10-Q 1 northbay10q033114.htm 10-Q northbay10q033114.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
 

 
FORM 10-Q
 

 
(Mark One)
x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

or

o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to __________
 
Commission file number 000-54213
 
NORTH BAY RESOURCES INC.
(Exact name of registrant as specified in its charter)

Delaware
83-0402389
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
 
2120 Bethel Road
Lansdale, Pennsylvania 19446
 (Address of principal executive offices)

 (215) 661-1100
 (Issuer’s telephone number, including area code)
_______________________________________________________
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o  
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o                                                      Accelerated filer o   
Non-accelerated filer o                                                        Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o No x

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:  165,409,282 shares of Common Stock as of May 13, 2014. 

 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
 
TABLE OF CONTENTS
 
PART I.  FINANCIAL INFORMATION
Page
     
Item 1.
3
     
Item 2.
44
     
Item 3.
53
     
Item 4.
54
     
PART II.  OTHER INFORMATION.
 
     
Item 1.
55
     
Item 1A.
55
     
Item 2.
55
     
Item 3.
55
     
Item 4.
55
     
Item 5.
55
     
Item 6.
55
     
56
     
57
 

PART I.  FINANCIAL INFORMATION
 
ITEM 1.  FINANCIAL STATEMENTS

NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2014 AND DECEMBER 31, 2013
 
   
Mar 31, 2014
   
Dec 31, 2013
 
             
ASSETS
           
Current Assets
           
Cash
 
$
177,750
   
$
133,873
 
Total Current Assets
   
177,750
     
133,873
 
                 
Other Assets
               
Certificates of Deposit
   
172,965
     
172,880
 
Prepaid Expenses
   
57,373
     
57,373
 
Deferred Financing Costs, net
   
50,630
     
22,966
 
Mining Claims – Unproved
   
1,795,780
     
1,797,488
 
Property, Plant & Equipment, net of accumulated depreciation
   
578,252
     
608,038
 
Available For Sale Securities
   
22,500
     
22,500
 
Reclamation Bond – Fraser River
   
5,000
     
5,000
 
Total Other Assets
   
2,682,500
     
2,686,245
 
TOTAL ASSETS
 
$
2,860,250
   
$
2,820,118
 
                 
LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)
               
Liabilities
               
Current Liabilities
               
Accounts Payable
 
$
60,913
   
$
41,611
 
Accrued Expenses - Related Party
   
832,474
     
820,474
 
Accrued Interest
   
127,740
     
101,366
 
Convertible notes payable (net of discounts of $476,039 and $264,389, respectively)
   
986,115
     
836,858
 
Advance Gold Sales (net of discounts of $45 and $4,289, respectively)
   
49,955
     
195,711
 
Derivative Liabilities – Convertible Debt
   
778,156
     
696,648
 
Derivative Liabilities – Advances on Gold
   
5,556
     
22,223
 
Note Payable – Ruby Mine Mortgage
   
470,118
     
627,101
 
Note Payable - Equipment
   
13,659
     
41,687
 
Total Current Liabilities
   
3,324,686
     
3,383,679
 
                 
Long-Term Liabilities
               
Note Payable – Ruby Mine Mortgage, net of current portion
   
1,290,012
     
1,205,537
 
Note Payable – Equipment, net of current portion
   
23,641
     
-
 
Asset Retirement Obligation
   
4,602
     
6,158
 
Total Long-Term Liabilities
   
1,318,255
     
1,211,695
 
Total Liabilities
 
$
4,642,941
   
$
4,595,374
 
                 
Commitment & Contingencies
               
Common shares subject to redemption, stated at estimated redemption value, 10,217,468 and 10,217,468 shares outstanding at March 31, 2014 and December 31, 2013, respectively
   
682,402
     
667,758
 
Total Commitment & Contingencies
 
$
682,402
   
$
667,758
 
                 
Stockholders’ Equity (Deficit)
               
Preferred stock, Series I, $0.001 par value, 100 shares authorized, 100 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively
   
-
     
-
 
                 
Convertible Preferred stock, Series A, $0.001 par value, 8,000,000 shares authorized, 4,000,000 and 4,000,000 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively
   
4,000
     
4,000
 
                 
Common stock, $0.001 par value, 250,000,000 shares authorized, 142,313,975 and 127,897,079 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively
   
142,315
     
127,898
 
Additional Paid-In Capital
   
13,325,838
     
12,962,791
 
Accumulated Other Comprehensive Income
   
(2,550
)
   
