0000939798-13-000041.txt : 20130815 0000939798-13-000041.hdr.sgml : 20130815 20130815171411 ACCESSION NUMBER: 0000939798-13-000041 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130815 DATE AS OF CHANGE: 20130815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LKA GOLD Inc /DE/ CENTRAL INDEX KEY: 0000831355 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 911428250 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-17106 FILM NUMBER: 131043095 BUSINESS ADDRESS: STREET 1: 3724 47TH STREET NW CITY: GIG HARBOR STATE: WA ZIP: 98335 BUSINESS PHONE: 2068517486 MAIL ADDRESS: STREET 1: 3724 47TH STREET CT NW CITY: GIG HARBOR STATE: WA ZIP: 98335 FORMER COMPANY: FORMER CONFORMED NAME: LKA INTERNATIONAL INC /DE/ DATE OF NAME CHANGE: 20000118 10-Q/A 1 lkaiqjunthirteenamendone.htm LKAI 10Q JUN 2013 AMENDMENT 1 lkaiqjunthirteenamendone.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

____________________

FORM 10-Q/A
(Amendment No. 1)
____________________

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

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

For the transition period from ____________ to____________

Commission File No. 000-17106


LKA GOLD INCORPORATED
(Exact name of registrant as specified in its charter)

Delaware
91-1428250
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
 

3724 47th Street Ct. N.W.
Gig Harbor, Washington 98335
(Address of principal executive offices)

(253) 514-6661
(Registrant’s telephone number, including area code)

N/A
(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 [  ]

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 [  ]

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.  (Check one):

Large accelerated filer [  ]      Accelerated filer [  ]       Non-accelerated filer [  ]      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 [  ] No [X]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Not applicable.

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  August 14, 2013 – 14,811,913 shares of common stock.

 
 

 
EXPLANATORY NOTE
 
 
The purpose of this Amendment No. 1 to the Quarterly Report of LKA Gold Incorporated (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2013, filed with the Securities and Exchange Commission on August 14, 2013 (the “Form 10-Q”), is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).  On August 14, 2013, the EDGAR system was not responsive to test filing XBRL data files.  Accordingly errors could not be detected and corrected until after the filing day was over. 

 
IN ACCORDANCE WITH THE TEMPORARY HARDSHIP EXEMPTION PROVIDED BY RULE 201 OF REGULATION S-T, THE DATE BY WHICH THE INTERACTIVE DATA FILE IS REQUIRED TO BE SUBMITTED HAS BEEN EXTENDED BY SIX BUSINESS DAYS.
 
 
Other than the aforementioned, no other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.
 
 
Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
 

 
 

 
 
Item 6. Exhibits.
 
 
Exhibit No.                                                     Identification of Exhibit
 
   
31.1
31.2
32
 
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of Chief Executive Officer
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of Chief Financial Officer
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
101
Interactive Data Files
 

 

 
 

 


 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized
 
 
LKA GOLD INCORPORATED
 
Date:
August 15, 2013
 
By:
/s/Kye Abraham
       
Kye Abraham, President, Chairman of the Board and Director
         
Date:
August 15, 2013
 
By:
/s/Nanette Abraham
       
Nanette Abraham, Secretary, Treasurer and Director
 




 

 
 

 


 
 
 
EX-31.1 2 exthirtyoneone.htm EX 31.1 exthirtyoneone.htm
 
Exhibit 31.1
 
 
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
 
I, Kye Abraham, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q/A of LKA Gold Incorporated;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
 
4. The Registrant other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:
 
 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 

 
 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 

 
 
c)
evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 

 
 
d)
disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
 
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions);
 
 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
 

 
 
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
 

 
Date:
August 15, 2013
 
By:
/s/Kye Abraham
       
Kye Abraham, Chief Executive Officer
 



EX-31.2 3 exthirtyonetwo.htm EX 31.2 exthirtyonetwo.htm

 
Exhibit 31.2
 
 
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
 
I, Nannette Abraham, certify that:
 
1. I have reviewed this Quarterly Report on Form 10-Q/A of LKA Gold Incorporated;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
 
4. The Registrant other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:
 
 
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 

 
 
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 

 
 
c)
evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 

 
 
d)
disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
 
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions);
 
 
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
 

 
 
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
 

 
Date:
August 15, 2013
 
By:
/s/Nanette Abraham
       
Nanette Abraham, Chief Financial Officer
 


EX-32 4 exthirtytwo.htm EX 32 exthirtytwo.htm

 
Exhibit 32
 
 
CERTIFICATION PURSUANT TO
18 U.S.C.SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
 
In connection with the Quarterly Report of LKA Gold Incorporated, (the "Company") on Form 10-Q/A for the period ending June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Kye A. Abraham, Chief Executive Officer, and Nanette Abraham, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002:
 
