10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

Amendment No. 1

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2012

OR

¨  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to

Commission file number: 000-53515

HUNT GLOBAL RESOURCES, INC.

 (Exact name of Registrant as specified in its charter)

Colorado	51-0541963
State or Incorporation	(IRS Employer ID

    24 Waterway, Suite 200, The Woodlands, TX 77380

 (Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: 281-825-5000

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

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 the filing requirements for the past 90 days. Yes þ   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 for Regulation S-T (ss.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). Yes þ   No ¨

Indicate by check mark whether the Registrant is a large accelerated file, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "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 þ

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ¨   No þ

Indicate the number of share outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

As of May 14, 2012, there were 97,408,032 shares of the Registrant's common stock issued and outstanding.

EXPLANATORY NOTE

Hunt Global Resources, Inc. filed its March 31, 2012 10-Q this morning with a preliminary version of the XBRL files attached as Exhibit 101.  We have completed the final XBRL files based on the final HTML and are filing this document as an Amendment to the filing we made this morning.

-2-

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

HUNT GLOBAL RESOURCES, INC.

By:  /s/George T. Sharp                             

George T. Sharp,

Chief Executive Officer, Principal Executive Officer and Director

By  /s/David Odorizzi                           

David Odorizzi,

Chief Financial Officer and Principal Accounting Officer

Date: May 15, 2012

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Debt

3 Months Ended

Mar. 31, 2012

Debt [Abstract]

Debt

Note 3: Debt

Short-Term Secured Debt

In February 2012, we completed a private placement of $2.82 million of Secured Short Term Notes ("Secured Notes") with a group of investors. The Secured Notes have a term of six months, bear interest at a rate of 10% per annum with a premium payment of between 5% of the face amount and 10% of the face amount if paid off early. Concurrent with the closing of the Secured Notes, Lisa and Jewel Hunt surrendered 3,000,000 shares of our Common Stock to the Company which upon receipt became treasury stock. At the same time, the Company issued to the Secured Note holders 2,820,000 shares of our Common Stock in the proportion of one (1) share of our Common Stock for each $1 of the Secured Notes. The proceeds will fund working capital for 2012.  The Company recognized a debt discount and corresponding increase to common stock of $1,410,000 based on the closing price of its common stock on the date of issuance. Amortization of the debt discount totaled $427,917 for the three months ended March 31, 2012, and is included in interest expense in the accompanying condensed consolidated statements of operations. At March 31, 2012, unamortized debt discount was $982,083.

Short-Term Convertible Debt

Amortization of debt discount on short-term convertible debt totaled $51,079 and $0 for the three months ended March 31, 2012 and 2011, respectively. At March 31, 2012 and December 31, 2011, unamortized debt discount was $14,586 and $65,665, respectively.

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Dispositions

3 Months Ended

Mar. 31, 2012

Dispositions [Abstract]

Dispositions

Note 2: Dispositions

In December 2011, the Company reviewed its asset mix and the strategic direction of the Company for the future. The Company determined that the best use of resources to enhance shareholder value would be to focus efforts on the frac sand business and exit the tire recycling business and the biofuels business. The Company immediately began discussions with potential buyers of the tire recycling business and biofuels plant.

Carbon Green N.A., Inc. (CGNA)

In December  2011, the Company was in the process of negotiating a possible sale of all of the assets of CGNA, its tire recycling business, pursuant to an exclusive negotiating period. The agreement was subsequently terminated by the parties and the Company is actively pursuing alternative investors through an international investment banking firm. The Company's plan is to effectuate a sale of CGNA during 2012. Accordingly, the Company classified the assets and liabilities associated with CGNA as held for sale in the accompanying condensed consolidated balance sheets, and the operating results as discontinued operations in the condensed consolidated statements of operations. During the year ended December 31, 2011, the Company recognized an impairment charge associated with the tire recycling business of $101,564,623 to reduce the carrying value of the licenses and intellectual property to fair value based on our estimate of the net realizable value of the business. The carrying amounts of the assets and liabilities of the tire recycling business as of March 31, 2012 and results of operations for the three months ended March 31, 2012 and for the period from acquisition, March 2, 2011 through March 31, 2011 were as follows:

