3. Sulfatos Acquisition (Tables)

12 Months Ended

Dec. 31, 2012

Sulfatos Acquisition 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:

	Twelve months
	Ended
	December 31, 2012
Prepaid expenses	$	764,551
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 Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the historical cost values of the assets acquired and liabilities assumed at the date of Sulfatos Acquisition. 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		(1,370,897	)
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

Pro forma Information of statement of operation

	Twelve months Ended December 31, 2012
	Lustros, Inc.			Sulfatos Chile			Lustros Chile			Mineraltus						Purchase			Pro
	Actual			Actual			Actual			Actual			Consolidated			Adjustments			Forma
Revenues	$	–		$	54,902		$	–		$	–		$	54,902		$	–		$	54,902
Operating expenses		1,033,884			3,138,341			176,025			22,324			4,370,574			212,807			4,583,381
Interest expense		13,787			53,181			4,349			4			71,321			–			71,321
Net loss	$	(1,047,671	)	$	(3,136,620	)	$	(180,374	)	$	(22,328	)	$	(4,386,993	)	$	(212,807	)	$	4,709,604