XML 42 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
REVENUES $ 55,681 $ 6,773 $ 114,688 $ 44,737
OPERATING EXPENSES:        
Production costs 17,455 579 42,771 18,986
Exploration costs 1,174,208 1,175,430 3,628,943 3,418,696
General and administrative 1,082,550 2,002,890 3,680,285 5,978,976
Depreciation expense 170,759 78,864 416,338 236,552
Total Operating Expenses 2,444,972 3,257,763 7,768,337 9,653,210
Operating Loss (2,389,291) (3,250,990) (7,653,649) (9,608,473)
OTHER INCOME (EXPENSE):        
Interest expense, net, including amortization of deferred financing cost and debt discount (314,268) (212,830) (918,631) (226,454)
Gain on revaluation of derivatives (114,000) 200,000 814,000 850,000
Other income (expense) 996 (279) (86,337) 2,052
Gain on revaluation of stock awards   10,000 110,000 45,000
Total Other Income (Expense) (187,459) (618,109) 1,683,970 55,598
Net loss (2,576,750) (3,869,099) (5,969,679) (9,552,875)
Net Loss Per Share (Basic and Diluted) (in Dollars per share) $ (0.03) $ (0.04) $ (0.06) $ (0.10)
Weighted Average Shares Outstanding (Basic and Diluted) (in Shares) 94,985,716 94,508,983 94,847,462 94,205,611
Warrant Derivative Liability [Member]
       
OTHER INCOME (EXPENSE):        
Gain on revaluation of derivatives 114,000 200,000 814,000 850,000
PIK Note Derivative Liability [Member]
       
OTHER INCOME (EXPENSE):        
Gain on revaluation of derivatives $ 11,813 $ (615,000) $ 1,764,938 $ (615,000)