HI-GPXM quarterly, as far as I can see :) :
a) legal & consulting - USD 145'000.-
think that some will be refund
as per legal matter solved (don't know the %)
In any case, cannot see the reimbrsmnt of expenses as per PR
They will probably book it on the next quarterly and/or at the
moment of the event:
574 less 440 for cnvrt. less reimbrsmnt cash paid
= various expenses + lawyers fees
all this should amount up to USD 134'000
b) USD 913'223.- convertible to SV:
will have to wait the September case resolution
But note that they haven't received the property, so .... why pay
for something you haven't received ?
********
I go a nice feeling (it remains a feeling) and
I wish to Management and to all of us/you
that they wwww + wwww
A nice day to you
June 30,
2015
December 31,
2014
Accrued payroll and related
$ 17,500 $ 17,500
Liabilities assumed in Ra Minerals acquisition
142,244 153,096
Legal and consulting fees
145,000 145,000
Put option liability
- 50,000
Other
- 12,000
$ 304,744 $ 377,596
10
NOTE 6 – NOTES PAYABLE
Our notes payable consisted of the following at:
June 30,
2015
December 31,
2014
Convertible notes payable to SV, non-interest bearing, payable September 30, 2012, currently in default
$ 500,000 $ 500,000
Convertible note payable to SV, non-interest bearing, payable September 30, 2012, currently in default
413,223 413,223
Note payable to Pinnacle, extinguished in arbitration proceedings
- 190,000
Convertible note payable to Pinnacle, extinguished in arbitration proceedings
- 250,000
$ 913,223 $ 1,353,223
The two convertible notes payable to Sala-Valc S.A.C., a Peruvian corporation (“SV”), resulted from an Amendment to Mining Asset Purchase and Strategic Alliance Agreement related to mineral properties in Peru.
The parties involved in the mineral property projects in Peru were not able to finalize the transfer agreements to be filed with Peruvian governmental authorities to affect the transfer to us of the mineral properties in Peru. Therefore, we have discontinued our efforts in Peru and contend nothing further is payable by us under these promissory notes. The ultimate disposition of the convertible notes payable to SV is dependent on our resolution of our dispute with SV and of the related legal action discussed in Note 12. We are currently unable to predict the ultimate outcome of these matters.
The two notes payable to Pinnacle Minerals Corporation (“Pinnacle”) resulted from an Amendment to Membership Interest Purchase Agreement whereby we purchased Pinnacle’s membership interest in Molyco, LLC, which owned or controlled portions of mineral properties in Peru. Pinnacle initiated legal action against the Company related to these unpaid obligations and the parties submitted the dispute to binding arbitration. The arbitration proceedings were completed, and on June 4, 2015, the arbitrator ruled in favor of the Company and denied the claims of Pinnacle (see Note 12). Therefore, the two notes payable to Pinnacle have been eliminated and a gain on extinguishment of debt totaling $440,000 was recorded in our condensed consolidated financial statements for the three months and six months ended June 30, 2015.
AI
