Nevada
|
91-1766677
|
(State
or other jurisdiction
of
incorporation or
organization)
|
(IRS
Employer Identification
No.)
|
PAGE
|
|
Consolidated
Financial Statements:
|
|
Consolidated
Balance Sheets as of April 30, 2007 and October 31, 2006
|
F-2
|
Consolidated
Statements of Operations for the six-month periods ended April
30, 2007
and April 30, 2006 and for the period from inception (November
8, 1993) to
April 30, 2007
|
F-3
|
Consolidated
Statements of Cash Flow for the six-month periods ended April 30,
2007 and
April 30, 2006, and for the period from inception (November 8,
1993) to
April 30, 2007
|
F-4
|
Condensed
Notes to Consolidated Financial Statements
|
F-9
|
April
30,
|
October
31,
|
||||||
2007
|
2006
|
||||||
ASSETS
|
(Unaudited)
|
||||||
CURRENT
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
6,844,346
|
$
|
689,994
|
|||
Marketable
securities
|
2,500,000
|
5,925,000
|
|||||
Accounts
receivable
|
32,640
|
35,934
|
|||||
Tax
refunds receivable
|
501,032
|
-
|
|||||
Other
receivables
|
29,343
|
-
|
|||||
Employee
advances
|
1,903
|
-
|
|||||
Prepaid
expenses
|
29,855
|
14,288
|
|||||
Total
Current Assets
|
9,939,119
|
6,665,216
|
|||||
PROPERTY
CONCESSIONS
|
|||||||
Sierra
Mojada, Mojada 3
|
15,875
|
15,875
|
|||||
Fortuna
|
76,725
|
76,725
|
|||||
Esmeralda
|
255,647
|
255,647
|
|||||
Esmeralda
I
|
180,988
|
180,988
|
|||||
U.M.
Nortenos, Vulcano
|
3,682,772
|
3,682,772
|
|||||
La
Blanca
|
122,760
|
122,760
|
|||||
Total
Property Concessions
|
4,334,767
|
4,334,767
|
|||||
EQUIPMENT
|
|||||||
Office
and mining equipment, net
|
592,533
|
611,966
|
|||||
Total
Equipment
|
592,533
|
611,966
|
|||||
TOTAL
ASSETS
|
$
|
14,866,419
|
$
|
11,611,949
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
payable
|
$
|
100,096
|
$
|
238,198
|
|||
Accounts
payable - related parties
|
55,800
|
125,460
|
|||||
Accrued
liabilities and expenses
|
82,854
|
116,162
|
|||||
Other
liabilities
|
10,000
|
10,000
|
|||||
Total
Current Liabilities
|
248,750
|
489,820
|
|||||
LONG-TERM
LIABILITIES
|
-
|
-
|
|||||
COMMITMENTS
AND CONTINGENCIES
|
-
|
-
|
|||||
STOCKHOLDERS'
EQUITY
|
|||||||
Common
stock, $0.01 par value; 160,000,000 shares authorized,
36,885,733
and 34,207,912 shares issued and outstanding, respectively
|
368,857
|
342,079
|
|||||
Additional
paid-in capital
|
45,607,786
|
38,594,886
|
|||||
Deficit
accumulated during exploration stage
|
(31,358,974
|
)
|
(27,814,836
|
)
|
|||
Total
Stockholders' Equity
|
14,617,669
|
11,122,129
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
14,866,419
|
$
|
11,611,949
|
November
8,
|
||||||||||||||||
1993
|
||||||||||||||||
(Inception)
|
||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
to
|
||||||||||||||
April
30,
|
April
30,
|
April
30,
|
April
30,
|
April
30,
|
||||||||||||
2007
|
2006
|
2007
|
2006
|
2007
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
REVENUES
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
