|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (25,307,122) |
$ (9,103,502) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation, amortization and depletion |
1,306,090 |
122,119 |
| Stock, warrants, and stock-based compensation and services |
6,510,113 |
2,592,091 |
| Accretion of reclamation liability |
114,124 |
70,455 |
| Deferred income taxes |
|
(76,081) |
| Amortization of debt discounts and issuance costs |
344,562 |
|
| Net change in fair value of derivatives |
399,856 |
(2,878,092) |
| Disposal of mineral properties |
14,169 |
|
| Changes in operating assets and liabilities, net of affects from acquisition: |
|
|
| Inventories |
(1,186,545) |
|
| Stockpiles and mineralized material on leach pads |
(2,085,296) |
|
| Prepaid expenses and other current assets |
(257,702) |
(133,248) |
| Other assets |
19,411 |
|
| Accounts payable |
1,683,760 |
35,596 |
| Accrued expenses |
678,565 |
(43,763) |
| NET CASH USED IN OPERATING ACTIVITIES |
(17,766,015) |
(9,414,425) |
| INVESTING ACTIVITIES: |
|
|
| Proceeds from maturity of available-for-sale securities |
1,470,348 |
3,664,889 |
| Purchase of available-for-sale securities |
|
(2,205,000) |
| Purchase of mineral rights and properties, plant and equipment |
(12,679,374) |
(3,202,077) |
| Acquisition of Gold Hill Hotel |
|
(500,000) |
| Change in reclamation bond deposit |
548,274 |
|
| NET CASH USED IN INVESTING ACTIVITIES |
(10,660,752) |
(2,242,188) |
| FINANCING ACTIVITIES: |
|
|
| Principal payments on long-term debt obligations |
(291,759) |
(769,130) |
| Proceeds from long-term debt obligations |
9,702,500 |
|
| Long-term debt obligation issuance costs |
(100,000) |
|
| Proceeds from the issuance of common stock, net |
15,812,173 |
|
| Common stock issuance costs |
(463,456) |
|
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
24,659,458 |
(769,130) |
| DECREASE IN CASH AND CASH EQUIVALENTS |
(3,767,309) |
(12,425,743) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
6,955,010 |
25,383,309 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
3,187,701 |
12,957,566 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
| Cash paid for income taxes |
|
|
| Cash paid for interest |
169,974 |
23,747 |
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Conversion of Series A-2 and Series B convertible preferred stock |
1,912 |
3,575 |
| Dividends paid in common stock (par value) |
1,430 |
783 |
| Issuance of common stock to directors |
|
996,250 |
| Additions to reclamation liability and retirement obligation asset |
2,405,314 |
|
| Reclamation bond deposit payable included in accrued expenses |
2,300,000 |
|
| Properties, plant and equipment purchases in accounts payable |
200,064 |
752,232 |
| Debt issuance costs deducted from proceeds of long-term debt obligations |
125,000 |
|
|
Acquisition of Property, Plant and Equipment [Member]
|
|
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Issuance of common stock |
444,699 |
|
| Issuance of long-term debt obligations |
2,801,125 |
44,059 |
|
Debt Obligation Payment [Member]
|
|
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Issuance of common stock |
50,000 |
|
|
Gold Hill Hotel Acquisition [Member]
|
|
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Issuance of long-term debt obligations |
|
$ 340,000 |