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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Firma Holdings Corporation (CE) | USOTC:FRMA | 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% | 0.000001 | 0.00 | 01:00:00 |
Nevada
|
20-5000381
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification No.)
|
|
375 N. Stephanie St. Bldg. 2 Ste. #211
|
||
Henderson, NV
|
89014
|
|
(Address of principal executive offices)
|
(Zip code)
|
|
(888) 901-4550
|
||
(Registrant's telephone number, including area code)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
þ
|
PART I - FINANCIAL INFORMATION
|
Page
|
|
3
|
||
17
|
||
21
|
||
21
|
||
PART II - OTHER INFORMATION
|
||
22
|
||
22
|
||
22
|
||
22
|
||
22
|
||
22
|
||
SIGNATURES |
23
|
June 30, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash
|
$
|
131,916
|
$
|
76,758
|
||||
Other receivables, net
|
102,368
|
73,106
|
||||||
Prepaid assets
|
107,500
|
114,425
|
||||||
Assets held for disposal, net
|
|
29,262
|
29,262
|
|||||
Other current assets
|
21,792
|
21,684
|
||||||
Total current assets
|
392,838
|
315,235
|
||||||
Property, plant, equipment, mine development and land, net
|
6,993,352
|
7,344,419
|
||||||
Intellectual property
|
2,734,040
|
-
|
||||||
Total assets
|
$
|
10,120,230
|
$
|
7,659,654
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
1,896,031
|
$
|
1,410,281
|
||||
Notes and other payables, current portion
|
1,095,505
|
38,614
|
||||||
Convertible notes payable, net
|
251,569
|
75,652
|
||||||
Due to related parties, net of due from
|
1,404,435
|
1,517,615
|
||||||
Total current liabilities
|
4,647,540
|
3,042,162
|
||||||
Notes and other payables, non-current portion
|
1,018,553
|
28,005
|
||||||
Total liabilities
|
5,666,093
|
3,070,167
|
||||||
Stockholders’ equity:
|
||||||||
Common stock: $0.001 par value; authorized 200,000,000 shares; issued and
outstanding 88,112,330 and 81,082,278 shares
|
88,112
|
81,082
|
||||||
Additional paid-in capital
|
38,868,520
|
37,191,859
|
||||||
Common stock payable
|
-
|
47,466
|
||||||
Accumulated deficit
|
(37,508,643
|
)
|
(35,757,123
|
)
|
||||
Accumulated other comprehensive loss
|
(182,737
|
)
|
(167,584
|
)
|
||||
Total Firma Holdings stockholders’ equity
|
1,265,252
|
1,395,700
|
||||||
Non-controlling interest
|
3,188,885
|
3,193,787
|
||||||
Total stockholders’ equity
|
4,454,137
|
4,589,487
|
||||||
Total liabilities and stockholders’ equity
|
$
|
10,120,230
|
$
|
7,659,654
|
For the Three Months Ended
June 30,
|
For the Six Months Ended
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Mining revenues
|
$ | - | $ | - | $ | 105,316 | $ | - | ||||||||
Cost of revenue
|
- | - | - | - | ||||||||||||
Gross margin
|
- | - | 105,316 | - | ||||||||||||
Exploration expenses
|
312,468 | 312,625 | 475,861 | 554,188 | ||||||||||||
Operating, general and administrative expenses
|
637,162 | 997,486 | 1,190,422 | 1,788,077 | ||||||||||||
Net operating loss
|
(949,630 | ) | (1,310,111 | ) | (1,560,967 | ) | (2,342,265 | ) | ||||||||
Non-operating (loss) income:
|
||||||||||||||||
Interest income
|
12,588 | 12,835 | 25,042 | 25,487 | ||||||||||||
Interest expense
|
(60,338 | ) | (1,864 | ) | (186,681 | ) | (203,879 | ) | ||||||||
Gain on debt due to extinguishment
|
