v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended 79 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (10,256,292) $ (1,783,057) $ (12,385,626)
Depreciation expense 44 1,485 9,260
Impairment of equipment   3,907 3,907
Issuance of stock for services 1,828,500 100,000 1,948,500
Amortization of debt discount 81,300 43,600 124,900
Deferred income   (17,500)  
Change in fair value of derivative liability 1,680,231 (645,600) 1,680,231
Non-cash Interest Expense 155,533 539,000 694,533
Loss on deposit to acquire property (4,025,000)   4,025,000
Increase in prepaid expenses (470,000)   (470,000)
Increase in Accounts Payable 597,896 43,852 821,086
Increase in Accrued interest payable 68,560 30,035 105,585
Increase in Payroll taxes payable   8,716 8,716
NET CASH USED IN OPERATING ACTIVITES (560,379) (384,362) (1,059,459)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property and equipment   (437) (13,473)
Depository payment towards acquisition of iron ore mine (100,000) (250,000) (350,000)
NET CASH USED IN INVESTING ACTIVITIES (100,000) (250,437) (363,473)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash Proceeds (repayment) from advances (1,302) (2,161) 6,000
Cash Proceeds from loans 106,000 200,000 323,900
Cash Proceeds, net of repayments, from issuance of convertible debentures 555,000 438,000 1,003,000
Issuance of common stock for cash     90,391
NET CASH PROVIDED BY FINANCING ACTIVITIES 659,698 635,839 1,423,291
(DECREASE) INCREASE IN CASH (681) 1,040 359
CASH - BEGINNING OF PERIOD 1,040    
CASH - END OF PERIOD 359 1,040 359
Supplemental Disclosure:      
Cash Paid for Interest         
Cash Paid for Income Taxes         
Non-cash investing and financing activities:      
Debt discount related to convertible debentures 498,600 188,000 686,600
Issuance of shares for the settlement of debt $ 177,900 $ 34,732 $ 255,757