 |
v2.4.0.6
|
BALANCE SHEETS (Unaudited) (USD $)
|
Aug. 31, 2012
|
Aug. 31, 2011
|
| CURRENT ASSETS |
|
|
| Cash & cash equivalents |
$ 6,517,935 |
$ 16,886,066 |
| Prepaid expenses and other current assets |
74,149 |
37,579 |
| Total current assets |
6,592,084 |
16,923,645 |
| Property and equipment, net |
250,909 |
217,519 |
| Mineral properties |
343,434 |
143,356 |
| Deposits |
102,840 |
16,525 |
| TOTAL ASSETS |
7,289,267 |
17,301,045 |
| CURRENT LIABILITIES |
|
|
| Accounts payable and accrued liabilities |
478,430 |
579,807 |
| Total current liabilities |
478,430 |
579,807 |
| SHAREHOLDERS' EQUITY |
|
|
| Preferred stock, par value $0.001; 10,000,000 shares authorized, no shares issued and outstanding as of August 31, 2012 and August 31, 2011 |
|
|
| Common stock, par value $0.01; 100,000,000 shares authorized, 36,550,009 and 34,596,260 shares issued and outstanding as of August 31, 2012 and August 31, 2011, respectively |
365,501 |
345,964 |
| Additional paid-in capital |
29,262,684 |
24,818,022 |
| Accumulated deficit |
(22,817,348) |
(8,442,748) |
| Total shareholders' equity |
6,810,837 |
16,721,238 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 7,289,267 |
$ 17,301,045 |
| X |
- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.
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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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Carrying value of amounts transferred to third parties for security purposes that are expected to be returned or applied towards payment after one year or beyond the operating cycle, if longer.
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Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.
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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
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Mineral properties, net of adjustments.
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The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).
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Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
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