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
 
Date:
August 15, 2013
 
By:
/s/Kye Abraham
       
Kye Abraham, Chief Executive Officer
         
Date:
August 15, 2013
 
By:
/s/Nanette Abraham
       
Nanette Abraham, Chief Financial Officer
 


EX-101.INS 5 lkai-20130630.xml XBRL INSTANCE DOCUMENT 96952 151524 5024 1688 101976 240541 807085 807085 274906 256957 532179 550128 123597 123597 757752 914266 207274 223596 74456 64545 10000 10000 150092 145572 441822 443713 125198 123086 567020 566799 14812 14817 16335762 13559201 86692 86692 -16073150 -13139859 190732 347467 757752 914266 0.001 0.001 50000000 50000000 14811913 9568342 14816913 9573289 0.001 0.001 50000000 50000000 0 0 0 0 43624 43624 213601 658378 502627 852271 232015 298686 449526 573796 -18414 359692 53101 278475 21917 80946 72480 180092 48064 50050 80962 85615 37500 37500 75000 75000 107481 168496 228442 340707 -125895 191196 -175341 -62232 1121 57739 1952 115168 2 8 -1121 -57739 -2757950 -115160 -127016 133457 -0.01 0.02 -0.20 -0.02 14811913 8172302 14814399 8172302 -0.01 0.02 -0.20 -0.02 14816033 9489302 14813956 8172302 -2933291 -177392 2112 1963 17948 18682 20556 97805 2756000 54572 -3336 -6410 -68924 4520 100648 -87329 -27218 -87329 -27218 87329 143331 116113 600 2575 <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>NOTE 1 -&#160;&#160;&#160;&#160;&#160;&#160; ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>LKA Gold Incorporated (&#147;LKA&#148; or the &#147;Company&#148;) is currently engaged in efforts to expand mine production and continues to seek additional investment opportunities. </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>The accompanying unaudited condensed consolidated financial statements have been prepared by LKA pursuant to the rules and regulations of the Securities and Exchange Commission.&#160; Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with such rules and regulations.&#160; The information furnished in the interim condensed consolidated financial statements include normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements.&#160; Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with LKA&#146;s most recent audited financial statements.&#160; Operating results for the Six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:40.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:40.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt'><u>Reclassifications</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:22.5pt;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>Certain prior year amounts have been reclassified to conform to the current year presentation.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'><u>Land and Mining Properties</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>LKA recognizes the acquisition of its land and mining claims at original cost in accordance with generally accepted accounting principles, which, in the opinion of LKA management, does not &#160;represents the actual fair market value of the properties and claims as of June 30, 2013. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>NOTE 2 -&#160;&#160;&#160;&#160;&#160;&#160; RELATED PARTY TRANSACTIONS</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'><u>Related Party Debt &#150; Office Space</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>LKA pays a company owned by an officer and shareholder $1,500 per month for office rent and expenses.&#160; The affiliated Company, (Abraham &amp; Co., Inc. a FINRA member and registered investment advisor) also executes LKA&#146;s securities transactions and manages its investment portfolio.&#160; LKA owed Abraham &amp; Co. $42,500 and $43,500 as of June 30, 2013 and December 31, 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'><u>Related Party Debt &#150; Accounts and Wages Payable</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>At June 30, 2013 and December 31, 2012, LKA owes $31,956 and $21,045, respectively, for purchases made on the personal credit card of LKA&#146;s president, Kye Abraham. &nbsp;Additionally, LKA owed Kye Abraham $150,092 and $145,572 in unpaid salary at June 30, 2013 and December 31, 2012, respectively,</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>NOTE 3 -&#160;&#160;&#160;&#160;&#160;&#160; SIGNIFICANT EVENTS</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'><u>Precious Metals Sales</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>During February 2013, LKA delivered a total of approximately 225.6 dry short tons of precious metals ore for processing at a value of $289,026.&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>During May 2013, LKA delivered a total of approximately 105.4 dry short tons of precious metals ore for processing at a value of $116,649.&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>During June 2013, LKA delivered a total of approximately 99.4 dry short tons of precious metals ore for </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>processing at a value of $96,952.&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>At June 30, 2013 and December 31, 2012, LKA had metal sales receivables of $96,952 and $151,524, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'><u>Incentive Compensation</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-indent:-.75in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During April 2013, the board of directors approved an Incentive Compensation arrangement with Kye Abraham, President and Chairman of the Board of LKA.&#160; Mr. Abraham was conditionally issued a total of 2,000,000 shares of LKA common stock.&#160; The stock will be considered earned on the completion of two events, each worth 1,000,000 shares,&#160; If and when a financing, or series of financings, of one million is completed for LKA and if and when a final resolution is reached with the EPA and/or BLM of other governmental agency that extinguishes the potential environmental liability at the Ute Ulay mine or reduces LKA&#146;s liability to a &#147;de minimis&#148; level.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin:0in;margin-bottom:.0001pt;text-align:justify'>NOTE 4 -&#160;&#160;&#160;&#160;&#160;&#160; COMMON STOCK AND COMMON STOCK WARRANTS&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'><u>Common Stock</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>During the Six months ended June 30, 2013, LKA determined that 5,000 shares, which had previously been reflected as due and issued for commissions earned on stock sales occurring in 2009, had been returned to the Company and retired at par value.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'><u>Common Stock (Continued)</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>On March 15, 2013, LKA affected a 1-for-2 reverse-split of its common stock.&#160; As a result, LKA recognized an additional $2,756,000 in non-cash stock based expense related to the exclusion of 5,200,000 pre-split (2,600,000 post-split) issued but not yet outstanding common shares related to October 2012 debt conversions.&#160; The expense was calculated based on the market price of $1.06 per share on the 2,600,000 post-split shares as of March 15, 2013. </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'><u>Common Stock Warrants</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>During December 2010, LKA granted fully vested warrants to purchase 42,000 share of its common stock for 36 months at $1.86 per share as debt offering costs related to the issuance of convertible notes payable (see Note 10).&#160; The warrants were valued at $28,137 using the Black-Scholes option fair value pricing model using the following assumptions:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="312" style='width:3.25in;margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$1.70</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$1.86</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3.0 years</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.80%</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>192.45%</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in'>During April 2011, LKA entered into an interim consulting agreement with Francois Viens to act as a special advisor to the LKA board of directors, with the election of being appointed to a position on the LKA board in the future.&#160; As part of the consulting agreement, Mr. Viens is to be paid consulting fees for any work done on projects pre-approved by the LKA board of directors.&#160; An initial incentive compensation for his services, LKA agreed to issue Mr. Viens warrants to purchase up to 250,000 shares of LKA stock in three tranches on a three-year vesting schedule as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant I for 100,000 shares exercisable at $1.60 per share, to be issued as of May 1, 2011</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant II for 75,000 shares exercisable at $2.40 per share, to be issued one year later, or May 1, 2012</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant III for 75,000 shares exercisable at $3.60 per share, to be issued one year later, or May 1, 2013</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.75in;text-align:justify'>Each warrant has a term of two and one-half years. In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in'>The Warrant I - III tranches were valued at $91,905, $64,955 and $60,586 using the Black-Scholes option fair value pricing model using the following assumptions:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="480" style='margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'></td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.18</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.60 &#150; 3.60</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.5 years</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.69%</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>164.93%</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>During the six months ended June 30, 2013, LKA expensed $10,098 related to Warrant III.