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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elray Resources Inc (PK) | USOTC:ELRA | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0004 | 0.0003 | 0.0004 | 0.0004 | 0.0004 | 0.0004 | 10,230,851 | 16:24:24 |
Large accelerated filer
|
o |
Accelerated filer
|
o |
Non-accelerated filer
|
o |
Smaller reporting company
|
x |
Item
|
Page | ||||
PART I
|
|||||
Item 1.
|
Business
|
4 | |||
Item 1A.
|
Risk Factors
|
8 | |||
Item 1B.
|
Unresolved Staff Comments
|
8 | |||
Item 2.
|
Properties
|
8 | |||
Item 3.
|
Legal Proceedings
|
8 | |||
Item 4.
|
Mine Safety Disclosures
|
8 | |||
PART II
|
|||||
Item 5.
|
Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.
|
9 | |||
Item 6.
|
Selected Financial Data.
|
10 | |||
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
11 | |||
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
12 | |||
Item 8.
|
Financial Statements and Supplementary Data.
|
12 | |||
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
|
30 | |||
Item 9A.
|
Controls and Procedures.
|
30 | |||
Item 9B.
|
Other Information.
|
32 | |||
PART III
|
|||||
Item 10.
|
Directors, Executive Officers and Corporate Governance.
|
33 | |||
Item 11.
|
Executive Compensation.
|
35 | |||
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
37 | |||
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence.
|
38 | |||
Item 14.
|
Principal Accounting Fees and Services.
|
38 | |||
PART IV
|
|||||
Item 15.
|
Exhibits, Financial Statement Schedules.
|
39 | |||
SIGNATURES
|
|
40
|
2013*
|
2012*
|
|||||||||||||||
Quarter Ended
|
High
|
Low
|
High
|
Low
|
||||||||||||
December 31
|
$ | 0.155 | $ | 0.011 | $ | 0.15 | $ | 0.01 | ||||||||
September 30
|
$ | 0.18 | $ | 0.028 | $ | 0.60 | $ | 0.05 | ||||||||
June 30
|
$ | 0.205 | $ | 0.045 | $ | 1.50 | $ | 0.39 | ||||||||
March 31
|
$ | 0.12 | $ | 0.01 | $ | 1.90 | $ | 0.44 |
·
|
our ability to raise additional funding;
|
·
|
competition in the online gaming area; and
|
·
|
the regulatory climate for online gaming.
|
December 31,
|
||||||||
2013
|
2012
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 9,097 | $ | 214 | ||||
Prepaid expenses
|
41,452 | 24,972 | ||||||
Total current assets
|
50,549 | 25,186 | ||||||
Rent deposit
|
7,535 | - | ||||||
Total assets
|
$ | 58,084 | $ | 25,186 | ||||
LIABILITIES AND SHAREHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$ | 1,989,369 | $ | 1,080,590 | ||||
Accounts payable – related parties
|
732,484 | 275,558 | ||||||
Advances from shareholders
|
55,991 | 55,991 | ||||||
Notes payable
|
292,929 | 292,929 | ||||||
Convertible notes payable, net of discounts
|
1,417,822 | 1,364,060 | ||||||
Derivative liabilities - note conversion feature
|
439,424 | 65,693 | ||||||
Total liabilities
|
4,928,019 | 3,134,821 | ||||||
Commitments and contingencies
|
||||||||
Shareholders' deficit:
|
||||||||
Series A preferred stock, par value $0.001, 300,000,000 shares authorized, 0 and 211,018,516 shares issued and outstanding, respectively
|
- | 211,019 | ||||||
Series B preferred stock, par value $0.001, 280,000,000 shares authorized, 118,000,000 and 88,000,000 shares issued and outstanding, respectively
|
118,000 | 88,000 | ||||||
Common stock, par value $0.001, 1,120,000,000 shares authorized, 34,056,611 and 12,323,403 shares issued and outstanding, respectively
|
34,057 | 12,323 | ||||||
Additional paid-in capital
|
8,008,042 | 6,466,047 | ||||||
Subscriptions receivable
|
(88,000 | ) | (299,019 | ) | ||||
Accumulated deficit during the development stage
|
(12,942,034 | ) | (9,588,005 | ) | ||||
Total shareholders' deficit
