectively, the “Transaction Documents”) with BOCO Investments LLC (“BOCO”).

In addition, the Company issued Warrants to BOCO to purchase 2,500,000 shares of common stock at $0.75 per share or a price per share equal to eighty percent (80%) of the lowest price at which a common share in the Company has been issued in any round of financing commenced or closed after the date of the Warrants. The Warrants expire in 2018, five years from the issuance date. There are no registration requirements. The Transaction Documents place certain operating restrictions on the Company.

These warrants were not issued with the intent of effectively hedging any future cash flow, fair value of any asset, liability or any net investment in a foreign operation.  Therefore, the fair value of these warrants were recorded as a liability in the consolidated balance sheet and are marked to market each reporting period until they are exercised or expire or otherwise extinguished.

During the year ended October 31, 2014, the Company recognized $907,403 of other income resulting from the decrease in the fair value of the warrant liability at October 31, 2014, as the value changed from the prior quarter.

Forward Sale and Loan Agreements

On March 20, 2013, the Company entered into forward sale and loan agreements with three accredited investors for an aggregate loan of $600,000. The Company was required to tender no less than 600 ounces of gold in bar form to the three accredited investors by September 15, 2013, but defaulted on this obligation.

On November 1, 2013, the Company settled with one of the parties that had a forward sale and loan agreement for 200 ounces of gold; the Company issued 310,000 shares of common stock valued at $1.08 per share at the time of issuance, or $334,800 and warrants for an additional 310,000 shares of common stock with an exercise price of $1.50 per share valued at $279,899, using the Black-Scholes method, in full settlement of all claims.  The Company recorded a loss of $349,779 to settle this forward contract. (See Note 8) 

The second of the three lenders, URenergy, LLC, obtained a judgment against the Company on March 31, 2014 for the amount of $204,143 plus attorneys’ fees and costs.  On August 25, 2014 the Company reached a settlement agreement with URenergy LLC whereby we paid $100,000 in cash, which was advanced by Minex, and issued 266,667 shares of our common stock valued $0.45 per share, or $120,000 for a full satisfaction of the judgment. The Company recorded a loss of $70,000 to settle this forward contract. (See Note 8).

The Company is continuing to negotiate with the third lender, Snowmass Mining Co., LLC, who is owed $300,000 (payable in cash or gold), together with interest thereon from September 15, 2013.  The Company has paid Snowmass the sum of $100,000 during the twelve months ended October 31, 2014.

As of October 31, 2014, the value of the gold obligation to Snowmass is $300,000.  The difference between the amount received and the fair value of the obligation will be recorded as additional interest expense or income at each reporting date based on the fair value of gold.  During the twelve months ended October 31, 2014, the Company recorded additional interest expense of $270,704 for the change in the value of gold from October 31, 2013.

During the twelve months ended October 31, 2014, the Company entered into a forward sales agreement for 48.563 oz. of gold bullion at $1,305 per oz. The Company has delivered 30 oz, of the gold bullion and  recorded the fair value of the remaining 18.563 oz. of gold as a forward contract in the amount of $23,785. The spot price of gold was $1,294.90 on July 31, 2014.  On August 12, 2014, the Company delivered another 18 oz of gold leaving a balance due of 0.563 oz. 

Revenue Recognition:  Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. The passing of title to the customer is based on the terms of the sales contract. Product pricing is determined at the point revenue is recognized by reference to active and freely traded commodity markets, for example the London Bullion Market for both gold and silver, in an identical form to the product sold.

Mineral Exploration and Development Costs

All exploration expenditures are expensed as incurred.  Significant property acquisition payments for active exploration properties are capitalized.  If no minable ore body is discovered, previously capitalized costs are expensed in the period the property is abandoned.  Expenditures to develop new mines, to define further mineralization in existing ore bodies, and to expand the capacity of operating mines, are capitalized and amortized on a unit of production basis over proven and probable reserves.

Should a property be abandoned, its capitalized costs are charged to operations.  The Company charges to operations the allocable portion of capitalized costs attributable to properties abandoned.  Capitalized costs are allocated to properties sold based on the proportion of claims sold to the claims remaining within the project area.

Income Tax/Deferred Tax

FASB ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differing treatment of items for financial reporting and income tax reporting purposes. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.WestMountain Gold, Inc. has recognized deferred income tax benefits on net operating loss carry-forwards to the extent WestMountain Gold, Inc.believes it will be able to utilize them in future tax filings. The difference between the statutory income tax expense and the accounting tax expense is primarily attributable to non-deductible expenses representing permanent timing differences between book income and taxable income during the three months ended October 31, 2014.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes.

Net Loss Per Share

Basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented.  Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. As of October 31, 2014, the Company had (i) warrants for the purchase of 13,108,880 common shares; (ii) 2,083,248 common shares related to convertible promissory notes; and (iii) 605,000 common shares related to the conversion of Series A Convertible Preferred Stock (iv) options for the purchase of 1,000,000 common shares; which were considered but were not included in the computation of loss per share at October 31, 2014 because they would have been anti-dilutive.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 Stock-Based Compensation

FASB ASC 718 establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, but primarily focuses on transactions whereby an entity obtains employee services for share-based payments. FASB ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.

The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of FASB ASC 505-50The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Stock-based compensation related to non-employees is accounted for based on the fair value of the related stock or options or the fair value of the services, whichever is more readily determinable in accordance with FASB ASC 718.

Recent Accounting Pronouncements

On April 10, 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard was effective for the Company on January 1, 2015. The Company does not expect significant impact to the financial statements upon implementation of ASU No. 2014-08.

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on November 1, 2017. Early application is not permitted. The Company is currently evaluating the impact of ASU No. 2014-09.

On August 27, 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which is intended to define management’s responsibility to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern and to provide related footnote disclosures. This standard will be effective for the Company for the year ending on October 31, 2016. Early application is permitted. The Company is currently evaluating the impact of ASU No. 2014-15.

In June 2014, the FASB issued ASU No. 2014-10, which amended Accounting Standards Codification (ASC) Topic 915 Development Stage Entities. The amendment eliminates certain financial reporting requirements surrounding development stage entities, including an amendment to the variable interest entities guidance in ASC Topic 810, Consolidation. The amendment removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other entities from U.S. GAAP. Consequently, the amendment eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.

This amendment is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company has made the election to early adopt this amendment effective June 30, 2014 and, as a result, the Company is no longer presenting or disclosing the information previously required under Topic 915. The early adoption was made to reduce data maintenance by removing all incremental financial reporting requirements for development stage entities. The adoption of this amendment alters the disclosure requirements of the Company, but it does not have any material impact on the Company’s financial position or results of operations for the current or any prior reporting periods.

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to the consolidated financial statements.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet10.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
AGREEMENTS
12 Months Ended
Oct. 31, 2014
Agreement Disclosure [Abstract]
Agreement Disclosure [Text Block]
NOTE 4. AGREEMENTS

Exploration, Development and Mine Operating Agreements

Joint Venture Agreement

On September 15, 2010, WMTN and its wholly owned subsidiary, TGC, and Raven signed an Exploration, Development and Mine Operating Agreement (“JV Agreement”) pertaining to the TMC Project. WMTN made payments of cash and stock to Raven pursuant to the JV Agreement for the past three years.

On February 12, 2014, the Company, through TGC, acquired 100% ownership interest in the TMC Project from Raven for $1.8 million in cash and 200,000 shares of WMTN.  No further  payments  are  due  to Raven  from  TGC  under  the  JV  Agreement, (including but not limited to any royalty or residual payments), and  each  party  is  fully  released  from  its  obligations  to the other  under  the JV  Agreement.  As of July 31, 2014, the $1.8 million of cash paid to Raven is recorded as Mining Claims in the accompanying consolidated balance sheet along with the 200,000 shares of common stock of the Company has been issued. The shares of common stock had a fair market value of $136,000 on the date of grant.

Share Exchange Agreement with TMC

During the year ended October 31, 2010, WMTN entered into a Share Exchange Agreement with Gregory Schifrin, American Mining Corporation (“AMC”) and James Baughman to acquire 100% of the issued and outstanding shares of common stock of TMC in exchange for 1,500,000 shares of restricted common stock of WMTN, par value of $0.001 per share. These shares were valued at $150,000. The value of these shares were recorded as Contractual Rights because of TMCs JV agreement with Terra Gold and Raven Gold Alaska, Inc. to explore the mineral properties.  On February 12, 2014, the Company acquired 100% of the Terra Gold project.

Amended Claims and Lease Agreements with Ben Porterfield

On January 7, 2011, Terra Mining Corporation (“TMC”) entered into an Amended Claims Agreement with Ben Porterfield related to five mining claims known as Fish Creek 1-5 (ADL-648383 through ADL-648387), which claims have been assigned to the TMC Project. As part of this Amended Claims Agreement, Ben Porterfield consented to certain conveyances, assignments, contributions and transfers related to the above five mining claims.

The Amended Lease Agreement, which incorporates the Lease dated March 22, 2005 and the September 27, 2010 Consent between Ben Porterfield and AngloGold Ashanti (USA) Exploration Inc., has a term of ten years, which can be extended for an additional ten years with thirty days written notice. The Amended Lease Agreement defines terms and conditions and requires the following minimum royalties:

 
Payment of $100,000 annually on March 22, 2011 (paid). 
  
Payment of $100,000 annually on March 22, 2012 (paid), 2013 (paid), (2014) paid,through March 22, 2015.
 
Payment of $100,000 due March 22, 2015.
  
Payment of $125,000 annually beginning March 22, 2016 through the termination of the Amended Claims Agreement.

The Company can terminate the Amended Lease Agreement with the payment of $875,000, less $75,000 paid during the years 2006-2011. The payment may be paid over three annual payments.

TMC has paid in total $500,000 to Ben Porterfield and WMTN issued 500,000 shares of WMTN restricted common stock on March 23, 2011. The common stock was recorded as Contractual Rights at $250,000 or $0.50 per share. Mr. Porterfield is to receive 200 tons of Bens Vein materials over the next two years. The investment in the exclusive rights to the mineral properties is accounted for at cost. As of July 31, 2014, the Company has capitalized $750,000 related to this Claims Agreement.

The Amended Claims Agreement, which incorporates the Lease dated March 22, 2005, provides for a production royalty of 4% of the net smelter return for all minerals produced or sold. The Company may repurchase 1% of the production royalty right for $1,000,000 and an additional 1% for $3,000,000.

The failure to operate in accordance with the Amended Claims or Lease Agreements could result in the Lease being terminated.  On May 23, 2014, the Company paid the $100,000 payment to Ben Porterfield that was due on March 22, 2014 to cure the late payment default on the lease agreement.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet11.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUIPMENT, NET
12 Months Ended
Oct. 31, 2014
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]
NOTE 5. EQUIPMENT, NET

Equipment, net consists of the following: 

 

Estamated

Useful

Lives

 

 

 

 

 

 

 

 

October 31,

2014

 

October 31,

2013

 

 

 

 

 

 

 

 

 

 

 

Mining and other equipment

3-5 years

 

$

842,487

 

$

772,418

Less: accumulated depreciation

 

 

 

(401,925)

 

 

(243,445)

Mining and other equipment, Net

 

 

$

440,562

 

$

528,973


Depreciation expense for the twelve months ended October 31, 2014 and 2013 was $159,842 and $144,701 respectively.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet12.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS
12 Months Ended
Oct. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]
NOTE 6. CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS

The following relationships are material or are related as indicated.

