XML 29 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
6 Months Ended 54 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Cash Flows From Operating Activities:      
Net loss $ (5,683,776) $ (3,370,219) $ (34,432,726)
Adjustments to reconcile net loss to net cash used in operations:      
Depreciation 157,688 126,237 973,876
Amortization of deferred financing costs 0 0 150,000
Amortization of discount - PIK Notes 0 0 367,534
Issuance of PIK Notes in payment of interest 0 0 863,870
Stock issued for director and consulting services 76,750 78,060 428,574
Stock-based compensation expense for consultants and directors 2,284,769 1,206,080 7,516,220
(Gain) on revaluation of stock warrants (650,000) (1,530,000) (1,505,000)
(Gain) loss on revaluation of stock awards (35,000) 8,000 211,500
Gain on stock award forfeiture 0 0 (145,000)
Gain on disposition of assets 0 0 5,390
Gain on settlement of debts 0 0 (101,380)
Other non-cash income 0 0 (28,587)
Provision for doubtful accounts   13,168 25,106
Loss on impairment of assets   0 66,881
Change in operating assets and liabilities:      
Accounts receivable (2,540) (64,790) (35,380)
Deposits and prepaids 125,766 (268,308) 271,681
Accounts payable and accrued expenses (699,444) 36,817 249,308
Net cash provided by discontinued operations 0 0 603,585
Net cash used in operating activities (4,425,787) (3,764,955) (24,514,548)
Cash Flows From Investing Activities:      
Purchases of land improvements 0 0 (72,923)
Purchases of equipment and vehicles (2,223) (93,444) (777,734)
Construction in progress (924,022) (182,295) (1,975,559)
Proceeds from sale of assets 0 0 151,000
Net cash provided by discontinued operations 0 0 434,670
Net cash used in investing activities (926,245) (275,739) (2,240,546)
Cash Flows From Financing Activities:      
Payments on notes payable (289,633) (123,153) (1,425,079)
Payments on leases payable 0 (10,094) (431,088)
Proceeds from insurance settlement 0 0 115,000
Proceeds from notes payable 0 37,065 124,129
Proceeds from PIK notes payable 0 0 9,600,000
Proceeds from sale of common stock 5,560,000 0 21,370,000
Payments for legal settlement 0 0 (170,000)
Net cash used by discontinued operations 0 0 (56,431)
Net cash provided by (used in) financing activities 5,270,367 (96,182) 29,126,531
Net change in cash and cash equivalents (81,665) (4,136,876) 2,371,437
Cash and cash equivalents at beginning of period 3,356,103 10,170,536 903,001
Cash and cash equivalents at end of period 3,274,438 6,033,660 3,274,438
Cash Paid For:      
Interest 13,624 8,084 118,366
Income Taxes 3,814 0 5,829
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Conversion of debt and accrued interest to common stock 0 0 11,459,738
Equipment financed on lease 0 0 197,000
Equipment financed with notes payable 0 0 642,088
Prepaid insurance financed with note payable 25,005 0 337,513
Land reclassified from assets held for sale to land and mining property $ 0 $ 0 $ 445,180