&#160; During the six months ended June 30, 2012, LKA expensed $21,652 and $15,146 for Warrants II and III, respectively, related to the Viens warrants. &#160;The value of Warrants II and III are being recognized ratably over the vesting term of one and two years, respectively.&#160; </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>During February 2012, LKA entered into an agreement with Rauno Perttu to act as Chief Geologist and special advisor to the LKA board of directors, with the election of being appointed to a position on the LKA board in the future.&#160; As part of the agreement, Mr. Perttu is to be paid consulting fees for any work done on projects pre-approved by the LKA board of directors.&#160; An initial incentive compensation for his services, LKA agreed to issue Mr. Perttu warrants to purchase up to 250,000 shares of LKA stock in three tranches on a three-year vesting schedule as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant I for 100,000 shares exercisable at $0.80 per share, to be issued as of March 1, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant II for 75,000 shares exercisable at $1.20 per share, to be issued one year later, or March 1, 2013.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant III for 75,000 shares exercisable at $1.60 per share, to be issued one year later, or March 1, 2014.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.75in;text-align:justify'>Each warrant has a term of two and one-half years.&#160; In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>The Warrant I - III tranches were valued at $44,792, $29,769 and $26,947 using the Black-Scholes option fair value pricing model using the following assumptions:</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="480" style='margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'></td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.70</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.80 &#150; 1.60</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.5 years</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.35%</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>121.02%</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>During the six months ended June 30, 2013, LKA expensed $3,721 and $6,737 related to Warrants II and III, respectively.&#160; During the period ended June 30, 2012, LKA expensed $44,791 related to Warrant I, $11,163 and $5,053 for Warrants II and III, respectively, related to the Perttu warrants. &#160;The value of Warrants II and III are being recognized ratably over the vesting term of one and two years, respectively.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>The following table summarizes the outstanding warrants and associated activity for the six months ended June 30, 2013 and the year ended December 31, 2012:</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <table border="1" cellspacing="0" cellpadding="0" width="565" style='margin-left:59.4pt;border-collapse:collapse;border:none'> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-right:-5.4pt;text-align:center'>Number of Warrants Outstanding </p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt;text-align:center'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Weighted Average Price</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Weighted Average Remaining Contractual Life</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, December 31, 2011</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>292,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'></td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.36</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.62</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Granted</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>250,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.16</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.58</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Exercised</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Expired</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, December 31, 2012</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>542,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.80</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.06</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Granted</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Exercised</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Expired</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, March 31, 2013</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>542,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>$</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.80</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.56</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>LKA's consolidated financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. &nbsp;However, LKA has recently accumulated significant losses and has negative working capital. &nbsp;All of these items raise substantial doubt about its ability to continue as a going concern. &nbsp;Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about the LKA's ability to continue as a going concern are as follows:</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>LKA is currently engaged in an intensive exploration program at the Golden Wonder mine with the objective of returning the mine to a producing status. The exploration program, which began in November, 2008, has involved extensive sampling/assaying for the purpose of identifying possible new production zones within the mine. During this evaluation period, sampling and analysis of exposed veins yielded encouraging results and some precious metals revenues. While encouraging, no conclusion can be drawn at this time about the commercial viability of the mine and LKA continues to pursue potential third party joint venture or lease agreements for the property.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>In order to support continued operation of the mine, LKA entered into several debt restructuring transactions during the year ended December 31, 2012, and plans on raising additional funding during 2013 to support the continued exploration of the Golden Wonder mine. &nbsp;If LKA is not successful in the resumption of commercial production or mine exploration operations which produce positive cash flows, LKA may be forced to continue to raise additional equity or debt financing to fund its ongoing obligations or risk ceasing doing business. &nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>There can be no assurance that LKA will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan. &nbsp;The ability of LKA to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:40.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt'><u>Reclassifications</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:22.5pt;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>Certain prior year amounts have been reclassified to conform to the current year presentation.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'><u>Land and Mining Properties</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>LKA recognizes the acquisition of its land and mining claims at original cost in accordance with generally accepted accounting principles, which, in the opinion of LKA management, does not &#160;represents the actual fair market value of the properties and claims as of June 30, 2013. </p> <!--egx--> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="312" style='width:3.25in;margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$1.70</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$1.86</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3.0 years</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.80%</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>192.45%</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="480" style='margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'></td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.18</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.60 &#150; 3.60</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.5 years</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.69%</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>164.93%</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="480" style='margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'></td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.70</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.80 &#150; 1.60</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.5 years</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.35%</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>121.02%</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <table border="1" cellspacing="0" cellpadding="0" width="565" style='margin-left:59.4pt;border-collapse:collapse;border:none'> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-right:-5.4pt;text-align:center'>Number of Warrants Outstanding </p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt;text-align:center'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Weighted Average Price</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Weighted Average Remaining Contractual Life</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, December 31, 