0001144204-13-017416.txt : 20130326 0001144204-13-017416.hdr.sgml : 20130326 20130326110713 ACCESSION NUMBER: 0001144204-13-017416 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130326 DATE AS OF CHANGE: 20130326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AURORA GOLD CORP CENTRAL INDEX KEY: 0001037049 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 133945947 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24393 FILM NUMBER: 13715812 BUSINESS ADDRESS: STREET 1: C/- CORESCO AG STREET 2: LEVEL 3, GOTTHARDSTRASSE 20, ZUG CITY: 6304 STATE: V8 ZIP: 00000 BUSINESS PHONE: 41-7887-96966 MAIL ADDRESS: STREET 1: C/- CORESCO AG STREET 2: LEVEL 3, GOTTHARDSTRASSE 20, ZUG CITY: 6304 STATE: V8 ZIP: 00000 10-K 1 v337751_10k.htm 10-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2012

 

x ANNUAL REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

¨ TRANSITION REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __ to __

 

Commission file number 000-24393

 

AURORA GOLD CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of incorporation or organization)

13-3945947

(I.R.S. Employer Identification No.)

Coresco AG, Level 3, Gotthardstrasse 20, 6304 Zug, Switzerland

(Address of principal executive offices)

+41 41 711 0281

(Issuer’s telephone number)

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.001 per share

(Title of each class)

 

Name of each exchange on which registered: OTCQB

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. .

¨ Yes x No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ¨Yes x No

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨ Yes x No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Larger accelerated filer ¨  Accelerated filer  ¨  Non-accelerated filer ¨  Smaller reporting company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

¨Yes xNo

 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: $6,305,517 as of June 30, 2012.

 

There were 249,144,706 shares of common stock outstanding on March 26, 2013.

 

Documents incorporated by reference: Refer to Exhibits

  

 
 

 

INDEX

 

PART I   4
     
  ITEM 1 – DESCRIPTION OF BUSINESS 4
  ITEM 1A – RISK FACTORS 12
  ITEM 1B – UNRESOLVED STAFF COMMENTS 12
  ITEM 2 – DESCRIPTION OF PROPERTY 12
  ITEM 4 – MINING SAFETY DISCLOSURES 15
     
PART II   16
     
  ITEM 5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES 16
  ITEM 6 – SELECTED FINANCIAL DATA 18
  ITEM 7 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 18
  ITEM 7A – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30
  ITEM 8 – FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 30
  ITEM 9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 30
  ITEM 9A – CONTROLS AND PROCEDURES 30
  ITEM 9B – OTHER INFORMATION 32
     
PART III   33
     
  ITEM 10 – DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 33
  ITEM 11 – EXECUTIVE COMPENSATION 38
  ITEM 12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL HOLDERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 42
  ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 44
  ITEM 14 – PRINCIPAL ACCOUNTING FEES AND SERVICES 45
     
PART IV   47
     
  ITEM 15 – EXHIBIT, FINANCIAL STATEMENT SCHEDULES 46
  EXHIBIT A 49
  FINANCIAL STATEMENTS 49
  BALANCE SHEETS 50
  CONSOLIDATED BALANCE SHEETS 50
  CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 51
  CONSOLIDATED STATEMENTS OF CASH FLOWS 52
  CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIENCY) 53
  NOTES TO FINANCIAL STATEMENTS 57

 

2 | AURORA GOLD CORPORATION
 

 

Uncertainties Relating To Forward-Looking Statements

 

The information in this annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act (SEC) of 1934. These forward-looking statements involve risks and uncertainties, including statements regarding the Company’s capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements.

 

In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, or “continue”, the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks outlined from time to time, in other reports the Company files with the Securities and Exchange Commission.

 

The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this Form 10-K for the fiscal year end, are subject to risks and uncertainties that could cause actual results to differ materially from the results expressed in or implied by the statements contained in this report. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives requires the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate.

 

All forward-looking statements are made as of the date of filing of this Form 10-K and the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The Company may, from time to time, make oral forward-looking statements. The Company strongly advises that the above paragraphs and the risk factors described in this Annual Report and in the Company’s other documents filed with the United States Securities and Exchange Commission should be read for a description of certain factors that could cause the actual results of the Company to materially differ from those in the oral forward-looking statements. The Company disclaims any intention or obligation to update or revise any oral or written forward-looking statements whether as a result of new information, future events or otherwise.

 

3 | AURORA GOLD CORPORATION
 

 

PART I

 

ITEM 1 – DESCRIPTION OF BUSINESS

 

Background

 

The Company was incorporated under the laws of the State of Delaware on October 10, 1995, under the name "Chefs Acquisition Corp." Initially formed for the purpose of engaging in the food preparation business, the Company redirected business efforts in late 1995 following a change of control, which occurred on October 30, 1995, to the acquisition, exploration and development of mineral resource properties. The Company name changed to “Aurora Gold Corporation” on August 20, 1996 to more fully reflect the resource exploration business activities.

 

The general business strategy is to acquire mineral properties either directly or through the acquisition of operating entities. The continued operations and the recoverability of minerals  are dependent upon the existence of economically recoverable mineral reserves, confirmation of interest in the underlying properties and ability to obtain necessary financing to complete the development and future profitable production. Since 1996 the Company acquired and disposed of a number of properties. The Company has not been successful in any exploration efforts to establish reserves on any of the properties owned by or in which the Company holds an interest.

 

The Company currently has an interest in a strategic land package of six (6) properties none of which contain any reserves. The Company has no revenues, has sustained losses since inception and has been issued an opinion by the auditors expressing substantial doubt about the ability to continue as a going concern. The Company will not generate revenues even if any of its exploration programs indicate that a mineral deposit may exist on the properties. Accordingly, the Company will be dependent on future financings in order to maintain operations and continue exploration activities.

 

The Company has not been involved in any bankruptcy, receivership or similar proceedings.

 

Principal Products and Markets

 

The Company is a junior mineral exploration company and conducts principal and technical activities from Coresco AG, Level 3, Gotthardstrasse 20, 6304 Zug, Switzerland. The telephone number is (+41) 41 711 0281. These offices are provided to the Company on a month-to-month basis. The Company believes these offices are adequate for the business requirements during the next 12 months. The Company does not own any real property.

 

The strategic objectives of the Company are to concentrate efforts on existing operations where infrastructure already exists, properties presently being developed or in advanced stages of exploration that have potential for additional discoveries and grass-roots exploration opportunities. The Company is currently concentrating on property exploration activities in Brazil.

 

The properties are in the exploration stage only and without a known body of mineral reserves. Development of the properties will follow only if satisfactory exploration results are obtained. Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. There is no assurance that the mineral exploration and development activities will result in any discoveries of commercially viable bodies of mineralization. The long-term profitability of the operations will be, in part, directly related to the cost and success of the exploration programs, which may be affected by a number of factors. Please refer to “Item 1A. Risk Factors”

 

The Company currently has an interest in a strategic land package of six (6) properties none of which contain any reserves.

 

4 | AURORA GOLD CORPORATION
 

 

Significant Developments in Fiscal 2012 and Subsequent Events to March 25, 2013

 

The Company is a mineral exploration company engaged in the exploration of base, precious metals and industrial minerals worldwide. The Company was incorporated under the laws of the State of Delaware on October 10, 1995, under the name "Chefs Acquisition Corp."

 

Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. There is no assurance that planned production will result in a commercial success, as production is gold price and politically sensitive. Once production has commenced the Company is able to gauge the onward commercial viability of the project. There is no assurance that planned mineral exploration and development activities will result in any further discoveries of commercially viable bodies of mineralization. The long-term profitability of operations will be, in part, directly related to the cost and success of exploration programs, which may be affected by a number of factors.

 

The Company has calculated a body of mineralized material to Guide 7 standards calculated in accordance with the Australasian Joint Ore Reserves Committee (the “JORC”) code for reporting of Mineral Resources and Ore Reserves (the “JORC Code”). The current JORC compliant inferred resource is estimated at 130,000 ounces at 2.0 g/t calculated on a 0.5 g/t cut off. This mineralized material is located on the Săo Domingos property discussed below. The rest of the Brazil properties are in the preliminary exploration stage and do not contain any known bodies of ore. The Company is also examining data relating to the potential acquisition of other exploration properties in Latin America and South America.

 

The Company has no revenues, has sustained losses since inception, has been issued an opinion expressing substantial doubt about the ability to continue as a going concern by the auditors and relies upon the sale of securities to fund operations. The Company will not generate revenues even if any of exploration programs indicate that a mineral deposit may exist on the properties. Accordingly, the Company will be dependent on future financings in order to maintain operations and continue exploration activities. Funds raised in fiscal years 2012 and 2011 were used for exploration of properties, payment for the Asset Purchase Agreement  (for the Boulder, Colorado property) and general administration.

 

During 2012 and 2013 through March 25, 2013 the Company has been evaluating property holdings in order to determine whether to implement exploration programs on existing properties or to acquire interests in new properties.

 

The Company currently has an interest in six (6) properties located in Tapajos gold province in Para State, Brazil, collectively called the Sao Domingo project.  The Company has conducted exploration activities on the properties and have ranked the properties in order of merit and may discontinue such activities and dispose of some of the rights to mineral exploration on the properties if further exploration work is not warranted.

 

The geology of the Săo Domingos property is predominantly composed of paleo-proterozoic Parauari Granites that play host to a number of gold deposits in the Tapajos Basin. Typical Granites of the younger Maloquinha Intrusive Suite have been noticed in the vicinity of the Fofoca resource area, and basic rocks considered to be part of the mesoproterozoic Cachoeira Seca Intrusive Suite occur around the Esmeril target area. The Săo Domingos property was a previous large alluvial operation, and the property area covers numerous areas of workings. The Săo Domingos property lies in the Tapajos Province of Para State, Brazil It is situated approximately 250 km SE of Itaituba, the regional centre.   Small aircraft service Itaituba daily and on occasions flights can be sourced via Manaus. Access from Itaituba to site is by small aircraft or unsealed road of average to poor quality. The road is subject to seasonal closures and ‘wet’ season site access is granted via light aircraft utilizing the local airstrip.

 

Tenures from the Department of National Production Minerals (DNPM) are disclosed in the aforementioned notes to the financial statements.

 

5 | AURORA GOLD CORPORATION
 

 

In Brazil, Aurora has six (6)  properties with an approximate total of 16,590 ha within the Tapajos Gold Province. The Exploration licence areas are located in the vicinity of the Săo Domingos Township. The Company has conducted various degrees of exploration activities on the properties and ranked the mineralised occurrences in order of merit and may discontinue such activities and dispose of some of the rights to mineral exploration on parts of the property if further exploration work is not warranted. A summary of these properties approved by the Department of National Production Minerals (DNPM) is set out below. For further detail on these properties refer to “Mining and Exploration Properties”.

 

a)DNPM Process 850.684/06 1,985.91 ha
b)DNPM Process 850.782/05 6,656.20 ha
c)DNPM Processes 850.012/06 and 850.013/06; 1128.08 ha and 750.55 ha respectively
d)DNPM Process 850.119/06 1,068.72 ha
e)DNPM Process 859.587/95 5,000.00 ha

 

São Domingos Project in the Municipality of Itaituba, in the Tapajos gold province of the State of Para, Brazil.

 

a)DNPM Processes 850.684/06: 1,985.91 ha

 

Aurora has good title over the mineral rights object of the DNPM Process No. 850.684/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. On September 13, 2006 Aurora submitted to DNPM one Exploration Claim for gold covering an area of 4914.18 ha in the Municipality of Itaituba, State of Pará. According to the information obtained such claim was correctly prepared and the required documents are in place but the area will be reduced to 1,985.91 due to overlapping with third parties’ areas with priority rights. The Exploration Permit has not been granted yet. The above mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.

 

b)DNPM Processes 850.782/05: 6,656.20 ha

 

Aurora has good title over the mineral rights object of the DNPM Process No. 850.782/05, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. On November 8, 2005 it was submitted to DNPM the Exploration Claim for gold in the Municipality of Itaituba, State of Pará. The Exploration Permit was granted on November 28, 2006 for a 3 (three) year period. The transfer to Aurora was approved on March 24, 2009 and on September 28, 2009 it was requested the renewal of the Exploration Permit. This area was reduced from 6,756 ha to 5,651.98 ha due to the overlapping with Garimpeira (alluvial) Mining properties held by Mr. Celio Paranhos. However the DNPM ́s general attorney in Brasilia agreed with Aurora’s legal thesis and nullified all applications filed by Mr. Paranhos (about to 1,900 applications). A new Exploration Permit rectifying the previous one was granted on August 20, 2010 for a 3 (three) year period, for an area of 6,656.20 hectares. The Annual Fees per Hectare (TAHs) for the 1st and 2nd years of the extension period have been properly paid. The annual fee for the third year was paid in January 2013. In order to have the Exploration Permit renewed an Exploration Report must be presented until June 20th 2013. No payments or royalties are due regarding the DNPM Process 850.782/05 since it was acquired through a permutation agreement with Altoro Mineração Ltda.

 

c)DNPM Processes 850.012/06 and 850.013/06: 1,128.08 ha and 750.55 ha respectively

 

The exploration claims were submitted to DNPM on January 19, 2006, for gold covering an area of 1,128.08 ha and 750.55 ha respectively, in the Municipality of Itaituba, State of Pará. According to information obtained such claims were correctly prepared and the required documents are in place. The tenements 850.012/06 and 850.013/06 are held by Mr. Antonio Oliveira Ferreira and were submitted to DNPM on January 19, 2006. The tenements are located at Itaituba, State of Pará and are valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes, but the area was blocked since it is inside of a Garimpeira Reserve. The transfer to Aurora will be submitted after the Exploration Permits are granted. There are no payments or royalties related to the tenements according to the agreement entered into with the previous owner.

 

6 | AURORA GOLD CORPORATION
 

 

d)DNPM Process 850.119/06: 1,068.72 ha

 

Direct access to the files of this Project at DNPM’s office were not sited, however analysis is based on the then current information provided on DNPM’s website. The exploration claim was submitted to DNPM on March 7, 2006, for gold covering an area of 1,068.72 ha, in the Municipality of Itaituba, State of Pará. Aurora has good title over the mineral rights object of the DNPM Process No. 850.119/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. The Exploration Permit has not been granted yet. The above-mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.

 

e)DNPM Process 859.587/95: 5,000 ha

 

The tenement, was held by Vera Lucia Lopes, and is valid and in force, and is free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Pará. On November 27, 1995, it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006, for a three-year period covering an area of 5,000 hectares, and it was valid until September 15, 2009. On July 15, 2009, it was requested the renewal of the Exploration Permit which was granted and transferred to Aurora and published on June 29, 2012. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.

 

The tenement 859.587/95 is held by Aurora and is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Pará. On November 27, 1995 it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006 for a 3 (three) year period covering an area of 5000 ha, and it was valid until September 15, 2009. On July 15, 2009 it was requested the renewal of the Exploration Permit, which was granted on June 14, 2012. The transfer to Aurora was approved and published on July 6, 2012. The beginning of the activities for the renewal period was properly informed on September 5, 2012. The Annual Fee per Hectare (TAHs) for the 1st year of the extension period has been properly paid. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.

 

Expenditure

 

For fiscal years ended December 31, 2012 and 2011 the Company recorded exploration expenses of $332,285 and $307,613 respectively.

 

7 | AURORA GOLD CORPORATION
 

 

Financing

 

The Company intends to continue finance activities by raising capital through the equity markets.

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company’s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company’s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company’s Chief Business Development Director.

 

In October 2011 the Company filed a Registration Statement on Form S-1 offering up to a maximum of 50,000,000 units of the Company's securities at an offering price of $0.10 per Unit in a direct public offering, without any involvement of underwriters or broker-dealers. Each Unit consists of one (1) share of common stock at a $0.001 par value per share and one (1) Stock Purchase Warrant. Each full Warrant entitles the holder to purchase one additional share of common stock at a price of $0.20 for a period of two years commencing November 1, 2011 through October 31, 2013. The Units will be sold by the Chief Executive Officer and Chief Financial Officer. A Notice of Effectiveness was issued April 25, 2012. The offer was deregistered on January 7, 2013 and none of the shares registered were sold under the Registration Statement.

 

On April 16, 2012, the Company entered into subscription agreements for 1,316,000 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $78,960. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription.

 

During April 2012, the Company entered into a debt settlement agreement for $18,000 in accounts payable which was settled for 300,000 shares of common stock at an issue price of $0.06 per share.

 

During March 2012, the Company entered into debt settlement agreements for advances received from a director of the Company and a company during fiscal 2011 as well as $14,454 of amounts in accounts payable and accrued expenses. $119,454 was settled for 1,990,900 shares of common stock at an issue price of $0.06 per share.

 

In March 2012, the Company entered into subscription agreements for 625,217 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $37,513. Share certificates were not issued as at March 31, 2012 and they were treated as an Advance for Stock Subscriptions. The share certificates were issued in April 2012. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription that is being offered.

 

On December 20, 2011, the Company entered into subscription agreements for 8,000,000 shares of common stock at a purchase price of $0.04 per share for a gross aggregate price of $320,000. Attached to each unit of common stock is one (1) series A stock purchase warrant. Each full Series A warrant entitles the holder to purchase an additional share of the Company’s common stock at an exercise price of $0.08 per share for a period of eighteen months commencing on December 20, 2011 and expiring on June 20, 2013. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $25,600. The actual amount included in creditors for the period ended March 31, 2012 was $8,800. It is anticipated this will be the total amount of commission paid.

 

On December 15, 2011, the Company entered into debt settlement agreements with creditors and related parties in consideration for the issue of the Company’s common stock at a per share price of $0.02 per share. $218,754 was settled for 10,937,721 shares of common stock.

 

8 | AURORA GOLD CORPORATION
 

 

During the fiscal year 2011 the Company received funds from advances from individuals and a company, totalling $257,000 that were non-interest bearing, were due on demand and were unsecured. As at the end of the fiscal year this total amount was reduced to $137,000 due to $120,000 of this advance being converted to common stock for settlement of this indebtedness in December 2011 at $0.04 per share.

 

In September 2011, 1,671,000 shares were issued to an individual for cash at $0.10 per share. In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share.

 

In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder’s fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. All shares issued were to individuals and companies who reside outside the United States of America. The issuance of the shares was exempt from the registration requirements of Securities Act by virtue of Section 4(2) thereof as well as the exemption from registration requirements afforded by Regulation S.

 

Exploration Activities

 

The Company is a junior mineral exploration company and conducts principal and technical activities from Coresco AG, Level 3, Gotthardstrasse 20, 6304 Zug, Switzerland. The telephone number is +41 41 711 0281. These offices are provided to the Company on a month-to-month basis. The Company believes these offices are adequate for the business requirements during the next 12 months. The Company does not own any real property.

 

The strategic objectives of the Company are to concentrate efforts on existing operations where infrastructure already exists, properties presently being developed or in advanced stages of exploration that have potential for additional discoveries and grass-roots exploration opportunities. The Company is currently concentrating on property exploration activities in Brazil.

 

The properties are in the exploration stage only and without a known body of mineral reserves. Development of the properties will follow only if satisfactory exploration results are obtained. Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. There is no assurance that the mineral exploration and development activities will result in any discoveries of commercially viable bodies of mineralization. The long-term profitability of the operations will be, in part, directly related to the cost and success of the exploration programs, which may be affected by a number of factors. Please refer to “Item 1A. Risk Factors”

 

The Company currently has an interest in a strategic land package of six (6) properties none of which contain any reserves.

 

Distribution Methods of Products and Services

 

The Company is a mineral exploration company and is not in the business of distributing any products or services.

 

Status of any Publicly Announced New Product or Service

 

The Company has no plans for new products or services not already offered.

 

Competitive Business Conditions and Competitive Position in the Industry and Methods of Competition

 

Vast areas of Brazil have been explored and in some cases staked through mineral exploration programs. Vast areas also remain unexplored.  The cost of staking and re-staking new mineral claims and the costs of most phase one exploration programs are relatively modest.  Additionally, in many more prospective areas, extensive literature is readily available with respect to previous exploration activities.  These facts make it possible for a junior mineral exploration company such as Aurora to be very competitive with other similar companies. The Company is also competitive with senior companies who are doing grass roots exploration. In the event exploration activities uncover prospective mineral showings, the Company anticipates being able to attract the interest of better financed industry partners to assist on a joint venture basis in more extensive exploration. The Company is at a competitive disadvantage compared to established mineral exploration companies when it comes to being able to complete extensive exploration programs on claims which held or that may be held in the future.  If the Company is unable to raise capital to pay for extensive claim exploration, the Company will be required to enter into joint ventures with industry partners that will result in the interest in the claims being substantially diluted.  

 

9 | AURORA GOLD CORPORATION
 

 

Management of the Company remains committed to building a portfolio of mineral exploration properties principally through their own efforts. The Company is a small entity in a large competitive industry with many other junior exploration companies evaluating and re-evaluating prospective mineral properties in Brazil.

 

Sources and Availability of Raw Materials and the Names of Principal Suppliers

 

As a mineral exploration company, the Company does not require sources of raw materials and does not have principal suppliers in the way, which applies to manufacturing companies.  The raw materials are, in effect, mineral exploration properties staked or acquired from third parties. The management team seeks to assemble a portfolio of quality mineral exploration properties in Brazil  and elsewhere in South America, and continues to review any properties, worldwide, that may fall within the scope of the management and technical teams’ expertise. Initially, the Company operates in the field with the president and various consultants on an as needed basis.  This enables the Company to assemble a portfolio of properties through grass roots exploration and staking.  The Company will also acquire new properties via option agreements when new properties can be acquired on favorable terms.

 

Dependence on One or a Few Major Customers

 

The Company is in the business of mineral exploration.  The Company does not sell any product or service and therefore has no dependence on one or a few major customers.

 

Patents, Trademarks, Licenses, Franchises, Concessions, Royalty Agreements or Labor Contracts, Including Duration

 

The Company does not own any patents or trademarks.  The Company is not party to any labor agreements or contracts.  Licenses, franchises, concessions and royalty agreements are not part of the business.

 

Need for any government approval of principal products or services

 

As a mineral exploration company, the business does not require extensive government approvals for principal products or services.  The Department National Production Minerals (DNPM) of Brazil outlines and governs the work that can be done on mining claims in Brazil.

 

In the event mining claims acquire in the future prove to host viable ore bodies, the Company would likely sell or lease the deposit to a company whose business is the extraction and treatment of ore. This company would undertake the sale of metals or concentrates and pay us a net smelter royalty as specified in a future lease agreement.  All responsibility for government approvals pertaining to mining methods, environmental impacts and reclamation would be the responsibility of this contractor.  All costs to obtain the necessary government approvals would be factored into technical and viability studies in advance of a decision being made to proceed with development of an ore body.

 

The mining industry in Brazil is highly regulated.  The president and various consultants have extensive industry experience and are familiar with government regulations respecting the initial acquisition and early exploration of mining claims in Brazil and many other countries in South America, Australia, Africa, Kazakhstan and the former Soviet Union. The Company is required under law to meet government standards relating to the protection of land and waterways, safe work practices and road construction. The Company is unaware of any proposed or probable government regulations that would have a negative impact on the mining industry in Brazil. The Company proposes to adhere strictly to the regulatory framework, which governs mining operations in Brazil.

 

Effect of existing or probable governmental regulations on the business

 

Management is unaware of any existing or probable government regulations, which would have a positive or negative impact on the Company.

 

10 | AURORA GOLD CORPORATION
 

 

Costs and effects of compliance with environmental laws (federal, state and local)

 

At the present time, the costs of compliance with environmental laws are minimal.  In the event that claims, which may be, acquired in the future host a viable ore body, the costs and affects of compliance with environmental laws will be incorporated in the exploration plan for these claims. Qualified mining engineers will prepare these exploration plans.

 

Number of total employees and number of full time employees

 

The Company does not have employees. The Company does appoint contractors and consultants. As of March 25, 2013 the Company had contractors and consultants ranging between 18 to 24 in number.

 

11 | AURORA GOLD CORPORATION
 

 

ITEM 1A – RISK FACTORS

 

Aurora is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

 

ITEM 1B – UNRESOLVED STAFF COMMENTS

 

Aurora is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

 

ITEM 2 – DESCRIPTION OF PROPERTY

 

Office Premises

 

The Company conducts principal and technical activities from Coresco AG, Level 3, Gotthardstrasse 20, 6304 Zug, Switzerland. The telephone number is +41 41 711 0281. These offices are provided to the Company on a month-to-month basis. The Company believes these offices are adequate for the business requirements during the next 12 months. The Company does not own any real property. Aurora maintains its statutory registered agent’s office at 1859 Whitney Mesa Drive, Henderson, Nevada, 89014.

 

Mining and Exploration Properties

 

The Company was incorporated under the laws of the State of Delaware on October 10, 1995, under the name "Chefs Acquisition Corp." Initially formed for the purpose of engaging in the food preparation business, the Company redirected business efforts in late 1995 following a change of control, which occurred on October 30, 1995, to the acquisition, exploration and development of mineral resource properties. The Company name changed to “Aurora Gold Corporation” on August 20, 1996 to more fully reflect the resource exploration business activities.

 

The general business strategy is to acquire mineral properties either directly or through the acquisition of operating entities. The continued operations and the recoverability of minerals  are dependent upon the existence of economically recoverable mineral reserves, confirmation of interest in the underlying properties and ability to obtain necessary financing to complete the development and future profitable production. Since 1996 the Company acquired and disposed of a number of properties. The Company has not been successful in any exploration efforts to establish reserves on any of the properties owned by or in which the Company holds an interest.

 

The Company currently has an interest in a strategic land package of six (6) properties none of which contain any reserves. The Company has no revenues, has sustained losses since inception and has been issued an opinion by the auditors expressing substantial doubt about the ability to continue as a going concern. The Company may not generate revenues even if any of its exploration programs indicate that a mineral deposit may exist on the properties. Accordingly, the Company may be dependent on future financings in order to maintain operations and continue exploration activities.

 

The Company has not been involved in any bankruptcy, receivership or similar proceedings.

 

The strategic objectives of the Company are to concentrate efforts on existing operations where infrastructure already exists, properties presently being developed or in advanced stages of exploration that have potential for additional discoveries and grass-roots exploration opportunities. The Company is currently concentrating on property exploration activities in Brazil.

 

The properties are in the exploration stage only and without a known body of mineral reserves. Development of the properties will follow only if satisfactory exploration results are obtained. Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. There is no assurance that the mineral exploration and development activities will result in any discoveries of commercially viable bodies of mineralization. The long-term profitability of the operations will be, in part, directly related to the cost and success of the exploration programs, which may be affected by a number of factors. Please refer to “Item 1A. Risk Factors”

 

Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. There is no assurance that planned production will result in a commercial success, as production is gold price and politically sensitive. Once production has commenced the Company is able to gauge the onward commercial viability of the project. There is no assurance that planned mineral exploration and development activities will result in any further discoveries of commercially viable bodies of mineralization. The long-term profitability of operations will be, in part, directly related to the cost and success of exploration programs, which may be affected by a number of factors.

 

12 | AURORA GOLD CORPORATION
 

 

The Company has calculated a body of mineralized material to Guide 7 standards calculated in accordance with the Australasian Joint Ore Reserves Committee (the “JORC”) code for reporting of Mineral Resources and Ore Reserves (the “JORC Code”). The current JORC compliant inferred resource is estimated at 130,000 ounces at 2.0 g/t calculated on a 0.5 g/t cut off. This mineralized material is located on the Săo Domingos property discussed below. The rest of the Brazil properties are in the preliminary exploration stage and do not contain any known bodies of ore. The Company will also examine data relating to any potential acquisition opportunities of other exploration properties in Latin America and South America.

 

During 2012 and 2013 through March 25, 2013 the Company has been evaluating property holdings in order to determine whether to implement exploration programs on existing properties or to acquire interests in new properties.

 

The Company currently has an interest in six (6) properties located in Tapajos gold province in Para State, Brazil, collectively called the Sao Domingo project.  The Company has conducted exploration activities on the properties and have ranked the properties in order of merit and may discontinue such activities and dispose of some of the rights to mineral exploration on the properties if further exploration work is not warranted.

 

The geology of the Săo Domingos property is predominantly composed of paleo-proterozoic Parauari Granites that play host to a number of gold deposits in the Tapajos Basin. Typical Granites of the younger Maloquinha Intrusive Suite have been noticed in the vicinity of the Fofoca resource area, and basic rocks considered to be part of the mesoproterozoic Cachoeira Seca Intrusive Suite occur around the Esmeril target area. The Săo Domingos property was a previous large alluvial operation, and the property area covers numerous areas of workings. The Săo Domingos property lies in the Tapajos Province of Para State, Brazil It is situated approximately 250 km SE of Itaituba, the regional centre.   Small aircraft service Itaituba daily and on occasions flights can be sourced via Manaus. Access from Itaituba to site is by small aircraft or unsealed road of average to poor quality. The road is subject to seasonal closures and ‘wet’ season site access is granted via light aircraft utilizing the local airstrip.

 

Tenures from the Department of National Production Minerals (DNPM) are disclosed in the aforementioned notes to the financial statements.

 

13 | AURORA GOLD CORPORATION
 

 

In Brazil, Aurora has six (6)  properties with an approximate total of 16,590 ha within the Tapajos Gold Province. The Exploration licence areas are located in the vicinity of the Săo Domingos Township. The Company has conducted various degrees of exploration activities on the properties and ranked the mineralised occurrences in order of merit and may discontinue such activities and dispose of some of the rights to mineral exploration on parts of the property if further exploration work is not warranted. A summary of these properties approved by the Department of National Production Minerals (DNPM) is set out below.

 

a)DNPM Process 850.684/06 1,985.91 ha
b)DNPM Process 850.782/05 6,656.20 ha
c)DNPM Processes 850.012/06 and 850.013/06; 1128.08 ha and 750.55 ha respectively
d)DNPM Process 850.119/06 1,068.72 ha
e)DNPM Process 859.587/95 5,000.00 ha

 

São Domingos Project in the Municipality of Itaituba, in the Tapajos gold province of the State of Para, Brazil.

 

a)DNPM Processes 850.684/06: 1,985.91 ha

 

Aurora has good title over the mineral rights object of the DNPM Process No. 850.684/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. On September 13, 2006 Aurora submitted to DNPM one Exploration Claim for gold covering an area of 4914.18 ha in the Municipality of Itaituba, State of Pará. According to the information obtained such claim was correctly prepared and the required documents are in place but the area will be reduced to 1,985.91 due to overlapping with third parties’ areas with priority rights. The Exploration Permit has not been granted yet. The above mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.

 

b)DNPM Processes 850.782/05: 6,656.20 ha

 

Aurora has good title over the mineral rights object of the DNPM Process No. 850.782/05, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. On November 8, 2005 it was submitted to DNPM the Exploration Claim for gold in the Municipality of Itaituba, State of Pará. The Exploration Permit was granted on November 28, 2006 for a 3 (three) year period. The transfer to Aurora was approved on March 24, 2009 and on September 28, 2009 it was requested the renewal of the Exploration Permit. This area was reduced from 6,756 ha to 5,651.98 ha due to the overlapping with Garimpeira (alluvial) Mining properties held by Mr. Celio Paranhos. However the DNPM ́s general attorney in Brasilia agreed with Aurora’s legal thesis and nullified all applications filed by Mr. Paranhos (about to 1,900 applications). A new Exploration Permit rectifying the previous one was granted on August 20, 2010 for a 3 (three) year period, for an area of 6,656.20 hectares. The Annual Fees per Hectare (TAHs) for the 1st and 2nd years of the extension period have been properly paid. The annual fee for the third year was paid in January 2013. In order to have the Exploration Permit renewed an Exploration Report must be presented until June 20th 2013. No payments or royalties are due regarding the DNPM Process 850.782/05 since it was acquired through a permutation agreement with Altoro Mineração Ltda.

 

c)DNPM Processes 850.012/06 and 850.013/06: 1,128.08 ha and 750.55 ha respectively

 

The exploration claims were submitted to DNPM on January 19, 2006, for gold covering an area of 1,128.08 ha and 750.55 ha respectively, in the Municipality of Itaituba, State of Pará. According to information obtained such claims were correctly prepared and the required documents are in place. The tenements 850.012/06 and 850.013/06 are held by Mr. Antonio Oliveira Ferreira and were submitted to DNPM on January 19, 2006. The tenements are located at Itaituba, State of Pará and are valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes, but the area was blocked since it is inside of a Garimpeira Reserve. The transfer to Aurora will be submitted after the Exploration Permits are granted. There are no payments or royalties related to the tenements according to the agreement entered into with the previous owner.

 

14 | AURORA GOLD CORPORATION
 

 

 

d)DNPM Process 850.119/06: 1,068.72 ha

 

Direct access to the files of this Project at DNPM’s office were not sited, however analysis is based on the then current information provided on DNPM’s website. The exploration claim was submitted to DNPM on March 7, 2006, for gold covering an area of 1,068.72 ha, in the Municipality of Itaituba, State of Pará. Aurora has good title over the mineral rights object of the DNPM Process No. 850.119/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. The Exploration Permit has not been granted yet. The above-mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.

 

e)DNPM Process 859.587/95: 5,000 ha

 

The tenement, was held by Vera Lucia Lopes, and is valid and in force, and is free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Pará. On November 27, 1995, it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006, for a three-year period covering an area of 5,000 hectares, and it was valid until September 15, 2009. On July 15, 2009, it was requested the renewal of the Exploration Permit which was granted and transferred to Aurora and published on June 29, 2012. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.

 

The tenement 859.587/95 is held by Aurora and is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Pará. On November 27, 1995 it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006 for a 3 (three) year period covering an area of 5000 ha, and it was valid until September 15, 2009. On July 15, 2009 it was requested the renewal of the Exploration Permit, which was granted on June 14, 2012. The transfer to Aurora was approved and published on July 6, 2012. The beginning of the activities for the renewal period was properly informed on September 5, 2012. The Annual Fee per Hectare (TAHs) for the 1st year of the extension period has been properly paid. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.

 

ITEM 3 – LEGAL PROCEEDINGS

 

Aurora is not a party to any pending legal proceedings and, to the best of Aurora’s knowledge, none of Aurora’s assets are the subject of any pending legal proceedings.

 

ITEM 4 – MINING SAFETY DISCLOSURES

 

There are no current mining activities at the date of this report.

 

15 | AURORA GOLD CORPORATION
 

 

PART II

 

ITEM 5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES

 

a.Market Information

 

The Common Stock is currently quoted on the OTCQB. The common stock was removed from the OTC Bulletin Board effective May 20, 2009 and relisted on the OTCBB on August 5, 2010. In 2011 the Company was removed from the OTCBB and relisted on the OTCQB. Please refer to “Item1A. Risk Factors.”

 

The following table sets forth the high and low bid prices for the Common Stock for the calendar quarters indicated as reported by the OTCQB for the last two years. These prices represent quotations between dealers without adjustment for retail mark-up, markdown or commission and may not represent actual transactions. The stock is also quoted on the Berlin-Bremen Exchange (A4G.BE).

 

High & Low Bids
Period ended  High   Low   Source
December 31, 2012  $0.064   $0.001   OTC Markets, Inc.
September 30, 2012  $0.060   $0.040   OTC Markets, Inc.
June 30, 2012  $0.060   $0.040   OTC Markets, Inc.
March 31, 2012  $0.070   $0.060   OTC Markets, Inc.
December 31, 2011  $0.100   $0.040   OTC Markets, Inc.
September 30, 2011  $0.160   $0.080   OTC Markets, Inc.
June 30, 2011  $0.320   $0.120   OTC Markets, Inc.
March 31, 2011  $0.340   $0.240   OTC Markets, Inc.

 

The closing price on March 21, 2013 was $0.035.

 

b.Holders of Record

 

As of March 25, 2013, there were approximately 725 holders of record of the Common Stock. The Company has not paid any cash dividends. Please refer to “Dividend Policy”. The Company does not have securities authorized for issuance under an equity compensation plan.

 

There are 9,650,000 (2011: 9,050,000) shares reserved for issuance pursuant to options granted under the Company’s stock option plan as at December 31, 2012 (9,650,000: March 25, 2013).

 

c.Transfer Agent

 

The transfer agent of common stock is Worldwide Stock Transfer, LLC, having an office at 433 Hackensack Avenue, Level L. Hackensack, NJ, USA 07601.

 

d.Dividends

 

The Company has never paid cash dividends on the capital stock and does not anticipate paying any cash dividends in the foreseeable future, but intends to retain capital for reinvestment in the business. Any future determination to pay cash dividends will be at the discretion of the Board of Directors and will be dependent upon the financial condition, results of operations, capital requirements and other factors as the board of directors deems relevant.  No securities were issued without registration under the Securities Act of 1933, as amended (the "Act") during the fourth quarter of Fiscal 2012. The Company did not affect any repurchases of securities during the fourth quarter of Fiscal 2012.

 

16 | AURORA GOLD CORPORATION
 

 

e.Unregistered Sales of Equity Securities and Use of Proceeds

 

The Company did not make any repurchases of securities during the fourth quarter of fiscal year ended December 31, 2012 or the subsequent period through to March 25, 2013.