- | - | 5,000 | - | ||||||||||||
Gain (loss) on disposal or sale of assets
|
3,882 | - | (50,676 | ) | - | |||||||||||
Settlement loss, net
|
- | - | - | (861,996 | ) | |||||||||||
Gain on bargain acquisition of ACM
|
- | 3,496,857 | - | 3,496,857 | ||||||||||||
Other income
|
99 | - | 11,860 | 144 | ||||||||||||
Total non-operating (loss) income
|
(43,769 | ) | 3,507,828 | (195,455 | ) | 2,456,613 | ||||||||||
Loss (gain) before income taxes
|
(993,399 | ) | 2,197,717 | (1,756,422 | ) | 114,348 | ||||||||||
Income tax provision
|
- | (4,925,000 | ) | - | (4,925,000 | ) | ||||||||||
Net loss
|
(993,399 | ) | (2,727,283 | ) | (1,756,422 | ) | (4,810,652 | ) | ||||||||
Net loss attributable to non-controlling interest
|
239 | 76,084 | 4,902 | 76,954 | ||||||||||||
Net loss attributable to Firma Holdings’ shareholders
|
(993,160 | ) | (2,651,199 | ) | (1,751,520 | ) | (4,733,698 | ) | ||||||||
Other comprehensive (loss) income:
|
||||||||||||||||
Foreign currency translation (loss) income
|
(11,427 | ) | 53,422 | (15,153 | ) | 2,111 | ||||||||||
Total comprehensive loss
|
$ | (1,004,587 | ) | $ | (2,597,777 | ) | $ | (1,766,673 | ) | $ | (4,731,587 | ) | ||||
Net loss per share, basic and diluted
|
$ | (0.01 | ) | $ | (0.04 | ) | (0.02 | ) | $ | (0.07 | ) | |||||
Weighted average number of shares, basic and diluted
|
81,545,798 | 71,210,410 | 81,315,318 | 70,156,477 |
For the Six Months Ended
June 30,
|
||||||||
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss attributable to Firma Holdings’ shareholders
|
$ | (1,751,520 | ) | $ | (4,733,698 | ) | ||
Adjustments to reconcile net loss to net cash:
|
||||||||
Depreciation and amortization
|
146,835 | 150,115 | ||||||
Allowance for doubtful accounts
|
51,968 | 39,432 | ||||||
Stock based compensation and stock bonuses
|
59,645 | 59,645 | ||||||
Common stock issued for services and other expenses
|
- | 117,000 | ||||||
Settlement loss, net
|
- | 861,996 | ||||||
Non-controlling interest in net (loss) of consolidated subsidiaries
|
(4,902 | ) | (76,954 | ) | ||||
Accretion of beneficial conversion feature and debt discount
|
160,767 | 200,000 | ||||||
Loss on debt due to extinguishment and conversion
|
(5,000 | ) | - | |||||
Deferred tax asset, net
|
- | 4,925,000 | ||||||
Gain on bargain purchase of ACM
|
- | (3,496,857 | ) | |||||
Other
|
50,705 | - | ||||||
Changes in current operating assets and liabilities:
|
||||||||
Other receivables, net
|
(23,029 | ) | (54,976 | ) | ||||
Prepaid expenses
|
6,925 | 43,700 | ||||||
Other assets
|
(108 | ) | 67 | |||||
Accounts payable and accrued expenses
|
666,076 | 27,041 | ||||||
Net cash used in operating activities
|
(641,638 | ) | (1,938,489 | ) | ||||
Cash flows from investing activities
:
|
||||||||
Acquisition of property, plant, equipment, land and construction in progress
|
- | (184,750 | ) | |||||
Acquisition of intellectual property
|
(547,412 | ) | ||||||
Purchase of mining concession including mining deposits
|
- | (399,926 | ) | |||||
Net cash used in by investing activities
|
(547,412 | ) | (584,676 | ) | ||||
Cash flows from financing activities:
|
||||||||
Cash from the sale of common stock
|
1,295,102 | 2,050,000 | ||||||
Proceeds from notes payable
|
110,000 | - | ||||||
Payments towards notes payable
