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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0001 | 25.00% | 0.0005 | 0.0003 | 0.0005 | 0.0005 | 0.0004 | 0.0004 | 460,000 | 21:00:10 |
Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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x
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Page
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PART I. FINANCIAL INFORMATION
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ITEM 1.
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CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
3
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CONSOLIDATED BALANCE SHEETS
|
3
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CONSOLIDATED STATEMENTS OF OPERATIONS
|
4
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CONSOLIDATED STATEMENTS OF CASH FLOWS
|
5
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|
7
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ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
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16
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ITEM 3.
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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19
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ITEM 4.
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CONTROLS AND PROCEDURES
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19
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PART II. OTHER INFORMATION
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ITEM 1.
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LEGAL PROCEEDINGS
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20
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ITEM 1A.
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RISK FACTORS
|
20
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ITEM 2.
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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20
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ITEM 3.
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DEFAULTS UPON SENIOR SECURITIES
|
20
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ITEM 4.
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MINE SAFETY DISCLOSURES
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20
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ITEM 5.
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OTHER INFORMATION
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20
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ITEM 6.
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EXHIBITS
|
21
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SIGNATURES
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22
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(A Development Stage Company)
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Consolidated Balance Sheets
|
(Unaudited) |
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 53,100 | $ | 9,097 | ||||
Accounts receivable
|
15,000 | - | ||||||
Prepaid expenses
|
27,952 | 41,452 | ||||||
Total current assents
|
96,052 | 50,549 | ||||||
Rent deposit
|
7,535 | 7,535 | ||||||
Intangible assets
|
3,275,090 | - | ||||||
Total assets
|
$ | 3,378,677 | $ | 58,084 | ||||
LIABILITIES AND SHAREHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$ | 1,085,314 | $ | 1,989,369 | ||||
Accounts payable – related parties
|
901,953 | 732,484 | ||||||
Advances from shareholders
|
58,491 | 55,991 | ||||||
Settlement payable
|
2,467,365 | - | ||||||
Notes payable
|
45,429 | 292,929 | ||||||
Convertible notes payable, net of discounts
|
1,201,021 | 1,417,822 | ||||||
Derivative liabilities - note conversion feature
|
4,816,646 | 439,424 | ||||||
Total liabilities
|
10,576,219 | 4,928,019 | ||||||
Commitments and contingencies
|
||||||||
Shareholders' deficit:
|
||||||||
Series A preferred stock, par value $0.001, 300,000,000 shares authorized, 0 issued and outstanding
|
- | - | ||||||
Series B preferred stock, par value $0.001, 280,000,000 shares authorized, 118,000,000 shares issued and outstanding
|
118,000 | 118,000 | ||||||
Common stock, par value $0.001, 170,000,000 shares authorized, 5,646,149 and 3,405,661 shares issued and outstanding, respectively
|
5,646 | 3,406 | ||||||
Additional paid-in capital
|
8,963,736 | 8,038,693 | ||||||
Subscriptions receivable
|
(161,589 | ) | (88,000 | ) | ||||
Accumulated deficit during the development stage
|
