| Segment Information |
NOTE 18 – SEGMENT INFORMATION
The Company operates in one business segment being the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico and Gabon, Africa.
Geographic information is approximately as follows:
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Period from |
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November 8, |
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1993 |
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For the Three Months Ended |
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For the Six Months Ended |
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(Inception) To |
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April 30, |
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April 30, |
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April 30, |
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2012 |
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2011 |
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2012 |
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2011 |
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2012 |
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| Net (loss) income for |
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| the period |
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| Mexico |
$ |
(2,300,000 |
) |
$ |
408,000 |
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$ |
(4,817,000 |
) |
$ |
1,000 |
|
$ |
(42,362,000 |
) |
| Canada |
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(746,000 |
) |
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(2,041,000 |
) |
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(1,599,000 |
) |
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(2,043,000 |
) |
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(2,884,000 |
) |
| Gabon |
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(350,000 |
) |
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56,000 |
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(574,000 |
) |
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23,000 |
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(868,000 |
) |
| United States |
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- |
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- |
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- |
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(1,169,000 |
) |
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(34,309,000 |
) |
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$ |
(3,396,000 |
) |
$ |
(1,577,000 |
) |
$ |
(6,990,000 |
) |
$ |
(3,188,000 |
) |
$ |
(80,423,000 |
) |
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Period from |
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November 8, |
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1993 |
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For the Three Months Ended |
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For the Six Months Ended |
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(Inception) To |
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April 30, |
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April 30, |
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April 30, |
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2012 |
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2011 |
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2012 |
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2011 |
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2012 |
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| Exploration and |
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| property holding costs |
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| for the period |
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| Mexico |
$ |
(3,350,000 |
) |
$ |
(2,015,000 |
) |
$ |
(5,845,000 |
) |
$ |
(3,100,000 |
) |
$ |
(42,872,000 |
) |
| Gabon |
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(374,000 |
) |
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(69,000 |
) |
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(431,000 |
) |
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(84,000 |
) |
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(733,000 |
) |
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$ |
(3,724,000 |
) |
$ |
(2,084,000 |
) |
$ |
(6,276,000 |
) |
$ |
(3,184,000 |
) |
$ |
(43,605,000 |
) |
The following table details allocation of assets included in the accompanying balance sheet at April 30, 2012:
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United |
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States |
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Canada |
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Mexico |
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Gabon |
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Total |
| Cash and cash equivalents |
$ |
246,000 |
$ |
6,231,000 |
$ |
60,000 |
$ |
22,000 |
$ |
6,559,000 |
| Restricted cash |
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- |
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- |
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- |
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44,000 |
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44,000 |
| Value-added tax receivable, net |
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- |
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- |
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2,113,000 |
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- |
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2,113,000 |
| Other receivables |
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- |
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150,000 |
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9,000 |
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7,000 |
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166,000 |
| Prepaid expenses and income |
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| taxes and deposits |
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- |
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201,000 |
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138,000 |
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339,000 |
| Mining concessions |
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- |
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5,597,000 |
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3,913,000 |
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9,510,000 |
| Office and mining equipment, |
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| net |
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5,000 |
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715,000 |
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10,000 |
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730,000 |
| Value-added tax receivable, net |
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| long term |
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- |
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- |
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- |
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476,000 |
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476,000 |
| Goodwill |
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- |
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18,495,000 |
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18,495,000 |
| Other assets |
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- |
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41,000 |
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- |
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16,000 |
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57,000 |
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$ |
246,000 |
$ |
6,628,000 |
$ |
27,127,000 |
$ |
4,488,000 |
$ |
38,489,000 |
The following table details allocation of assets included in the accompanying balance sheet at October 31, 2011:
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United |
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States |
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Canada |
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Mexico |
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Gabon |
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Total |
| Cash and cash equivalents |
$ |
40,000 |
$ |
4,160,000 |
$ |
18,000 |
$ |
21,000 |
$ |
4,239,000 |
| Restricted cash |
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77,000 |
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77,000 |
| Other receivables |
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- |
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72,000 |
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9,000 |
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- |
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81,000 |
| Prepaid expenses and income |
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| taxes and deposits |
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- |
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100,000 |
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150,000 |
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250,000 |
| Mining concessions |
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4,847,000 |
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4,500,000 |
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9,347,000 |
| Office and mining equipment, |
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| net |
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7,000 |
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764,000 |
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14,000 |
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785,000 |
| Value-added tax receivable, net |
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- |
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- |
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1,278,000 |
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549,000 |
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1,827,000 |
| Goodwill |
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- |
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18,495,000 |
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- |
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18,495,000 |
| Other assets |
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- |
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95,000 |
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- |
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18,000 |
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113,000 |
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$ |
40,000 |
$ |
4,434,000 |
$ |
25,561,000 |
$ |
5,179,000 |
$ |
35,214,000 |
The Company has significant assets in Coahuila, Mexico and Gabon, Africa. Although these countries are generally considered economically stable, it is always possible that unanticipated events in foreign countries could disrupt the Company's operations. Neither the Mexican government nor the Gabonese government requires foreign entities to maintain cash reserves in their respective country.
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