Segment Reporting |
17. Segment Reporting Our management organizes the Company into two operating segments, mining and hospitality. Our mining segment consists of all activities and expenditures associated with mining. Our hospitality segment consist of hotel rooms, cottages, restaurant, bar and other services provided by Gold Hill Hotel. We evaluate the performance of our operating segments based on operating income (loss). All intercompany transactions have been eliminated, and intersegment revenues are not significant. Financial information relating to our reportable operating segments and reconciliation to the consolidated totals is as follows: | | Year Ended | | | | December 31, | | | | 2012 | | | 2011 | | | 2010 | | Revenues | | | | | | | | | | | | | Mining | | $ | 4,504,457 | | | $ | - | | | $ | - | | Hospitality | | | 634,159 | | | | 473,386 | | | | - | | Total revenues | | | 5,138,616 | | | | 473,386 | | | | - | | | | | | | | | | | | | | | Cost and Expenses | | | | | | | | | | | | | Mining | | $ | (34,529,353 | ) | | $ | (15,457,888 | ) | | $ | (7,063,816 | ) | Hospitality | | | (928,897 | ) | | | (570,039 | ) | | | - | | Total cost and expenses | | | (35,458,250 | ) | | | (16,027,927 | ) | | | (7,063,816 | ) | | | | | | | | | | | | | | Operating Loss | | | | | | | | | | | | | Mining | | $ | (30,024,896 | ) | | $ | (15,457,888 | ) | | $ | (7,063,816 | ) | Hospitality | | | (294,738 | ) | | | (96,653 | ) | | | - | | Total loss from operations | | | (30,319,634 | ) | | | (15,554,541 | ) | | | (7,063,816 | ) | | | | | | | | | | | | | | Other income (expense), net | | | (442,639 | ) | | | 3,872,229 | | | | (53,262,603 | ) | | | | | | | | | | | | | | Loss before income taxes | | $ | (30,762,273 | ) | | $ | (11,682,312 | ) | | $ | (60,326,419 | ) | | | | | | | | | | | | | | Capital Expenditures | | | | | | | | | | | | | Mining | | $ | 15,639,241 | | | $ | 9,217,547 | | | $ | 1,101,515 | | Hospitality | | | 301,000 | | | | 1,087,622 | | | | - | | Total capital expenditures | | $ | 15,940,241 | | | $ | 10,305,169 | | | $ | 1,101,515 | | | | | | | | | | | | | | | Depreciation, Depletion and Amortization | | | | | | | | | | | | | Mining | | $ | 2,380,251 | | | $ | 199,287 | | | $ | 131,785 | | Hospitality | | | 122,896 | | | | 70,262 | | | | - | | Total depreciation, depletion and amortization | | $ | 2,503,147 | | | $ | 269,549 | | | $ | 131,785 | | | | As of December 31, | | | | 2012 | | | 2011 | | | 2010 | | Assets | | | | | | | | | | | | | Mining | | $ | 46,606,912 | | | $ | 25,824,143 | | | $ | 37,121,524 | | Hospitality | | | 1,257,633 | | | | 1,150,009 | | | | - | | | | $ | 47,864,545 | | | $ | 26,974,152 | | | $ | 37,121,524 | | For the year ended December 31, 2012, 100% of the mining revenues were attributable to one customer. |