Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended 11 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Cash flows from operating activities:      
Net loss $ (3,829,450) $ (5,879,950) $ (6,664,270)
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization of prepaid expenses    45,567 95,034
Amortization of debt issuance costs 517 1,563 5,206
Amortization of debt discount 17,865 288,854 352,678
Impaiment of mineral rights       500,000
Change in fair value of derivative liabilities    5,467,711 680,940
Stock based consulting       130,000
Stock based compensation expense 41,516    373,648
Common stock issued for services 3,500,000    3,500,000
Gain from settlement of debt    (28,244)   
(Increase) Decrease in:      
Prepaid expense 18,598 (24,200) (2,206)
Increase (Decrease) in:      
Accounts payable and accrued expenses 156,576 54,156 343,308
Liabilities of discontinued operations    (15,000)   
Net cash used in operating activities (94,378) (89,543) (685,662)
Cash flows from financing activities:      
Proceeds from issuance of common stock       550,000
Proceeds from exercise of stock warrants    125,000   
Net proceeds from debentures 90,000    90,000
Net cash provided by financing activities 90,000 125,000 640,000
Net increase (decrease) in cash (4,378) 35,457 (45,662)
Cash, beginning of period 15,047 94,053 56,331
Cash, end of period 10,669 129,510 10,669
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         
Contributed capital in connection with an extinguishment of a convertible debenture    47,500 31,666
Issuance of common stock for convertible debentures 55,000 250,000 505,000
Issuance of common stock for accrued director's fees    10,000   
Reclassification of derivative liability to equity    3,195,270 9,662,196
Issuance of common stock in connection with the transfer and conveyance of certain silver mining claim       500,000
Beneficial conversion feature and debt discount in connection with the issuance of convertible promissory notes $ 105,882    $ 105,882