|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
|
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
| REVENUE | ||||
| Revenue - Hospitality | $ 182,792 | $ 179,071 | $ 477,037 | $ 299,246 |
| COSTS AND EXPENSES | ||||
| Hospitality operating costs | 200,457 | 219,159 | 543,227 | 319,154 |
| Depreciation and amortization | 321,395 | 54,837 | 910,408 | 122,119 |
| Reclamation and exploration expenses | 4,095,553 | 2,256,590 | 13,809,831 | 7,492,079 |
| General and administrative | 2,494,662 | 1,007,832 | 7,412,880 | 3,302,356 |
| Consultants and professional fees | 876,603 | 273,461 | 2,320,606 | 1,147,698 |
| Total costs and expenses | 7,988,670 | 3,811,879 | 24,996,952 | 12,383,406 |
| LOSS FROM OPERATIONS | (7,805,878) | (3,632,808) | (24,519,915) | (12,084,160) |
| OTHER INCOME (EXPENSE) | ||||
| Change in fair value of derivatives | (884,556) | 1,661,584 | (399,856) | 2,878,092 |
| Interest expense | (332,286) | (14,494) | (430,234) | (38,869) |
| Interest income | 2,171 | 11,304 | 16,513 | 65,354 |
| Other | 26,370 | 26,370 | ||
| Total other income (expense), net | (1,188,301) | 1,658,394 | (787,207) | 2,904,577 |
| LOSS BEFORE INCOME TAXES | (25,307,122) | (9,179,583) | ||
| INCOME TAX BENEFIT | 76,081 | |||
| NET LOSS | (8,994,179) | (1,974,414) | (25,307,122) | (9,103,502) |
| DIVIDENDS ON CONVERTIBLE PREFERRED STOCK | (1,092,513) | (1,156,150) | (3,300,788) | (3,585,929) |
| NET LOSS AVAILABLE TO COMMON SHAREHOLDERS | $ (10,086,692) | $ (3,130,564) | $ (28,607,910) | $ (12,689,431) |
| Net loss per common share - basic | $ (0.24) | $ (0.12) | $ (0.74) | $ (0.54) |
| Net loss per common share - diluted | $ (0.24) | $ (0.12) | $ (0.74) | $ (0.54) |
| Weighted average common shares outstanding - basic | 41,562,121 | 25,306,243 | 38,622,647 | 23,400,424 |
| Weighted average common shares outstanding - diluted | 41,562,121 | 25,306,243 | 38,622,647 | 23,400,424 |