CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
6 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
| OPERATING ACTIVITIES: |
|
|
| Net income (loss) |
$ (220,332)
|
$ (7,213,566)
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Depreciation, amortization and depletion |
3,836,092
|
3,299,133
|
| Stock payments and stock-based compensation |
44,400
|
1,193,265
|
| Accretion of reclamation liability |
130,653
|
171,943
|
| (Gain) loss on sale of properties, plant, and equipment |
77,579
|
45,499
|
| Amortization of debt discounts and issuance costs |
315,735
|
300,924
|
| Net change in fair values of derivatives |
74,271
|
279,170
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
263,453
|
(190,086)
|
| Inventories |
83,511
|
83,833
|
| Stockpiles and mineralized material on leach pads |
(105,213)
|
(62,530)
|
| Prepaid expenses |
(690,599)
|
(213,291)
|
| Other assets |
12,941
|
12,939
|
| Accounts payable |
(625,432)
|
191,462
|
| Accrued expenses |
(2,828,946)
|
(180,049)
|
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
368,113
|
(2,281,354)
|
| INVESTING ACTIVITIES: |
|
|
| Proceeds from sale of properties, plant and equipment |
117,065
|
155,120
|
| Purchase of mineral rights and properties, plant and equipment |
(3,750,271)
|
(1,450,794)
|
| Increase in reclamation bond deposit |
(100,000)
|
(600,000)
|
| NET CASH USED IN INVESTING ACTIVITIES |
(3,733,206)
|
(1,895,674)
|
| FINANCING ACTIVITIES: |
|
|
| Principal payments on long-term debt and capital lease obligations |
(4,579,697)
|
(1,529,648)
|
| Proceeds from long-term debt obligations |
9,419,392
|
4,626,289
|
| Proceeds from the issuance of common stock |
0
|
10,993,283
|
| Common stock issuance costs |
0
|
(96,049)
|
| NET CASH PROVIDED BY FINANCING ACTIVITIES |
4,839,695
|
13,993,875
|
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
1,474,602
|
9,816,847
|
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
5,308,804
|
2,409,446
|
| CASH AND CASH EQUIVALENTS, END OF PERIOD |
6,783,406
|
12,226,293
|
| SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
| Cash paid for interest |
507,592
|
375,389
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Conversion of convertible preferred stock to common stock (par value) |
0
|
1
|
| Reclamation bond deposit included in accrued expenses and other liabilities |
0
|
973,982
|
| Additions to reclamation liability and retirement obligation asset |
659,295
|
0
|
| Issuance of common stock for properties, plant and equipment |
16,049
|
0
|
| Dividends paid in common stock (par value) |
1,723
|
767
|
| Issuance of long-term debt obligations for purchase of mineral rights and properties, plant and equipment |
197,515
|
1,314,644
|
| Vested restricted common stock (par value) |
40
|
517
|
| Properties, plant and equipment purchases in accounts payable |
$ 42,693
|
$ 87,060
|