Balance Sheet:	March 31, 2012
Current assets		$	619,180
Property, plant and equipment, net			9,903,861
Intangible assets, net			25,943,707
Current liabilities			(1,250,868	)

				(Acquisition Date)
Results of Operations:	Three Months Ended March 31, 2012			March 2, 2011 to March 31, 2011
Revenues	$	49,266		$	26,684
Cost of sales		(22,516	)		(13,670	)
Gross profit		26,750			13,014
General and administrative expenses		138,255			232,383
Depreciation and amortization		-			1,219,446
Loss from operations		(111,505	)		(1,438,815	)
Other expenses		(12,272	)		(341,700	)
Net loss	$	(123,777	)	$	(1,780,515	)

Hunt BioSolutions

The Company classified the biofuels plant and equipment as held for sale on the accompanying condensed consolidated balance sheets, and the operating results associated with the assets as discontinued operations in the condensed consolidated statements of operations. The operating loss for the three months ended March 31, 2012 includes an impairment charge of $476,770 to reduce the carrying value of the plant and equipment to fair value based on the terms of the latest letter of intent. The carrying amount of the biofuels plant and equipment was $95,000 and $571,770 as of March 31, 2012 and December 31, 2011, respectively. See Note 6 Subsequent Events below.

	Three Months Ended
Results of Operations:	March 31, 2012			March 31, 2011
General and administrative expenses	$	174,012		$	182,321
Depreciation and amortization		-			149
Impairment of plant and equipment		476,770			-
Net loss	$	(650,782	)	$	(182,470	)

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 776,569	$ 170,745
Related party receivables	62,163	52,675
Prepaid royalties to related parties	652,986	646,986
Prepaid expenses and other	256,553	36,554
Current assets of discontinued operations	619,180	538,302
Total current assets	2,367,451	1,445,262
Property, plant and equipment, net of accumulated depreciation	44,075	47,037
Surface mining rights and royalty agreement	3,696,177	3,696,177
Other assets	82,373	97,373
Noncurrent assets of discontinued operations	35,942,568	36,126,545
Total assets	42,132,644	41,412,394
Current liabilities:
Current portion of notes payable and debt	3,777,260	3,876,601
Short-term convertible debt, net of unamortized discount	2,920,416	2,869,335
Short-term secured debt, net of unamortized discount	1,837,917
Notes payable to related parties	2,500,000	2,500,000
Accounts payable, including amounts due to related parties	1,405,976	1,202,852
Accrued interest payable	866,568	565,208
Accrued dividend payable	562,045	435,228
Other liabilities, including amounts due to related parties	357,178	96,051
Deferred revenue	500,000	500,000
Current liabilities of discontinued operations	1,250,868	1,690,781
Total current liabilities	15,978,228	13,736,056
Shareholders' equity (deficit)
Preferred stock, no par value, 1,000,000 shares authorized	84,196,246	84,523,896
Common stock, no par value, 500,000,000 shares authorized, 93,598,032 and 81,402,035 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively	96,438,570	90,239,920
Additional paid-in capital	5,428,849	5,112,167
Accumulated other comprehensive income (loss)	(224,465)	(521,334)
Loss accumulated during the development stage	(159,684,784)	(151,678,311)
Total shareholders' equity	26,154,416	27,676,338
Total liabilities and shareholders' equity	42,132,644	41,412,394
Class A Convertible Preferred Stock [Member]
Shareholders' equity (deficit)
Preferred stock, no par value, 1,000,000 shares authorized	39,797,167	40,124,817
Class B Convertible Preferred Stock [Member]
Shareholders' equity (deficit)
Preferred stock, no par value, 1,000,000 shares authorized	$ 44,399,079	$ 44,399,079

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Basis of Presentation

3 Months Ended

Mar. 31, 2012

Basis of Presentation [Abstract]

Basis of Presentation

Note 1: Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Hunt Global Resources, Inc. ("Hunt" or the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company's financial position as of March 31, 2012 and the results of operations and cash flows for the three months ended March 31, 2012 and the period from inception, December 1, 2008, through March 31, 2012. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's annual report on Form 10-K for the year ended December 31, 2011. There have been no updates or changes to our audited consolidated financial statements for the year ended December 31, 2011.   The independent registered public accounting firm's report on the Company's consolidated financial statements as of December 31, 2011, and for each of the years in the two-year period then ended, includes a "going concern" explanatory paragraph, that describes substantial doubt about the Company's ability to continue as a going concern.

