XML 36 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended 83 Months Ended
Feb. 28, 2013
Feb. 29, 2012
Feb. 28, 2013
Operating Activities      
Net loss $ (280,793) $ (533,830) $ (8,909,263)
Adjustments to reconcile net loss to net cash used in operating activities      
Accretion of convertible debenture discount 0 0 31,396
Amortization 1,256 668 3,149
Shares issued for mineral property costs 0 22,500 2,323,600
Impairment of mineral property costs 0 0 2,230,125
Stock-based compensation 45,833 65,000 718,953
Gain on disposal of property and equipment 0 0 (7,277)
Loss from discontinued operations 0 0 37,785
Changes in operating assets and liabilities      
Accounts payable and accrued liabilities (98,256) (17,848) 588,609
Advances (54,592) 0 (54,592)
Other receivables 451 2,228 (2,288)
Prepaid expenses and other current assets 0 (19,967) (21,043)
Due to related parties (828) (104,000) (200,279)
Net Cash Used in Operating Activities (386,929) (585,249) (3,261,125)
Investing Activities      
Acquisition of mineral properties 0 0 (2,230,125)
Acquisition of property and equipment (1,273) (1,933) (89,969)
Proceeds from disposition of subsidiaries 0 0 32,970
Proceeds from disposal of property and equipment 0 0 24,777
Proceeds from disposal of property and equipment in discontinued operations 0 0 12,496
Website development costs (5,500) 0 (5,500)
Net Cash Used in Investing Activities (6,773) (1,933) (2,255,351)
Financing Activities      
Advances from related parties 0 0 196,671
Repayments to related parties 0 0 (59,026)
Proceeds from notes payable 0 0 61,694
Repayment of note payable 0 0 (73,362)
Proceeds from loans payable 0 0 387,218
Repayment of loans payable 0 0 (25,000)
Proceeds from the issuance of common stock 0 715,000 5,278,352
Proceeds from common stock subscription 30,000 0 40,350
Share issuance costs 0 0 (207,500)
Net Cash Provided by Financing Activities 30,000 715,000 5,599,397
(Decrease) Increase In Cash (363,702) 127,818 82,921
Cash - Beginning of Period 446,623 64,753 0
Cash - End of Period 82,921 192,571 82,921
Non-Cash Investing and Financing Activities:      
Subscription receivable 0 0 30,000
Convertible debt issued to settle loans payable 0 0 350,000
Convertible debt issued to settle related party advances 0 0 150,000
Common stock issued for mineral property acquisitions 0 0 2,201,100
Common stock issued for finders fee 0 0 100,000
Common stock issued for services 240,625 0 412,625
Disposal of property and equipment for debt settlement 0 0 16,952
Conversion of debt to stock 0 0 66,332
Issuance of stock for settlement of accrued interest 0 0 477,661
Supplemental Disclosures:      
Interest paid 0 0 21,897
Income tax paid $ 0 $ 0 $ 0