|
(4,869,935 | ) | (3,109,635 | ) | ||||
Total liabilities and shareholders' deficit
|
$ | 58,084 | $ | 25,186 |
For the Years ended
December 31,
|
Inception (June 26, 2006) through December 31,
|
|||||||||||
2013
|
2012
|
2013 | ||||||||||
Operating expenses:
|
||||||||||||
General and administrative expenses
|
$ | 2,078,580 | $ | 2,015,031 | $ | 5,414,711 | ||||||
Impairment of intangibles and mineral properties
|
- | - | 3,463,668 | |||||||||
Compensation expense to related party for extinguishment of debt
|
- | - | 1,184,000 | |||||||||
Depreciation
|
- | - | 125,537 | |||||||||
Exploration expense
|
- | - | 857,738 | |||||||||
Loss on disposal of assets
|
- | - | 39,044 | |||||||||
Total operating expenses
|
2,078,580 | 2,015,031 | 11,084,698 | |||||||||
Loss from operations
|
(2,078,580 | ) | (2,015,031 | ) | (11,084,698 | ) | ||||||
Other income (expense):
|
||||||||||||
Interest expense
|
(880,912 | ) | (481,534 | ) | (1,384,265 | ) | ||||||
Interest income
|
- | 1,190 | 1,190 | |||||||||
Unrealized gain (loss) on derivative liability - note conversion feature
|
(104,824 | ) | 9,201 | (87,056 | ) | |||||||
Loss on settlement of accounts payable
|
(289,713 | ) | (81,492 | ) | (387,205 | ) | ||||||
Total other income (expense)
|
(1,275,449 | ) | (552,635 | ) | (1,857,336 | ) | ||||||
Net loss
|
$ | (3,354,029 | ) | $ | (2,567,666 | ) | $ | (12,942,034 | ) | |||
Net loss per common share - basic and diluted
|
$ | (0.16 | ) | $ | (0.27 | ) | ||||||
Weighted average number of common shares outstanding - basic and diluted
|
21,135,179 | 9,681,601 |
Series A Preferred Stock
|
Series B Preferred Stock
|
Common Stock
|
Additional Paid-in
|
Subscription
|
Deficit Accumulated during the Development
|
Total Stockholder’s Equity
|
||||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Receivable
|
Stage
|
(Deficit)
|
|||||||||||||||||||||||||||||||
Issuance of common stock for cash to funders
|
- | $ | - | - | $ | - | 300,000 | $ | 300 | $ | 4,700 | $ | - | $ | - | $ | 5,000 | |||||||||||||||||||||||
Contributed capital from shareholders and related party
|
- | - | - | - | - | - | 472,756 | - | - | 472,756 | ||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (253,989 | ) | (253,989 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2006
|
- | - | - | - | 300,000 | 300 | 477,456 | - | (253,989 | ) | 223,767 | |||||||||||||||||||||||||||||
Contributed capital from shareholders and related party
|
- | - | - | - | - | 376,362 | - | - | 376,362 | |||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (193,011 | ) | (193,011 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2007
|
- | - | - | - | 300,000 | 300 | 853,818 | - | (447,000 | ) | 407,118 | |||||||||||||||||||||||||||||
Contributed capital from shareholders and related party
|
- | - | - | - | - | - | 168,118 | - | - | 168,118 | ||||||||||||||||||||||||||||||
Issuance of shares as a result of share exchange and recapitalization
|
- | - | - | - | 264,375 | 264 | 1,430 | - | - | 1,694 | ||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (333,821 | ) | (333,821 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2008
|
- | - | - | - | 564,375 | 564 | 1,023,366 | - | (780,821 | ) | 243,109 | |||||||||||||||||||||||||||||
Issuance of shares in consideration for mining services
|
- | - | - | - | 4,100 | 4 | 73,796 | - | - | 73,800 | ||||||||||||||||||||||||||||||
Contributed capital from shareholders and related party
|
- | - | - | - | - | - | 156,763 | - | - | 156,763 | ||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (492,335 | ) | (492,335 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2009
