XML 52 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (2,783,478) $ 22,616,171
Adjustments to reconcile net income (loss) to net cash used by operating activities:    
Depreciation and amortization 184,782 205,591
Gain of extinguishment of DMRJ debt (Note 12) (24,916,561)
Stock based compensation 456,000
Accretion of asset retirement obligation 37,346 36,256
Gain on settlement of asset retirement obligation (20,451)
Loss on disposal of equipment, net 51,950
Common stock issued for consulting contract settlement 100,000
Common stock issued for settlement of redeemable stock 52,000
Changes in operating assets and liabilities:    
Inventories (147,321) 332,973
Prepaid expenses and other current assets (57,521) 71,215
Accounts payable and accrued expenses (609,555) 2,949
Accrued liabilities - officer and other wages (922,039) 86,462
Interest payable - related parties (463,993) 71,260
Interest payable - DMRJ 451,891
Settlement of consulting contract payable 200,000
Net cash used by operating activities (4,378,280) (585,793)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property and equipment (638,948) (38,500)
Additions to mineral properties and interests (Note 7) (900,000)
Purchase of reclamation bonds (13,945) (119)
Net cash used by investing activities (1,552,893) (38,619)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 1,475,000
Proceeds from note payable - related parties 91,680 72,000
Proceeds from forward gold contract liability, net 10,600,000
Payment on note payable - DMRJ (625,000)
Payment of obligation under capital lease - related party (69,562) (15,997)
Payment of notes payable - equipment (423,138) (244,272)
Payment of short term note payable - related parties (340,680)
Payment of convertible debt - related parties (1,350,000)
Net cash provided by financing activities 8,508,300 661,731
NET INCREASE IN CASH 2,577,127 37,319
CASH, BEGINNING OF PERIOD 8,716 4,212
CASH, END OF PERIOD 2,585,843 41,531
NON-CASH FINANCING AND INVESTING ACTIVITIES:    
Extinguishment of preferred stock 4,068,720
Common stock issued for mineral properties and interests 2,200,000 141,631
Equipment acquired with notes payable - equipment 526,772
Accounts payable settled with notes payable - equipment 131,436
Funds sent by buyer directly to previous owner for purchase of royalty interest (Note 8) $ 2,200,000