Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 11, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | GOLDEN PHOENIX MINERALS INC | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Entity Central Index Key | 1,042,784 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 456,770,907 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, State Country Name | Nevada | |
Trading Symbol | gpxm |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 244,837 | $ 642,990 |
Prepaid expenses and other current assets | 32,001 | 12,991 |
Deposits | 190,000 | |
Marketable securities | 21,643 | 65,999 |
Total current assets | 298,481 | 911,980 |
Other assets | 76 | |
Total assets | 298,481 | 912,056 |
Current liabilities: | ||
Accounts payable | 443,751 | 560,674 |
Accrued liabilities | 304,744 | 377,596 |
Notes payable | 913,223 | 1,353,223 |
Total current liabilities | $ 1,661,718 | $ 2,291,493 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock, no par value, 50,000,000 shares authorized, none issued | ||
Common stock; $0.001 par value, 800,000,000 shares authorized, 456,770,907 and 456,773,907 shares issued and outstanding, respectively | $ 456,771 | $ 456,774 |
Additional paid-in capital | 58,877,976 | 58,877,973 |
Treasury stock, 415,392 shares at cost | (49,008) | (49,008) |
Accumulated other comprehensive loss | (93,895) | (38,680) |
Accumulated deficit | (60,555,081) | (60,626,496) |
Total stockholders' deficit | (1,363,237) | (1,379,437) |
Total liabilities and stockholders' deficit | $ 298,481 | $ 912,056 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Parenthetical - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets Parenthetical | ||
Preferred stock par value | ||
Preferred stock shares authorized | 50,000,000 | 50,000,000 |
Preferred stock shares issued | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 800,000,000 | 800,000,000 |
Common stock shares issued | 456,770,907 | 456,773,907 |
Common stock shares outstanding | 456,770,907 | 456,773,907 |
Treasury stock shares | 415,392 | 415,392 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | ||||
Revenues | ||||
Operating costs and expenses: | ||||
Exploration and evaluation expenses | $ 85,066 | $ 117,566 | ||
General and administrative expenses | $ 263,235 | 149,085 | $ 407,413 | 276,539 |
Depreciation and amortization expense | 228 | 76 | 456 | |
Total operating costs and expenses | 263,235 | 234,379 | 407,489 | 394,561 |
Loss from operations | (263,235) | (234,379) | (407,489) | (394,561) |
Other income (expense): | ||||
Interest and other income | 34 | 211 | 125 | 211 |
Foreign currency gain (loss) | 6,201 | (7,346) | 25,579 | 807 |
Gain on extinguishment of debt | 452,000 | 313,043 | 453,200 | 816,108 |
Interest expense | (1,976) | (45,282) | ||
Loss on derivative liability | (445,881) | |||
Gain on disposition of assets | 2,260,349 | 2,509,885 | ||
Total other income (expense) | 458,235 | 2,564,281 | 478,904 | 2,835,848 |
Income before income taxes | $ 195,000 | $ 2,329,902 | $ 71,415 | $ 2,441,287 |
Provision for income taxes | ||||
Net income | $ 195,000 | $ 2,329,902 | $ 71,415 | $ 2,441,287 |
Other comprehensive loss - unrealized loss on marketable securities | (30,105) | (55,215) | ||
Total comprehensive income | $ 164,895 | $ 2,329,902 | $ 16,200 | $ 2,441,287 |
Income per common share: | ||||
Income per common share: Basic | $ 0 | $ 0.01 | $ 0 | $ 0.01 |
Income per common share: Diluted | $ 0 | $ 0.01 | $ 0 | $ 0.01 |
Weighted average number of common shares outstanding: | ||||
Weighted average number of common shares outstanding: Basic | 456,355,515 | 451,298,074 | 456,355,614 | 442,741,935 |
Weighted average number of common shares outstanding: Diluted | 456,355,515 | 455,790,382 | 456,355,614 | 447,747,649 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 71,415 | $ 2,441,287 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization expense | 76 | 456 |
Foreign currency gain | (10,859) | |
Gain on extinguishment of debt | (453,200) | (816,108) |
Common stock issued for exploration and evaluation expenses | 35,300 | |
Common stock issued for services | 5,250 | |
Amortization of debt issuance costs to interest expense | 4,719 | |
Amortization of debt discount to interest expense | 12,626 | |
Loss on derivative liability | 445,881 | |
Gain on disposition of assets | (2,509,885) | |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expenses and other current assets | (19,010) | (215,413) |
Decrease in deposits | 190,000 | |
Increase (decrease) in accounts payable | (115,723) | (364,158) |
Increase (decrease) in accrued liabilities | (60,852) | (137,012) |
Net cash used in operating activities | (398,153) | (1,097,057) |
Cash flows from investing activities: | ||
Proceeds from the disposition of assets, net of fees and costs | 2,478,885 | |
Net cash provided by investing activities | 2,478,885 | |
Cash flows from financing activities: | ||
Proceeds from the issuance of common stock | 10,000 | |
Payments of notes payable | (59,075) | |
Net cash used in financing activities | (49,075) | |
Net increase (decrease) in cash | (398,153) | 1,332,753 |
Cash, beginning of the period | 642,990 | 4,925 |