Related Party Transactions

WMTN entered into a Consulting Agreement with WestMountain Asset Management, Inc. (“WASM and WASM Agreement”), a WMTN shareholder. Under the terms of the WASM Agreement, WASM agreed to advise WMTN on the acquisition of TMC, funding of WMTN and strengthening the WMTN balance sheet during the period ending December 31, 2011. WASM received a Warrant for 925,000 shares at $0.001 per share.   During the year ended October 31, 2011 WASM exercised 873,000 of the 925,000 warrants.  WMTN agreed to file a registration statement with the SEC with regard to the shares issuable upon exercise of the warrant within ninety days on a best efforts basis. As of January 21, 2014, WASM had exercised the remaining 52,000 warrants.

The Company has four full-time and part-time employees. The Company shares offices with Minex Exploration LLP (“Minex”), an Idaho partnership affiliated with the Company’s Chief Executive Officer. Also, the Company utilizes Minex contractors for exploration and development of the Alaska property. The Company has recorded accounts payable and accrued payable for related party of $670,106 and $754,127 as of October 31, 2014 and October 31, 2013, respectively.

Secured Promissory and Promissory Notes with BOCO

From time to time, the Company entered into promissory notes and other agreements with BOCO related to loans from BOCO to the Company.  The current status of BOCO loans to the Company and their terms are described in Note 7, Promissory Notes.

Promissory Notes with Silver Verde May Mining Company, Inc.

On April 30, 2012 the Company entered into Promissory Note Documents with Silver Verde May Mining Company Inc. (“SVM”), a party related to an existing shareholder and a Director of the Company. Under the Promissory Note Documents, the Company issued Convertible Promissory Notes (“SVM Notes”) in the principal amounts totaling $85,000. The Notes were due November 6, 2012 and provide for interest at 5% payable in arrears. The SVM Notes are convertible into common stock at $1.00 per share. In addition, the Company issued 42,500 shares of restricted common stock to SVM in connection with the issuance of the SVM Notes that was expensed to interest at $1.00 per share or $42,500 during the three months ended April 30, 2012. On May 29, 2013, the Company entered into an Amendment to Convertible Promissory Note extending the due date to July 31, 2013. As of October 31, 2014, the principal and accrued interest due on the notes is $37,123.  As of October 31, 2014, the Company has repaid $53,867 to SVM. On October 31, 2013, the Company entered into the Second Amendment to Convertible Promissory Note extending the due date to October 31, 2014.  We are currently in negotiations with the lender to extend the note.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet13.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
PROMISSORY NOTES
12 Months Ended
Oct. 31, 2014
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]
NOTE 7. PROMISSORY NOTES

As of October 31, 2014 and October 31, 2013, the Company has the following promissory notes outstanding:

 

October 31,

2014

 

October 31,

2013

 

 

BOCO September 17, 2012 Promissory Note

$

1,852,115

 

$

1,852,115

BOCO May 14, 2013 Promissory Note

 

500,000

 

 

500,000

BOCO June 27, 2013 Promissory Note

 

500,000

 

 

500,000

BOCO December 31, 2013 Promissory Note

 

1,000,000

 

 

-

BOCO May 23, 2014 Promissory Note

 

100,000

 

 

-

BOCO June 2, 2104 Promissory Note

 

200,000

 

 

-

BOCO June 9, 2014 Promissory Note

 

100,000

 

 

-

BOCO June 30, 2014 Promissory Note

 

100,000

 

 

-

Dessi December 17, 2013 Promissory Note

 

1,000,000

 

 

-

Andres Promissory Notes

 

200,000

 

 

200,000

Silver Verde May Promissory Notes

 

31,133

 

 

31,133

Total

$

5,583,248

 

$

3,083,248


Secured Promissory Notes dated September 17, 2012 in Default

On September 17, 2012, the Company entered into an Amended and Restated Revolving Credit Loan and Security and Secured Convertible Promissory Note Agreements with BOCO, an existing lender to and shareholder in the Company. On October 1, 2012, the Company entered into a Warrant to Purchase Stock Agreement with BOCO related to this financing (such Agreements and Warrant, the “Transaction Documents”). This transaction consolidated previously issued promissory note agreements and warrants purchase agreements into one amended agreement.

Under the Transaction Documents, the Company issued an Amended and Restated Secured Convertible Promissory Note (the “September 2012 Note”) in the principal amount of $1,852,115. The September 2012 Note was due July 31, 2013 and provided for interest at 18% payable in arrears. The Note and accrued interest are convertible into common stock at the lesser of $3.00 or the lowest price at which common shares in the Company are issued in any round of financing commencing after the date of this Note and prior to the conversion, at the discretion of BOCO. The September 2012 Note is secured by a security interest in the Company’s assets to secure the Company’s performance under the Note.   In addition, the Company issued a Warrant to purchase 1,852,115 shares of common stock at the lesser of $1.50 or the lowest price at which common shares in the Company are issued in any round of financing commencing after the date of this Note. The Warrant expires September 30, 2017. There are no registration requirements. The Transaction Documents place certain operating restrictions on the Company.  As of October 31, 2014, the principal and accrued interest due on the note is $2,497,564. 

The Transaction Documents also contain certain representations and warranties of the Company and BOCO, including customary investment-related representations provided by BOCO, as well as acknowledgements by BOCO that it has reviewed certain disclosures of the Company (including the periodic reports that the Company has filed with the SEC) and that the Company’s issuance of the shares has not been registered with the SEC or qualified under any state securities laws.  The Company provided customary representations regarding, among other things, its organization, subsidiaries, disclosure reports, absence of certain legal or governmental proceedings, financial statements, tax matters, insurance matters, real property and other assets, and compliance with applicable laws and regulations.  The representations and warranties made to BOCO are qualified in their entirety (to the extent applicable) by the Company’s disclosures in the reports it files with the SEC.  The Company also delivered confidential disclosure schedules qualifying certain of its representations and warranties in connection with executing and delivering the Transaction Documents.

In addition to the Transaction Documents described above, on September 11, 2012, the Company entered into a Warrant to Purchase Stock Agreement with BOCO. The Company issued a Warrant to purchase 1,250,000 shares of common stock at $0.25 per share. The Warrant expires September 30, 2017. There are no registration requirements.

On August 29, 2013, the Company entered into the First Amendment to the Amended and Restated Secured Convertible Promissory Note with BOCO. The First Amendment was effective August 1, 2013 and extended the due date under for the September 2012 Note from July 31, 2013 to October 31, 2013.  This note is in default.

Promissory Note with BOCO dated May 14, 2013 in Default

In May 2013, the Company entered into a Promissory Note, a Security Agreement and warrants to Purchase Stock Agreement and a Loan Agreement (collectively the “May 2013 Transaction Documents”) with BOCO.  Under the May 2013 Transaction Documents, the Company issued a Promissory Note (the “May 2013 Note”) to BOCO in the principal amount of $500,000.  The May 2013 Note was due October 31, 2013 and provides for interest at 15%, payable in arrears.  The May 2013 Note is secured by a security interest in the Company’s assets to secure the Company’s performance.   As of October 31, 2014, the principal and accrued interest due on the note is $761,575.  This note is in default.  The default interest rate in effect is 45% at October 31, 2014.

In addition, the Company issued a Warrant to purchase 1,250,000 shares of common stock at an exercise price that is the lesser of $0.75 per share or a price per share equal to eighty percent (80%) of the lowest price at which a common share in the Company has been issued in any round of financing commenced or closed after the date of this Warrant and prior to Holder’s exercise of its rights under the Warrant. The Warrant expires May 17, 2018. There are no registration requirements. The May 2013 Transaction Documents place certain operating restrictions on the Company.  

The May 2013 Transaction Documents also contain certain representations and warranties of the Company and BOCO, including customary investment-related representations provided by BOCO, as well as acknowledgements by BOCO that it has reviewed certain disclosures of the Company (including the periodic reports that the Company has filed with the SEC) and that the Company’s issuance of the shares has not been registered with the SEC or qualified under any state securities laws.  The Company provided customary representations regarding, among other things, its organization, subsidiaries, disclosure reports, absence of certain legal or governmental proceedings, financial statements, tax matters, insurance matters, real property and other assets, and compliance with applicable laws and regulations.  The representations and warranties made to BOCO are qualified in their entirety (to the extent applicable) by the Company’s disclosures in the reports it files with the SEC.  The Company also delivered confidential disclosure schedules qualifying certain of its representations and warranties in connection with executing and delivering the May 2013 Transaction Documents.

Promissory Note with BOCO dated June 27, 2013 in Default

On June 27, 2013, the Company entered into a Promissory Note, a Security Agreement and a Loan Agreement with BOCO. On June 27, 2013, the Company entered into a Warrant to Purchase Stock Agreement with BOCO related to this financing. All Agreements and the Warrant are the (“June 2013 Transaction Documents”).

Under the June 2013 Transaction Documents, the Company issued a Promissory Note (“June 2013 Note”) in the principal amount of $500,000. The June 2013 Note was due December 31, 2013 and provides for interest at 15%, payable in arrears. The June 2013 Note is secured by a security interest in the Company’s assets to secure the Company’s performance under the June 2013 Note.  As of October 31, 2014, the principal and accrued interest due on the note is $726,027.  This note is in default. The default interest rate in effect is 45% at October 31, 2014.

In addition, the Company issued a Warrant to purchase 1,250,000 shares of common stock at an exercise price that is the lesser of $0.75 per share or a price per share equal to eighty percent (80%) of the lowest price at which a common share in the Company has been issued in any round of financing commenced or closed after the date of this Warrant and prior to Holder’s exercise of its rights under the Warrant. The Warrant expires June 27, 2018. There are no registration requirements. The June 2013 Transaction Documents place certain operating restrictions on the Company.  

The June 2013 Transaction Documents also contain certain representations and warranties of the Company and BOCO, including customary investment-related representations provided by BOCO, as well as acknowledgements by BOCO that it has reviewed certain disclosures of the Company (including the periodic reports that the Company has filed with the SEC) and that the Company’s issuance of the shares has not been registered with the SEC or qualified under any state securities laws.  The Company provided customary representations regarding, among other things, its organization, subsidiaries, disclosure reports, absence of certain legal or governmental proceedings, financial statements, tax matters, insurance matters, real property and other assets, and compliance with applicable laws and regulations.  The representations and warranties made to BOCO are qualified in their entirety (to the extent applicable) by the Company’s disclosures in the reports it files with the SEC.  The Company also delivered confidential disclosure schedules qualifying certain of its representations and warranties in connection with executing and delivering the June 2013 Transaction Documents.