|
- | - | - | - | 568,475 | 568 | 1,253,925 | - | (1,273,156 | ) | (18,663 | ) | ||||||||||||||||||||||||||||
Contributed capital from shareholders
|
- | - | - | - | - | - | 8,507 | - | - | 8,507 | ||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (92,982 | ) | (92,982 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2010
|
- | - | - | - | 568,475 | 568 | 1,262,432 | - | (1,366,138 | ) | (103,138 | ) | ||||||||||||||||||||||||||||
Issuance of shares for extinguishment of debt
|
- | - | - | - | 1,070,000 | 1,070 | 1,282,930 | - | - | 1,284,000 | ||||||||||||||||||||||||||||||
Issuance of shares in consideration for consulting services
|
- | - | - | - | 867,904 | 868 | 799,503 | - | - | 800,371 | ||||||||||||||||||||||||||||||
Shares exchanged for online gaming assets
|
- | - | - | - | 5,924,547 | 5,925 | 2,363,894 | - | - | 2,369,819 | ||||||||||||||||||||||||||||||
Issuance of common stock for cash
|
- | - | - | - | 10,000 | 10 | 9,990 | - | - | 10,000 | ||||||||||||||||||||||||||||||
Beneficial conversion feature
|
- | - | - | - | - | - | 5,181 | - | - | 5,181 | ||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (5,654,201 | ) | (5,654,201 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2011
|
- | - | - | - | 8,440,926 | 8,441 | 5,723,930 | - | (7,020,339 | ) | (1,287,968 | ) | ||||||||||||||||||||||||||||
Issuance of shares for acquisition of GM
|
211,018,516 | 211,019 | - | - | - | - | - | (211,019 | ) | - | - | |||||||||||||||||||||||||||||
Issuance of shares for development of software
|
- | - | 88,000,000 | 88,000 | 600,000 | 600 | 245,400 | (88,000 | ) | - | 246,000 | |||||||||||||||||||||||||||||
Issuance of shares in consideration for consulting services
|
- | - | - | - | 295,000 | 295 | 166,255 | - | - | 166,550 | ||||||||||||||||||||||||||||||
Issuance of common stock for cash
|
- | - | - | - | 25,000 | 25 | 9,975 | - | - | 10,000 | ||||||||||||||||||||||||||||||
Issuance of shares for convertible notes conversion
|
- | - | - | - | 1,943,829 | 1,944 | 101,878 | - | - | 103,822 | ||||||||||||||||||||||||||||||
Issuance of shares for settlement of debt
|
- | - | - | - | 1,018,648 | 1,018 | 80,474 | - | - | 81,492 | ||||||||||||||||||||||||||||||
Settlement of derivative liability
|
- | - | - | - | - | - | 138,135 | - | - | 138,135 | ||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (2,567,666 | ) | (2,567,666 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2012
|
211,018,516 | 211,019 | 88,000,000 | 88,000 | 12,323,403 | 12,323 | 6,466,047 | (299,019 | ) | (9,588,005 | ) | (3,109,635 | ) | |||||||||||||||||||||||||||
Cancellation of shares previously issued for acquisition of GM
|
(211,018,516 | ) | (211,019 | ) | - | - | - | - | - | 211,019 | - | - | ||||||||||||||||||||||||||||
Issuance of shares for acquisition of VTG technology
|
30,000,000 | 30,000 | - | - | 12,000 | - | - | 42,000 |
Issuance of shares in consideration for consulting services
|
- | - | - | - | 2,755,220 | 2,756 | 219,909 | - | - | 222,665 | ||||||||||||||||||||||||||||||
Issuance of shares for convertible notes conversion
|
- | - | - | - | 12,084,675 | 12,085 | 627,266 | - | - | 639,351 | ||||||||||||||||||||||||||||||
Issuance of shares for settlement of debt
|
- | - | - | - | 6,893,313 | 6,893 | 682,820 | - | - | 689,713 | ||||||||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | - | - | - | (3,354,029 | ) | (3,354,029 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2013
|
- | $ | - | 118,000,000 | $ | 118,000 | $ | 34,056,611 | $ | 34,057 | $ | 8,008,042 | $ | (88,000 | ) | $ | (12,942,034 | ) | $ | (4,869,935 | ) |