Cash, end of the period | $ 244,837 | $ 1,337,678 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 1 - Description of Business and Basis of Financial Statement Presentation | NOTE 1 DESCRIPTION OF BUSINESS AND BASIS OF FINANCIAL STATEMENT PRESENTATION Golden Phoenix Minerals, Inc. (the Company or Golden Phoenix) is a mineral exploration and development company engaged in acquiring mineral properties with potential production and future growth through exploration discoveries. Pending requisite funding, our current growth strategy is focused on the expansion of our operations through the development of mineral properties into joint ventures or royalty mining projects. Our current efforts are focused on our properties in Nevada. The Company was formed in Minnesota on June 2, 1997 and reincorporated in the State of Nevada in May 2008. The accompanying condensed consolidated financial statements include the accounts of the Company and of Ra Minerals, Inc. (Ra Minerals), a wholly owned subsidiary. All intercompany accounts and balances have been eliminated in consolidation. The interim financial information of the Company as of June 30, 2015 and for the three months and six months ended June 30, 2015 and 2014 is unaudited, and the balance sheet as of December 31, 2014 is derived from audited financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense notes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 2 to the Notes to Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the three months and six months ended June 30, 2015 are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2015. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. Certain amounts in the condensed consolidated financial statements for the three months and six months ended June 30, 2014 have been reclassified to conform to the current period presentation. |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 2 - Going Concern | NOTE 2 GOING CONCERN Our condensed consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, we have a history of operating losses since our inception in 1997, and have an accumulated deficit of $60,555,081 and a total stockholders deficit of $1,363,237 at June 30, 2015. We currently have no operating revenues. During 2014, we completed the sale of our 10% ownership interest in the Santa Rosa, Panama gold project for $US 2,600,000 As more fully described in these Notes to Condensed Consolidated Financial Statements and elsewhere in this quarterly report, we have entered into options and agreements for the acquisition and development of our Nevada mineral properties. None of these mineral properties currently have reserves. We believe we will be required to raise significant additional capital to fund our operations and to complete the acquisition of the interests in and further the exploration, evaluation and development of our existing mineral properties and other prospects. There can be no assurance that we will be successful in raising the required capital at favorable rates or at all, or that any of these mineral properties will ultimately attain a successful level of operations. If we are unable to raise sufficient capital to meet our current obligations, we may be forced to further reduce or terminate operations and file for reorganization or liquidation under the bankruptcy laws. These factors and our negative working capital position together raise substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Note 3 - Mineral Properties
Note 3 - Mineral Properties | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 3 - Mineral Properties | NOTE 3 MINERAL PROPERTIES Our current efforts are focused on our mining properties in Nevada. These properties are early exploration stage and we have not developed any future exploration plans due to the lack of funding. We have entered into an agreement to acquire an 80% interest in the Mhakari Properties, which include the Vanderbilt Silver and Gold Project, the Coyote Fault Gold and Silver Project, and Galena Flat Gold Project, and claims that are an extension to the Coyote Fault property, all located adjacent to the producing Mineral Ridge property near Silver Peak, Nevada. In addition, we entered into an agreement to acquire the rights to the North Springs properties consisting of 16 unpatented lode mining claims in three claim blocks on BLM lands in Esmeralda County, Nevada, also located near the Mineral Ridge property. Mhakari Properties The Mhakari properties are all in early stage exploration and do not contain any reserves. Of the three properties held under the Mhakari Option Agreement, the Vanderbilt and Coyote Fault properties have been those where we have performed exploration activities consisting of sampling and mapping. Because the three properties are exploration in nature, there is no infrastructure established. Vanderbilt The Vanderbilt property is located within 4 miles of the town of Silver Peak, Nevada and highway 265 via Coyote Road. It is comprised of 44 claims, plus 3 patented claims for a total of 900 acres and is located on the southern flank of Mineral Ridge within the Silver Peak Range. The Vanderbilt property is within the middle of the Walker Lane tectonic belt with the Sierra uplift to the west and the Basin and Range to the east. Phase I geologic mapping and outcrop sampling (above ground) was completed in October 2010, resulting in average grades of 2.1 g/t gold and 58.6 g/t silver. A Phase II exploration program (below ground) in the old mine workings was commenced during the first quarter of 2011 to help identify drill targets, with an exploratory drill program expected to begin as funding is obtained and the Company receives permits from the BLM. Coyote Fault/Coyote Fault Extension The Coyote Fault/Coyote Fault Extension claim block is within nine miles of Silver Peak, Nevada and Hwy 265 via Coyote Road. The property consists of 110 contiguous unpatented mining claims having a total of 2,200 acres, and is also located within the middle of the Walker Lane tectonic belt with the Sierra uplift to the west and the Basin and Range to the east. The property is on the northern flank of Mineral Ridge and is along the eastern edge of the Silver Peak Range. Phase 1 geologic mapping and outcrop sampling (above ground) was completed on the Coyote Fault claim group in December 2010, which identified a new potential gold exploration target. No further exploration