Promissory Note with BOCO dated December 31, 2013 in default

On December 31, 2013, the Company signed a Promissory Note with BOCO for an aggregate loan amount of $1,000,000 (the “BOCO Bridge Loan”). Repayment of the BOCO Bridge Loan is due December 16, 2014 by repayment in cash.  The note bears interest at 8% per annum until paid in full.  As of October 31, 2014, the principal and accrued interest due on the note is $1,243,507.  This note currently is in default.  The default interest rate in effect is 45% at October 31, 2014. $800,000 of the proceeds from this loan were used for the acquisition of 100% interest in the TMC project from Raven Gold Alaska, Inc.

Promissory Note with BOCO dated May 23, 2014 in default

On May 23, 2014, the Company entered into a Convertible Promissory Note Agreement with BOCO Investments, LLC in the amount of $100,000. The note bears interest at 15% per annum until paid in full. Repayment of the note was due August 22, 2014. This note is in default. The default interest rate in effect is 45%. As of October 31, 2014, the principal and accrued interest due on the note is $112,583.

Promissory Note with BOCO dated June 2, 2014 in default

On June 2, 2014, the Company entered into a Convertible Promissory Note Agreement with BOCO Investments, LLC in the amount of $200,000. The note bears interest at 15% per annum until paid in full. Repayment of the note was due August 22, 2014. This note is in default. The default interest rate in effect is 45%. As of October 31, 2014, the principal and accrued interest due on the note is $224,333.

Promissory Note with BOCO dated June 9, 2014 in default

On June 9, 2014, the Company entered into a Convertible Promissory Note Agreement with BOCO Investments, LLC in the amount of $100,000. The note bears interest at 15% per annum until paid in full. Repayment of the note was due August 22, 2014. This note is in default. The default interest rate in effect is 45%. As of October 31, 2014, the principal and accrued interest due on the note is $111,875.

 Promissory Note with BOCO dated June 30, 2014 in default

On June 9, 2014, the Company entered into a Convertible Promissory Note Agreement with BOCO Investments, LLC in the amount of $100,000. The note bears interest at 15% per annum until paid in full. Repayment of the note was due August 22, 2014. This note is in default. The default interest rate in effect is 45%. As of October 31, 2014, the principal and accrued interest due on the note is $111,000.

Promissory Note with Giuseppe Dessi dated December 17, 2013

On December 17, 2013, the Company signed a Promissory Note with an accredited investor, Giuseppe Dessi, for an aggregate loan amount of $1,000,000 (the “Dessi Bridge Loan”). Repayment of the Dessi Bridge Loan was due December 16, 2014 by repayment in cash.  The note bears interest at 8% per annum until paid in full.  As of October 31, 2014, the principal and accrued interest due on the note is $1,069,699.  All of the proceeds from this loan were used to acquire 100% interest in the TMC project from Raven Gold Alaska, Inc.  We are currently in negotiations with the lender to extend the note.

Andres Unsecured Promissory Notes

On March 21, 2012 the Company entered into Promissory Note Documents with Fabin Andres and Bill Andres, existing shareholders in the Company. Under the Promissory Note Documents, the Company issued a Convertible Promissory Note to each of Fabin Andres and Bill Andres in the principal amount of $100,000 and $100,000, respectively (“the Andres Notes”). The Andres Notes were due in twelve months and provide for interest at 5% payable in arrears. The Andres Notes are convertible into common stock as $1.00 per share. In addition, the Company issued 50,000 shares of restricted common stock to each party that was expensed to interest at $1.00 per share or $100,000 during the three months ended April 30, 2012. On May 29, 2013, the Company entered into an Amendment to Convertible Promissory Note extending the due date to October 31, 2013. As of October 31, 2014 the principal and accrued interest due on the Notes is $226,137.  On October 31, 2013, the Company entered into the Second Amendment to Convertible Promissory Notes extending the due date to October 31, 2014.  We are currently in negotiations with the lender to extend the note.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet14.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUITY TRANSACTIONS
12 Months Ended
Oct. 31, 2014
Disclosure Text Block Supplement [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]
NOTE 8. EQUITY TRANSACTIONS

Unless otherwise indicated, all of the following sales or issuances of Company securities were conducted under the exemption from registration as provided under Section 4(2) of the Securities Act of 1933. All of the shares issued were issued in transactions not involving a public offering, are considered to be restricted stock as defined in Rule 144 promulgated under the Securities Act of 1933 and stock certificates issued with respect thereto bear legends to that effect. 

We have compensated consultants and service providers with restricted common stock during the Company’s development stage or when our capital resources were not adequate to provide payment in cash.

All of the following transactions were to accredited investors. All were structured to comply with the requirements of the safe harbor afforded by Rule 506 of Regulation D.

During the twelve months ended October 31, 2014, the Company had the following unregistered sales of equity securities:

Lincoln Park Transaction.

On November 20, 2013, we entered into a purchase agreement (the “Purchase Agreement”), together with a registration rights agreement (the “Registration Rights Agreement”), with Lincoln Park Capital Fund, LLC (“Lincoln Park”).

Under the terms and subject to the conditions of the Purchase Agreement, Lincoln Park purchased 113,636 shares of our common stock (“Common Stock”) for $100,101 and we have the right to sell to and Lincoln Park is obligated to purchase up to an additional $10 million in shares of Common Stock, subject to certain limitations, from time to time, over the 24-month period commencing on the date that a registration statement, which we agreed to file with the Securities and Exchange Commission (the “SEC”) pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus in connection therewith is filed.In connection with the Purchase Agreement we also issued to Lincoln Park 242,529 shares of our common stock and expensed the value of the shares which was $227,977.

We may direct Lincoln Park, at our sole discretion and subject to certain conditions, to purchase shares of Common Stock in amounts up to 50,000 shares on any single business day so long as at least one business day have passed since the most recent purchase.  We also can accelerate the amount of Common Stock to be purchased under certain circumstances to up to 100,000 shares per purchase.  However, Lincoln Park’s committed obligation under any single purchase will not exceed $500,000. The purchase price of shares of Common Stock related to the future funding will be based on the prevailing market prices of such shares immediately preceding the date of sales, but in no event will shares be sold to Lincoln Park on a day the Common Stock closing price is less than the floor price ($0.50) as defined in the Purchase Agreement.  Our sales of shares of Common Stock to Lincoln Park under the Purchase Agreement are limited to no more than the number of shares that would result in the beneficial ownership by Lincoln Park and its affiliates, at any single point in time, of more than 9.99% of the then outstanding shares of the Common Stock.

Other Transactions.

On November 1, 2013, the Company issued 310,000 shares of common stock valued at $1.08, or $334,800, and 310,000 warrants with an exercise price of $1.50 to settle a forward sale and loan agreement with an accredited investor. The warrants were valued at $279,899. The Company recorded $349,779 as loss on settlement of forward contract (See Note 3)

On November 23, 2013, pursuant to the terms of a separation agreement, the Company issued 152,000 shares of common stock valued at $1.00 to an officer of the Company.  The $159,000 of expense was recorded as stock compensation expense during the period.

On November 25, 2013, the company issued a total of 43,989 shares valued at $1.00 per share to four individuals for services and recognized an expense of $43,989.

On January 17, 2014 WASM exercised warrants with an exercise price of $0.001 per share to purchase 52,000 shares of common stock and the Company received cash proceeds of $52.

On February 12, 2014, the Company, through TGC, acquired 100% ownership interest in the TMC Project from Raven for $1.8 million in cash and 200,000 shares of WMTN. No further payments are due to Raven from TGC under the JV Agreement, (including but not limited to any royalty or residual payments), and each party is fully released from its obligations to the other under the JV Agreement. The $1.8 million of cash paid to Raven is recorded as Mining Claims in the accompanying consolidated balance sheet along with the 200,000 shares of common stock of the Company has been issued, for which an Acquisition of Mining Claims expense of $136,000 was recognized.

On March 20, 2014, the Company entered into an agreement to reduce our payable for legal services by $75,000 in exchange for 150,000 shares of restricted common stock at a price of $0.50 per share along with a five year warrant for the purchase of 150,000 shares of our common stock at $0.50 per share.   The Company recognized an expense for the warrants of $123,995 after calculating their value using the Black-Scholes pricing model.  On the date of grant, utilizing the Black-Scholes model, the following assumptions were used: expected life of the options of 5 years, expected volatility of 180.81%, risk-free interest rate of 1.76% and no dividend yield.    

On April 25, 2014 the Company issued 50,000 shares of common stock and a five year warrant to purchase 50,000 shares of our common stock at $0.50 per share.  The Company recognized an expense of $33,500 for the issuance of the shares and an expense of $30,780 for the warrants after calculating their value using the Black-Scholes pricing model.   On the date of grant, utilizing the Black-Scholes model, the following assumptions were used: expected life of the options of 5 years, expected volatility of 140.61%, risk-free interest rate of 1.72% and no dividend yield.    

During the quarter ended July 31, 2014 the Company issued a five year warrant to purchase 230,000 of our common stock at $0.25 per share.  The Company recognized an expense of $191,651 for the warrants after calculating their value using the Black-Scholes pricing model.   On the date of grant, utilizing the Black-Scholes model, the following assumptions were used: expected life of the options of 5 years, expected volatility of 184.2%, risk-free interest rate of 1.79% and no dividend yield.   The Company also issued a three year warrant to purchase 10,000 of our common stock at $0.88 per share.  The Company recognized an expense of $7,795 for the warrants after calculating their value using the Black-Scholes pricing model.   On the date of grant, utilizing the Black-Scholes model, the following assumptions were used: expected life of the options of 3 years, expected volatility of 187.43%, risk-free interest rate of 0.69% and no dividend yield.       

On March 20, 2013, the Company entered into forward sale and loan agreements with three accredited investors for an aggregate loan of $600,000. The Company was required to tender no less than 600 ounces of gold in bar form to the three accredited investors by September 15, 2013, but defaulted on this obligation.  One of the lenders, URenergy, LLC, obtained a judgment against the Company on March 31, 2014 for the amount of $204,143 plus attorneys’ fees and costs.  On August 25, 2014 the Company reached a settlement agreement with URenergy LLC whereby we paid $100,000 in cash and issued 266,667 shares valued $0.45 per share, or $120,000 for a full satisfaction of the judgment. The Company recorded a loss of $70,000 to settle this forward contract.(See Note 3).

On September 15, 2014, the Company signed an Employment Agreement with James W. Creamer III and appointed him as Chief Financial Officer.  Under the terms of the agreement, Mr. Creamer’s salary will be $96,000 per year and is eligible for annual bonuses and incentive plans determined by the Company’s Compensation Committee.  Mr. Creamer was also granted 1,000,000 options to purchase the Company’s common stock for $0.50 per share for a period of seven years.  250,000 of the options vested immediately and 250,000 options shall vest on each of the first, second and third anniversaries of employment (See Note 9).  The Company valued the options on the date of grant, utilizing the Black-Scholes model, the following assumptions were used: expected life of the options of 7 years, expected volatility of 175.8%, risk-free interest rate of 2.16% and no dividend yield. Based on these inputs the options were valued at $490,714 and an expense of $143,125 was recognized for the options that vested during the twelve months ended October 31, 2014.