|||||||
GENERAL
AND ADMINISTRATIVE EXPENSES
|
||||||||||||||||
Salaries
and payroll expenses
|
168,614
|
707,418
|
332,012
|
838,114
|
9,128,375
|
|||||||||||
Office
and administrative expenses
|
88,640
|
114,610
|
420,447
|
165,483
|
1,824,674
|
|||||||||||
Taxes
and fees
|
122,342
|
54,136
|
123,487
|
173,678
|
920,847
|
|||||||||||
Professional
services
|
303,777
|
505,538
|
1,656,722
|
611,889
|
7,041,604
|
|||||||||||
Directors
fees
|
70,800
|
148,800
|
-
|
1,984,964
|
||||||||||||
Property
expenses
|
-
|
135,492
|
15,318
|
145,427
|
2,073,383
|
|||||||||||
Depreciation
|
3,785
|
20,843
|
7,570
|
41,443
|
438,785
|
|||||||||||
Exploration
and research
|
621,391
|
53,710
|
978,209
|
71,862
|
8,391,073
|
|||||||||||
TOTAL
GENERAL AND ADMINISTRATIVE EXPENSES
|
1,379,349
|
1,591,747
|
3,682,565
|
2,047,896
|
31,803,705
|
|||||||||||
LOSS
FROM OPERATIONS
|
(1,379,349
|
)
|
(1,591,747
|
)
|
(3,682,565
|
)
|
(2,047,896
|
)
|
(31,803,705
|
)
|
||||||
OTHER
INCOME (EXPENSES)
|
||||||||||||||||
Miscellaneous
ore sales, net of expenses
|
-
|
-
|
-
|
(41,537
|
)
|
134,242
|
||||||||||
VAT
tax refunds
|
-
|
-
|
-
|
13,045
|
132,660
|
|||||||||||
Miscellaneous
income
|
2,718
|
61,500
|
2,814
|
61,500
|
(11,670
|
)
|
||||||||||
Interest
and investment income
|
67,148
|
(3,292
|
)
|
137,781
|
14,434
|
387,952
|
||||||||||
Interest
and financing expense
|
(830
|
)
|
(520
|
)
|
(2,167
|
)
|
(855
|
)
|
(292,453
|
)
|
||||||
Rental
income
|
-
|
-
|
-
|
94,000
|
||||||||||||
|
|
|
|
|||||||||||||
TOTAL
OTHER INCOME
|
69,036
|
57,688
|
138,428
|
46,587
|
444,731
|
|||||||||||
LOSS
BEFORE INCOME TAXES
|
(1,310,313
|
)
|
(1,534,059
|
)
|
(3,544,137
|
)
|
(2,001,309
|
)
|
(31,358,974
|
)
|
||||||
INCOME
TAXES
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
NET
LOSS
|
$
|
(1,310,313
|
)
|
$
|
(1,534,059
|
)
|
(3,544,137
|
)
|
$
|
(2,001,309
|
)
|
(31,358,974
|
)
|
|||
BASIC
AND DILUTED NET LOSS PER
COMMON
SHARE
|
$
|
(0.04
|
)
|
$
|
(0.05
|
)
|
(0.10
|
)
|
$
|
(0.07
|
)
|
|||||
BASIC
AND DILUTED
|
||||||||||||||||
WEIGHTED
AVERAGE NUMBER
|
||||||||||||||||
OF
COMMON SHARES OUTSTANDING
|
35,650,954
|
32,770,130
|
34,915,983
|
27,209,376
|
Period
from
|
||||||||||
November
8, 1993
|
||||||||||
(Inception)
|
||||||||||
Six
Months Ended
|
to
|
|||||||||
April
30
|
April
30
|
April
30
|
||||||||
2007
|
2006
|
2007
|
||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||
Net
loss
|
$
|
(3,544,137
|
)
|
$
|
(2,001,309
|
)
|
$
|
(31,358,973
|
)
|
|
Adjustments
to reconcile net loss to net cash used by operating
activities:
|
||||||||||
Depreciation
|
44,277
|
41,443
|
475,522
|
|||||||
Noncash
expenses
|
-
|
126,864
|
||||||||
Common
stock issued for services
|
-
|
-
|
1,025,487
|
|||||||
Common
stock issued for compensation
|
-
|
668,715
|
977,106
|
|||||||
Options
issued for compensation
|
-
|
-
|
4,360,000
|
|||||||
Common
stock issued for directors fees.