For the Years Ended
December 31,
|
Inception (June 26, 2006) through December 31,
|
|||||||||||
2013
|
2012
|
2013
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss
|
$ | (3,354,029 | ) | $ | (2,567,666 | ) | $ | (12,942,034 | ) | |||
Adjustments to reconcile net loss to cash used in operations activities:
|
||||||||||||
Stock-based compensation
|
207,665 | 412,550 | 1,478,386 | |||||||||
Impairment of intangibles and mineral properties
|
- | - | 3,463,668 | |||||||||
Share-based compensation expense to related party for extinguishment of debt
|
- | - | 1,184,000 | |||||||||
Depreciation
|
- | - | 125,537 | |||||||||
Loss on disposal of assets
|
- | - | 39,044 | |||||||||
Amortization of debt discount
|
240,162 | 148,216 | 394,403 | |||||||||
Non-cash interest expense related to conversion feature of notes payable
|
299,735 | 51,934 | 363,831 | |||||||||
Unrealized loss on derivative liabilities-note conversion feature
|
104,824 | (9,201 | ) | 87,056 | ||||||||
Loss on settlement of accounts payable
|
289,713 | 81,492 | 387,205 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Prepaid expense
|
40,520 | (24,972 | ) | 15,548 | ||||||||
Accounts payable and accrued liabilities
|
1,318,402 | 497,339 | 2,015,973 | |||||||||
Accounts payable – related parties
|
456,926 | (38,740 | ) | 552,484 | ||||||||
Net cash used in operating activities
|
(396,082 | ) | (1,449,048 | ) | (2,834,899 | ) | ||||||
Cash flows from investing activities:
|
||||||||||||
Rent deposit
|
(7,535 | ) | - | (7,535 | ) | |||||||
Purchase of mineral properties
|
- | - | (209,122 | ) | ||||||||
Purchase of property and equipment
|
- | - | (164,538 | ) | ||||||||
Cash acquired from share exchange transaction
|
- | - | 1,694 | |||||||||
Net cash used in investing activities
|
(7,535 | ) | - | (379,501 | ) | |||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from convertible notes payable
|
412,500 | 2,142,500 | 2,580,000 | |||||||||
Proceeds from notes payable - related parties
|
- | - | 155,991 | |||||||||
Repayment of convertible notes payable
|
- | (720,000 | ) | (720,000 | ) | |||||||
Common stock issued for cash
|
- | 10,000 | 25,000 | |||||||||
Contributed capital
|
- | - | 1,182,506 | |||||||||
Net cash provided by financing activities
|
412,500 | 1,432,500 | 3,223,497 | |||||||||
Net increase (decrease) in cash
|
8,883 | (16,548 | ) | 9,097 | ||||||||
Cash at beginning of period
|
214 | 16,762 | - | |||||||||
Cash at end of period
|
$ | 9,097 | $ | 214 | $ | 9,097 |
For the Years Ended December 31,
|
Inception (June 26, 2006) through December 31,
|
|||||||||||
2013
|
2012
|
2013
|
||||||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Cash paid for interest
|
$ | - | $ | - | $ | - | ||||||
Cash paid for taxes
|
$ | - | $ | - | $ | - | ||||||
Non-cash investing and financing activities:
|
||||||||||||
Preferred stock issued for acquisition of assets
|
$ | 57,000 | $ | 299,019 | $ | 145,000 | ||||||
Common stock issued for the acquisition of assets
|
$ | - | $ | - | $ | 2,369,819 | ||||||
Common stock issued for conversion of debt
|
$ | 1,329,064 | $ | 160,157 | $ | 1,671,021 | ||||||
Debt discount-beneficial conversion feature
|
$ | - | $ | - | $ | 5,181 | ||||||
Debt discount-derivative liability on note conversion feature
|
$ | 362,500 | $ | 132,500 | $ | 570,000 |
·
|
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
|
·
|
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable, such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
|
·
|
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one more significant inputs or significant value drivers are unobservable.
