v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 85 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ (2,706,036) $ (4,809,860) $ (15,091,662)
Depreciation expense   44 9,260
Impairment of equipment     3,907
Issuance of stock for services   282,500 1,948,500
Amortization of debt discount 103,500 43,400 228,400
Change in fair value of derivative liability 1,379,184 (1,473,200) 344,551
Non-cash Interest Expense 189,538   884,071
Issuance of stock for mine costs   377,500  
Loss on debt conversion 189,500 4,730,000 5,278,813
Loss on deposit to acquire property     4,025,000
(Increase) Decrease in prepaid expenses 470,000 (27,800)  
Increase in Accounts Payable 207,199 398,084 1,028,285
Increase in Accrued interest payable 42,242 25,425 147,827
Increase in Payroll taxes payable     8,716
NET CASH USED IN OPERATING ACTIVITES (124,873) (453,907) (1,184,332)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property and equipment     (13,473)
Depository payment towards acquisition of iron ore mine   (100,000) (350,000)
NET CASH USED IN INVESTING ACTIVITIES   (100,000) (363,473)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash Proceeds (repayment) from advances   (802) 6,000
Cash Proceeds (repayment) from loans (20,000) 21,000 303,900
Cash Proceeds, net of repayments, from issuance of convertible debentures 145,000 532,683 1,148,000
Issuance of common stock for cash     90,391
NET CASH PROVIDED BY FINANCING ACTIVITIES 125,000 552,881 1,548,291
(DECREASE) INCREASE IN CASH 127 (1,026) 486
CASH - BEGINNING OF PERIOD 359 1,040  
CASH - END OF PERIOD 486 14 486
Supplemental Disclosure:      
Cash Paid for Interest         
Cash Paid for Income Taxes         
Non-cash investing and financing activities:      
Debt discount related to convertible debentures $ 145,000 $ 382,100 $ 831,600
Issuance of common stock for the settlement of debt 33,000 226,383 288,757