|
188,460
|
188,460
|
||||||||
Options
and warrants issued for directors fees
|
-
|
1,665,705
|
||||||||
Stock
options issued for services
|
-
|
-
|
849,892
|
|||||||
Stock
options issued for financing fees
|
-
|
-
|
276,000
|
|||||||
Common
stock issued for payment of expenses
|
-
|
-
|
326,527
|
|||||||
Stock
warrants issued for services
|
1,094,950
|
-
|
1,783,721
|
|||||||
(Increase)
decrease in:
|
||||||||||
Accounts
receivable
|
3,294
|
(1,673
|
)
|
(32,640
|
)
|
|||||
Tax
refunds receivable
|
(501,032
|
)
|
(501,032
|
)
|
||||||
Other
receivables
|
(29,343
|
)
|
(29,343
|
)
|
||||||
Prepaid
expenses
|
(15,567
|
)
|
(24,857
|
)
|
(29,855
|
)
|
||||
Employee
advances
|
(1,903
|
)
|
(6,791
|
)
|
(1,903
|
)
|
||||
Increase
(decrease) in:
|
||||||||||
Related
party payable
|
(69,660
|
)
|
-
|
55,800
|
||||||
Accounts
payable
|
(138,102
|
)
|
25,947
|
100,096
|
||||||
Accrued
liabilities and expenses
|
(33,308
|
)
|
(22,199
|
)
|
92,854
|
|||||
Net
cash used by operating activities
|
(3,002,071
|
)
|
(1,320,724
|
)
|
(19,649,712
|
)
|
||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||
Marketable
securities
|
3,425,000
|
-
|
(2,500,000
|
)
|
||||||
Purchase
of investments
|
-
|
-
|
(484,447
|
)
|
||||||
Proceeds
from investments
|
-
|
-
|
484,447
|
|||||||
Equipment
purchases
|
(24,845
|
)
|
(2,424
|
)
|
(1,012,250
|
)
|
||||
Mining
property acquisitions
|
-
|
-
|
(4,452,631
|
)
|
||||||
Net
cash used by investing activities
|
3,400,155
|
(2,424
|
)
|
(7,964,881
|
)
|
|||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
Proceeds
from sales of common stock
|
5,671,893
|
10,758,737
|
33,253,707
|
|||||||
Proceeds
from sales of options and warrants
|
84,375
|
-
|
1,065,515
|
|||||||
Deposits
for sale of stock
|
-
|
-
|
125,500
|
|||||||
Proceeds
from shareholder loans
|
-
|
-
|
30,000
|
|||||||
Payment
of note payable
|
-
|
(2,105
|
)
|
(15,783
|
)
|
|||||
Net
cash provided by financing activities:
|
5,756,268
|
10,756,632
|
34,458,939
|
|||||||
Net
increase (decrease) in cash and cash equivalents
|
6,154,352
|
9,433,484
|
6,844,346
|
|||||||
Cash
and cash equivalents beginning of period
|
689,994
|
213,369
|
-
|
|||||||
Cash
and cash equivalents end of period
|
$
|
6,844,346
|
$
|
9,646,853
|
$
|
6,844,346
|
||||
SUPPLEMENTAL
CASH FLOW DISCLOSURES:
|
||||||||||
Income
taxes paid
|
$
|
-
|
$
|
-
|
$
|
-
|
||||
Interest
paid
|
$
|
2,167
|
$
|
855
|
$
|
288,938
|
||||
NON-CASH
INVESTING AND FINANCING ACTIVITIES:
|
||||||||||
Common
stock issued for equipment
|
$
|
-
|
$
|
-
|
$
|
25,000
|
||||
Common
stock options issued for financing fees
|
$
|
-
|
$
|
-
|
$
|
276,000
|
||||
Common
stock options issued for non-cash
options
|
$ | 59,220 | $ | - | $ | 59,220 |
Accumulated
|
||||||||||||||||||||||
Common
Stock
|
Additional
|
Stock
|
Stock
|
Deficit
During
|
||||||||||||||||||
Number
of
|
Paid-in
|
Subscriptions
|
Options
and
|
Exploration
|
||||||||||||||||||
Shares
|
Amount
|
Capital
|
Receivable
|
Warrants
|
Stage
|
Total
|
||||||||||||||||
Common
stock issuance prior to inception (no value)
|
960,800
|
$
|
9,608
|
$
|
(9,608
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
1:5
reverse common stock split
|
(768,640
|
)
|