(16,123,335 | ) | (12,942,034 | ) | ||||
Total shareholders' deficit
|
(7,197,542 | ) | (4,869,935 | ) | ||||
Total liabilities and shareholders' deficit
|
$ | 3,378,677 | $ | 58,084 |
For the three months ended
March 31,
|
Inception (June 26, 2006) through | |||||||||||
2014
|
2013
|
March 31, 2014
|
||||||||||
Revenues
|
$ | 30,000 | $ | - | $ | 30,000 | ||||||
Operating expenses:
|
||||||||||||
General and administrative expenses
|
632,314 | 264,565 | 6,047,025 | |||||||||
Compensation expense to related party for extinguishment of debt
|
- | - | 1,184,000 | |||||||||
Depreciation and amortization
|
192,652 | - | 318,189 | |||||||||
Impairment of intangibles and mineral properties
|
- | - | 3,463,668 | |||||||||
Exploration expense
|
- | - | 857,738 | |||||||||
Loss on disposal of assets
|
- | - | 39,044 | |||||||||
Total operating expenses
|
824,966 | 264,565 | 11,909,664 | |||||||||
Loss from operations
|
(794,966 | ) | (264,565 | ) | (11,879,664 | ) | ||||||
Other income (expense):
|
||||||||||||
Interest expense
|
(2,135,259 | ) | (126,347 | ) | (3,519,524 | ) | ||||||
Interest income
|
- | - | 1,190 | |||||||||
Unrealized gain (loss) on derivative liability - note conversion feature
|
1,329 | (39,408 | ) | (85,727 | ) | |||||||
Loss on settlement of accounts and notes payable
|
(252,405 | ) | (47,143 | ) | (639,610 | ) | ||||||
Total other income (expense)
|
(2,386,335 | ) | (212,898 | ) | (4,243,671 | ) | ||||||
Net loss
|
$ | (3,181,301 | ) | $ | (477,463 | ) | $ | (16,123,335 | ) | |||
Net loss per common share - basic and diluted
|
$ | (0.80 | ) | $ | (0.36 | ) | ||||||
Weighted average number of common shares outstanding - basic and diluted
|
3,970,710 | 1,314,317 | ||||||||||
(A Development Stage Company)
|
||||||||||||
Consolidated Statements of Cash Flows
|
||||||||||||
(Unaudited)
|
||||||||||||
For the Three Months Ended
March 31,
|
Inception (June 26, 2006) through March 31,
|
|||||||||||
2014
|
2013
|
2014
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss
|
$ | (3,181,301 | ) | $ | (477,463 | ) | $ | (16,123,335 | ) | |||
Adjustments to reconcile net loss to cash used in operations activities:
|
||||||||||||
Stock-based compensation
|
74,500 | - | 1,552,886 | |||||||||
Non-cash service fees
|
132,000 | - | 132,000 | |||||||||
Impairment of intangibles and mineral properties
|
- | - | 3,463,668 | |||||||||
Share-based compensation expense to related party for extinguishment of debt
|
- | - | 1,184,000 | |||||||||
Depreciation and amortization
|
192,652 | - | 318,189 | |||||||||
Loss on disposal of assets
|
- | - | 39,044 | |||||||||
Amortization of debt discount
|
368,872 | 16,509 | 763,275 | |||||||||
Non-cash interest expense related to conversion feature of notes payable
|
1,681,578 | 42,562 | 2,045,409 | |||||||||
Unrealized (gain) loss on derivative liabilities - note conversion feature
|
(1,329 | ) | 39,408 | 85,727 | ||||||||
Loss on settlement of accounts and notes payable
|
252,405 | 47,143 | 639,610 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Prepaid expense
|
- | - | 15,548 | |||||||||
Accounts receivable
|
(15,000 | ) | - | (15,000 | ) | |||||||
Accounts payable and accrued liabilities
|
215,657 | 156,329 | 2,231,630 | |||||||||
Accounts payable – related parties
|
169,469 | 127,915 | 721,953 | |||||||||
Net cash used in operating activities
|
(110,497 | ) | (47,597 | ) | (2,945,396 | ) | ||||||
Cash flows from investing activities:
|
||||||||||||
Rent deposit
|
- | - | (7,535 | ) | ||||||||
Purchase of mineral properties
|
- | - | (209,122 | ) | ||||||||
Purchase of property and equipment
|
- | - | (164,538 | ) | ||||||||
Cash acquired from share exchange transaction
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- | - | 1,694 | |||||||||
Net cash used in investing activities
|
- | - | (379,501 | ) | ||||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from convertible notes payable
|
152,000 | 47,500 | 2,732,000 | |||||||||
Proceeds from note payable
|
- | - | - | |||||||||
Proceeds from notes payable - related parties
|
2,500 | - | 158,491 | |||||||||
Repayment of convertible notes payable
|
- | - | (720,000 | ) | ||||||||
Common stock issued for cash
|
- | - | 25,000 | |||||||||
Contributed capital
|
- | - | 1,182,506 | |||||||||
Net cash provided by financing activities
|
154,500 | 47,500 | 3,377,997 | |||||||||
Net increase (decrease) in cash
|
44,003 | (97 | ) | 53,100 | ||||||||
Cash at beginning of period
|
9,097 | 214 | - | |||||||||
Cash at end of period
|
$ | 53,100 | $ | 117 | $ | 53,100 |
ELRAY RESOURCES, INC.