 

f.Penny Stock Rules

 

The Securities and Exchange Commission has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. The stock is currently a “penny stock.” Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from those rules, deliver a standardized risk disclosure document prepared by the Commission, which: (a) contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; (b) contains a description of the broker’s or dealer’s duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements of Securities’ laws; (c) contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and significance of the spread between the bid and ask price; (d) contains a toll-free telephone number for inquiries on disciplinary actions; (e) defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and (f) contains such other information and is in such form as the Commission shall require by rule or regulation. The broker-dealer also must provide to the customer, prior to effecting any transaction in a penny stock, (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and (d) monthly account statements showing the market value of each penny stock held in the customer’s account. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written acknowledgment of the receipt of a risk disclosure statement, a written agreement to transactions involving penny stocks, and a signed and dated copy of a written suitably statement.

 

These disclosure requirements may have the effect of reducing the trading activity in the secondary market for the stock if it becomes subject to these penny stock rules.

 

Rule 144

 

There were 249,144,706 shares of Common Stock issued and outstanding at March 25, 2013, of which 5,428,896 shares are deemed "restricted securities," within the meaning of Rule 144. Absent registration under the Securities Act, the sale of such shares is subject to Rule 144, as promulgated under the Securities Act.

 

In general, under Rule 144, subject to the satisfaction of certain other conditions, a person deemed to be one of the Company’s affiliates, who has beneficially owned restricted shares of the Common stock for at least one year is permitted to sell in a brokerage transaction, within any three-month period, a number of shares that does not exceed the greater of 1% of the total number of outstanding shares of the same class, or, if the common stock is quoted on a stock exchange, the average weekly trading volume during the four calendar weeks preceding the sale, if greater.

 

Rule 144 also permits a person who presently is not and who has not been an affiliate of the Company for at least three months immediately preceding the sale and who has beneficially owned the shares of common stock for at least nine months to sell such shares without restriction other than the requirement that there be current public information as set forth in Rule 144. To the extent that Rule 144 is otherwise available, this provision is currently applicable to all of the restricted shares. If a non-affiliate has held the shares for more than one year, such person may make unlimited sales pursuant to Rule 144 without restriction.

 

The possibility that substantial amounts of the common stock may be sold under Rule 144 into the public market may adversely affect prevailing market prices for the common stock and could impair the Company’s ability to raise capital in the future through the sale of equity securities. Please refer to “Item1A. Risk Factors.”

 

17 | AURORA GOLD CORPORATION
 

 

ITEM 6 – SELECTED FINANCIAL DATA

 

Aurora is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

 

ITEM 7 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis should be read in conjunction with the Financial Statements and Notes to the Financial Statements filed with this Report.

 

18 | AURORA GOLD CORPORATION
 

 

Business Overview

 

The Company was incorporated under the laws of the State of Delaware on October 10, 1995, under the name "Chefs Acquisition Corp." Initially formed for the purpose of engaging in the food preparation business, the Company redirected business efforts in late 1995 following a change of control, which occurred on October 30, 1995, to the acquisition, exploration and development of mineral resource properties. The Company name changed to “Aurora Gold Corporation” on August 20, 1996 to more fully reflect the resource exploration business activities.

 

The Company is a junior mineral exploration company and conducts principal and technical activities from Coresco AG, Level 3, Gotthardstrasse 20, 6304 Zug, Switzerland. The telephone number is (+41) 41 711 0281. These offices are provided to the Company on a month-to-month basis. The Company believes these offices are adequate for the business requirements during the next 12 months. The Company does not own any real property.

 

The general business strategy is to acquire mineral properties either directly or through the acquisition of operating entities. The continued operations and the recoverability of minerals  are dependent upon the existence of economically recoverable mineral reserves, confirmation of interest in the underlying properties and ability to obtain necessary financing to complete the development and future profitable production. Since 1996 the Company acquired and disposed of a number of properties. The Company has not been successful in any exploration efforts to establish reserves on any of the properties owned by or in which the Company holds an interest.

 

The Company currently has an interest in a strategic land package of six (6) properties none of which contain any reserves. The Company has no revenues, has sustained losses since inception and has been issued an opinion by the auditors expressing substantial doubt about the ability to continue as a going concern. The Company will not generate revenues even if any of its exploration programs indicate that a mineral deposit may exist on the properties. Accordingly, the Company will be dependent on future financings in order to maintain operations and continue exploration activities.

 

The Company has no revenues, has sustained losses since inception, has been issued an opinion expressing substantial doubt about the ability to continue as a going concern by the auditors and relies upon the sale of securities to fund operations. The Company will not generate revenues even if any of exploration programs indicate that a mineral deposit may exist on the properties. Accordingly, the Company will be dependent on future financings in order to maintain operations and continue exploration activities. Funds raised in fiscal years 2012 and 2011 were used for exploration of properties, and general administration.

 

The properties are in the exploration stage only and without a known body of mineral reserves. Development of the properties will follow only if satisfactory exploration results are obtained. Mineral exploration and development involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. There is no assurance that the mineral exploration and development activities will result in any discoveries of commercially viable bodies of mineralization. The long-term profitability of the operations will be, in part, directly related to the cost and success of the exploration programs, which may be affected by a number of factors.

 

The Company has not been involved in any bankruptcy, receivership or similar proceedings.

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company’s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company’s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company’s Chief Business Development Director. The strategic objectives of the Company are to concentrate efforts on existing operations where infrastructure already exists, properties presently being developed or in advanced stages of exploration that have potential for additional discoveries and grass-roots exploration opportunities. The Company is currently concentrating on exploration activities in Brazil.  The board terminated several agreements for mineral property rights during Fiscal 2012 and 2011 with a view to consolidate and concentrate on the strategic land package of assets located in the Tapajos Region of Brazil.

 

19 | AURORA GOLD CORPORATION
 

 

Plan of Operation

 

The following Plan of Operation contains forward-looking statements that involve risks and uncertainties, as described below. The actual results could differ materially from those anticipated in these forward-looking statements. During the next 12 months the Company may raise additional funds through equity offerings and/or debt borrowing to meet the general and administrative operating expenses and to conduct work on exploration properties. There is, of course, no assurance that the Company will be able to do so and the Company does not have any agreements or arrangements with respect to any such financing. The exploration properties have not commenced commercial production and the Company has no history of earnings or cash flow from operations. While the Company may attempt to generate additional working capital through the operation, development, sale or possible joint venture development of properties, there is no assurance that any such activity will generate funds that will be available for operations.

 

The Company intends to concentrate exploration activities on the Brazilian Tapajos properties and examine data relating to the potential acquisition or joint venturing of additional mineral properties in either the exploration or development stage in other South American countries. Additional contractors and consultants may be hired on as and when the requirement occurs.

 

The exploration work program for the remainder of Fiscal 2013 will focus on the Brazilian properties. The Company intends to follow up results from previous work on the Sao Domingo property, including the previous drilling and mapping over the Fofoca resource area. Follow up evaluation of the geophysical anomaly west of Fofoca is required to test any strike continuity of potential economic mineralisation. The Toucano occurrence was a recent discovery, made during the 4th Quarter of 2011 located in the same vicinity as the Colibri gold occurrence and close to the Fofoca resource area and the Attacadau occurrence. Toucano was discovered as a result of reviewing remote sensing imagery acquired during the last quarter of 2011 and the occurrence of recent artisanal activity.

 

Aurora conducted detailed mapping over the Toucano occurrence during 2012 and completed channel sampling across the exposed strike of potentially mineralised lithologies. As a result of the significant channel sample results and the other high-grade rock chip results taken from exposures within the Toucano system. Aurora intends to focus exploration delineating the potential area of mineralised material. This work will entail surface mapping, sampling of soils on a grid basis to delineate geochemical anomalies, stream sediment sampling, geophysical surveying and drilling.

 

Aurora recently concluded a first pass project wide evaluation of tailings and alluvial/elluvial potential. Results showed that follow up test work is recommended and Aurora intends to apply for a trial mining license to carry out bulk sampling of potentially economic material. Concurrently a technical team has been assembled to continue the evaluation of both the alluvial/elluvial potential and the geometry of the hard rock mineralisation in preparation for subsurface test work.

 

Results of the follow up exploration during 2012 identified further primary and placer gold occurrences, which were subsequently sampled for gold and associated minerals; cartographic archival data was reviewed, and follow on exploration recommendations and budgets established. Included in the recommendations is a geophysical survey utilizing GPR (Georadar) profiling as a method for determining overburden depths and delineation of potential alluvial/elluvial ore zones in cross a section.

 

The Company has set up a field operations centre at the Săo Domingos property and intend to continue to focus exploration activities on anomalies associated with the Săo Domingos property. The Company selected the Săo Domingos property based on its proximity to the other properties, and the logistics currently in place. Access to the Săo Domingos property is by light aircraft to a well-maintained strip, by road along the government maintained Trans Garimpeiro highway, and by boat along the multitude of waterways in the Amazon Basin.

 

The company also intends to expand the infrastructure on Sao Domingo to include further staff accommodation, office space, workshops for heavy machinery and an onsite laboratory for assaying. Currently the Company has a budget for exploration and alluvial/elluvial mining, and will seek to acquire a trial mining license in the near future. The exploration phase during 2012, coupled with data from previous campaigns has shown the project has great potential to host significant economic alluvial/elluvial and hard rock mineralisation.

 

20 | AURORA GOLD CORPORATION
 

 

Results of Operations

 

Year Ended December 31, 2012 (Fiscal 2012) versus Year Ended December 31, 2011 (Fiscal 2011)

 

Revenues and Net Loss – The Company has yet to generate any revenues or establish any history of profitable operations. For the year ended December 31, 2012 the Company recorded a net loss of $1,200,374 (2011:net loss $4,627,338) or $(0.01) [2011:$(0.05)] per share.

 

Expenses – General and administrative expenses consist primarily of personnel, legal, investor relations, stock based compensation, accounting and other professional and administrative costs. For the year ended December 31, 2012 the Company recorded General and Administrative expenses of $332,285 (2011: $550,655). Professional fees for accounting and legal of $125,838 (2011: $241,125) were also incurred.

 

Exploration expenditures – Exploration expenses are charged to operations as they are incurred. For the year ended December 31, 2012 the Company recorded exploration expenses of $429,433 (2011: $307,613).

 

Depreciation expenses – Depreciation expenses charged to operations for the year ended December 31, 2012 were $5,129 (2011: $27,897).

 

AGC Resources LLC – (Boulder, Colorado Property Disposed June 14, 2011)

 

On June 14, 2011, the Company, entered into an Asset Purchase Agreement with Devtec Management Ltd. (“Devtec”), pursuant to which the Company sold its subsidiary, AGC, which owns certain properties in Boulder, Colorado (see note 3(c) for a discussion of the specific assets purchased by AGC in June 2010), to Devtec for a total of $2 million, plus royalty. Under the terms of the agreement, Devtec will pay the Company $1 million upon production of the cumulative total of 1,000 ounces of gold and/or silver, and a further $1 million on the nine-month anniversary of the payment of the first $1 million. Additionally, Devtec will pay the Company a 5% royalty from the start of production.

 

The Company is unable to reasonably estimate the amount of minerals the properties will produce, if any, and thus there is uncertainty as to whether the purchase price will be collected. Further, the collection of any purchase price is also contingent on the outcome of the court case described in Note 3 to the consolidated financial statements filed with this report. Given these factors, collection of the purchase price is not considered reasonably possible at the time of this report given the current uncertain status of exploration work on the Boulder, Colorado properties and the uncertainties of the related legal action and thus no purchase price has been recorded as of December 31, 2012. Once collection of the purchase price becomes assured and the aforementioned uncertainties resolved, the purchase price will be recorded in the Consolidated Statements of Comprehensive Income (Loss).

 

21 | AURORA GOLD CORPORATION
 

 

Therefore, the Company is recognizing a loss on the sale of its subsidiary of $2,757,511 for the year ended December 31, 2011, which represents the net book value of the assets transferred to Devtec on June 14, 2011 (no liabilities were assumed by Devtec) as follows:

 

Reclamation bonds  $245,221 
Buildings and equipment  $753,605 
Participating interest in mineral property  $1,758,685 
Total  $2,757,511 

 

Capital Resources and Liquidity

 

December 31, 2012 versus December 31, 2011

 

During 2012 the capital markets continued to be tight and many companies had restricted access to debt and equity financing. The Company's exploration properties are in the exploration stage and have not commenced commercial production. Consequently the Company has no history of earnings or cash flow from its operations. As a result, the Company is reviewing its 2013 exploration and capital spending requirements in light of the current and anticipated, global economic environment.

 

The Company currently finances its activities primarily by the private placement of securities. There is no assurance that equity funding will be accessible to the Company at the times and in the amounts required to fund the Company’s activities. There are many conditions beyond the Company’s control, which have a direct bearing on the level of investor interest in the purchase of Company securities. The Company may also attempt to generate additional working capital through the operation, development, sale or possible joint venture development of its properties; however, there is no assurance that any such activity will generate funds that will be available for operations. Debt financing has been used to fund the Company’s property acquisitions  and exploration activities. The Company does not have “standby” credit facilities, or off-balance sheet arrangements and it does not use hedges or other financial derivatives. The Company has no agreements or understandings with any person as to additional financing.

 

At December 31, 2012, the Company had cash of $3,963,836 (2011: $237,426) and working capital of $3,754,403 (working capital deficiency 2011: $(300,218)). Total liabilities as of December 31, 2012 were $277,343 (2011: $537,644).

 

The Company intends to continue finance activities by raising capital through the equity markets.

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company’s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company’s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company’s Chief Business Development Director.

 

In October 2011 the Company filed a Registration Statement on Form S-1 offering up to a maximum of 50,000,000 units of the Company's securities at an offering price of $0.10 per Unit in a direct public offering, without any involvement of underwriters or broker-dealers. Each Unit consists of one (1) share of common stock at a $0.001 par value per share and one (1) Stock Purchase Warrant. Each full Warrant entitles the holder to purchase one additional share of common stock at a price of $0.20 for a period of two years commencing November 1, 2011 through October 31, 2013. The Units will be sold by the Chief Executive Officer and Chief Financial Officer. A Notice of Effectiveness was issued April 25, 2012. The offer was deregistered on January 7, 2013 and none of the shares registered were sold under the Registration Statement.

 

On April 16, 2012, the Company entered into subscription agreements for 1,316,000 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $78,960. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription.

 

22 | AURORA GOLD CORPORATION
 

 

During April 2012, the Company entered into a debt settlement agreement for $18,000 in accounts payable which was settled for 300,000 shares of common stock at an issue price of $0.06 per share.

 

During March 2012, the Company entered into debt settlement agreements for advances received from a director of the Company and a company during fiscal 2011 as well as $14,454 of amounts in accounts payable and accrued expenses. $119,454 was settled for 1,990,900 shares of common stock at an issue price of $0.06 per share.

 

In March 2012, the Company entered into subscription agreements for 625,217 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $37,513. Share certificates were not issued as at March 31, 2012 and they were treated as an Advance for Stock Subscriptions. The share certificates were issued in April 2012. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription that is being offered.

 

On December 20, 2011, the Company entered into subscription agreements for 8,000,000 shares of common stock at a purchase price of $0.04 per share for a gross aggregate price of $320,000. Attached to each unit of common stock is one (1) series A stock purchase warrant. Each full Series A warrant entitles the holder to purchase an additional share of the Company’s common stock at an exercise price of $0.08 per share for a period of eighteen months commencing on December 20, 2011 and expiring on June 20, 2013. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $25,600. The actual amount included in creditors for the period ended March 31, 2012 was $8,800. It is anticipated this will be the total amount of commission paid.

 

On December 15, 2011, the Company entered into debt settlement agreements with creditors and related parties in consideration for the issue of the Company’s common stock at a per share price of $0.02 per share. $218,754 was settled for 10,937,721 shares of common stock.

 

During the fiscal year 2011 the Company received funds from advances from individuals and a company, totalling $257,000 that were non-interest bearing, were due on demand and were unsecured. As at the end of the fiscal year this total amount was reduced to $137,000 due to $120,000 of this advance being converted to common stock for settlement of this indebtedness in December 2011 at $0.04 per share.

 

In September 2011, 1,671,000 shares were issued to an individual for cash at $0.10 per share. In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share.

 

In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder’s fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. All shares issued were to individuals and companies who reside outside the United States of America. The issuance of the shares was exempt from the registration requirements of Securities Act by virtue of Section 4(2) thereof as well as the exemption from registration requirements afforded by Regulation S.

 

The general business strategy is to acquire mineral projects  either directly or through the acquisition of operating entities. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the USA and applicable to a going concern concept, which contemplates the realization of assets and the satisfaction of liabilities and commitments during the normal course of business. As discussed in note 1  to the consolidated financial statements, the Company has incurred recurring operating losses since inception, has not generated any operating revenues to date and during 2012 operating activities used cash of $1,392,990 (2011: $1,062,075). The Company requires additional funds to meet the Company obligations and maintain the operations. The Company may not have sufficient working capital to (i) pay administrative and general operating expenses through December 31, 2013 and (ii) to conduct preliminary exploration programs. Without cash flow from operations, the Company may need to obtain additional funds (presumably through equity offerings and/or debt borrowing) in order, if warranted, to implement additional exploration programs on the properties. While the Company may attempt to generate additional working capital through the operation, development, sale or possible joint venture development of the properties, there is no assurance that any such activity will generate funds that will be available for operations. Failure to obtain such additional financing may result in a reduction of interest in certain properties or an actual foreclosure of interest. The Company has no agreements or understandings with any person as to such additional financing.

 

23 | AURORA GOLD CORPORATION
 

 

The exploration properties have not commenced commercial production and the Company has no history of earnings or cash flow from operations. While the Company may attempt to generate additional working capital through the operation, development, sale or possible joint venture development of property, there is no assurance that any such activity will generate funds that will be available for operations.

 

Cash Flow

 

Operating activities:

 

During 2012 operating activities of the Company used cash of $1,296,342 (2011: $1,062,075). The following is a breakdown of cash used for operating activities: Depreciation and amortization of $5,129 (2011: $27,897). Changes in prepaid expenses and other assets resulted in a decrease in cash of $67,910 (2011: increase in cash of $20,344). Changes in accounts payable and accrued expenses (including related party) resulted in an increase in cash of $6,013 (2011: increase in cash of $55,343).

 

Investing Activities:

 

During the year ended December 31, 2012 the Company invested $103,045 in the purchase of equipment for exploration activities. During the year ended December 31, 2011, $80,000 of the financial warranty with respect to the Colorado Mined Land Reclamation bonds was returned to the Company.

 

Financing Activities:

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company’s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company’s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company’s Chief Business Development Director.

 

In October 2011 the Company filed a Registration Statement on Form S-1 offering up to a maximum of 50,000,000 units of the Company's securities at an offering price of $0.10 per Unit in a direct public offering, without any involvement of underwriters or broker-dealers. Each Unit consists of one (1) share of common stock at a $0.001 par value per share and one (1) Stock Purchase Warrant. Each full Warrant entitles the holder to purchase one additional share of common stock at a price of $0.20 for a period of two years commencing November 1, 2011 through October 31, 2013. The Units will be sold by the Chief Executive Officer and Chief Financial Officer. A Notice of Effectiveness was issued April 25, 2012. The offer will expire January 20, 2013. To date, no funds have been obtained from this offering.

 

On April 16, 2012, the Company entered into subscription agreements for 1,316,000 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $78,960. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription.

 

During April 2012, the Company entered into a debt settlement agreement for $18,000 in accounts payable which was settled for 300,000 shares of common stock at an issue price of $0.06 per share.

 

During March 2012, the Company entered into debt settlement agreements for advances received from a director of the Company and a company during fiscal 2011 as well as $14,454 of amounts in accounts payable and accrued expenses. $119,454 was settled for 1,990,900 shares of common stock at an issue price of $0.06 per share.

 

In March 2012, the Company entered into subscription agreements for 625,217 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $37,513. Share certificates were not issued as at March 31, 2012 and they were treated as an Advance for Stock Subscriptions. The share certificates were issued in April 2012. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription that is being offered.

 

24 | AURORA GOLD CORPORATION
 

 

On December 20, 2011, the Company entered into subscription agreements for 8,000,000 shares of common stock at a purchase price of $0.04 per share for a gross aggregate price of $320,000. Attached to each unit of common stock is one (1) series A stock purchase warrant. Each full Series A warrant entitles the holder to purchase an additional share of the Company’s common stock at an exercise price of $0.08 per share for a period of eighteen months commencing on December 20, 2011 and expiring on June 20, 2013. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $25,600. The actual amount included in creditors for the period ended March 31, 2012 was $8,800. It is anticipated this will be the total amount of commission paid.

 

On December 15, 2011, the Company entered into debt settlement agreements with creditors and related parties in consideration for the issue of the Company’s common stock at a per share price of $0.02 per share. $218,754 was settled for 10,937,721 shares of common stock.

 

During the fiscal year 2011 the Company received funds from advances from individuals and a company, totalling $257,000 that were non-interest bearing, were due on demand and were unsecured. As at the end of the fiscal year this total amount was reduced to $137,000 due to $120,000 of this advance being converted to common stock for settlement of this indebtedness in December 2011 at $0.04 per share.

 

In September 2011, 1,671,000 shares were issued to an individual for cash at $0.10 per share. In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share.

 

In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder’s fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. All shares issued were to individuals and companies who reside outside the United States of America. The issuance of the shares was exempt from the registration requirements of Securities Act by virtue of Section 4(2) thereof as well as the exemption from registration requirements afforded by Regulation S.

 

Dividends

 

The Company has neither declared nor paid any dividends on its’ Common Stock. The Company intends to retain earnings to finance growth and expand operations and does not anticipate paying any dividends on common stock in the foreseeable future.

 

Asset-Backed Commercial Paper

 

The Company has no asset-backed commercial paper.

 

Fair Value of Financial Instruments and Risks

 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value.

 

The carrying value of cash, accounts payable, accrued expenses and advances payable (including those amounts owing to related parties) approximate their fair value because of the short-term nature of these instruments.

 

Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

 

The Company operates outside of the United States of America (primarily in Brazil) and is exposed to foreign currency risk due to the fluctuation between the currency in which the Company operates in and the U.S. dollar in which the operations are reported.

 

25 | AURORA GOLD CORPORATION
 

 

Share Capital

 

At March 25, 2013, the Company had:

 

-Authorized share capital of 300,000,000 (December 31, 2012: 300,000,000) common shares with par value of $0.001 each
-249,144,706 common shares were issued and outstanding as at March 25, 2013 (December 31, 2012: 249,144,706).
-9,650,000 (2012: 9,650,000) stock options were outstanding under the incentive stock option plan. The stock options are exercisable at prices ranging from $0.05 to $0.12 per share, with expiry dates ranging from October 10, 2016 to April 9, 2017. If the holders were to acquire all 9,650,000 (December 31, 2012: 9,650,000) shares issuable upon the exercise of all incentive stock options outstanding, the Company would receive an additional $779,500 (December 31, 2012: $779,500).

-Warrants outstanding were 8,000,000 (December 31, 2012: 8,000,000).

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company’s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company’s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company’s Chief Business Development Director.

 

In October 2011 the Company filed a Registration Statement on Form S-1 offering up to a maximum of 50,000,000 units of the Company's securities at an offering price of $0.10 per Unit in a direct public offering, without any involvement of underwriters or broker-dealers. Each Unit consists of one (1) share of common stock at a $0.001 par value per share and one (1) Stock Purchase Warrant. Each full Warrant entitles the holder to purchase one additional share of common stock at a price of $0.20 for a period of two years commencing November 1, 2011 through October 31, 2013. The Units will be sold by the Chief Executive Officer and Chief Financial Officer. A Notice of Effectiveness was issued April 25, 2012. The offer was deregistered on January 7, 2013 and none of the shares registered were sold under the Registration Statement.

 

Market Risk Disclosures

 

The Company has not entered into derivative contracts either to hedge existing risks or for speculative purposes during the years ended December 31, 2012 and 2011 and the subsequent period to March 25, 2013.

 

Off-balance Sheet Arrangements and Contractual Obligations

 

The Company does not have any off-balance sheet arrangements or contractual obligations at December 31, 2012, that are likely to have or are reasonably likely to have a material current or future effect on the financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that have not been disclosed in consolidated financial statements.

 

Application of Critical Accounting Policies

 

The accounting policies and methods utilized in the preparation of the consolidated financial statements determine how the Company reports the financial condition and results of operations and may require management to make estimates or rely on assumptions about matters that are inherently uncertain. The accounting policies are described in note 2  to the December 31, 2012 consolidated financial statements. The accounting policies relating to mineral property and exploration costs, depreciation and amortization of property, plant and equipment and stock-based compensation are critical accounting policies that are subject to estimates and assumptions regarding future activities.

In 2007, the Company's Board of Directors approved the 2007 Stock Option Plan (amended September 29, 2008) (“the Plan”) to offer an incentive to obtain services of key employees, directors and consultants of the Company. The Plan provides for the reservation for awards of an aggregate of 10% of the total shares of Common Stock outstanding from time to time. No Plan participant may receive stock options exercisable for more than 2,500,000 shares of Common Stock in any one calendar year. Under the Plan, the exercise price of an incentive stock option must be at least equal to 100% of the fair market value of the common stock on the date of grant (110% of fair market value in the case of options granted to employees who hold more than 10% of the Company's capital stock on the date of grant). The term of stock options granted under the Plan is not to exceed ten years and the stock options vest immediately upon granting. The total fair value of options granted for during the reporting period are expensed in full as options are vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate for the term of the option. Due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate, for the year ended December 31, 2012 and 2011 Management utilizes the simplified method.

 

26 | AURORA GOLD CORPORATION
 

 

Buildings and equipment are carried at cost (including development and preproduction costs, capitalized interest, other financing costs and all direct administrative support costs incurred during the construction period, net of cost recoveries and incidental revenues), less accumulated depletion and depreciation including write-downs. Following the construction period, interest, other financing costs and administrative costs are expensed as incurred.

 

On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis, using estimated proven and probable reserves as the depletion basis.

 

Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method.

 

Depreciation for non-mining equipment is provided over the following useful lives:

 

- Vehicles 10 years
- Office equipment, furniture and fixtures 2 to 10 years

 

The Company reviews the carrying values of its buildings and equipment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. An impairment is considered to exist if total estimated future cash flows, or probability-weighted cash flows on an undiscounted basis, are less than the carrying value of the assets.

 

An impairment loss is measured and recorded based on discounted estimated future cash flows associated with values beyond proven and probable reserves and resources. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable future cash flows that are largely independent of cash flows from other asset groups. Generally, in estimating future cash flows, all assets are grouped at a particular property for which identifiable cash flows exist. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method.

 

The Company accounts for its mineral properties on a cost basis whereby all direct costs, net of pre-production revenue, relative to the acquisition of the properties are capitalized. All sales and option proceeds received are first credited against the costs of the related property, with any excess credited to earnings. Once commercial production has commenced, the net costs of the applicable property will be charged to operations using the unit-of-production method based on estimated proven and probable recoverable reserves. The net costs related to abandoned properties are charged to operations.

 

Exploration costs are charged to operations as incurred until such time that proven reserves are delineated. From that time forward, the Company will capitalize all costs to the extent that future cash flow from mineral reserves equals or exceeds the costs deferred. The deferred costs will be amortized over the recoverable reserves when a property reaches commercial production. As at December 31, 2012 and 2011, the Company did not have proven reserves. Exploration activities conducted jointly with others are reflected at the Company's proportionate interest in such activities.

 

The Company reviews the carrying values of its mineral properties  on a regular basis by reference to the project economics including the timing of the exploration and/or development work, the work programs and the exploration results experienced by the Company and others. The review of the carrying value of any producing property will be made by reference to the estimated future operating results and net cash flows. When the carrying value of a property exceeds its estimated net recoverable amount, provision is made for the decline in value.

 

27 | AURORA GOLD CORPORATION
 

 

The recoverability of the amounts recorded for mineral properties is dependent on the confirmation of economically recoverable reserves, confirmation of the Company’s interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to successfully complete their development and the attainment of future profitable operations or proceeds from disposition.

 

Estimated costs related to site restoration programs during the commercial development stage of the property are accrued over the life of the project.

 

US GAAP requires the Company to consider at the end of each accounting period whether or not there has been an impairment of the capitalized property, plant and equipment. This assessment is based on whether factors that may indicate the need for a write-down are present. If management determine there has been an impairment then management is required to write-down the recorded value of the property, plant and equipment, which reduces earnings and net assets.

 

Related Party Transactions

 

The proposed business raises potential conflicts of interests between certain officers and directors of the Company. Certain directors are directors of other mineral resource companies and, to the extent that such other companies may participate in ventures in which the Company may participate, the directors may have a conflict of interest in negotiating and concluding terms regarding the extent of such participation. In the event that such a conflict of interest arises at a meeting of the directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. In appropriate cases, the Company will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. From time to time, several companies may participate in the acquisition, exploration and development of natural resource properties thereby allowing for their participation in larger programs, involvement in a greater number of programs and reduction of the financial exposure with respect to any one program. It may also occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment.

 

In determining whether the Company will participate in a particular program and the interest therein to be acquired by it, the directors will primarily consider the potential benefits to the Company, the degree of risk exposure and the financial position at that time. Other than as indicated, the Company has no other procedures or mechanisms to deal with conflicts of interest. The Company is unaware of the existence of any conflict of interest as described herein.

 

Other than as disclosed below, during the year ended December 31, 2012 and 2012, none of our current directors, officers or principal shareholders, nor any family member of the foregoing, nor, to the best of our information and belief, any former directors, senior officers or principal shareholders, nor any family member of such former directors, officers or principal shareholders, has or had any material interest, direct or indirect, in any transaction, or in any proposed transaction which has materially affected or will materially affect the Company.

 

There have been no transactions or proposed transactions with officers and directors during the last two years to which the Company is a party except as follows:

 

During year ended December 31, 2012, consulting fees of $301,714 (2011: $295,701) were incurred to directors and officers of the Company and its subsidiary. The transactions were recorded at the exchange amount, being the value established and agreed to by the related parties. Coresco also charged for S1 fund raising and geophysical consulting activities for a total of $79,171 during the 2012 year.

 

Included in accounts payable (related parties) at December 31, 2012 is $126,220 (2011: $nil) payable to officers and directors of the Company for consulting fees and various expenses incurred on behalf of the Company.

 

28 | AURORA GOLD CORPORATION
 

 

CURRENT OUTLOOK

 

General Economic Conditions

 

Current problems in credit markets and deteriorating global economic conditions have lead to a significant weakening of exchange traded commodity prices, including precious and base metal prices. Volatility in these markets is also high. It is difficult in these conditions to forecast metal prices and demand trends for products to be produced if mining operations were current. Credit market conditions have also increased the cost of obtaining capital and limited the availability of funds. Accordingly, management is reviewing the effects of the current conditions on our business.

 

It is anticipated that for the foreseeable future, the Company will rely on the equity markets and Option and Warrant holders to meet financing requirements and continue to enter into debt settlements to preserve the Company’s capital reserves. The Company will also consider entering into joint venture arrangements to advance its properties if a suitable opportunity presents.

 

Capital and Exploration Expenditures

 

The Company is reviewing capital and exploration spending in light of current market conditions. As a result of our review, the Company may curtail a portion of our capital and exploration expenditures during 2013.

 

The Company is currently concentrating our exploration activities in Brazil  and examining data relating to the potential acquisition or joint venturing of additional mineral properties in either the exploration or development stage.

 

Plans for Next Twelve Months

 

The following Plan of Operation contains forward-looking statements that involve risks and uncertainties, as described below. The actual results could differ materially from those anticipated in these forward-looking statements. During the next 12 months the Company may raise additional funds through equity offerings and/or debt borrowing to meet the general and administrative operating expenses and to conduct work on exploration properties. There is, of course, no assurance that the Company will be able to do so and the Company does not have any agreements or arrangements with respect to any such financing. The exploration properties have not commenced commercial production and the Company has no history of earnings or cash flow from operations. While the Company may attempt to generate additional working capital through the operation, development, sale or possible joint venture development of properties, there is no assurance that any such activity will generate funds that will be available for operations.

 

The Company intends to concentrate exploration activities on the Brazilian Tapajos properties and examine data relating to the potential acquisition or joint venturing of additional mineral properties in either the exploration or development stage in other South American countries. Additional contractors and consultants may be hired on as and when the requirement occurs.

 

The exploration work program for the remainder of Fiscal 2013 will focus on the Brazilian properties. The Company intends to follow up results from previous work on the Sao Domingo property, including the previous drilling and mapping over the Fofoca resource area. Follow up evaluation of the geophysical anomaly west of Fofoca is required to test any strike continuity of potential economic mineralisation. The Toucano occurrence was a recent discovery, made during the 4th Quarter of 2011 located in the same vicinity as the Colibri gold occurrence and close to the Fofoca resource area and the Attacadau occurrence. Toucano was discovered as a result of reviewing remote sensing imagery acquired during the last quarter of 2011 and the occurrence of recent artisanal activity.

 

Aurora conducted detailed mapping over the Toucano occurrence during 2012 and completed channel sampling across the exposed strike of potentially mineralised lithologies. As a result of the significant channel sample results and the other high-grade rock chip results taken from exposures within the Toucano system. Aurora intends to focus exploration delineating the potential area of mineralised material. This work will entail surface mapping, sampling of soils on a grid basis to delineate geochemical anomalies, stream sediment sampling, geophysical surveying and drilling.

 

Aurora recently concluded a first pass project wide evaluation of tailings and alluvial/elluvial potential. Results showed that follow up test work is recommended and Aurora intends to apply for a trial mining license to carry out bulk sampling of potentially economic material. Concurrently a technical team has been assembled to continue the evaluation of both the alluvial/elluvial potential and the geometry of the hard rock mineralisation in preparation for subsurface test work.

 

29 | AURORA GOLD CORPORATION
 

 

 

Results of the follow up exploration during 2012 identified further primary and placer gold occurrences, which were subsequently sampled for gold and associated minerals; cartographic archival data was reviewed, and follow on exploration recommendations and budgets established. Included in the recommendations is a geophysical survey utilizing GPR (Georadar) profiling as a method for determining overburden depths and delineation of potential alluvial/elluvial ore zones in cross a section.

 

The Company has set up a field operations centre at the Săo Domingos property and intend to continue to focus exploration activities on anomalies associated with the Săo Domingos property. The Company selected the Săo Domingos property based on its proximity to the other properties, and the logistics currently in place. Access to the Săo Domingos property is by light aircraft to a well-maintained strip, by road along the government maintained Trans Garimpeiro highway, and by boat along the multitude of waterways in the Amazon Basin.

 

The company also intends to expand the infrastructure on Sao Domingo to include further staff accommodation, office space, workshops for heavy machinery and an onsite laboratory for assaying. Currently the Company has a budget for exploration and alluvial/elluvial mining, and will seek to acquire a trial mining license in the near future. The exploration phase during 2012, coupled with data from previous campaigns has shown the project has great potential to host significant economic alluvial/elluvial and hard rock mineralisation.

 

ITEM 7A – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Aurora is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

 

ITEM 8 – FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

Aurora’s financial statements are stated in United States Dollars (USD) and are prepared in accordance with accounting principles generally accepted in the United States of America. See Financial Statements attached within.

 

ITEM 9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

Not applicable.

 

ITEM 9A – CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

Attached as exhibits to this Annual Report on Form 10-K are certifications from the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), which are required pursuant to Rule 13a-14 of the Exchange Act. This “Controls and Procedures” section of this Annual Report on Form 10-K includes information concerning the controls and controls evaluation referenced in the certifications. This section of the Annual Report on Form 10-K should be read in conjunction with the certifications for a more complete understanding of the matters presented.

 

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission (SEC) rules and forms, and that such information is accumulated and communicated to management, including our President and Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as the Company’s are designed to do, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

  

30 | AURORA GOLD CORPORATION
 

 

Evaluation of disclosure controls and procedures

 

The Company evaluated the effectiveness of the design and operation of disclosure controls and procedures as of the end of the period covered by this report, being, December 31, 2012. Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified by the SEC. Disclosure controls are also designed to ensure that such information is accumulated and communicated to management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. 

 

Based on the evaluation, our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our “disclosure controls and procedures” (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), have concluded that the internal control over disclosure controls were not effective as of December 31, 2012.

 

Management’s annual report on internal control over financial reporting

 

The Company’s Management is responsible for establishing and maintaining internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Management evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our internal control over financial reporting as of December 31, 2012.

 

Based on its evaluation under the framework in Internal Control—Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission, management concluded that internal control over financial reporting was not effective as of December 31, 2012, due to the existence of material weaknesses, as described in greater detail below. A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

 

This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report in this annual report.

