XML 40 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Apr. 30, 2015
Apr. 30, 2014
Cash flows from operating activities:    
Net income (loss) $ (540,648)us-gaap_NetIncomeLoss $ 5,024,135us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,298us-gaap_Depreciation 8,286us-gaap_Depreciation
Amortization of deferred financing charges 0us-gaap_AmortizationOfFinancingCosts 11,416us-gaap_AmortizationOfFinancingCosts
Amortization of debt discount 424,666us-gaap_AmortizationOfDebtDiscountPremium 113,218us-gaap_AmortizationOfDebtDiscountPremium
(Gain) loss on settlement of debt 0us-gaap_GainsLossesOnExtinguishmentOfDebt (5,322,943)us-gaap_GainsLossesOnExtinguishmentOfDebt
(Gain) loss on change in fair value of warrant liability (73,510)us-gaap_DerivativeGainLossOnDerivativeNet (274,631)us-gaap_DerivativeGainLossOnDerivativeNet
Share based compensation 2,808us-gaap_ShareBasedCompensation 2,808us-gaap_ShareBasedCompensation
Common shares issued for third party services 0lbsr_CommonSharesIssuedForThirdPartyServices 17,500lbsr_CommonSharesIssuedForThirdPartyServices
Warrants issued for third party services 0us-gaap_FairValueAdjustmentOfWarrants 6,440us-gaap_FairValueAdjustmentOfWarrants
Changes in assets and liabilities:    
Prepaid expenses 7,038us-gaap_IncreaseDecreaseInPrepaidExpense 8,570us-gaap_IncreaseDecreaseInPrepaidExpense
Other current assets (100)us-gaap_IncreaseDecreaseInOtherCurrentAssets 0us-gaap_IncreaseDecreaseInOtherCurrentAssets
Accounts payable and accrued expenses 13,165us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 34,501us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Accrued wages related parties 15,992us-gaap_IncreaseDecreaseInAccruedSalaries 16,000us-gaap_IncreaseDecreaseInAccruedSalaries
Accrued interest 8,962us-gaap_IncreaseDecreaseInInterestPayableNet 157,680us-gaap_IncreaseDecreaseInInterestPayableNet
Cash flows used in operating activities: (135,329)us-gaap_NetCashProvidedByUsedInOperatingActivities (197,020)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Purchase of equipment 0us-gaap_PaymentsToAcquireMachineryAndEquipment (4,708)us-gaap_PaymentsToAcquireMachineryAndEquipment
Net cash used in investing activities 0us-gaap_NetCashProvidedByUsedInInvestingActivities (4,708)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Payments on long-term debt (1,482)us-gaap_RepaymentsOfLongTermDebt (1,349)us-gaap_RepaymentsOfLongTermDebt
Cash paid on deferred financing costs 0us-gaap_PaymentsOfFinancingCosts 0us-gaap_PaymentsOfFinancingCosts
Principal activity on convertible promissory notes 100,000us-gaap_ProceedsFromConvertibleDebt 0us-gaap_ProceedsFromConvertibleDebt
Proceeds from the issuance of common stock, net of expenses 0us-gaap_ProceedsFromIssuanceOfCommonStock 220,250us-gaap_ProceedsFromIssuanceOfCommonStock
Proceeds from long-term debt 0us-gaap_ProceedsFromIssuanceOfLongTermDebt 0us-gaap_ProceedsFromIssuanceOfLongTermDebt
Net cash provided by financing activities 98,518us-gaap_NetCashProvidedByUsedInFinancingActivities 218,901us-gaap_NetCashProvidedByUsedInFinancingActivities
Increase (decrease) in cash and cash equivalents (36,811)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 17,173us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents, beginning of period 53,517us-gaap_CashAndCashEquivalentsAtCarryingValue 55,089us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of period 16,706us-gaap_CashAndCashEquivalentsAtCarryingValue 72,262us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosure of cash flow information:    
Income tax paid 0us-gaap_IncomeTaxesPaid 0us-gaap_IncomeTaxesPaid
Interest paid 467us-gaap_InterestPaid 2,904us-gaap_InterestPaid
Supplemental disclosure of non-cash items:    
Stock subscription receivable 10,000us-gaap_IncreaseDecreaseInOtherReceivables 0us-gaap_IncreaseDecreaseInOtherReceivables
Resolutions of derivative liabilities due to debt conversions 455,301lbsr_ResolutionsOfDerivativeLiabilitiesDueToDebtConversions 94,131lbsr_ResolutionsOfDerivativeLiabilitiesDueToDebtConversions
Warrants reclassified to derivative liabilities 5,927lbsr_WarrantsReclassedToDerivativeLiabilities 483,781lbsr_WarrantsReclassedToDerivativeLiabilities
Debt discounts due to derivative liabilities 331,323lbsr_DebtDiscountsDueToDerivativeLiabilities 114,954lbsr_DebtDiscountsDueToDerivativeLiabilities
Common stock issued for conversion of debt and interest 443,888us-gaap_DebtConversionConvertedInstrumentAmount1 153,082us-gaap_DebtConversionConvertedInstrumentAmount1
Original issue discount $ 8,000lbsr_OriginalIssueDiscounts $ 2,250lbsr_OriginalIssueDiscounts