v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
9 Months Ended 88 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ (1,910,396) $ (5,608,504) $ (14,296,022)
Depreciation expense   44 9,260
Impairment of equipment     3,907
Issuance of stock for services 74,250 992,300 2,022,750
Amortization of debt discount 142,053 54,400 266,953
Change in fair value of derivative liability (10,372) (1,694,315) (1,045,005)
Non-cash Interest Expense (Income) 189,538 159,298 884,071
Issuance of stock for mine costs   377,500  
Loss on conversion of debt 465,843 4,730,000 5,555,156
Loss on deposit to acquire property     4,025,000
(Increase) Decrease in prepaid expenses 470,000 (300)  
Increase in Accounts Payable 243,991 458,931 1,065,077
Increase in Accrued interest payable 57,660 45,322 163,245
Increase in Payroll taxes payable     8,716
NET CASH USED IN OPERATING ACTIVITES (277,433) (485,324) (1,336,892)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property and equipment     (13,473)
Depository payment towards acquisition of iron ore mine   (100,000) (350,000)
Depository payment towards acquisition (159,000)   (159,000)
NET CASH USED IN INVESTING ACTIVITIES (159,000) (100,000) (522,473)
CASH FLOWS FROM FINANCING ACTIVITIES      
Cash Proceeds (repayment) from advances   (1,302) 6,000
Cash Proceeds from loans 55,000 86,000 378,900
Cash Proceeds, net of repayments, from issuance of convertible debentures 381,750 499,600 1,384,750
Issuance of common stock for cash     90,391
NET CASH PROVIDED BY FINANCING ACTIVITIES 436,750 584,298 1,860,041
(DECREASE) INCREASE IN CASH 317 (1,026) 676
CASH - BEGINNING OF PERIOD 359 1,040  
CASH - END OF PERIOD 676 14 676
Supplemental Disclosure:      
Cash Paid for Interest         
Cash Paid for Income Taxes         
Non-cash investing and financing activities:      
Debt discount related to convertible debentures $ 381,750 $ 443,600 $ 1,068,350
Issuance of common stock for the settlement of debt 2,751,565 226,383 3,007,322