XML 14 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash and cash equivalents $ 270,896 $ 1,049,880
Accounts receivable 60,528 364,952
Deposits and prepaid expenses 58,909 371,206
Other current receivables 0 16,801
Total Current Assets 390,333 1,802,839
Property and Equipment, net 3,129,806 4,075,176
Other Assets    
Deposits 216,724 200,524
Assets Held for Sale 0 1,000
Total Other Assets 216,724 201,524
TOTAL ASSETS 3,736,863 6,079,539
Current Liabilities    
Accounts payable and accrued liabilities 687,557 622,331
Accrued PIK note interest 1,277,900 961,395
Current portion of notes payable 15,553 234,149
Total Current Liabilities 1,981,010 1,817,875
Long-Term Liabilities    
Long-term portion of notes payable 1,333 13,073
PIK Notes payable, net of $11,358,212 and $15,143,123 debt discount at September 30, 2017 and December 31, 2016, respectively 29,535,466 23,040,093
PIK Note derivative 1,142,174 2,176,552
Total Long-Term Liabilities 30,678,973 25,229,718
Total Liabilities 32,659,983 27,047,593
Commitments and Contingencies (Note 8) 0 0
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, 133,888,549 and 108,613,549 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 133,888 108,614
Additional paid-in capital 69,537,143 68,506,530
Accumulated deficit prior to the exploration stage (20,009,496) (20,009,496)
Accumulated deficit during the exploration stage (78,584,655) (69,573,702)
Total Stockholders’ Deficit (28,923,120) (20,968,054)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 3,736,863 $ 6,079,539