Schedule of Debt Exchanged for Series A Preferred Convertible Stock |
| | August 31, 2010 | | | | | | | Accrued | | | | | Note Descriptions | | Principal | | | Interest | | | Total | | 15% convertible notes payable - investors | | $ | 1,078,157 | | | $ | 264,131 | | | $ | 1,342,288 | | 18% convertible debentures payable - mandatory redemption payment | | | 4,412,058 | | | | 1,505,343 | | | | 5,917,401 | | 18% convertible notes payable - 2006 - 2007 | | | 2,170,000 | | | | 1,498,063 | | | | 3,668,063 | | 11% convertible notes payable - June - November 2008 | | | 2,500,000 | | | | 643,457 | | | | 3,143,457 | | 11% convertible note payable - July 2008 amended and restated | | | 2,782,563 | | | | 204,776 | | | | 2,987,339 | | 11% convertible notes payable - December 2008 | | | 500,000 | | | | 108,803 | | | | 608,803 | | 9% convertible notes payable - May - August 2009 | | | 1,000,000 | | | | 112,300 | | | | 1,112,300 | | 8% convertible notes payable - December 2009 | | | 4,500,000 | | | | 165,135 | | | | 4,665,135 | | 8% convertible notes payable - June 2010 | | | 1,100,000 | | | | 16,558 | | | | 1,116,558 | | 17% promissory notes payable - July 2005 | | | 1,200,000 | | | | 1,631,552 | | | | 2,831,552 | | 18% promissory notes payable - December 2007 financing | | | 600,000 | | | | 251,154 | | | | 851,154 | | 18% promissory notes payable - January 2008 financing | | | 600,000 | | | | 236,071 | | | | 836,071 | | 5% debt seller note (Plum Mine) | | | 250,000 | | | | 64,584 | | | | 314,584 | | | | | | | | | | | | | | | | | $ | 22,692,778 | | | $ | 6,701,927 | | | $ | 29,394,705 | | |
Schedule of Loss on Extinguishment of Debt |
Principal and interest exchanged at August 31, 2010 | | $ | 29,394,705 | | Discount on debt eliminated | | | (1,691,770 | ) | Interest accrued from September 1, 2010 -October 20, 2010 | | | 526,258 | | Convertible debt beneficial conversion feature derivative eliminated | | | 21,840,398 | | Issuance Series A-1 convertible preferred stock at fair value | | | (51,589,904 | ) | Issuance Series A-2 convertible preferred shares at fair value | | | (20,969,237 | ) | Accrual of tax indemnification related to exchange (Note 22) | | | (3,861,340 | ) | Loss on extinguishment of debt | | $ | (26,350,890 | ) | |