(2,550
Stock Payable
   
12,800
     
-
 
Deficit Accumulated During Exploration Stage
   
(15,947,496
)
   
(15,535,153
)
Total Stockholders’ Equity (Deficit)
   
(2,465,093
)
   
(2,443,014
TOTAL LIABILITIES, COMMITMENTS & CONTINGENCIES, & STOCKHOLDERS’ EQUITY (DEFICIT)
 
$
2,860,250
   
$
2,820,118
 
 
The accompanying notes are an integral part of these financial statements.
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE PERIODS ENDING
MARCH 31, 2014 AND 2013  (RESTATED)
AND THE PERIOD FROM
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014
 
   
3 months ended
March 31, 2014
   
3 months ended
March 31, 2013
(restated)
   
Since inception
(June 18, 2004 to
March 31, 2014)
 
                   
Revenues
                 
Revenue
 
$
-
   
$
-
   
$
-
 
Cost of Revenue
   
-
     
-
     
-
 
Gross Profit
   
-
     
-
     
-
 
Operating Expenses
                       
Commissions & Consulting Fees
   
-
     
-
     
316,800
 
General & Administrative Costs
   
94,882
     
81,008
     
9,598,298
 
Mining Property Costs
   
284,745
     
46,901
     
2,804,592
 
Depreciation Expense
   
28,786
     
24,060
     
287,179
 
Impairment Expense
   
-
     
-
     
145,995
 
Accretion Expense
   
152
     
76
     
1,482
 
Professional Services
   
56,664
     
29,902
     
424,808
 
   Total Operating Expenses
   
465,229
     
181,947
     
13,579,154
 
Net Operating Loss
   
(465,229
)
   
(181,947
)
   
(13,579,154
)
Other Income (Expenses)
                       
Gain on Mineral Claim Sales
   
-
     
113,499
     
471,243
 
Other Income from Mineral Claims
   
-
     
-
     
309,649
 
Interest Income
   
4,334
     
125
     
6,349
 
Interest Expense
   
(243,018
)
   
(305,666
)
   
(1,904,227
)
Gain/Loss on Derivative Liability
   
239,367
     
(217,526
)
   
(200,047
)
Loss on Conversion of Debt
   
-
     
-
     
(137,000
)
Loss on Equity Modification
   
-
     
-
     
(85,399
Bad Debt (Expense) / Recovery
   
-
     
-
     
(47,185
)
Loss on Settlement
   
-
     
-
     
(62,095
)
Other Expense
   
-
     
-
     
(2,222
)
Other Income
   
52,203
     
1,094
     
53,297
 
Realized Gain (Loss) on Investment
   
-
     
-
     
(97,109
)
Net Other Income (Expenses)
   
52,886
     
(408,474
)
   
(1,694,746
)
Loss From Continuing Operations
   
(412,343
)
   
(590,421
)
   
(15,273,900
)
Loss From Discontinued Operations
   
-
     
-
     
(673,596
)
Net Loss
   
(412,343
)
   
(590,421
)
   
(15,947,496
)
Accretion of Discount on Redeemable Common Stock
   
-
     
(14,212
)    
(81,862
Excess Cash Received Compared to Redeemable Amount of Stock
   
-
     
-
     
974
 
Interest on Redeemable Common Stock
   
(14,644
)
   
(8,961
)    
(88,514
Net Loss Attributable to Common Shareholders
   
(426,987
)
   
(613,594
)    
(16,116,898
Unrealized (Loss)/Gain on Available For Sale Securities
   
-
     
9,950
 
   
(2,550
)
Total Comprehensive Loss
   
(426,987
)
   
(603,644
)    
(16,119,448
)
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (Basic)
   
147,332,224
     
104,488,352
         
Basic Net Gain (Loss) per Share
 
$
(0.00
)
 
$
(0.01
)
       
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (Diluted)
   
147,332,224
     
104,488,352
         
Diluted Net Gain (Loss) per Share
 
$
(0.00
)
 
$
(0.01
)
       
 
The accompanying notes are an integral part of these financial statements.
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014 (Unaudited)
 
   
Preferred Stock
   
Common Stock
                               
   
Series A
Shares
   
Series G
Shares
   
Series I
Shares
   
Series A
Amount
   
Series G
Amount
   
Series I
Amount
   
Shares
   
Amount
   
Additional
 Paid-In
Capital
   
Stock
Payable
   
Accumulated Deficit
   
Accumulated OCI
   
Total Stockholders’ Deficit
 
Inception 6/18/2004
   
-
     
-
     
-
   
$
-
   
$
-
   
$
-
     
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
   
$
-
 
Founder's Shares issued
   
1,200,000
     
-
     
-
     
1,200
     
-
     
-
     
320,000
     
320
     
(1,520
)
   