2011</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>292,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'></td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.36</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.62</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Granted</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>250,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.16</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.58</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Exercised</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Expired</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, December 31, 2012</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>542,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.80</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.06</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Granted</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Exercised</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Expired</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, March 31, 2013</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>542,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>$</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.80</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.56</p> </td> </tr> </table> 1500 42500 43500 31956 21045 150092 145572 225.6 289026 105.4 116649 99.4 96952 96952 151524 2000000 The stock will be considered earned on the completion of two events, each worth 1,000,000 shares, If and when a financing, or series of financings, of one million is completed for LKA and if and when a final resolution is reached with the EPA and/or BLM of other governmental agency that extinguishes the potential environmental liability at the Ute Ulay mine or reduces LKA&#146;s liability to a &#147;de minimis&#148; level 5000 2756000 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In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant. 91905 64955 60586 Black-Scholes option fair value pricing model 1.18 1.60 3.60 P2Y6M 0.0069 1.6493 0.0000 10098 21652 15146 250000 100000 0.80 75000 1.20 75000 1.60 Each warrant has a term of two and one-half years. 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Significant Events 2.4.0.8000080 - Disclosure - Note 3 - Significant Eventstruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000831355duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_SIGNIFICANTEVENTSfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>NOTE 3 -&#160;&#160;&#160;&#160;&#160;&#160; SIGNIFICANT EVENTS</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'><u>Precious Metals Sales</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>During February 2013, LKA delivered a total of approximately 225.6 dry short tons of precious metals ore for processing at a value of $289,026.&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>During May 2013, LKA delivered a total of approximately 105.4 dry short tons of precious metals ore for processing at a value of $116,649.&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>During June 2013, LKA delivered a total of approximately 99.4 dry short tons of precious metals ore for </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>processing at a value of $96,952.&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>At June 30, 2013 and December 31, 2012, LKA had metal sales receivables of $96,952 and $151,524, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'><u>Incentive Compensation</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-indent:-.75in'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During April 2013, the board of directors approved an Incentive Compensation arrangement with Kye Abraham, President and Chairman of the Board of LKA.&#160; Mr. Abraham was conditionally issued a total of 2,000,000 shares of LKA common stock.&#160; The stock will be considered earned on the completion of two events, each worth 1,000,000 shares,&#160; If and when a financing, or series of financings, of one million is completed for LKA and if and when a final resolution is reached with the EPA and/or BLM of other governmental agency that extinguishes the potential environmental liability at the Ute Ulay mine or reduces LKA&#146;s liability to a &#147;de minimis&#148; level.</p>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0falseNote 3 - Significant EventsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://LKAI/20130630/role/idr_DisclosureNote3SignificantEvents12 XML 12 R6.xml IDEA: Note 1 - Organization and Significant Accounting Policies 2.4.0.8000060 - Disclosure - Note 1 - Organization and Significant Accounting Policiestruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000831355duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>NOTE 1 -&#160;&#160;&#160;&#160;&#160;&#160; ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>LKA Gold Incorporated (&#147;LKA&#148; or the &#147;Company&#148;) is currently engaged in efforts to expand mine production and continues to seek additional investment opportunities. </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>The accompanying unaudited condensed consolidated financial statements have been prepared by LKA pursuant to the rules and regulations of the Securities and Exchange Commission.&#160; Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with such rules and regulations.&#160; The information furnished in the interim condensed consolidated financial statements include normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements.&#160; Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with LKA&#146;s most recent audited financial statements.&#160; Operating results for the Six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:40.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:40.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt'><u>Reclassifications</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:22.5pt;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>Certain prior year amounts have been reclassified to conform to the current year presentation.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'><u>Land and Mining Properties</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>LKA recognizes the acquisition of its land and mining claims at original cost in accordance with generally accepted accounting principles, which, in the opinion of LKA management, does not &#160;represents the actual fair market value of the properties and claims as of June 30, 2013. </p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. 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Note 4 - Common Stock and Common Stock Warrants (Details) (USD $)
6 Months Ended 1 Months Ended 6 Months Ended
Jun. 30, 2013
Mar. 15, 2013
Dec. 31, 2012
Dec. 31, 2010
Dec 2010 42,000 Warrants
Jun. 30, 2013
Dec 2010 42,000 Warrants
Jun. 30, 2013
Viens Warrant Tranches 1-3
Jun. 30, 2013
Viens Warrant 1
Jun. 30, 2013
Viens Warrant 2
Jun. 30, 2012
Viens Warrant 2
Jun. 30, 2013
Viens Warrant 3
Jun. 30, 2012
Viens Warrant 3
Jun. 30, 2013
Perttu Warrant Tranches 1-3
Jun. 30, 2013
Perttu Warrant 1
Jun. 30, 2012
Perttu Warrant 1
Jun. 30, 2013
Perttu Warrant 2
Jun. 30, 2012
Perttu Warrant 2
Jun. 30, 2013
Perttu Warrant 3
Jun. 30, 2012
Perttu Warrant 3
Jun. 30, 2013
Reverse Stock Split
Mar. 15, 2013
Reverse Stock Split
Stock Repurchased and Retired During Period, Shares 5,000                                      
Allocated Share-based Compensation Expense                 $ 21,652 $ 10,098 $ 15,146     $ 44,791 $ 3,721 $ 11,163 $ 6,737 $ 5,053 $ 2,756,000  
Common Stock, shares outstanding 14,816,913 2,600,000 9,573,289                                 5,200,000
Share Price         $ 1.70 $ 1.18           $ 0.70               $ 1.06
Class of Warrant or Right, Outstanding       42,000   250,000 100,000 75,000   75,000   250,000 100,000   75,000   75,000      
Warrant Exercise Price       $ 1.86     $ 1.60 $ 2.40   $ 3.60                    
Warrants, Fair Value         $ 28,137   $ 91,905 $ 64,955   $ 60,586     $ 44,792   $ 29,769   $ 26,947      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used         Black-Scholes option fair value pricing model Black-Scholes option fair value pricing model           Black-Scholes option fair value pricing model                
Warrant Callable Provisions           Each warrant has a term of two and one-half years. In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant.           Each warrant has a term of two and one-half years. In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant.                
Class of Warrant or Right, Exercise Price of Warrants or Rights                         $ 0.80   $ 1.20   $ 1.60      
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Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
REVENUES        
Sales - precious metals $ 213,601 $ 658,378 $ 502,627 $ 852,271
EXPLORATION COSTS (232,015) (298,686) (449,526) (573,796)
GROSS MARGIN (LOSS) (18,414) 359,692 53,101 278,475
OPERATING EXPENSES        
Professional fees 21,917 80,946 72,480 180,092
General and administrative 48,064 50,050 80,962 85,615
Officer salaries 37,500 37,500 75,000 75,000
Total Operating Expenses 107,481 168,496 228,442 340,707
OPERATING INCOME (LOSS) (125,895) 191,196 (175,341) (62,232)
OTHER INCOME (EXPENSE)        
Stock based expense for shares not subject to reverse split       (2,756,000)   
Interest expense (1,121) (57,739) (1,952) (115,168)
Interest income       2 8
Total Other Income (Expense) (1,121) (57,739) (2,757,950) (115,160)
NET INCOME (LOSS) $ (127,016) $ 133,457 $ (2,933,291) $ (177,392)
BASIC NET INCOME (LOSS) PER COMMON SHARE $ (0.01) $ 0.02 $ (0.20) $ (0.02)
BASIC WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 14,811,913 8,172,302 14,814,399 8,172,302
DILUTED NET INCOME (LOSS) PER COMMON SHARE $ (0.01) $ 0.02 $ (0.20) $ (0.02)
DILUTED WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 14,816,033 9,489,302 14,813,956 8,172,302
XML 15 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1 - Organization and Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2013
Policies  
Reclassifications