plans have been developed at this time. Galena Flat The Galena Flat claims are found about 4 miles from Silver Peak, Nevada and can be accessed by dirt road from the historic town site of Blair off of State Highway 265. The project is in early stage exploration and consists of 24 unpatented lode mining claims for a total of 480 acres. Very little exploration work has been conducted on the Galena Flat Project. No sampling or mapping has been conducted, and no further exploration plans have been developed at this time. Amended and Restated Option Agreement On February 26, 2013, we entered into an Amended and Restated Option Agreement with Mhakari Gold (Nevada) Inc. (Mhakari) with respect to the Mhakari Properties, which terminated all rights and obligations under prior agreements and restated the parties agreement with respect to each of the Mhakari Properties. Mhakari granted us an option to acquire up to an undivided 80% interest in the Mhakari Properties for the following consideration to be paid by us to Mhakari: Cash payments: $25,500, payable $20,000 upon execution of the agreement and $5,500 within 60 days thereafter; $20,000 payable on the 3 month anniversary of the agreement; $15,000 on the 6 month and 9 month anniversary of the agreement; and $50,000 on the 15 month anniversary of the agreement. Equity payments: 8,000,000 shares of our common stock upon the execution of the agreement; an additional 7,000,000 shares of our common stock on the 4 month anniversary of the agreement; and an additional 5,000,000 shares on the 12 month anniversary of the agreement. Work commitment: $500,000 in exploration and development expenditures on the Mhakari Properties within 18 months of the date of the agreement; an additional $500,000 in exploration and development expenditures between 18 months and 30 months from the date of the agreement; with no less than $2,000,000 in exploration and development expenditures in the aggregate within 48 months from the date of the agreement. Inclusive in this work commitment, we are to earmark no less than $10,000 per contract year for 4 years to enhancing safety on the Mhakari Properties. Upon satisfying the consideration payable under the agreement, we shall receive an 80% undivided interest in the Mhakari Properties and the parties shall enter into a joint venture to further develop the Mhakari Properties, with us retaining an 80% interest in the joint venture. In the event that we fail to satisfy the entire purchase price by completing all cash, equity and work commitment payments within the required time frames, the agreement will be deemed to have been terminated and all payments made to date will be forfeited to Mhakari with no interest earned by us in the Mhakari Properties. As of the date of filing this report, we have met the cash payments and equity payments obligations but were not current on the work commitment obligations. We are currently in discussions with Mhakari and anticipate reaching an agreement on a revised work commitment schedule and beginning our work commitment in the near future as funding permits. North Springs Properties The North Springs Properties consist of a large, bulk-tonnage and a high-grade vein-shear hosted gold system located along the western margin of the Mineral Ridge Mining District, approximately 8 miles west of the town of Silver Peak and 3 miles west of the Mineral Ridge open pit and underground mines. This property consists of 16 unpatented lode mining claims comprised of 320 acres. Both the North Springs Properties and the Mineral Ridge deposits are situated along a regional northwest trending, large anticline known as the Mineral Ridge Metamorphic Core Complex. This complex contains extensive high-grade gold veins (52 miles of underground workings on low-angle veins) and stacked, low angle, shear zones, which has been open pit mined in several deposits. The North Springs Properties occupies very similar geology, alteration and mineralization, geochemistry and structural setting to the Mineral Ridge deposits. Sampling to date has identified gold mineralization up to 0.8 ounces per ton from surface workings. The North Springs Properties contain several untested gold targets that include open-pit, disseminated mineralization and high-grade shear zones and feeder veins, such as those that have been mined by several mining companies at the nearby Mineral Ridge deposits. We plan exploration activities on the North Springs Properties in the near future as funding permits. Exploration and Mining Lease with Options to Purchase Agreement Under the terms of an Exploration and Mining Lease with Options to Purchase Agreement effective June 17, 2013 (the North Springs Agreement), we acquired the rights to the 16 unpatented lode mining claims comprising the North Springs Properties on BLM lands in Esmeralda County, Nevada, located near the operating Mineral Ridge gold project. As required by the North Springs Agreement, we made advance royalty payments of $5,000 cash in June 2013 and issued 1,000,000 shares of our common stock in July 2013. We are further obligated to make the following payments under the terms of the North Springs Agreement: Date Cash Payment Common Share Payment First Anniversary of Effective Date $10,000 1,000,000 shares Second Anniversary of Effective Date $15,000 1,000,000 shares Third Anniversary of Effective Date $20,000 1,000,000 shares Fourth Anniversary of Effective Date $25,000 1,000,000 shares Fifth Anniversary of Effective Date $30,000 Six through Tenth Anniversary of Effective Date $50,000 Eleventh through Fifteenth Anniversary of Effective Date $75,000 Sixteenth and Each Subsequent Anniversary of Effective Date $100,000 We are current on our obligations under the North Springs Agreement. Subject to prior termination, the