|
(32,561 | ) | (15,475 | ) | ||||
Change in due to/from related parties, net
|
(113,180 | ) | 837,689 | |||||
Net cash provided by financing activities
|
1,259,361 | 2,872,214 |
Effect of exchange rate changes on cash
|
(15,153 | ) | 2,111 | |||||
Net increase in cash
|
55,158 | 351,160 | ||||||
Beginning of period cash balance
|
76,758 | 906,663 | ||||||
End of period cash balance
|
$ | 131,916 | $ | 1,257,823 |
Supplemental Information:
|
||||||||
Interest paid
|
$ | 3,172 | $ | 3,740 | ||||
Income taxes paid
|
$ | - | $ | - | ||||
Non-cash Investing and Financing Transactions:
|
||||||||
Beneficial conversion value for convertible debt and financial instruments
|
$ | 94,850 | $ | - | ||||
Conversion of debt and Iron Ore Financial instrument to common stock, plus
accrued interest
|
$ | - | $ | 800,000 | ||||
Acquisition of intellectual property through debt and options
|
$ | 2,186,629 | $ | - | ||||
Construction in progress reclassified to property, plant and equipment
|
$ | - | $ | 112,582 | ||||
Other
|
$ | 47,466 | $ | - |
Note 1.
|
Nature of Business and Significant Accounting Policies
|
June 30, 2014
(Unaudited)
|
||
Current exchange rate
|
Ps.
|
13.0002
|
Weighted average exchange rate for the six months ended
|
Ps.
|
13.1171
|
June 30, 2013
|
||
Current exchange rate
|
Ps.
|
13.0235
|
Weighted average exchange rate for the six months ended
|
Ps.
|
12.5565
|
June 30, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Allowance – recoverable value-added taxes
|
$ | 1,646,821 | $ | 1,597,407 | ||||
Allowance – other receivables
|
350,987 | 348,433 | ||||||
Total
|
$ | 1,997,808 | $ | 1,945,840 |
Level 1
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
Level 2
|
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;
|
Level 3
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
|
Note 2.
|
Property, Plant, Equipment, Mine Development and Land, Net
|
June 30, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Land
|
$ | 19,590 | $ | 19,590 | ||||
Mining concessions:
|
||||||||
Pilar (a)
|
710,172 | 710,172 | ||||||
Don Roman (See Note 5)
|
521,739 | 521,739 | ||||||
Las Nuvias
|
100,000 | 100,000 | ||||||
Centenario
|
635,571 | 635,571 | ||||||
La Palma
|
80,000 | 80,000 | ||||||
La Verde
|
60,000 | 60,000 | ||||||
Dixie Mining District
|
650,000 | 650,000 | ||||||
Picacho Groupings
|
1,571,093 | 1,571,093 | ||||||
Mining concessions
|
4,328,575 | 4,328,575 | ||||||
Property, plant and equipment
|
3,883,793 | 4,142,245 | ||||||
8,231,958 | 8,490,410 | |||||||
Less – accumulated depreciation
|
(1,238,606 | ) | (1,145,991 | ) | ||||
$ | 6,993,352 | $ | 7,344,419 |
|
a.
|
In January 2007, the Company acquired the Pilar de Mocoribo Prospect (“Pilar”) from Tara Gold for $739,130 plus $115,737 of value-added tax (as amended). The Company owes $535,659 for this mining concession (including the applicable value-added tax).
|
Debt
|
IVA
|
Total
|
||||||||||
Total remaining debt
|
$ | 486,739 | $ | 77,878 | $ | 564,617 | ||||||
Imputed interest
|
(28,958 | ) | - | (28,958 | ) | |||||||
Present value of debt
|
$ | 457,781 | $ | 77,878 | $ | 535,659 |
Note 3.
|
Intellectual Property Purchase Agreement
|
|
·
|
United States, Mexico and Canada
|
|
·
|
European Union
|
|
·
|
All other countries
|
|
A.
