11. Restatement (Tables)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Restatement Financial Information

	December 31, 2012 As previously reported			Error correction			December 31, 2012 As restated
Revenue	$	54,902			–		$	54,902
Cost of goods sold		–			–			–
Gross profit		54,902			–			54,902
Operating expenses
General and administrative		2,050,798			114,900	(a)		2,165,698
Depreciation		85,712			7,386	(a)		93,098
Payroll		1,440,969			90,492	(a)		1,531,461
Legal and accounting		528,478			–			528,478
Mining costs		187,749			–			187,749
Research & development		76,868			–			76,868
Total expenses		4,370,574			212,778			4,583,352
Loss from continued operations		(4,315,672	)		(212,778	)		(4,528,450	)
Interest expense		(71,321	)		(57	)(a)		(71,378	)
Net loss	$	(4,386,993	)	$	(212,835	)(a)	$	(4,599,828	)
Net loss attributable to minority interest	$	(1,259,114	)	$	(85,134	)(a)	$	(1,344,248	)
Net loss attributable to Lustros, Inc.	$	(3,127,879	)	$	(127,701	)	$	(3,255,580	)

(a) Record expenses incurred from January 1, 2012 through January 26, 2012, the date previously considered as the "Inception Date".

The following is a summary of the impact of these restatements on the Company’s Consolidated Balance Sheet as of December 31, 2012:

	December 31, 2012 As previously reported			Error correction			December 31, 2012 As restated
ASSETS
Current Assets
Cash	$	277,565		$	–		$	277,565
Other receivables		102			–			102
Prepaid expenses		224,777			–			224,777
Inventory		142,385			–			142,385
VAT tax receivable		573,541			–			573,541
Total current assets		1,218,370			–			1,218,370
Non-Current Assets
Fixed asset, net		4,647,816			–			4,647,816
Mining property		3,720,011			–			3,720,011
Land		585,040			–			585,040
Congo right to use		360,000			–			360,000
Total non-current assets		9,312,867			–			9,312,867
TOTAL ASSETS	$	10,531,237		$	–		$	10,531,237
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable	$	1,000,500		$	–		$	1,000,500
Convertible note payable, net of unamortized discount of $141,411		205,589			–			205,589
Notes payable		684,292			–			684,292
Notes payable - related party		1,825,929			–			1,825,929
Total current liabilities		3,716,310			–			3,716,310
Long Term Liabilities
Asset retirement obligations		396,474			–			396,474
Total long term liabilities		396,474			–			396,474
Total liabilities		4,112,784			–			4,112,784
Stockholders' Equity
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued and outstanding		–			–			–
Common stock, $.001 par value, 100,000,000 shares authorized, 88,369,618 issued and outstanding		88,369			–			88,369
Additional paid-in capital		6,234,946			(304,890	)(b)		5,930,056
Non-controlling interest		2,005,189			(288,392	)(a)		1,716,797
Accumulated other comprehensive income		1,217,828			720,983	(a)(b)		1,938,811
Deficit accumulated during development stage		(3,127,879	)		(127,701	)(a)		(3,255,580	)
Total stockholders' equity		6,418,453			–			6,418,453
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	10,531,237		$	–		$	10,531,237

(a) Record expenses incurred from January 1, 2012 through January 26, 2012, the date previously considered as the "Inception Date".

(b) Correct prior misclassification of the foreign currencies. APIC didn't carry forward correctly with historical retained earnings.

The following is a summary of the impact of these restatements on the Company’s Statement of Cash Flows as of December 31, 2012:

	December 31, 2012 As previously reported			Error correction			December 31, 2012 As restated
Cash flows from operating activities
Net loss	$	(4,386,993	)		(212,835	)(a)	$	(4,599,828	)
Non-cash transactions to reconcile cash used in operations
Depreciation and amortization		85,712			–			85,712
Amortization of original issued discount		65,589			–			65,589
Cash used in operations
Increase in accrued interest included in notes payable		5,732			–			5,732
Decrease/(increase) in prepaid expenses		(176,254	)		142,385	(b)		(33,869	)
Decrease/(increase) in inventory		–			(142,385	)(b)		(142,385	)
Increase in asset retirement obligation		14,860			–			14,860
Increase/(decrease) in accounts payable		933,702			–			933,702
Total cash used in operations		(3,457,652	)		(212,835	)		(3,670,487	)
Cash flows from investing activities
Acquisition of Sulfatos Chile by Bluestone		892,294			212,835	(a)		1,105,129
Cash received in Power Save merger		38,572			–			38,572
Disposal of Power Save operations		(20,642	)		–			(20,642	)
Purchase of fixed assets		(830,676	)		–			(830,676	)
Total cash used in investing activities		79,548			212,835			292,383
Cash from financing activities
Proceeds from notes payable		79,454			–			79,454
Repayment of notes payable		(46,263	)		–			(46,263	)
Proceeds from notes payable, related parties		3,111,381			–			3,111,381
Repayment of notes payable, related parties		(1,385,464	)		–			(1,385,464	)
Proceeds from the issuance of common stock		1,921,000			–			1,921,000
Total cash provided by financing activities		3,680,108			–			3,680,108
Effect of foreign currency exchange rate on cash		(24,439	)		–			(24,439	)
INCREASE/(DECREASE) IN CASH		277,565			–			277,565
BEGINNING CASH								–
ENDING CASH	$	277,565		$	–		$	277,565
Supplemental disclosure of cash flow information:
Interest paid	$	–		$	–		$	–
Income taxes paid	$	–		$	–		$	–
Supplemental disclosure of non-cash investing activities:
Related party notes transferred to convertible notes	$	(300,000	)	$	–		$	(300,000	)
Shares issued in conversion on convertible note		160,000		$	–		$	160,000
Related party notes settled with subscription to common stock	$	1,100,000		$	–		$	1,100,000
Related party notes settled with subscription to preferred stock	$	429,000		$	–		$	429,000
Net assets acquired in reverse merger with Power Save	$	(63,207	)	$	–		$	(63,207	)
Net assets acquired in Sulfatos Chile acquisition	$	5,068,464		$	–		$	5,068,464
Net assets disposed of in Power Save sale	$	62,138		$	–		$	62,138
Effect of reverse merger with Power Save	$	(24,635	)	$	–		$	(24,635	)
Contributed capital in Sulfatos Chile acquisition	$	2,696,455		$	(304,889	)	$	2,391,565
Contributed capital in Power Save sale	$	41,496		$	–		$	41,496

(a) Record expenses incurred from January 1, 2012 through January 26, 2012, the date previously considered as the "Inception Date".

(b)	Reclassify inventory previously shown as prepaid assets.
(c)	Correct prior misclassification of the foreign currencies. APIC didn't carry forward correctly with historical retained earnings.

The following is a summary of the impact of these restatements on the Company’s Statement of Stockholders’ Equity as of December 31, 2012:

	Number of Shares Outstanding, Preferred			Preferred Stock at Par Value			Number of Shares Outstanding, Common			Common Stock at Par Value			Additional Paid-in Capital			Minority Interest in Sulfatos Chile			Other Comprehensive Income		Deficit Accumulated During Development Stage			Total Stockholders' Equity
Balance at January 26, 2012-inception		–		$	–			–		$	–			–		$	–		$	–	$	–		$	–
Stocks issued to Founders		–			–			60,000,000			60,000			(60,000	)		–			–		–			–
February 15, 2012 purchase of Sulfatos Chile		–			–			–			–			2,696,455			3,264,303			–		–			5,960,758
March 9, 2012 reverse merger adjustments		–			–			2,856,426			2,856			(27,491	)		–			–		–			(24,635	)
Power-Save disposal adjustments		–			–			–			–			41,496			–			–		–			41,496
Stocks issued for cash		175,000			175			7,898,395			7,898			3,441,927			–			–		–			3,450,000
Stocks issued in preferred stock conversion		(175,000	)		(175	)		17,500,000			17,500			(17,325	)		–			–		–			–
Stocks issued for debt conversion		–			–			177,714			178			159,822			–			–		–			160,000
Stocks held in trust returned to treasury		–			–			(62,917	)		(63	)		63			–			–		–			–
Gain on currency conversion		–			–			–			–			–			–			1,217,828		–			1,217,829
Net loss at December 31, 2012		–			–			–			–			–			(1,259,115	)		–		(3,127,879	)		(4,386,995	)
Balance at December 31, 2012 (as previously reported)		–		$	–			88,369,618		$	88,369		$	6,234,946		$	2,005,189		$	1,217,828	$	(3,127,879	)	$	6,418,453
Restatement of Sulfatos Chile purchase		–			–			–			–			(304,890	)(b)		(288,392	)(a)		720,983 (a)(b)		(127,701	)(a)		–
Balance at December 31, 2012 (as restated)		–		$	–			88,369,618		$	88,369		$	5,930,056		$	1,716,797		$	1,938,811	$	(3,255,580	)	$	6,418,453

(a) Record expenses incurred from January 1, 2012 through January 26, 2012, the date previously considered as the "Inception Date".

(b) Correct prior misclassification of the foreign currencies. APIC didn't carry forward correctly with historical retained earnings.