term of the North Springs Agreement shall be for a period of twenty years commencing on the effective date. The Company is obligated to pay a production royalty equal to three percent of the Net Smelter Returns (NSR) from the production or sale of minerals from the North Springs Properties and meet defined minimum annual work commitments ranging from $10,000 in the first year to $100,000 beginning in the fifth year and thereafter. |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 4 - Marketable Securities | NOTE 4 MARKETABLE SECURITIES In October 2014, we participated in a private placement in Ximen Mining Corp. (Ximen), a Canadian publicly listed mineral exploration company, with an investment of $124,000. We purchased 450,000 units consisting of one common share and one non-transferable warrant entitling us to purchase one further common share of Ximen at an exercise price of $0.40 per warrant share for a period of two years. Ximen is focused on the exploration and development of gold projects in southern British Columbia and currently has a 100% interest in two properties: the Gold Drop Project and the Brett Gold Project. These marketable securities were recorded at market value, with market value based on market quotes. We classified these marketable securities as securities held-for-sale in accordance with ASC Topic 320, Investments Debt and Equity Securities |
Note 5 - Accrued Liabilities
Note 5 - Accrued Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 5 - Accrued Liabilities | NOTE 5 ACCRUED LIABILITIES Accrued liabilities consisted of the following at: June 30, 2015 December 31, 2014 Accrued payroll and related $ 17,500 $ 17,500 Liabilities assumed in Ra Minerals acquisition 142,244 153,096 Legal and consulting fees 145,000 145,000 Put option liability - 50,000 Other - 12,000 $ 304,744 $ 377,596 |
Note 6 - Notes Payable
Note 6 - Notes Payable | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 6 - Notes Payable | NOTE 6 NOTES PAYABLE Our notes payable consisted of the following at: June 30, 2015 December 31, 2014 Convertible notes payable to SV, non-interest bearing, payable September 30, 2012, currently in default $ 500,000 $ 500,000 Convertible note payable to SV, non-interest bearing, payable September 30, 2012, currently in default 413,223 413,223 Note payable to Pinnacle, extinguished in arbitration proceedings - 190,000 Convertible note payable to Pinnacle, extinguished in arbitration proceedings - 250,000 $ 913,223 $ 1,353,223 The two convertible notes payable to Sala-Valc S.A.C., a Peruvian corporation (SV), resulted from an Amendment to Mining Asset Purchase and Strategic Alliance Agreement related to mineral properties in Peru. The parties involved in the mineral property projects in Peru were not able to finalize the transfer agreements to be filed with Peruvian governmental authorities to affect the transfer to us of the mineral properties in Peru. Therefore, we have discontinued our efforts in Peru and contend nothing further is payable by us under these promissory notes. The ultimate disposition of the convertible notes payable to SV is dependent on our resolution of our dispute with SV and of the related legal action discussed in Note 12. We are currently unable to predict the ultimate outcome of these matters. The two notes payable to Pinnacle Minerals Corporation (Pinnacle) resulted from an Amendment to Membership Interest Purchase Agreement whereby we purchased Pinnacles membership interest in Molyco, LLC, which owned or controlled portions of mineral properties in Peru. Pinnacle initiated legal action against the Company related to these unpaid obligations and the parties submitted the dispute to binding arbitration. The arbitration proceedings were completed, and on June 4, 2015, the arbitrator ruled in favor of the Company and denied the claims of Pinnacle (see Note 12). Therefore, the two notes payable to Pinnacle have been eliminated and a gain on extinguishment of debt totaling $440,000 was recorded in our condensed consolidated financial statements for the three months and six months ended June 30, 2015. |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 7 - Stockholders' Equity | NOTE 7 STOCKHOLDERS DEFICIT We have 50,000,000 shares of no par value, non-voting convertible preferred stock authorized. As of June 30, 2015 and December 31, 2014, there were no shares of preferred stock outstanding. We also have 800,000,000 shares of $0.001 par value common stock authorized. During the six months ended June 30, 2015, we cancelled 3,000 shares of our common stock, reducing common stock and increasing additional paid-in capital by $3 for the par value of the stock. During the six months ended June 30, 2014, we issued a total of 55,691,614 shares of our common stock: 37,191,614 shares valued at $67,276 for conversion of debt; 6,000,000 shares valued at $35,300 for exploration and evaluation expenses pursuant to our mineral property option agreements (Note 3); 5,000,000 shares for cash of $10,000; 6,000,000 shares valued at $21,600 for accrued liabilities; and 1,500,000 shares valued at $5,250 for contract services of officers and directors. As of June 30, 2015 and December 31, 2014, we had 415,392 shares of our common stock acquired in a previous stock repurchase program that are recorded as treasury shares at a cost of $49,008. |
Note 8 - Stock Warrants