|
To acquire the rights for the United States, Mexico and Canada, the Company has paid or must pay FreshTec:
|
|
(i) | $500,000 at closing. |
|
(ii)
|
$0.25 for each SmartPac unit sold in the United States or Mexico by the Company plus 50% of the Net Royalties received by the Company from licensing the rights to use the technology in the United States, Mexico and Canada until such time as FreshTec is paid $14,500,000,
|
|
(iii)
|
during the six month period following the closing of the transaction, and until the Company has paid FreshTec $1,000,000, 25% of the Net Royalties received by the Company from any licensee having the right to sell SmartPac units in the United States, Mexico or Canada, and
|
|
(iv)
|
after the royalties paid to FreshTec equal $14,500,000, $0.15 for each SmartPac unit sold by the Company in the United States, Mexico or Canada plus 25% of the Net Royalties received by the Company from licensing the rights to use the technology in the United States, Mexico and Canada.
|
|
B.
|
To acquire the rights to countries in the European Union the Company must pay to FreshTec:
|
|
(i)
|
no later than six months after the closing of the transaction, $1,000,000, less any amounts paid pursuant to A. (iii) above and B. (ii) and (iii) below, or re-convey to FreshTec the rights for the European Union,
|
|
(ii)
|
$0.25 for each SmartPac unit sold in the European Union by the Company plus 50% of the Net Royalties received by the Company from licensing the rights to use the technology in the European Union until such time as FreshTec is paid $14,000,000, and
|
|
(iii)
|
after the royalties paid to FreshTec equal $14,000,000, $0.15 for each SmartPac unit sold by the Company in the European Union plus 25% of the Net Royalties received by the Company from licensing the rights to use the technology in the European Union.
|
|
C.
|
To acquire the rights to all other countries the Company must pay FreshTec:
|
|
(i)
|
no later than eighteen months after the closing of the transaction, $1,000,000, less any amounts paid pursuant to C. (ii) and (iii) below, or re-convey to FreshTec the rights for the other countries,
|
|
(ii)
|
$0.25 for each SmartPac unit sold in the other countries by the Company plus 50% of the Net Royalties received by the Company from licensing the rights to use the technology in the other countries until such time as FreshTec is paid $9,000,000, and
|
|
(iii)
|
after the royalties paid to FreshTec equal $9,000,000, $0.15 for each SmartPac unit sold by the Company in the other countries plus 25% of the Net Royalties received by the Company from licensing the rights to use the technology in the other countries.
|
Note 4.
|
Notes Payable and Convertible Notes Payable, Net
|
June 30, 2014
|
December 31, 2013
|
||||||
(Unaudited)
|
|||||||
Auto loans
|
$
|
44,058
|
$
|
66,619
|
|||
Notes payable
|
70,000
|
-
|
|||||
Convertible notes payable, net
|
251,569
|
75,652
|
|||||
FreshTec required payments (See Note 2)
|
2,000,000
|
-
|
|||||
2,365,627
|
142,271
|
||||||
Less – current portion
|
(1,095,505
|
)
|
(38,614
|
)
|
|||
Less – current portion convertible notes payable, net
|
(251,569
|
)
|
(75,652)
|
||||
Total – non-current portion
|
$
|
1,018,553
|
$
|
28,005
|
2015
|
2016
|
2017
|
2018
|
2019
|
Total
|
|||||||||||||||||||
Auto loans
|
$
|
25,505
|
$
|
5,781
|
$
|
6,005
|
$
|
6,237
|
$
|
530
|
$
|
44,058
|
||||||||||||
Note payables
|
70,000
|
-
|
-
|
-
|
-
|
70,000
|
||||||||||||||||||
Convertible note payable, net
|
251,569
|
-
|
-
|
-
|
-
|
251,569
|
||||||||||||||||||
FreshTec required payments (See
Note 3)
|
1,000,000
|
-
|
1,000,000
|
-
|
-
|
2,000,000
|
||||||||||||||||||
Total
|
$
|
1,347,074
|
$
|
5,781
|
$
|
1,006,005
|
$
|
6,237
|
$
|
530
|
$
|
2,365,627
|
Note 5.