On October 10, 2014 the Company issued 980,000 shares of common stock valued at $0.50 per share under the 2012 Stock Incentive Plan to ten individuals, officers, directors and employees for services to the Company.

On August 1, 2013 the Company issued 12,100 shares of Series A. Convertible Preferred Stock (“Preferred Stock”) for $50.00 per share and each share is convertible into 50 WestMountain Gold common shares at the holders’ option. In addition the preferred stockholders receive an annual dividend of 10% payable semi-annually, which at the Company’s discretion, may be paid in the Company’s common shares. During the year ended October 31, 2014, the Company issued 68,750 shares of common stock valued at $0.88 per share to the preferred stockholders and recognized a dividend expense of $60,500.

A summary of the warrants issued as of October 31, 2014 is as follows:

 

October 31, 2014

 

Shares

 

 

Weighted Average Exercise Price

 

 

Outstanding at beginning of period

16,511,975

 

$

1.062

Issued

750,000

 

$

0.842

Exercised

(52,000)

 

 

0.001

Forfeited

-

 

 

-

Expired

(4,101,095)

 

 

0.814

Outstanding at end of period

13,108,880

 

$

1.150

Exercisable at end of period

13,108,880

 

   

 

 

October 31, 2014

 

 

Weighted

Average

Remaining

Life

 

Weighted

Average

Exercise

Price

 



Shares

Exercisable

 

 

 

 

Number of
Warrants

 

 

 

 

 

 

1,480,000

 

3.15

 

$

0.25

 

1,480,000

200,000

 

4.36

 

$

0.50

 

200,000

3,600,000

 

3.07

 

$

0.75

 

3,600,000

10,000

 

2.33

 

$

0.88

 

10,000

1,626,746

 

0.81

 

$

1.00

 

1,626,746

6,437,967

 

1.71

 

$

1.50

 

6,437,967

254,167

 

0.28

 

$

2.00

 

254,167

200,000

 

7.05

 

$

4.00

 

200,000

13,108,880

 

 

 

$

1.150

 

13,108,880


The intrinsic value of the outstanding warrants at October 31, 2014 was $340,400

Options:

On September 8, 2014 the Company issued 1,000,000 options to an employee to purchase shares of our common stock at $0.50 per share for a period of seven years. 250,000 of the options vested immediately and 250,000 options vest each subsequent year. On the date of the grant, the Company valued the options at $490,714 using the Black-Scholes option pricing model with the following assumptions: expected life of the options of 7 years, expected volatility of 175.8%, risk-free rate of 2.16% and no dividend yield. An expense of $143,125 was recognized based on the options that had vested as of October 31, 2014.

A summary of the options issued as of October 31, 2014 is as follows:

 

October 31, 2014

 

Shares

 

Weighted Average

Exercise Price

 

 

Outstanding at beginning of period

-

 

$

-

Issued

1,000,000

 

$

0.50

Exercised

-

 

 

-

Forfeited

-

 

 

-

Expired

-

 

 

-

Outstanding at end of period

1,000,000

 

$

0.50

Exercisable at end of period

1,000,000

 

   

 

 

October 31, 2014

 

 

Weighted

Average

Remaining

Life

 

Weighted

Average

Exercise

Price

 



Shares

Exercisable

 

 

 

 

Number of

Options

 

 

 

 

 

 

1,000,000

 

6.85

 

$

0.50

 

250,000

 

 

 

 

 

 

 

 

1,000,000

 

6.85

 

$

0.50

 

250,000


The intrinsic value of the outstanding options at October 31, 2014 was $.0.00.

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet15.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS
12 Months Ended
Oct. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]
NOTE 9. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS

Except as disclosed, there are no pending legal proceedings against us that are expected to have a material adverse effect on our cash flows, financial condition or results of operations.

EMPLOYMENT AGREEMENTS

On October 1, 2010, TMC signed an Employment Agreement with Gregory Schifrin, which was assumed by WMTN as a result of the acquisition of TMC in February 2011. Under the terms of the agreement, Mr. Schifrin was appointed Chief Executive Officer for an indefinite period at a salary of $120,000 per year. Mr. Schifrin is eligible for annual bonuses and incentive plans as determined by the Company’s Compensation Committee. Mr. Schifrin is also eligible for employee benefit programs, including 4 weeks of vacation per year, medical benefits and $500 per day spent on the Company’s project sites. Mr. Schifrin may resign with 60 days’ notice. If Mr. Schifrin is terminated without cause, including a change in control (after six months), he is to receive in a lump sum, two times his annual salary, two times his targeted annual bonus, two times his last year’s bonus and any accrued vacation.

On November 1, 2013, the Company signed an Employment Agreement with Loni Knepper, and on January 6, 2014, she was appointed Chief Financial Officer.  Under the terms of the agreement, Ms. Knepper’s salary was $105,000 per year and wass eligible for annual bonuses and incentive plans determined by the Company’s Compensation Committee. In addition, Ms. Knepper was granted 50,000 shares of common stock on November 14, 2013 which was valued at $1.00 per shares and was expensed as stock compensation. (See Note 8) On May 23, 2014 Ms. Knepper tendered notice of her resignation to the Company, effective May 26, 2014. 

On September 15, 2014, the Company signed an Employment Agreement with James W. Creamer III and appointed him as Chief Financial Officer.  Under the terms of the agreement, Mr. Creamer’s salary will be $96,000 per year and is eligible for annual bonuses and incentive plans determined by the Company’s Compensation Committee.  Mr. Creamer was also granted 1,000,000 options to purchase the Company’s common stock for $0.50 per share for a period of seven years.  250,000 of the options vested immediately and 250,000 options shall vest on each of the first, second and third anniversaries of employment (See Note 8). 

LEASES

The Company is obligated under various non-cancelable operating leases for their various facilities and certain equipment and claims agreements.

The aggregate unaudited future minimum lease payments, to the extent the leases have early cancellation options and excluding escalation charges, are as follows:

Years ended October 31,

 

 Total

 

 

 

2015

$

160,275

2016

$

170,375

2017

$

171,382

2018

$

137,000

Beyond

$

137,000

Total

$

776,032


------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet16.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
INCOME TAXES
12 Months Ended
Oct. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]
NOTE 10. INCOME TAXES

The Company has incurred losses since inception, which have generated net operating loss carryforwards.  The net operating loss carryforwards arise from United States sources.  

Pretax losses arising from United States operations were approximately $2,550,000 for the year ended October 31, 2014.  

Pretax losses arising from United States operations were approximately $7,610,000 for the year ended October 31, 2012.

The Company has net operating loss carryforwards of approximately $15,700,000, which expire in 2021-2033. Because it is not more likely than not that sufficient tax earnings will be generated to utilize the net operating loss carryforwards, a corresponding valuation allowance of approximately $5,338,000 and $4,441,000 was established as of October 31, 2014 and 2013 respectively. Additionally, under the Tax Reform Act of 1986, the amounts of, and benefits from, net operating losses may be limited in certain circumstances, including a change in control.

Section 382 of the Internal Revenue Code generally imposes an annual limitation on the amount of net operating loss carryforwards that may be used to offset taxable income when a corporation has undergone significant changes in its stock ownership. There can be no assurance that the Company will be able to utilize any net operating loss carryforwards in the future.

The principal components of the Company’s deferred tax assets at October 31, 2014 and 2013 are as follows:

A reconciliation of the United States Federal Statutory rate to the Company’s effective tax rate for the year ended October 31, 2014 and 2013 is as follows:

 

2014

 

2013

Federal Statutory Rate

 

-34.0%

 

 

-34.0%

Increase in Income Taxes Resulting from:

 

 

 

 

 

Change in Valuation allowance

 

34.0%

 

 

34.0%

Effective Tax Rate

 

0.0%

 

 

0.0%


 

2014

 

2013

U.S. operations loss carry forward at statutory rate of 34%

$

(5,337,989)

 

$

(4,441,017)

 

 

 

 

 

 

Total

 

(5,337,989)

 

 

(4,441,017)

Less Valuation Allowance

 

5,337,989

 

 

4,441,017

Net Deferred Tax Assets

 

(4,441,017)

 

$

(2,623,141)

Change in Valuation allowance

$

896,972

 

$

1,817,876


------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet17.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
SUBSEQUENT EVENTS
12 Months Ended
Oct. 31, 2014
Subsequent Events [Abstract]
Subsequent Events [Text Block]
NOTE 11.  SUBSEQUENT EVENTS

On November 19, 2014, the Company entered into an agreement to reduce our payable for legal services by $100,000 in exchange for 200,000 shares of restricted common stock at a price of $0.50 per share 

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet18.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
Accounting Policies, by Policy (Policies)
12 Months Ended
Oct. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]
Accounting Method

The Company’s consolidated financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
Consolidation, Policy [Policy Text Block]
Principles of Consolidation

These consolidated financial statements include the Company’s consolidated financial position, results of operations, and cash flows. All material intercompany balances and transactions have been eliminated in the accompanying consolidated financial statements.
Foreign Currency Transactions and Translations Policy [Policy Text Block]
Foreign Currency Translation

The consolidated financial statements are presented in US dollars.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents

The Company classifies highly liquid temporary investments with an original maturity of three months or less when purchased as cash equivalents. The Company maintains cash balances at various financial institutions. Balances at US banks are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk for cash on deposit.  As of October 31, 2014, the Company had no uninsured cash amounts.
Property, Plant and Equipment, Impairment [Policy Text Block]
Equipment

Equipment consists of machinery, furniture and fixtures and software, which are stated at cost less accumulated depreciation and amortization. Depreciation is computed by the straight-line method over the estimated useful lives or lease period of the relevant asset, generally 3 -5 years.
Prepaid Expenses Policy, [Policy Text Block]
Prepaid expenses

Prepaid expenses were $8,932 and $6,355 as of October 31, 2014 and 2013, respectively. The prepaid expenses primarily reflect expenses that are being amortized over the life of the service agreements.
Inventory, Policy [Policy Text Block]
Metal and Other Inventory

Inventories were $459,461 and $66,485 as of October 31, 2014 and October 31, 2013, respectively. Inventories include doré. All inventories are stated at the lower of cost or market, with cost being determined using a weighted average cost method. Metal inventory costs include direct labor, materials, depreciation, as well as administrative overhead costs relating to mining activities.
Mineral Properties, Policy, [Policy Text Block]
Mineral Properties

Costs of acquiring mineral properties are capitalized by project area upon purchase of the associated claims. Costs to maintain the mineral rights are expensed as incurred.  When a property reaches the production stage, the related capitalized costs will be amortized, using the units of production method on the basis of periodic estimates of ore reserves.