Reclassifications

 

Certain prior year amounts have been reclassified to conform to the current year presentation.

Land and Mining Properties

Land and Mining Properties

 

LKA recognizes the acquisition of its land and mining claims at original cost in accordance with generally accepted accounting principles, which, in the opinion of LKA management, does not  represents the actual fair market value of the properties and claims as of June 30, 2013.

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Note 4 - Common Stock and Common Stock Warrants: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) (Dec 2010 42,000 Warrants, USD $)
6 Months Ended
Jun. 30, 2013
Dec 2010 42,000 Warrants
 
Share Price $ 1.70
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price $ 1.86
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 0.80%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 192.45%
Expected forfeiture rate 0.00%
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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false08false 4fil_LkaiExpectedForfeitureRatefil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1truetruefalse0.00000.0000falsefalsefalsenum:percentItemTypepureExpected forfeiture rateNo definition available.false0falseNote 4 - Common Stock and Common Stock Warrants: Schedule Of Share Based Payment Award Stock Options Valuation Assumptions TableTextBlock 2 (Details) (Viens Warrant Tranches 1-3, USD $)UnKnownUnKnownNoRoundingUnKnowntruefalsefalseSheethttp://LKAI/20130630/role/idr_DisclosureNote4CommonStockAndCommonStockWarrantsScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock2Details18 XML 20 R9.xml IDEA: Note 4 - Common Stock and Common Stock Warrants 2.4.0.8000090 - Disclosure - Note 4 - Common Stock and Common Stock Warrantstruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000831355duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin:0in;margin-bottom:.0001pt;text-align:justify'>NOTE 4 -&#160;&#160;&#160;&#160;&#160;&#160; COMMON STOCK AND COMMON STOCK WARRANTS&#160; </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'><u>Common Stock</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>During the Six months ended June 30, 2013, LKA determined that 5,000 shares, which had previously been reflected as due and issued for commissions earned on stock sales occurring in 2009, had been returned to the Company and retired at par value.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'><u>Common Stock (Continued)</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>On March 15, 2013, LKA affected a 1-for-2 reverse-split of its common stock.&#160; As a result, LKA recognized an additional $2,756,000 in non-cash stock based expense related to the exclusion of 5,200,000 pre-split (2,600,000 post-split) issued but not yet outstanding common shares related to October 2012 debt conversions.&#160; The expense was calculated based on the market price of $1.06 per share on the 2,600,000 post-split shares as of March 15, 2013. </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'><u>Common Stock Warrants</u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>During December 2010, LKA granted fully vested warrants to purchase 42,000 share of its common stock for 36 months at $1.86 per share as debt offering costs related to the issuance of convertible notes payable (see Note 10).&#160; The warrants were valued at $28,137 using the Black-Scholes option fair value pricing model using the following assumptions:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="312" style='width:3.25in;margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$1.70</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$1.86</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3.0 years</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.80%</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>192.45%</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in'>During April 2011, LKA entered into an interim consulting agreement with Francois Viens to act as a special advisor to the LKA board of directors, with the election of being appointed to a position on the LKA board in the future.&#160; As part of the consulting agreement, Mr. Viens is to be paid consulting fees for any work done on projects pre-approved by the LKA board of directors.&#160; An initial incentive compensation for his services, LKA agreed to issue Mr. Viens warrants to purchase up to 250,000 shares of LKA stock in three tranches on a three-year vesting schedule as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant I for 100,000 shares exercisable at $1.60 per share, to be issued as of May 1, 2011</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant II for 75,000 shares exercisable at $2.40 per share, to be issued one year later, or May 1, 2012</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant III for 75,000 shares exercisable at $3.60 per share, to be issued one year later, or May 1, 2013</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.75in;text-align:justify'>Each warrant has a term of two and one-half years. In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in'>The Warrant I - III tranches were valued at $91,905, $64,955 and $60,586 using the Black-Scholes option fair value pricing model using the following assumptions:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="480" style='margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'></td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.18</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.60 &#150; 3.60</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.5 years</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.69%</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>164.93%</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>During the six months ended June 30, 2013, LKA expensed $10,098 related to Warrant III.&#160; During the six months ended June 30, 2012, LKA expensed $21,652 and $15,146 for Warrants II and III, respectively, related to the Viens warrants. &#160;The value of Warrants II and III are being recognized ratably over the vesting term of one and two years, respectively.&#160; </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>During February 2012, LKA entered into an agreement with Rauno Perttu to act as Chief Geologist and special advisor to the LKA board of directors, with the election of being appointed to a position on the LKA board in the future.&#160; As part of the agreement, Mr. Perttu is to be paid consulting fees for any work done on projects pre-approved by the LKA board of directors.&#160; An initial incentive compensation for his services, LKA agreed to issue Mr. Perttu warrants to purchase up to 250,000 shares of LKA stock in three tranches on a three-year vesting schedule as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant I for 100,000 shares exercisable at $0.80 per share, to be issued as of March 1, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant II for 75,000 shares exercisable at $1.20 per share, to be issued one year later, or March 1, 2013.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>Warrant III for 75,000 shares exercisable at $1.60 per share, to be issued one year later, or March 1, 2014.</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;margin-left:.75in;text-align:justify'>Each warrant has a term of two and one-half years.&#160; In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>The Warrant I - III tranches were valued at $44,792, $29,769 and $26,947 using the Black-Scholes option fair value pricing model using the following assumptions:</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="480" style='margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'></td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.70</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.80 &#150; 1.60</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.5 years</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.35%</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>121.02%</p> </td> </tr> <tr style='height:.1in'> <td width="192" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="288" valign="bottom" style='width:3.