|
Related Party Transactions
|
June 30, 2014
|
December 31, 2013
|
||||||||
(Unaudited)
|
|||||||||
Due from related parties
|
$ | 116,417 | $ | 221,592 | |||||
Due to related parties
|
(1,520,852 | ) | (1,739,207 | ) | |||||
$ | (1,404,435 | ) | $ | (1,517,615 | ) |
Note 6.
|
Stockholders’ Equity
|
Note 7.
|
Options
|
June 30, 2014
|
December 31, 2013
|
||||
Expected volatility
|
279.94% | 218.84% | |||
Weighted-average volatility
|
279.94% | 218.84% | |||
Expected dividends
|
0 | 0 | |||
Expected term (in years)
|
0.50 | 2.00 | |||
Risk-free rate
|
0.06% | 0.22% |
Vested Options
|
Shares Issuable
Upon Exercise of
Options
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contractual Term
|
Aggregate
Intrinsic
Value
|
||||||||||||
Outstanding at December 31, 2013
|
2,750,000
|
$
|
0.24
|
|||||||||||||
Granted
|
1,000,000
|
0.30
|
||||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Forfeited, expired or cancelled
|
-
|
-
|
||||||||||||||
Outstanding at June 30, 2014
|
3,750,000
|
$
|
0.25
|
1.5
|
$
|
238,000
|
||||||||||
Exercisable at June 30, 2014
|
3,590,000
|
$
|
0.23
|
1.5
|
$
|
238,000
|
Non-vested Options
|
Options
|
Weighted-Average
Grant-Date Fair Value
|
||||||
Non-vested at December 31, 2013
|
410,000
|
$
|
0.48
|
|||||
Granted
|
1,000,000
|
0.30
|
||||||
Vested
|
(1,250,000
|
)
|
(0.13
|
)
|
||||
Forfeited, expired or cancelled
|
-
|
-
|
||||||
Non-vested at June 30, 2014
|
160,000
|
$
|
0.21
|
Warrants
|
Shares
|
Weighted-Average
Exercise Price
|
Weighted-Average Remaining
Contractual Term
|
Aggregate
Intrinsic Value
|
||||||||||||
Outstanding at December 31, 2013
|
- | $ | - | |||||||||||||
Granted
|
5,000,000 | 0.35 | ||||||||||||||
Exercised
|
- | - | ||||||||||||||
Forfeited, cancelled or expired
|
- | - | ||||||||||||||
Outstanding at June 30, 2014
|
5,000,000 | $ | 0.35 | 2.0 | $ | - | ||||||||||
Exercisable at June 30, 2014
|
5,000,000 | $ | 0.35 | 2.0 | $ | - |
Note 8.
|
Non-controlling Interest
|
June 30, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Common stock for cash
|
$ | 1,999,501 | $ | 1,999,501 | ||||
Common stock for services
|
95,215 | 95,215 | ||||||
Exploration expenses paid for in subsidiary common stock
|
240,000 | 240,000 | ||||||
Stock based compensation
|
1,374,880 | 1,374,880 | ||||||
Cumulative net loss attributable to non-controlling interest
|
(20,717 | ) | (15,815 | ) | ||||
Treasury stock
|
(500,000 | ) | (500,000 | ) | ||||
Other
|
6 | 6 | ||||||
Total non-controlling interest
|
$ | 3,188,885 | $ | 3,193,787 |
Non-controlling interest at December 31, 2013
|
$ | 3,193,787 | ||
Net income attributable to non-controlling interest
|
(4,902 | ) | ||
Non-controlling interest at June 30, 2014
|
$ | 3,188,885 |
Note 9.
