XML 21 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Statements Of Cash Flows (Unaudited) (USD $)
9 Months Ended 79 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Cash Flows from Operating Activities:      
Net Loss $ (4,885,196) $ (844,339) $ (7,060,347)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:      
Common stock issued for services 1,531,500 210,000 1,838,300
Common stock issuable for services    88,000 162,000
Common stock issued for mining rights       2,500
Stock compensation cost    15,940 61,105
Amortization of debt discount 460,000    479,723
Depreciation expense 1,575   1,575
Liquidated damages 121,500   121,500
Loss on future sales 1,551,500   1,551,500
Impairment of mining equipment       108,500
In-kind contribution of interest 1,652    2,045
In-kind contribution of services      57,000
Changes in operating assets and liabilities:      
Increase in prepaid expense (219,500)   (219,500)
Increase in accounts payable and accrued expenses 444,038 261,833 855,610
Net Cash Used in Operating Activities (992,931) (268,566) (2,038,489)
Cash Flows from Investing Activities:      
Purchase of Plant and equipment (21,000)    (21,000)
Cash Flows from Investing Activities: (21,000)    (21,000)
Cash Flows from Financing Activities:      
Proceeds of borrowings from convertible debts-non-related parties 1,650,000    1,650,000
Proceeds of borrowings from non-related party    30,000 215,871
Proceeds of borrowings from related parties 400 15,150 50,570
Proceeds from sale of common stock and warrants, net   224,000 854,764
Repayment of borrowings to a related party (46,783)    (121,783)
Net Cash Provided by Financing Activities 1,603,617 269,150 2,649,422
Increase in Cash 595,686 584 595,933
Cash - Beginning of Period 247 891   
Cash - End of Period 595,933 1,475 595,933
Supplemental Disclosures of Cash Flow Information:      
Interest paid         
Income taxes paid         
Supplemental Schedule of Non-Cash Investing and Financing activities:      
Deferred offering costs charged to additional paid-in capital       25,000
Deferred offering costs recorded in accounts payable       7,500
Common stock issued for mining lease       5,000
Debt forgiveness       97,785
Consulting fees forgiveness       12,000
Common stock issued for mining equipments    106,000 106,000
Common stock issued for shares issuable       74,000
Common stock issued for repayment of accrued consulting fees to a related party 300,000    300,000
Discount on convertible debt 345,000    345,000
Note payable proceeds allocated to settlement liablity 1,350,000    1,350,000
Common stock issued for debt conversion $ 300,000    $ 300,000