-
     
-
     
-
     
-
 
Shares issued for merger
   
1,200,000
     
-
     
-
     
1,200
     
-
     
-
     
320,000
     
320
     
(1,520
)
   
-
     
-
     
-
     
-
 
Common Stock issued for cash
   
-
     
-
     
-
     
-
     
-
     
-
     
200,000
     
200
     
4,800
     
-
     
-
     
-
     
5,000
 
Net loss for year
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(95,587
)
   
-
     
(95,587
)
Balance at 12/31/2004
   
2,400,000
     
-
     
-
   
$
2,400
   
$
-
   
$
-
     
840,000
   
$
840
   
$
1,760
   
$
-
   
$
(95,587
)
 
$
-
   
$
(90,587
)
                                                                                                         
Common Stock issued to convert debt
   
-
     
-
     
-
     
-
     
-
     
-
     
12,127
     
12
     
180,213
     
-
     
-
     
-
     
180,225
 
Common Stock issued for services
   
-
     
-
     
-
     
-
     
-
     
-
     
121,491
     
121
     
2,586,046
     
-
     
-
     
-
     
2,586,167
 
Common Stock issued for cash
   
-
     
-
     
-
     
-
     
-
     
-
     
102,643
     
103
     
517,597
     
-
     
-
     
-
     
517,700
 
Net loss for year
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(1,816,896
)
   
-
     
(1,816,896
)
Balance at 12/31/2005
   
2,400,000
     
-
     
-
   
$
2,400
   
$
-
   
$
-
     
1,076,261
   
$
1,076
   
$
3,285,616
   
$
-
   
$
(1,912,483
)
 
$
-
   
$
1,376,609
 
 
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014 (Unaudited)
(Continued)
 
   
Preferred Stock
   
Common Stock
                               
   
 
Series A
Shares
   
 
Series G
Shares
   
 
Series I
Shares
   
 
Series A
Amount
   
 
Series G
Amount
   
 
Series I
Amount
   
 
Shares
   
 
Amount
   
Additional
 Paid-In
Capital
   
 
Stock
Payable
   
 
Accumulated Deficit
   
 
Accumulated OCI
   
Total Stockholders’ Deficit
 
Common Stock issued to convert debt
   
-
     
-
     
-
     
-
     
-
     
-
     
1,202,000
     
1,202
     
2,206,398
     
-
     
-
     
-
     
2,207,600
 
Common Stock issued for services
   
-
     
-
     
-
     
-
     
-
     
-
     
1,309,000
     
1,309
     
1,543,191
     
-
     
-
     
-
     
1,544,500
 
Expenses paid by shareholder
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
164,371
     
-
     
-
     
-
     
164,371
 
Net loss for year
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(5,504,237
)
   
-
     
(5,504,237
)
Balance at 12/31/2006
   
2,400,000
     
-
     
-
   
$
2,400
   
$
-
   
$
-
     
3,587,261
   
$
3,587
   
$
7,199,576
   
$
-
   
$
(7,416,720
)
 
$
-
   
$
(211,157
)
 
 
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014 (Unaudited)
(Continued)
 
   
Preferred Stock
   
Common Stock
                               
   
 
Series A
Shares
   
 
Series G
Shares
   
 
Series I
Shares
   
 
Series A
Amount
   
 
Series G
Amount
   
 
Series I
 Amount
   
 
Shares
   
 
Amount
   
Additional
 Paid-In
Capital
   
 
Stock
Payable
   
 
Accumulated Deficit
   
 
Accumulated OCI
   
Total Stockholders’ Deficit
 
Beneficial Conversion Features on notes payable
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
62,000
     
-
     
-
     
-
     
62,000
 
Common Stock issued to convert debt
   
-
     
-
     
-
     
-
     
-
     
-
     
1,350,000
     
1,350
     
120,150
     
-
     
-
     
-
     
121,500
 
Common Stock issued for services
   
-
     
-
     
-
     
-
     
-
     
-
     
10,575,000
     
10,575
     
959,425
     
-
     
-
     
-
     
970,000
 
Common Stock issued as interest on loan
   
-
     
-
     
-
     
-
     
-
     
-
     
10,000
     
10
     
1,490
     
-
     
-
     
-
     
1,500
 
Preferred Shares issued for services
   
-
     
-
     
100
     
-
     
-
     
-
     
-
     
-
     
101,000
     
-
     
-
     
-
     
101,000
 
Common Stock issued for conversion of preferred shares
   
(2,400,000
)
   