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||||||||||||
(A Development Stage Company)
|
||||||||||||
Consolidated Statements of Cash Flows (Continued)
|
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(Unaudited)
|
For the Three Months Ended
March 31,
|
Inception (June 26, 2006) through March 31, | |||||||||||
2014
|
2013
|
2014
|
||||||||||
Supplemental disclosure of cash flow information:
|
||||||||||||
Cash paid for interest
|
$ | - | $ | - | $ | - | ||||||
Cash paid for income taxes
|
$ | - | $ | - | $ | - | ||||||
Non-cash investing and financing activities:
|
||||||||||||
Preferred stock issued for acquisition of assets
|
$ | - | $ | - | $ | 145,000 | ||||||
Common stock issued for the acquisition of assets
|
$ | - | $ | - | $ | 2,369,819 | ||||||
Common stock issued for conversion of debt
|
$ | 321,559 | $ | 33,800 | $ | 1,992,580 | ||||||
Debt discount-beneficial conversion feature
|
$ | - | $ | - | $ | 5,181 | ||||||
Debt discount-derivative liability on note conversion feature
|
$ | 2,787,484 | $ | 47,500 | $ | 3,357,484 | ||||||
Note issued to acquire intangible assets
|
$ | 3,467,742 | $ | - | $ | 3,467,742 | ||||||
Note issued for service fees
|
$ | 132,000 | $ | - | $ | 132,000 |
March 31,
2014
|
December 31,
2013
|
|||||||
Intellectual properties
|
$ | 3,467,742 | $ | - | ||||
Accumulated amortization
|
(192,652 | ) | - | |||||
Total
|
$ | 3,275,090 | $ | - |
Final Maturity
|
Interest Rate
|
March 31,
2014
|
December 31,
2013
|
||||||||||
C. Smith
|
9/18/11
|
8 | % | $ | - | $ | 14,850 | ||||||
D. Radcliffe
|
9/18/11
|
8 | % | - | 49,500 | ||||||||
L. Kaswell
|
9/18/11
|
8 | % | - | 99,000 | ||||||||
M. Trokel
|
9/18/11
|
8 | % | - | 49,500 | ||||||||
Radcliffe Investment Partners I
|
9/18/11
|
8 | % | - | 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
|
$ | 45,429 | $ | 292,929 |
March 31, 2014
|
December 31, 2013
|
|||||||||||||||||||||||
Principal
|
Unamortized discount
|
Principal, net of discounts
|
Principal
|
Unamortized discount
|
Principal, net of discounts
|
|||||||||||||||||||
a. Alan Binder
|
$ | - | $ | - | $ | - | $ | 25,000 | $ | - | $ | 25,000 | ||||||||||||
b. JSJ Investments, Inc.
|
10,670 | - | 10,670 | 38,600 | - | 38,600 | ||||||||||||||||||
c. JSJ Investments, Inc.
|
75,000 | (66,896 | ) | 8,104 | - | - | - | |||||||||||||||||
d. Asher Enterprises, Inc.
|
- | - | - | 37,500 | (15,492 | ) | 22,008 | |||||||||||||||||
e. Asher Enterprises, Inc.