(7,686
|
)
|
7,686
|
-
|
-
|
-
|
-
|
|||||||||||||
Net
loss for the year ended October 31, 1994
|
-
|
-
|
-
|
-
|
-
|
(8,831
|
)
|
(8,831
|
)
|
|||||||||||||
Balances,
October 31, 1994
|
192,160
|
1,922
|
(1,922
|
)
|
-
|
-
|
(8,831
|
)
|
(8,831
|
)
|
||||||||||||
3:1
common stock split
|
384,320
|
3,843
|
(3,843
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Net
loss for the year ended October 31, 1995
|
-
|
-
|
-
|
-
|
-
|
(7,761
|
)
|
(7,761
|
)
|
|||||||||||||
Balances,
October 31, 1995
|
576,480
|
5,765
|
(5,765
|
)
|
-
|
-
|
(16,592
|
)
|
(16,592
|
)
|
||||||||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for par value at transfer of ownership
|
2,000
|
20
|
-
|
-
|
-
|
-
|
20
|
|||||||||||||||
-
for cash at an average of $0.11 per share
|
1,320,859
|
13,209
|
133,150
|
-
|
-
|
-
|
146,359
|
|||||||||||||||
-
for services at an average of $0.08 per share
|
185,000
|
1,850
|
12,600
|
-
|
-
|
-
|
14,450
|
|||||||||||||||
-
for computer equipment at $0.01 per share
|
150,000
|
1,500
|
13,500
|
-
|
-
|
-
|
15,000
|
|||||||||||||||
-
for mineral property at $0.01 per share
|
900,000
|
9,000
|
-
|
-
|
-
|
-
|
9,000
|
|||||||||||||||
Net
loss for the year ended October 31, 1996
|
-
|
-
|
-
|
-
|
-
|
(40,670
|
)
|
(40,670
|
)
|
|||||||||||||
Balances,
October 31, 1996
|
3,134,339
|
31,344
|
153,485
|
-
|
-
|
(57,262
|
)
|
127,567
|
||||||||||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for cash at an average of $0.61 per share
|
926,600
|
9,266
|
594,794
|
-
|
-
|
-
|
604,060
|
|||||||||||||||
-
for services at an average of $0.74 per share
|
291,300
|
2,913
|
159,545
|
-
|
-
|
-
|
162,458
|
|||||||||||||||
-
for payment of a loan at $0.32 per share
|
100,200
|
1,002
|
30,528
|
-
|
-
|
-
|
31,530
|
|||||||||||||||
Options
issued as follows:
|
||||||||||||||||||||||
-
300,000 options for cash
|
-
|
-
|
3,000
|
-
|
-
|
-
|
3,000
|
|||||||||||||||
Net
loss for the year ended October 31, 1997
|
-
|
-
|
-
|
-
|
-
|
(582,919
|
)
|
(582,919
|
)
|
|||||||||||||
Balances,
October 31, 1997
|
4,452,439
|
44,525
|
941,352
|
-
|
-
|
(640,181
|
)
|
345,696
|
||||||||||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for cash at an average of $1.00 per share
|
843,500
|
8,435
|
832,010
|
-
|
-
|
-
|
840,445
|
|||||||||||||||
-
for cash and receivables at $1.00 per share
|
555,000
|
5,550
|
519,450
|
(300,000
|
)
|
-
|
-
|
225,000
|
||||||||||||||
-
for services at an average of $0.53 per share
|
41,800
|
418
|
21,882
|
-
|
-
|
-
|
22,300
|
|||||||||||||||
-
for mine data base at $1.63 per share
|
200,000
|
2,000
|
323,000
|
-
|
-
|
-
|
325,000
|
|||||||||||||||
Options
issued or granted as follows:
|
||||||||||||||||||||||
-
1,200,000 options for cash
|
-
|
-
|
120,000
|
-
|
-
|
-
|
120,000
|
|||||||||||||||
-
for financing fees
|
-
|
-
|
-
|
-
|
60,000
|
-
|
60,000
|
|||||||||||||||
-
for consulting fees
|
-
|
-
|
-
|
-
|
117,000
|
-
|
117,000
|
|||||||||||||||
Warrants
issued for services
|
-
|
-
|
-
|
-
|
488,980
|
(488,980
|
)
|
-
|
||||||||||||||
Net
loss for the year ended October 31, 1998
|
-
|
-
|
-
|
-
|
-
|
(906,036
|
)
|
(906,036
|
)
|
|||||||||||||
Balance,
October 31, 1998
|
6,092,739
|
$
|
60,928
|
$
|
2,757,694
|