The results of operations for the three months ended March 31, 2012 are not necessarily indicative of the results to be expected for the full year.

Going Concern

The Company's condensed consolidated financial statements for the three months ended March 31, 2012 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company reported an accumulated deficit of $159,684,784 as of March 31, 2012. The Company recognized losses of $7,231,914 from its continuing operational activities during the three months ended March 31, 2012. These factors have continued to raise substantial doubt about the Company's ability to continue as a going concern.

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Reverse Merger

3 Months Ended

Mar. 31, 2012

Reverse Merger [Abstract]

Reverse Merger

Note 2: Reverse Merger

On October 29, 2010, we acquired Tombstone Technologies, Inc. ("Tombstone"), a Colorado corporation, through a reverse merger. Although Tombstone was the surviving legal entity; Hunt remained the financial reporting entity and the merger was treated as a recapitalization of the Company. The transaction was considered a recapitalization because, prior to the transaction, Tombstone was a public company with essentially no assets or operations and, upon completion of the transaction, Hunt shareholders emerged with a controlling 94.6% interest in the merged Company.  Subsequent to the transaction, Tombstone changed its name to match the Company's name, Hunt Global Resources, Inc.   

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Preferred stock, shares authorized	1,000,000	1,000,000
Common stock, no par value
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	93,598,032	81,402,035
Common stock, shares outstanding	93,598,032	81,402,035
Class A Convertible Preferred Stock [Member]
Preferred stock, no par value
Preferred stock, shares authorized	325,000	325,000
Preferred stock, shares issued	210,176	226,935
Preferred stock, shares outstanding	210,176	226,935
Class B Convertible Preferred Stock [Member]
Preferred stock, no par value
Preferred stock, shares authorized	325,000	325,000
Preferred stock, shares issued	226,460	226,460
Preferred stock, shares outstanding	226,460	226,460

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Document and Entity Information	3 Months Ended
	Mar. 31, 2012	May 14, 2012
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	true
Amendment Description	Hunt Global Resources, Inc. filed its March 31, 2012 10-Q this morning with a preliminary version of the XBRL files attached as Exhibit 101. We have completed the final XBRL files based on the final HTML and are filing this document as an Amendment to the filing we made this morning.
Document Period End Date	Mar. 31, 2012
Entity Registrant Name	HUNT GLOBAL RESOURCES, INC.
Entity Central Index Key	0001377318
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2012
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		97,408,032

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		40 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Operating expenses:
Selling, general and administrative	$ 6,281,419	$ 1,621,371	$ 25,178,287
Depreciation and amortization	2,962	2,371	20,459
Total operating expenses	6,284,381	1,623,742	25,198,746
Loss from operations	(6,284,381)	(1,623,742)	(25,198,746)
Other income and (expenses):
Interest and other income	2		34,103
Interest expense	(947,535)	(196,821)	(7,462,900)
Loss on debt conversion		(3,976,305)	(4,904,286)
Loss from settlement		(2,827,535)	(2,827,535)
Equity in loss of Momentum		(27,500)	(265,171)
Gain on debt extinguishment			38,242
Loss on investment			(1,172,595)
Total other income (expenses)	(947,533)	(7,028,161)	(16,560,142)
Net loss from continuing operations	(7,231,914)	(8,651,903)	(41,758,888)
Net loss attributable to discontinued operations	(774,559)	(1,650,383)	(117,925,896)
Net loss	(8,006,473)	(10,302,286)	(159,684,784)
Preferred stock dividends	(126,817)	(93,086)	(732,320)
Net loss attributable to common stock	$ (8,133,290)	$ (10,395,372)	$ (160,417,104)
Net loss per common share - basic and diluted	$ (0.09)	$ (0.21)
Weighted average number of common shares outstanding - basic and diluted	91,288,741	49,553,009