Mineral properties are periodically assessed for impairment of value and any diminution in value.

The Company has access to the camp by airplane. There is road access from the camp to the project area where drilling and bulk sampling mining occurs. It is approximately 1 1/2 miles from camp to the project area.  Power generation is by diesel generator at the camp. Fuel is brought in for the generators by a cargo plane to the airstrip.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Long-Lived Assets

The Company reviews its long-lived assets for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets under certain circumstances are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value (less the projected cost associated with selling the asset). To the extent carrying values exceed fair values, an impairment loss is recognized in operating results.  As of October 31, 2014, there are no impairments recognized.
Reclamation and Remediation Liabilities, Policy, [Policy Text Block]
Alaska Reclamation and Remediation Liabilities

The Company operates in Alaska. The State of Alaska Department of Natural Resources requires a pool of funds from all permittees with exploration and mining projects to cover reclamation. There is a $750 per acre disturbance reclamation bond that is required for disturbance of 5 acres or more and/or removal of more than 50,000 cubic yards of material.
Fair Value Measurement, Policy [Policy Text Block]
Fair Value Measurements

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  This topic also establishes a fair value hierarchy, which requires classification based on observable and unobservable inputs when measuring fair value.  The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs).  The hierarchy consists of three levels:

Level 1 – Quoted prices in active markets for identical assets and liabilities;

Level 2 – Inputs other than level one inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

Liabilities measured at fair value on a recurring basis are summarized as follows:

 

Fair Value Measurements Using Inputs

 

Carrying Amount at

Financial Instruments

Level 1

 

Level 2

 

Level 3

 

October 31,

2014

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Forward contract

$

-

 

$

300,659

 

$

-

 

$

300,659

Derivative Instruments -Warrants

$

-

 

$

1,092,597

 

$

-

 

$

1,092,597

Total

$

-

 

$

1,393,256

 

$

-

 

$

1,393,256


 

Fair Value Measurements Using Inputs

 

Carrying Amount at

Financial Instruments

Level 1

 

Level 2

 

Level 3

 

October 31,

2013

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Forward contract

$

-

 

$

794,760

 

$

-

 

$

794,760

Derivative Instruments -Warrants

$

-

 

$

2,000,000

 

$

-

 

$

2,000,000

Total

$

-

 

$

2,794,760

 

$

-

 

$

2,794,760


Market price and estimated fair value of common stock used to measure the Derivative Instruments-Warrants at October 31, 2014 and October 31, 2013:

 

October 31,

2014

 

October 31,

2013

 

 

Market price and estimated fair value of common stock:

$

0.48

 

$

1.06

Exercise price

$

0.38

 

$

0.75

Expected term (years)

 

3.50

 

 

4.8

Dividend yield

 

-

 

 

-

Expected volatility

 

174.2%

 

 

112%

Risk-free interest rate

 

1.62%

 

 

0.95%


The risk-free rate of return reflects the interest rate for the United States Treasury Note with similar time-to-maturity to that of the warrants.  

The recorded value of other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, other current assets, and accounts payable and accrued expenses approximate the fair value of the respective assets and liabilities at October 31, 2014 and October 31, 2013 based upon the short-term nature of the assets and liabilities.
Derivatives, Policy [Policy Text Block]
Derivative Instruments – Warrants

In May and June 2013, the Company received a total of $1.0 million and entered into Promissory Notes, Security Agreement, Loan Agreement and Warrants to Purchase Stock Agreement (collectively, the “Transaction Documents”) with BOCO Investments LLC (“BOCO”).

In addition, the Company issued Warrants to BOCO to purchase 2,500,000 shares of common stock at $0.75 per share or a price per share equal to eighty percent (80%) of the lowest price at which a common share in the Company has been issued in any round of financing commenced or closed after the date of the Warrants. The Warrants expire in 2018, five years from the issuance date. There are no registration requirements. The Transaction Documents place certain operating restrictions on the Company.

These warrants were not issued with the intent of effectively hedging any future cash flow, fair value of any asset, liability or any net investment in a foreign operation.  Therefore, the fair value of these warrants were recorded as a liability in the consolidated balance sheet and are marked to market each reporting period until they are exercised or expire or otherwise extinguished.

During the year ended October 31, 2014, the Company recognized $907,403 of other income resulting from the decrease in the fair value of the warrant liability at October 31, 2014, as the value changed from the prior quarter.
Forward Sale and Loan Agreement, Policy, [Policy Text Block]
Forward Sale and Loan Agreements

On March 20, 2013, the Company entered into forward sale and loan agreements with three accredited investors for an aggregate loan of $600,000. The Company was required to tender no less than 600 ounces of gold in bar form to the three accredited investors by September 15, 2013, but defaulted on this obligation.

On November 1, 2013, the Company settled with one of the parties that had a forward sale and loan agreement for 200 ounces of gold; the Company issued 310,000 shares of common stock valued at $1.08 per share at the time of issuance, or $334,800 and warrants for an additional 310,000 shares of common stock with an exercise price of $1.50 per share valued at $279,899, using the Black-Scholes method, in full settlement of all claims.  The Company recorded a loss of $349,779 to settle this forward contract. (See Note 8) 

The second of the three lenders, URenergy, LLC, obtained a judgment against the Company on March 31, 2014 for the amount of $204,143 plus attorneys’ fees and costs.  On August 25, 2014 the Company reached a settlement agreement with URenergy LLC whereby we paid $100,000 in cash, which was advanced by Minex, and issued 266,667 shares of our common stock valued $0.45 per share, or $120,000 for a full satisfaction of the judgment. The Company recorded a loss of $70,000 to settle this forward contract. (See Note 8).

The Company is continuing to negotiate with the third lender, Snowmass Mining Co., LLC, who is owed $300,000 (payable in cash or gold), together with interest thereon from September 15, 2013.  The Company has paid Snowmass the sum of $100,000 during the twelve months ended October 31, 2014.

As of October 31, 2014, the value of the gold obligation to Snowmass is $300,000.  The difference between the amount received and the fair value of the obligation will be recorded as additional interest expense or income at each reporting date based on the fair value of gold.  During the twelve months ended October 31, 2014, the Company recorded additional interest expense of $270,704 for the change in the value of gold from October 31, 2013.

During the twelve months ended October 31, 2014, the Company entered into a forward sales agreement for 48.563 oz. of gold bullion at $1,305 per oz. The Company has delivered 30 oz, of the gold bullion and  recorded the fair value of the remaining 18.563 oz. of gold as a forward contract in the amount of $23,785. The spot price of gold was $1,294.90 on July 31, 2014.  On August 12, 2014, the Company delivered another 18 oz of gold leaving a balance due of 0.563 oz.
Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition:  Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. The passing of title to the customer is based on the terms of the sales contract. Product pricing is determined at the point revenue is recognized by reference to active and freely traded commodity markets, for example the London Bullion Market for both gold and silver, in an identical form to the product sold.
Mineral Exploration and Development Costs, Policy, [Policy Text Block]
Mineral Exploration and Development Costs

All exploration expenditures are expensed as incurred.  Significant property acquisition payments for active exploration properties are capitalized.  If no minable ore body is discovered, previously capitalized costs are expensed in the period the property is abandoned.  Expenditures to develop new mines, to define further mineralization in existing ore bodies, and to expand the capacity of operating mines, are capitalized and amortized on a unit of production basis over proven and probable reserves.

Should a property be abandoned, its capitalized costs are charged to operations.  The Company charges to operations the allocable portion of capitalized costs attributable to properties abandoned.  Capitalized costs are allocated to properties sold based on the proportion of claims sold to the claims remaining within the project area.
Income Tax, Policy [Policy Text Block]
Income Tax/Deferred Tax

FASB ASC 740 requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differing treatment of items for financial reporting and income tax reporting purposes. The deferred tax balances are adjusted to reflect tax rates by tax jurisdiction, based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.WestMountain Gold, Inc. has recognized deferred income tax benefits on net operating loss carry-forwards to the extent WestMountain Gold, Inc.believes it will be able to utilize them in future tax filings. The difference between the statutory income tax expense and the accounting tax expense is primarily attributable to non-deductible expenses representing permanent timing differences between book income and taxable income during the three months ended October 31, 2014.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes.
Earnings Per Share, Policy [Policy Text Block]
Net Loss Per Share

Basic loss per common share is computed by dividing net loss available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented.  Diluted net loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of the Company, subject to anti-dilution limitations. As of October 31, 2014, the Company had (i) warrants for the purchase of 13,108,880 common shares; (ii) 2,083,248 common shares related to convertible promissory notes; and (iii) 605,000 common shares related to the conversion of Series A Convertible Preferred Stock (iv) options for the purchase of 1,000,000 common shares; which were considered but were not included in the computation of loss per share at October 31, 2014 because they would have been anti-dilutive.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
Stock-Based Compensation

FASB ASC 718 establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, but primarily focuses on transactions whereby an entity obtains employee services for share-based payments. FASB ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the consolidated financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments.

The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services follows the provisions of FASB ASC 505-50The measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement. Stock-based compensation related to non-employees is accounted for based on the fair value of the related stock or options or the fair value of the services, whichever is more readily determinable in accordance with FASB ASC 718.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements

On April 10, 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This standard was effective for the Company on January 1, 2015. The Company does not expect significant impact to the financial statements upon implementation of ASU No. 2014-08.

On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on November 1, 2017. Early application is not permitted. The Company is currently evaluating the impact of ASU No. 2014-09.

On August 27, 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which is intended to define management’s responsibility to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern and to provide related footnote disclosures. This standard will be effective for the Company for the year ending on October 31, 2016. Early application is permitted. The Company is currently evaluating the impact of ASU No. 2014-15.

In June 2014, the FASB issued ASU No. 2014-10, which amended Accounting Standards Codification (ASC) Topic 915 Development Stage Entities. The amendment eliminates certain financial reporting requirements surrounding development stage entities, including an amendment to the variable interest entities guidance in ASC Topic 810, Consolidation. The amendment removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other entities from U.S. GAAP. Consequently, the amendment eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.

This amendment is effective for fiscal years beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company has made the election to early adopt this amendment effective June 30, 2014 and, as a result, the Company is no longer presenting or disclosing the information previously required under Topic 915. The early adoption was made to reduce data maintenance by removing all incremental financial reporting requirements for development stage entities. The adoption of this amendment alters the disclosure requirements of the Company, but it does not have any material impact on the Company’s financial position or results of operations for the current or any prior reporting periods.