$
|
(300,000
|
)
|
$
|
665,980
|
$
|
(2,035,197
|
)
|
$
|
1,149,405
|
Accumulated
|
||||||||||||||||||||||
Common
Stock
|
Additional
|
Stock
|
Stock
|
Deficit
During
|
||||||||||||||||||
Number
of
|
Paid-in
|
Subscriptions
|
Options
and
|
Exploration
|
||||||||||||||||||
Shares
|
Amount
|
Capital
|
Receivable
|
Warrants
|
Stage
|
Total
|
||||||||||||||||
Balance,
October 31, 1998
|
6,092,739
|
$
|
60,928
|
$
|
2,757,694
|
$
|
(300,000
|
)
|
$
|
665,980
|
$
|
(2,035,197
|
)
|
$
|
1,149,405
|
|||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for cash at an average of $1.04 per share
|
818,800
|
8,188
|
842,712
|
-
|
-
|
-
|
850,900
|
|||||||||||||||
-
for drilling fees at $0.90 per share
|
55,556
|
556
|
49,444
|
-
|
-
|
-
|
50,000
|
|||||||||||||||
Stock
option and warrant activity as follows:
|
||||||||||||||||||||||
-
exercise of options at $0.90 per share
|
250,000
|
2,500
|
267,500
|
-
|
(45,000
|
)
|
-
|
225,000
|
||||||||||||||
-
issuance of options for financing fees
|
-
|
-
|
-
|
-
|
216,000
|
-
|
216,000
|
|||||||||||||||
-
expiration of options
|
-
|
-
|
60,000
|
-
|
(60,000
|
)
|
-
|
-
|
||||||||||||||
Stock
subscription received
|
-
|
-
|
-
|
300,000
|
-
|
-
|
300,000
|
|||||||||||||||
Net
loss for the year ended October 31, 1999
|
-
|
-
|
-
|
-
|
-
|
(1,423,045
|
)
|
(1,423,045
|
)
|
|||||||||||||
Balance,
October 31, 1999
|
7,217,095
|
72,172
|
3,977,350
|
-
|
776,980
|
(3,458,242
|
)
|
1,368,260
|
||||||||||||||
Stock
option and warrant activity as follows:
|
||||||||||||||||||||||
Exercise
of options at $0.86 per share
|
950,000
|
9,500
|
1,090,750
|
-
|
(288,000
|
)
|
-
|
812,250
|
||||||||||||||
Warrants
issued for services
|
-
|
-
|
-
|
-
|
55,000
|
-
|
55,000
|
|||||||||||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for cash at an average of $2.77 per share
|
1,440,500
|
14,405
|
3,972,220
|
-
|
-
|
-
|
3,986,625
|
|||||||||||||||
-
for services at $1.28 per share
|
120,000
|
1,200
|
152,160
|
-
|
-
|
-
|
153,360
|
|||||||||||||||
-
for equipment at $1.67 per share
|
15,000
|
150
|
24,850
|
-
|
-
|
-
|
25,000
|
|||||||||||||||
Net
loss for the year ended October 31, 2000
|
-
|
-
|
-
|
-
|
-
|
(882,208
|
)
|
(882,208
|
)
|
|||||||||||||
Balances,
October 31, 2000
|
9,742,595
|
97,427
|
9,217,330
|
-
|
543,980
|
(4,340,450
|
)
|
5,518,287
|
||||||||||||||
Stock
option and warrant activity as follows:
|
||||||||||||||||||||||
-
Warrants exercised at $0.75 per share
|
20,000
|
200
|
25,560
|
-
|
(10,760
|
)
|
-
|
15,000
|
||||||||||||||
-
Options issued for consulting fees
|
-
|
-
|
-
|
-
|
740,892
|
-
|
740,892
|
|||||||||||||||
-
Warrants issued for consulting fees
|
-
|
-
|
-
|
-
|
144,791
|
-
|
144,791
|
|||||||||||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for cash at $2.00 per share
|
250,000
|
2,500
|
494,076
|
-
|
3,424
|
-
|
500,000
|
|||||||||||||||
-
for cash of $210 and services at $2.07 per share
|
21,000
|
210
|
43,260
|
-
|
-
|
-
|
43,470
|
|||||||||||||||
-
for cash of $180 and services at $2.05 per share
|
18,000
|
180
|
36,720
|
-
|
-
|
-
|
36,900
|
|||||||||||||||
-
for services at $2.45 per share
|
6,000
|
60
|
14,640
|
-
|
-
|
-
|
14,700
|
|||||||||||||||
-
for services at $1.50 per share