Note 8 - Stock Warrants | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 8 - Stock Warrants | NOTE 8 STOCK WARRANTS We have issued warrants to purchase shares of our common stock in connection with equity financing agreements and pursuant to certain consulting agreements. A summary of the status of our stock warrants as of June 30, 2015 and changes during the six months then ended is presented below: Weighted Average Shares Exercise Price Outstanding, December 31, 2014 19,650,000 $ 0.043 Granted - Canceled / Expired - Exercised - Outstanding, vested and exercisable, June 30, 2015 19,650,000 $ 0.043 The following summarizes the exercise price per share and expiration date of our outstanding warrants to purchase common stock at June 30, 2015: Expiration Date Price Number 2015 $ 0.05 4,000,000 2017 $ 0.06 2,500,000 2017 $ 0.04 4,000,000 2017 $ 0.08 4,000,000 2017 $ 0.05 150,000 2019 $ 0.003 5,000,000 19,650,000 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 9 - Stock-based Compensation | NOTE 9 STOCK-BASED COMPENSATION We account for stock-based compensation in accordance with ASC Topic 718, Compensation Stock Compensation. The following table summarizes the stock option activity during the six months ended June 30, 2015: Options Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value Outstanding at December 31, 2014 3,300,000 $ 0.08 Granted - Exercised - Expired or cancelled (100,000) $ 0.05 Outstanding, vested and exercisable at June 30, 2015 3,200,000 $ 0.08 1.69 $ - The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on our closing stock price of $0.0023 as of June 30, 2015 that would have been received by the holders of in-the-money options had the option holders exercised their options as of that date. As of June 30, 2015, there was no future compensation cost related to non-vested stock-based awards not yet recognized in our condensed consolidated statements of operations and comprehensive loss. |
Note 10- Earnings (loss) Per Sh
Note 10- Earnings (loss) Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 10- Earnings (loss) Per Share | NOTE 10 EARNINGS (LOSS) PER SHARE The computation of basic earnings (loss) per common share is based on the weighted average number of shares outstanding during the period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the weighted average common stock equivalents which would arise from the exercise of stock options, warrants and rights outstanding using the treasury stock method and the average market price per share during the period. The shares used in the computation of our basic and diluted earnings per share are reconciled as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted average number of shares outstanding - basic 456,355,515 451,298,074 456,355,614 442,741,935 Dilutive effect of stock options and warrants - 4,492,308 - 5,005,714 Weighted average number of shares outstanding - diluted 456,355,515 455,790,382 456,355,614 447,747,649 As of June 30, 2015, we had outstanding options and warrants to purchase a total of 22,850,000 common shares that could have a future dilutive effect on the calculation of earnings per share. |
Note 11 - Consulting Agreements
Note 11 - Consulting Agreements | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 11 - Consulting Agreements | NOTE 11 COMPENSATION AGREEMENTS Donald B. Gunn On December 7, 2011, we entered into a Consulting Agreement (the Gunn Consulting Agreement) with Donald Gunn, whereby Mr. Gunn is to provide services to the Company in his role as President of the Company. Mr. Gunn was appointed President of the Company effective March 15, 2011. Pursuant to the Gunn Consulting Agreement, the Company currently compensates Mr. Gunn at $9,000 per month. Dennis P. Gauger Pursuant to an Independent Contractor Agreement dated January 17, 2013, we currently compensate Dennis Gauger, our Chief Financial Officer, at $5,000 per month. Board of Directors We currently compensate the members of our Board of Directors at $1,000 per month. |
Note 12 - Legal Matters
Note 12 - Legal Matters | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 12 - Legal Matters | NOTE 12 LEGAL MATTERS On May 22, 2013, Pinnacle Minerals Corporation, a Florida corporation (Pinnacle), sued the Company, seeking payments allegedly due on two promissory notes issued in connection with a membership interest purchase agreement entered into as of March 7, 2011, relating to a Peruvian mining venture. The case was filed in the United States District Court for the District of Nevada, as Pinnacle Minerals Corporation v. Golden Phoenix Minerals, Inc., Case number 2:13 CV 00915 MMD NJK. The Company filed a motion to stay the litigation and compel arbitration, pursuant to a provision of the subject purchase agreement. Based on negotiations, and agreement and stipulation between the parties, this case was dismissed on July 22, 2013. The parties submitted the dispute to binding arbitration in Reno, Nevada. The arbitration proceedings were completed, and on June 4, 2015, the arbitrator ruled in favor of the Company and denied the claims of Pinnacle. The arbitrator found that Pinnacle committed fraud in the sale of its membership interest. The arbitrator awarded damages to the Company totaling $573,469, comprised of the return of cash amounts previously paid by the Company to Pinnacle, certain expenses paid by the Company towards production in Peru, and attorneys fees. Notes payable to Pinnacle totaling $440,000 previously recorded by the Company were extinguished pursuant to the arbitration decision (see Note 6). On October 24, 2013, we filed a lawsuit in the Second Judicial District Court for the State of Nevada (Golden Phoenix Minerals, Inc. vs. David A. Caldwell, Tom Klein, et al., case number CV 13-02332) alleging breaches by the defendants of various contracts and duties owed by the defendants to the Company, together with claims for fraud and breach of contract, conspiracy and other claims, relating primarily to the facts and circumstances surrounding the transaction we entered into with Pinnacle as discussed above, and related business and financial transactions among the parties. Mr. Caldwell is a former Chief Executive Officer and former member of the Board of Directors of the Company. Mr. Klein is a former Chief Executive Officer and a former member of the Board of Directors of the Company. We subsequently entered into a settlement agreement with Mr. Klein and have removed him from this case. We intend to vigorously prosecute the case involving Mr. Caldwell to protect our legal and property rights and interests. Answers and counterclaims have been filed by the remaining defendants, alleging breach of contracts and related claims, all of which have been denied by the Company. The Company has filed an answer to the counterclaim. Formal discovery has commenced, and a trial date has been set for September 28, 2015. |
