XML 14 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash and cash equivalents $ 1,650,637 $ 1,803,131
Accounts receivable 398,727 176,205
Deposits and prepaid expenses 70,810 322,922
Other current receivables 94,647
Total Current Assets 2,120,174 2,396,905
Property and Equipment, net 4,382,259 5,206,825
Deposits 269,413 269,202
Assets Held for Sale 1,000 445,180
Total Other Assets 270,413 714,382
TOTAL ASSETS 6,772,846 8,318,112
Current Liabilities    
Accounts payable and accrued liabilities 1,703,688 1,623,152
Current portion of notes payable 22,307 210,429
Total Current Liabilities 1,725,995 1,833,581
Long-Term Liabilities    
Long-term portion of notes payable 16,886 33,688
PIK Notes payable, net of $15,918,016 and $17,572,885 debt discount, respectively 21,114,470 17,051,636
PIK Note derivative 2,883,148 5,138,857
Total Long-Term Liabilities 24,014,504 22,224,181
Total Liabilities 25,740,499 24,057,762
Commitments and Contingencies (Note 10)
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 200,000,000 shares authorized, 108,613,549 and 97,144,736 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 108,614 97,145
Additional paid-in capital 68,404,879 66,106,631
Accumulated deficit prior to the exploration stage (20,009,496) (20,009,496)
Accumulated deficit during the exploration stage (67,471,650) (61,933,930)
Total Stockholders’ Deficit (18,967,653) (15,739,650)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 6,772,846 $ 8,318,112