|
Final Maturity
|
Interest Rate
|
December 31, 2013
|
December 31, 2012
|
|||||||||||
C. Smith
|
9/18/11
|
8 | % | $ | 14,850 | $ | 14,850 | |||||||
D. Radcliffe
|
9/18/11
|
8 | % | 49,500 | 49,500 | |||||||||
L. Kaswell
|
9/18/11
|
8 | % | 99,000 | 99,000 | |||||||||
M. Trokel
|
9/18/11
|
8 | % | 49,500 | 49,500 | |||||||||
Radcliffe Investment Partners I
|
9/18/11
|
8 | % | 34,650 | 34,650 | |||||||||
Morchester International Limited
|
7/14/12
|
15 | % | 35,429 | 35,429 | |||||||||
Morchester International Limited
|
7/14/12
|
8 | % | 10,000 | 10,000 | |||||||||
Total
|
$ | 292,929 | $ | 292,929 |
December 31, 2013
|
December 31, 2012
|
|||||||||||||||||||||||||
Principal
|
Unamortized Discount
|
Principal, net of Discounts
|
Principal
|
Unamortized Discount
|
Principal, net of Discounts
|
|||||||||||||||||||||
a. |
Alan Binder
|
$ | 25,000 | $ | - | $ | 25,000 | $ | 25,000 | $ | - | $ | 25,000 | |||||||||||||
b. |
JSJ Investments, Inc.
|
- | - | - | 25,000 | (2,801 | ) | 22,199 | ||||||||||||||||||
c. |
JSJ Investments, Inc.
|
38,600 | - | 38,600 | - | - | - | |||||||||||||||||||
d. |
Asher Enterprises, Inc.
|
- | - | - | 32,500 | (5,639 | ) | 26,861 | ||||||||||||||||||
e. |
Asher Enterprises, Inc.
|
- | - | - | - | - | - | |||||||||||||||||||
f. |
Asher Enterprises, Inc.
|
- | - | - | - | - | - | |||||||||||||||||||
g. |
Asher Enterprises, Inc.
|
- | - | - | - | - | - | |||||||||||||||||||
h. |
Asher Enterprises, Inc.
|
37,500 | (15,492 | ) | 22,008 | - | - | - | ||||||||||||||||||
i. |
Asher Enterprises, Inc.
|
37,500 | (20,989 | ) | 16,511 | - | - | - | ||||||||||||||||||
j. |
Asher Enterprises, Inc.
|
27,500 | (21,689 | ) | 5,811 | - | - | - | ||||||||||||||||||
k. |
Asher Enterprises, Inc.
|
42,500 | (38,298 | ) | 4,202 | - | - | - | ||||||||||||||||||
l. |
GEL Properties, LLC
|
50,000 | (42,235 | ) | 7,765 | - | - | - | ||||||||||||||||||
m. |
LG Capital Funding, LLC
|
50,000 | (42,075 | ) | 7,925 | - | - | - | ||||||||||||||||||
n. |
Rousay Holdings Ltd.