Note 13 - Supplemental Statemen
Note 13 - Supplemental Statement of Cash Flows Information | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 13 - Supplemental Statement of Cash Flows Information | NOTE 13 SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION During the six months ended June 30, 2015 and 2014, we made no cash payments for income taxes. During the six months ended June 30, 2015 and 2014, we made cash payments for interest totaling $0 and $19,457, respectively. During the six months ended June 30, 2015, we had the following non-cash financing and investing activities: · · During the six months ended June 30, 2014, we had the following non-cash financing and investing activities: · · · · |
Note 14 - Recent Accounting Pro
Note 14 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 14 - Recent Accounting Pronouncements | NOTE 14 RECENT ACCOUNTING PRONOUNCEMENTS There were no new accounting pronouncements issued during the six months ended June 30, 2015 and through the date of the filing of this report that we believe are applicable to or would have a material impact on our consolidated financial statements. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Note 15 - Subsequent Events | NOTE 15 SUBSEQUENT EVENTS We have evaluated events occurring after the date of our accompanying consolidated balance sheet and through the date of the filing of this Quarterly Report on Form 10-Q. No material subsequent events requiring adjustment to our accompanying consolidated financial statements or requiring disclosure were identified. |
Note 1 - Description of Busin21
Note 1 - Description of Business and Basis of Financial Statement Presentation: Basis of accounting policy (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Policies | |
Basis of accounting policy | The interim financial information of the Company as of June 30, 2015 and for the three months and six months ended June 30, 2015 and 2014 is unaudited, and the balance sheet as of December 31, 2014 is derived from audited financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with U. S. generally accepted accounting principles for interim financial statements. Accordingly, they omit or condense notes and certain other information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in Note 2 to the Notes to Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the three months and six months ended June 30, 2015 are not necessarily indicative of the results that can be expected for the fiscal year ending December 31, 2015. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
Note 10- Earnings (loss) Per 22
Note 10- Earnings (loss) Per Share: Earnings Per Share, Policy (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Policies | |
Earnings Per Share, Policy | The computation of basic earnings (loss) per common share is based on the weighted average number of shares outstanding during the period. The computation of diluted earnings per common share is based on the weighted average number of shares outstanding during the period plus the weighted average common stock equivalents which would arise from the exercise of stock options, warrants and rights outstanding using the treasury stock method and the average market price per share during the period. |
Note 14 - Recent Accounting P23
Note 14 - Recent Accounting Pronouncements: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Policies | |
Recent Accounting Pronouncements | There were no new accounting pronouncements issued during the six months ended June 30, 2015 and through the date of the filing of this report that we believe are applicable to or would have a material impact on our consolidated financial statements. |
Note 3 - Mineral Properties_ Sc
Note 3 - Mineral Properties: Schedule of Payments under North Springs Agreement (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Payments under North Springs Agreement | Date Cash Payment Common Share Payment First Anniversary of Effective Date $10,000 1,000,000 shares Second Anniversary of Effective Date $15,000 1,000,000 shares Third Anniversary of Effective Date $20,000 1,000,000 shares Fourth Anniversary of Effective Date $25,000 1,000,000 shares Fifth Anniversary of Effective Date $30,000 Six through Tenth Anniversary of Effective Date $50,000 Eleventh through Fifteenth Anniversary of Effective Date $75,000 Sixteenth and Each Subsequent Anniversary of Effective Date $100,000 |
Note 5 - Accrued Liabilities_ S
Note 5 - Accrued Liabilities: Schedule of Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Accrued Liabilities | June 30, 2015 December 31, 2014 Accrued payroll and related $ 17,500 $ 17,500 Liabilities assumed in Ra Minerals acquisition 142,244 153,096 Legal and consulting fees 145,000 145,000 Put option liability - 50,000 Other - 12,000 $ 304,744 $ 377,596 |
Note 6 - Notes Payable_ Schedul