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>During the six months ended June 30, 2013, LKA expensed $3,721 and $6,737 related to Warrants II and III, respectively.&#160; During the period ended June 30, 2012, LKA expensed $44,791 related to Warrant I, $11,163 and $5,053 for Warrants II and III, respectively, related to the Perttu warrants. &#160;The value of Warrants II and III are being recognized ratably over the vesting term of one and two years, respectively.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>The following table summarizes the outstanding warrants and associated activity for the six months ended June 30, 2013 and the year ended December 31, 2012:</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <table border="1" cellspacing="0" cellpadding="0" width="565" style='margin-left:59.4pt;border-collapse:collapse;border:none'> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-right:-5.4pt;text-align:center'>Number of Warrants Outstanding </p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt;text-align:center'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Weighted Average Price</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Weighted Average Remaining Contractual Life</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, December 31, 2011</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>292,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'></td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.36</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.62</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Granted</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>250,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.16</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.58</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Exercised</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Expired</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, December 31, 2012</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>542,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.80</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.06</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Granted</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Exercised</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Expired</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, March 31, 2013</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>542,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>$</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.80</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.56</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>LKA's consolidated financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. &nbsp;However, LKA has recently accumulated significant losses and has negative working capital. &nbsp;All of these items raise substantial doubt about its ability to continue as a going concern. &nbsp;Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about the LKA's ability to continue as a going concern are as follows:</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>LKA is currently engaged in an intensive exploration program at the Golden Wonder mine with the objective of returning the mine to a producing status. The exploration program, which began in November, 2008, has involved extensive sampling/assaying for the purpose of identifying possible new production zones within the mine. During this evaluation period, sampling and analysis of exposed veins yielded encouraging results and some precious metals revenues. While encouraging, no conclusion can be drawn at this time about the commercial viability of the mine and LKA continues to pursue potential third party joint venture or lease agreements for the property.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>In order to support continued operation of the mine, LKA entered into several debt restructuring transactions during the year ended December 31, 2012, and plans on raising additional funding during 2013 to support the continued exploration of the Golden Wonder mine. &nbsp;If LKA is not successful in the resumption of commercial production or mine exploration operations which produce positive cash flows, LKA may be forced to continue to raise additional equity or debt financing to fund its ongoing obligations or risk ceasing doing business. &nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt'>There can be no assurance that LKA will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan. &nbsp;The ability of LKA to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). 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Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 20: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 21: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 22: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 23: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 false0falseNote 4 - Common Stock and Common Stock WarrantsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://LKAI/20130630/role/idr_DisclosureNote4CommonStockAndCommonStockWarrants12 XML 21 R12.xml IDEA: Note 4 - Common Stock and Common Stock Warrants: Schedule Of Share Based Payment Award Stock Options Valuation Assumptions TableTextBlock 2 (Tables) 2.4.0.8000120 - Disclosure - Note 4 - Common Stock and Common Stock Warrants: Schedule Of Share Based Payment Award Stock Options Valuation Assumptions TableTextBlock 2 (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000831355duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock2fil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="480" style='margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'></td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.18</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.60 &#150; 3.60</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.5 years</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.69%</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>164.93%</p> </td> </tr> <tr style='height:.1in'> <td width="180" valign="bottom" style='width:135.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0falseNote 4 - Common Stock and Common Stock Warrants: Schedule Of Share Based Payment Award Stock Options Valuation Assumptions TableTextBlock 2 (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://LKAI/20130630/role/idr_DisclosureNote4CommonStockAndCommonStockWarrantsScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock2Tables12 XML 22 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 1 - Organization and Significant Accounting Policies
6 Months Ended
Jun. 30, 2013
Notes  
Note 1 - Organization and Significant Accounting Policies

NOTE 1 -       ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

LKA Gold Incorporated (“LKA” or the “Company”) is currently engaged in efforts to expand mine production and continues to seek additional investment opportunities.

 

The accompanying unaudited condensed consolidated financial statements have been prepared by LKA pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with such rules and regulations.  The information furnished in the interim condensed consolidated financial statements include normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements.  Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with LKA’s most recent audited financial statements.  Operating results for the Six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. 