 

Limitations on Effectiveness of Controls

 

Management, including our Chief Executive Officer and Chief Financial Officer, concluded that internal control over financial reporting and disclosure controls and procedures were not effective at a reasonable assurance level. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additional controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

  

31 | AURORA GOLD CORPORATION
 

 

Material Weaknesses Identified

 

In connection with the preparation of the consolidated financial statements for the period ended December 31, 2012, certain deficiencies in internal control became evident to management that represent material weaknesses, including,

(i)Lack of a sufficient number of independent directors for our board and audit committee. The Company currently has one independent director on the board, which is comprised of 5 directors, and on the audit committee, which is comprised of 5 directors. As a publicly-traded company, the Company should strive to have a majority of independent board of directors.
(ii)Insufficient segregation of duties in our finance and accounting functions due to limited personnel. During the period ended December 31, 2012, the Company had two people on staff at our executive office and two persons at the Brazil office that performed nearly all aspects of financial reporting process, including, but not limited to, access to the underlying accounting records and systems, the ability to post and record journal entries and responsibility for the preparation of the financial statements. This creates certain incompatible duties and a lack of review over the financial reporting process that would likely result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to interim or annual consolidated financial statements that would not be prevented or detected.
(iii)Insufficient corporate governance policies. Although the Company has a code of ethics, which provides broad guidelines for corporate governance, our corporate governance activities and processes are not always formally documented. Specifically, decisions made by the board to be carried out by management should be documented and communicated on a timely basis to reduce the likelihood of any misunderstandings regarding key decisions affecting our operations and management.
(iv)Accounting for Non-Standard Transactions.  Occasionally the Company enters into transactions that are more complex from an accounting perspective.  These transactions by their nature require greater technical accounting expertise and greater consideration of the related facts and circumstances to ensure that the accounting and reporting are accurate and in accordance with generally accepted accounting principles.

 

Plan for Remediation of Material Weaknesses

 

The Company intends to take appropriate and reasonable steps to make the necessary improvements to remediate these deficiencies. The Company intends to consider the results of the remediation efforts and related testing as part of our year-end 2013 assessment of the effectiveness of internal control over financial reporting. The Company has implemented certain remediation measures and is in the process of designing and implementing additional remediation measures for the material weaknesses described in this Annual Report on Form 10-K. Such remediation activities include the following:

 

-The Company continues to recruit one or more additional independent board members to join the board of directors.
-In addition to the foregoing remediation efforts, the Company will continue to update the documentation of internal control processes, including formal risk assessment of financial reporting processes.

 

Changes in Internal Controls over Financial Reporting

 

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended December 31, 2012, that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

 

ITEM 9B – OTHER INFORMATION

 

None.

  

32 | AURORA GOLD CORPORATION
 

 

PART III

 

ITEM 10 – DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

a.Identify Directors and Executive Officers

 

The following table and text sets forth the names and ages of all directors and executive officers of the Company as of March 25, 2013. All of the directors will serve until the next annual meeting of stockholders and until their successors are elected and qualified, or until death, retirement, resignation or removal. There are no family relationships between or among the directors, executive officers or persons nominated or charged by the Company to become directors or executive officers. Executive officers serve at the discretion of the Board of Directors, and are appointed to serve by the Board of Directors. Also provided herein are brief descriptions of the business experience of each director and executive officer during the past five years and an indication of directorships held by each director in other companies subject to the reporting requirements under the Federal securities laws.

 

The Board of Directors currently consists of five (5) members. Directors serve for a term of one year and stand for election at the annual meeting of stockholders. Pursuant to our Bylaws, any vacancy occurring in the board of directors, including a vacancy created by an increase in the number of directors, may be filled by the stockholders or by the affirmative vote of a majority of the remaining directors through less than a quorum of the board of directors. A director elected to fill a vacancy shall hold office only until the next election of directors by the stockholders. If there are no remaining directors, the vacancy shall be filled by the stockholders.

 

Name and Address   Age and Position
     
Lars M. Pearl
Hofnerstrasse 13
6314 Unterageri, Switzerland		   Age 51, President, CEO and Director appointed April 27, 2007.
     
Agustin Gomez de Segura
c.Kerria 32, 3A Alcobendas
Soto de la Moraleja
E-28109, Madrid, Spain		   Age 58, Director appointed November 15, 2010.
     
Ross M Doyle
16 Erlibergstrasse
6314 Unterageri, Switzerland		   Age 40, Director and CFO appointed October 11, 2011
     
Vladimir Bernshtein
11, Minskaya St.
Moscow 121108, Russia		   Age 36, Director and Chief Development Officer, Appointed October 5, 2012
     
Andrey Rastko
70A, Yudahina Str.
Bishkek 720044, Kyrgyz Republic		   Age 58, Director and Chief Technology Officer, Appointed October 5, 2012

 

The following is a description of the employment history for each of the directors and officers for the last five years:

 

Lars Pearl, 51, President, Director and Chief Executive Officer of Cigma Metals Corporation (2004 to 2008); Mr Pearl has been self employed as a geological consultant from 1993 to 2004. Mr Pearl has spent over 10 years as a geological consultant to properties in Australia, Tanzania, Russia, Kazakhstan, Peru, Colombia and Ecuador. During the last 5 years Mr Pearl was acting as a consultant geologist to various companies, including Aurora Gold Corporation, Cigma Metals Corporation, Carnavale Resources Ltd and De Beira Goldfields in Australia, Brazil, Peru, Ecuador and Tanzania before joining the board of Aurora Gold Corporation in April 2007. Mr Pearl devotes approximately 80% of his time dealing with the affairs of Aurora Gold. Mr Pearl received a Bachelor of Applied Geology degree from the University of Technology, Sydney Australia in 1993. Mr Pearl’s extensive experience, training and education as a geologist and his experience with other resources exploration companies make him particularly qualified to serve as an Aurora director.

 

33 | AURORA GOLD CORPORATION
 

 

Agustin Gomez de Segura, 58 was awarded a Diploma in Engineering in Physical Chemistry from the Moscow Technological University "MISA" (former Moscow Institute for Steel and Alloys). Mr Gomez de Segura also completed 4 years of a Doctorate in Metal's Physics at Moscow Technological University. Mr Gomez de Segura has had several senior roles in publicly listed companies. Mr Gomez de Segura's positions both past and present include: Director for Labtam Information & Scientific Instruments (Australia) from 1983 till 1990 and he was the Chairman of Advisory Board of Alina Bank (Russia) from 1994 till 1997. Mr Gomez de Segura’s extensive scientific experience, training and education and his overall business experience make him particularly qualified to serve as an Aurora director.

 

Ross Doyle, 40 was awarded a Bachelor of Commerce in 1991 from the University of Queensland, Australia and qualified as a Chartered Accountant in 1995. Mr Doyle has had several senior roles including 9 years commodities experience at Glencore. Mr Doyle’s extensive commodity, technology and corporate financing experience make him particularly qualified to serve as an Aurora director.

 

Valadimir Bernshtein has been active in the mining industry with Alltech Investments Limited since 2004 and as the Investment Director since 2008.  During this time Mr Bernshtein has been involved in various Alltech  projects including Oil & Gas exploration in Western Siberia, Sakhalin Island and Kamchatka and Gold exploration in Kyrgyzstan.

 

Andrey Rastko is a geologist with vast experience within the exploration and mining sector having worked in Africa and the Commonwealth of Independent States.  Currently Mr Ratsko is the Director General of TK Geo Resource which holds licenses for precious and base metals in the Chuy region of the Kyrgyz Republic.

 

There are no family relationships between any of the directors or executive officers.

 

Consideration of Director Nominees

 

Director Qualifications

 

The Company believes that the Board, to the extent that limited resources permit, should encompass a diverse range of talent, skill and expertise sufficient to provide sound and prudent guidance with respect to the Company's operations and interests. Each director also is expected to: exhibit high standards of integrity, commitment and independence of thought and judgment; use their skills and experiences to provide independent oversight to the business; participate in a constructive and collegial manner; be willing to devote sufficient time to carrying out their duties and responsibilities effectively; devote the time and effort necessary to learn the business requirements and represent the long-term interests of all shareholders.

 

The Board has determined that the Board of Directors as a whole must have the right diversity, mix of characteristics and skills for the optimal functioning of the Board in its oversight of our affairs. The Board believes it should be comprised of persons with skills in areas such as: finance; real estate; banking; strategic planning; human resources and diversity; leadership of business organizations; and legal matters. The Board may also consider in its assessment of the Board's diversity, in its broadest sense, reflecting, but not limited to, age, geography, gender and ethnicity.

 

In addition to the targeted skill areas, the Board looks for a strong record of achievement in key knowledge areas that it believes are critical for directors to add value to the Board, including:

-Strategy—knowledge of the business model, the formulation of corporate strategies, knowledge of key competitors and markets;
-Leadership—skills in coaching and working with senior executives and the ability to assist the Chief Executive Officer;
-Organizational Issues—understanding of strategic implementation, change management processes, group effectiveness and organizational design;
-Relationships—understanding how to interact with investors, accountants, attorneys, management companies, analysts and communities in which the Company operates;
-Functional—understanding of finance matters, financial statements and auditing procedures, technical expertise, legal issues, information technology and marketing; and
-Ethics—the ability to identify and raise key ethical issues concerning the Company’s activities and those of senior management as they affect the business community and society.

  

34 | AURORA GOLD CORPORATION
 

 

The Board and Board Meetings

 

The Board of directors consists of five member (5) [2011: three members]. Directors serve for a term of one (1) year and stand for election at the annual meeting of stockholders. Pursuant to the Bylaws, any vacancy occurring in the Board of directors, including a vacancy created by an increase in the number of directors, may be filled by the stockholders or by the affirmative vote of a majority of the remaining directors through less than a quorum of the Board of directors. A director elected to fill a vacancy shall hold office only until the next election of directors by the stockholders. If there are no remaining directors, the vacancy shall be filled by the stockholders.

 

At a meeting of stockholders, any director or the entire Board of directors may be removed, with or without cause, provided the notice of the meeting states that one of the purposes of the meeting is the removal of the director. A director may be removed only if the number of votes cast to remove him exceeds the number of votes cast against removal.

 

The Board of Directors and management are committed to responsible corporate governance to ensure that the Company is managed for the long-term benefit of its shareholders. To that end, the Board of Directors and management periodically review and update, as appropriate, the corporate governance policies and practices. In so doing, the Board and management review published guidelines and recommendations of institutional shareholder organizations and current best practices of similarly situated public companies. The Board of Directors and management also regularly evaluate and, when appropriate, revise corporate governance policies and practices in accordance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and listing standards issued by the SEC.

 

During the year ended December 31, 2012, the Board held a total of eight (8) meetings. All members of the Board attended all meetings of the Board where a present entitlement existed.

 

Directors’ and Officers’ Liability Insurance

 

The Company does not currently maintain directors’ and officers’ liability insurance coverage. The Company is currently reviewing insurance policies and anticipates obtaining coverage for board of directors and officers.

 

Board Committees and Corporate Governance

 

Audit Committee

 

The Board formed an independent standing Audit Committee on October 9, 2012. Whilst a Charter is yet to be established, the Audit Committee monitors financial reporting processes and internal control systems and appoint the independent registered public auditing firm. The members of the committee are Ross Doyle, Andrey Rastko and Agustin Gomez de Segura.

 

Compensation Committee

 

The Board does not currently have an independent standing Compensation Committee.  The full Board establishes overall compensation policies for the Company and Directors and reviews recommendations submitted by management.

 

Nominating Committee

 

The Board does not currently have an independent standing Nominating Committee. All nominating functions are handled directly by the full Board of Directors, which the Board believes is the most effective and efficient approach, based on the size of the Board and the current and anticipated operational requirements. As outlined above in selecting a qualified nominee, the Board considers such factors as it deems appropriate which may include: the current composition of the Board; the range of talents of the nominee that would best complement those already represented on the Board; the extent to which the nominee would diversify the Board; the nominee's standards of integrity, commitment and independence of thought and judgment; and the need for specialized expertise.

  

35 | AURORA GOLD CORPORATION
 

 

Legal Proceedings

 

During the past ten years none of our directors, executive officers, promoters or control persons has been:

-the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
-convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
-subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities;
-found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law;
-the subject of any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:
-any Federal or State securities or commodities law or regulation; or
-any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or
-any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity.
-any federal or state judicial or administrative proceedings based on violations of federal or state securities, commodities, banking or insurance laws and regulations, or any settlement to such actions (excluding settlements between private parties); and
-any disciplinary sanctions or orders imposed by a stock, commodities or derivatives exchange or other self-regulatory organization.

 

Code of Ethics

 

The Company has adopted a Code of Ethics that applies to all officers, directors and employees, including its Chief Financial Officer and Chief Executive Officer, which complies with the requirements of the Sarbanes-Oxley Act of 2002 and applicable Financial Industry Regulatory Authority (“FINRA”) listing standards. Accordingly, the Code of Ethics is designed to deter wrongdoing, and to promote, among other things, honest and ethical conduct, full, timely, accurate and clear public disclosures, compliance with all applicable laws, rules and regulations, the prompt internal reporting of violations of the Code of Ethics, and accountability.

 

Corporate Governance

 

The Company has adopted Corporate Governance Guidelines applicable to the Board of Directors.

 

Board Leadership Structure

 

The Company currently has four (4) executive officers and five (5) directors. The Board of Directors has reviewed the Company’s current Board leadership structure, which consists of a Chief Executive Officer and a Chief Financial Officer, in light of the composition of the Board, the Company’s size, the nature of the Company’s business, the regulatory framework under which the Company operates, the Company’s stockholder base, the Company’s peer group and other relevant factors, and the Company has determined that this structure is currently the most appropriate Board leadership structure for the company. Nevertheless, the Board intends to carefully evaluate from time to time the requirements of the business to ensure the structure best supports the stockholders.

 

Board Role in Risk Oversight

 

Risk is inherent in every business and how well a business manages risk can ultimately determine success. The Company faces a number of risks, including strategic risks, enterprise risks, financial risks, and regulatory risks. While management is responsible for day to day management of various risks faced, the Board of Directors, as a whole, is responsible for evaluating the exposure to risk and to satisfy itself that the risk management processes designed and implemented by management are adequate and functioning as designed. The Board reviews and discusses policies with respect to risk assessment and risk management. The Board also has oversight responsibility with respect to the integrity of the Company’s financial reporting process and systems of internal control regarding finance and accounting, as well as the financial statements.

  

36 | AURORA GOLD CORPORATION
 

 

Director Independence

 

The securities are not listed on a U.S. securities exchange and, therefore, the Company is not subject to the corporate governance requirements of any such exchange, including those related to the independence of directors. However, at this time, after considering all of the relevant facts and circumstances, our Board of Directors has determined that Mr. Agustin Gomez de Segura is independent from management and does qualify as an “independent director” under the standards of independence under the applicable FINRA listing standards. Upon listing on any national securities exchange or any inter-dealer quotation system, it will elect such independent directors as is necessary under the rules of any such securities exchange.

 

Certain Relationships

 

There are no family relationships among or between any of the officers and directors.

 

The proposed business raises potential conflicts of interests between certain officers and directors and the Company. Certain directors are directors of other mineral resource companies and to the extent that such other companies may participate in ventures in which the Company may participate, the directors may have a conflict of interest in negotiating and concluding terms regarding the extent of such participation. In the event that such a conflict of interest arises at a meeting of directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. In appropriate cases, the Company will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. From time to time, several companies may participate in the acquisition, exploration and development of natural resource properties thereby allowing for their participation in larger programs, involvement in a greater number of programs and reduction of the financial exposure with respect to any one program. It may also occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment.

 

In determining whether the Company will participate in a particular program and the interest therein to be acquired by it, the directors will primarily consider the potential benefits to us, the degree of risk to which the Company may be exposed and its financial position at that time. Other than as indicated, the Company has no other procedures or mechanisms to deal with conflicts of interest. The Company is not aware of the existence of any conflict of interest as described herein.

 

Compensation of Directors

 

The Board of Directors determines the non-employee directors’ compensation for serving on the Board and its committees. In establishing director compensation, the Board is guided by the following goals:

-Compensation should consist of a combination of cash and equity awards that are designed to fairly pay the directors for work required for a company of our size and scope;
-Compensation should align the directors’ interests with the long-term interests of stockholders; and
-Compensation should assist with attracting and retaining qualified directors.

 

During 2012 Agustin Gomez de Segura was paid a $27,000 director’s fee (2011:$40,000). Directors are entitled to participate in, and have been issued options under, the 2007 Stock Plan (as amended 29 September 2008). The Company also reimburses directors for any actual expenses incurred to attend meetings of the Board or travel upon request of the Company.

 

The following table reports all compensation the Company paid to non-employee directors, in their capacity as members of the Board, during the fiscal years 2011 and 2012 inclusive:

  

37 | AURORA GOLD CORPORATION
 

 

For Year Ended December 31  2012   2011 
Agustin Gomez de Segura   27,000   $40,000 
Ross Doyle   -    - 
Valadimir Bernshtein   18,000    - 
Andrey Rastko   18,000    - 

 

Standard Arrangements

 

During fiscal 2012 the Company accrued $10,800 for Chairman’s fees. During fiscal 2011 the Company accrued a Chairman’s fee (non-cash payment). In all other years the Company did not pay a fee to outside, non-officer directors. The Company reimburses directors for reasonable expenses incurred for attending meetings of the Board of Directors.

 

ITEM 11 – EXECUTIVE COMPENSATION

 

The responsibility for establishing, administering and interpreting the policies governing the compensation and benefits for the executive officers lies with the Board of Directors. In this regard the Board has not retained the services of any compensation consultants.

 

The goals of the executive compensation program are to attract, motivate and retain individuals with the skills and qualities necessary to support and develop the business within the framework of size and resource availability. During fiscal year 2012, the Company designed executive compensation program to achieve the following objectives:

 

-attract and retain executives experienced in the resource exploration industry;
-motivate and reward executives whose experience and skills are necessary to the Company’s ultimate success;
-reward performance as warranted; and align the interests of the executive officers and stockholders by motivating executive officers to increase stockholder value.

  

38 | AURORA GOLD CORPORATION
 

 

SUMMARY COMPENSATION TABLE

 

The following table summarizes the compensation earned by the Named Executive Officers during the fiscal years ended December 31, 2012, and 2011:

 

Name and principal position    Year   Salary
($)		   Bonus
($)		   Stock
Awards
($)		  Option
Awards
($)		   Non-Equity
Incentive
Plan
($)		  Non-qualified
Deferred
Compensation
Earnings ($)		  All other
compensation
($)		  Total
($)		 

Lars M Pearl1

(President, CEO, Director)

   

2011

2012

    

135,529

126,004

2    

-

-

   -
-		   

103,480

21,840

   -
-		  -
-		  -
-		   

239,009

147,844

 
Agustin Gomez de Segura
(Director)		   

2011

2012

    

-

-

    

-

-

   -
-		   

99,631

21,840

   -
-		  -
-		 

40,000

27,000

3
4		  

139,631

48,840

 

Ross Doyle56

(Director, CFO)

   

2011

2012

    

31,980

112,710

7    

-

-

   -
-		   99,631
-		   -
-		  -
-		  -
-		   

131,611

112,710

 
Valadimir Bernshtein
(Director, Chief Development
Officer)8 		   

2011

2012

    -
18,000		    

-

-

   -
-		   

-

-

   -
-		  -
-		  -
-		   -
18,000		 

Andrey Rastko

(Director, Chief Technology
Officer)9

   

2011

2012

    -
18,000		    

-

-

   -
-		   

-

-

   -
-		  -
-		  -
-		   -
18,000		 

 

No officers or directors are subject to an employment agreement with the Company. The entire Board of Directors sets the current year compensation levels of each of the above named Executive Officers.

 

 

1 In Q4 2011 Lars Pearl debt settled for equity in the Company.

2 Effective January 1, 2011 Lars Pearl received approximately $135,529 (120,000 CHF) per annum payable in monthly instalments.

3 Agustin Gomez de Segura was paid a directors fee of $40,000 and $27,000 during the 2011 and 2012 fiscal years respectively.

4 Agustin Gomez de Segura was paid a directors fee of $40,000 and $27,000 during the 2011 and 2012 fiscal years respectively.

5 In Q4 2011 Ross Doyle debt settled for equity in the Company.

6 Effective October 11, 2011, Mr Doyle’s consulting company entered into a services agreement pursuant to which Mr Doyle’s company will be serving at the Company’s Chief Financial Officer. Global Strategic Synergies AG will be paid a monthly service fee of 10,000 Swiss Francs. The services agreement may be terminated by either party upon advanced written notice to the other party of 20 business days.

7 Effective October 1, 2011 Ross Doyle’s annualised salary set at 120,000 CHF per annum. During 2012 $112,710 was paid.

8 Valadimir Bernshtein was appointed October 5, 2012.

9 Andrey Rastko was appointed October 5, 2012.

 

39 | AURORA GOLD CORPORATION
 

 

Options/SAR Grants Table

 

In 2007, the Board of Directors approved the 2007 Stock Option Plan (the “Plan”) which was subsequently approved by the shareholders in July 2007 and amended in September 2008, to offer an incentive to obtain services of key employees, directors and consultants of the Company. The Plan provides for the reservation for awards of an aggregate of 10% of the total shares of Common Stock outstanding from time to time. No Plan participant may receive stock options exercisable for more than 2,500,000 shares of Common Stock in any one calendar year. Under the Plan, the exercise price of an incentive stock option must be at least equal to 100% of the fair market value of the common stock on the date of grant (110% of fair market value in the case of options granted to employees who hold more than 10% of our capital stock on the date of grant). The term of stock options granted under the Plan is not to exceed ten years and the stock options vest immediately upon granting.

 

The Company awarded stock purchase options to the directors and officers of the Company and others during the fiscal years as set out below.

 

   Stock Options  
#		   Exercise Price
Ranges
$		 
Outstanding and exercisable at December 31, 2010   1,700,000    0.26 
Forfeited during the fiscal year 2011   500,000    - 
Granted during the fiscal year 2011   7,850,000    0.12 - 0.05 
Outstanding and exercisable at December 31, 2011   9,050,000    - 
           
Forfeited during the fiscal year 2012   1,200,000    0.26 
Granted during the fiscal year 2012   1,800,000    0.065 - 0.05 
Outstanding and exercisable at December 31, 2012   9,650,000    - 

 

The following is a summary of stock options granted and the status of stock options outstanding and exercisable at December 31, 2012 (there are no Stock Awards):

 

Option Awards                   
Name  Number of
Securities
Underlying
Unexercised
Options
Exercisable
(#)		   Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#)		   Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)		   Option
Exercise
Price per
Share
($)		   Option Expiration
Date
Lars Pearl   1,000,000    -    -   $0.12   October 10, 2016
Agustin Gomez de Segura   1,000,000    -    -   $0.12   October 10, 2016
Ross Doyle   1,000,000    -    -   $0.12   October 10, 2016
Joseph Sierchio   200,000    -    -   $0.12   October 10, 2016
Coresco AG   1,000,000    -    -   $0.12   October 10, 2016
Lars Pearl   1,250,000    -    -   $0.05   November 23, 2016
Agustin Gomez de Segura   1,100,000    -    -   $0.05   November 23, 2016
Ross Doyle   1,100,000    -    -   $0.05   November 23, 2016
Luis Mauricio   200,000    -    -   $0.05   November 23, 2016
Lars Pearl   800,000    -    -   $0.05   January 17, 2017
Agustin Gomez de Segura   800,000    -    -   $0.05   January 17, 2017
Global Strategic Synergies Pty Ltd   200,000    -    -   $0.065   April 9, 2017
Total   9,650,000                   

  

40 | AURORA GOLD CORPORATION
 

 

Aggregated Option/SAR Exercises and Fiscal Year-End Option/SAR Value Table

 

At December 31, 2012 the Company had 9,650,000 (2011: 9,050,000) stock purchase options outstanding. At no time during the last completed fiscal year did the Company, while a reporting company pursuant to Section 13(a) of 15(d) of the Exchange Act, adjust or amend the exercise price of the stock options or SARs previously awarded to any of the named executive officers, whether through amendment, cancellation or replacement grants, or any other means.

 

Long-Term Incentive Plans

 

There are no arrangements or plans in which the Company provide pension, retirement or similar benefits for directors or executive officers, except that the directors and executive officers may receive stock options at the discretion of the Board of Directors. The Company does not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of our Board of Directors.

 

The Company has no plans or arrangements in respect of remuneration received or that may be received by executive officers to compensate such officers in the event of termination of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control, where the value of such compensation exceeds $60,000 per executive officer.

 

Compensation of Directors

 

The Company reimburses directors for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of board of directors. The board of directors may award special remuneration to any director undertaking any special services other than services ordinarily required of a director. Only the Chairman and no other director received and/or accrued any compensation for their services as a director, including committee participation and/or special assignments, or incurred in connection with attending board meetings in Fiscal 2010. During Fiscal 2012, $27,000 and $40,000 was paid for services rendered to the Chairman (and the 2011, $40,000 was debt settled for common stock).

 

Employment Contracts

 

During the year ended December 31, 2012, consulting fees of $301,714 (2011: $295,701) were incurred to directors and officers of the Company and its subsidiary. The transactions were recorded at the exchange amount, being the value established and agreed to by the related parties.

 

There are no arrangements or plans in which the Company provides pension, retirement or similar benefits for directors or executive officers. The directors and executive officers may receive stock options at the discretion of the board of directors and are incentivised to pursue capital raising activities. The Company does not have any material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of our board of directors.

 

The Company has no plans or arrangements in respect of remuneration received or that may be received by our executive officers to compensate such officers in the event of termination of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control, where the value of such compensation exceeds $60,000 per executive officer.

  

41 | AURORA GOLD CORPORATION
 

 

ITEM 12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL HOLDERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

The following table sets forth certain information regarding the beneficial ownership of common stock as of March 25, 2013 by (i) each person who is known by the Company to beneficially own more than five percent (5%) of outstanding common stock; (ii) each of the directors and officers; and (iii) all directors and officers as a group. As at March 25, 2013, 249,144,706 shares of common stock were issued and outstanding.

 

Name and Address of Beneficial Owner  Amount and Nature
of Beneficial Owner		   Percentage of Class
(%)		 
         
Alltech Capital Limited          
59/63 Line Wall Road, PO Box 199          
Gibraltar   135,000,000    52.16%
           
Officers and Directors          
Agustin Gomez de Segura          
c.Kerria 32, 3A Alcobendas          
Soto de la Moraleja, E-28109, Madrid, Spain   6,228,896    2.41%
           
Lars M. Pearl          
Hofnerstrasse 13          
6314 Unterageri, Switzerland   9,904,912    3.83%
           
Ross Doyle          
16 Erlibergstrasse          
6314 Unteraegeri          
Switzerland   3,726,450    1.44%
           
Directors and Officers as a group (3 persons)   19,860,258    7.67%

 

The above is calculated pursuant to rule 13d-3(d) of the Exchange Act. Beneficial ownership is calculated based on 258,794,706 shares of common stock issued and outstanding on a fully diluted basis as of March 25, 2013. Under Rule 13d-3(d) shares not outstanding which are subject to options, warrants, rights or conversion privileges exercisable within 60 days are deemed outstanding for the purpose of calculating the number and percentage owned by such person, but are not deemed outstanding for the purpose of calculating the percentage owned by each other person listed.

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company’s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company’s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company’s Chief Business Development Director.

  

42 | AURORA GOLD CORPORATION
 

 

Stock options awarded for the aforementioned directors and officers are summarised in the below table. The options are exercisable at any time from the grant date up to and including the expiry date.

 

Name  Number   Granted   Exercise
Price		   Expiry Date
Lars M Pearl   1,000,000    October 11, 2011   $0.12   October 10, 2016
Lars M Pearl   1,250,000    November 24, 2011   $0.05   November 23, 2016
Lars M Pearl   800,000    January 13, 2012   $0.05   January 12, 2017
Agustin Gomez de Segura   1,000,000    October 11, 2011   $0.12   October 10, 2016
Agustin Gomez de Segura   1,100,000    November 24, 2011   $0.05   November 23, 2016
Agustin Gomez de Segura   800,000    January 13, 2012   $0.05   January 12, 2017
Ross Doyle   1,000,000    October 11, 2011   $0.12   October 10, 2016
Ross Doyle   1,100,000    November 24, 2011   $0.05   November 23, 2016

 

Changes in Control

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company’s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company’s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company’s Chief Development Director.

 

There were other no arrangements during the last completed fiscal year or subsequent period to March 25, 2013 which resulted in a change in control.

 

No securities were authorized for issuance under equity compensation plans.

 

43 | AURORA GOLD CORPORATION
 

 

ITEM 13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

  

The proposed business raises potential conflicts of interests between certain of officers and directors of the Company. Certain directors are directors of other mineral resource companies and, to the extent that such other companies may participate in ventures in which the Company may participate, the directors may have a conflict of interest in negotiating and concluding terms regarding the extent of such participation. In the event that such a conflict of interest arises at a meeting of directors, a director who has such a conflict will abstain from voting for or against the approval of such participation or such terms. In appropriate cases, the Company will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. From time to time, several companies may participate in the acquisition, exploration and development of natural resource properties thereby allowing for their participation in larger programs, involvement in a greater number of programs and reduction of the financial exposure with respect to any one program. It may also occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment.

 

In determining whether the Company will participate in a particular program and the interest therein to be acquired, the directors will primarily consider the potential benefits to the Company, the degree of risk exposure and the financial position at that time. Other than as indicated, the Company has no other procedures or mechanisms to deal with conflicts of interest. The Company is not aware of the existence of any conflict of interest as described herein.

 

Transactions with Related Persons

 

Other than as disclosed below, during the fiscal years ended December 31, 2012 and 2011, none of the current directors, officers or principal shareholders, nor any family member of the foregoing, nor, to the best of our information and belief, any of our former directors, senior officers or principal shareholders, nor any family member of such former directors, officers or principal shareholders, has or had any material interest, direct or indirect, in any transaction, or in any proposed transaction which has materially affected or will materially affect the Company.

 

There have been no transactions or proposed transactions with officers and directors during the last two years to which the Company is a party except as follows:

 

During the year ended December 31, 2012, consulting fees of $301,714 (2011: $295,701) were paid to directors and officers of the Company and its subsidiary. The transactions were recorded at the exchange amount, being the value established and agreed to by the related parties.

 

Coresco also charged for S1 fund raising and geophysical consulting activities for a total of $79,171 during the 2012 year.

  

44 | AURORA GOLD CORPORATION
 

 

ITEM 14 – PRINCIPAL ACCOUNTING FEES AND SERVICES

 

Audit Fees

 

The aggregate fees billed and expected to be billed for professional services by Peterson Sullivan LLP for the audit of annual consolidated financial statements and review of consolidated financial statements included in Form 10-Q (17 CFR 249.308b) or services that were normally provided by the accountant in connection with statutory and regulatory filings or engagements for the 2012 fiscal year are $36,000 (2011: $51,065).

 

Audit-Related Fees

 

The aggregate fees billed for assurance and related services by Peterson Sullivan LLP that are reasonably related to the performance of the audit or review of consolidated financial statements and are not reported under audit fees for fiscal 2012 were $0 (2011: $0).

 

Tax Fees

 

The aggregate fees billed for professional services by Peterson Sullivan LLP for tax compliance for fiscal 2012 were $3,000 (2011: $2,500).

 

All Other Fees

 

The aggregate fees billed for products and services provided by Peterson Sullivan LLP, other than reported under Audit Fees, Audit-Related Fees and Tax Fees for fiscal 2012 were nil (2011: $0). The Audit Committee feels that the services rendered by Peterson Sullivan LLP were compatible with maintaining the principal accountant's independence.

 

45 | AURORA GOLD CORPORATION
 

 

PART IV

ITEM 15 – EXHIBIT, FINANCIAL STATEMENT SCHEDULES

 

1.Financial Statements

 

Audited financial statements of Aurora Gold Corporation have been included in Item 8 above and Exhibit A attached.

 

2.Financial Statement Schedules

 

All schedules for which provision is made in Regulation S-X are either not required to be included herein under the related instructions or are inapplicable or the related information is included in the footnotes to the applicable financial statement and, therefore, have been omitted from this Item 15.

 

3.Exhibits

 

All Exhibits required to be filed with the Form 10-Q are included in this quarterly report or incorporated by reference to the Companies previous filings with the SEC which can be found in their entirety at the SEC website at www.sec.gov under SEC File Number 000-24393 98720970.

 

Exhibit   Description   Status
         
3.1.1   Certificate of Incorporation incorporated by reference to the registration statement on Form 10SB   Filed
         
3.1   Certificate of Amendment to the Certificate of Incorporation incorporated by reference to the registration statement on Form 10SB   Filed
         
3.1   Certificate of Restoration and Renewal of Certificate of Incorporation incorporated by reference to the registration statement on Form 10SB   Filed
         
3.1.2   Certificate of Amendment to the Certificate of Incorporation incorporated by reference to the registration statement on Form 10SB   Filed
         
3.1.3   Certificate of Restoration and Renewal of Certificate of Incorporation incorporated by reference to the registration statement on Form 10SB   Filed
         
3.2.1   By-laws incorporated by reference to the registration statement on Form 10SB   Filed
         
3.2.2   Amended and Restated By-laws incorporated by reference to the registration statement on Form 10SB   Filed
         
4.1   Form of Subscription Agreement incorporated by reference to the Post-Effective amendments for registration statement on Form S-1   Filed
         
4.2   Form of Series A Warrant incorporated by reference to the Post-Effective amendments for registration statement on Form S-1 filed   Filed
         
4.3   Debt Settlement Agreement with Samba Minerals Limited incorporated by reference to the registration statement on Form S-1 filed   Filed
         
4.4   Form of Debt Settlement Agreement with Axino AG, Heroe Investments Inc, Jolanda Investments Ltd, Gemeinhardt GmbH, Lars Pearl and WS Marketing GmbH. incorporated by reference to the registration statement on Form S-1   Filed
         
10.1   Consulting Agreement between Hans W. Biener of SupplyConsult GbR and Aurora Gold Corporation incorporated by reference to the registration statement on Form SB   Filed
         
10.1   Services Agreement (the “LP Services Agreement”) with Lars Pearl, the Company’s Chief Executive Officer, pursuant to which Mr Pearl will serve as the Company’s Chief Executive Officer.   Filed
         
10.1   Services Agreement (the “AS Services Agreement”) with Agustin Gomez de Segura, the Company’s Chairman and sole independent director, pursuant to which Mr Segura will serve as the Company’s Chairman and independent director.   Filed
         
10.2   Confidentiality Agreement between Hans W. Biener of SupplyConsult GbR and Aurora Gold Corporation incorporated by reference to the registration statement on Form SB   Filed
         
10.3   Assignment of Novo Porto and Santa Clara Memorandum of Understanding to Aurora Gold Corporation incorporated by reference to the registration statement on Form SB   Filed

 

46 | AURORA GOLD CORPORATION
 

 

Exhibit   Description   Status
         
10.4   Novo Porto Memorandum of Understanding Corporation incorporated by reference to the registration statement on Form SB   Filed
         
10.5   Declaration of Translator for translation of Porto Novo Memorandum of Understanding from Portuguese to English Corporation incorporated by reference to the registration statement on Form SB   Filed
         
10.6   Novo Porto Option Agreement incorporated by reference to the Form 10-KSB   Filed
         
10.7   Declaration of Translator for translation of Novo Porto Option Agreement from Portuguese to English Corporation incorporated by reference to the Form 10-KSB   Filed
         
10.8   Santa Clara Memorandum of Understanding incorporated by reference to the registration statement on Form SB filed   Filed
         
10.9   Declaration of Translator for translation of Santa Clara Memorandum of Understanding from Portuguese to English Corporation incorporated by reference to the registration statement on Form SB filed   Filed
         
10.10   Assignment of Ouro Mil Memorandum of Understanding to Aurora Gold Corporation incorporated by reference to the registration statement on Form SB   Filed
         
10.11   Ouro Mil Memorandum of Understanding Corporation incorporated by reference to the registration statement on Form SB filed   Filed
         
10.12   Declaration of Translator for translation of Ouro Mil Memorandum of Understanding from Portuguese to English Corporation incorporated by reference to the registration statement on Form SB   Filed
         
10.13   Ouro Mil Option Agreement incorporated by reference to the Form 10-KSB   Filed
         
10.14   Declaration of Translator for translation of Ouro Mil Option Agreement from Portuguese to English incorporated by reference to the Form 10-KSB   Filed
         
10.15   Assignment of Sao Domingos Memorandum of Understanding to Aurora Gold Corporation incorporated by reference to the registration statement on Form SB   Filed
         
10.16   Sao Domingos Memorandum of Understanding Corporation incorporated by reference to the registration statement on Form SB   Filed
         
10.17   Declaration of Translator for translation of Sao Domingos Memorandum of Understanding from Portuguese to English incorporated by reference to the registration statement on Form SB   Filed
         
10.18   Săo Domingos Option Agreement incorporated by reference to the Form 10-KSB   Filed
         
10.19   Declaration of Translator for translation of Săo Domingos Option Agreement from Portuguese to English incorporated by reference to the Form 10-KSB   Filed
         
10.20   Santa Isabel Option Agreement incorporated by reference to the Form 10-KSB   Filed
         
10.21   Declaration of Translator for translation of Santa Isabel Option Agreement from Portuguese to English incorporated by reference to the Form 10-KSB   Filed
         
10.22   Săo Joăo Option Agreement incorporated by reference to the Form 10-KSB   Filed
         
10.23   Declaration of Translator for translation of Săo Joăo Option Agreement from Portuguese to English incorporated by reference to the Form 10-KSB   Filed
         
10.24   Piranhas Memorandum of Understanding incorporated by reference to the Form 10-KSB   Filed
         
10.25   Declaration of Translator for translation of Piranhas Memorandum of Understanding from Portuguese to English incorporated by reference to the Form 10-KSB   Filed
         
10.26   Branca de Neve Memorandum of Understanding incorporated by reference to the Form 10- QSB   Filed
         
10.27   Declaration of Translator for translation of Branca de Neve Memorandum of Understanding from Portuguese to English incorporated by reference to the Form 10-QSB   Filed
         
10.28   Bigode Memorandum of Understanding incorporated by reference to the Form 10-QSB   Filed
         
10.29   Declaration of Translator for translation of Bigode Memorandum of Understanding from Portuguese to English incorporated by reference to the Form 10-QSB filed   Filed
         
10.30   Santa Lucia Memorandum of Understanding incorporated by reference to the Form 10-QSB   Filed

 

47 | AURORA GOLD CORPORATION
 

 

Exhibit   Description   Status
         
10.31   Declaration of Translator for translation of Santa Lucia Memorandum of Understanding from Portuguese to English incorporated by reference to the Form 10-QSB   Filed
         
10.34   Settlement Agreement dated as of August 9, 2007 between the Company and Luis Mauricio incorporated by reference to the Form SB-2   Filed
         
10.35   Form of Subscription Agreement between the Selling Stockholders and the Company incorporated by reference to the Form SB-2   Filed
         
10.36   Comandante Araras Memorandum of Understanding incorporated by reference to the Form 10-KSB   Filed
         
10.37   2007 Stock Option Plan incorporated by reference to the Form 10-KSB   Filed
         
10.38   Asset Purchase Agreement dated June 15, 20102010 incorporated by reference to the registration statement on Form S-1/A   Filed
         
10.39   Asset Purchase Agreement dated June 14, 2011 incorporated by reference to the 8-K    
         
31.1   Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.   Included
         
32.1   Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   Included
         
99.1   Corporate Governance Principles incorporated by reference to the Form 10-KSB filed on March 25, 2004 (SEC File No. 000-24393- 04689262).   Filed
         
101*  

Financial statements from the quarterly report on Form 10-Q of Aurora Gold Corporation for the quarter ended September 30, 2012, formatted in XBRL: (ii) the Balance Sheets, (ii) the Statements of Operations; (iii) the Statements of Cash Flows, and (iv) the Statements of Stockholders’ Equity (Deficit).

