v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended 76 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Loss $ (5,608,504) $ (203,183) $ (7,737,837)
Depreciation expense 44 1,398 9,260
Impairment of equipment     3,907
Issuance of stock for services 404,500   524,500
Amortization of debt discount 54,400 37,300 98,000
Change in fair value of derivative liability (1,694,315) (88,600) (1,048,715)
Interest Expense 159,298 61,000 698,298
Issuance of stock for mine costs 377,500   377,500
Issuance of stock for consulting fees 587,800   587,800
Loss on debt conversion 4,730,000   4,730,000
Decrease (increase) in prepaid expenses (300)   (300)
(Increase) Decrease in Accounts Payable 458,931 13,500 682,121
(Increase) Decrease in NJ Corporate Business Tax   1,500  
(Increase) Decrease in Accrued interest payable 45,322 5,148 82,347
Payroll taxes payable     8,716
NET CASH USED IN OPERATING ACTIVITES (485,324) (171,937) (984,404)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property and equipment     (13,473)
Depository payment towards acquisition of iron ore mine (100,000) (250,000) (350,000)
NET CASH USED IN INVESTING ACTIVITIES (100,000) (250,000) (363,473)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash overdraft   (317)  
Repayment of advances   (3,146) (1,844)
Cash Proceeds from advances (1,302)   7,844
Cash Proceeds from loans 86,000 150,000 303,900
Cash Proceeds, net of repayments, from issuance of convertible debentures 499,600 288,000 947,600
Issuance of common stock for cash     90,391
NET CASH PROVIDED BY FINANCING ACTIVITIES 584,298 434,537 1,347,891
(DECREASE) INCREASE IN CASH (1,026) 12,600 14
CASH - BEGINNING OF PERIOD 1,040    
CASH - END OF PERIOD 14 12,600 14
Supplemental Disclosure:      
Cash Paid for Interest         
Cash Paid for Income Taxes         
Non-cash investing and financing activities:      
Debt discount related to convertible debentures 443,600 38,000 631,600
Conversion of accrued interest to principal   3,156  
Issuance of shares for the settlement of debt $ 226,383   $ 304,240