Note 6 - Notes Payable: Schedule of Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Debt | June 30, 2015 December 31, 2014 Convertible notes payable to SV, non-interest bearing, payable September 30, 2012, currently in default $ 500,000 $ 500,000 Convertible note payable to SV, non-interest bearing, payable September 30, 2012, currently in default 413,223 413,223 Note payable to Pinnacle, extinguished in arbitration proceedings - 190,000 Convertible note payable to Pinnacle, extinguished in arbitration proceedings - 250,000 $ 913,223 $ 1,353,223 |
Note 8 - Stock Warrants_ Schedu
Note 8 - Stock Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Weighted Average Shares Exercise Price Outstanding, December 31, 2014 19,650,000 $ 0.043 Granted - Canceled / Expired - Exercised - Outstanding, vested and exercisable, June 30, 2015 19,650,000 $ 0.043 |
Note 8 - Stock Warrants_ Sche28
Note 8 - Stock Warrants: Schedule Of Exercise Price Per Share Of Outstanding Warrants To Purchase Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule Of Exercise Price Per Share Of Outstanding Warrants To Purchase Common Stock | Expiration Date Price Number 2015 $ 0.05 4,000,000 2017 $ 0.06 2,500,000 2017 $ 0.04 4,000,000 2017 $ 0.08 4,000,000 2017 $ 0.05 150,000 2019 $ 0.003 5,000,000 19,650,000 |
Note 9 - Stock-based Compensa29
Note 9 - Stock-based Compensation: Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Share-based Compensation, Stock Options, Activity | Options Weighted Average Exercise Price Weighted Average Remaining Contract Term Aggregate Intrinsic Value Outstanding at December 31, 2014 3,300,000 $ 0.08 Granted - Exercised - Expired or cancelled (100,000) $ 0.05 Outstanding, vested and exercisable at June 30, 2015 3,200,000 $ 0.08 1.69 $ - |
Note 10- Earnings (loss) Per 30
Note 10- Earnings (loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Weighted average number of shares outstanding - basic 456,355,515 451,298,074 456,355,614 442,741,935 Dilutive effect of stock options and warrants - 4,492,308 - 5,005,714 Weighted average number of shares outstanding - diluted 456,355,515 455,790,382 456,355,614 447,747,649 |
Note 1 - Description of Busin31
Note 1 - Description of Business and Basis of Financial Statement Presentation (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Feb. 18, 2014 |
Accumulated deficit | $ 60,555,081 | $ 60,626,496 | |
Total stockholders' deficit | $ 1,363,237 | $ 1,379,437 | |
Santa Rosa Gold Mine | |||
Purchase Price of Santa Rosa Gold Mine, Panama | $ 2,600,000 |
Note 3 - Mineral Properties (De
Note 3 - Mineral Properties (Details) - USD ($) | 1 Months Ended | ||
Jun. 30, 2013 | Feb. 28, 2013 | Feb. 26, 2013 | |
Mhakari Properties | |||
Undivided interest in the Mhakari Properties | 80.00% | ||
Option to acquire Mhakari Properties Work Commitment Safety Enhancement Annual Earmark | $ 10,000 | ||
Mhakari Properties | Due upon execution | |||
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 20,000 | ||
Stock Issued During Period, Shares, Purchase of Assets | 8,000,000 | ||
Mhakari Properties | Due within 60 days | |||
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 5,500 | ||
Mhakari Properties | Due on 3 month anniversary | |||
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | 20,000 | ||
Mhakari Properties | Due on 6 month anniversary | |||
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | 15,000 | ||
Mhakari Properties | Due on 9 month anniversary | |||
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | 15,000 | ||
Mhakari Properties | Due on 15 month anniversary | |||
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 50,000 | ||
Mhakari Properties | Due on 4 month anniversary | |||
Stock Issued During Period, Shares, Purchase of Assets | 7,000,000 | ||
Mhakari Properties | Due on 12 month anniversary | |||
Stock Issued During Period, Shares, Purchase of Assets | 5,000,000 | ||
Mhakari Properties | Due within 18 months of anniversary | |||
Exploration and Development Expenditures | $ 500,000 | ||
Mhakari Properties | Due within 30 months of anniversary | |||
Exploration and Development Expenditures | 500,000 | ||
Mhakari Properties | Due within 48 months of anniversary | |||
Exploration and Development Expenditures | $ 2,000,000 | ||
North Springs Properties | |||
Advance royalty payments | $ 5,000 | ||
Shares issued per North Springs Agreement | 1,000,000 | ||
North Springs Properties | First Anniversary | |||
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 10,000 | ||
Stock Issued During Period, Shares, Purchase of Assets | 1,000,000 | ||
Minimum Annual Work Commitment | $ 10,000 | ||
North Springs Properties | Fifth Anniversary | |||
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | 30,000 | ||
Minimum Annual Work Commitment | $ 100,000 |
Note 3 - Mineral Properties_ 34
Note 3 - Mineral Properties: Schedule of Payments under North Springs Agreement (Details) - 1 months ended Jun. 30, 2013 - North Springs Properties - USD ($) | Total |
First Anniversary | |
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 10,000 |
Stock Issued During Period, Shares, Purchase of Assets | 1,000,000 |
Second Anniversary | |
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 15,000 |
Stock Issued During Period, Shares, Purchase of Assets | 1,000,000 |
Third Anniversary | |
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 20,000 |
Stock Issued During Period, Shares, Purchase of Assets | 1,000,000 |
Fourth Anniversary | |
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 25,000 |
Stock Issued During Period, Shares, Purchase of Assets | 1,000,000 |
Fifth Anniversary | |
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 30,000 |
Sixth through Tenth Anniversary | |
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | 50,000 |
Eleventh through Fifteenth Anniversary | |
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | 75,000 |
Sixteenth and Each Subsequent Anniversary | |
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired | $ 100,000 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Details) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Details | |