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, management has not determined whether implementation of such proposed standards would be material to the consolidated financial statements.
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet19.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Tables)
12 Months Ended
Oct. 31, 2014
Accounting Policies [Abstract]
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

 

Fair Value Measurements Using Inputs

 

Carrying Amount at

Financial Instruments

Level 1

 

Level 2

 

Level 3

 

October 31,

2014

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Forward contract

$

-

 

$

300,659

 

$

-

 

$

300,659

Derivative Instruments -Warrants

$

-

 

$

1,092,597

 

$

-

 

$

1,092,597

Total

$

-

 

$

1,393,256

 

$

-

 

$

1,393,256

 

Fair Value Measurements Using Inputs

 

Carrying Amount at

Financial Instruments

Level 1

 

Level 2

 

Level 3

 

October 31,

2013

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Forward contract

$

-

 

$

794,760

 

$

-

 

$

794,760

Derivative Instruments -Warrants

$

-

 

$

2,000,000

 

$

-

 

$

2,000,000

Total

$

-

 

$

2,794,760

 

$

-

 

$

2,794,760

Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block]

 

October 31,

2014

 

October 31,

2013

 

 

Market price and estimated fair value of common stock:

$

0.48

 

$

1.06

Exercise price

$

0.38

 

$

0.75

Expected term (years)

 

3.50

 

 

4.8

Dividend yield

 

-

 

 

-

Expected volatility

 

174.2%

 

 

112%

Risk-free interest rate

 

1.62%

 

 

0.95%

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet20.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUIPMENT, NET (Tables)
12 Months Ended
Oct. 31, 2014
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]

 

Estamated

Useful

Lives

 

 

 

 

 

 

 

 

October 31,

2014

 

October 31,

2013

 

 

 

 

 

 

 

 

 

 

 

Mining and other equipment

3-5 years

 

$

842,487

 

$

772,418

Less: accumulated depreciation

 

 

 

(401,925)

 

 

(243,445)

Mining and other equipment, Net

 

 

$

440,562

 

$

528,973

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet21.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
PROMISSORY NOTES (Tables)
12 Months Ended
Oct. 31, 2014
Debt Disclosure [Abstract]
Schedule of Short-term Debt [Table Text Block]

 

October 31,

2014

 

October 31,

2013

 

 

BOCO September 17, 2012 Promissory Note

$

1,852,115

 

$

1,852,115

BOCO May 14, 2013 Promissory Note

 

500,000

 

 

500,000

BOCO June 27, 2013 Promissory Note

 

500,000

 

 

500,000

BOCO December 31, 2013 Promissory Note

 

1,000,000

 

 

-

BOCO May 23, 2014 Promissory Note

 

100,000

 

 

-

BOCO June 2, 2104 Promissory Note

 

200,000

 

 

-

BOCO June 9, 2014 Promissory Note

 

100,000

 

 

-

BOCO June 30, 2014 Promissory Note

 

100,000

 

 

-

Dessi December 17, 2013 Promissory Note

 

1,000,000

 

 

-

Andres Promissory Notes

 

200,000

 

 

200,000

Silver Verde May Promissory Notes

 

31,133

 

 

31,133

Total

$

5,583,248

 

$

3,083,248

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet22.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUITY TRANSACTIONS (Tables)
12 Months Ended
Oct. 31, 2014
Warrant [Member]
EQUITY TRANSACTIONS (Tables) [Line Items]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

 

October 31, 2014

 

Shares

 

 

Weighted Average Exercise Price

 

 

Outstanding at beginning of period

16,511,975

 

$

1.062

Issued

750,000

 

$

0.842

Exercised

(52,000)

 

 

0.001

Forfeited

-

 

 

-

Expired

(4,101,095)

 

 

0.814

Outstanding at end of period

13,108,880

 

$

1.150

Exercisable at end of period

13,108,880

 

   
Schedule of Other Share-based Compensation, Activity [Table Text Block]
 

 

October 31, 2014

 

 

Weighted

Average

Remaining

Life

 

Weighted

Average

Exercise

Price

 



Shares

Exercisable

 

 

 

 

Number of
Warrants

 

 

 

 

 

 

1,480,000

 

3.15

 

$

0.25

 

1,480,000

200,000

 

4.36

 

$

0.50

 

200,000

3,600,000

 

3.07

 

$

0.75

 

3,600,000

10,000

 

2.33

 

$

0.88

 

10,000

1,626,746

 

0.81

 

$

1.00

 

1,626,746

6,437,967

 

1.71

 

$

1.50

 

6,437,967

254,167

 

0.28

 

$

2.00

 

254,167

200,000

 

7.05

 

$

4.00

 

200,000

13,108,880

 

 

 

$

1.150

 

13,108,880

Employee Stock Option [Member]
EQUITY TRANSACTIONS (Tables) [Line Items]
Schedule of Share-based Compensation, Activity [Table Text Block]

 

 

October 31, 2014

 

 

Weighted

Average

Remaining

Life

 

Weighted

Average

Exercise

Price

 



Shares

Exercisable

 

 

 

 

Number of

Options

 

 

 

 

 

 

1,000,000

 

6.85

 

$

0.50

 

250,000

 

 

 

 

 

 

 

 

1,000,000

 

6.85

 

$

0.50

 

250,000

Employee Stock Option [Member]
EQUITY TRANSACTIONS (Tables) [Line Items]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

 

October 31, 2014

 

Shares

 

Weighted Average

Exercise Price

 

 

Outstanding at beginning of period

-

 

$

-

Issued

1,000,000

 

$

0.50

Exercised

-

 

 

-

Forfeited

-

 

 

-

Expired

-

 

 

-

Outstanding at end of period

1,000,000

 

$

0.50

Exercisable at end of period

1,000,000

 

   
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet23.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Tables)
12 Months Ended
Oct. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Years ended October 31,

 

 Total

 

 

 

2015

$

160,275

2016

$

170,375

2017

$

171,382

2018

$

137,000

Beyond

$

137,000

Total

$

776,032

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet24.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

 

2014

 

2013

Federal Statutory Rate

 

-34.0%

 

 

-34.0%

Increase in Income Taxes Resulting from:

 

 

 

 

 

Change in Valuation allowance

 

34.0%

 

 

34.0%

Effective Tax Rate

 

0.0%

 

 

0.0%

 

2014

 

2013

U.S. operations loss carry forward at statutory rate of 34%

$

(5,337,989)

 

$

(4,441,017)

 

 

 

 

 

 

Total

 

(5,337,989)

 

 

(4,441,017)

Less Valuation Allowance

 

5,337,989

 

 

4,441,017

Net Deferred Tax Assets

 

(4,441,017)

 

$

(2,623,141)

Change in Valuation allowance

$

896,972

 

