XML 14 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 218,245 $ 1,049,880
Accounts receivable 352,423 364,952
Deposits and prepaid expenses 228,886 371,206
Other current receivables 462 16,801
Total Current Assets 800,016 1,802,839
Property and Equipment, net 3,744,391 4,075,176
Other Assets    
Deposits 200,593 200,524
Assets Held for Sale 1,000 1,000
Total Other Assets 201,593 201,524
TOTAL ASSETS 4,746,000 6,079,539
Current Liabilities    
Accounts payable and accrued liabilities 865,505 622,331
PIK Notes interest accrual 1,224,491 961,395
Current portion of notes payable 147,934 234,149
Total Current Liabilities 2,237,930 1,817,875
Long-Term Liabilities    
Long-term portion of notes payable 9,210 13,073
PIK Notes payable, net of $14,098,885 and $15,143,123 debt discount, respectively 24,846,017 23,040,093
PIK Note derivative 1,283,475 2,176,552
Total Long-Term Liabilities 26,138,702 25,229,718
Total Liabilities 28,376,632 27,047,593
Commitments and Contingencies (Note 9)
Stockholders’ (Deficit)    
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding 0 0
Common stock, $0.001 par value, 200,000,000 shares authorized, 108,613,549 and 108,613,549 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 108,614 108,614
Additional paid-in capital 68,572,392 68,506,530
Accumulated deficit prior to the exploration stage (20,009,496) (20,009,496)
Accumulated deficit during the exploration stage (72,302,142) (69,573,702)
Total Stockholders’ (Deficit) (23,630,632) (20,968,054)
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) $ 4,746,000 $ 6,079,539