 

* In accordance with Rule 406T of Regulation S-T, the XBRL (“eXtensible Business Reporting Language”) related information is furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

   Included
         
101.INS   XBRL Instance Document   *
         
101.SCH   XBRL Taxonomy Extension Schema   *
         
101.CAL   XBRL Taxonomy Extension Calculation Linkbase   *
         
101.DEF   XBRL Taxonomy Extension Definition Linkbase   *
         
101.LAB   XBRL Taxonomy Extension Label Linkbase   *
         
101.PRE   XBRL Taxonomy Extension Presentation Linkbase   *

 

 

* Filed Herewith

 

48 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

 

EXHIBIT A

FINANCIAL STATEMENTS

 

49 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Stockholders

Aurora Gold Corporation

 

We have audited the accompanying consolidated balance sheets of Aurora Gold Corporation (an exploration stage company) and Subsidiary (“the Company”) as of December 31, 2012 and 2011, and the related consolidated statements of operations, stockholders’ equity (deficiency) and comprehensive income (loss), and cash flows for the years then ended, and for the period from October 10, 1995 (date of inception) to December 31, 2012. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those statements require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. The Company has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Aurora Gold Corporation (an exploration stage company) and Subsidiary as of December 31, 2012 and 2011, and the results of their operations and their cash flows for the years then ended, and for the period from October 10, 1995 (date of inception) to December 31, 2012, in conformity with accounting principles generally accepted in the United States.

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred operating losses since inception, has not been able to generate any operating revenues to date, and used cash during 2012 operations of $1,296,342. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding those matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 

/S/ PETERSON SULLIVAN LLP

 

 

Seattle, Washington

March 26, 2013

50 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS

 

AURORA GOLD CORPORATION        
(An exploration stage enterprise)  As at   As at 
Consolidated Balance Sheets  December 31   December 31 
   2012   2011 
(Expressed in U.S. Dollars)  $   $ 
           
ASSETS          
Current assets          
Cash   3,963,836    237,426 
Prepayments   67,910    - 
Total current assets   4,031,746    237,426 
Non current assets          
Vehicles and other equipment net of accumulated depreciation of $5,129 for 2012   97,916    - 
Total non current assets   97,916    - 
Total assets   4,129,662    237,426 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY)          
Current liabilities          
Accounts payable and accrued expenses   119,123    400,644 
Advances payable   -    45,000 
Accounts payable – related party   126,220      
Advances payable – related party   32,000    92,000 
Total current liabilities   277,343    537,644 
           
Stockholders’ Equity (Deficiency)          
Common stock          
Authorized: 300,000,000 (December 31, 2011: 300,000,000) common shares with par value of $0.001 each          
Issued and outstanding:          
249,144,706 (December 31, 2011: 109,912,589) common shares   249,146    109,913 
Advances for stock subscriptions   -    20,000 
Additional paid-in capital   27,211,349    22,040,994 
Accumulated deficit during the exploration stage   (23,600,974)   (22,400,600)
Accumulated other comprehensive income (loss)   (7,202)   (70,525)
Stockholder’ equity (deficiency)   3,852,319    (300,218)
Total liabilities and stockholders’ equity (deficiency)   4,129,662    237,426 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

51 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

AURORA GOLD CORPORATION  Cumulative         
(An exploration stage enterprise)  October 19, 1995         
Consolidated Statements of Comprehensive  (inception)   Year Ended   Year Ended 
Income (Loss)  to December 31   December 31   December 31 
   2012   2012   2011 
(Expressed in U.S. Dollars)  $   $   $ 
Operating Expenses               
General and administrative   2,717,353    380,439    550,655 
Depreciation and amortization   150,255    5,129    27,897 
Imputed interest on loan payable – related party   1,560    -    - 
Interest and bank charges   396,782    2,525    7,867 
Foreign exchange loss (gain)   (13,756)   1,563    (1,613)
Professional fees – accounting and legal   1,933,874    125,838    241,125 
Property search and negotiation   479,695    -    - 
Salaries, management and consulting fees   3,918,261    447,088    668,926 
Exploration expenses   10,064,124    332,785    307,613 
Write-off of equipment   240,338    -    67,357 
    19,888,486    1,295,367    1,869,827 
Other income (loss)               
Gain (loss) on disposition of subsidiary   (2,541,037)   -    (2,757,511)
Interest income   22,486    133    - 
Gain on sale of rights to Matupa agreement (net)   80,237    -    - 
Loss on investments   (37,971)   -    - 
Loss on spun-off operations   (316,598)   -    - 
Gain (loss) on extinguishment of liabilities   (919,605)   94,860    - 
    (3,712,488)   94,993    (2,757,511)
Net Loss   (23,600,974)   (1,200,374)   (4,627,338)
Other comprehensive income (loss)               
Foreign currency translation adjustments        63,323    22,532 
Comprehensive income (loss)        (1,137,051)   (4,604,806)
                
Net Loss Per Share – Basic and Diluted       $(0.01)  $(0.05)
Weighted Average Shares Outstanding – Basic and Diluted        145,261,911    90,537,439 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

52 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

AURORA GOLD CORPORATION  Cumulative         
(An exploration stage enterprise)  October 19, 1995         
Consolidated Statements of Cash Flows  (inception)   Year Ended   Year Ended 
   to December 31   December 31   December 31 
   2012   2012   2011 
(Expressed in U.S. Dollars)  $   $   $ 
Cash Flows From Operating Activities               
Net loss for the period   (23,600,974)   (1,200,374)   (4,627,338)
Adjustments to reconcile net loss to cash used in operating activities               
Depreciation and amortization   150,255    5,129    27,897 
Stock compensation expense on stock option grants   1,624,012    55,660    393,557 
Expenses satisfied with issuance of common stock   1,202,054    -    243,254 
Expenses satisfied with transfer of marketable securities   33,903    -    - 
Imputed interest on loan payable - related parties   1,560    -    - 
Write-off of mineral property assets   240,338    -    67,357 
Adjustment for spin-off of Aurora Metals (BVI) Limited   316,498    -    - 
Loss on disposal of subsidiary   2,757,511    -    2,757,511 
Realized loss on investments   37,971    -    - 
Gain on sale of rights to Matupa agreement (net)   (80,237)   -    - 
(Gain) loss on extinguishment of liabilities   919,605    (94,860)     
Foreign exchange (gain) loss related to notes payable   (24,534)   -    - 
Change in operating assets and liabilities   -           
Decrease (Increase) in receivables and other assets   (206,978)   -    - 
(Increase) decrease in prepaid expenses and other assets   (88,369)   (67,910)   20,344 
Increase (decrease) in accounts payable and accrued expenses (including related party)   1,113,064    6,013    55,343 
Net Cash Used in Operating Activities   (15,604,321)   (1,296,342)   (1,062,075)
Cash Flows From Investing Activities               
Purchase of equipment   (308,393)   (103,045)   - 
Proceeds on disposal of equipment   16,761    -    - 
Payment for mineral property Reclamation Bonds   (245,221)   -    80,000 
Proceeds from disposition of marketable securities   32,850    -    - 
Acquisition of mineral property costs and related equipment   (672,981)   -    - 
Payment for incorporation cost   (11,511)   -    - 
Net Cash Provide by (Used in) Investing Activities   (1,188,495)   (103,045)   80,000 
Cash Flows From Financing Activities               
Proceeds from common stock less issuance costs   19,140,912    5,096,473    507,100 
Loan proceeds from related party   289,000    -    - 
Net proceeds from (payments on) convertible notes and loans   969,252    -    - 
Net proceeds from (payments on) advances payable   45,000    -    45,000 
Net proceeds from (payments on) advances payable – related parties   92,000    -    92,000 
Net Cash Provided by Financing Activities   20,536,164    5,096,473    644,100 
Effect of Exchange Rate Changes on Cash   220,488    29,324    (3,790)
(Decrease) Increase in Cash   3,963,836    3,726,410    (341,765)
Cash at Beginning of Period   -    237,426    579,191 
Cash at End of Period   3,963,836    3,963,836    237,426 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

53 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIENCY)

 

AURORA GOLD INCORPORATED              Accumulated         
(An exploration stage enterprise)              (deficit)   Accumulated   Total 
Consolidated Statements of Stockholder’s Equity      Additional   Advances for   during   other   stockholders' 
(Deficiency)  Common Stock   paid-in   Stock   Exploration   comprehensive   equity 
October 19, 1995 (inception) to September 30, 2012  Shares   Amount   capital   Subscriptions   Stage   income (loss)   (deficiency) 
(Expressed in U.S. Dollars)  #   $   $   $   $   $   $ 
Balance, October 10, 1995   -    -    -    -    -    -    - 
Issuance of common stock for settlement of indebtedness   11,461,153    11,461    -    -    -    -    11,461 
Net (loss) for the period             -    -    -    -    - 
Balance December 31, 1995   11,461,153    11,461    -    -    -    -    11,461 
Adjustment for reverse stock split   (7,640,766)   (7,641)   -    -    -    -    (7,641)
Issuance of common stock for - cash at $0.001 per share   5,800,000    5,800    341,761    -    -    -    347,561 
- resource property   300,000    300    2,700    -    -    -    3,000 
Net (loss) for the period                       (361,208)   -    (361,208)
Balance December 31, 1996   9,920,387    9,920    344,461         (361,208)   -    (6,827)
Issuance of common stock for - cash in March 1997 at $1.00 per share  (less issue costs of $4,842)   750,000    750    744,408    -    -    -    745,158 
Net (loss) for the period                  -    (615,880)   -    (615,880)
Balance December 31, 1997   10,670,387    10,670    1,088,869    -    (977,088)   -    122,451 
Issuance of common stock for:                                   
- settlement of indebtedness   96,105    96    68,601    -    -    -    68,697 
- cash in May 1998 at $1.25 per share   200,000    200    249,800    -    -    -    250,000 
- cash in November 1998 at $0.75 per share   71,667    72    53,678    -    -    -    53,750 
- cash in December 1998 at $0.75 per share   143,333    143    107,357    -    -    -    107,500 
Grant of options to employees and directors             518,900    -    -    -    518,900 
Grant of options to consultants             172,100    -    -    -    172,100 
Net (loss) for the period                  -    (1,151,604)   -    (1,151,604)
Balance December 31, 1998   11,181,492    11,181    2,259,304    -    (2,128,692)   -    141,794 
Issuance of common stock for:                                   
- settlement of indebtedness   231,286    231    160,151    -    -    -    160,382 
- cash in March 1999 at $0.656 per share   22,871    23    14,977    -    -    -    15,000 
- finder's fee in February 1999 at $0.81 per share   25,000    25    20,287    -    -    -    20,312 
Grant of options to consultants             29,500    -    -    -    29,500 
Cash advanced on stock subscriptions                  425,000    -         425,000 
Net (loss) for the period                  -    (855,391)   -    (855,391)
Balance December 31, 1999   11,460,649    11,461    2,484,219    425,000    (2,984,083)   -    (63,403)
Issuance of common stock for:                                   
- settlement of indebtedness   199,000    199    99,301    -    -    -    99,500 
- cash in March 2000 at $0.50 per share   350,000    350    174,650    (175,000)   -    -    - 
- cash in March 2000 at $0.455 per share   550,000    550    249,450    (250,000)   -    -    - 
Cancellation of shares in April 2000   (90,706)   (91)   (56,600)   -    -    -    (56,691)
Exercise of options in June 2000   405,000    405    3,645    -    -    -    4,050 
Spin-off of Aurora Metals (BVI) Limited             316,498    -    -    -    316,498 

  

54 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

AURORA GOLD INCORPORATED              Accumulated         
(An exploration stage enterprise)              (deficit)   Accumulated   Total 
Consolidated Statements of Stockholder’s Equity      Additional   Advances for   during   other   stockholders' 
(Deficiency)  Common Stock   paid-in   Stock   Exploration   comprehensive   equity 
October 19, 1995 (inception) to September 30, 2012  Shares   Amount   capital   Subscriptions   Stage   income (loss)   (deficiency) 
(Expressed in U.S. Dollars)  #   $   $   $   $   $   $ 
Net (loss) for the period                  -    (677,705)   -    (677,705)
Balance December 31, 2000   12,873,943    12,874    3,271,163    -    (3,661,788)   -    (377,751)
- Net income for the period                  -    128,545    -    128,545 
- Unrealized holding losses on available-for-sale securities                  -    -    (141,928)   (141,928)
Balance December 31, 2001   12,873,943    12,874    3,271,163    -    (3,533,243)   (141,928)   (391,134)
Issuance of common stock for:                                   
- settlement of indebtedness   3,708,038    3,708    351,492    -    -    -    355,200 
- Net loss for the period                  -    (137,329)   -    (137,329)
- Unrealized holding losses on available-for-sale securities                  -    -    141,928    141,928 
Balance, December 31, 2002   16,581,981    16,582    3,622,655    -    (3,670,572)   -    (31,335)
Issuance of common stock for:                                   
- settlement of indebtedness   2,752,450    2,752    114,806    -    -    -    117,558 
- cash in  December 2003 at $0.25 per share   100,000    100    24,900    -    -    -    25,000 
- Net loss for the period                  -    (96,404)   -    (96,404)
- Unrealized holding losses on available-for-sale securities                  -    -    -    - 
Balance, December 31, 2003   19,434,431    19,434    3,762,361    -    (3,766,976)   -    14,819 
Issuance of common stock for:                                   
- cash in January 2004 at $0.25 per share, less issuance costs   100,000    100    22,400    -    -    -    22,500 
Imputed interest             1,560    -    -    -    1,560 
- Net loss for the period                  -    (223,763)   -    (223,763)
- Unrealized holding losses on available-for-sale securities                  -    -    -    - 
Balance, December 31, 2004   19,534,431    19,534    3,786,321    -    (3,990,739)   -    (184,884)
Issuance of common stock for:                                   
- cash in July 2005 at $0.05 per share   13,000,000    13,000    637,000    -    -    -    650,000 
- settlement of indebtedness   3,684,091    3,684    158,816    -    -    -    162,500 
- Net (loss) for the period                  -    (457,271)   -    (457,271)
- Unrealized holding losses on available-for-sale securities                  -    -    (4,614)   (4,614)
Balance, December 31, 2005   36,218,522    36,218    4,582,137    -    (4,448,010)   (4,614)   165,731 
Issuance of common stock for - cash in February 2006 at $0.50 per share less issuance costs of $110,000:   8,000,000    8,000    3,882,000    -    -    -    3,890,000 
- non cash finder’s fee in December 200 at $0.70 per share   250,000    250    174,750    -    -    -    175,000 
- cash in December 2006 at $0.50 per share   1,000,000    1,000    499,000    -    -    -    500,000 
- Net (loss) for the period                  -    (5,463,855)   -    (5,463,855)
- Foreign currency translation adjustments                  -    -    (3,692)   (3,692)
- Reclassification adjustment for losses on available-for-sale securities included in net loss                  -    -    4,614    4,614 
Balance, December 31, 2006   45,468,522    45,468    9,137,887    -    (9,911,865)   (3,692)   (732,202)

  

55 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

AURORA GOLD INCORPORATED              Accumulated         
(An exploration stage enterprise)              (deficit)   Accumulated   Total 
Consolidated Statements of Stockholder’s Equity      Additional   Advances for   during   other   stockholders' 
(Deficiency)  Common Stock   paid-in   Stock   Exploration   comprehensive   equity 
October 19, 1995 (inception) to September 30, 2012  Shares   Amount   capital   Subscriptions   Stage   income (loss)   (deficiency) 
(Expressed in U.S. Dollars)  #   $   $   $   $   $   $ 
Issuance of common stock for:                                   
- cash in March 2007 at $0.50 per share   500,000    500    249,500    -    -    -    250,000 
- cash in July 2007 at $0.25 per share   5,000,000    5,000    1,245,000    -    -    -    1,250,000 
- settlement of indebtedness in August 2007 at $0.20 per share   250,000    250    49,750    -    -    -    50,000 
- cash in September 2007 at $0.20 per share   4,000,000    4,000    796,000    -    -    -    800,000 
Stock option compensation expense             454,295    -    -    -    454,295 
- Net (loss) for the period                  -    (3,259,732)   -    (3,259,732)
- Foreign currency translation adjustments                  -    -    (65,255)   (65,255)
Balance, December 31, 2007   55,218,522    55,218    11,932,432    -    (13,171,597)   (68,947)   (1,252,894)
- Issuance of common stock for - non cash finder’s fee in July 2008 at $0.10 per share   250,000    250    24,750    -    -    -    25,000 
- settlement of indebtedness in December 2008 at $0.06 per share   2,603,333    2,603    153,597    -    -    -    156,200 
- Net (loss) for the period                  -    (520,105)   -    (520,105)
- Foreign currency translation adjustments                  -    -    36,259    36,259 
Balance, December 31, 2008   58,071,855    58,071    12,110,779    -    (13,691,702)   (32,688)   (1,555,540)
- Issuance of common stock for - settlement of indebtedness in September 2009 at $0.15 per share   5,000,000    5,000    1,748,616    -    -    -    1,753,616 
- cash in September 2009 at $0.10 per share less finder’s fee   3,000,000    3,000    255,000    -    -    -    258,000 
- non cash finder’s fee September 2009 at $0.10 per share   420,000    420    41,580    -    -    -    42,000 
- settlement of indebtedness in November 2009 at $0.18 per share   100,000    100    17,899    -    -    -    17,999 
- settlement of indebtedness in November 2009 at $0.24 per share   150,000    150    35,611    -    -    -    35,761 
- cash in December 2009 at $0.30 per share   1,666,667    1,667    498,333    -    -    -    500,000 
- Net (loss) for the period                  -    (1,779,477)   -    (1,779,477)
- Foreign currency translation adjustments                  -    -    (60,171)   (60,171)
Balance, December 31, 2009   68,408,522    68,408    14,707,818    -    (15,471,179)   (92,859)   (787,812)
- Issuance of common stock for cash in April 2010 at $0.30 per share less finder’s fee (paid with 1,126,111 shares included herein)   14,109,446    14,110    3,880,890    -    -    -    3,895,000 
- non cash property acquisition in June 2010 at $0.40 per share   5,000,000    5,000    1,995,000    -    -    -    2,000,000 
- settlement of indebtedness in September 2010 at $0.30 per share   160,500    161    47,989    -    -    -    48,150 
- settlement of indebtedness in September 2010 at $0.30 per share   325,400    325    97,295    -    -    -    97,620 
- payment of expenses in September 2010 at $0.30 per share   200,000    200    59,800    -    -    -    60,000 

  

56 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

AURORA GOLD INCORPORATED              Accumulated         
(An exploration stage enterprise)              (deficit)   Accumulated   Total 
Consolidated Statements of Stockholder’s Equity      Additional   Advances for   during   other   stockholders' 
(Deficiency)  Common Stock   paid-in   Stock   Exploration   comprehensive   equity 
October 19, 1995 (inception) to September 30, 2012  Shares   Amount   capital   Subscriptions   Stage   income (loss)   (deficiency) 
(Expressed in U.S. Dollars)  #   $   $   $   $   $   $ 
- non cash finder’s fee in September 2010 related to the June 2010 property acquisition at $0.30 per share   500,000    500    149,500    -    -    -    150,000 
- Net (loss) for the period                  -    (2,302,083)   -    (2,302,083)
- Foreign currency translation adjustments                  -    -    (198)   (198)
Balance, December 31, 2010   88,703,868    88,704    20,938,292    -    (17,773,262)   (93,057)   3,160,677 
-Issuance of common stock for non cash finder’s fee in May 2011 at $0.042 per share   450,000    450    (450)   -    -    -    - 
-Issuance of common stock for cash in September 2011 at $0.10 per share   1,671,000    1,671    165,429    -    -    -    167,100 
-Issuance of common stock for settlement of indebtedness in September 2011 at $0.16 per share   150,000    150    24,350    -    -    -    24,500 
-Issuance of common stock for settlement of indebtedness in December 2011 at $0.02 per share   10,937,721    10,938    207,816                   218,754 
-Issuance of common stock for cash in December 2011 at $0.04 per share   8,000,000    8,000    312,000                   320,000 
-Issuance of common stock for cash in December 2011 at $0.04 per share - oversubscribed                  20,000              20,000 
-Stock option compensation expense             393,557                   393,557 
- Net (loss) for the period                  -    (4,627,338)   -    (4,627,338)
- Foreign currency translation adjustments                  -    -    22,532    22,532 
Balance, December 31, 2011   109,912,589    109,913    22,040,994    20,000    (22,400,600)   (70,525)   (300,218)
Issuance of common stock for settlement of indebtedness in March 2012 at $0.06 per share   1,990,900    1,991    117,463                   119,454 
Issuance of common stock for cash in March 2012 at $0.06 per share – shares not issued until April 2012                  17,513              17,513 
Issuance of common stock for cash in April 2012 at $0.06 per share   1,316,000    1,316    77,644                   78,960 
Issuance of common stock for settlement of indebtedness in April 2012 at $0.06 per share   300,000    300    17,700                   18,000 
Issuance of common stock in April 2012 for Advances for Stock Subscriptions   625,217    625    36,888    (37,513)             - 
Stock option compensation expense             55,660                   55,660 
Issuance of common stock for cash on October 5, 2012 at $0.037 per share   135,000,000    135,000    4,865,000                   5,000,000 
- Net (loss) for the period                       (1,200,374)        (1,200,374)
- Foreign currency translation adjustments                            63,323    63,323 
Balance, December 31, 2012   249,144,706    249,145    27,211,349    -    (23,600,974)   (7,202)   3,852,319 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

57 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

NOTES TO FINANCIAL STATEMENTS

 

1.Organization, Nature of Business, Going Concern, and Management’s Plans

 

Aurora Gold Corporation ("the Company") was formed on October 10, 1995 under the laws of the State of Delaware and is in the business of location, acquisition, exploration and, if warranted, development of mineral properties. The Company’s focus is on the exploration and development of its exploration properties located in the Tapajos Gold Province, State of Pará, Brazil (see Note 3). The Company has not yet determined whether its properties contain mineral reserves that may be economically recoverable and has not generated any operating revenues to date.

 

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The general business strategy of the Company is to acquire mineral properties either directly or through the acquisition of operating entities. The Company has incurred recurring operating losses since inception, has not generated any operating revenues to date and during the year ended December 31, 2012, operating activities used cash of $1,296,342 (December 31, 2011: $1,062,075). The Company requires additional funds to meet its obligations and maintain its operations.

 

These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in this regard are to raise equity financing through private or public equity investment in order to support existing operations and expand its business. The Company currently has a Prospectus out on offer and these details are included in further detail in these notes. There is however no assurance that such additional funding will be available to the Company when required, or on terms acceptable to the Company. In the event that the Company cannot obtain additional funds, on a timely basis, or the operations do not generate sufficient cash flow, the Company may be forced to curtail development or cease activities. These consolidated financial statements do not include any adjustments that might result from this uncertainty.

 

2.Significant Accounting Policies

 

(a)Basis of Preparation

 

The Company follows accounting standards set by the Financial Accounting Standards Board (FASB). The FASB sets accounting principles generally accepted (GAAP) in the United States that the Company follows to ensure they consistently report their financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (ASC) or also referred to as Codification.

 

These consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, Aurora Gold Mineração Ltda ("Aurora Gold Mineração") and AGC Resources LLC (“AGC”) (through to date of disposition of AGC, June 14, 2011). Collectively, they are referred to herein as "the Company". Significant inter-company accounts and transactions have been eliminated.

 

(b)Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

 

(c)Cash Equivalents

 

Cash equivalents comprise certain highly liquid instruments with a maturity date of three months or less when purchased. The Company has cash and cash equivalents of $3,963,836 as at December 31, 2012 ($237,426 as at December 31, 2011). Amounts paid for income taxes during the years ended December 31, 2012 and 2011 were nil; and for interest paid nil respectively.

 

58 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

2.Summary of Significant Accounting Policies (Continued)

 

(d)Vehicles and Equipment

 

Vehicles and equipment are carried at cost (including development and preproduction costs, capitalized interest, other financing costs and all direct administrative support costs incurred during the construction period, net of cost recoveries and incidental revenues), less accumulated depletion and depreciation including write-downs. Following the construction period, interest, other financing costs and administrative costs are expensed as incurred. On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis, using estimated proven and probable reserves as the depletion basis. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method. Depreciation for non-mining equipment is provided over the following useful lives:

 

- Vehicles 5 years
- Office equipment, furniture and fixtures 2 to 10 years

 

The Company reviews the carrying values of its buildings and equipment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. An impairment is considered to exist if total estimated future cash flows, or probability-weighted cash flows on an undiscounted basis, are less than the carrying value of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows associated with values beyond proven and probable reserves and resources. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable future cash flows that are largely independent of cash flows from other asset groups. Generally, in estimating future cash flows, all assets are grouped at a particular property for which there are identifiable cash flows. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method.

 

All vehicles and equipment are located in Brazil.

 

(e)Mineral Property Reclamation Bonds and Other Related Refundable Costs

 

Costs paid for the purchase of reclamation bonds and other related costs that are refundable are capitalized.  If amounts paid are not to be refunded then they will be expensed when it is determined they will not be refunded.

 

(f)Mineral Properties and Exploration Expenses

 

The Company accounts for its mineral properties on a cost basis whereby all direct costs, net of pre-production revenue, relative to the acquisition of the properties are capitalized. All sales and option proceeds received are first credited against the costs of the related property, with any excess credited to earnings. Once commercial production has commenced, the net costs of the applicable property will be charged to operations using the unit-of-production method based on estimated proven and probable recoverable reserves. The net costs related to abandoned properties are charged to operations.

 

Exploration costs are charged to operations as incurred until such time that proven reserves are discovered. From that time forward, the Company will capitalize all costs to the extent that future cash flow from mineral reserves equals or exceeds the costs deferred. The deferred costs will be amortized over the recoverable reserves when a property reaches commercial production. As at December 31, 2012 and 2011, the Company does not have proven reserves. Exploration activities conducted jointly with others are reflected at the Company's proportionate interest in such activities.

 

59 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

2.Summary of Significant Accounting Policies (Continued)

 

The Company reviews the carrying values of its mineral properties on a regular basis by reference to the project economics including the timing of the exploration or development work, the program of works and the exploration results experienced by the Company and others. The review of the carrying value of any producing property will be made by reference to the estimated future operating results and net cash flows. When the carrying value of a property exceeds its estimated net recoverable amount, provision is made for the decline in value.

 

The recoverability of the amounts recorded for mineral properties is dependent on the confirmation of economically recoverable reserves, confirmation of the Company’s interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to successfully complete their development and the attainment of future profitable operations or proceeds from disposal.

 

Estimated costs related to site restoration programs during the commercial development stage of the property are accrued over the life of the project.

 

(g)Stock-Based Compensation

 

The Company accounts for share-based payments under the fair value method of accounting for stock-based compensation consistent with GAAP. Under the fair value method, stock-based compensation cost is measured at the grant date based on the fair value of the award using the Black-Scholes option pricing model and is recognized to expense on a straight-line basis over the requisite service period, which is generally the vesting period. Where upon grant the options vest immediately the stock-based costs are expensed immediately.

 

(h)Interest Expense

 

Interest expense for the periods ended December 31, 2012 and 2011 were nil.

 

(i)Foreign Currency Translation and Transactions

 

The Company's reporting currency is the United States Dollar (USD). Aurora Gold Mineração Ltda is a foreign operation and its functional currency is the Brazilian Real (Real). Certain contractual obligations in these consolidated financial statements are stated in Brazilian Real’s. At the years ended December 31, 2012 and 2011 the Brazilian Real exchange rate to the USD was $0.48800 to 1 Real (December 31, 2011: USD $0.5357 to 1 Real).

 

The Company translates foreign assets and liabilities of its subsidiaries, other than those denominated in USD, at the rate of exchange at the balance sheet date. Income and expenses of these subsidiaries are translated at the average rate of exchange throughout the reporting period. Gains or losses from these translations are reported as a separate component of other comprehensive income (loss) until all or a part of the investment in the subsidiaries is sold or liquidated. The translation adjustments do not recognize the effect of income tax because the Company expects to reinvest the amounts indefinitely in operations. Accumulated other comprehensive income (loss) consists entirely of foreign currency translation adjustments at December 31, 2012 and 2011.

 

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in foreign exchange (gain) loss in the consolidated statements of comprehensive income (loss).

 

(j)Concentration of Credit Risk

 

Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents.   The Company places its cash with high credit quality financial institutions in Brazil and Canada. The Company occasionally has cash deposits in excess of federally insured limits.  The Company had funds deposited in banks beyond the insured limits as of December 31, 2012 and 2011 respectively. The Company has not experienced any losses related to these balances, and management believes the credit risk to be minimal.

 

60 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

2.          Summary of Significant Accounting Policies (Continued)

 

(k)Fair Value of Financial Instruments and Risks

 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. The carrying value of cash, accounts payable, accrued expenses and advances payable (including related parties) approximate their fair value because of the short-term nature of these instruments.

 

Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The Company operates outside of the United States of America (primarily in Brazil) and is exposed to foreign currency risk due to the fluctuation between the currency in which the Company operates in and the USD.

 

(l)Income Taxes

 

The Company has adopted ASC 740, Accounting for Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In July 2006, the FASB issued an interpretation, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements in accordance with GAAP. This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Estimated interest and penalties related to recording uncertain tax positions when recorded are included as a component of income tax expense on the consolidated statement of operations. The Company has not recorded any liabilities for uncertain tax positions or any related interest and penalties. The Company’s tax returns are open to audit for the years ending December 31, 2008 to 2012.

 

(m)Basic and Diluted Net Income (Loss) Per Share

 

Earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the reporting period including common stock issued effective the date committed. Common stock issuable is considered outstanding as of the original approval date for the purposes of earnings per share computations. Diluted earnings (loss) per common share is computed by dividing net earnings (loss) by the sum of (a) the basic weighted average number of shares of common stock outstanding during the year and (b) additional shares that would have been issued and potentially dilutive securities. During the years ended December 31, 2012 and 2011 the diluted earnings (loss) per share was equivalent to the basic earnings (loss) per share because all potentially dilutive securities were anti-dilutive due to the net losses incurred. Potentially dilutive securities consist of stock options and warrants outstanding at the end of the reporting period. Stock options outstanding as at December 31, 2012 were 9,650,000 (2011: 9,050,000). Warrants outstanding as at December 31, 2012 were 8,000,000 (December 31, 2011: 8,000,000).

 

61 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

2.          Summary of Significant Accounting Policies (Continued)

 

(n)Recent Accounting Pronouncements

 

The Company considers the effects of new accounting pronouncements on the accounting, presentation and disclosure of its consolidated financial statements, as such pronouncements become known. In June 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income or ASU 2011-05. The guidance in ASU 2011-05 revises the manner in which entities present comprehensive income in their financial statements. An entity is required to report the components of comprehensive income in either one or two consecutive financial statements:

 

-               A single, continuous statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income.

 

-               In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income.

 

ASU 2011-05 does not change the items that must be reported in other comprehensive income. The amendments in ASU 2011-05 are effective for fiscal years beginning after December 15, 2011 and the Company adopted this guidance effective January 1, 2012. In the consolidated statements of comprehensive income (loss) the Company has presented comprehensive income in a single continuous statement.

 

At present, there are no other such pronouncements not yet effective that the Company expects will have a material impact on these consolidated financial statements.

 

62 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

3.Mineral Properties and Exploration Expenses

 

In Brazil, Aurora has six (6)  properties with an approximate total of 16,590 ha within the Tapajos Gold Province. The Exploration licence areas are located in the vicinity of the Săo Domingos Township. The Company has conducted various degrees of exploration activities on the properties and ranked the mineralised occurrences in order of merit and may discontinue such activities and dispose of some of the rights to mineral exploration on parts of the property if further exploration work is not warranted. A summary of these properties approved by the Department of National Production Minerals (DNPM) is set out below.

 

a)DNPM Process 850.684/06 1,985.91 ha
b)DNPM Process 850.782/05 6,656.20 ha
c)DNPM Processes 850.012/06 and 850.013/06; 1128.08 ha and 750.55 ha respectively
d)DNPM Process 850.119/06 1,068.72 ha
e)DNPM Process 859.587/95 5,000.00 ha

 

São Domingos Project in the Municipality of Itaituba, in the Tapajos gold province of the State of Para, Brazil.

 

a)DNPM Processes 850.684/06: 1,985.91 ha

 

Aurora has good title over the mineral rights object of the DNPM Process No. 850.684/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. On September 13, 2006 Aurora submitted to DNPM one Exploration Claim for gold covering an area of 4914.18 ha in the Municipality of Itaituba, State of Pará. According to the information obtained such claim was correctly prepared and the required documents are in place but the area will be reduced to 1,985.91 due to overlapping with third parties’ areas with priority rights. The Exploration Permit has not been granted yet. The above mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.

 

b)DNPM Processes 850.782/05: 6,656.20 ha

 

Aurora has good title over the mineral rights object of the DNPM Process No. 850.782/05, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. On November 8, 2005 it was submitted to DNPM the Exploration Claim for gold in the Municipality of Itaituba, State of Pará. The Exploration Permit was granted on November 28, 2006 for a 3 (three) year period. The transfer to Aurora was approved on March 24, 2009 and on September 28, 2009 it was requested the renewal of the Exploration Permit. This area was reduced from 6,756 ha to 5,651.98 ha due to the overlapping with Garimpeira (alluvial) Mining properties held by Mr. Celio Paranhos. However the DNPM ́s general attorney in Brasilia agreed with Aurora’s legal thesis and nullified all applications filed by Mr. Paranhos (about to 1,900 applications). A new Exploration Permit rectifying the previous one was granted on August 20, 2010 for a 3 (three) year period, for an area of 6,656.20 hectares. The Annual Fees per Hectare (TAHs) for the 1st and 2nd years of the extension period have been properly paid. The annual fee for the third year was paid in January 2013. In order to have the Exploration Permit renewed an Exploration Report must be presented until June 20th 2013. No payments or royalties are due regarding the DNPM Process 850.782/05 since it was acquired through a permutation agreement with Altoro Mineração Ltda.

 

c)DNPM Processes 850.012/06 and 850.013/06: 1,128.08 ha and 750.55 ha respectively

 

The exploration claims were submitted to DNPM on January 19, 2006, for gold covering an area of 1,128.08 ha and 750.55 ha respectively, in the Municipality of Itaituba, State of Pará. According to information obtained such claims were correctly prepared and the required documents are in place. The tenements 850.012/06 and 850.013/06 are held by Mr. Antonio Oliveira Ferreira and were submitted to DNPM on January 19, 2006. The tenements are located at Itaituba, State of Pará and are valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes, but the area was blocked since it is inside of a Garimpeira Reserve. The transfer to Aurora will be submitted after the Exploration Permits are granted. There are no payments or royalties related to the tenements according to the agreement entered into with the previous owner.