|
1,290,000 | - | 1,290,000 | 1,290,000 | - | 1,290,000 | |||||||||||||||||||
Total
|
$ | 1,598,600 | $ | (180,778 | ) | $ | 1,417,822 | $ | 1,372,500 | $ | (8,440 | ) | $ | 1,364,060 |
Amount
|
||||
December 31, 2011
|
$ | 24,156 | ||
Addition
|
132,500 | |||
Amortization
|
(148,216 | ) | ||
December 31, 2012
|
8,440 | |||
Addition
|
412,500 | |||
Amortization
|
(240,162 | ) | ||
December 31, 2013
|
$ | 180,778 |
December 31, 2012
|
Various Issuance
Dates in 2013
|
December 31, 2013
|
|||||||
Estimated market value of common stock on measurement date
|
$ | 0.01 |
$0.16~$0.04
|
$ | 0.05 | ||||
Exercise price
|
$ | 0.005 |
$0.072~$0.016
|
$0.021~$0.029
|
|||||
Discount rate
|
0.11 | % |
0.13%~0.04%
|
0.10 | % | ||||
Expected volatility
|
306 | % |
242%~231%
|
238 | % | ||||
Expected dividend yield
|
0.00 | % |
0.00%
|
0.00 | % |
Amount
|
||||
Fair value at December 31, 2011
|
$ | 28,595 | ||
Fair value of new financial derivatives
|
184,435 | |||
Reclassification to equity
|
(138,136 | ) | ||
Change in fair value of derivative liabilities
|
(9,201 | ) | ||
Fair value at December 31, 2012
|
65,693 | |||
Fair value of new financial derivatives
|
712,237 | |||
Reclassification to equity
|
(443,330 | ) | ||
Change in fair value of derivative liabilities
|
104,824 | |||
Fair value at December 31, 2013
|
$ | 439,424 |
▪
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
▪
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the Company; and
|
▪
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
|
1.
|
Lack of oversight by independent directors in the establishment and monitoring of required internal controls and procedures;
|
2.
|
Lack of functioning audit committee, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures;
|
3.
|
Insufficient personnel resources within the accounting function to segregate the duties over financial transaction processing and reporting and to allow for proper monitoring controls over accounting;
|
4.
|
Insufficient written policies and procedures over accounting transaction processing and period end financial disclosure and reporting processes.
|
▪
|
The Company will add sufficient number of independent directors to the board and appoint an audit committee.
|
▪
|
The Company will add sufficient knowledgeable accounting personnel to properly segregate duties and to effect a timely, accurate preparation of the financial statements.
|
▪
|
Upon the hiring of additional accounting personnel, the Company will develop and maintain adequate written accounting policies and procedures.
|
Name of Director
|
Age
|
Position
|
||
Anthony Brian Goodman
|
55 |
President, Chief Executive Officer, Chief Financial Officer and Director
|
||
Michael Silverman
|
69 |
Director
|
||
Roy Sugarman
|
59 |
Director
|
||
David Price
|
50 |
Secretary
|
Name and Principal Position
|
Year
|
Salary
($)
|
Bonus
($)
|
Stock Awards
($)
|
Option Awards
($)
|
Non-Equity Incentive Plan Compen-sation
($)
|
Change in Pension Value and Nonqualified Deferred Compensation
($)
|
All Other Compen-sation
($)
|
Total
($)
|
|||||||||||||||||||||||||
Anthony B. Goodman
|
2013
|
249,000 | - | - | - | - | - | - | 249,000 | |||||||||||||||||||||||||
President, Director, Chief Financial | 2012 | 240,000 | - | - | - | - | - | - | 240,000 | |||||||||||||||||||||||||
Officer (Appointed 2/23/2011) | ||||||||||||||||||||||||||||||||||
Dr. Roy Sugarman
|
2013
|
- | - | 21,700 | - | - | - | - | 21,700 | |||||||||||||||||||||||||
(Appointed 02/23/2011) | 2012 | - | - | 21,000 | - | - | - | - | 21,000 | |||||||||||||||||||||||||
Michael Silverman
|
2013
|
- | - | 21,700 | - | - | - | - | 21,700 | |||||||||||||||||||||||||
(Appointed 10/27/2011) | 2012 | - | - | 21,000 | - | - | - | - | 21,000 | |||||||||||||||||||||||||
David Price Secretary
|
2013
|
- | - | 28,400 | - | - | - | - | 28,400 | |||||||||||||||||||||||||
(Appointed 02/23/2011) | 2012 | 6,500 | - | - | - | - | - | - | 6,500 |
Relationship to
|
Shares Beneficially
|
