XML 24 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
Consolidated Statements of Cash Flows (Unaudited) (USD $)
5 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:   
Net loss$ (4,813,403)$ (10,700,857)$ (6,968,251)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation  3,254
Amortization of intangible asset  233
Amortization of prepaid expenses73,411118,97813,108
Amortization of debt issuance costs3,1264,6894,168
Amortization of debt discount210,450499,304226,667
Impaiment of mineral rights500,000500,000 
Impairment loss  1,216,295
Derivative liability expense  3,260,076
Change in fair value of derivative liabilities3,180,7078,648,418(2,032,567)
Stock based consulting  2,650,000
Stock based compensation expense207,584207,584879,167
Contributed services  10,000
Gain from settlement of debt (28,244) 
(Increase) Decrease in:   
Interest receivable  (2,157)
Prepaid expense(13,305)(87,505)(192,200)
Deposits  (8,509)
Assets of discontinued operations  (89,086)
Increase (Decrease) in:   
Accounts payable and accrued expenses241,391279,872(31,531)
Liabilities of discontinued operations (15,000)382,179
Net cash used in operating activities(410,039)(572,761)(679,154)
Cash flows from investing activities:   
Cash acquired in acquisition  5,057
Cash used in acquisition  (110,000)
Payment of leasehold improvement  (14,025)
Purchase of equipment  (23,451)
Investment in note receivable  (171,100)
Net cash used in investing activities  (313,519)
Cash flows from financing activities:   
Proceeds from issuance of common stock550,000550,00075,000
Proceeds from exercise of stock warrants 125,000 
Net proceeds from debentures  937,500
Net cash provided by financing activities550,000675,0001,012,500
Net increase (decrease) in cash139,961102,23919,827
Cash, beginning of period56,33194,053 
Cash, end of period196,292196,29219,827
Cash paid during the period for:   
Interest   
Income Taxes   
Supplemental disclosure of non-cash investing and financing activities:   
Issuance of common stock in connection with acquisition of business  800,000
Contributed capital in connection with an extinguishment of a convertible debenture31,66695,000 
Issuance of Common Stock for convertible debentures125,000375,000 
Issuance of Common Stock for accrued director's fees 10,000 
Reclassification of derivative liability to equity$ 5,238,285$ 8,433,555