 

63 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

d)DNPM Process 850.119/06: 1,068.72 ha

 

Direct access to the files of this Project at DNPM’s office were not sited, however analysis is based on the then current information provided on DNPM’s website. The exploration claim was submitted to DNPM on March 7, 2006, for gold covering an area of 1,068.72 ha, in the Municipality of Itaituba, State of Pará. Aurora has good title over the mineral rights object of the DNPM Process No. 850.119/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. The Exploration Permit has not been granted yet. The above-mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.

 

e)DNPM Process 859.587/95: 5,000 ha

 

The tenement, was held by Vera Lucia Lopes, and is valid and in force, and is free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Pará. On November 27, 1995, it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006, for a three-year period covering an area of 5,000 hectares, and it was valid until September 15, 2009. On July 15, 2009, it was requested the renewal of the Exploration Permit which was granted and transferred to Aurora and published on June 29, 2012. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.

 

The tenement 859.587/95 is held by Aurora and is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Pará. On November 27, 1995 it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006 for a 3 (three) year period covering an area of 5000 ha, and it was valid until September 15, 2009. On July 15, 2009 it was requested the renewal of the Exploration Permit, which was granted on June 14, 2012. The transfer to Aurora was approved and published on July 6, 2012. The beginning of the activities for the renewal period was properly informed on September 5, 2012. The Annual Fee per Hectare (TAHs) for the 1st year of the extension period has been properly paid. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.

 

64 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

3.              Mineral Properties and Exploration Expenses (continued)

 

AGC Resources LLC (Boulder, Colorado Property) – Disposed June 14, 2011

 

On June 14, 2011, the Company, entered into an Asset Purchase Agreement with Devtec Management Ltd. (“Devtec”), pursuant to which the Company sold its subsidiary, AGC, which owns certain properties in Boulder, Colorado, to Devtec for a total of $2 million, plus royalty. Under the terms of the agreement, Devtec will pay the Company $1 million upon production of the cumulative total of 1,000 ounces of gold and/or silver, and a further $1 million on the nine-month anniversary of the payment of the first $1 million. Additionally, Devtec will pay the Company a 5% royalty from the start of production.

 

The Company is unable to reasonably estimate the amount of minerals the properties will produce, if any, and thus there is uncertainty as to whether the purchase price will be collected. Given this, collection of the purchase price is not considered reasonably possible at the time of this report given the current uncertain status of exploration work on the Boulder, Colorado properties and thus no purchase price has been recorded as of December 31, 2012. Once collection of the purchase price becomes assured and the aforementioned uncertainties resolved, the purchase price will be recorded.

 

Therefore, the Company recognized a loss on the sale of its subsidiary of $2,757,511 during the year ended December 31, 2011, which represents the net book value of the assets transferred to Devtec on June 14, 2011 (no liabilities were assumed by Devtec) as follows:

 

Reclamation bonds  $245,221 
Buildings and equipment  $753,605 
Participating interest in mineral property  $1,758,685 
Total  $2,757,511 

 

4.Advances Payable

 

During March 2012, the Company entered into debt settlement agreements for $105,000 of advances received from a director of the Company and a company during fiscal 2011. As at December 31, 2012 advances payable were $32,000, which is non-interest bearing and due on demand.

 

65 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

5.Common Stock

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company’s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company’s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company’s Chief Business Development Director.

 

In October 2011 the Company filed a Registration Statement on Form S-1 offering up to a maximum of 50,000,000 units of the Company's securities at an offering price of $0.10 per Unit in a direct public offering, without any involvement of underwriters or broker-dealers. Each Unit consists of one (1) share of common stock at a $0.001 par value per share and one (1) Stock Purchase Warrant. Each full Warrant entitles the holder to purchase one additional share of common stock at a price of $0.20 for a period of two years commencing November 1, 2011 through October 31, 2013. The Units will be sold by the Chief Executive Officer and Chief Financial Officer. A Notice of Effectiveness was issued April 25, 2012. The offer expired January 20, 2013. To date, no funds were obtained from this offering.

 

On April 16, 2012, the Company entered into subscription agreements for 1,316,000 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $78,960. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription.

 

During April 2012, the Company entered into a debt settlement agreement for $18,000 in accounts payable which was settled for 300,000 shares of common stock at an issue price of $0.06 per share.

 

During March 2012, the Company entered into debt settlement agreements for advances received from a director of the Company and a company during fiscal 2011 as well as $14,454 of amounts in accounts payable and accrued expenses. $119,454 was settled for 1,990,900 shares of common stock at an issue price of $0.06 per share. As at March 31, 2012 advances on stock subscriptions were $37,513 and received during that quarter.

 

In March 2012, the Company entered into subscription agreements for 625,217 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $37,513. Share certificates were not issued as at March 31, 2012 and they were treated as an Advance for Stock Subscriptions. The share certificates were issued in April 2012. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription that is being offered.

 

On December 20, 2011, the Company entered into subscription agreements for 8,000,000 shares of common stock at a purchase price of $0.04 per share for a gross aggregate price of $320,000. Attached to each unit of common stock is one (1) series A stock purchase warrant. Each full Series A warrant entitles the holder to purchase an additional share of the Company’s common stock at an exercise price of $0.08 per share for a period of eighteen months commencing on December 20, 2011 and expiring on June 20, 2013. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $25,600. The total amount of commission paid was $8,800.

 

On December 15, 2011, the Company entered into debt settlement agreements with creditors and related parties in consideration for the issue of the Company’s common stock at a per share price of $0.02 per share. $218,754 was settled for 10,937,721 shares of common stock.

 

66 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

5.            Common Stock (continued)

 

In September 2011, 1,671,000 shares were issued to an individual for cash at $0.10 per share. In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share.

 

In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder’s fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. All shares issued were to individuals and companies who reside outside the United States of America. The issuance of the shares was exempt from the registration requirements of Securities Act by virtue of Section 4(2) thereof as well as the exemption from registration requirements afforded by Regulation S.

 

6.Stock Options and Warrants

 

In 2007, the Company's Board of Directors approved the 2007 Stock Option Plan (amended September 29, 2008) (“the Plan”) to offer an incentive to obtain services of key employees, directors and consultants of the Company. The Plan provides for the reservation for awards of an aggregate of 10% of the total shares of Common Stock outstanding from time to time. No Plan participant may receive stock options exercisable for more than 2,500,000 shares of Common Stock in any one calendar year. Under the Plan, the exercise price of an incentive stock option must be at least equal to 100% of the fair market value of the common stock on the date of grant (110% of fair market value in the case of options granted to employees who hold more than 10% of the Company's capital stock on the date of grant). The term of stock options granted under the Plan is not to exceed ten years and the stock options vest immediately upon granting.

 

The following is a summary of stock option activity for 2012 and the status of stock options outstanding and exercisable at December 31, 2012:

 

   Stock 
Options
#		   Weighted 
Average 
Exercise Price
$		   Remaining
Contractual
Life (years)		   Aggregate
Intrinsic value		 
Outstanding and exercisable at December 31, 2011   9,050,000    0.110    4.28    36,500 
Forfeited during quarter March 31, 2012   (200,000)   0.260    -    - 
Granted during quarter March 31, 2012   1,600,000    0.050    -    - 
                     
Outstanding and exercisable at March, 31, 2012   10,450,000    0.090    4.21    42,000 
Granted during quarter June 30, 2012   200,000    0.065    -    - 
                     
Outstanding and exercisable at June, 30, 2012   10,650,000    0.097    3.97    34,125 
Forfeited during quarter September 30, 2012   (1,000,000)   0.260    -    - 
Granted during quarter September 30, 2012   -    -    -    - 
                     
Outstanding and exercisable at September 30, 2012   9,650,000    0.080    3.74    52,500 
Forfeited during quarter December 31, 2012   -    -    -    - 
Granted during quarter December 31, 2012   -    -    -    - 
                     
Outstanding and exercisable at December 31, 2012   9,650,000    0.080    3.51    

Nil

 

 

67 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

6.              Stock Options (continued)

 

The following is a summary of stock option activity for the year ended December 31, 2011 and the status of stock options outstanding and exercisable at December 31, 2011:

 

   Stock 
Options
#		   Weighted 
Average 
Exercise Price
$		   Remaining
Contractual 
Life (years)
12/31/2011		   Aggregate
Intrinsic value at 
12/31/2011		 
Outstanding and exercisable at December 31, 2010   1,700,000    0.26    -    - 
Forfeited during year   (500,000)   0.26    -    - 
Granted during year   7,850,000    0.09    -    - 
                     
Outstanding and exercisable at December 31, 2011   9,050,000    0.11    4.28    36,500 

 

The total fair value of options granted for the year ended December 31 2011 (2010: nil) was $393,557 and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (October 11, 2011 and November 24, 2011) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of each option tranche and rates of 116.95% and 120.89% respectively were used.

 

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value for all “in-the-money” options (i.e. the difference between the Company’s closing stock price on the last trading day of the fiscal year and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options as of each date presented.

 

The total fair value of options granted during the three months ended June 30, 2012 was $11,979 (June 30, 2011: nil) and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (April 10, 2012) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of the option tranche and a rate of 161.04% was used.

 

The total fair value of options granted for the three months ended March 31, 2012 was $43,681 (March 31, 2011: nil) and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (January 13, 2012) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of the option tranche and a rate of 120.89% was used.

 

As of December 31, 2012, there are outstanding Warrants to purchase 8,000,000 shares of common stock with an exercise price of $0.08 expiring June 20, 2013.

 

68 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

7.Related Party Transactions

 

Related party transactions not disclosed elsewhere in these consolidated financial statements include:

 

a)During the fiscal year ended December 31, 2012 consulting fees of $301,714 (December 31, 2011: $295,701) were incurred to directors and officers (or companies of the officers and directors) of the Company. The transactions were recorded at the exchange amount, being the value established and agreed to by the related parties.
b)Coresco (a company that the CEO and CFO are affiliated with) also charged for S1 fund raising and geophysical consulting activities for a total of $79,171 during the 2012 year.
c)Included in accounts payable and accrued expenses and advances payable (related parties) at December 31, 2012 and December 31, 2011 were $126,220 and $Nil respectively payable to officers and directors of the Company for consulting fees and various expenses incurred on behalf of the Company.

 

8.Non-Cash Investing and Financing Activities

 

In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share. The shares were issued to a company who resides outside the United States of America.

 

In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder’s fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. The issuance of these shares had no net effect on total shareholders' equity or results of operations as they related to fees associated with issuance of shares.

 

9.Income Taxes

 

 

The Company and its subsidiary  operate in several tax jurisdictions, and its income is subject to various rates of taxation. The Company has net losses for tax purposes in the United States and Brazil totaling approximately $12,257,044 and $7,560,451, respectively, which may be applied against future taxable income. Accordingly, there is no tax expense for the years ended December 31, 2012 and 2011. The potential tax benefits arising from these losses have not been recorded in the consolidated financial statements as a full valuation allowance has been recorded against them. The Company evaluates its valuation allowance requirements on an annual basis based on projected future operations. When circumstances change and this causes a change in management's judgment about the recoverability of deferred tax assets, the impact of the change on the valuation allowance is reflected in current operations. The right to claim the tax losses in the United States expire according to the following table:

 

 

Fiscal Year of Expiry  Amount $ 
2018   331,000 
2019   795,000 
2020   550,000 
2022   138,000 
2023   90,000 
2024   222,000 
2025   457,000 
2026   1,094,000 
2027   800,000 
2028   561,000 
2029   479,000 
2030   2,065,000 
2031   3,921,183 
2032   753,861 
    12,257,044 

 

Tax losses carried forward in Brazil have no expiration date and are available to offset up to 30% of annual income before tax in any year.

 

69 | AURORA GOLD CORPORATION
AURORA GOLD CORPORATION
FINANCIAL STATEMENTS (EXPRESSED IN U.S. DOLLARS)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2012

 

The tax effects of temporary differences that give rise to the Company's net deferred tax assets are as follows:

  

   2012
$		   2011
$		 
Tax loss carry forwards   6,737,948    6,540,506 
Valuation allowance   (6,890,682)   (6,754,903)
Stock compensation expense   152,734    214,397 
    -    - 

 

The reconciliation of income tax computed at the federal statutory rate to income tax expense is as follows:

 

   2012
$		   2011
$		 
Tax at statutory rate   (408,127)   (1,573,295)
Movement in deferred tax asset   191,760    212,349 
Change in valuation allowance for deferred tax asset   135,779    1,460,903 
Other   80,588    (99,957)
Income tax expense  $-   $- 

 

10.Subsequent events

  

There were no subsequent events at the date of filing.

 

70 | AURORA GOLD CORPORATION
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Aurora Gold Corporation    
Registrant    
     
     
/s/ Lars Pearl   Dated: March 26, 2013
By: Lars Pearl, Chief Executive Officer and President, Principal Executive Officer and Director
     
/s/ Agustin Gomez de Segura   Dated: March 26, 2013
By: Agustin Gomez de Segura, Director
     
/s/ Ross Doyle   Dated: March 26, 2013
By: Ross Doyle, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Director
     
/s/ Vladimir Bernshtein   Dated: March 26, 2013
By: Vladimir Bernshtein, Chief Development Officer and Director
     
/s/ Andrey Ratsko   Dated: March 26, 2013
By: Andrey Ratsko, Chief Technical Officer and Director
     
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
     
Aurora Gold Corporation    
Registrant
     
/s/ Lars Pearl   Dated: March 26, 2013
By: Lars Pearl, Chief Executive Officer and President, Principal Executive Officer and Director
     
/s/ Agustin Gomez de Segura   Dated: March 26, 2013
By: Agustin Gomez de Segura, Director
     
/s/ Ross Doyle   Dated: March 26, 2013
By: Ross Doyle, Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Director
     
/s/ Vladimir Bernshtein   Dated: March 26, 2013
By: Vladimir Bernshtein, Chief Development Officer and Director
     
/s/ Andrey Ratsko   Dated: March 26, 2013
By: Andrey Ratsko, Chief Technical Officer and Director    

71 | AURORA GOLD CORPORATION

 EX-31.1 2 v337751_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Lars Pearl, certify that:

 

1. I have reviewed this Form 10-K of Aurora Gold Corporation.

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

 

4.The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial data and information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

/s/ Lars Pearl   Dated: March 26, 2013
By:  Lars Pearl
Title:  Chief Executive Officer and President, Principal Executive Officer and Director   

 

1 | AURORA GOLD CORPORATION
 

 

Exhibit 31.1

 

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Ross Doyle, certify that:

 

1. I have reviewed this Form 10-K of Aurora Gold Corporation.

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

 

4.The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial data and information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

/s/ Ross Doyle   Dated: March 26, 2013
By:  Ross Doyle
Title:    Chief Financial Officer and Director

 

2 | AURORA GOLD CORPORATION

 EX-32.1 3 v337751_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

Certification of Chief Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

I, Lars Pearl, President, Chief Executive Officer of Aurora Gold Corporation (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1.The Annual Report on Form 10-K of Aurora Gold Corporation for the year ended December 31, 2012 (the “Report”) which this certification accompanies, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934: and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Aurora Gold Corporation.

 

/s/ Lars Pearl   Dated: March 26, 2013
By: Lars Pearl
Title:    Chief Executive Officer, President, Principal Executive Officer and Director

 

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

1 | AURORA GOLD CORPORATION
 

 

Exhibit 32.1

 

Certification of Chief Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

I, Ross Doyle, Chief Financial Officer of Aurora Gold Corporation (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1.The Annual Report on Form 10-K of Aurora Gold Corporation for the year ended December 31, 2012 (the “Report”) which this certification accompanies, fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934: and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Aurora Gold Corporation.

 

/s/ Ross Doyle   Dated: March 26, 2013
By: Ross Doyle
Title:    Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Director

 