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Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

Note 6: Subsequent Events

The Company believes that as of January 31, 2012, the license agreement between Hunt and Carbon Green International ("CGI") required a $3.5 million license extension payment by CGI.  CGI is owned by John Novak, a significant shareholder in the Company. On May 29, 2011, the Company issued to Thunderlight International LTD ("Thunderlight"), a 180 day promissory note for $2,000,000, bearing interest at 10% per year, with principal and interest due at maturity.  Thunderlight is also owned by John Novak. The proceeds from the loan were used to fund the Company's obligations associated with the Minnesota Option.  During the year, Thunderlight made additional advances to the Company totaling $674,116, which were used for working capital and other corporate purposes.   The Company is in the process of negotiating an arrangement with CGI and Thunderlight addressing the license extension payment and repayment of the note and advances.

In April 2012, the Company completed a Rescission Agreement with Momentum Biofuels, Inc. (Momentum). The Company, through its subsidiary Hunt BioSolutions, owned an approximate 30% interest in Momentum. As part of the Agreement, the Company received a release of all claims by Momentum against the Company and a rescission of a 3% royalty fee on its Conroe mining lease. In exchange the Company returned to Momentum the 30 million shares the Company owned and which was reflected with a zero value on the Company's books. As part of this transaction, Crown Financial (an entity controlled by the Chairman and CEO of the Company) voluntarily returned 10 million shares of Momentum it owned. The Company had previously written off all cash advances it had made to Momentum from 2009 through mid 2011.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 5: Commitments and Contingencies

During 2011, taxing authorities attached a tax lien on our biofuels assets for unpaid taxes to Harris County, LaPorte ISD and the Clear Lake Water Authority.  Hunt has been in negotiations with the taxing authority to reach a settlement.  The tax liability and associated penalties and interest in the amount of $332,500 are included in accounts payable in the accompanying condensed consolidated balance sheet at March 31, 2012.  

During 2011, Hunt suspended lease payments on its biofuels facility in Pasadena, Texas. Hunt believes it should receive substantial offsets to the remaining amount owed on the lease due to the sub-lessor's use of the property during the time period the plant was idle and the sub-lessor's use of utilities that were paid for by Hunt during the term of the lease. As a result the sub-lessor filed an eviction notice for failure to pay the monthly rental payments.  The evection had been put on hold while Hunt negotiated a settlement with the sub-lessor and the land owner.  However, the negotiation effort was not successful and the eviction proceeding was completed with the landlord being awarded possession of the property on May 8, 2012.  Hunt is planning to pay all liabilities associated with the biofuels plant upon the sale of its biofuels assets. All liabilities associated with this lease ($84,000) are included in accounts payable in the accompanying condensed consolidated balance sheet as of March 31, 2012.  The Company is attempting to effect an orderly liquidation of the plant property, and is currently negotiating a payment schedule with the landlord and the taxing authorities.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		40 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Cash flows from operating activities:
Net loss	$ (8,006,473)	$ (10,302,286)	$ (159,684,784)
Loss from discontinued operations	774,559	1,650,383	117,925,896
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,962	2,371	20,459
Common stock issued for services	4,701,891	711,703	12,280,109
Loss on investment			1,172,595
Loss on debt conversion		3,976,305	4,904,286
Loss on settlement agreement		2,827,535	2,827,535
Equity in losses of Momentum		27,500	265,171
Accretion of debt discount on convertible debt	478,998		3,430,577
Common stock issued for interest expense			888,941
Investment exchanged for services			10,000
Issuance of note payable for consulting			500,000
Gain on extinguishment of debt			(38,242)
Stock options issued for compensation	202,608		887,967
Changes in operating assets and liabilities
Related party receivables	(9,488)	(31,062)	(60,663)
Prepaid expenses and other assets	(210,999)	(30,850)	(1,002,339)
Accounts payable and accrued liabilities	765,611	(189,491)	3,363,271
Deferred revenue			500,000
Net cash used in continuing operations	(1,300,331)	(1,357,892)	(11,819,221)
Net cash used in discontinued operations	(686,000)	(427,889)	(3,111,248)
Net cash used in operating activities	(1,986,331)	(1,785,781)	(14,930,469)
Cash flows from investing activities:
Purchases of property and equipment			(71,359)
Investment in Momentum		(27,500)	(235,171)
Other investments			(61,416)
Proceeds from the sale of Reserve Oil			586,265
Net cash provided by (used in) continuing investing activities		(27,500)	218,319
Net cash provided by discontinued investing activities		295,824	72,206
Net cash provided by investing activities		268,324	290,525
Cash flows from financing activities:
Proceeds from issuances of common stock		277,500	8,104,651
Proceeds from notes payable	2,820,000	200,000	9,236,699
Payments on notes payable	(99,341)	(28,986)	(1,816,552)
Dividends paid			(77,189)
Net cash provided by continuing financing activities	2,720,659	448,514	15,447,609
Net cash used in discontinued financing activities	(128,504)		(31,096)
Net cash provided by financing activities	2,592,155	448,514	15,416,513
Increase (decrease) in cash and cash equivalents	605,824	(1,068,943)	776,569
Cash and cash equivalents, beginning of period	170,745	1,069,473
Cash and cash equivalents, end of period	776,569	530	776,569
Supplemental disclosure of cash flow information:
Interest paid	$ 180,950	$ 28,696	$ 2,048,979