Payments to Acquire Marketable Securities | $ 124,000 |
Note 5 - Accrued Liabilities_36
Note 5 - Accrued Liabilities: Schedule of Accrued Liabilities (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued liabilities | $ 304,744 | $ 377,596 |
AccruedPayrollAndRelatedMember | ||
Accrued liabilities | 17,500 | 17,500 |
LiabilitiesAssumedInRaAcquisitionMember | ||
Accrued liabilities | 142,244 | 153,096 |
LegalAndConsultingFeesMember | ||
Accrued liabilities | $ 145,000 | 145,000 |
PutOptionLiabilityMember | ||
Accrued liabilities | 50,000 | |
Other1Member | ||
Accrued liabilities | $ 12,000 |
Note 6 - Notes Payable_ Sched37
Note 6 - Notes Payable: Schedule of Debt (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Long-term Debt | $ 913,223 | $ 1,353,223 |
SVNote1Member | ||
Long-term Debt | 500,000 | 500,000 |
SVNote2Member | ||
Long-term Debt | $ 413,223 | 413,223 |
PinnacleMember | ||
Long-term Debt | 190,000 | |
PinnacleConvertibleNoteMember | ||
Long-term Debt | $ 250,000 |
Note 6 - Notes Payable (Details
Note 6 - Notes Payable (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gain on extinguishment of debt | $ 452,000 | $ 313,043 | $ 453,200 | $ 816,108 |
PinnacleMember | ||||
Gain on extinguishment of debt | $ 440,000 | $ 440,000 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Details | |||
Preferred stock shares authorized | 50,000,000 | 50,000,000 | |
Common stock shares authorized | 800,000,000 | 800,000,000 | |
Common stock par value | $ 0.001 | $ 0.001 | |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 3,000 | ||
Shares Issued For Conversion Of Debt | 37,191,614 | ||
Value of Shares Issued For Conversion of Debt | $ 67,276 | ||
Shares Issued For Exploration And Evaluation Expenses | 6,000,000 | ||
Common stock issued for exploration and evaluation expenses | $ 35,300 | ||
Proceeds from the issuance of common stock | 10,000 | ||
Stock Issued for Accrued Liabilities | 21,600 | ||
Common stock issued for services | $ 5,250 | ||
Treasury stock shares | 415,392 | 415,392 | |
Treasury stock, 415,392 shares at cost | $ 49,008 | $ 49,008 |
Note 8 - Stock Warrants_ Sche40
Note 8 - Stock Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,200,000 | 3,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0.08 | $ 0.08 |
Stock Warrant | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 19,650,000 | 19,650,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0.043 | $ 0.043 |
Note 8 - Stock Warrants_ Sche41
Note 8 - Stock Warrants: Schedule Of Exercise Price Per Share Of Outstanding Warrants To Purchase Common Stock (Details) - Jun. 30, 2015 - $ / shares | Total |
Outstanding Warrants To Purchase Common Stock | 19,650,000 |
OutstandingWarrantsGroup1Member | |
Exercise Price Per Share | $ 0.05 |
Outstanding Warrants To Purchase Common Stock | 4,000,000 |
OutstandingWarrantsGroup2Member | |
Exercise Price Per Share | $ 0.06 |
Outstanding Warrants To Purchase Common Stock | 2,500,000 |
OutstandingWarrantsGroup3Member | |
Exercise Price Per Share | $ 0.04 |
Outstanding Warrants To Purchase Common Stock | 4,000,000 |
OutstandingWarrantsGroup4Member | |
Exercise Price Per Share | $ 0.08 |
Outstanding Warrants To Purchase Common Stock | 4,000,000 |
OutstandingWarrantsGroup5Member | |
Exercise Price Per Share | $ 0.05 |
Outstanding Warrants To Purchase Common Stock | 150,000 |
OutstandingWarrantsGroup6Member | |
Exercise Price Per Share | $ 0.003 |
Outstanding Warrants To Purchase Common Stock | 5,000,000 |
Note 9 - Stock-based Compensa42
Note 9 - Stock-based Compensation: Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Details | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,200,000 | 3,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0.08 | |
Stock Granted, Value, Share-based Compensation, Forfeited | $ (100,000) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 0.05 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0.08 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 8 months 8 days |
Note 9 - Stock-based Compensa43
Note 9 - Stock-based Compensation (Details) | Jun. 30, 2015$ / shares |
Details | |
Closing stock price | $ 0.0023 |
Note 10- Earnings (loss) Per 44
Note 10- Earnings (loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Details | ||||
Weighted average number of common shares outstanding: Basic | 456,355,515 | 451,298,074 | 456,355,614 | 442,741,935 |
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | $ 4,492,308 | $ 5,005,714 | ||
Weighted average number of common shares outstanding: Diluted | 456,355,515 | 455,790,382 | 456,355,614 | 447,747,649 |
Note 10- Earnings (loss) Per 45
Note 10- Earnings (loss) Per Share (Details) | Jun. 30, 2015shares |
Details | |
Outstanding options and warrants | 22,850,000 |
Note 11 - Consulting Agreemen46
Note 11 - Consulting Agreements (Details) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
President | |
Officers' Compensation | $ 9,000 |
Chief Financial Officer | |
Officers' Compensation | 5,000 |
Board of Directors Chairman | |
Officers' Compensation | $ 1,000 |
Note 13 - Supplemental Statem47
Note 13 - Supplemental Statement of Cash Flows Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Details | ||
Interest Paid | $ 0 | $ 19,457 |
Marketable Securities, Gain (Loss) | 55,215 | |
Decrease Common Stock and Increase Additional Paid In Capital | $ 3 | |
Increase (Decrease) in Interest Payable, Net | 1,700 | |
Increase (Decrease) in Notes Payable, Current | 15,685 | |
Increase Decrease in Debt Discount | 2,967 | |
Increase Decrease in Derivative Liability | 52,106 | |
Increase Decrease in Common Stock for Common Shares Issued in Conversion of Debt | 37,192 | |
Increase Decrease in Additional Paid In Capital for Common Shares Issued in Conversion of Debt | $ 30,084 |