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

2 | AURORA GOLD CORPORATION

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The FASB sets accounting principles generally accepted (GAAP) in the United States that the Company follows to ensure they consistently report their financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (ASC) or also referred to as Codification.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> These consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, Aurora Gold Minera&ccedil;&atilde;o Ltda ("Aurora Gold Minera&ccedil;&atilde;o") and AGC Resources LLC ("AGC") (through to date of disposition of AGC, June 14, 2011). Collectively, they are referred to herein as "the Company". Significant inter-company accounts and transactions have been eliminated.</p> <!--EndFragment--></div> </div> 3963836 579191 237426 3963836 237426 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(c)</td> <td style="TEXT-ALIGN: justify">Cash Equivalents</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> Cash equivalents comprise certain highly liquid instruments with a maturity date of three months or less when purchased. The Company has cash and cash equivalents of $3,963,836 as at December 31, 2012 ($237,426 as at December 31, 2011). Amounts paid for income taxes during the years ended December 31, 2012 and 2011 were nil; and for interest paid nil respectively.</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&nbsp;</td> <td style="WIDTH: 0.25in">8.</td> <td style="TEXT-ALIGN: justify">Non-Cash Investing and Financing Activities</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -24.55pt; MARGIN: 0pt 0px 0pt 42.55pt; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share. The shares were issued to a company who resides outside the United States of America.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder&#39;s fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. The issuance of these shares had no net effect on total shareholders&#39; equity or results of operations as they related to fees associated with issuance of shares.</p> <!--EndFragment--></div> </div> 3726410 -341765 3963836 2011-11-01 2011-12-20 0.08 0.2 0.08 1 1 8000000 0.001 0.001 300000000 300000000 249144706 109912589 249144706 109912589 20000 249146 109913 -1137051 -4604806 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(j)</td> <td style="TEXT-ALIGN: justify">Concentration of Credit Risk</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash with high credit quality financial institutions in Brazil and Canada. The Company occasionally has cash deposits in excess of federally insured limits. The Company had funds deposited in banks beyond the insured limits as of December 31, 2012 and 2011 respectively. The Company has not experienced any losses related to these balances, and management believes the credit risk to be minimal.</p> <!--EndFragment--></div> </div> 1295367 1869827 19888486 300000 1990900 10937721 18000 119454 218754 393557 0 11979 0 43681 0 6737948 6540506 152734 214397 6890682 6754903 5129 27897 150255 23600974 22400600 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&nbsp;</td> <td style="WIDTH: 24.55pt">6.</td> <td style="TEXT-ALIGN: justify">Stock Options and Warrants</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -24.55pt; MARGIN: 0pt 0px 0pt 42.55pt; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In 2007, the Company&#39;s Board of Directors approved the 2007 Stock Option Plan (amended September 29, 2008) ("the Plan") to offer an incentive to obtain services of key employees, directors and consultants of the Company. The Plan provides for the reservation for awards of an aggregate of 10% of the total shares of Common Stock outstanding from time to time. No Plan participant may receive stock options exercisable for more than 2,500,000 shares of Common Stock in any one calendar year. Under the Plan, the exercise price of an incentive stock option must be at least equal to 100% of the fair market value of the common stock on the date of grant (110% of fair market value in the case of options granted to employees who hold more than 10% of the Company&#39;s capital stock on the date of grant). The term of stock options granted under the Plan is not to exceed ten years and the stock options vest immediately upon granting.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of stock option activity for 2012 and the status of stock options outstanding and exercisable at December 31, 2012:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-FAMILY: Courier New, Courier, Monospace" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Stock<br /> Options<br /> #</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Weighted<br /> Average<br /> Exercise Price<br /> $</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Remaining<br /> Contractual<br /> Life (years)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Aggregate<br /> Intrinsic value</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 52%; COLOR: black">Outstanding and exercisable at December 31, 2011</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black"> 9,050,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">0.110</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">4.28</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">36,500</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Forfeited during quarter March 31, 2012</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(200,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.260</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Granted during quarter March 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,600,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.050</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at March, 31, 2012</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">10,450,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.090</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4.21</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">42,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Granted during quarter June 30, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 200,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.065</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at June, 30, 2012</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">10,650,000</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0.097</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">3.97</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">34,125</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Forfeited during quarter September 30, 2012</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.260</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Granted during quarter September 30, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at September 30, 2012</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">9,650,000</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0.080</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">3.74</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">52,500</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Forfeited during quarter December 31, 2012</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Granted during quarter December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at December 31, 2012</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">9,650,000</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0.080</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">3.51</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right"> <p style="TEXT-ALIGN: right; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Nil</p> </td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of stock option activity for the year ended December 31, 2011 and the status of stock options outstanding and exercisable at December 31, 2011:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-FAMILY: Courier New, Courier, Monospace" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Stock<br /> Options<br /> #</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Weighted<br /> Average<br /> Exercise Price<br /> $</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Remaining<br /> Contractual<br /> Life (years)<br /> 12/31/2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Aggregate<br /> Intrinsic value at<br /> 12/31/2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 52%; COLOR: black">Outstanding and exercisable at December 31, 2010</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,700,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">0.26</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Forfeited during year</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(500,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.26</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Granted during year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,850,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.09</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at December 31, 2011</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">9,050,000</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0.11</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">4.28</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">36,500</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The total fair value of options granted for the year ended December 31 2011 (2010: nil) was $393,557 and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (October 11, 2011 and November 24, 2011) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of each option tranche and rates of 116.95% and 120.89% respectively were used.</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value for all "in-the-money" options (i.e. the difference between the Company&#39;s closing stock price on the last trading day of the fiscal year and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options as of each date presented.</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The total fair value of options granted during the three months ended June 30, 2012 was $11,979 (June 30, 2011: nil) and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (April 10, 2012) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of the option tranche and a rate of 161.04% was used.</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The total fair value of options granted for the three months ended March 31, 2012 was $43,681 (March 31, 2011: nil) and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (January 13, 2012) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of the option tranche and a rate of 120.89% was used.</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, there are outstanding Warrants to purchase 8,000,000 shares of common stock with an exercise price of $0.08 expiring June 20, 2013.</p> <!--EndFragment--></div> </div> 1758685 753605 -2757511 -2757511 32000 92000 126220 0 -0.01 -0.05 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 34.9pt">(m)</td> <td style="TEXT-ALIGN: justify">Basic and Diluted Net Income (Loss) Per Share</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the reporting period including common stock issued effective the date committed. Common stock issuable is considered outstanding as of the original approval date for the purposes of earnings per share computations. Diluted earnings (loss) per common share is computed by dividing net earnings (loss) by the sum of (a) the basic weighted average number of shares of common stock outstanding during the year and (b) additional shares that would have been issued and potentially dilutive securities. During the years ended December 31, 2012 and 2011 the diluted earnings (loss) per share was equivalent to the basic earnings (loss) per share because all potentially dilutive securities were anti-dilutive due to the net losses incurred. Potentially dilutive securities consist of stock options and warrants outstanding at the end of the reporting period. Stock options outstanding as at December 31, 2012 were 9,650,000 (2011: 9,050,000). Warrants outstanding as at December 31, 2012 were 8,000,000 (December 31, 2011: 8,000,000).</p> <!--EndFragment--></div> </div> 29324 -3790 220488 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(e)</td> <td style="TEXT-ALIGN: justify">Mineral Property Reclamation Bonds and Other Related Refundable Costs</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs paid for the purchase of reclamation bonds and other related costs that are refundable are capitalized. If amounts paid are not to be refunded then they will be expensed when it is determined they will not be refunded.</p> <!--EndFragment--></div> </div> 1997-03-31 1998-05-31 1998-11-30 1998-12-31 1999-02-28 2003-12-31 2004-01-31 2005-07-31 2006-02-28 2007-03-31 2007-07-31 2007-08-31 2007-09-30 2008-07-31 2008-12-31 2009-12-31 2010-04-30 2010-06-30 2011-05-31 2012-04-30 2010-09-30 1999-03-31 2012-03-31 2012-10-05 2000-03-31 2006-12-31 2009-09-30 2009-11-30 2011-09-30 2011-12-31 2000-03-31 2006-12-31 2009-09-30 2009-11-30 2011-09-30 2011-12-31 0.001 1.0 1.25 0.75 0.75 0.81 0.25 0.25 0.05 0.5 0.5 0.25 0.2 0.2 0.1 0.06 0.3 0.3 0.4 0.042 0.06 0.3 0.16 0.656 0.06 0.037 0.06 0.04 0.02 0.5 0.7 0.15 0.18 0.1 0.02 0.455 0.5 0.1 0.24 0.16 0.04 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(f)</td> <td style="TEXT-ALIGN: justify">Mineral Properties and Exploration Expenses</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for its mineral properties on a cost basis whereby all direct costs, net of pre-production revenue, relative to the acquisition of the properties are capitalized. All sales and option proceeds received are first credited against the costs of the related property, with any excess credited to earnings. Once commercial production has commenced, the net costs of the applicable property will be charged to operations using the unit-of-production method based on estimated proven and probable recoverable reserves. The net costs related to abandoned properties are charged to operations.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Exploration costs are charged to operations as incurred until such time that proven reserves are discovered. From that time forward, the Company will capitalize all costs to the extent that future cash flow from mineral reserves equals or exceeds the costs deferred. The deferred costs will be amortized over the recoverable reserves when a property reaches commercial production. As at December 31, 2012 and 2011, the Company does not have proven reserves. Exploration activities conducted jointly with others are reflected at the Company&#39;s proportionate interest in such activities.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company reviews the carrying values of its mineral properties on a regular basis by reference to the project economics including the timing of the exploration or development work, the program of works and the exploration results experienced by the Company and others. The review of the carrying value of any producing property will be made by reference to the estimated future operating results and net cash flows. When the carrying value of a property exceeds its estimated net recoverable amount, provision is made for the decline in value.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The recoverability of the amounts recorded for mineral properties is dependent on the confirmation of economically recoverable reserves, confirmation of the Company&#39;s interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to successfully complete their development and the attainment of future profitable operations or proceeds from disposal.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Estimated costs related to site restoration programs during the commercial development stage of the property are accrued over the life of the project.</p> <!--EndFragment--></div> </div> 332785 307613 10064124 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 35.25pt">(k)</td> <td style="TEXT-ALIGN: justify">Fair Value of Financial Instruments and Risks</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. The carrying value of cash, accounts payable, accrued expenses and advances payable (including related parties) approximate their fair value because of the short-term nature of these instruments.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The Company operates outside of the United States of America (primarily in Brazil) and is exposed to foreign currency risk due to the fluctuation between the currency in which the Company operates in and the USD.</p> <!--EndFragment--></div> </div> 0.488 0.5357 -1563 1613 13756 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(i)</td> <td style="TEXT-ALIGN: justify">Foreign Currency Translation and Transactions</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s reporting currency is the United States Dollar (USD). Aurora Gold Minera&ccedil;&atilde;o Ltda is a foreign operation and its functional currency is the Brazilian Real (Real). Certain contractual obligations in these consolidated financial statements are stated in Brazilian Real&#39;s. At the years ended December 31, 2012 and 2011 the Brazilian Real exchange rate to the USD was $0.48800 to 1 Real (December 31, 2011: USD $0.5357 to 1 Real).</p> <p style="FONT: 10pt Times New Roman, Times, Serif; FONT-WEIGHT: normal; MARGIN: 0pt 0px 0pt 0.25in; TEXT-ALIGN: justify; TEXT-INDENT: -0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company translates foreign assets and liabilities of its subsidiaries, other than those denominated in USD, at the rate of exchange at the balance sheet date. Income and expenses of these subsidiaries are translated at the average rate of exchange throughout the reporting period. Gains or losses from these translations are reported as a separate component of other comprehensive income (loss) until all or a part of the investment in the subsidiaries is sold or liquidated. The translation adjustments do not recognize the effect of income tax because the Company expects to reinvest the amounts indefinitely in operations. Accumulated other comprehensive income (loss) consists entirely of foreign currency translation adjustments at December 31, 2012 and 2011.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in foreign exchange (gain) loss in the consolidated statements of comprehensive income (loss).</p> <!--EndFragment--></div> </div> 80237 -37971 -2757511 -37971 -2757511 -2541037 94860 -919605 380439 550655 2717353 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&nbsp;</td> <td style="WIDTH: 0.25in">9.</td> <td style="TEXT-ALIGN: justify">Income Taxes</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company and its subsidiary operate in several tax jurisdictions, and its income is subject to various rates of taxation. The Company has net losses for tax purposes in the United States and Brazil totaling approximately $12,257,044 and $7,560,451, respectively, which may be applied against future taxable income. Accordingly, there is no tax expense for the years ended December 31, 2012 and 2011. The potential tax benefits arising from these losses have not been recorded in the consolidated financial statements as a full valuation allowance has been recorded against them. The Company evaluates its valuation allowance requirements on an annual basis based on projected future operations. When circumstances change and this causes a change in management&#39;s judgment about the recoverability of deferred tax assets, the impact of the change on the valuation allowance is reflected in current operations. The right to claim the tax losses in the United States expire according to the following table:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 65%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.35in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" nowrap="nowrap">Fiscal Year of Expiry</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Amount $</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 82%; COLOR: black">2018</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 15%; COLOR: black"> 331,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2019</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">795,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2020</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">550,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2022</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">138,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2023</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">90,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2024</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">222,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2025</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">457,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2026</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,094,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2027</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">800,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2028</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">561,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2029</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">479,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2030</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,065,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2031</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,921,183</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; COLOR: black"> 2032</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 753,861</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; FONT-FAMILY: Courier New, Courier, Monospace"> &nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,257,044</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Tax losses carried forward in Brazil have no expiration date and are available to offset up to 30% of annual income before tax in any year.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The tax effects of temporary differences that give rise to the Company&#39;s net deferred tax assets are as follows:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012<br /> $</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011<br /> $</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 68%">Tax loss carry forwards</td> <td style="WIDTH: 2%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">6,737,948</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 2%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">6,540,506</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Valuation allowance</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(6,890,682</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(6,754,903</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Stock compensation expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 152,734</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 214,397</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The reconciliation of income tax computed at the federal statutory rate to income tax expense is as follows:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012<br /> $</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011<br /> $</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 68%">Tax at statutory rate</td> <td style="WIDTH: 2%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">(408,127</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 2%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">(1,573,295</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Movement in deferred tax asset</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">191,760</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">212,349</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Change in valuation allowance for deferred tax asset</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">135,779</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,460,903</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Other</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 80,588</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (99,957</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 9pt"> Income tax expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 34.9pt">(l)</td> <td style="TEXT-ALIGN: justify">Income Taxes</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has adopted ASC 740, <em>Accounting for Income Taxes</em>, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company&#39;s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In July 2006, the FASB issued an interpretation, which clarifies the accounting for uncertainty in income taxes recognized in a company&#39;s financial statements in accordance with GAAP. This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Estimated interest and penalties related to recording uncertain tax positions when recorded are included as a component of income tax expense on the consolidated statement of operations. The Company has not recorded any liabilities for uncertain tax positions or any related interest and penalties. The Company&#39;s tax returns are open to audit for the years ending December 31, 2008 to 2012.</p> <!--EndFragment--></div> </div> 135779 1460903 191760 212349 -408127 -1573295 80588 -99957 6013 55343 1113064 206978 67910 -20344 88369 0 0 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(h)</td> <td style="TEXT-ALIGN: justify">Interest Expense</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Interest expense for the periods ended December 31, 2012 and 2011 were nil.</p> <!--EndFragment--></div> </div> 1560 -2525 -7867 -396782 0 0 133 22486 243254 1202054 447088 668926 3918261 4129662 237426 277343 537644 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.4in">3.</td> <td style="TEXT-ALIGN: justify">Mineral Properties and Exploration Expenses</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In Brazil, Aurora has six (6) properties with an approximate total of 16,590 ha within the Tapajos Gold Province. The Exploration licence areas are located in the vicinity of the S&#259;o Domingos Township. The Company has conducted various degrees of exploration activities on the properties and ranked the mineralised occurrences in order of merit and may discontinue such activities and dispose of some of the rights to mineral exploration on parts of the property if further exploration work is not warranted. A summary of these properties approved by the Department of National Production Minerals (DNPM) is set out below.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.5in">a)</td> <td style="TEXT-ALIGN: justify">DNPM Process 850.684/06 1,985.91 ha</td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.5in">b)</td> <td style="TEXT-ALIGN: justify">DNPM Process 850.782/05 6,656.20 ha</td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.5in">c)</td> <td style="TEXT-ALIGN: justify">DNPM Processes 850.012/06 and 850.013/06; 1128.08 ha and 750.55 ha respectively</td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.5in">d)</td> <td style="TEXT-ALIGN: justify">DNPM Process 850.119/06 1,068.72 ha</td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.5in">e)</td> <td style="TEXT-ALIGN: justify">DNPM Process 859.587/95 5,000.00 ha</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>S&atilde;o Domingos Project in the Municipality of Itaituba, in the Tapajos gold province of the State of Para, Brazil.</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 51.3pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 33.3pt">&nbsp;</td> <td style="WIDTH: 18pt">a)</td> <td style="TEXT-ALIGN: justify">DNPM Processes 850.684/06: 1,985.91 ha</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> Aurora has good title over the mineral rights object of the DNPM Process No. <strong>850.684/06,</strong> which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. On September 13, 2006 Aurora submitted to DNPM one Exploration Claim for gold covering an area of 4914.18 ha in the Municipality of Itaituba, State of Par&aacute;. According to the information obtained such claim was correctly prepared and the required documents are in place but the area will be reduced to 1,985.91 due to overlapping with third parties&#39; areas with priority rights. The Exploration Permit has not been granted yet. The above mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 15.3pt">b)</td> <td style="TEXT-ALIGN: justify">DNPM Processes 850.782/05: 6,656.20 ha</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> Aurora has good title over the mineral rights object of the DNPM Process No. 850.782/05, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. On November 8, 2005 it was submitted to DNPM the Exploration Claim for gold in the Municipality of Itaituba, State of Par&aacute;. The Exploration Permit was granted on November 28, 2006 for a 3 (three) year period. The transfer to Aurora was approved on March 24, 2009 and on September 28, 2009 it was requested the renewal of the Exploration Permit. This area was reduced from 6,756 ha to 5,651.98 ha due to the overlapping with Garimpeira (alluvial) Mining properties held by Mr. Celio Paranhos. However the DNPM &#769;s general attorney in Brasilia agreed with Aurora&#39;s legal thesis and nullified all applications filed by Mr. Paranhos (about to 1,900 applications). A new Exploration Permit rectifying the previous one was granted on August 20, 2010 for a 3 (three) year period, for an area of 6,656.20 hectares. The Annual Fees per Hectare (TAHs) for the 1st and 2nd years of the extension period have been properly paid. The annual fee for the third year was paid in January 2013. In order to have the Exploration Permit renewed an Exploration Report must be presented until June 20th 2013. No payments or royalties are due regarding the DNPM Process 850.782/05 since it was acquired through a permutation agreement with Altoro Minera&ccedil;&atilde;o Ltda.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 15.3pt">c)</td> <td style="TEXT-ALIGN: justify">DNPM Processes 850.012/06 and 850.013/06: 1,128.08 ha and 750.55 ha respectively</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -15.3pt; MARGIN: 0pt 0px 0pt 51.3pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> The exploration claims were submitted to DNPM on January 19, 2006, for gold covering an area of 1,128.08 ha and 750.55 ha respectively, in the Municipality of Itaituba, State of Par&aacute;. According to information obtained such claims were correctly prepared and the required documents are in place. The tenements 850.012/06 and 850.013/06 are held by Mr. Antonio Oliveira Ferreira and were submitted to DNPM on January 19, 2006. The tenements are located at Itaituba, State of Par&aacute; and are valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes, but the area was blocked since it is inside of a Garimpeira Reserve. The transfer to Aurora will be submitted after the Exploration Permits are granted. There are no payments or royalties related to the tenements according to the agreement entered into with the previous owner.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 15.3pt">d)</td> <td>DNPM Process 850.119/06: 1,068.72 ha</td> </tr> </table> <p style="TEXT-INDENT: -15.3pt; MARGIN: 0pt 0px 0pt 51.3pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> Direct access to the files of this Project at DNPM&#39;s office were not sited, however analysis is based on the then current information provided on DNPM&#39;s website. The exploration claim was submitted to DNPM on March 7, 2006, for gold covering an area of 1,068.72 ha, in the Municipality of Itaituba, State of Par&aacute;. Aurora has good title over the mineral rights object of the DNPM Process No. 850.119/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. The Exploration Permit has not been granted yet. The above-mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -15.3pt; MARGIN: 0pt 0px 0pt 51.3pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 15.3pt">e)</td> <td style="TEXT-ALIGN: justify">DNPM Process 859.587/95: 5,000 ha</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> The tenement, was held by Vera Lucia Lopes, and is valid and in force, and is free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Par&aacute;. On November 27, 1995, it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006, for a three-year period covering an area of 5,000 hectares, and it was valid until September 15, 2009. On July 15, 2009, it was requested the renewal of the Exploration Permit which was granted and transferred to Aurora and published on June 29, 2012. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> The tenement 859.587/95 is held by Aurora and is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Par&aacute;. On November 27, 1995 it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006 for a 3 (three) year period covering an area of 5000 ha, and it was valid until September 15, 2009. On July 15, 2009 it was requested the renewal of the Exploration Permit, which was granted on June 14, 2012. The transfer to Aurora was approved and published on July 6, 2012. The beginning of the activities for the renewal period was properly informed on September 5, 2012. The Annual Fee per Hectare (TAHs) for the 1st year of the extension period has been properly paid. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>AGC Resources LLC (Boulder, Colorado Property) - Disposed June 14, 2011</strong></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 14, 2011, the Company, entered into an Asset Purchase Agreement with Devtec Management Ltd. ("Devtec"), pursuant to which the Company sold its subsidiary, AGC, which owns certain properties in Boulder, Colorado, to Devtec for a total of $2 million, plus royalty. Under the terms of the agreement, Devtec will pay the Company $1 million upon production of the cumulative total of 1,000 ounces of gold and/or silver, and a further $1 million on the nine-month anniversary of the payment of the first $1 million. Additionally, Devtec will pay the Company a 5% royalty from the start of production.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company is unable to reasonably estimate the amount of minerals the properties will produce, if any, and thus there is uncertainty as to whether the purchase price will be collected. Given this, collection of the purchase price is not considered reasonably possible at the time of this report given the current uncertain status of exploration work on the Boulder, Colorado properties and thus no purchase price has been recorded as of December 31, 2012. Once collection of the purchase price becomes assured and the aforementioned uncertainties resolved, the purchase price will be recorded.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Therefore, the Company recognized a loss on the sale of its subsidiary of $2,757,511 during the year ended December 31, 2011, which represents the net book value of the assets transferred to Devtec on June 14, 2011 (no liabilities were assumed by Devtec) as follows:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 82%; COLOR: black"> Reclamation bonds</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%; COLOR: black"> 245,221</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">Buildings and equipment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">753,605</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; COLOR: black"> Participating interest in mineral property</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,758,685</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">Total</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">2,757,511</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> 0.54 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in">&nbsp;</td> <td style="WIDTH: 0.25in">1.</td> <td style="TEXT-ALIGN: justify">Organization, Nature of Business, Going Concern, and Management&#39;s Plans</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> Aurora Gold Corporation ("the Company") was formed on October 10, 1995 under the laws of the State of Delaware and is in the business of location, acquisition, exploration and, if warranted, development of mineral properties. The Company&#39;s focus is on the exploration and development of its exploration properties located in the Tapajos Gold Province, State of Par&aacute;, Brazil (see Note 3). The Company has not yet determined whether its properties contain mineral reserves that may be economically recoverable and has not generated any operating revenues to date.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> These consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The general business strategy of the Company is to acquire mineral properties either directly or through the acquisition of operating entities. The Company has incurred recurring operating losses since inception, has not generated any operating revenues to date and during the year ended December 31, 2012, operating activities used cash of $1,296,342 (December 31, 2011: $1,062,075). The Company requires additional funds to meet its obligations and maintain its operations.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> These conditions raise substantial doubt about the Company&#39;s ability to continue as a going concern. Management&#39;s plans in this regard are to raise equity financing through private or public equity investment in order to support existing operations and expand its business. The Company currently has a Prospectus out on offer and these details are included in further detail in these notes. There is however no assurance that such additional funding will be available to the Company when required, or on terms acceptable to the Company. In the event that the Company cannot obtain additional funds, on a timely basis, or the operations do not generate sufficient cash flow, the Company may be forced to curtail development or cease activities. These consolidated financial statements do not include any adjustments that might result from this uncertainty.</p> <!--EndFragment--></div> </div> 5096473 644100 20536164 -103045 80000 -1188495 -1296342 -1062075 -15604321 -1200374 -361208 -615880 -1151604 -855391 -677705 128545 -137329 -96404 -223763 -457271 -5463855 -3259732 -520105 -1779477 -2302083 -4627338 -23600974 -1200374 -361208 -615880 -1151604 -855391 -677705 128545 -137329 -96404 -223763 -457271 -5463855 -3259732 -520105 -1779477 -2302083 -4627338 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 34.9pt">(n)</td> <td style="TEXT-ALIGN: justify">Recent Accounting Pronouncements</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company considers the effects of new accounting pronouncements on the accounting, presentation and disclosure of its consolidated financial statements, as such pronouncements become known. In June 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income or ASU 2011-05. The guidance in ASU 2011-05 revises the manner in which entities present comprehensive income in their financial statements. An entity is required to report the components of comprehensive income in either one or two consecutive financial statements:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> - A single, continuous statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> - In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> ASU 2011-05 does not change the items that must be reported in other comprehensive income. The amendments in ASU 2011-05 are effective for fiscal years beginning after December 15, 2011 and the Company adopted this guidance effective January 1, 2012. In the consolidated statements of comprehensive income (loss) the Company has presented comprehensive income in a single continuous statement.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> At present, there are no other such pronouncements not yet effective that the Company expects will have a material impact on these consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> -33903 94993 -2757511 -3712488 6 12257044 7560451 331000 795000 550000 138000 90000 222000 457000 1094000 800000 561000 479000 2065000 3921183 753861 2018 2019 2020 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 63323 -3692 -65255 36259 -60171 -198 22532 63323 -3692 -65255 36259 -60171 -198 22532 4614 4614 -141928 141928 -4614 -141928 141928 -4614 479695 24534 316598 8800 -80000 245221 11511 672981 103045 308393 67910 5096473 507100 19140912 289000 969252 92000 92000 45000 45000 32850 16761 105000 67357 240338 125838 241125 1933874 97916 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(d)</td> <td style="TEXT-ALIGN: justify">Vehicles and Equipment</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Vehicles and equipment are carried at cost (including development and preproduction costs, capitalized interest, other financing costs and all direct administrative support costs incurred during the construction period, net of cost recoveries and incidental revenues), less accumulated depletion and depreciation including write-downs. Following the construction period, interest, other financing costs and administrative costs are expensed as incurred. On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis, using estimated proven and probable reserves as the depletion basis. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method. Depreciation for non-mining equipment is provided over the following useful lives:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 7%"> -</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 35%"> Vehicles</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 58%"> 5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> -</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Office equipment, furniture and fixtures</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> 2 to 10 years</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company reviews the carrying values of its buildings and equipment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. An impairment is considered to exist if total estimated future cash flows, or probability-weighted cash flows on an undiscounted basis, are less than the carrying value of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows associated with values beyond proven and probable reserves and resources. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable future cash flows that are largely independent of cash flows from other asset groups. Generally, in estimating future cash flows, all assets are grouped at a particular property for which there are identifiable cash flows. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> All vehicles and equipment are located in Brazil.</p> <!--EndFragment--></div> </div> P5Y P2Y P10Y 301714 295701 79171 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&nbsp;</td> <td style="WIDTH: 0.25in">7.</td> <td style="TEXT-ALIGN: justify">Related Party Transactions</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Related party transactions not disclosed elsewhere in these consolidated financial statements include:</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="BACKGROUND-COLOR: white; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in">&nbsp;</td> <td style="WIDTH: 0.25in">a)</td> <td style="TEXT-ALIGN: justify">During the fiscal year ended December 31, 2012 consulting fees of $301,714 (December 31, 2011: $295,701) were incurred to directors and officers (or companies of the officers and directors) of the Company. The transactions were recorded at the exchange amount, being the value established and agreed to by the related parties.</td> </tr> </table> <table style="BACKGROUND-COLOR: white; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in">&nbsp;</td> <td style="WIDTH: 0.25in">b)</td> <td>Coresco (a company that the CEO and CFO are affiliated with) also charged for S1 fund raising and geophysical consulting activities for a total of $79,171 during the 2012 year.</td> </tr> </table> <table style="BACKGROUND-COLOR: white; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in">&nbsp;</td> <td style="WIDTH: 0.25in">c)</td> <td style="TEXT-ALIGN: justify">Included in accounts payable and accrued expenses and advances payable (related parties) at December 31, 2012 and December 31, 2011 were $126,220 and $Nil respectively payable to officers and directors of the Company for consulting fees and various expenses incurred on behalf of the Company.</td> </tr> </table> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012<br /> $</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011<br /> $</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 68%">Tax loss carry forwards</td> <td style="WIDTH: 2%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">6,737,948</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 2%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">6,540,506</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Valuation allowance</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(6,890,682</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(6,754,903</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Stock compensation expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 152,734</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 214,397</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012<br /> $</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011<br /> $</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 68%">Tax at statutory rate</td> <td style="WIDTH: 2%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">(408,127</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 2%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">(1,573,295</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Movement in deferred tax asset</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">191,760</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">212,349</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Change in valuation allowance for deferred tax asset</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">135,779</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,460,903</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Other</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 80,588</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (99,957</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 9pt"> Income tax expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 77%; COLOR: black"> Reclamation bonds</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">$</td> <td style="TEXT-ALIGN: right; WIDTH: 20%; COLOR: black"> 245,221</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">Buildings and equipment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">753,605</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; COLOR: black"> Participating interest in mineral property</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> $</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,758,685</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">Total</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">$</td> <td style="TEXT-ALIGN: right; COLOR: black">2,757,511</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of stock option activity for 2012 and the status of stock options outstanding and exercisable at December 31, 2012:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-FAMILY: Courier New, Courier, Monospace" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Stock<br /> Options<br /> #</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Weighted<br /> Average<br /> Exercise Price<br /> $</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Remaining<br /> Contractual<br /> Life (years)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Aggregate<br /> Intrinsic value</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 52%; COLOR: black">Outstanding and exercisable at December 31, 2011</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black"> 9,050,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">0.110</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">4.28</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">36,500</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Forfeited during quarter March 31, 2012</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(200,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.260</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Granted during quarter March 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,600,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.050</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at March, 31, 2012</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">10,450,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.090</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4.21</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">42,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Granted during quarter June 30, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 200,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.065</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at June, 30, 2012</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">10,650,000</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0.097</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">3.97</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">34,125</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Forfeited during quarter September 30, 2012</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.260</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Granted during quarter September 30, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at September 30, 2012</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">9,650,000</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0.080</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">3.74</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">52,500</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Forfeited during quarter December 31, 2012</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Granted during quarter December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at December 31, 2012</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">9,650,000</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0.080</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">3.51</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right"> <p style="TEXT-ALIGN: right; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Nil</p> </td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following is a summary of stock option activity for the year ended December 31, 2011 and the status of stock options outstanding and exercisable at December 31, 2011:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; FONT-FAMILY: Courier New, Courier, Monospace" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Stock<br /> Options<br /> #</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Weighted<br /> Average<br /> Exercise Price<br /> $</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Remaining<br /> Contractual<br /> Life (years)<br /> 12/31/2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Aggregate<br /> Intrinsic value at<br /> 12/31/2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 52%; COLOR: black">Outstanding and exercisable at December 31, 2010</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">1,700,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">0.26</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 9%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Forfeited during year</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(500,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.26</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Granted during year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,850,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.09</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outstanding and exercisable at December 31, 2011</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">9,050,000</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0.11</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">4.28</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">36,500</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> 0 0 0 0 0 0 P2Y6M P2Y6M P2Y6M P2Y6M P2Y6M P2Y6M 1.1695 1.2089 1.6104 1.6104 1.2089 1.2089 0.045 0.045 0.045 0.045 0.045 0.045 500000 200000 1000000 7850000 200000 1600000 34125 0 36500 42000 52500 10650000 9650000 1700000 9050000 10450000 9650000 0.097 0.08 0.26 0.11 0.09 0.08 P4Y3M11D P3Y11M19D P4Y2M16D P3Y6M4D P3Y8M27D 0.1 1 1.1 0.26 0.26 0.26 0.09 0.065 0.05 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(g)</td> <td style="TEXT-ALIGN: justify">Stock-Based Compensation</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for share-based payments under the fair value method of accounting for stock-based compensation consistent with GAAP. Under the fair value method, stock-based compensation cost is measured at the grant date based on the fair value of the award using the Black-Scholes option pricing model and is recognized to expense on a straight-line basis over the requisite service period, which is generally the vesting period. Where upon grant the options vest immediately the stock-based costs are expensed immediately.</p> <!--EndFragment--></div> </div> 150000 450000 249144706 11461153 9920387 10670387 11181492 11460649 12873943 12873943 16581981 19434431 19534431 36218522 45468522 55218522 58071855 68408522 88703868 109912589 45000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&nbsp;</td> <td style="WIDTH: 24.55pt">4.</td> <td style="TEXT-ALIGN: justify">Advances Payable</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During March 2012, the Company entered into debt settlement agreements for $105,000 of advances received from a director of the Company and a company during fiscal 2011. As at December 31, 2012 advances payable were $32,000, which is non-interest bearing and due on demand.</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in">&nbsp;</td> <td style="WIDTH: 0.25in">2.</td> <td style="TEXT-ALIGN: justify">Significant Accounting Policies</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(a)</td> <td style="TEXT-ALIGN: justify">Basis of Preparation</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> The Company follows accounting standards set by the Financial Accounting Standards Board (FASB). The FASB sets accounting principles generally accepted (GAAP) in the United States that the Company follows to ensure they consistently report their financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (ASC) or also referred to as Codification.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> These consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, Aurora Gold Minera&ccedil;&atilde;o Ltda ("Aurora Gold Minera&ccedil;&atilde;o") and AGC Resources LLC ("AGC") (through to date of disposition of AGC, June 14, 2011). Collectively, they are referred to herein as "the Company". Significant inter-company accounts and transactions have been eliminated.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(b)</td> <td style="TEXT-ALIGN: justify">Use of Estimates</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(c)</td> <td style="TEXT-ALIGN: justify">Cash Equivalents</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> Cash equivalents comprise certain highly liquid instruments with a maturity date of three months or less when purchased. The Company has cash and cash equivalents of $3,963,836 as at December 31, 2012 ($237,426 as at December 31, 2011). Amounts paid for income taxes during the years ended December 31, 2012 and 2011 were nil; and for interest paid nil respectively.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(d)</td> <td style="TEXT-ALIGN: justify">Vehicles and Equipment</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Vehicles and equipment are carried at cost (including development and preproduction costs, capitalized interest, other financing costs and all direct administrative support costs incurred during the construction period, net of cost recoveries and incidental revenues), less accumulated depletion and depreciation including write-downs. Following the construction period, interest, other financing costs and administrative costs are expensed as incurred. On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis, using estimated proven and probable reserves as the depletion basis. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method. Depreciation for non-mining equipment is provided over the following useful lives:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 7%"> -</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 35%"> Vehicles</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 58%"> 5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> -</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Office equipment, furniture and fixtures</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> 2 to 10 years</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company reviews the carrying values of its buildings and equipment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. An impairment is considered to exist if total estimated future cash flows, or probability-weighted cash flows on an undiscounted basis, are less than the carrying value of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows associated with values beyond proven and probable reserves and resources. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable future cash flows that are largely independent of cash flows from other asset groups. Generally, in estimating future cash flows, all assets are grouped at a particular property for which there are identifiable cash flows. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> All vehicles and equipment are located in Brazil.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(e)</td> <td style="TEXT-ALIGN: justify">Mineral Property Reclamation Bonds and Other Related Refundable Costs</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs paid for the purchase of reclamation bonds and other related costs that are refundable are capitalized. If amounts paid are not to be refunded then they will be expensed when it is determined they will not be refunded.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(f)</td> <td style="TEXT-ALIGN: justify">Mineral Properties and Exploration Expenses</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for its mineral properties on a cost basis whereby all direct costs, net of pre-production revenue, relative to the acquisition of the properties are capitalized. All sales and option proceeds received are first credited against the costs of the related property, with any excess credited to earnings. Once commercial production has commenced, the net costs of the applicable property will be charged to operations using the unit-of-production method based on estimated proven and probable recoverable reserves. The net costs related to abandoned properties are charged to operations.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Exploration costs are charged to operations as incurred until such time that proven reserves are discovered. From that time forward, the Company will capitalize all costs to the extent that future cash flow from mineral reserves equals or exceeds the costs deferred. The deferred costs will be amortized over the recoverable reserves when a property reaches commercial production. As at December 31, 2012 and 2011, the Company does not have proven reserves. Exploration activities conducted jointly with others are reflected at the Company&#39;s proportionate interest in such activities.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company reviews the carrying values of its mineral properties on a regular basis by reference to the project economics including the timing of the exploration or development work, the program of works and the exploration results experienced by the Company and others. The review of the carrying value of any producing property will be made by reference to the estimated future operating results and net cash flows. When the carrying value of a property exceeds its estimated net recoverable amount, provision is made for the decline in value.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The recoverability of the amounts recorded for mineral properties is dependent on the confirmation of economically recoverable reserves, confirmation of the Company&#39;s interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to successfully complete their development and the attainment of future profitable operations or proceeds from disposal.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Estimated costs related to site restoration programs during the commercial development stage of the property are accrued over the life of the project.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(g)</td> <td style="TEXT-ALIGN: justify">Stock-Based Compensation</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company accounts for share-based payments under the fair value method of accounting for stock-based compensation consistent with GAAP. Under the fair value method, stock-based compensation cost is measured at the grant date based on the fair value of the award using the Black-Scholes option pricing model and is recognized to expense on a straight-line basis over the requisite service period, which is generally the vesting period. Where upon grant the options vest immediately the stock-based costs are expensed immediately.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(h)</td> <td style="TEXT-ALIGN: justify">Interest Expense</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Interest expense for the periods ended December 31, 2012 and 2011 were nil.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(i)</td> <td style="TEXT-ALIGN: justify">Foreign Currency Translation and Transactions</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s reporting currency is the United States Dollar (USD). Aurora Gold Minera&ccedil;&atilde;o Ltda is a foreign operation and its functional currency is the Brazilian Real (Real). Certain contractual obligations in these consolidated financial statements are stated in Brazilian Real&#39;s. At the years ended December 31, 2012 and 2011 the Brazilian Real exchange rate to the USD was $0.48800 to 1 Real (December 31, 2011: USD $0.5357 to 1 Real).</p> <p style="FONT: 10pt Times New Roman, Times, Serif; FONT-WEIGHT: normal; MARGIN: 0pt 0px 0pt 0.25in; TEXT-ALIGN: justify; TEXT-INDENT: -0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company translates foreign assets and liabilities of its subsidiaries, other than those denominated in USD, at the rate of exchange at the balance sheet date. Income and expenses of these subsidiaries are translated at the average rate of exchange throughout the reporting period. Gains or losses from these translations are reported as a separate component of other comprehensive income (loss) until all or a part of the investment in the subsidiaries is sold or liquidated. The translation adjustments do not recognize the effect of income tax because the Company expects to reinvest the amounts indefinitely in operations. Accumulated other comprehensive income (loss) consists entirely of foreign currency translation adjustments at December 31, 2012 and 2011.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in foreign exchange (gain) loss in the consolidated statements of comprehensive income (loss).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(j)</td> <td style="TEXT-ALIGN: justify">Concentration of Credit Risk</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash with high credit quality financial institutions in Brazil and Canada. The Company occasionally has cash deposits in excess of federally insured limits. The Company had funds deposited in banks beyond the insured limits as of December 31, 2012 and 2011 respectively. The Company has not experienced any losses related to these balances, and management believes the credit risk to be minimal.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 35.25pt">(k)</td> <td style="TEXT-ALIGN: justify">Fair Value of Financial Instruments and Risks</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. The carrying value of cash, accounts payable, accrued expenses and advances payable (including related parties) approximate their fair value because of the short-term nature of these instruments.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The Company operates outside of the United States of America (primarily in Brazil) and is exposed to foreign currency risk due to the fluctuation between the currency in which the Company operates in and the USD.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 34.9pt">(l)</td> <td style="TEXT-ALIGN: justify">Income Taxes</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has adopted ASC 740, <em>Accounting for Income Taxes</em>, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company&#39;s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In July 2006, the FASB issued an interpretation, which clarifies the accounting for uncertainty in income taxes recognized in a company&#39;s financial statements in accordance with GAAP. This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Estimated interest and penalties related to recording uncertain tax positions when recorded are included as a component of income tax expense on the consolidated statement of operations. The Company has not recorded any liabilities for uncertain tax positions or any related interest and penalties. The Company&#39;s tax returns are open to audit for the years ending December 31, 2008 to 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: -34.9pt; MARGIN: 0pt 0px 0pt 70.9pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 34.9pt">(m)</td> <td style="TEXT-ALIGN: justify">Basic and Diluted Net Income (Loss) Per Share</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the reporting period including common stock issued effective the date committed. Common stock issuable is considered outstanding as of the original approval date for the purposes of earnings per share computations. Diluted earnings (loss) per common share is computed by dividing net earnings (loss) by the sum of (a) the basic weighted average number of shares of common stock outstanding during the year and (b) additional shares that would have been issued and potentially dilutive securities. During the years ended December 31, 2012 and 2011 the diluted earnings (loss) per share was equivalent to the basic earnings (loss) per share because all potentially dilutive securities were anti-dilutive due to the net losses incurred. Potentially dilutive securities consist of stock options and warrants outstanding at the end of the reporting period. Stock options outstanding as at December 31, 2012 were 9,650,000 (2011: 9,050,000). Warrants outstanding as at December 31, 2012 were 8,000,000 (December 31, 2011: 8,000,000).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 36pt">&nbsp;</td> <td style="WIDTH: 34.9pt">(n)</td> <td style="TEXT-ALIGN: justify">Recent Accounting Pronouncements</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company considers the effects of new accounting pronouncements on the accounting, presentation and disclosure of its consolidated financial statements, as such pronouncements become known. In June 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income or ASU 2011-05. The guidance in ASU 2011-05 revises the manner in which entities present comprehensive income in their financial statements. An entity is required to report the components of comprehensive income in either one or two consecutive financial statements:</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> - A single, continuous statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> - In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 35.45pt; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> ASU 2011-05 does not change the items that must be reported in other comprehensive income. The amendments in ASU 2011-05 are effective for fiscal years beginning after December 15, 2011 and the Company adopted this guidance effective January 1, 2012. In the consolidated statements of comprehensive income (loss) the Company has presented comprehensive income in a single continuous statement.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> At present, there are no other such pronouncements not yet effective that the Company expects will have a material impact on these consolidated financial statements.</p> <!--EndFragment--></div> </div> 518900 518900 3852319 11461 -6827 122451 141794 -63403 -377751 -391134 -31335 14819 -184884 165731 -732202 -1252894 -1555540 -787812 3160677 -300218 249145 11461 9920 10670 11181 11461 12874 12874 16582 19434 19534 36218 45468 55218 58071 68408 88704 109913 27211349 344461 1088869 2259304 2484219 3271163 3271163 3622655 3762361 3786321 4582137 9137887 11932432 12110779 14707818 20938292 22040994 -23600974 -361208 -977088 -2128692 -2984083 -3661788 -3533243 -3670572 -3766976 -3990739 -4448010 -9911865 -13171597 -13691702 -15471179 -17773262 -22400600 -7202 -141928 -4614 -3692 -68947 -32688 -92859 -93057 -70525 425000 20000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&nbsp;</td> <td style="WIDTH: 24.55pt">5.</td> <td style="TEXT-ALIGN: justify">Common Stock</td> </tr> </table> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company&#39;s common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company&#39;s common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company&#39;s Chief Business Development Director.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In October 2011 the Company filed a Registration Statement on Form S-1 offering up to a maximum of 50,000,000 units of the Company&#39;s securities at an offering price of $0.10 per Unit in a direct public offering, without any involvement of underwriters or broker-dealers. Each Unit consists of one (1) share of common stock at a $0.001 par value per share and one (1) Stock Purchase Warrant. Each full Warrant entitles the holder to purchase one additional share of common stock at a price of $0.20 for a period of two years commencing November 1, 2011 through October 31, 2013. The Units will be sold by the Chief Executive Officer and Chief Financial Officer. A Notice of Effectiveness was issued April 25, 2012. The offer expired January 20, 2013. To date, no funds were obtained from this offering.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 16, 2012, the Company entered into subscription agreements for 1,316,000 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $78,960. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription.</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">During April 2012, the Company entered into a debt settlement agreement for $18,000 in accounts payable which was settled for 300,000</font> <font style="COLOR: black">shares of common stock at an issue price of $0.06 per share.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">During March 2012, the Company entered into debt settlement agreements for advances received from a director of the Company and a company during fiscal 2011 as well as $14,454 of amounts in accounts payable and accrued expenses. $119,454 was settled for 1,990,900</font> <font style="COLOR: black">shares of common stock at an issue price of $0.06 per share. As at March 31, 2012 advances on stock subscriptions were $37,513 and received during that quarter.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In March 2012, the Company entered into subscription agreements for 625,217 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $37,513. Share certificates were not issued as at March 31, 2012 and they were treated as an Advance for Stock Subscriptions. The share certificates were issued in April 2012. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription that is being offered.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 20, 2011, the Company entered into subscription agreements for 8,000,000 shares of common stock at a purchase price of $0.04 per share for a gross aggregate price of $320,000. Attached to each unit of common stock is one (1) series A stock purchase warrant. Each full Series A warrant entitles the holder to purchase an additional share of the Company&#39;s common stock at an exercise price of $0.08 per share for a period of eighteen months commencing on December 20, 2011 and expiring on June 20, 2013. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $25,600. The total amount of commission paid was $8,800.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 15, 2011, the Company entered into debt settlement agreements with creditors and related parties in consideration for the issue of the Company&#39;s common stock at a per share price of $0.02 per share. $218,754 was settled for 10,937,721 shares of common stock.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, 1,671,000 shares were issued to an individual for cash at $0.10 per share. In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder&#39;s fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. All shares issued were to individuals and companies who reside outside the United States of America. The issuance of the shares was exempt from the registration requirements of Securities Act by virtue of Section 4(2) thereof as well as the exemption from registration requirements afforded by Regulation S.</p> <!--EndFragment--></div> </div> 316498 316498 7641 7641 -7640766 450000 150000 5000000 5800000 750000 22871 100000 100000 13000000 14109446 200000 350000 8000000 500000 3000000 1671000 1316000 71667 550000 1000000 5000000 166667 8000000 135000000 143333 4000000 11461153 96105 231286 199000 3708038 2752450 3684091 250000 2603333 1990900 5000000 160500 150000 300000 100000 325400 10937721 150000 25000 250000 250000 420000 450000 200000 500000 1126111 1671000 135000000 1316000 8000000 300000 405000 5000 1995000 2000000 347561 745158 15000 25000 22500 650000 3895000 5800 750 23 100 100 13000 14110 341761 744408 14977 24900 22400 637000 3880890 17513 250000 3890000 250000 258000 167100 78960 53750 500000 1250000 500000 320000 5000000 107500 800000 20000 200 350 8000 500 3000 1671 249800 174650 3882000 249500 255000 165429 17513 -175000 1316 72 550 1000 5000 1667 8000 77644 53678 249450 499000 1245000 498333 312000 -250000 135000 143 4000 4865000 107357 796000 20000 68697 160382 99500 355200 117558 162500 50000 156200 11461 96 231 199 3708 2752 3684 250 2603 68601 160151 99301 351492 114806 158816 49750 153597 119454 1753616 48150 24500 18000 17999 97620 218754 1991 5000 161 150 117463 1748616 47989 24350 300 100 325 10938 17700 17899 97295 207816 35761 150 35611 25 250 250 420 450 20287 174750 24750 41580 -450 20312 175000 25000 42000 60000 150000 200 59800 500 149500 5000000 78960 320000 300 2700 3000 405 3645 4050 55660 393557 1624012 90706 56691 91 56600 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&nbsp;</td> <td style="WIDTH: 24.55pt">10.</td> <td style="TEXT-ALIGN: justify">Subsequent events</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; BACKGROUND-COLOR: white; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> There were no subsequent events at the date of filing.</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 65%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.35in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" nowrap="nowrap">Fiscal Year of Expiry</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">Amount $</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 82%; COLOR: black">2018</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 15%; COLOR: black"> 331,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2019</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">795,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2020</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">550,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2022</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">138,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2023</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">90,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2024</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">222,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2025</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">457,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2026</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,094,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2027</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">800,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2028</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">561,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2029</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">479,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2030</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,065,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; COLOR: black">2031</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,921,183</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; COLOR: black"> 2032</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 753,861</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; FONT-FAMILY: Courier New, Courier, Monospace"> &nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,257,044</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="WIDTH: 0.5in">(b)</td> <td style="TEXT-ALIGN: justify">Use of Estimates</td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; 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Actual results could differ from those estimates and assumptions.</p> <!--EndFragment--></div> </div> 145261911 90537439 iso4217:USD xbrli:pure xbrli:shares utr:ha arxg:properties iso4217:USD xbrli:shares iso4217:USD arxg:warrants iso4217:USD iso4217:BRL 0001037049 us-gaap:CommonStockMember 2012-10-04 2012-10-05 0001037049 2012-10-04 2012-10-05 0001037049 2012-10-01 2012-12-31 0001037049 2012-10-01 2012-10-31 0001037049 2012-07-01 2012-09-30 0001037049 us-gaap:CommonStockMember 2012-04-15 2012-04-16 0001037049 2012-04-15 2012-04-16 0001037049 2012-04-01 2012-06-30 0001037049 2012-04-01 2012-04-30 0001037049 us-gaap:CommonStockMember 2012-03-01 2012-03-31 0001037049 2012-03-01 2012-03-31 0001037049 arxg:CarryforwardExpirationYearFourteenMember 2012-01-01 2012-12-31 0001037049 arxg:CarryforwardExpirationYearThirteenMember 2012-01-01 2012-12-31 0001037049 arxg:CarryforwardExpirationYearTwelveMember 2012-01-01 2012-12-31 0001037049 arxg:CarryforwardExpirationYearElevenMember 2012-01-01 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Stock options granted, effective date Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date Stock options granted, expiration date Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Stock options granted fair value assumptions, expected dividend yield Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Stock options granted fair value assumptions, expected term Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate Stock options granted fair value assumptions, volatility rates Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum Stock options granted fair value assumptions, maximum volatility rate Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum Stock options granted fair value assumptions, minimum volatility rate Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate Stock options granted fair value assumptions, risk free interest rate Share Based Compensation Arrangement By Share Based Payment Award Grant Date Share-based Compensation Arrangement by Share-based Payment Award, Grant Date. Stock options granted, issue date Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Sharebased Compensation Arrangement By Sharebased Payment Award Maximum Number Of Shares That Can Be Granted To Participant In Any Fiscal Year Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares that can be Granted to A Participant in Any Fiscal Year. Maximum shares of common stock plan participant may receive in any one calendar year Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Aggregate percentage of total shares of common stock outstanding reserved for awards Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent Exercise price of incentive stock option as a percentage of fair market value of common stock on date of grant Share Based Compensation Arrangement By Share Based Payment Award Vesting Date Share Based Compensation Arrangement By Share Based Payment Award Vesting Date Stock options granted, vesting date Stock Option Plan Twenty Zero Seven [Member] 2007 Stock Option Plan [Member] 2007 Stock Option Plan [Member] Title of Individual with Relationship to Entity [Domain] Significant Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Significant Accounting Policies Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Potentially dilutive securities outstanding Antidilutive Securities [Axis] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Basic and Diluted Net Income (Loss) Per Share Antidilutive Securities, Name [Domain] Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Cash Equivalents, at Carrying Value [Abstract] Cash Equivalents Foreign Currency Exchange Rate, Translation Brazilian Real exchange rate to USD Foreign Currency Transaction [Abstract] Foreign currency translations and transactions Furniture, Fixtures and Office Equipment [Member] Furniture, Fixtures and Office Equipment [Member] Interest Expense [Abstract] Interest expense Interest Expense, Debt Interest expense Interest Paid Cash paid for interest Minimum [Member] Buildings and Equipment Property, Plant and Equipment, Useful Life Useful life Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Stock Options [Member] Vehicles [Member] Warrant [Member] Basis of Accounting, Policy [Policy Text Block] Basis of Preparation Cash and Cash Equivalents, Policy [Policy Text Block] Cash Equivalents Comprehensive Income, Policy [Policy Text Block] Comprehensive income Concentration of Credit Risk Concentration Risk, Credit Risk, Policy [Policy Text Block] Consolidation, Policy [Policy Text Block] Principles of Consolidation Basic and Diluted Net Income (Loss) Per Share Earnings Per Share, Policy [Policy Text Block] Mineral Property Reclamation Bonds and Other Related Refundable Costs Environmental Costs, Policy [Policy Text Block] Mineral Properties and Exploration Expenses Exploitation Costs, Policy [Policy Text Block] Fair Value of Financial Instruments and Risks Fair Value of Financial Instruments, Policy [Policy Text Block] Foreign Currency Translation and Transactions Foreign Currency Transactions and Translations Policy [Policy Text Block] Income Taxes Income Tax, Policy [Policy Text Block] Interest Expense Interest Expense, Policy [Policy Text Block] New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Pronouncements Property, Plant and Equipment, Policy [Policy Text Block] Vehicles and Equipment Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Stock-Based Compensation Use of Estimates, Policy [Policy Text Block] Use of Estimates Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] Remaining Contractual Life (years) Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value [Abstract] Aggregate Intrinsic value Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Forfeited Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Total Intrinsic Value Share Based Compensation Arrangement By Share Based Payment Award Options, Forfeitures In Period, Total Intrinsic Value. Forfeited Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Granted Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value Share Based Compensation Arrangement By Share Based Payment Award Options, Grants In Period, Total Intrinsic Value. Granted Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Outstanding and exercisable beginning balance Outstanding and exercisable ending balance Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Outstanding and exercisable beginning balance Outstanding and exercisable at ending balance Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] Stock Options Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Outstanding and exercisable beginning balance Outstanding and exercisable at ending balance Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term Remaining Contractual Life (years) Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price Forfeited Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Granted Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] Summary of Stock Option Activity Amendment Flag Current Fiscal Year End Date Document and Entity Information [Abstract] Document and Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Document Type Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Registrant Name Entity Voluntary Filers Entity Well-known Seasoned Issuer Property, Plant and Equipment [Table Text Block] Schedule of Buildings and Equipment, Net Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Schedule of Deferred Taxes Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Reconciliation of Income Tax Computed at Statutory Rate to Income Tax Expense Summary of Operating Loss Carryforwards [Table Text Block] Schedule of Operating Loss Carryforwards Carryforward Expiration, Year Eight [Member] Carryforward Expiration, Year Eight [Member] 2026 [Member] Carryforward Expiration, Year Eleven [Member] Carryforward Expiration, Year Eleven [Member] 2029 [Member] Carryforward Expiration, Year Five [Member] Carryforward Expiration, Year Five [Member] 2023 [Member] Carryforward Expiration, Year Four [Member] Carryforward Expiration, Year Four [Member] 2022 [Member] Carryforward Expiration, Year Fourteen [Member] Carryforward Expiration, Year Fourteen [Member] 2032 [Member] Carryforward Expiration, Year Nine [Member] Carryforward Expiration, Year Nine [Member] 2027 [Member] Carryforward Expiration Year One [Member] Carryforward Expiration, Year One [Member] 2018 [Member] Carryforward Expiration, Year Seven [Member] Carryforward Expiration, Year Seven [Member] 2025 [Member] Carryforward Expiration, Year Six [Member] Carryforward Expiration, Year Six [Member] 2024 [Member] Carryforward Expiration, Year Ten [Member] Carryforward Expiration, Year Ten [Member] 2028 [Member] Carryforward Expiration, Year Thirteen [Member] Carryforward Expiration, Year Thirteen [Member] 2031 [Member] Carryforward Expiration, Year Three [Member] Carryforward Expiration, Year Three [Member] 2020 [Member] Carryforward Expiration, Year Twelve [Member] Carryforward Expiration, Year Twelve [Member] 2030 [Member] Carryforward Expiration, Year Two [Member] Carryforward Expiration, Year Two [Member] 2019 [Member] Deferred Tax Assets, Net Net deferred tax asset Deferred Tax Assets, Net [Abstract] The tax effects of temporary differences that give rise to the Company's net deferred tax asset are as follows: Deferred Tax Assets, Operating Loss Carryforwards Tax loss carry forwards Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost Stock compensation expense Deferred Tax Assets, Valuation Allowance Valuation allowance Income Tax Expense (Benefit) Income tax expense Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] The reconciliation of income tax computed at the federal statutory rate to income tax expense is as follows: Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance Change in valuation allowance for deferred tax asset Income Tax Reconciliation, Change in Enacted Tax Rate Movement in deferred tax asset Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate Tax at statutory rate Income Tax Reconciliation, Other Adjustments Other Operating Loss Carryforwards, by Year of Expiration [Axis] Operating Loss Carryforwards Amount $ Operating Loss Carryforwards, by Year of Expiration [Axis] Operating Loss Carryforwards, Expiration Dates Fiscal Year of Expiry Operating Loss Carryforwards Limitations On Use Percent Of Offset A percentage of offset on the use of all operating loss carryforwards available to reduce future taxable income. Percent of income allowable to be offset Operating Loss Carryforwards [Line Items] Operating Loss Carryforwards [Table] Year of Expiration of Operating Loss Carryforwards [Domain] Year of Expiration of Operating Loss Carryforwards [Domain] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Gross Property and equipment Property, Plant and Equipment [Line Items] Property, Plant and Equipment, Type [Domain] Schedule of Property, Plant and Equipment [Table] EX-101.PRE 10 arxg-20121231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Operating Loss Carryforwards [Line Items]    
Amount $ $ 12,257,044 $ 7,560,451
Percent of income allowable to be offset 30.00%  
The tax effects of temporary differences that give rise to the Company's net deferred tax asset are as follows:    
Tax loss carry forwards 6,737,948 6,540,506
Valuation allowance (6,890,682) (6,754,903)
Stock compensation expense 152,734 214,397
The reconciliation of income tax computed at the federal statutory rate to income tax expense is as follows:    
Tax at statutory rate (408,127) (1,573,295)
Movement in deferred tax asset 191,760 212,349
Change in valuation allowance for deferred tax asset 135,779 1,460,903
Other 80,588 (99,957)
Income tax expense      
2018 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2018  
Amount $ 331,000  
2019 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2019  
Amount $ 795,000  
2020 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2020  
Amount $ 550,000  
2022 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2022  
Amount $ 138,000  
2023 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2023  
Amount $ 90,000  
2024 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2024  
Amount $ 222,000  
2025 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2025  
Amount $ 457,000  
2026 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2026  
Amount $ 1,094,000  
2027 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2027  
Amount $ 800,000  
2028 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2028  
Amount $ 561,000  
2029 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2029  
Amount $ 479,000  
2030 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2030  
Amount $ 2,065,000  
2031 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2031  
Amount $ 3,921,183  
2032 [Member]
    
Operating Loss Carryforwards [Line Items]    
Fiscal Year of Expiry 2032  
Amount $ $ 753,861  
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Mineral Properties and Exploration Expenses (Sale of AGC Resources) (Details) (AGC Resources LLC [Member], USD $)
 12 Months Ended
Dec. 31, 2011
Jun. 14, 2011
AGC Resources LLC [Member]
    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Sale of subsidiary, total price   $ 2,000,000
Sale of subsidiary, contingent proceeds   1,000,000
Sale of subsidiary, royalty percentage   5.00%
Sale of subsidiary, loss recognized $ (2,757,511)  

XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2012
Significant Accounting Policies [Abstract]  
Significant Accounting Policies
  2. Significant Accounting Policies

 

  (a) Basis of Preparation

 

The Company follows accounting standards set by the Financial Accounting Standards Board (FASB). The FASB sets accounting principles generally accepted (GAAP) in the United States that the Company follows to ensure they consistently report their financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (ASC) or also referred to as Codification.

