XML 64 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
OPERATING ACTIVITIES:      
Net Loss $ (21,347,020) $ (30,762,273) $ (11,606,231)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation, amortization and depletion 4,821,575 2,503,147 269,549
Gain on sale of properties, plant, and equipment 0 0 (15,785)
Loss on disposal of mineral rights and properties, plant, and equipment 1,015,496 14,169 0
Gain on settlement of debt (286,535) 0 0
Stock payments and stock-based compensation 3,271,511 7,914,918 3,284,239
Accretion of reclamation liability 295,484 184,237 97,346
Write down of inventories and stockpiles, mineralized material on leach pad 1,514,574 0 0
Deferred income taxes 0 0 (76,081)
Amortization of debt discounts and issuance costs 818,780 752,890 0
Net change in fair values of derivatives (454,681) (438,519) (3,864,146)
Changes in operating assets and liabilities, net of affects from acquisition:      
Accounts receivable (2,103,093) (634,643) 0
Inventories (291,351) (662,929) 0
Stockpiles and mineralized material on leach pads 2,580,929 (4,280,664) 0
Prepaid expenses 26,851 (393,461) 66,000
Other assets 25,882 80,106 (98,516)
Accounts payable (200,431) 1,450,440 126,414
Accrued expenses and other liabilities 32,776 1,859,149 169,310
NET CASH USED IN OPERATING ACTIVITIES (10,279,253) (22,413,433) (11,647,901)
INVESTING ACTIVITIES:      
Proceeds from maturity of available-for-sale securities 0 2,211,287 4,403,950
Purchase of available-for-sale securities 0 0 (2,205,000)
Purchase of mineral rights and properties, plant and equipment (5,990,941) (13,366,348) (7,799,058)
Acquisition of Gold Hill Hotel 0 0 (500,000)
Proceeds from sale of mineral rights and properties, plant and equipment 596,820 0 102,000
Change in reclamation bond deposit (1,282,000) 260,944 0
NET CASH USED IN INVESTING ACTIVITIES (6,676,121) (10,894,117) (5,998,108)
FINANCING ACTIVITIES:      
Principal payments on long-term debt and capital lease obligations (4,898,744) (968,006) (782,290)
Proceeds from long-term debt obligations 0 9,702,500 0
Long-term debt obligations issuance costs 0 (100,000) 0
Proceeds from the issuance of common stock 18,750,000 24,349,203 0
Common stock issuance costs (459,515) (658,078) 0
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 13,391,741 32,325,619 (782,290)
DECREASE IN CASH AND CASH EQUIVALENTS (3,563,633) (981,931) (18,428,299)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 5,973,079 6,955,010 25,383,309
CASH AND CASH EQUIVALENTS, END OF YEAR 2,409,446 5,973,079 6,955,010
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for interest 349,390 295,258 64,837
Cash paid for income taxes 0 0 0
Supplemental disclosure of non-cash investing and financing activities:      
Conversion of Series A-2 and Series B convertible preferred stock 5,443 2,042 4,107
Dividends paid in common stock (par value) 1,443 1,431 782
Issuance of common stock for properties, plant and equipment 0 444,700 430,000
Additions to reclamation liability and retirement obligation asset 531,770 2,405,314 577,529
Reclamation bond deposit included in accrued expenses and other liabilities 1,000,000 2,050,000 0
Settlement of long-term debt obligations from gold transfers 2,723,107 0 0
Settlement of long-term debt obligations through transfer of properties, plant and equipment 1,028,180 0 0
Accrual of derivative liability — contingent dividend with offset to preferred stock 0 6,009 15,954
Properties, plant and equipment purchases in current liabilities 934,789 139,261 809,150
Common stock surrendered in cashless exercise of options 0 82 0
Issuance of common stock for long-term debt obligations payment
     
Supplemental disclosure of non-cash investing and financing activities:      
Issuance of stock 1,915,000 75,000 0
Issuance of Series A-1 convertible preferred stock for mineral lease capitalized in prepaid expenses
     
Supplemental disclosure of non-cash investing and financing activities:      
Issuance of stock 2,047,575 2,466,750 1,931,999
Issuance of long-term debt and capital lease obligations for purchase of mineral rights and properties, plant and equipment
     
Supplemental disclosure of non-cash investing and financing activities:      
Issuance of debt 4,472,840 2,801,125 426,960
Issuance of long-term debt obligations for Gold Hill Hotel acquisition
     
Supplemental disclosure of non-cash investing and financing activities:      
Issuance of debt $ 0 $ 0 $ 340,000