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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Net loss $ (415,142) $ (1,144,330)
Depreciation and amortization 3,446 35,963
Amortization of deferred financing costs 16,777 0
Non-cash expenses 56,831 13,000
Loss on debt settlement 40,091 307,822
Gain on disposal of subsidiary 0 (23,576)
Stock issued for services 0 481,000
(Increase) decrease in accounts receivable (24,304) (9,927)
(Increase) decrease in other assets 2,755 (20,000)
(Increase) decrease in interest receivable - related parties (30,745) 4,599
(Increase) decrease in interest receivable 0 (11,625)
Increase (decrease) in accounts payable 67,613 123,745
Increase (decrease) in accrued payroll and payroll taxes (10,256) (31,503)
Increase (decrease) in other accrued liabilites 636 (1,645)
Increase (decrease) in accrued interest 2,234 192,700
Increase (decrease) in accrued interest - related parties 35,775 (191,367)
Net cash provided (used) by operating activities (254,289) (275,144)
Deposits received 0 100,000
Purchase of note receivable-related parties (547,900) 0
Payments on note receivable-related parties 488,250 0
Purchase of mining lease rights (4,536) (312,500)
Proceeds from sale of note receivable 0 100,000
Net cash provided (used) in investing activities (64,186) (112,500)
Net change in bank overdraft (45,654) 0
Proceeds from notes payable 87,000 389,000
Payments on notes payable (40,000) (55,000)
Proceeds from notes payable - related parties 342,150 597,955
Payments on notes payable - related parties (16,400) (587,825)
Proceeds from debentures 0 21,749
Net cash provided by financing activities 327,096 365,879
NET INCREASE (DECREASE) IN CASH 8,621 (21,765)
Cash, beginning of period 0 26,343
Cash, end of period $ 8,621 $ 4,578