|
12,000
|
120
|
17,880
|
-
|
-
|
-
|
18,000
|
|||||||||||||||
Net
loss for the year ended October 31, 2001
|
-
|
-
|
-
|
-
|
-
|
(2,069,390
|
)
|
(2,069,390
|
)
|
|||||||||||||
Balance,
October 31, 2001
|
10,069,595
|
100,697
|
9,849,466
|
-
|
1,422,327
|
(6,409,840
|
)
|
4,962,650
|
||||||||||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for cash at $2.00 per share
|
50,000
|
500
|
99,500
|
-
|
-
|
-
|
100,000
|
|||||||||||||||
-
for cash and warrants at $1.50 per share
|
96,000
|
960
|
134,400
|
-
|
8,640
|
-
|
144,000
|
|||||||||||||||
-
for cash and warrants at $1.50 per share
|
66,667
|
667
|
93,333
|
-
|
6,000
|
-
|
100,000
|
|||||||||||||||
-
for compensation at an average of $1.23 per share
|
86,078
|
861
|
104,014
|
-
|
-
|
-
|
104,875
|
|||||||||||||||
Stock
option activity as follows:
|
||||||||||||||||||||||
-
for compensation at $0.61 per share
|
-
|
-
|
-
|
-
|
61,000
|
-
|
61,000
|
|||||||||||||||
Net
loss for the year ended October 31, 2002
|
-
|
-
|
-
|
-
|
-
|
(765,765
|
)
|
(765,765
|
)
|
|||||||||||||
Balance,
October 31, 2002
|
10,368,340
|
$
|
103,685
|
$
|
10,280,713
|
$
|
-
|
$
|
1,497,967
|
$
|
(7,175,605
|
)
|
$
|
4,706,760
|
Accumulated
|
||||||||||||||||||||||
Additional
|
Stock
|
Stock
|
Deficit
During
|
|||||||||||||||||||
Common
Stock
|
Paid-in
|
Subscriptions
|
Options
and
|
Exploration
|
||||||||||||||||||
Shares
|
Amount
|
Capital
|
Receivable
|
Warrants
|
Stage
|
Total
|
||||||||||||||||
Balance,
October 31, 2002
|
10,368,340
|
$
|
103,685
|
$
|
10,280,713
|
$
|
-
|
$
|
1,497,967
|
$
|
(7,175,605
|
)
|
$
|
4,706,760
|
||||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for cash at $2.00 per share
|
100,000
|
1,000
|
199,000
|
-
|
-
|
-
|
200,000
|
|||||||||||||||
-
for cash at an average of $0.98 per share
|
849,000
|
8,489
|
821,510
|
-
|
-
|
-
|
829,999
|
|||||||||||||||
-
for cash and warrants at $1.50 per share
|
7,000
|
70
|
9,847
|
-
|
583
|
-
|
10,500
|
|||||||||||||||
-
for compensation at an average of $1.25
per share
|
391,332
|
3,913
|
487,275
|
-
|
-
|
-
|
491,188
|
|||||||||||||||
-
for services at an average of $1.23 per
share
|
91,383
|
914
|
119,320
|
-
|
-
|
-
|
120,234
|
|||||||||||||||
-
for subscriptions receivable at $1.00 per
share
|
38,000
|
380
|
37,620
|
(38,000
|
)
|
-
|
-
|
-
|
||||||||||||||
Net
loss for the year ended October 31, 2003
|
-
|
-
|
-
|
-
|
-
|
(1,107,228
|
)
|
(1,107,228
|
)
|
|||||||||||||
Balance,
October 31, 2003
|
11,845,055
|
118,451
|
11,955,285
|
(38,000
|
)
|
1,498,550
|
(8,282,833
|
)
|
5,251,453
|
|||||||||||||
Issuances
of common stock as follows:
|
||||||||||||||||||||||
-
for cash at $1.00 per share, less issuance
costs of $698,863
|
7,580,150
|
75,802
|
6,805,485
|
-
|
-
|
-
|
6,881,287
|
|||||||||||||||
-
for compensation at an average of $1.26
per share
|
120,655
|
1,207
|
151,064
|
-
|
-
|
-
|
152,271
|
|||||||||||||||
-
for services at various prices
|
141,286
|
1,413
|
153,801
|
-
|
-
|
-
|
155,214
|
|||||||||||||||
Stock
subscription received
|
-
|
-
|
-
|
38,000
|
-
|
-
|
38,000
|
|||||||||||||||
Miscellaneous
corrections and adjustments
|
64,263
|
643
|
(643
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||