 

These consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, Aurora Gold Mineração Ltda ("Aurora Gold Mineração") and AGC Resources LLC ("AGC") (through to date of disposition of AGC, June 14, 2011). Collectively, they are referred to herein as "the Company". Significant inter-company accounts and transactions have been eliminated.

 

  (b) Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

 

  (c) Cash Equivalents

 

Cash equivalents comprise certain highly liquid instruments with a maturity date of three months or less when purchased. The Company has cash and cash equivalents of $3,963,836 as at December 31, 2012 ($237,426 as at December 31, 2011). Amounts paid for income taxes during the years ended December 31, 2012 and 2011 were nil; and for interest paid nil respectively.

 

  (d) Vehicles and Equipment

 

Vehicles and equipment are carried at cost (including development and preproduction costs, capitalized interest, other financing costs and all direct administrative support costs incurred during the construction period, net of cost recoveries and incidental revenues), less accumulated depletion and depreciation including write-downs. Following the construction period, interest, other financing costs and administrative costs are expensed as incurred. On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis, using estimated proven and probable reserves as the depletion basis. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method. Depreciation for non-mining equipment is provided over the following useful lives:

 

- Vehicles 5 years
- Office equipment, furniture and fixtures 2 to 10 years

 

The Company reviews the carrying values of its buildings and equipment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. An impairment is considered to exist if total estimated future cash flows, or probability-weighted cash flows on an undiscounted basis, are less than the carrying value of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows associated with values beyond proven and probable reserves and resources. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable future cash flows that are largely independent of cash flows from other asset groups. Generally, in estimating future cash flows, all assets are grouped at a particular property for which there are identifiable cash flows. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method.

 

All vehicles and equipment are located in Brazil.

 

  (e) Mineral Property Reclamation Bonds and Other Related Refundable Costs

 

Costs paid for the purchase of reclamation bonds and other related costs that are refundable are capitalized. If amounts paid are not to be refunded then they will be expensed when it is determined they will not be refunded.

 

  (f) Mineral Properties and Exploration Expenses

 

The Company accounts for its mineral properties on a cost basis whereby all direct costs, net of pre-production revenue, relative to the acquisition of the properties are capitalized. All sales and option proceeds received are first credited against the costs of the related property, with any excess credited to earnings. Once commercial production has commenced, the net costs of the applicable property will be charged to operations using the unit-of-production method based on estimated proven and probable recoverable reserves. The net costs related to abandoned properties are charged to operations.

 

Exploration costs are charged to operations as incurred until such time that proven reserves are discovered. From that time forward, the Company will capitalize all costs to the extent that future cash flow from mineral reserves equals or exceeds the costs deferred. The deferred costs will be amortized over the recoverable reserves when a property reaches commercial production. As at December 31, 2012 and 2011, the Company does not have proven reserves. Exploration activities conducted jointly with others are reflected at the Company's proportionate interest in such activities.

 

The Company reviews the carrying values of its mineral properties on a regular basis by reference to the project economics including the timing of the exploration or development work, the program of works and the exploration results experienced by the Company and others. The review of the carrying value of any producing property will be made by reference to the estimated future operating results and net cash flows. When the carrying value of a property exceeds its estimated net recoverable amount, provision is made for the decline in value.

 

The recoverability of the amounts recorded for mineral properties is dependent on the confirmation of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to successfully complete their development and the attainment of future profitable operations or proceeds from disposal.

 

Estimated costs related to site restoration programs during the commercial development stage of the property are accrued over the life of the project.

 

  (g) Stock-Based Compensation

 

The Company accounts for share-based payments under the fair value method of accounting for stock-based compensation consistent with GAAP. Under the fair value method, stock-based compensation cost is measured at the grant date based on the fair value of the award using the Black-Scholes option pricing model and is recognized to expense on a straight-line basis over the requisite service period, which is generally the vesting period. Where upon grant the options vest immediately the stock-based costs are expensed immediately.

 

  (h) Interest Expense

 

Interest expense for the periods ended December 31, 2012 and 2011 were nil.

 

  (i) Foreign Currency Translation and Transactions

 

The Company's reporting currency is the United States Dollar (USD). Aurora Gold Mineração Ltda is a foreign operation and its functional currency is the Brazilian Real (Real). Certain contractual obligations in these consolidated financial statements are stated in Brazilian Real's. At the years ended December 31, 2012 and 2011 the Brazilian Real exchange rate to the USD was $0.48800 to 1 Real (December 31, 2011: USD $0.5357 to 1 Real).

 

The Company translates foreign assets and liabilities of its subsidiaries, other than those denominated in USD, at the rate of exchange at the balance sheet date. Income and expenses of these subsidiaries are translated at the average rate of exchange throughout the reporting period. Gains or losses from these translations are reported as a separate component of other comprehensive income (loss) until all or a part of the investment in the subsidiaries is sold or liquidated. The translation adjustments do not recognize the effect of income tax because the Company expects to reinvest the amounts indefinitely in operations. Accumulated other comprehensive income (loss) consists entirely of foreign currency translation adjustments at December 31, 2012 and 2011.

 

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in foreign exchange (gain) loss in the consolidated statements of comprehensive income (loss).

 

  (j) Concentration of Credit Risk

 

Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash with high credit quality financial institutions in Brazil and Canada. The Company occasionally has cash deposits in excess of federally insured limits. The Company had funds deposited in banks beyond the insured limits as of December 31, 2012 and 2011 respectively. The Company has not experienced any losses related to these balances, and management believes the credit risk to be minimal.

 

  (k) Fair Value of Financial Instruments and Risks

 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. The carrying value of cash, accounts payable, accrued expenses and advances payable (including related parties) approximate their fair value because of the short-term nature of these instruments.

 

Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The Company operates outside of the United States of America (primarily in Brazil) and is exposed to foreign currency risk due to the fluctuation between the currency in which the Company operates in and the USD.

 

  (l) Income Taxes

 

The Company has adopted ASC 740, Accounting for Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In July 2006, the FASB issued an interpretation, which clarifies the accounting for uncertainty in income taxes recognized in a company's financial statements in accordance with GAAP. This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Estimated interest and penalties related to recording uncertain tax positions when recorded are included as a component of income tax expense on the consolidated statement of operations. The Company has not recorded any liabilities for uncertain tax positions or any related interest and penalties. The Company's tax returns are open to audit for the years ending December 31, 2008 to 2012.

 

  (m) Basic and Diluted Net Income (Loss) Per Share

 

Earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the reporting period including common stock issued effective the date committed. Common stock issuable is considered outstanding as of the original approval date for the purposes of earnings per share computations. Diluted earnings (loss) per common share is computed by dividing net earnings (loss) by the sum of (a) the basic weighted average number of shares of common stock outstanding during the year and (b) additional shares that would have been issued and potentially dilutive securities. During the years ended December 31, 2012 and 2011 the diluted earnings (loss) per share was equivalent to the basic earnings (loss) per share because all potentially dilutive securities were anti-dilutive due to the net losses incurred. Potentially dilutive securities consist of stock options and warrants outstanding at the end of the reporting period. Stock options outstanding as at December 31, 2012 were 9,650,000 (2011: 9,050,000). Warrants outstanding as at December 31, 2012 were 8,000,000 (December 31, 2011: 8,000,000).

 

  (n) Recent Accounting Pronouncements

 

The Company considers the effects of new accounting pronouncements on the accounting, presentation and disclosure of its consolidated financial statements, as such pronouncements become known. In June 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income or ASU 2011-05. The guidance in ASU 2011-05 revises the manner in which entities present comprehensive income in their financial statements. An entity is required to report the components of comprehensive income in either one or two consecutive financial statements:

 

- A single, continuous statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income.

 

- In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income.

 

ASU 2011-05 does not change the items that must be reported in other comprehensive income. The amendments in ASU 2011-05 are effective for fiscal years beginning after December 15, 2011 and the Company adopted this guidance effective January 1, 2012. In the consolidated statements of comprehensive income (loss) the Company has presented comprehensive income in a single continuous statement.

 

At present, there are no other such pronouncements not yet effective that the Company expects will have a material impact on these consolidated financial statements.
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IDEA: XBRL DOCUMENT v2.4.0.6
Stock Options and Warrants (Narrative) (Details) (USD $)
 0 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 20, 2011
Oct. 31, 2012
Jun. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock options granted, fair value     $ 11,979 $ 43,681 $ 0 $ 0 $ 393,557 $ 0
Stock options granted fair value assumptions, expected dividend yield     0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Stock options granted fair value assumptions, risk free interest rate     4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Stock options granted fair value assumptions, expected term     2 years 6 months 2 years 6 months 2 years 6 months 2 years 6 months 2 years 6 months 2 years 6 months
Stock options granted fair value assumptions, volatility rates     161.04% 120.89% 161.04% 120.89% 116.95% 120.89%
Warrants outstanding             8,000,000  
Warrants outstanding, exercise price 0.08 0.2         0.08  
Warrants outstanding, expiration date Jun. 20, 2013 Oct. 31, 2013         Jun. 20, 2013  
2007 Stock Option Plan [Member]
                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Aggregate percentage of total shares of common stock outstanding reserved for awards             10.00%  
Maximum shares of common stock plan participant may receive in any one calendar year             2,500,000  
Exercise price of incentive stock option as a percentage of fair market value of common stock on date of grant             100.00%  
2007 Stock Option Plan [Member] | Employees Who Hold More than 10% of the Company's Capital Stock on the Date of Grant [Member]
                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Exercise price of incentive stock option as a percentage of fair market value of common stock on date of grant             110.00%  
XML 18 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock (Details) (USD $)
 0 Months Ended 1 Months Ended 2 Months Ended 12 Months Ended
Oct. 05, 2012
Apr. 16, 2012
Dec. 20, 2011
Dec. 15, 2011
Oct. 31, 2012
Apr. 30, 2012
Mar. 31, 2012
Sep. 30, 2011
May 31, 2011
Sep. 30, 2010
Jun. 30, 2010
Apr. 30, 2010
Dec. 31, 2009
Dec. 31, 2008
Jul. 31, 2008
Sep. 30, 2007
Aug. 31, 2007
Jul. 31, 2007
Mar. 31, 2007
Feb. 28, 2006
Jul. 31, 2005
Jan. 31, 2004
Dec. 31, 2003
Mar. 31, 1999
Feb. 28, 1999
Dec. 31, 1998
Nov. 30, 1998
May 31, 1998
Mar. 31, 1997
May 31, 2011
Dec. 31, 2012
Dec. 31, 1996
Dec. 31, 2011
Common Stock [Abstract]                                                                  
Registration Statement, number of units offered         50,000,000                                                        
Registration Statement, offering price per unit         $ 0.1                                                        
Registration Statement, number of shares consisted in each unit         1                                                        
Change in ownership interest percentage                                                             54.00%    
Common stock, par value per share                                                             $ 0.001   $ 0.001
Number of warrants consisted in each unit     1   1                                                        
Number of shares called by each warrant     1   1                                                        
Exercise price of the warrants     0.08   0.2                                                   0.08    
Warrant exercise period     18 months   2 years                                                        
Date from which warrants are exercisable     Dec. 20, 2011   Nov. 01, 2011                                                        
Warrant expiration date     Jun. 20, 2013   Oct. 31, 2013                                                   Jun. 20, 2013    
Unit offering expire date         Jan. 20, 2013                                                        
Class of Stock [Line Items]                                                                  
Issuance of common stock, shares                       1,126,111                                          
Issuance of common stock, issuance costs                                       $ 110,000                 $ 4,842        
Advances for stock subscriptions                                                                  20,000
Debt Conversion [Line Items]                                                                  
Debt settled with common stock       218,754   18,000 119,454                                                    
Issuance of common stock for settlement of indebtedness       10,937,721   300,000 1,990,900                                                    
Accounts payable and accrued expenses             14,454                                               119,123   400,644
Commission paid     8,800                                                            
Shares issued for services               150,000                                           450,000      
Issuance of common stock, per share $ 0.037 $ 0.06 $ 0.04 $ 0.02   $ 0.06 $ 0.06 $ 0.16 $ 0.042 $ 0.3 $ 0.4 $ 0.3 $ 0.3 $ 0.06 $ 0.1 $ 0.2 $ 0.2 $ 0.25 $ 0.5 $ 0.5 $ 0.05 $ 0.25 $ 0.25 $ 0.656 $ 0.81 $ 0.75 $ 0.75 $ 1.25 $ 1.0     $ 0.001  
Maximum [Member]
                                                                  
Class of Stock [Line Items]                                                                  
Common stock subscription, cash commission as a percentage of funds received     8.00%                                                       8.00%    
Issuance of common stock, issuance costs     25,600                                                       48,000    
Common stock subscription , maximum subscription                                                             600,000    
Common Stock [Member]
                                                                  
Class of Stock [Line Items]                                                                  
Number of shares to be issued under subscription agreement             625,217                                                    
Purchase price of shares to be issued under subscription agreement             37,513                                                    
Issuance of common stock, shares 135,000,000 1,316,000 8,000,000         1,671,000                                                  
Issuance of common stock, value $ 5,000,000 $ 78,960 $ 320,000                                                            
XML 19 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Options and Warrants (Summary of Stock Option Activity) (Details) (USD $)
 3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Stock Options          
Outstanding and exercisable beginning balance 9,650,000 10,650,000 10,450,000 9,050,000 1,700,000
Forfeited    (1,000,000)   (200,000) (500,000)
Granted       200,000 1,600,000 7,850,000
Outstanding and exercisable at ending balance 9,650,000 9,650,000 10,650,000 10,450,000 9,050,000
Weighted Average Exercise Price          
Outstanding and exercisable beginning balance $ 0.08 $ 0.097 $ 0.09 $ 0.11 $ 0.26
Forfeited    $ 0.26   $ 0.26 $ 0.26
Granted       $ 0.065 $ 0.05 $ 0.09
Outstanding and exercisable at ending balance $ 0.08 $ 0.08 $ 0.097 $ 0.09 $ 0.11
Remaining Contractual Life (years)          
Remaining Contractual Life (years) 3 years 6 months 4 days 3 years 8 months 27 days 3 years 11 months 19 days 4 years 2 months 16 days 4 years 3 months 11 days
Aggregate Intrinsic value          
Outstanding and exercisable beginning balance $ 52,500 $ 34,125 $ 42,000 $ 36,500   
Forfeited               
Granted               
Outstanding and exercisable ending balance $ 0 $ 52,500 $ 34,125 $ 42,000 $ 36,500
XML 20 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions (Details) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Directors and Officers [Member]
    
Related Party Transaction [Line Items]    
Consulting frees with related party $ 301,714 $ 295,701
Payable to officer/director for consulting fee and various expenses 126,220 0
Affiliated Entity [Member]
    
Related Party Transaction [Line Items]    
Consulting frees with related party $ 79,171  
XML 21 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization, Nature of Business, Going Concern, and Management's Plans
 12 Months Ended
Dec. 31, 2012
Organization, Nature of Business, Going Concern, and Management's Plans [Abstract]  
Organization, Nature of Business, Going Concern, and Management's Plans
  1. Organization, Nature of Business, Going Concern, and Management's Plans

 

Aurora Gold Corporation ("the Company") was formed on October 10, 1995 under the laws of the State of Delaware and is in the business of location, acquisition, exploration and, if warranted, development of mineral properties. The Company's focus is on the exploration and development of its exploration properties located in the Tapajos Gold Province, State of Pará, Brazil (see Note 3). The Company has not yet determined whether its properties contain mineral reserves that may be economically recoverable and has not generated any operating revenues to date.

 

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The general business strategy of the Company is to acquire mineral properties either directly or through the acquisition of operating entities. The Company has incurred recurring operating losses since inception, has not generated any operating revenues to date and during the year ended December 31, 2012, operating activities used cash of $1,296,342 (December 31, 2011: $1,062,075). The Company requires additional funds to meet its obligations and maintain its operations.

 

These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in this regard are to raise equity financing through private or public equity investment in order to support existing operations and expand its business. The Company currently has a Prospectus out on offer and these details are included in further detail in these notes. There is however no assurance that such additional funding will be available to the Company when required, or on terms acceptable to the Company. In the event that the Company cannot obtain additional funds, on a timely basis, or the operations do not generate sufficient cash flow, the Company may be forced to curtail development or cease activities. These consolidated financial statements do not include any adjustments that might result from this uncertainty.
XML 22 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Non-Cash Investing and Financing Activities (Details) (USD $)
 2 Months Ended 1 Months Ended
May 31, 2011
Finders' Fee [Member]
Sep. 30, 2011
Outside Services [Member]
Other Significant Noncash Transactions [Line Items]    
Shares issued, shares $ 450,000 $ 150,000
Shares issued, per share price   $ 0.16
XML 23 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
Current assets    
Cash $ 3,963,836 $ 237,426
Prepayments 67,910   
Total current assets 4,031,746 237,426
Non current assets    
Vehicles and other equipment net of accumulated depreciation of $5,129 for 2012 97,916   
Total non current assets 97,916   
Total assets 4,129,662 237,426
Current liabilities    
Accounts payable and accrued expenses 119,123 400,644
Advances payable    45,000
Accounts payable - related party 126,220   
Advances payable - related party 32,000 92,000
Total current liabilities 277,343 537,644
Stockholders' Equity (Deficiency)    
Common stock Authorized: 300,000,000 (December 31, 2011: 300,000,000) common shares with par value of $0.001 each Issued and outstanding: 249,144,706 (December 31, 2011: 109,912,589) common shares 249,146 109,913
Advances for stock subscriptions    20,000
Additional paid-in capital 27,211,349 22,040,994
Accumulated deficit during the exploration stage (23,600,974) (22,400,600)
Accumulated other comprehensive income (loss) (7,202) (70,525)
Stockholder' equity (deficiency) 3,852,319 (300,218)
Total liabilities and stockholders' equity (deficiency) $ 4,129,662 $ 237,426
XML 24 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) (USD $)
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Advances for Stock Subscriptions [Member]
Accumulated (Deficit) during Exploration Stage [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
First Equity Issuance [Member]
First Equity Issuance [Member]
Common Stock [Member]
First Equity Issuance [Member]
Additional Paid-in Capital [Member]
First Equity Issuance [Member]
Advances for Stock Subscriptions [Member]
First Equity Issuance [Member]
Accumulated (Deficit) during Exploration Stage [Member]
First Equity Issuance [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Second Equity Issuance [Member]
Second Equity Issuance [Member]
Common Stock [Member]
Second Equity Issuance [Member]
Additional Paid-in Capital [Member]
Second Equity Issuance [Member]
Advances for Stock Subscriptions [Member]
Second Equity Issuance [Member]
Accumulated (Deficit) during Exploration Stage [Member]
Second Equity Issuance [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Third Equity Issuance [Member]
Third Equity Issuance [Member]
Common Stock [Member]
Third Equity Issuance [Member]
Additional Paid-in Capital [Member]
Third Equity Issuance [Member]
Advances for Stock Subscriptions [Member]
Third Equity Issuance [Member]
Accumulated (Deficit) during Exploration Stage [Member]
Third Equity Issuance [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Oct. 09, 1995                                                      
Balance, shares at Oct. 09, 1995                                                 
Issuance of common stock for:                                                
- settlement of indebtedness    11,461                                                
- settlement of indebtedness, shares   11,461,153                                            
Net income (loss) for the period                                                      
Balance at Dec. 31, 1995 11,461 11,461                                                
Balance, shares at Dec. 31, 1995   11,461,153                                            
Adjustment for reverse stock split (7,641) (7,641)                                                
Adjustment for reverse stock split, shares   (7,640,766)                                            
Issuance of common stock for:                                                
- cash 347,561 5,800 341,761                                             
- cash, shares   5,800,000                                            
- resource property 3,000 300 2,700                                             
- resource property, shares   300,000                                            
Net income (loss) for the period (361,208)          (361,208)                                       
Balance at Dec. 31, 1996 (6,827) 9,920 344,461    (361,208)                                       
Balance, shares at Dec. 31, 1996   9,920,387                                            
Issuance of common stock for:                                                
- cash 745,158 750 744,408                                             
- cash, shares   750,000                                            
Net income (loss) for the period (615,880)          (615,880)                                       
Balance at Dec. 31, 1997 122,451 10,670 1,088,869    (977,088)                                       
Balance, shares at Dec. 31, 1997   10,670,387                                            
Issuance of common stock for:                                                
- settlement of indebtedness 68,697 96 68,601                                             
- settlement of indebtedness, shares   96,105                                            
- cash             250,000 200 249,800          53,750 72 53,678          107,500 143 107,357         
- cash, shares               200,000           71,667           143,333        
Grant of options to consultants 172,100    172,100                                             
Grant of options to employees and directors 518,900    518,900                                             
Net income (loss) for the period (1,151,604)          (1,151,604)                                       
Balance at Dec. 31, 1998 141,794 11,181 2,259,304    (2,128,692)                                       
Balance, shares at Dec. 31, 1998   11,181,492                                            
Issuance of common stock for:                                                
- settlement of indebtedness 160,382 231 160,151                                             
- settlement of indebtedness, shares   231,286                                            
- cash 15,000 23 14,977                                             
- cash, shares   22,871                                            
- finder's fees and expenses 20,312 25 20,287                                             
- finder's fees and expenses, shares   25,000                                            
Grant of options to consultants 29,500    29,500                                             
Issuance of common stock for settlement of indebtedness in April 2012 at $0.06 per share 425,000       425,000                                          
Net income (loss) for the period (855,391)          (855,391)                                       
Balance at Dec. 31, 1999 (63,403) 11,461 2,484,219 425,000 (2,984,083)                                       
Balance, shares at Dec. 31, 1999   11,460,649                                            
Issuance of common stock for:                                                
- settlement of indebtedness 99,500 199 99,301                                             
- settlement of indebtedness, shares   199,000                                            
- cash                350 174,650 (175,000)          550 249,450 (250,000)                  
- cash, shares               350,000           550,000                    
Cancellation of shares in April 2000 (56,691) (91) (56,600)                                             
Cancellation of shares in April 2000   (90,706)                                            
Exercise of options 4,050 405 3,645                                             
Exercise of options, shares   405,000                                            
Spin-off of Aurora Metals (BVI) Limited 316,498    316,498                                             
Net income (loss) for the period (677,705)          (677,705)                                       
Balance at Dec. 31, 2000 (377,751) 12,874 3,271,163    (3,661,788)                                       
Balance, shares at Dec. 31, 2000   12,873,943                                            
Issuance of common stock for:                                                
Net income (loss) for the period 128,545          128,545                                       
- Unrealized holding losses on available-for-sale securities (141,928)             (141,928)                                    
Balance at Dec. 31, 2001 (391,134) 12,874 3,271,163    (3,533,243) (141,928)                                    
Balance, shares at Dec. 31, 2001   12,873,943                                            
Issuance of common stock for:                                                
- settlement of indebtedness 355,200 3,708 351,492                                             
- settlement of indebtedness, shares   3,708,038                                            
Net income (loss) for the period (137,329)          (137,329)                                       
- Unrealized holding losses on available-for-sale securities 141,928             141,928                                    
Balance at Dec. 31, 2002 (31,335) 16,582 3,622,655    (3,670,572)                                       
Balance, shares at Dec. 31, 2002   16,581,981                                            
Issuance of common stock for:                                                
- settlement of indebtedness 117,558 2,752 114,806                                             
- settlement of indebtedness, shares   2,752,450                                            
- cash 25,000 100 24,900                                             
- cash, shares   100,000                                            
Net income (loss) for the period (96,404)          (96,404)                                       
- Unrealized holding losses on available-for-sale securities                                                      
Balance at Dec. 31, 2003 14,819 19,434 3,762,361    (3,766,976)                                       
Balance, shares at Dec. 31, 2003   19,434,431                                            
Issuance of common stock for:                                                
- cash 22,500 100 22,400                                             
- cash, shares   100,000                                            
Imputed interest 1,560    1,560                                             
Net income (loss) for the period (223,763)          (223,763)                                       
- Unrealized holding losses on available-for-sale securities                                                      
Balance at Dec. 31, 2004 (184,884) 19,534 3,786,321    (3,990,739)                                       
Balance, shares at Dec. 31, 2004   19,534,431                                            
Issuance of common stock for:                                                
- settlement of indebtedness 162,500 3,684 158,816                                             
- settlement of indebtedness, shares   3,684,091                                            
- cash 650,000 13,000 637,000                                             
- cash, shares   13,000,000                                            
Net income (loss) for the period (457,271)          (457,271)                                       
- Unrealized holding losses on available-for-sale securities (4,614)             (4,614)                                    
Balance at Dec. 31, 2005 165,731 36,218 4,582,137    (4,448,010) (4,614)                                    
Balance, shares at Dec. 31, 2005   36,218,522                                            
Issuance of common stock for:                                                
- cash             3,890,000 8,000 3,882,000          500,000 1,000 499,000                     
- cash, shares               8,000,000           1,000,000                    
- finder's fees and expenses 175,000 250 174,750                                             
- finder's fees and expenses, shares   250,000                                            
Net income (loss) for the period (5,463,855)          (5,463,855)                                       
- Foreign currency translation adjustments (3,692)             (3,692)                                    
- Reclassification adjustment for losses on available-for-sale securities included in net loss 4,614             4,614                                    
Balance at Dec. 31, 2006 (732,202) 45,468 9,137,887    (9,911,865) (3,692)                                    
Balance, shares at Dec. 31, 2006   45,468,522                                            
Issuance of common stock for:                                                
- settlement of indebtedness 50,000 250 49,750                                             
- settlement of indebtedness, shares   250,000                                            
- cash             250,000 500 249,500          1,250,000 5,000 1,245,000          800,000 4,000 796,000         
- cash, shares               500,000           5,000,000           4,000,000        
Stock option compensation expense 454,295    454,295                                             
Net income (loss) for the period (3,259,732)          (3,259,732)                                       
- Foreign currency translation adjustments (65,255)             (65,255)                                    
Balance at Dec. 31, 2007 (1,252,894) 55,218 11,932,432    (13,171,597) (68,947)                                    
Balance, shares at Dec. 31, 2007   55,218,522                                            
Issuance of common stock for:                                                
- settlement of indebtedness 156,200 2,603 153,597                                             
- settlement of indebtedness, shares   2,603,333                                            
- finder's fees and expenses 25,000 250 24,750                                             
- finder's fees and expenses, shares   250,000                                            
Net income (loss) for the period (520,105)          (520,105)                                       
- Foreign currency translation adjustments 36,259             36,259                                    
Balance at Dec. 31, 2008 (1,555,540) 58,071 12,110,779    (13,691,702) (32,688)                                    
Balance, shares at Dec. 31, 2008   58,071,855                                            
Issuance of common stock for:                                                
- settlement of indebtedness             1,753,616 5,000 1,748,616          17,999 100 17,899          35,761 150 35,611         
- settlement of indebtedness, shares               5,000,000           100,000           150,000        
- cash             258,000 3,000 255,000          500,000 1,667 498,333                     
- cash, shares               3,000,000           166,667                    
- finder's fees and expenses 42,000 420 41,580                                             
- finder's fees and expenses, shares   420,000                                            
Net income (loss) for the period (1,779,477)          (1,779,477)                                       
- Foreign currency translation adjustments (60,171)             (60,171)                                    
Balance at Dec. 31, 2009 (787,812) 68,408 14,707,818    (15,471,179) (92,859)                                    
Balance, shares at Dec. 31, 2009   68,408,522                                            
Issuance of common stock for:                                                
- settlement of indebtedness             48,150 161 47,989          97,620 325 97,295                     
- settlement of indebtedness, shares               160,500           325,400                    
- cash 3,895,000 14,110 3,880,890                                             
- cash, shares   14,109,446                                            
- finder's fees and expenses             60,000 200 59,800          150,000 500 149,500                     
- finder's fees and expenses, shares               200,000           500,000                    
- non cash property acquisition in June 2010 at $0.40 per share 2,000,000 5,000 1,995,000                                             
- non cash property acquisition in June 2010 at $0.40 per share, shares   5,000,000                                            
Net income (loss) for the period (2,302,083)          (2,302,083)                                       
- Foreign currency translation adjustments (198)             (198)                                    
Balance at Dec. 31, 2010 3,160,677 88,704 20,938,292    (17,773,262) (93,057)                                    
Balance, shares at Dec. 31, 2010   88,703,868                                            
Issuance of common stock for:                                                
- settlement of indebtedness             24,500 150 24,350          218,754 10,938 207,816                     
- settlement of indebtedness, shares               150,000           10,937,721                    
- cash             167,100 1,671 165,429          320,000 8,000 312,000          20,000       20,000      
- cash, shares               1,671,000           8,000,000                     
- finder's fees and expenses    450 (450)                                             
- finder's fees and expenses, shares   450,000                                            
Stock option compensation expense 393,557    393,557                                             
Net income (loss) for the period (4,627,338)          (4,627,338)                                       
- Foreign currency translation adjustments 22,532             22,532                                    
Balance at Dec. 31, 2011 (300,218) 109,913 22,040,994 20,000 (22,400,600) (70,525)                                    
Balance, shares at Dec. 31, 2011   109,912,589                                            
Issuance of common stock for:                                                
- settlement of indebtedness             119,454 1,991 117,463          18,000 300 17,700                     
- settlement of indebtedness, shares               1,990,900           300,000                    
- cash             17,513       17,513       78,960 1,316 77,644          5,000,000 135,000 4,865,000         
- cash, shares                            1,316,000           135,000,000        
Issuance of common stock for settlement of indebtedness in April 2012 at $0.06 per share    625 36,888 (37,513)                                          
Issuance of common stock for settlement of indebtedness in April 2012 at $0.06 per share, shares   625,217                                            
Stock option compensation expense 55,660       55,660                                          
Net income (loss) for the period (1,200,374)          (1,200,374)                                       
- Foreign currency translation adjustments 63,323             63,323                                    
Balance at Dec. 31, 2012 $ 3,852,319 $ 249,145 $ 27,211,349    $ (23,600,974) $ (7,202)                                    
Balance, shares at Dec. 31, 2012   249,144,706                                            
XML 25 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization, Nature of Business, Going Concern, and Management's Plans(Details) (USD $)
 12 Months Ended 207 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Organization, Nature of Business, Going Concern, and Management's Plans [Abstract]      
Net cash used in operating activities $ (1,296,342) $ (1,062,075) $ (15,604,321)
XML 26 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Mineral Properties and Exploration Expenses (Narrative) (Details)
 0 Months Ended 0 Months Ended
Dec. 31, 2012
ha
properties
Dec. 31, 2012
DNPM Processes 850.684/06 [Member]
ha
Sep. 13, 2006
DNPM Processes 850.684/06 [Member]
Exploration Claims Submitted [Member]
ha
Dec. 31, 2012
DNPM Processes 850.782/05 [Member]
ha
Sep. 28, 2009
DNPM Processes 850.782/05 [Member]
ha
Sep. 27, 2009
DNPM Processes 850.782/05 [Member]
ha
Nov. 28, 2006
DNPM Processes 850.782/05 [Member]
Mineral Rights Granted [Member]
Dec. 31, 2012
DNPM Processes 850.012/06 [Member]
ha
Dec. 31, 2012
DNPM Processes 850.013/06 [Member]
ha
Dec. 31, 2012
DNPM Process 850.119/06 [Member]
ha
Sep. 15, 2006
DNPM Process 859.587/95 [Member]
Dec. 31, 2012
DNPM Process 859.587/95 [Member]
ha
Mineral Properties [Line Items]                        
Number of properties 6                      
Exploration permit covering area 16,590 1,985.91 4,914.18 6,656.20 5,651.98 6,756   1,128.08 750.55 1,068.72   5,000.00
Exploration permit granted period             3 years       3 years  
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) (Parenthetical) (USD $)
 0 Months Ended 1 Months Ended
Oct. 05, 2012
Apr. 30, 2012
Mar. 31, 2012
May 31, 2011
Sep. 30, 2010
Jun. 30, 2010
Apr. 30, 2010
Dec. 31, 2009
Dec. 31, 2008
Jul. 31, 2008
Sep. 30, 2007
Aug. 31, 2007
Jul. 31, 2007
Mar. 31, 2007
Feb. 28, 2006
Jul. 31, 2005
Jan. 31, 2004
Dec. 31, 2003
Mar. 31, 1999
Feb. 28, 1999
Dec. 31, 1998
Nov. 30, 1998
May 31, 1998
Mar. 31, 1997
Dec. 31, 2011
First Equity Issuance [Member]
Sep. 30, 2011
First Equity Issuance [Member]
Nov. 30, 2009
First Equity Issuance [Member]
Sep. 30, 2009
First Equity Issuance [Member]
Dec. 31, 2006
First Equity Issuance [Member]
Mar. 31, 2000
First Equity Issuance [Member]
Dec. 31, 2011
Second Equity Issuance [Member]
Sep. 30, 2011
Second Equity Issuance [Member]
Nov. 30, 2009
Second Equity Issuance [Member]
Sep. 30, 2009
Second Equity Issuance [Member]
Dec. 31, 2006
Second Equity Issuance [Member]
Mar. 31, 2000
Second Equity Issuance [Member]
Issuance of common stock, per share $ 0.037 $ 0.06 $ 0.06 $ 0.042 $ 0.3 $ 0.4 $ 0.3 $ 0.3 $ 0.06 $ 0.1 $ 0.2 $ 0.2 $ 0.25 $ 0.5 $ 0.5 $ 0.05 $ 0.25 $ 0.25 $ 0.656 $ 0.81 $ 0.75 $ 0.75 $ 1.25 $ 1.0 $ 0.02 $ 0.1 $ 0.18 $ 0.15 $ 0.7 $ 0.5 $ 0.04 $ 0.16 $ 0.24 $ 0.1 $ 0.5 $ 0.455
Issuance of common stock, issuance date Oct. 05, 2012 Apr. 30, 2012 Mar. 31, 2012 May 31, 2011 Sep. 30, 2010 Jun. 30, 2010 Apr. 30, 2010 Dec. 31, 2009 Dec. 31, 2008 Jul. 31, 2008 Sep. 30, 2007 Aug. 31, 2007 Jul. 31, 2007 Mar. 31, 2007 Feb. 28, 2006 Jul. 31, 2005 Jan. 31, 2004 Dec. 31, 2003 Mar. 31, 1999 Feb. 28, 1999 Dec. 31, 1998 Nov. 30, 1998 May 31, 1998 Mar. 31, 1997 Dec. 31, 2011 Sep. 30, 2011 Nov. 30, 2009 Sep. 30, 2009 Dec. 31, 2006 Mar. 31, 2000 Dec. 31, 2011 Sep. 30, 2011 Nov. 30, 2009 Sep. 30, 2009 Dec. 31, 2006 Mar. 31, 2000
Issuance of common stock, shares             1,126,111                                                          
Issuance of common stock, issuance costs                             $ 110,000                 $ 4,842                        
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2012
Dec. 31, 2011
CONSOLIDATED BALANCE SHEETS [Abstract]    
Vehicles and other equipment, accumulated depreciation $ 5,129  
Common stock, shares authorized 300,000,000 300,000,000
Common stock, par value per share $ 0.001 $ 0.001
Common stock, shares issued 249,144,706 109,912,589
Common stock, shares outstanding 249,144,706 109,912,589
XML 30 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Subsequent events
 12 Months Ended
Dec. 31, 2012
Subsequent events [Abstract]  
Subsequent events
  10. Subsequent events

 

There were no subsequent events at the date of filing.
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Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2012
Mar. 26, 2013
Jun. 30, 2012
Document and Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2012    
Entity Registrant Name AURORA GOLD CORP    
Entity Central Index Key 0001037049    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2012    
Document Fiscal Period Focus FY    
Entity Filer Category Smaller Reporting Company    
Entity Common Stock, Shares Outstanding   249,144,706  
Entity Current Reporting Status Yes    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Public Float     $ 6,305,517
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Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2012
Significant Accounting Policies [Abstract]  
Basis of Preparation
  (a) Basis of Preparation

 

The Company follows accounting standards set by the Financial Accounting Standards Board (FASB). The FASB sets accounting principles generally accepted (GAAP) in the United States that the Company follows to ensure they consistently report their financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification (ASC) or also referred to as Codification.

