Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.3.0.15
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 5 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:      
Net loss $ (4,813,403) $ (10,700,857) $ (6,968,251)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation     3,254
Amortization of intangible asset     233
Amortization of prepaid expenses 73,411 118,978 13,108
Amortization of debt issuance costs 3,126 4,689 4,168
Amortization of debt discount 210,450 499,304 226,667
Impaiment of mineral rights 500,000 500,000  
Impairment loss     1,216,295
Derivative liability expense     3,260,076
Change in fair value of derivative liabilities 3,180,707 8,648,418 (2,032,567)
Stock based consulting     2,650,000
Stock based compensation expense 207,584 207,584 879,167
Contributed services     10,000
Gain from settlement of debt   (28,244)  
(Increase) Decrease in:      
Interest receivable     (2,157)
Prepaid expense (13,305) (87,505) (192,200)
Deposits     (8,509)
Assets of discontinued operations     (89,086)
Increase (Decrease) in:      
Accounts payable and accrued expenses 241,391 279,872 (31,531)
Liabilities of discontinued operations   (15,000) 382,179
Net cash used in operating activities (410,039) (572,761) (679,154)
Cash flows from investing activities:      
Cash acquired in acquisition     5,057
Cash used in acquisition     (110,000)
Payment of leasehold improvement     (14,025)
Purchase of equipment     (23,451)
Investment in note receivable     (171,100)
Net cash used in investing activities     (313,519)
Cash flows from financing activities:      
Proceeds from issuance of common stock 550,000 550,000 75,000
Proceeds from exercise of stock warrants   125,000  
Net proceeds from debentures     937,500
Net cash provided by financing activities 550,000 675,000 1,012,500
Net increase (decrease) in cash 139,961 102,239 19,827
Cash, beginning of period 56,331 94,053  
Cash, end of period 196,292 196,292 19,827
Cash paid during the period for:      
Interest      
Income Taxes      
Supplemental disclosure of non-cash investing and financing activities:      
Issuance of common stock in connection with acquisition of business     800,000
Contributed capital in connection with an extinguishment of a convertible debenture 31,666 95,000  
Issuance of Common Stock for convertible debentures 125,000 375,000  
Issuance of Common Stock for accrued director's fees   10,000  
Reclassification of derivative liability to equity $ 5,238,285 $ 8,433,555