$

1,817,876

------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet25.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
BUSINESS (Details) (USD $)
0 Months Ended
Feb. 12, 2014
Oct. 31, 2014
Oct. 31, 2013
BUSINESS (Details) [Line Items]
Interest Payable, Current $ 1,538,176 $ 394,274
Acquisition of TMC Project [Member]
BUSINESS (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
Payments to Acquire Businesses, Gross 1,800,000
Stock Issued During Period, Shares, Acquisitions (in Shares) 200,000
General and Administrative Expense 2,100,000
BOCO [Member]
BUSINESS (Details) [Line Items]
Secured Debt 4,352,115
Interest Payable, Current $ 1,436,351
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet26.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) (USD $)
2 Months Ended 12 Months Ended 0 Months Ended
Jun. 30, 2013
Oct. 31, 2014
Oct. 31, 2013
Oct. 31, 2013
Mar. 20, 2013
Aug. 25, 2014
Mar. 31, 2014
Apr. 25, 2014
Jul. 31, 2014
Sep. 15, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Cash, FDIC Insured Amount $ 250,000
Prepaid Expense, Current 8,932 6,355 6,355
Inventory, Net 459,461 66,485 66,485
Accrued Reclamation Costs, Current 750 750
Proceeds from Notes Payable 1,000,000 1 944,283
Fair Value Adjustment of Warrants 907,403   
Loss on settlement of forward contract (349,779)   
Due to Related Parties, Current    57,000 57,000
Interest Expense, Debt 270,704
Derivative, Forward Price (in Dollars per Share) $ 1,305
Spot Price (in Dollars per Share) $ 1,294.9
Forward Contracts [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Derivative Asset, Fair Value, Gross Asset 23,785
Investor [Member] | Common Stock [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 310,000 310,000
Shares Issued, Price Per Share (in Dollars per share) $ 1.08 $ 1.08 $ 1.08
Stock Issued During Period, Value, New Issues 334,800 334,800
Investor [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 310,000 310,000 310,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 1.5 $ 1.5 $ 1.5
Warrants and Rights Outstanding 279,899 279,899 279,899
Loss on settlement of forward contract 349,779 (349,779)
UR energy LLC [Member] | Forward Sale And Loan Agreements With Three Accredited Investors [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Shares Issued, Price Per Share (in Dollars per share) $ 0.45
Stock Issued During Period, Value, New Issues 120,000
Loss on settlement of forward contract (70,000)
UR energy LLC [Member] | Settled Litigation [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Shares Issued, Price Per Share (in Dollars per share) $ 0.45
Stock Issued During Period, Value, New Issues 120,000
Loss on settlement of forward contract 70,000
Repayments of Related Party Debt 100,000
Stock Issued During Period, Shares, Issued for Services (in Shares) 266,667
UR energy LLC [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Loss Contingency, Damages Awarded, Value 204,143
Snowmass Mining Co LLC [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Due to Related Parties, Current 300,000
Payments for Loans 100,000
Warrant [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) 13,108,880
Convertible Promissory Note [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) 2,083,248
Series A Convertible Preferred Stock [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) 605,000
Equity Option [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) 1,000,000
Common Stock [Member] | Warrant To Purchase Stock Agreement With BOCO [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 2,500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.75
Common Stock Threshold Price Percentage 80.00%
Warrant Expiration Period 5 years
Common Stock [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 50,000
Stock Issued During Period, Shares, Issued for Services (in Shares) 1,073,989
Forward Sale And Loan Agreements With Three Accredited Investors [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Loans Payable 600,000
Gold Obligation [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Long-term Debt, Fair Value $ 300,000
Minimum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Property, Plant and Equipment, Useful Life 3 years
Maximum [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) [Line Items]
Property, Plant and Equipment, Useful Life 5 years
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet27.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis (USD $)
Oct. 31, 2014
Oct. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value $ 1,393,256 $ 2,794,760
Forward Contracts [Member] | Fair Value, Inputs, Level 1 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value      
Forward Contracts [Member] | Fair Value, Inputs, Level 2 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value 300,659 794,760
Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value      
Forward Contracts [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value 300,659 794,760
Warrant [Member] | Fair Value, Inputs, Level 1 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value      
Warrant [Member] | Fair Value, Inputs, Level 2 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value 1,092,597 2,000,000
Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value      
Warrant [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value 1,092,597 2,000,000
Fair Value, Inputs, Level 1 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value      
Fair Value, Inputs, Level 2 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value 1,393,256 2,794,760
Fair Value, Inputs, Level 3 [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Liabilities measured at fair value on a recurring basis [Line Items]
Financial Instruments, Fair Value      
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet28.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES (Details) - Assumptions for fair value (USD $)
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Assumptions for fair value [Abstract]
Market price and estimated fair value of common stock: (in Dollars per share) $ 0.48 $ 1.06
Exercise price (in Dollars per share) $ 0.38 $ 0.75
Expected term (years) 3 years 6 months 4 years 292 days
Dividend yield      
Expected volatility 174.20% 112.00%
Risk-free interest rate 1.62% 0.95%
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet29.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
AGREEMENTS (Details) (USD $)
0 Months Ended 9 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended
Mar. 23, 2014
Mar. 23, 2011
Jul. 31, 2014
Feb. 12, 2014
Oct. 31, 2010
Oct. 31, 2014
Mar. 22, 2012
Mar. 22, 2011
Oct. 31, 2013
Mar. 22, 2005
AGREEMENTS (Details) [Line Items]
Fair Market Value Of The Common Stock $ 136,000
Common Stock, Par or Stated Value Per Share (in Dollars per share) $ 0.001 $ 0.001
Payments for Rent 100,000
Indefinite-Lived Contractual Rights 250,000 900,000 800,000
Contractual Right Per Share (in Dollars per share) $ 0.5
Capitalization of Claims Agreement 750,000
Production Royalty Percentage 4.00%
Mining Claims [Member] | Acquisition of TMC Project [Member]
AGREEMENTS (Details) [Line Items]
Payments to Acquire Businesses, Gross 1,800,000
Acquisition of TMC Project [Member]
AGREEMENTS (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
Payments to Acquire Businesses, Gross 1,800,000
Stock Issued During Period, Shares, Acquisitions (in Shares) 200,000
Share Exchange Agreement With TMC [Member]
AGREEMENTS (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
Stock Issued During Period, Shares, Acquisitions (in Shares) 1,500,000
Fair Market Value Of The Common Stock 150,000
Common Stock, Par or Stated Value Per Share (in Dollars per share) $ 0.001
Terra Gold Project [Member]
AGREEMENTS (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
Ben Porterfield [Member]
AGREEMENTS (Details) [Line Items]
Payments for Rent 500,000
WMTN Restricted Stock [Member]
AGREEMENTS (Details) [Line Items]
Stock Issued During Period, Shares, Issued for Services (in Shares) 500,000
Contract Termination [Member]
AGREEMENTS (Details) [Line Items]
Payments for Legal Settlements 875,000
Payments for Rent 75,000
Amended Lease Agreement [Member]
AGREEMENTS (Details) [Line Items]
Payments for Royalties 125,000 100,000 100,000
One Percent Of Production Royalty Right [Member]
AGREEMENTS (Details) [Line Items]
Payments for Royalties 1,000,000
Production Royalty Percentage 1.00%
Additional One Percent Of Production Royalty Right [Member]
AGREEMENTS (Details) [Line Items]
Payments for Royalties 3,000,000
Accrued Liabilities Current [Member]
AGREEMENTS (Details) [Line Items]
Payments for Royalties $ 100,000
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet30.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUIPMENT, NET (Details) (USD $)
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Property, Plant and Equipment [Abstract]
Depreciation $ 159,842 $ 144,701
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet31.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUIPMENT, NET (Details) - Equipment (USD $)
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Property, Plant and Equipment [Line Items]
Mining and other equipment 842,487 $ 772,418
Less: accumulated depreciation (401,925) (243,445)
Mining and other equipment, Net 440,562 $ 528,973
Minimum [Member]
Property, Plant and Equipment [Line Items]
Mining and other equipment 3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Mining and other equipment 5 years
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet32.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS (Details) (USD $)
3 Months Ended 12 Months Ended
Jan. 21, 2014
Apr. 30, 2012
Oct. 31, 2014
Oct. 31, 2011
Oct. 31, 2013
Nov. 06, 2012
Dec. 31, 2011
CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS (Details) [Line Items]
Accounts Payable And Accrued Liabilities Related Parties Current $ 670,106 $ 754,127
Share Price (in Dollars per share) $ 0.48 $ 1.06
WASM [Member]
CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS (Details) [Line Items]
Class of Warrant or Right, Unissued (in Shares) 925,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.001
Class Of Warrant Or Right Exercised In Period (in Shares) 52,000 873,000
Debt Instrument, Interest Rate, Stated Percentage 5.00%
Debt Instrument, Convertible, Conversion Price (in Dollars per share) $ 1
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) 42,500
Share Price (in Dollars per share) $ 1
Stock Issued During Period, Value, Restricted Stock Award, Gross 42,500
Convertible Debt 37,123
Repayments of Convertible Debt 53,867
SVM Notes [Member]
CERTAIN RELATIONS AND RELATED PARTY TRANSACTIONS (Details) [Line Items]
Debt Instrument, Face Amount $ 85,000
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet33.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
PROMISSORY NOTES (Details) (USD $)
2 Months Ended 12 Months Ended 0 Months Ended
Jun. 30, 2013
Oct. 31, 2014
Oct. 31, 2013
Dec. 31, 2013
Mar. 21, 2012
Sep. 17, 2012
Sep. 11, 2012
May 14, 2013
Jun. 27, 2013
May 23, 2014
Jun. 02, 2014
Jun. 09, 2014
Jun. 30, 2014
Dec. 17, 2013
PROMISSORY NOTES (Details) [Line Items]
Proceeds from Notes Payable $ 1,000,000 $ 1 $ 944,283
Share Price (in Dollars per share) $ 0.48 $ 1.06
BOCO September 17, 2012 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 1,852,115
Debt Instrument, Interest Rate, Stated Percentage 18.00%
Debt Instrument, Convertible, Conversion Price (in Dollars per share) $ 3
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 1,852,115
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 1.5
Debt Instrument, Principal and Accrued Interest Due 2,497,564
Warrant To Purchase Stock Agreement With BOCO [Member]
PROMISSORY NOTES (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 1,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.25
BOCO May 14, 2013 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 500,000
Debt Instrument, Interest Rate, Stated Percentage 15.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 1,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.75
Debt Instrument, Principal and Accrued Interest Due 761,575
Debt Instrument, Interest Rate, Effective Percentage 45.00%
BOCO June 27, 2013 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 500,000
Debt Instrument, Interest Rate, Stated Percentage 15.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 1,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.75
Debt Instrument, Principal and Accrued Interest Due 726,027
Debt Instrument, Interest Rate, Effective Percentage 45.00%
BOCO December 31, 2013 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Principal and Accrued Interest Due 1,243,507
Debt Instrument, Interest Rate, Effective Percentage 45.00% 8.00%
Bridge Loan 1,000,000
Proceeds from Loans 800,000
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
BOCO May 23, 2014 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 100,000
Debt Instrument, Interest Rate, Stated Percentage 15.00%
Debt Instrument, Principal and Accrued Interest Due 112,583
Debt Instrument, Interest Rate, Effective Percentage 45.00%
BOCO June 22, 014 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 200,000
Debt Instrument, Interest Rate, Stated Percentage 15.00%
Debt Instrument, Principal and Accrued Interest Due 224,333
Debt Instrument, Interest Rate, Effective Percentage 45.00%
BOCO June 9, 2014 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 100,000
Debt Instrument, Interest Rate, Stated Percentage 15.00%
Debt Instrument, Principal and Accrued Interest Due 111,875
Debt Instrument, Interest Rate, Effective Percentage 45.00%
BOCO June 30, 2014 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 100,000
Debt Instrument, Interest Rate, Stated Percentage 15.00%
Debt Instrument, Principal and Accrued Interest Due 111,000
Debt Instrument, Interest Rate, Effective Percentage 45.00%
Dessi December 17, 2013 Promissory Note [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage 8.00%
Debt Instrument, Principal and Accrued Interest Due 1,069,699
Bridge Loan 1,000,000
Fabin Andres [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 100,000
Bill Andres [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Face Amount 100,000
Andres Promissory Notes [Member]
PROMISSORY NOTES (Details) [Line Items]
Debt Instrument, Interest Rate, Stated Percentage 5.00%
Debt Instrument, Convertible, Conversion Price (in Dollars per share) $ 1
Debt Instrument, Principal and Accrued Interest Due 226,137
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) 50,000
Share Price (in Dollars per share) $ 1
Stock Issued During Period, Value, Restricted Stock Award, Gross $ 100,000
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet34.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
PROMISSORY NOTES (Details) - Promissory Notes Outstanding (USD $)
Oct. 31, 2014
Oct. 31, 2013
Short-term Debt [Line Items]
Promissory Note $ 5,583,248 $ 3,083,248
BOCO September 17, 2012 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 1,852,115 1,852,115
BOCO May 14, 2013 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 500,000 500,000
BOCO June 27, 2013 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 500,000 500,000
BOCO December 31, 2013 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 1,000,000   
BOCO May 23, 2014 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 100,000   
BOCO June 22, 014 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 200,000   
BOCO June 9, 2014 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 100,000   
BOCO June 30, 2014 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 100,000   
Dessi December 17, 2013 Promissory Note [Member]
Short-term Debt [Line Items]
Promissory Note 1,000,000   
Andres Promissory Notes [Member]
Short-term Debt [Line Items]
Promissory Note 200,000 200,000
Silver Verde May Promissory Notes [Member]
Short-term Debt [Line Items]
Promissory Note $ 31,133 $ 31,133
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet35.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUITY TRANSACTIONS (Details) (USD $)