-
     
-
     
(2,400
)
   
-
     
-
     
1,200,000
     
1,200
     
1,200
     
-
     
-
     
-
     
-
 
Shares bought back and retired
   
-
     
-
     
-
     
-
     
-
     
-
     
(200,000
)
   
(200
)
   
(1,800
)
   
-
     
-
     
-
     
(2,000
)
Expenses paid by shareholder
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
70,623
     
-
     
-
     
-
     
70,623
 
Net loss for year
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(1,490,871
)
   
-
     
(1,490,871
)
Balance at 12/31/2007
   
-
     
-
     
100
   
$
2,400
   
$
-
   
$
-
     
16,522,261
   
$
16,522
   
$
8,513,664
   
$
-
   
$
(8,907,591
)
 
$
-
   
$
(377,405
)
 
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014 (Unaudited)
(Continued)
 
   
Preferred Stock
   
Common Stock
                               
   
 
Series A
Shares
   
 
Series G
Shares
   
 
Series I
Shares
   
 
Series A
Amount
   
 
Series G
Amount
   
 
Series I
Amount
   
 
Shares
   
 
Amount
   
Additional
 Paid-In
Capital
   
 
Stock
Payable
   
 
Accumulated Deficit
   
 
Accumulated OCI
   
Total Stockholders’ Deficit
 
Rounding of shares due to stock split
   
-
     
-
     
-
     
-
     
-
     
-
     
26
     
-
     
-
     
-
     
-
     
-
     
-
 
Common Stock issued for services
   
-
     
-
     
-
     
-
     
-
     
-
     
5,500,000
     
5,500
     
224,500
     
-
     
-
     
-
     
230,000
 
Common Stock issued for cash
   
-
     
-
     
-
     
-
     
-
     
-
     
2,275,000
     
2,275
     
7,725
     
-
     
-
     
-
     
10,000
 
Contribution from investor
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
10,000
     
-
     
-
     
-
     
10,000
 
Mark to market AFS securities
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
22,780
     
22,780
 
Net loss for year
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(328,478
)
   
-
     
(328,478
)
Balance at 12/31/2008
   
-
     
-
     
100
   
$
-
   
$
-
   
$
-
     
24,297,287
   
$
24,297
   
$
8,755,889
   
$
-
   
$
(9,236,069
)
 
$
22,780
   
$
(433,103
)
 
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014 (Unaudited)
(Continued)
 
   
Preferred Stock
   
Common Stock
                               
   
 
Series A
Shares
   
 
Series G
Shares
   
 
Series I
Shares
   
 
Series A
Amount
   
 
Series G
Amount
   
 
Series I
Amount
   
 
Shares
   
 
Amount
   
Additional
 Paid-In
Capital
   
 
Stock
Payable
   
 
Accumulated Deficit
   
 
Accumulated OCI
   
Total Stockholders’ Deficit
 
Common Stock issued for services
   
-
     
-
     
-
     
-
     
-
     
-
     
2,500,000
     
2,500
     
27,250
     
-
     
-
     
-
     
29,750
 
Preferred Stock issued for services
   
4,000,000
     
100,000
     
-
     
4,000
     
100
     
-
     
-
     
-
     
249,685
     
-
     
-
     
-
     
253,785
 
Common Stock issued for cash
   
-
     
-
     
-
     
-
     
-
     
-
     
21,800,000
     
21,800
     
151,200
     
-
     
-
     
-
     
173,000
 
Common Stock issued for deferred compensation
   
-
     
-
     
-
     
-
     
-
     
-
     
10,000,000
     
10,000
     
177,500
     
-
     
-
     
-
     
187,500
 
Loss realized on AFS securities
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(22,780
)
   
(22,780
)
Stock payable for commitment fee on equity offering
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(115,310
)
   
115,310
     
-
     
-
     
-
 
Net loss for year
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(786,979
)
   
-
     
(786,979
)
Balance at 12/31/2009
   
4,000,000
     
100,000
     
100
   
$
4,000
   
$
100
   
$
-
     
58,597,287
   
$
58,597
   
$
9,246,214
   
$
115,310
   
$
(10,023,048
)
 
$
22,780
   
$
(598,827
)
 
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014 (Unaudited)
(Continued)
 