 

Reclassifications

 

Certain prior year amounts have been reclassified to conform to the current year presentation.

 

Land and Mining Properties

 

LKA recognizes the acquisition of its land and mining claims at original cost in accordance with generally accepted accounting principles, which, in the opinion of LKA management, does not  represents the actual fair market value of the properties and claims as of June 30, 2013.

XML 23 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3 - Significant Events
6 Months Ended
Jun. 30, 2013
Notes  
Note 3 - Significant Events

NOTE 3 -       SIGNIFICANT EVENTS

 

Precious Metals Sales

 

During February 2013, LKA delivered a total of approximately 225.6 dry short tons of precious metals ore for processing at a value of $289,026. 

 

During May 2013, LKA delivered a total of approximately 105.4 dry short tons of precious metals ore for processing at a value of $116,649. 

 

During June 2013, LKA delivered a total of approximately 99.4 dry short tons of precious metals ore for

processing at a value of $96,952. 

 

At June 30, 2013 and December 31, 2012, LKA had metal sales receivables of $96,952 and $151,524, respectively.

 

Incentive Compensation

 

                        During April 2013, the board of directors approved an Incentive Compensation arrangement with Kye Abraham, President and Chairman of the Board of LKA.  Mr. Abraham was conditionally issued a total of 2,000,000 shares of LKA common stock.  The stock will be considered earned on the completion of two events, each worth 1,000,000 shares,  If and when a financing, or series of financings, of one million is completed for LKA and if and when a final resolution is reached with the EPA and/or BLM of other governmental agency that extinguishes the potential environmental liability at the Ute Ulay mine or reduces LKA’s liability to a “de minimis” level.

XML 24 R11.xml IDEA: Note 4 - Common Stock and Common Stock Warrants: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables) 2.4.0.8000110 - Disclosure - Note 4 - Common Stock and Common Stock Warrants: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000831355duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--> <p style='margin-top:0in;margin-right:0in;margin-bottom:6.0pt;margin-left:.25in;margin-left:.75in;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="312" style='width:3.25in;margin-left:59.4pt;border-collapse:collapse'> <tr style='height:.2in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr style='height:.2in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p style='margin:0in;margin-bottom:.0001pt'>Stock price on grant date</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$1.70</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Exercise price</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$1.86</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected time to exercise</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3.0 years</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Risk free interest rate</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.80%</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Volatility</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>192.45%</p> </td> </tr> <tr style='height:.1in'> <td width="204" valign="bottom" style='width:153.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p style='margin:0in;margin-bottom:.0001pt'>Expected forfeiture rate</p> </td> <td width="108" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.00%</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 false0falseNote 4 - Common Stock and Common Stock Warrants: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://LKAI/20130630/role/idr_DisclosureNote4CommonStockAndCommonStockWarrantsScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTables12 XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 4 - Common Stock and Common Stock Warrants: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables)
6 Months Ended
Jun. 30, 2013
Tables/Schedules  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

 

 

 

Stock price on grant date

$1.70

Exercise price

$1.86

Expected time to exercise

3.0 years

Risk free interest rate

0.80%

Volatility

192.45%

Expected forfeiture rate

0.00%

 

XML 26 R14.xml IDEA: Note 4 - Common Stock and Common Stock Warrants: Schedule of Stockholders Equity (Tables) 2.4.0.8000140 - Disclosure - Note 4 - Common Stock and Common Stock Warrants: Schedule of Stockholders Equity (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000831355duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ScheduleOfStockholdersEquityTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify'>&nbsp;</p> <table border="1" cellspacing="0" cellpadding="0" width="565" style='margin-left:59.4pt;border-collapse:collapse;border:none'> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-right:-5.4pt;text-align:center'>Number of Warrants Outstanding </p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt;text-align:center'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Weighted Average Price</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Weighted Average Remaining Contractual Life</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, December 31, 2011</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>292,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'></td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.36</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.62</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Granted</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>250,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.16</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.58</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Exercised</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Expired</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, December 31, 2012</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>542,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.80</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2.06</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Granted</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Exercised</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:9.0pt'>Expired</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>&nbsp;</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> </tr> <tr align="left"> <td width="217" valign="top" style='width:162.8pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Balance, March 31, 2013</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="114" valign="top" style='width:85.45pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>542,000</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;margin-left:-5.25pt'>$</p> </td> <td width="78" valign="top" style='width:58.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.80</p> </td> <td width="18" valign="top" style='width:13.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="84" valign="top" style='width:63.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1.56</p> </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name 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Note 4 - Common Stock and Common Stock Warrants
6 Months Ended
Jun. 30, 2013
Notes  
Note 4 - Common Stock and Common Stock Warrants

NOTE 4 -       COMMON STOCK AND COMMON STOCK WARRANTS 

 

Common Stock

 

During the Six months ended June 30, 2013, LKA determined that 5,000 shares, which had previously been reflected as due and issued for commissions earned on stock sales occurring in 2009, had been returned to the Company and retired at par value.

 

Common Stock (Continued)

 

On March 15, 2013, LKA affected a 1-for-2 reverse-split of its common stock.  As a result, LKA recognized an additional $2,756,000 in non-cash stock based expense related to the exclusion of 5,200,000 pre-split (2,600,000 post-split) issued but not yet outstanding common shares related to October 2012 debt conversions.  The expense was calculated based on the market price of $1.06 per share on the 2,600,000 post-split shares as of March 15, 2013.