12 Months Ended 0 Months Ended 3 Months Ended 0 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Feb. 12, 2014
Jan. 17, 2014
Nov. 20, 2013
Oct. 31, 2013
Nov. 23, 2013
Aug. 25, 2014
Mar. 31, 2014
Mar. 20, 2013
Sep. 15, 2014
Mar. 20, 2014
Apr. 25, 2014
Jul. 31, 2014
Nov. 25, 2013
Sep. 08, 2014
Oct. 10, 2014
Aug. 01, 2013
EQUITY TRANSACTIONS (Details) [Line Items]
Loss on settlement of forward contract $ (349,779)   
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 2.16%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) 1,000,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) $ 0.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value 0
Mining Claims [Member] | Acquisition of TMC Project [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Payments to Acquire Businesses, Gross 1,800,000
Stock Issued During Period, Shares, Acquisitions (in Shares) 200,000
Warrant [Member] | Common Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 52,000
Proceeds from Warrant Exercises 52
Warrant [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.001
Lincoln Park [Member] | Common Stock [Member] | Purchase Agreement [Member] | Maximum [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Value, New Issues 10,000,000
Stock Issued During Period, Shares, Other (in Shares) 50,000
Stock Issued During Period, Value, Other 500,000
Lincoln Park [Member] | Common Stock [Member] | Purchase Agreement [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 242,529
Stock Issued During Period, Value, New Issues 227,977 100,101
Stock Issued During Period, Shares, Period Increase (Decrease) (in Shares) 100,000
Lincoln Park [Member] | Purchase Agreement [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 113,636
Investor [Member] | Common Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 310,000 310,000
Stock Issued During Period, Value, New Issues 334,800 334,800
Shares Issued, Price Per Share (in Dollars per share) $ 1.08 $ 1.08 $ 1.08
Investor [Member] | Forward Sale And Loan Agreements With Three Accredited Investors [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Long-term Debt, Gross 600,000
Investor [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 310,000 310,000 310,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 1.5 $ 1.5 $ 1.5
Warrants and Rights Outstanding 279,899 279,899 279,899
Loss on settlement of forward contract 349,779 (349,779)
Officer [Member] | Common Stock [Member] | Separation Agreement [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 152,000
Shares Issued, Price Per Share (in Dollars per share) $ 1
Allocated Share-based Compensation Expense 159,000
UR energy LLC [Member] | Forward Sale And Loan Agreements With Three Accredited Investors [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Value, New Issues 120,000
Stock Issued During Period, Shares, Other (in Shares) 266,667
Shares Issued, Price Per Share (in Dollars per share) $ 0.45
Loss on settlement of forward contract (70,000)
Litigation Settlement, Amount 204,143
Payments for Legal Settlements 100,000
Chief Financial Officer [Member] | Employee Stock Option [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock or Unit Option Plan Expense 143,125
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 175.80%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) 1,000,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) $ 0.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in Shares) 250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) 250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value 490,714
Chief Financial Officer [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Compensation 96,000
5 Years Warrant [Member] | Common Stock [Member] | Agreement [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 150,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.5
5 Years Warrant [Member] | Common Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 50,000 230,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.5 $ 0.25
5 Years Warrant [Member] | Agreement [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock or Unit Option Plan Expense 123,995
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 180.81%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 1.76%
5 Years Warrant [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock or Unit Option Plan Expense 30,780 191,651
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 5 years 5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 140.61% 184.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 1.72% 1.79%
Payments of Stock Issuance Costs 33,500
3 Years Warrant [Member] | Common Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) 10,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) $ 0.88
3 Years Warrant [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock or Unit Option Plan Expense 7,795
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 187.43%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 0.69%
Common Stock [Member] | Separation Agreement [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 43,989
Stock Issued During Period, Value, New Issues 43,989
Shares Issued, Price Per Share (in Dollars per share) $ 1
Common Stock [Member] | Employee Stock Option [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 1,000,000
Shares Issued, Price Per Share (in Dollars per share) $ 0.5
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 7 years
Common Stock [Member] | 2012 Stock Incentive Plan [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Shares Issued, Price Per Share (in Dollars per share) $ 0.5
Stock Issued During Period, Shares, Issued for Services (in Shares) 980,000
Common Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 50,000
Stock Issued During Period, Shares, Acquisitions (in Shares) 200,000
Stock Issued During Period, Shares, Issued for Services (in Shares) 1,073,989
Common Stock Dividends, Shares (in Shares) 68,750
Stock Issued During Period, Value, Stock Dividend 69
Convertible Preferred Stock [Member] | Dividends Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Shares Issued, Price Per Share (in Dollars per share) $ 0.88
Common Stock Dividends, Shares (in Shares) 68,750
Convertible Preferred Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 12,100
Shares Issued, Price Per Share (in Dollars per share) $ 50
Preferred Stock, Conversion Basis each share is convertible into 50 WestMountain Gold common shares at the holders’ option.
Conversion of Stock, Shares Issued (in Shares) 50
Preferred Stock, Dividend Rate, Percentage 10.00%
Stock Issued During Period, Value, Stock Dividend (60,500)
Warrant [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding 340,400
Purchase Agreement [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Beneficial Ownership, Threshold Percentage 9.99%
Acquisition of TMC Project [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired 100.00%
Acquisition Expense 136,000
Agreement [Member] | Restricted Stock [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) 150,000
Shares Issued, Price Per Share (in Dollars per share) $ 0.5
Agreement [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Legal Fees 75,000
Employee Stock Option [Member]
EQUITY TRANSACTIONS (Details) [Line Items]
Stock or Unit Option Plan Expense 143,125
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 7 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 175.80%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 2.16%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in Shares) 250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) 250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value $ 490,714
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet36.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUITY TRANSACTIONS (Details) - Summary of warrants (USD $)
12 Months Ended
Oct. 31, 2014
Summary of warrants [Abstract]
Outstanding at beginning of period 16,511,975
Outstanding at beginning of period (in Dollars per share) $ 1.062
Issued 750,000
Issued (in Dollars per share) $ 0.842
Exercised (52,000)
Exercised (in Dollars per share) $ 0.001
Forfeited   
Forfeited (in Dollars per share)   
Expired (4,101,095)
Expired (in Dollars per share) $ 0.814
Outstanding at end of period 13,108,880
Outstanding at end of period (in Dollars per share) $ 1.15
Exercisable at end of period 13,108,880
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet37.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUITY TRANSACTIONS (Details) - Warrants Activities (USD $)
12 Months Ended
Oct. 31, 2014
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 13,108,880
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 1.15
Number of Warrants, Exercisable 13,108,880
Warrant A [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 1,480,000
Warrants, Weighted Average Remaining Life 3 years 54 days
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 0.25
Number of Warrants, Exercisable 1,480,000
Warrant B [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 200,000
Warrants, Weighted Average Remaining Life 4 years 131 days
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 0.5
Number of Warrants, Exercisable 200,000
Warrant C [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 3,600,000
Warrants, Weighted Average Remaining Life 3 years 25 days
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 0.75
Number of Warrants, Exercisable 3,600,000
Warrant D [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 10,000
Warrants, Weighted Average Remaining Life 2 years 120 days
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 0.88
Number of Warrants, Exercisable 10,000
Warrant E [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 1,626,746
Warrants, Weighted Average Remaining Life 295 days
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 1
Number of Warrants, Exercisable 1,626,746
Warrant F [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 6,437,967
Warrants, Weighted Average Remaining Life 1 year 259 days
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 1.5
Number of Warrants, Exercisable 6,437,967
Warrant G [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 254,167
Warrants, Weighted Average Remaining Life 102 days
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 2
Number of Warrants, Exercisable 254,167
Warrant H [Member]
EQUITY TRANSACTIONS (Details) - Warrants Activities [Line Items]
Number of Warrants 200,000
Warrants, Weighted Average Remaining Life 7 years 18 days
Warrants, Weighted Average Exercise Price (in Dollars per share) $ 4
Number of Warrants, Exercisable 200,000
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet38.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUITY TRANSACTIONS (Details) - Summary of options (USD $)
12 Months Ended
Oct. 31, 2014
Summary of options [Abstract]
Outstanding at beginning of period   
Outstanding at beginning of period (in Dollars per share)   
Issued 1,000,000
Issued (in Dollars per share) $ 0.5
Exercised   
Exercised (in Dollars per share)   
Forfeited   
Forfeited (in Dollars per share)   
Expired   
Expired (in Dollars per share)   
Outstanding at end of period 1,000,000
Outstanding at end of period (in Dollars per share) $ 0.5
Exercisable at end of period 1,000,000
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet39.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
EQUITY TRANSACTIONS (Details) - Option Activities (USD $)
12 Months Ended
Oct. 31, 2014
EQUITY TRANSACTIONS (Details) - Option Activities [Line Items]
Number of Options 1,000,000
Options, Weighted Average Remaining Life 6 years 310 days
Options, Weighted Average Exercise Price (in Dollars per share) $ 0.5
Number of Options, Exercisable 250,000
Employee Stock Option [Member]
EQUITY TRANSACTIONS (Details) - Option Activities [Line Items]
Number of Options 1,000,000
Options, Weighted Average Remaining Life 6 years 310 days
Options, Weighted Average Exercise Price (in Dollars per share) $ 0.5
Number of Options, Exercisable 250,000
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet40.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) (USD $)
12 Months Ended 0 Months Ended
Oct. 31, 2014
Oct. 01, 2010
Nov. 14, 2013
Nov. 01, 2013
Sep. 15, 2014
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 0.5
Emloyment Agreement of TMC with Gregory Schifrin [Member] | Chief Executive Officer [Member]
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) [Line Items]
Officers' Compensation $ 120,000
Employee Benefit Programs, Vacation Per Year 28 days
Employment Benefit Programs, Per Day Expense on Project Sites 500
Resignation Notice Period 60 days
Employment Agreement with Loni Knepper [Member] | Chief Financial Officer [Member]
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) [Line Items]
Officers' Compensation 105,000
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period 50,000
Shares Issued, Price Per Share $ 1
Employment Agreement with James W Creamer [Member] | Chief Financial Officer [Member]
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) [Line Items]
Officers' Compensation $ 96,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 1,000,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 0.5
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 7 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares 250,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number 250,000
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet41.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS (Details) - The aggregate unaudited future minimum lease payments (USD $)
Oct. 31, 2014
The aggregate unaudited future minimum lease payments [Abstract]
2015 $ 160,275
2016 170,375
2017 171,382
2018 137,000
Beyond 137,000
Total $ 776,032
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet42.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
INCOME TAXES (Details) (USD $)
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
INCOME TAXES (Details) [Line Items]
Income (Loss) from Continuing Operations before Income Taxes, Domestic $ (2,550,000) $ (7,610,000)
Deferred Tax Assets, Valuation Allowance 5,338,000 4,441,000
Minimum [Member]
INCOME TAXES (Details) [Line Items]
Operating Loss Carryforwards $ 15,700,000
Operating Loss Carryforwards, Expiration Year 2021
Maximum [Member]
INCOME TAXES (Details) [Line Items]
Operating Loss Carryforwards, Expiration Year 2033
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet43.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
INCOME TAXES (Details) - A reconciliation of the United States Federal Statutory rate to the Company`s effective tax rate (USD $)
12 Months Ended
Oct. 31, 2014
Oct. 31, 2013
A reconciliation of the United States Federal Statutory rate to the Company`s effective tax rate [Abstract]
Federal Statutory Rate (34.00%) (34.00%)
Change in Valuation allowance 34.00% 34.00%
Effective Tax Rate 0.00% 0.00%
U.S. operations loss carry forward at statutory rate of 34% $ (5,337,989) $ (4,441,017)
Total (5,337,989) (4,441,017)
Less Valuation Allowance 5,338,000 4,441,000
Net Deferred Tax Assets (4,441,017) (2,623,141)
Change in Valuation allowance $ 896,972 $ 1,817,876
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/Sheet44.html Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
SUBSEQUENT EVENTS (Details) (USD $)
0 Months Ended
Nov. 19, 2014
Oct. 31, 2014
Oct. 31, 2013
SUBSEQUENT EVENTS (Details) [Line Items]
Share Price $ 0.48 $ 1.06
Agreement to Reduce Payable for Legal Services [Member] | Subsequent Event [Member]
SUBSEQUENT EVENTS (Details) [Line Items]
Increase (Decrease) in Other Accounts Payable $ (100,000)
Stock Issued During Period, Shares, Issued for Services 200,000
Share Price $ 0.5
------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92 Content-Location: file:///C:/3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92/Worksheets/filelist.xml Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii" ------=_NextPart_3c8fb2e9_26f6_41cf_9ee3_0a46fc4a3b92--