 

These consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, Aurora Gold Mineração Ltda ("Aurora Gold Mineração") and AGC Resources LLC ("AGC") (through to date of disposition of AGC, June 14, 2011). Collectively, they are referred to herein as "the Company". Significant inter-company accounts and transactions have been eliminated.
Use of Estimates
  (b) Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.
Cash Equivalents
  (c) Cash Equivalents

 

Cash equivalents comprise certain highly liquid instruments with a maturity date of three months or less when purchased. The Company has cash and cash equivalents of $3,963,836 as at December 31, 2012 ($237,426 as at December 31, 2011). Amounts paid for income taxes during the years ended December 31, 2012 and 2011 were nil; and for interest paid nil respectively.
Vehicles and Equipment
  (d) Vehicles and Equipment

 

Vehicles and equipment are carried at cost (including development and preproduction costs, capitalized interest, other financing costs and all direct administrative support costs incurred during the construction period, net of cost recoveries and incidental revenues), less accumulated depletion and depreciation including write-downs. Following the construction period, interest, other financing costs and administrative costs are expensed as incurred. On the commencement of commercial production, depletion of each mining property is provided on the unit-of-production basis, using estimated proven and probable reserves as the depletion basis. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method. Depreciation for non-mining equipment is provided over the following useful lives:

 

- Vehicles 5 years
- Office equipment, furniture and fixtures 2 to 10 years

 

The Company reviews the carrying values of its buildings and equipment whenever events or changes in circumstances indicate that their carrying values may not be recoverable. An impairment is considered to exist if total estimated future cash flows, or probability-weighted cash flows on an undiscounted basis, are less than the carrying value of the assets. An impairment loss is measured and recorded based on discounted estimated future cash flows associated with values beyond proven and probable reserves and resources. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable future cash flows that are largely independent of cash flows from other asset groups. Generally, in estimating future cash flows, all assets are grouped at a particular property for which there are identifiable cash flows. Buildings and equipment utilized directly in commercial mining activities are depreciated, following the commencement of commercial production, over their expected economic lives using either the unit-of-production method or the straight-line method.

 

All vehicles and equipment are located in Brazil.
Mineral Property Reclamation Bonds and Other Related Refundable Costs
  (e) Mineral Property Reclamation Bonds and Other Related Refundable Costs

 

Costs paid for the purchase of reclamation bonds and other related costs that are refundable are capitalized. If amounts paid are not to be refunded then they will be expensed when it is determined they will not be refunded.
Mineral Properties and Exploration Expenses
  (f) Mineral Properties and Exploration Expenses

 

The Company accounts for its mineral properties on a cost basis whereby all direct costs, net of pre-production revenue, relative to the acquisition of the properties are capitalized. All sales and option proceeds received are first credited against the costs of the related property, with any excess credited to earnings. Once commercial production has commenced, the net costs of the applicable property will be charged to operations using the unit-of-production method based on estimated proven and probable recoverable reserves. The net costs related to abandoned properties are charged to operations.

 

Exploration costs are charged to operations as incurred until such time that proven reserves are discovered. From that time forward, the Company will capitalize all costs to the extent that future cash flow from mineral reserves equals or exceeds the costs deferred. The deferred costs will be amortized over the recoverable reserves when a property reaches commercial production. As at December 31, 2012 and 2011, the Company does not have proven reserves. Exploration activities conducted jointly with others are reflected at the Company's proportionate interest in such activities.

 

The Company reviews the carrying values of its mineral properties on a regular basis by reference to the project economics including the timing of the exploration or development work, the program of works and the exploration results experienced by the Company and others. The review of the carrying value of any producing property will be made by reference to the estimated future operating results and net cash flows. When the carrying value of a property exceeds its estimated net recoverable amount, provision is made for the decline in value.

 

The recoverability of the amounts recorded for mineral properties is dependent on the confirmation of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to successfully complete their development and the attainment of future profitable operations or proceeds from disposal.

 

Estimated costs related to site restoration programs during the commercial development stage of the property are accrued over the life of the project.
Stock-Based Compensation
  (g) Stock-Based Compensation

 

The Company accounts for share-based payments under the fair value method of accounting for stock-based compensation consistent with GAAP. Under the fair value method, stock-based compensation cost is measured at the grant date based on the fair value of the award using the Black-Scholes option pricing model and is recognized to expense on a straight-line basis over the requisite service period, which is generally the vesting period. Where upon grant the options vest immediately the stock-based costs are expensed immediately.
Interest Expense
  (h) Interest Expense

 

Interest expense for the periods ended December 31, 2012 and 2011 were nil.
Foreign Currency Translation and Transactions
  (i) Foreign Currency Translation and Transactions

 

The Company's reporting currency is the United States Dollar (USD). Aurora Gold Mineração Ltda is a foreign operation and its functional currency is the Brazilian Real (Real). Certain contractual obligations in these consolidated financial statements are stated in Brazilian Real's. At the years ended December 31, 2012 and 2011 the Brazilian Real exchange rate to the USD was $0.48800 to 1 Real (December 31, 2011: USD $0.5357 to 1 Real).

 

The Company translates foreign assets and liabilities of its subsidiaries, other than those denominated in USD, at the rate of exchange at the balance sheet date. Income and expenses of these subsidiaries are translated at the average rate of exchange throughout the reporting period. Gains or losses from these translations are reported as a separate component of other comprehensive income (loss) until all or a part of the investment in the subsidiaries is sold or liquidated. The translation adjustments do not recognize the effect of income tax because the Company expects to reinvest the amounts indefinitely in operations. Accumulated other comprehensive income (loss) consists entirely of foreign currency translation adjustments at December 31, 2012 and 2011.

 

Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the local functional currency are included in foreign exchange (gain) loss in the consolidated statements of comprehensive income (loss).
Concentration of Credit Risk
  (j) Concentration of Credit Risk

 

Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash with high credit quality financial institutions in Brazil and Canada. The Company occasionally has cash deposits in excess of federally insured limits. The Company had funds deposited in banks beyond the insured limits as of December 31, 2012 and 2011 respectively. The Company has not experienced any losses related to these balances, and management believes the credit risk to be minimal.
Fair Value of Financial Instruments and Risks
  (k) Fair Value of Financial Instruments and Risks

 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. The carrying value of cash, accounts payable, accrued expenses and advances payable (including related parties) approximate their fair value because of the short-term nature of these instruments.

 

Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. The Company operates outside of the United States of America (primarily in Brazil) and is exposed to foreign currency risk due to the fluctuation between the currency in which the Company operates in and the USD.
Income Taxes
  (l) Income Taxes

 

The Company has adopted ASC 740, Accounting for Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company's financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In July 2006, the FASB issued an interpretation, which clarifies the accounting for uncertainty in income taxes recognized in a company's financial statements in accordance with GAAP. This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. It also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Estimated interest and penalties related to recording uncertain tax positions when recorded are included as a component of income tax expense on the consolidated statement of operations. The Company has not recorded any liabilities for uncertain tax positions or any related interest and penalties. The Company's tax returns are open to audit for the years ending December 31, 2008 to 2012.
Basic and Diluted Net Income (Loss) Per Share
  (m) Basic and Diluted Net Income (Loss) Per Share

 

Earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the reporting period including common stock issued effective the date committed. Common stock issuable is considered outstanding as of the original approval date for the purposes of earnings per share computations. Diluted earnings (loss) per common share is computed by dividing net earnings (loss) by the sum of (a) the basic weighted average number of shares of common stock outstanding during the year and (b) additional shares that would have been issued and potentially dilutive securities. During the years ended December 31, 2012 and 2011 the diluted earnings (loss) per share was equivalent to the basic earnings (loss) per share because all potentially dilutive securities were anti-dilutive due to the net losses incurred. Potentially dilutive securities consist of stock options and warrants outstanding at the end of the reporting period. Stock options outstanding as at December 31, 2012 were 9,650,000 (2011: 9,050,000). Warrants outstanding as at December 31, 2012 were 8,000,000 (December 31, 2011: 8,000,000).
Recent Accounting Pronouncements
  (n) Recent Accounting Pronouncements

 

The Company considers the effects of new accounting pronouncements on the accounting, presentation and disclosure of its consolidated financial statements, as such pronouncements become known. In June 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income or ASU 2011-05. The guidance in ASU 2011-05 revises the manner in which entities present comprehensive income in their financial statements. An entity is required to report the components of comprehensive income in either one or two consecutive financial statements:

 

- A single, continuous statement must present the components of net income and total net income, the components of other comprehensive income and total other comprehensive income, and a total for comprehensive income.

 

- In a two-statement approach, an entity must present the components of net income and total net income in the first statement. That statement must be immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income, and a total for comprehensive income.

 

ASU 2011-05 does not change the items that must be reported in other comprehensive income. The amendments in ASU 2011-05 are effective for fiscal years beginning after December 15, 2011 and the Company adopted this guidance effective January 1, 2012. In the consolidated statements of comprehensive income (loss) the Company has presented comprehensive income in a single continuous statement.

 

At present, there are no other such pronouncements not yet effective that the Company expects will have a material impact on these consolidated financial statements.

 
XML 33 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
 12 Months Ended 207 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Operating Expenses      
General and administrative $ 380,439 $ 550,655 $ 2,717,353
Depreciation and amortization 5,129 27,897 150,255
Imputed interest on loan payable - related party       1,560
Interest and bank charges 2,525 7,867 396,782
Foreign exchange loss (gain) 1,563 (1,613) (13,756)
Professional fees - accounting and legal 125,838 241,125 1,933,874
Property search and negotiation       479,695
Salaries, management and consulting fees 447,088 668,926 3,918,261
Exploration expenses 332,785 307,613 10,064,124
Write-off of equipment    67,357 240,338
Total Operating Expenses 1,295,367 1,869,827 19,888,486
Other income (loss)      
Gain (loss) on disposition of subsidiary    (2,757,511) (2,541,037)
Interest income 133    22,486
Gain on sale of rights to Matupa agreement (net)       80,237
Loss on investments       (37,971)
Loss on spun-off operations       (316,598)
Gain (loss) on extinguishment of liabilities 94,860    (919,605)
Total other income (loss) 94,993 (2,757,511) (3,712,488)
Net Loss (1,200,374) (4,627,338) (23,600,974)
Other comprehensive income (loss)      
Foreign currency translation adjustments 63,323 22,532  
Comprehensive income (loss) $ (1,137,051) $ (4,604,806)  
Net Loss Per Share - Basic and Diluted $ (0.01) $ (0.05)  
Weighted Average Shares Outstanding - Basic and Diluted 145,261,911 90,537,439  
XML 34 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock
 12 Months Ended
Dec. 31, 2012
Common Stock [Abstract]  
Common Stock
  5. Common Stock

 

On October 5, 2012, the Company, completed the sale of 135,000,000 shares of the Company's common stock for a purchase price of $5,000,000, to Alltech Capital Limited pursuant to the terms of a subscription agreement entered into between the Company and the Alltech Capital Limited dated September 21, 2012. As a result of the sale of 135,000,000 shares of the Company's common stock of approximately 54%, a change in control of the Company has occurred. As a condition to the closing of the transaction, the Company agreed to increase the size of its board of directors to five (5) members and to appoint two board members selected by the Investor. The board of directors appointed each of Messrs. Vladimir Bernshtein and Andrey Ratsko to serve as directors of the Company. Additionally, Mr. Bernshtein has been named as the Company's Chief Business Development Director.

 

In October 2011 the Company filed a Registration Statement on Form S-1 offering up to a maximum of 50,000,000 units of the Company's securities at an offering price of $0.10 per Unit in a direct public offering, without any involvement of underwriters or broker-dealers. Each Unit consists of one (1) share of common stock at a $0.001 par value per share and one (1) Stock Purchase Warrant. Each full Warrant entitles the holder to purchase one additional share of common stock at a price of $0.20 for a period of two years commencing November 1, 2011 through October 31, 2013. The Units will be sold by the Chief Executive Officer and Chief Financial Officer. A Notice of Effectiveness was issued April 25, 2012. The offer expired January 20, 2013. To date, no funds were obtained from this offering.

 

On April 16, 2012, the Company entered into subscription agreements for 1,316,000 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $78,960. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription.

 

During April 2012, the Company entered into a debt settlement agreement for $18,000 in accounts payable which was settled for 300,000 shares of common stock at an issue price of $0.06 per share.

 

During March 2012, the Company entered into debt settlement agreements for advances received from a director of the Company and a company during fiscal 2011 as well as $14,454 of amounts in accounts payable and accrued expenses. $119,454 was settled for 1,990,900 shares of common stock at an issue price of $0.06 per share. As at March 31, 2012 advances on stock subscriptions were $37,513 and received during that quarter.

 

In March 2012, the Company entered into subscription agreements for 625,217 shares of common stock at a purchase price of $0.06 per share for a gross aggregate price of $37,513. Share certificates were not issued as at March 31, 2012 and they were treated as an Advance for Stock Subscriptions. The share certificates were issued in April 2012. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $48,000 on the total maximum $600,000 subscription that is being offered.

 

On December 20, 2011, the Company entered into subscription agreements for 8,000,000 shares of common stock at a purchase price of $0.04 per share for a gross aggregate price of $320,000. Attached to each unit of common stock is one (1) series A stock purchase warrant. Each full Series A warrant entitles the holder to purchase an additional share of the Company's common stock at an exercise price of $0.08 per share for a period of eighteen months commencing on December 20, 2011 and expiring on June 20, 2013. Pursuant to the subscription agreements, each of the Investors has represented that they are not a U.S. person; as such term is defined in Regulation S. In connection with the offering, the Company has agreed to pay a cash commission equal to 8% of all funds received or an aggregate of up $25,600. The total amount of commission paid was $8,800.

 

On December 15, 2011, the Company entered into debt settlement agreements with creditors and related parties in consideration for the issue of the Company's common stock at a per share price of $0.02 per share. $218,754 was settled for 10,937,721 shares of common stock.

 

In September 2011, 1,671,000 shares were issued to an individual for cash at $0.10 per share. In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share.

 

In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder's fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. All shares issued were to individuals and companies who reside outside the United States of America. The issuance of the shares was exempt from the registration requirements of Securities Act by virtue of Section 4(2) thereof as well as the exemption from registration requirements afforded by Regulation S.
XML 35 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Advances Payable
 12 Months Ended
Dec. 31, 2012
Advances Payable [Abstract]  
Advances Payable
  4. Advances Payable

 

During March 2012, the Company entered into debt settlement agreements for $105,000 of advances received from a director of the Company and a company during fiscal 2011. As at December 31, 2012 advances payable were $32,000, which is non-interest bearing and due on demand.
XML 36 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies (Details) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash Equivalents    
Cash and cash equivalents $ 3,963,836 $ 237,426
Cash paid for interest 0 0
Interest expense    
Interest expense $ 0 $ 0
Foreign currency translations and transactions    
Brazilian Real exchange rate to USD 0.488 0.5357
Stock Options [Member]
    
Basic and Diluted Net Income (Loss) Per Share    
Potentially dilutive securities outstanding 9,650,000 9,050,000
Warrant [Member]
    
Basic and Diluted Net Income (Loss) Per Share    
Potentially dilutive securities outstanding 8,000,000 8,000,000
Vehicles [Member]
    
Buildings and Equipment    
Useful life 5 years  
Furniture, Fixtures and Office Equipment [Member] | Minimum [Member]
    
Buildings and Equipment    
Useful life 2 years  
Furniture, Fixtures and Office Equipment [Member] | Maximum [Member]
    
Buildings and Equipment    
Useful life 10 years  
XML 37 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Mineral Properties and Exploration Expenses (Tables)
 12 Months Ended
Dec. 31, 2012
Mineral Properties and Exploration Expenses [Abstract]  
Schedule of Net Book Value of Assets Transferred on Sale
Reclamation bonds   $ 245,221  
Buildings and equipment   $ 753,605  
Participating interest in mineral property   $ 1,758,685  
Total   $ 2,757,511  
XML 38 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Non-Cash Investing and Financing Activities
 12 Months Ended
Dec. 31, 2012
Non-Cash Investing and Financing Activities [Abstract]  
Non-Cash Investing and Financing Activities
  8. Non-Cash Investing and Financing Activities

 

In September 2011, 150,000 shares were issued to a company for services rendered at $0.16 per share. The shares were issued to a company who resides outside the United States of America.

 

In April 2011, as an incentive to assist with future private placements, the Company authorized the payment of a non-cash finder's fee of 450,000 shares of common stock of the Company in connection with the private placement completed in April 2010. The shares were issued in May 2011. The issuance of these shares had no net effect on total shareholders' equity or results of operations as they related to fees associated with issuance of shares.
XML 39 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Options and Warrants
 12 Months Ended
Dec. 31, 2012
Stock Options and Warrants [Abstract]  
Stock Options and Warrants
  6. Stock Options and Warrants

 

In 2007, the Company's Board of Directors approved the 2007 Stock Option Plan (amended September 29, 2008) ("the Plan") to offer an incentive to obtain services of key employees, directors and consultants of the Company. The Plan provides for the reservation for awards of an aggregate of 10% of the total shares of Common Stock outstanding from time to time. No Plan participant may receive stock options exercisable for more than 2,500,000 shares of Common Stock in any one calendar year. Under the Plan, the exercise price of an incentive stock option must be at least equal to 100% of the fair market value of the common stock on the date of grant (110% of fair market value in the case of options granted to employees who hold more than 10% of the Company's capital stock on the date of grant). The term of stock options granted under the Plan is not to exceed ten years and the stock options vest immediately upon granting.

 

The following is a summary of stock option activity for 2012 and the status of stock options outstanding and exercisable at December 31, 2012:

 

    Stock
Options
#		     Weighted
Average
Exercise Price
$		     Remaining
Contractual
Life (years)		     Aggregate
Intrinsic value		  
Outstanding and exercisable at December 31, 2011     9,050,000       0.110       4.28       36,500  
Forfeited during quarter March 31, 2012     (200,000 )     0.260       -       -  
Granted during quarter March 31, 2012     1,600,000       0.050       -       -  
                                 
Outstanding and exercisable at March, 31, 2012     10,450,000       0.090       4.21       42,000  
Granted during quarter June 30, 2012     200,000       0.065       -       -  
                                 
Outstanding and exercisable at June, 30, 2012     10,650,000       0.097       3.97       34,125  
Forfeited during quarter September 30, 2012     (1,000,000 )     0.260       -       -  
Granted during quarter September 30, 2012     -       -       -       -  
                                 
Outstanding and exercisable at September 30, 2012     9,650,000       0.080       3.74       52,500  
Forfeited during quarter December 31, 2012     -       -       -       -  
Granted during quarter December 31, 2012     -       -       -       -  
                                 
Outstanding and exercisable at December 31, 2012     9,650,000       0.080       3.51      

Nil

  

 

The following is a summary of stock option activity for the year ended December 31, 2011 and the status of stock options outstanding and exercisable at December 31, 2011:

 

    Stock
Options
#		     Weighted
Average
Exercise Price
$		     Remaining
Contractual
Life (years)
12/31/2011		     Aggregate
Intrinsic value at
12/31/2011		  
Outstanding and exercisable at December 31, 2010     1,700,000       0.26       -       -  
Forfeited during year     (500,000 )     0.26       -       -  
Granted during year     7,850,000       0.09       -       -  
                                 
Outstanding and exercisable at December 31, 2011     9,050,000       0.11       4.28       36,500  

 

The total fair value of options granted for the year ended December 31 2011 (2010: nil) was $393,557 and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (October 11, 2011 and November 24, 2011) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of each option tranche and rates of 116.95% and 120.89% respectively were used.

 

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value for all "in-the-money" options (i.e. the difference between the Company's closing stock price on the last trading day of the fiscal year and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options as of each date presented.

 

The total fair value of options granted during the three months ended June 30, 2012 was $11,979 (June 30, 2011: nil) and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (April 10, 2012) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of the option tranche and a rate of 161.04% was used.

 

The total fair value of options granted for the three months ended March 31, 2012 was $43,681 (March 31, 2011: nil) and expensed in full as options were vested in full on grant. The fair value of options are determined using the Black Scholes option pricing model that takes into account the exercise price, the expected life of the option, the share price at grant date (January 13, 2012) and expected price volatility of the underlying share, the expected dividend yield (nil assumed) and the risk free interest rate (4.50% used) for the term of the option. Management determined 2.50 years to be the average expected likely life of the options and utilized the simplified method due to the fact that the Company has not had significant options granted to develop historical data to provide a reasonable basis to estimate option lives. Volatility rates were calculated at the grant date of the option tranche and a rate of 120.89% was used.

 

As of December 31, 2012, there are outstanding Warrants to purchase 8,000,000 shares of common stock with an exercise price of $0.08 expiring June 20, 2013.
XML 40 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
 12 Months Ended
Dec. 31, 2012
Related Party Transactions [Abstract]  
Related Party Transactions
  7. Related Party Transactions

 

Related party transactions not disclosed elsewhere in these consolidated financial statements include:

 

  a) During the fiscal year ended December 31, 2012 consulting fees of $301,714 (December 31, 2011: $295,701) were incurred to directors and officers (or companies of the officers and directors) of the Company. The transactions were recorded at the exchange amount, being the value established and agreed to by the related parties.
  b) Coresco (a company that the CEO and CFO are affiliated with) also charged for S1 fund raising and geophysical consulting activities for a total of $79,171 during the 2012 year.
  c) Included in accounts payable and accrued expenses and advances payable (related parties) at December 31, 2012 and December 31, 2011 were $126,220 and $Nil respectively payable to officers and directors of the Company for consulting fees and various expenses incurred on behalf of the Company.
XML 41 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Income Taxes
  9. Income Taxes

 

 

The Company and its subsidiary operate in several tax jurisdictions, and its income is subject to various rates of taxation. The Company has net losses for tax purposes in the United States and Brazil totaling approximately $12,257,044 and $7,560,451, respectively, which may be applied against future taxable income. Accordingly, there is no tax expense for the years ended December 31, 2012 and 2011. The potential tax benefits arising from these losses have not been recorded in the consolidated financial statements as a full valuation allowance has been recorded against them. The Company evaluates its valuation allowance requirements on an annual basis based on projected future operations. When circumstances change and this causes a change in management's judgment about the recoverability of deferred tax assets, the impact of the change on the valuation allowance is reflected in current operations. The right to claim the tax losses in the United States expire according to the following table:

 

 

Fiscal Year of Expiry   Amount $  
2018     331,000  
2019     795,000  
2020     550,000  
2022     138,000  
2023     90,000  
2024     222,000  
2025     457,000  
2026     1,094,000  
2027     800,000  
2028     561,000  
2029     479,000  
2030     2,065,000  
2031     3,921,183  
2032     753,861  
      12,257,044  

 

Tax losses carried forward in Brazil have no expiration date and are available to offset up to 30% of annual income before tax in any year.

 

The tax effects of temporary differences that give rise to the Company's net deferred tax assets are as follows:

 

    2012
$		     2011
$		  
Tax loss carry forwards     6,737,948       6,540,506  
Valuation allowance     (6,890,682 )     (6,754,903 )
Stock compensation expense     152,734       214,397  
      -       -  

 

The reconciliation of income tax computed at the federal statutory rate to income tax expense is as follows:

 

    2012
$		     2011
$		  
Tax at statutory rate     (408,127 )     (1,573,295 )
Movement in deferred tax asset     191,760       212,349  
Change in valuation allowance for deferred tax asset     135,779       1,460,903  
Other     80,588       (99,957 )
Income tax expense   $ -     $ -  
XML 42 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Schedule of Operating Loss Carryforwards
Fiscal Year of Expiry   Amount $  
2018     331,000  
2019     795,000  
2020     550,000  
2022     138,000  
2023     90,000  
2024     222,000  
2025     457,000  
2026     1,094,000  
2027     800,000  
2028     561,000  
2029     479,000  
2030     2,065,000  
2031     3,921,183  
2032     753,861  
      12,257,044  
Schedule of Deferred Taxes
    2012
$		     2011
$		  
Tax loss carry forwards     6,737,948       6,540,506  
Valuation allowance     (6,890,682 )     (6,754,903 )
Stock compensation expense     152,734       214,397  
      -       -  
Reconciliation of Income Tax Computed at Statutory Rate to Income Tax Expense
    2012
$		     2011
$		  
Tax at statutory rate     (408,127 )     (1,573,295 )
Movement in deferred tax asset     191,760       212,349  
Change in valuation allowance for deferred tax asset     135,779       1,460,903  
Other     80,588       (99,957 )
Income tax expense   $ -     $ -  
XML 43 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
Mineral Properties and Exploration Expenses (Schedule of Net Book Value of Assets Transferred on Sale) (Details) (AGC Resources LLC [Member], USD $)
Jun. 14, 2011
AGC Resources LLC [Member]
  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Reclamation bonds $ 245,221
Buildings and equipment 753,605
Participating interest in mineral property 1,758,685
Net book value of the assets transferred $ 2,757,511
XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended 207 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Cash Flows From Operating Activities      
Net loss for the period $ (1,200,374) $ (4,627,338) $ (23,600,974)
Adjustments to reconcile net loss to cash used in operating activities      
Depreciation and amortization 5,129 27,897 150,255
Stock compensation expense on stock option grants 55,660 393,557 1,624,012
Expenses satisfied with issuance of common stock    243,254 1,202,054
Expenses satisfied with transfer of marketable securities       33,903
Imputed interest on loan payable - related parties       1,560
Write-off of mineral property assets    67,357 240,338
Adjustment for spin-off of Aurora Metals (BVI) Limited       316,498
Loss on disposal of subsidiary    2,757,511 2,757,511
Realized loss on investments       37,971
Gain on sale of rights to Matupa agreement (net)       (80,237)
(Gain) loss on extinguishment of liabilities (94,860)    919,605
Foreign exchange (gain) loss related to notes payable       (24,534)
Change in operating assets and liabilities      
Decrease (Increase) in receivables and other assets       (206,978)
(Increase) decrease in prepaid expenses and other assets (67,910) 20,344 (88,369)
Increase (decrease) in accounts payable and accrued expenses (including related party) 6,013 55,343 1,113,064
Net Cash Used in Operating Activities (1,296,342) (1,062,075) (15,604,321)
Cash Flows From Investing Activities      
Purchase of equipment (103,045)    (308,393)
Proceeds on disposal of equipment       16,761
Payment for mineral property Reclamation Bonds    80,000 (245,221)
Proceeds from disposition of marketable securities       32,850
Acquisition of mineral property costs and related equipment       (672,981)
Payment for incorporation cost       (11,511)
Net Cash Provided by (Used in) Investing Activities (103,045) 80,000 (1,188,495)
Cash Flows From Financing Activities      
Proceeds from common stock less issuance costs 5,096,473 507,100 19,140,912
Loan proceeds from related party       289,000
Net proceeds from (payments on) convertible notes and loans       969,252
Net proceeds from (payments on) advances payable    45,000 45,000
Net proceeds from (payments on) advances payable - related parties    92,000 92,000
Net Cash Provided by Financing Activities 5,096,473 644,100 20,536,164
Effect of Exchange Rate Changes on Cash 29,324 (3,790) 220,488
(Decrease) Increase in Cash 3,726,410 (341,765) 3,963,836
Cash at Beginning of Period 237,426 579,191   
Cash at End of Period $ 3,963,836 $ 237,426 $ 3,963,836
XML 45 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Mineral Properties and Exploration Expenses
 12 Months Ended
Dec. 31, 2012
Mineral Properties and Exploration Expenses [Abstract]  
Mineral Properties and Exploration Expenses
  3. Mineral Properties and Exploration Expenses

 

In Brazil, Aurora has six (6) properties with an approximate total of 16,590 ha within the Tapajos Gold Province. The Exploration licence areas are located in the vicinity of the Săo Domingos Township. The Company has conducted various degrees of exploration activities on the properties and ranked the mineralised occurrences in order of merit and may discontinue such activities and dispose of some of the rights to mineral exploration on parts of the property if further exploration work is not warranted. A summary of these properties approved by the Department of National Production Minerals (DNPM) is set out below.

 

  a) DNPM Process 850.684/06 1,985.91 ha
  b) DNPM Process 850.782/05 6,656.20 ha
  c) DNPM Processes 850.012/06 and 850.013/06; 1128.08 ha and 750.55 ha respectively
  d) DNPM Process 850.119/06 1,068.72 ha
  e) DNPM Process 859.587/95 5,000.00 ha

 

São Domingos Project in the Municipality of Itaituba, in the Tapajos gold province of the State of Para, Brazil.

 

  a) DNPM Processes 850.684/06: 1,985.91 ha

 

Aurora has good title over the mineral rights object of the DNPM Process No. 850.684/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. On September 13, 2006 Aurora submitted to DNPM one Exploration Claim for gold covering an area of 4914.18 ha in the Municipality of Itaituba, State of Pará. According to the information obtained such claim was correctly prepared and the required documents are in place but the area will be reduced to 1,985.91 due to overlapping with third parties' areas with priority rights. The Exploration Permit has not been granted yet. The above mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.

 

  b) DNPM Processes 850.782/05: 6,656.20 ha

 

Aurora has good title over the mineral rights object of the DNPM Process No. 850.782/05, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. On November 8, 2005 it was submitted to DNPM the Exploration Claim for gold in the Municipality of Itaituba, State of Pará. The Exploration Permit was granted on November 28, 2006 for a 3 (three) year period. The transfer to Aurora was approved on March 24, 2009 and on September 28, 2009 it was requested the renewal of the Exploration Permit. This area was reduced from 6,756 ha to 5,651.98 ha due to the overlapping with Garimpeira (alluvial) Mining properties held by Mr. Celio Paranhos. However the DNPM ́s general attorney in Brasilia agreed with Aurora's legal thesis and nullified all applications filed by Mr. Paranhos (about to 1,900 applications). A new Exploration Permit rectifying the previous one was granted on August 20, 2010 for a 3 (three) year period, for an area of 6,656.20 hectares. The Annual Fees per Hectare (TAHs) for the 1st and 2nd years of the extension period have been properly paid. The annual fee for the third year was paid in January 2013. In order to have the Exploration Permit renewed an Exploration Report must be presented until June 20th 2013. No payments or royalties are due regarding the DNPM Process 850.782/05 since it was acquired through a permutation agreement with Altoro Mineração Ltda.

 

  c) DNPM Processes 850.012/06 and 850.013/06: 1,128.08 ha and 750.55 ha respectively

 

The exploration claims were submitted to DNPM on January 19, 2006, for gold covering an area of 1,128.08 ha and 750.55 ha respectively, in the Municipality of Itaituba, State of Pará. According to information obtained such claims were correctly prepared and the required documents are in place. The tenements 850.012/06 and 850.013/06 are held by Mr. Antonio Oliveira Ferreira and were submitted to DNPM on January 19, 2006. The tenements are located at Itaituba, State of Pará and are valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes, but the area was blocked since it is inside of a Garimpeira Reserve. The transfer to Aurora will be submitted after the Exploration Permits are granted. There are no payments or royalties related to the tenements according to the agreement entered into with the previous owner.

 

  d) DNPM Process 850.119/06: 1,068.72 ha

 

Direct access to the files of this Project at DNPM's office were not sited, however analysis is based on the then current information provided on DNPM's website. The exploration claim was submitted to DNPM on March 7, 2006, for gold covering an area of 1,068.72 ha, in the Municipality of Itaituba, State of Pará. Aurora has good title over the mineral rights object of the DNPM Process No. 850.119/06, which is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. Aurora is the sole registered and beneficial holder of and owns and possesses good title to the referred mineral rights. The Exploration Permit has not been granted yet. The above-mentioned area is not related to any payments or royalties to third parties since they were claimed by Aurora directly.

 

  e) DNPM Process 859.587/95: 5,000 ha

 

The tenement, was held by Vera Lucia Lopes, and is valid and in force, and is free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Pará. On November 27, 1995, it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006, for a three-year period covering an area of 5,000 hectares, and it was valid until September 15, 2009. On July 15, 2009, it was requested the renewal of the Exploration Permit which was granted and transferred to Aurora and published on June 29, 2012. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.

 

The tenement 859.587/95 is held by Aurora and is valid and in force, free and clear of any judicial and extrajudicial encumbrances and taxes. It is located at the Municipality of Itaituba, State of Pará. On November 27, 1995 it was submitted to DNPM the Exploration Claim for gold. The Exploration Permit was granted on September 15, 2006 for a 3 (three) year period covering an area of 5000 ha, and it was valid until September 15, 2009. On July 15, 2009 it was requested the renewal of the Exploration Permit, which was granted on June 14, 2012. The transfer to Aurora was approved and published on July 6, 2012. The beginning of the activities for the renewal period was properly informed on September 5, 2012. The Annual Fee per Hectare (TAHs) for the 1st year of the extension period has been properly paid. There are no payments or royalties related to the tenements since all payments due under the terms of the agreement entered into with the previous owner have been already made.

 

AGC Resources LLC (Boulder, Colorado Property) - Disposed June 14, 2011

 

On June 14, 2011, the Company, entered into an Asset Purchase Agreement with Devtec Management Ltd. ("Devtec"), pursuant to which the Company sold its subsidiary, AGC, which owns certain properties in Boulder, Colorado, to Devtec for a total of $2 million, plus royalty. Under the terms of the agreement, Devtec will pay the Company $1 million upon production of the cumulative total of 1,000 ounces of gold and/or silver, and a further $1 million on the nine-month anniversary of the payment of the first $1 million. Additionally, Devtec will pay the Company a 5% royalty from the start of production.

 

The Company is unable to reasonably estimate the amount of minerals the properties will produce, if any, and thus there is uncertainty as to whether the purchase price will be collected. Given this, collection of the purchase price is not considered reasonably possible at the time of this report given the current uncertain status of exploration work on the Boulder, Colorado properties and thus no purchase price has been recorded as of December 31, 2012. Once collection of the purchase price becomes assured and the aforementioned uncertainties resolved, the purchase price will be recorded.

 

Therefore, the Company recognized a loss on the sale of its subsidiary of $2,757,511 during the year ended December 31, 2011, which represents the net book value of the assets transferred to Devtec on June 14, 2011 (no liabilities were assumed by Devtec) as follows:

 

Reclamation bonds   $ 245,221  
Buildings and equipment   $ 753,605  
Participating interest in mineral property   $ 1,758,685  
Total   $ 2,757,511  
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Advances Payable (Details) (USD $)
 1 Months Ended
Mar. 31, 2012
Dec. 31, 2012
Dec. 31, 2011
Advances Payable [Abstract]      
Proceeds from advances $ 105,000    
Advances payable - related party   $ 32,000 $ 92,000
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Stock Options and Warrants (Tables)
 12 Months Ended
Dec. 31, 2012
Stock Options and Warrants [Abstract]  
Summary of Stock Option Activity

The following is a summary of stock option activity for 2012 and the status of stock options outstanding and exercisable at December 31, 2012:

 

    Stock
Options
#		     Weighted
Average
Exercise Price
$		     Remaining
Contractual
Life (years)		     Aggregate
Intrinsic value		  
Outstanding and exercisable at December 31, 2011     9,050,000       0.110       4.28       36,500  
Forfeited during quarter March 31, 2012     (200,000 )     0.260       -       -  
Granted during quarter March 31, 2012     1,600,000       0.050       -       -  
                                 
Outstanding and exercisable at March, 31, 2012     10,450,000       0.090       4.21       42,000  
Granted during quarter June 30, 2012     200,000       0.065       -       -  
                                 
Outstanding and exercisable at June, 30, 2012     10,650,000       0.097       3.97       34,125  
Forfeited during quarter September 30, 2012     (1,000,000 )     0.260       -       -  
Granted during quarter September 30, 2012     -       -       -       -  
                                 
Outstanding and exercisable at September 30, 2012     9,650,000       0.080       3.74       52,500  
Forfeited during quarter December 31, 2012     -       -       -       -  
Granted during quarter December 31, 2012     -       -       -       -  
                                 
Outstanding and exercisable at December 31, 2012     9,650,000       0.080       3.51      

Nil

  

 

The following is a summary of stock option activity for the year ended December 31, 2011 and the status of stock options outstanding and exercisable at December 31, 2011:

 

    Stock
Options
#		     Weighted
Average
Exercise Price
$		     Remaining
Contractual
Life (years)
12/31/2011		     Aggregate
Intrinsic value at
12/31/2011		  
Outstanding and exercisable at December 31, 2010     1,700,000       0.26       -       -  
Forfeited during year     (500,000 )     0.26       -       -  
Granted during year     7,850,000       0.09       -       -  
                                 
Outstanding and exercisable at December 31, 2011     9,050,000       0.11       4.28       36,500