|
Fair Value
|
Fair Value at June 30, 2014
(Unaudited)
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Assets:
|
||||||||||||||||
Intellectual property
|
$
|
2,734,040
|
$
|
-
|
$
|
-
|
$
|
2,734,040
|
||||||||
Liabilities:
|
||||||||||||||||
Beneficial conversion feature of note (See Note 4)
|
$
|
8,431
|
$
|
8,431
|
$
|
-
|
$
|
-
|
||||||||
Fair Value at December 31, 2013
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Assets:
|
||||||||||||||||
Fair market value of ACM’s net identifiable assets acquired
|
$
|
1,589,000
|
$
|
-
|
$
|
-
|
$
|
1,589,000
|
||||||||
Liabilities:
|
||||||||||||||||
Beneficial conversion feature of note (See Note 4)
|
$
|
74,348
|
$
|
74,348
|
$
|
-
|
$
|
-
|
Note 10.
|
Segment Reporting
|
June 30, 2014 (unaudited)
|
Agriculture
|
Mining
|
||||||
Gross profit from external customers
|
$ | - | $ | 105,316 | ||||
Exploration expenses
|
- | (475,861 | ) | |||||
Operating, general, and administrative expenses
|
(16,331 | ) | (363,252 | ) | ||||
Compensation expense
|
- | (99,945 | ) | |||||
Professional fees
|
(16,331 | ) | (84,361 | ) | ||||
Depreciation and amortization
|
- | (146,835 | ) | |||||
Segment operating income (loss) before taxes and discontinued
operations
|
$ | (32,662 | ) | $ | (1,064,938 | ) |
Revenues
|
June 30, 2014
(unaudited)
|
|||
Total revenues from reportable segments
|
$ | 105,316 | ||
Total other revenues
|
- | |||
Total corporate revenues
|
- | |||
Elimination of intercompany corporate revenues
|
- | |||
Total consolidated revenues
|
$ | 105,316 | ||
Profit or Loss
|
||||
Total loss from reportable segments
|
$ | (1,097,601 | ) | |
Other loss
|
(17,689 | ) | ||
Elimination of intercompany expense
|
- | |||
Unallocated amounts:
|
||||
Elimination of intercompany corporate revenues
|
- | |||
Corporate expenses
|
(641,132 | ) | ||
Loss on discontinued operations
|
- | |||
Non-controlling interest
|
4,902 | |||
Net loss before taxes
|
$ | (1,751,520 | ) | |
Assets
|
||||
Total assets for agriculture segment
|
$ | 2,734,040 | ||
Total assets for mining segment
|
7,248,228 | |||
Corporate assets
|
137,962 | |||
Other unallocated amounts
|
- | |||
Consolidated total
|
$ | 10,120,230 | ||
Liabilities
|
||||
Accounts payable and accrued expenses agriculture segment
|
$ | 42,457 | ||
Accounts payable and accrued expenses mining segment
|
2,359,343 | |||
Notes payable agriculture segment
|
2,000,000 | |||
Notes payable mining segment
|
11,508 | |||
Corporate accounts payable and accrued expense
|
898,666 | |||
Corporate notes payable
|
354,119 | |||
Consolidated total
|
$ | 5,666,090 |
Note 11.
|
Subsequent Events
|
|
·
|
In July 2014, the Company sold 2,500,000 shares in a private offering for $750,000 in cash, or $0.30 per unit. Shares have not been issued as of August 14, 2014.
|
|
·
|
As of July 2014, three convertible notes with maturities in July 2014 were extended to 2015.
|
|
·
|
In July 2014, the Company entered into a note receivable agreement to loan up to $500,000 to a third party to move agriculture division forward. The loan carries interest of 20%, an 8% loan fee, and is either 60 days from loan funding or payment of product by a customer.
