|
CONDENSED CONSOLIDATED BALANCE SHEET (USD $)
|
Jan. 31, 2012
|
Jul. 31, 2011
|
| Current Assets: |
|
|
| Cash |
$ 139,147 |
$ 900,883 |
| Accounts Receivable |
109,385 |
1,549,154 |
| Accounts Receivable (Government Incentives) |
821,677 |
3,344,919 |
| Inventory |
40,086 |
1,293,171 |
| Non-compete Agreement, net of accumulated amortization of $235,750 |
1,178,750 |
|
| Prepaid expenses (current portion) |
504,328 |
910,407 |
| Loan Receivable (related party) |
|
6,440 |
| Other Current Assets |
10,200 |
157,166 |
| Total current assets |
2,803,573 |
8,162,140 |
| Property, plant and equipment: |
|
|
| Mining claims, options, and development costs |
74,500 |
74,500 |
| Fixed Assets |
12,124,299 |
11,969,451 |
| Land |
515,900 |
515,900 |
| Oil and gas properties (full cost method) |
|
4,690,765 |
| Property, Plant and Equipment, Gross, Total |
12,714,699 |
17,250,616 |
| Less: accumulated depreciation, depletion and amortization |
(2,874,399) |
(3,092,503) |
| Net property, plant and equipment |
9,840,300 |
14,158,113 |
| Other assets: |
|
|
| License agreements, net of accumulated amortization. |
442,756 |
442,756 |
| Loan Receivable (related party) |
|
332,989 |
| Deposits |
10,850 |
|
| Prepaid expenses |
269,717 |
1,438,722 |
| Total Other Assets |
723,323 |
2,214,467 |
| Total assets |
13,367,196 |
24,534,720 |
| Current liabilities: |
|
|
| Accounts payable |
2,667,812 |
1,307,654 |
| Accrued expenses |
4,864,960 |
5,183,849 |
| Derivative liability |
281,184 |
|
| Customer Deposit Liability |
120,820 |
2,901,054 |
| Notes payable - current portion |
9,201,912 |
11,162,479 |
| Notes payable - related parties |
538,786 |
540,286 |
| Total current liabilities |
17,675,474 |
21,095,322 |
| Long-term liabilities: |
|
|
| Mortgage Note |
1,498,141 |
1,525,641 |
| Notes Payable, Other |
463,791 |
1,009,602 |
| Asset retirement obligation |
|
472,855 |
| Total long-term liabilities |
1,961,932 |
3,008,098 |
| STOCKHOLDERS' EQUITY: |
|
|
| Common stock of $.006 par value; authorized 150,000,000 shares; 40,763,569 and 34,905,136 issued and outstanding at January 31, 2012 and July 31,2011, respectively |
244,582 |
209,431 |
| Common stock, owed but not issued - 0 and 100,000 shares at January 31, 2012 and July 31, 2011, respectively |
|
600 |
| Paid-in capital |
25,404,412 |
21,977,786 |
| Retained deficit |
(29,919,204) |
(21,756,517) |
| Treasury Stock, 2,000,000 shares at January 31, 2012 |
(2,000,000) |
|
| Total stockholders' equity |
(6,270,210) |
431,300 |
| Total liabilities and stockholders' equity |
$ 13,367,196 |
$ 24,534,720 |