Percent
|
||||||||||
Title of Class | Name and Address Of Owner | Company |
Owned (1)
|
Owned (1)
|
||||||||
Common Stock | Barry J. Lucas | Past Director and President | 100,000 | 0.29 | % | |||||||
# 15, 291 Street, | ||||||||||||
Sangkat Boeng Kok 1, | ||||||||||||
Tourl District, | ||||||||||||
Phnom Penh, Cambodia | ||||||||||||
Common Stock | Michael J Malbourne ( for Elmside Pty Ltd) | Past Director, Secretary and Treasurer | 0 | 0 | % | |||||||
# 15, 291 Street, | ||||||||||||
Sangkat Boeng Kok 1, | ||||||||||||
Tourl District, | ||||||||||||
Phnom Penh, Cambodia | ||||||||||||
Common Stock
|
Neil R. Crang | Past Director | 0 | 0 | % | |||||||
4 Tullo Place | ||||||||||||
Richmond Victoria Australia | ||||||||||||
Common Stock | Brian Goodman |
Director (2)
|
5,573,013 | 16.36 | % | |||||||
Common Stock | Donald Radcliffe |
Past Director
|
0 | 0 | % | |||||||
Common Stock | David Price |
Secretary
|
400,000 | 1.17 | % | |||||||
Common Stock | Michael Silverman |
Director
|
460,000 | 1.35 | % | |||||||
Common Stock | Dr. Roy Sugarman |
Director
|
460,000 | 1.35 | % | |||||||
Total | 8,011,611 | 23.52 | % |
(1)
|
Applicable percentage of ownership is based on 34,056,611 total shares comprised of our common stock outstanding (as defined below) as of December 31, 2013. Beneficial ownership is determined in accordance with rules of the Securities and Exchange Commission and means voting or investment power with respect to securities. Shares of our common stock issuable upon the exercise of stock options exercisable currently or within 60 days of December 31, 2013 are deemed outstanding and to be beneficially owned by the person holding such option for purposes of computing such person’s percentage ownership, but are not deemed outstanding for the purpose of computing the percentage ownership of any other person.
|
(2)
|
Includes 1,542,028 shares held by Articulate (Pty) Ltd, a company established for the benefit of the Goodman family. Also includes 244,469 shares owned by family members residing with Mr. Goodman.
|
●
|
Any of our directors or executive officers;
|
●
|
Any person proposed as a nominee for election as a director;
|
●
|
Any person who beneficially owns, directly or indirectly, shares carrying more than 5% of the voting rights attached to our outstanding shares of common stock;
|
●
|
Any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of any of the foregoing persons;
|
●
|
Any person sharing the household of any director, executive officer, nominee for director or 5% shareholder of our Company
|
2013
|
2012
|
|||||||
Audit Fees
|
||||||||
GBH CPAs, PC
|
$ | 33,500 | $ | 31,500 | ||||
Audit Related Fees
|
- | - | ||||||
Tax Fees
|
- | - | ||||||
All Other Fees
|
- | - |
Number | Exhibit Description | |
3.1 | Articles of Incorporation of Elray Resources, Inc.* | |
3.2 | Bylaws of Elray Resources, Inc.* | |
14.1 | Code of Ethics** | |
31.1 | Certificate of principal executive officer and principal accounting officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 | Certificate of principal executive officer and principal accounting officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document*** | |
101.SCH | XBRL Taxonomy Extension Schema Document*** | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document*** | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* ** | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document*** | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document*** |
ELRAY RESOURCES, INC. | |||
Date:
March 27, 2014
|
By:
|
/s/ Anthony Goodman | |
Anthony Goodman | |||
Chief Executive Officer and Principal Accounting Officer | |||
/s/ Anthony Goodman | Director | March 27, 2014 | ||
Anthony Goodman | ||||
/s/ Michael Silverman | Director | March 27, 2014 | ||
Michael Silverman | ||||
/s/ Roy Sugarman | Director | March 27, 2014 | ||
Roy Sugarman |
1 Year Elray Resources (PK) Chart |
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