|
Three Months Ended
|
June 30, 2014
|
June 30, 2013
|
||||||
(In thousands of U.S. Dollars)
|
||||||||
Revenue
|
$ | - | $ | - | ||||
Cost of revenue
|
- | - | ||||||
Exploration expenses
|
313 | 313 | ||||||
Operating, general and administrative expenses
|
637 | 997 | ||||||
Net operating loss
|
$ | (950 | ) | $ | (1,310 | ) |
Three Months Ended
|
June 30, 2014
|
June 30, 2013
|
||||||
(In thousands of U.S. Dollars)
|
||||||||
Investment banking and investor relations expense
|
$ | 24 | $ | 161 | ||||
Professional fees
|
165 | 319 |
Six Months Ended
|
June 30, 2014
|
June 30, 2013
|
||||||
(In thousands of U.S. Dollars)
|
||||||||
Revenue
|
$ | 105 | $ | - | ||||
Cost of revenue
|
- | - | ||||||
Exploration expenses
|
476 | 554 | ||||||
Operating, general and administrative expenses
|
1,190 | 1,788 | ||||||
Net operating loss
|
$ | (1,561 | ) | $ | (2,342 | ) |
Six Months Ended
|
June 30, 2014
|
June 30, 2013
|
||||||
(In thousands of U.S. Dollars)
|
||||||||
Investment banking and investor relations expense
|
$ | 46 | $ | 274 | ||||
Professional fees
|
286 | 557 |
June 30, 2014
|
June 30, 2013
|
||||||
(In thousands of U.S. Dollars)
|
|||||||
Net cash used in operating activities
|
$
|
(642
|
)
|
$
|
(1,938
|
)
|
|
Acquisition of property, plant, equipment, mine development, land and construction
in progress
|
-
|
(185)
|
|||||
Acquisition of intellectual property
|
547
|
-
|
|||||
Purchase of mining concession including mining deposits
|
-
|
(400)
|
|||||
Cash for the sale of common stock
|
1,295
|
2,050
|
|||||
Proceeds from notes payable
|
110
|
-
|
|||||
Payments towards notes payable
|
(33
|
)
|
(15
|
)
|
|||
Change in due to/from related parties, net
|
(113
|
)
|
(838
|
)
|
Exploration and Development – Don Roman Groupings
|
$ | 150,000 | ||
Exploration and Development – Picacho Groupings
|
100,000 | |||
Property taxes
|
130,000 | |||
Agriculture segment
|
1,350,000 | |||
General and administrative expenses
|
1,000,000 | |||
Total
|
$ | 2,730,000 |
|
-
|
The first is from the sale of the SmartPac units. SmartPac packaging cartons will be sold by the Company and licensed partners to growers, packers and end-users for the packing, storage and shipment of bulk quantities of produce and flowers.
|
|
-
|
The second is from the sale of fresh produce and Firma branded produce. This enables the Company to demonstrate the SmartPac technology, gives the Company an opportunity to benefit from the system savings available from the use of the SmartPac technology, and results in increased SmartPac unit volumes which will result in lower manufacturing costs.
|
Exhibit No.
|
Description of Exhibit
|
|
10.1
|
FreshTec (Intellectual Property) Agreement
|
(1)
|
31.1
|
Rule 13a-14(a) Certifications – CEO
|
(1)
|
31.2
|
Rule 13a-14(a) Certifications - CFO
|
(1)
|
32.1
|
Section 1350 Certifications – CEO
|
(1)
|
32.2
|
Section 1350 Certifications – CFO
|
(1)
|
95.1
|
Mine Safety Disclosures
|
(1)
|
101.INS
|
XBRL Instance Document
|
(1)
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
(1)
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase Document
|
(1)
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
(1)
|
101.LAB
|
XBRL Taxonomy Label Linkbase Document
|
(1)
|
101.PRE
|
XBRL Taxonomy Presentation Linkbase Document
|
(1)
|
(1)
|
Filed with this report.
|
Dated: August 14, 2014
|
By:
|
/s/ Francis Richard Biscan, Jr.
|
|
Francis R. Biscan, Jr., President,
|
|||
Chief Executive Officer
|
|||
Dated: August 14, 2014
|
By:
|
/s/ Lynda R. Keeton-Cardno
|
|
Lynda R. Keeton-Cardno, CPA
|
|||
Principal Financial and Accounting Officer
|
|||
1 Year Firma (CE) Chart |
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