3. Sulfatos Chile (Tables)

9 Months Ended

Sep. 30, 2012

Sulfatos Chile Tables

Schedule of Supplemental Cash Flows Information

The following information presents supplemental cash flows information of assets acquired and liabilities assumed in connection with the Sulfatos Acquisition:

	Nine Months Ended September 30, 2012
Prepaid expenses	$	764,551
Property and equipment		3,289,521
Mining property		3,492,824
Land		549,310
Accounts payable		(447,343	)
Notes payable		(2,580,399	)
	$	5,068,464
Plus, cash acquired		892,294
Total value of acquisition	$	5,960,758
Value of acquisition allocated to additional paid-in capital	$	2,696,455
Value of acquisition allocated to minority interest	$	3,264,303

Schedule of the Estimated Fair Values of Assets and Liabilities

. In accordance with US GAAP, the assets and liabilities acquired are carried over at their historical value because the transaction occurred between related parties.

	At February 15, 2012
Working Capital Items
Cash and cash equivalents	$	892,294
Prepaid expenses and other		764,551
Accounts payable and accrued liabilities		(447,343	)
Notes payable		(2,580,399	)
Subtotal—Working Capital Items		829,103
Long-lived Assets:
Property & Equipment
Land		549,310
Mining property		3,492,824
FFE and Equipment		3,289,521
Subtotal—long-lived assets		7,331,655
Total value of acquisition	$	5,960,758
Value of acquisition allocated to additional paid-in capital	$	2,696,455
Value of acquisition allocated to minority interest	$	3,264,303

Had the Sulfatos Chile Acquisition taken place on January 1, 2012, results of operations would have reflected the following pro forma amounts for the nine months ended September 30, 2012:

	Nine Months Ended September 30, 2012
	Lustros, Inc.			Sulfatos Chile			Purchase			Pro
	Actual			Actual			Adjustments			Forma
Revenues	$	–		$	54,900		$	–		$	54,900
Operating expenses		934,914			2,600,992			(173,060	)		3,362,846
Other loss		–			4,023			–			4,023
Net loss	$	(934,914	)	$	(2,550,115	)	$	173,060		$	(3,311,969	)