Correction of Previously Reported Information (Tables)

9 Months Ended

Mar. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Effect of correction of previously reported information

The following table presents the effect of the correction of the previously reported information and the impact on the Company’s unaudited consolidated balance sheet for the year ended March 31, 2014:

	As of March 31, 2014
	As Previously Reported		Adjustments			As Restated
Liabilities and stockholders’ deficit:
Derivative liability	$	986,905	$	2,544,090		$	3,530,995
Additional paid-in capital		587,139		(825,813	)		(238,674	)

Deficit accumulated during the exploration stage (3,006,199) (1,718,277) (4,724,476)

Total liabilities and stockholders’ deficit 2,997,129 —   2,997,129

The following table presents the effect of the correction of the previously reported information and the impact on the Company’s unaudited consolidated statement of expenses for the three months ended March 31, 2014:

	As of March 31, 2014
	As Previously Reported			Adjustments			As Restated
Loss from operations:	$	(1,829,118	)		—		$	(1,829,118	)
Other income (expenses):
Realized and unrealized loss on derivatives		(662,263	)		(1,718,277	)		(2,380,540	)
Total other income (expenses)		(1,067,224	)		(1,718,277	)		(2,785,501	)
Loss from continuing operations		(2,896,342	)		(1,718,277	)		(4,614,619	)
Loss from discontinued operations		(212,479	)		—			(212,479	)
Net loss		(3,108,821	)		(1,718,277	)		(4,827,089	)

The following table presents the effect of the correction of the previously reported information and the impact on the Company’s unaudited consolidated statement of expenses for the nine months ended March 31, 2014:

	As of March 31, 2014
	As Previously Reported			Adjustments			As Restated
Loss from operations:	$	(2,061,880	)		—		$	(2,061,880	)
Other income (expenses):
Realized and unrealized loss on derivatives		(662,263	)		(1,718,277	)		(2,380,540	)
Total other income (expenses)		(1,075,565	)		(1,718,277	)		(2,793,842	)
Loss from continuing operations		(3,137,445	)		(1,718,277	)		(4,855,722	)
Loss from discontinued operations		(212,479	)		—			(212,479	)
Net loss		(3,349,924	)		(1,718,277	)		(5,068,201	)

The following table presents the effect of the correction of the previously reported information and the impact on the Company’s unaudited consolidated statement of expenses for the period July 11, 2011 (Inception) through March 31, 2014:

	As of March 31, 2014
	As Previously Reported			Adjustments			As Restated
Loss from operations:	$	(3,426,602	)		—		$	(3,426,602	)
Other income (expenses):
Realized and unrealized loss on derivatives		(662,263	)		(1,718,277	)		(2,380,540	)
Total other income (expenses)		(1,081,687	)		(1,718,277	)		(2,799,964	)
Loss from continuing operations		(4,508,289	)		(1,718,277	)		(6,226,566	)
Loss from discontinued operations		(212,479	)		—			(212,479	)
Net loss		(4,720,768	)		(1,718,277	)		(6,493,045	)

In addition to the information noted above the correction of the previously reported information impacted the Company’s loss from continuing operations per share to $0.42 from $0.27 and to $0.44 from $0.29 for the three and nine months ended March 31, 2014, respectively.