|
- | - | - | 37,500 | (20,989 | ) | 16,511 | |||||||||||||||||
f. Asher Enterprises, Inc.
|
27,500 | (12,349 | ) | 15,151 | 27,500 | (21,689 | ) | 5,811 | ||||||||||||||||
g. Asher Enterprises, Inc.
|
42,500 | (23,754 | ) | 18,746 | 42,500 | (38,298 | ) | 4,202 | ||||||||||||||||
h. Asher Enterprises, Inc.
|
32,500 | (24,980 | ) | 7,520 | - | - | - | |||||||||||||||||
i. Asher Enterprises, Inc.
|
32,500 | (28,528 | ) | 3,972 | - | - | - | |||||||||||||||||
j. GEL Properties, LLC
|
50,000 | (25,190 | ) | 24,810 | 50,000 | (42,235 | ) | 7,765 | ||||||||||||||||
k. LG Capital Funding, LLC
|
50,000 | (25,094 | ) | 24,906 | 50,000 | (42,075 | ) | 7,925 | ||||||||||||||||
l. LG Capital Funding, LLC
|
37,000 | (34,944 | ) | 2,056 | - | - | - | |||||||||||||||||
m. Virtual Technology Group, Ltd
|
1,500,000 | (1,135,728 | ) | 364,272 | - | - | - | |||||||||||||||||
n. Gold Globe Investments Ltd
|
2,800,000 | (2,122,026 | ) | 677,974 | - | - | - | |||||||||||||||||
o. Rousay Holdings Ltd.
|
- | - | - | 1,290,000 | - | 1,290,000 | ||||||||||||||||||
p. ASC Recap
|
132,000 | (91,160 | ) | 40,840 | ||||||||||||||||||||
Total
|
$ | 4,789,670 | $ | (3,588,649 | ) | $ | 1,201,021 | $ | 1,598,600 | $ | (180,778 | ) | $ | 1,417,822 |
December 31, 2013
|
$ | 180,778 | ||
Addition
|
3,776,742 | |||
Amortization
|
(368,871 | ) | ||
March 31, 2014
|
$ | 3,588,649 |
December 31,
2013
|
Various Issuance Date in 2014
|
March 31,
2014
|
||||||||||
Stock price on measurement date
|
$ | 0.5 |
$1.05~$0.25
|
$ | 0.23 | |||||||
Exercise price
|
$0.21~$0.29
|
$0.10~$0.59
|
$0.09~$0.23
|
|||||||||
Discount rate
|
0.10 | % |
0.77%~0.07%
|
0.07 | % | |||||||
Expected volatility
|
238 | % | 237 | % | 239 | % | ||||||
Expected dividend yield
|
0.00 | % | 0.00 | % | 0.00 | % |
Fair value at December 31, 2013
|
$ | 439,424 | ||
Fair value of new financial derivatives
|
4,601,063 | |||
Reclassification to equity
|
(222,512 | ) | ||
Change in fair value of derivative liabilities
|
(1,329 | ) | ||
Fair value at March 31, 2014
|
$ | 4,816,646 |
Number
|
Exhibit Description
|
|
3.1
|
Articles of Incorporation of Elray Resources, Inc.*
|
|
3.2
|
Bylaws of Elray Resources, Inc.*
|
|
31.1
|
Certificate of principal executive officer and principal financial 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 financial 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 Schema Document
|
|
101.CAL
|
XBRL Calculation Linkbase Document
|
|
101.DEF
|
XBRL Definition Linkbase Document
|
|
101.LAB
|
XBRL Label Linkbase Document
|
|
101.PRE
|
XBRL Presentation Linkbase Document
|
ELRAY RESOURCES, INC.
|
|||
Date: May 15, 2014
|
By:
|
/s/ Anthony Goodman
|
|
Anthony Goodman,
|
|||
President and Chief Financial Officer
|
1 Year Elray Resources (PK) Chart |
1 Month Elray Resources (PK) Chart |
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