 

Common Stock Warrants

 

During December 2010, LKA granted fully vested warrants to purchase 42,000 share of its common stock for 36 months at $1.86 per share as debt offering costs related to the issuance of convertible notes payable (see Note 10).  The warrants were valued at $28,137 using the Black-Scholes option fair value pricing model using the following assumptions:

 

 

 

Stock price on grant date

$1.70

Exercise price

$1.86

Expected time to exercise

3.0 years

Risk free interest rate

0.80%

Volatility

192.45%

Expected forfeiture rate

0.00%

 

During April 2011, LKA entered into an interim consulting agreement with Francois Viens to act as a special advisor to the LKA board of directors, with the election of being appointed to a position on the LKA board in the future.  As part of the consulting agreement, Mr. Viens is to be paid consulting fees for any work done on projects pre-approved by the LKA board of directors.  An initial incentive compensation for his services, LKA agreed to issue Mr. Viens warrants to purchase up to 250,000 shares of LKA stock in three tranches on a three-year vesting schedule as follows:

 

Warrant I for 100,000 shares exercisable at $1.60 per share, to be issued as of May 1, 2011

Warrant II for 75,000 shares exercisable at $2.40 per share, to be issued one year later, or May 1, 2012

Warrant III for 75,000 shares exercisable at $3.60 per share, to be issued one year later, or May 1, 2013

 

Each warrant has a term of two and one-half years. In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant.

The Warrant I - III tranches were valued at $91,905, $64,955 and $60,586 using the Black-Scholes option fair value pricing model using the following assumptions:

 

 

 

Stock price on grant date

1.18

Exercise price

1.60 – 3.60

Expected time to exercise

2.5 years

Risk free interest rate

0.69%

Volatility

164.93%

Expected forfeiture rate

0.00%

 

During the six months ended June 30, 2013, LKA expensed $10,098 related to Warrant III.  During the six months ended June 30, 2012, LKA expensed $21,652 and $15,146 for Warrants II and III, respectively, related to the Viens warrants.  The value of Warrants II and III are being recognized ratably over the vesting term of one and two years, respectively. 

 

During February 2012, LKA entered into an agreement with Rauno Perttu to act as Chief Geologist and special advisor to the LKA board of directors, with the election of being appointed to a position on the LKA board in the future.  As part of the agreement, Mr. Perttu is to be paid consulting fees for any work done on projects pre-approved by the LKA board of directors.  An initial incentive compensation for his services, LKA agreed to issue Mr. Perttu warrants to purchase up to 250,000 shares of LKA stock in three tranches on a three-year vesting schedule as follows:

 

Warrant I for 100,000 shares exercisable at $0.80 per share, to be issued as of March 1, 2012.

Warrant II for 75,000 shares exercisable at $1.20 per share, to be issued one year later, or March 1, 2013.

Warrant III for 75,000 shares exercisable at $1.60 per share, to be issued one year later, or March 1, 2014.

 

Each warrant has a term of two and one-half years.  In the event the shares underlying the warrants, and the closing price of the common stock of the Company has been $6.00 per share or higher for 10 trading days within a 30 day trading period subject to minimum trading volumes, LKA shall be able to redeem the Warrants at $0.001 per warrant.

The Warrant I - III tranches were valued at $44,792, $29,769 and $26,947 using the Black-Scholes option fair value pricing model using the following assumptions:

 

 

 

Stock price on grant date

0.70

Exercise price

0.80 – 1.60

Expected time to exercise

2.5 years

Risk free interest rate

0.35%

Volatility

121.02%

Expected forfeiture rate

0.00%

 

During the six months ended June 30, 2013, LKA expensed $3,721 and $6,737 related to Warrants II and III, respectively.  During the period ended June 30, 2012, LKA expensed $44,791 related to Warrant I, $11,163 and $5,053 for Warrants II and III, respectively, related to the Perttu warrants.  The value of Warrants II and III are being recognized ratably over the vesting term of one and two years, respectively. 

 

The following table summarizes the outstanding warrants and associated activity for the six months ended June 30, 2013 and the year ended December 31, 2012:

 

 

 

Number of Warrants Outstanding

 

 

Weighted Average Price

 

Weighted Average Remaining Contractual Life

Balance, December 31, 2011

 

292,000

 

2.36

 

2.62

Granted

 

250,000

 

 

1.16

 

2.58

Exercised

 

-

 

 

-

 

-

Expired

 

-

 

 

-

 

-

Balance, December 31, 2012

 

542,000

 

 

1.80

 

2.06

Granted

 

-

 

 

-

 

-

Exercised

 

-

 

 

-

 

-

Expired

 

-

 

 

-

 

-

Balance, March 31, 2013

 

542,000

 

$

1.80

 

1.56

 

LKA's consolidated financial statements are prepared using Generally Accepted Accounting Principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business.  However, LKA has recently accumulated significant losses and has negative working capital.  All of these items raise substantial doubt about its ability to continue as a going concern.  Management's plans with respect to alleviating the adverse financial conditions that caused management to express substantial doubt about the LKA's ability to continue as a going concern are as follows:

 

LKA is currently engaged in an intensive exploration program at the Golden Wonder mine with the objective of returning the mine to a producing status. The exploration program, which began in November, 2008, has involved extensive sampling/assaying for the purpose of identifying possible new production zones within the mine. During this evaluation period, sampling and analysis of exposed veins yielded encouraging results and some precious metals revenues. While encouraging, no conclusion can be drawn at this time about the commercial viability of the mine and LKA continues to pursue potential third party joint venture or lease agreements for the property.

 

In order to support continued operation of the mine, LKA entered into several debt restructuring transactions during the year ended December 31, 2012, and plans on raising additional funding during 2013 to support the continued exploration of the Golden Wonder mine.  If LKA is not successful in the resumption of commercial production or mine exploration operations which produce positive cash flows, LKA may be forced to continue to raise additional equity or debt financing to fund its ongoing obligations or risk ceasing doing business.  

 

There can be no assurance that LKA will be able to achieve its business plans, raise any more required capital or secure the financing necessary to achieve its current operating plan.  The ability of LKA to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.