XML 13 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Balance Sheet - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 2,125 $ 1,747
Prepaid expenses 48,884 30,037
Assets held for Sale 12,000 68,500
Total current assets 63,009 100,284
Shea Mining and Milling Assets 2,108,300 2,108,300
Property, plant and equipment:    
Machinery and equipment 21,000 21,000
Construction in progress 1,775,224 1,775,224
Property, Plant and Equipment, Gross 1,796,224 1,796,224
Accumulated depreciation (21,000) (21,000)
Net property, plant and equipment 1,775,224 1,775,224
Total Assets 3,946,533 3,983,808
Current liabilities:    
Senior secured convertible promissory note payable, related party 2,229,186 2,229,187
Promissory notes payable - related party, net of debt discount of $0 June 30, 2016 and $11,577 December 31, 2015 477,500 465,923
Convertible notes payable 175,000 175,000
Accrual for settlement of lawsuits 2,581,000 2,658,000
Due to Wits Basin Precious Minerals Inc. 16,616 16,616
Accounts payable 2,178,495 2,053,376
Accrued interest 622,284 530,103
Accrued expenses 870,100 907,922
Accounts payable to related party 1,000 1,874
Total current liabilities 9,151,181 9,038,001
Long-term debt    
Convertible Notes payable, net of $134,076 discount 25,924 0
Commitments and Contingencies (Note 9)
Preferred stock, 50,000,000 shares authorized:    
Series A, $.001 par value, 10,000,000 and 10,000,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 10,000,000 10,000,000
Shareholders’ equity (deficit):    
Series B preferred stock, no shares issued and outstanding 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized: 113,075,936 and 104,075,936 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively 108,076 104,076
Additional paid-in capital 86,697,246 86,438,911
Common stock issuable 0 40,000
Accumulated deficit (102,035,894) (101,637,180)
Total shareholders’ equity (deficit) (15,230,572) (15,054,193)
Total Liabilities and Shareholders’ Equity (Deficit) $ 3,946,533 $ 3,983,808