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Shareholders' Equity

3 Months Ended

Mar. 31, 2012

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 4: Shareholders' Equity

Common Stock

Presented below is a summary of common stock activity during the three months ended March 31, 2012:

Description			Shares Issued	Per Share Value		Total Value
Common stock issued upon conversion of Class A Preferred	(1	)	3,485,997	$	0.09	$	327,650
Issuance of common stock to officers of the Company	(2	)	8,500,000	$	0.50	$	4,250,000
Issuance of common stock for services	(3	)	390,000	$	0.54	$	211,000
Issuance of common stock to secured Noteholders	(4	)	2,820,000	$	0.50		1,410,000

(1) These shares were valued based on the pro rata cost recorded in the Class A Preferred stock account.

(2) These shares were issued in accordance with employment agreements entered into by the Company. These shares were valued based on the market value of our common stock on the effective date of the employment agreements.

(3) These shares were issued for services performed and valued based on the market value on the date of issuance.

(4) These shares were valued based on the market value of our common stock on the date of issuance.

In addition to the activities above, the Company received 3,000,000 shares from a large stockholder that were put into treasury. During the three months ended March 31, 2012, the Company issued 2,820,000 of these treasury shares in conjunction with its Secured Notes offering discussed above. At March 31, 2012, the Company had 180,000 shares in treasury at no cost.

Preferred Stock

A total of 16,759 shares of Class A Preferred Stock was converted into 3,845,997 shares of common stock during the three months ended March 31, 2012. All of the outstanding Class A Preferred Stock is convertible into Hunt Common Stock as of March 31, 2012.  None of the outstanding Class B Preferred Stock is convertible as of March 31, 2012.

Warrants

During the three months ended March 31, 2012, warrants to purchase 2,000,000 shares of common stock at an exercise price of $0.28 per share and 110,000 shares of common stock at $0.50 per share were issued for services rendered. The Company recognized $240,892 of compensation expense, with a corresponding increase in additional paid-in capital, based on the fair value of the warrants on the date of issuance. Compensation expense is included in selling, general, and operations. The weighted average fair value of the warrants were calculated using the Black Scholes-Merton procing model using the following assumptions:

Expected volatility of underlying stock	51.47	%
Risk-free interest rate	1.06	%
Dividend yield	0.00	%
Expected life of warrants	4.81	years
Weighted-average fair value of warrants	$0.11

Stock Options

The Company recognized $202,608 of compensation expense for vesting of stock options during the three months ended March 31, 2012. Vested stock options were 3,114,070 as of March 31, 2012.  Such options are exercisable at $1.00 per share.  No options were issued, retired or exercised during the three months ended March 31, 2012.