   
Preferred Stock
   
Common Stock
                               
   
Series A
Shares
 
 
Series G
Shares
   
 
Series I
Shares
   
 
Series A
Amount
   
 
Series G
Amount
   
 
Series I
Amount
   
 
Shares
   
 
Amount
   
Additional
 Paid-In
Capital
   
 
Stock
Payable
   
 
Accumulated Deficit
   
 
Accumulated OCI
   
Total Stockholders’ Deficit
 
Common Stock issued for commitment fee on equity offering
   
-
     
-
     
-
     
-
     
-
     
-
     
6,589,147
     
6,589
     
108,721
     
(115,310
)
   
-
     
-
     
-
 
Common Stock issued for cash
   
-
     
-
     
-
     
-
     
-
     
-
     
5,000,000
     
5,000
     
45,000
     
-
     
-
     
-
     
50,000
 
Discount on convertible notes from beneficial conversion features and attached warrants
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
107,406
     
-
     
-
     
-
     
107,406
 
Common Stock issued for Ruby Mine Purchase Option
   
-
     
-
     
-
     
-
     
-
     
-
     
10,000,000
     
10,000
     
140,000
     
-
     
-
     
-
     
150,000
 
Warrants issued for Purchase Option – Ruby Mine
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
149,896
     
-
     
-
     
-
     
149,896
 
Net loss for year
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(287,345
)
   
-
     
(287,345
)
Balance at 12/31/2010
   
4,000,000
     
100,000
     
100
   
$
4,000
   
$
100
   
$
-
     
80,186,434
   
$
80,186
   
$
9,797,237
   
$
-
   
$
(10,310,393
)
 
$
-
   
$
(428,870
)
 
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014 (Unaudited)
(Continued)
 
   
Preferred Stock
   
Common Stock
                               
   
Series A
Shares
   
Series G
Shares
   
Series I
Shares
   
Series A
Amount
   
Series G
Amount
   
Series I
Amount
   
Shares
   
Amount
   
Additional
 Paid-In
Capital
   
Stock
Payable
   
Accumulated
Deficit
   
Accumulated
OCI
   
Total
Stockholders’
Deficit
 
Common Stock issued for cash
   
-
     
-
     
-
     
-
     
-
     
-
     
9,433,985
     
9,434
     
758,566
     
-
     
-
     
-
     
768,000
 
Common Stock issued for convertible debt conversion
   
-
     
-
     
-
     
-
     
-
     
-
     
4,459,092
     
4,459
     
169,393
     
-
     
-
     
-
     
173,852
 
Common Stock issued for services
   
-
     
-
     
-
     
-
     
-
     
-
     
42,857
     
43
     
2,957
     
-
     
-
     
-
     
3,000
 
Common Stock issued for settlement of services
   
-
     
-
     
-
     
-
     
-
     
-
     
550,000
     
550
     
61,545
     
-
     
-
     
-
     
62,095
 
Common Stock issued for deferred compensation
   
-
     
-
     
-
     
-
     
-
     
-
     
2,000,000
     
2,000
     
178,000
     
-
     
-
     
-
     
180,000
 
Common Stock issued for directors compensation
   
-
     
-
     
-
     
-
     
-
     
-
     
111,112
     
111
     
9,889
     
-
     
-
     
-
     
10,000
 
Discount on convertible notes from beneficial conversion feature
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
70,568
     
-
     
-
     
-
     
70,568
 
Term Extension of Ruby warrants
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
2,519
     
-
     
-
     
-
     
2,519
 
Warrants issued for Purchase Option – Ruby Mine
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
219,940
     
-
     
-
     
-
     
219,940
 
Stock payable for warrant exercise
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
25,000
     
-
     
-
     
25,000
 
Excess cash received compared to redeemable amount for stock
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
974
     
-
     
-
     
-
     
974
 
Interest on redeemable stock
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(247
)
   
-
     
-
     
-
     
(247
)
Net loss for year (restated)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(1,045,749
)
   
-
     
(1,045,749
)
Balance at 12/31/2011 (restated)
   
4,000,000
     
100,000
     
100
   
$
4,000
   
$
100
   
$
-
     
96,783,480
   
$
96,783
   
$
11,271,341
   
$
25,000
   
$
(11,356,142
)
 
$
-
   
$
41,082
 
 
 
 
NORTH BAY RESOURCES INC.
(AN EXPLORATION STAGE COMPANY)
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE PERIOD
JUNE 18, 2004 (INCEPTION) THROUGH MARCH 31, 2014 (Unaudited)
(Continued)
 
   
Preferred Stock
   
Common Stock
                                         
   
Series A
Shares
   
Series G
Shares
   
Series I
Shares
   
Series A
Amount
   
Series G
Amount
   
Series I
Amount