Attached files
file | filename |
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EX-31.1 - EL CAPITAN PRECIOUS METALS INC | v184813_ex31-1.htm |
EX-32.2 - EL CAPITAN PRECIOUS METALS INC | v184813_ex32-2.htm |
EX-31.2 - EL CAPITAN PRECIOUS METALS INC | v184813_ex31-2.htm |
EX-32.1 - EL CAPITAN PRECIOUS METALS INC | v184813_ex32-1.htm |
U.
S. SECURITIES AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-Q
(Mark
One)
x
|
QUARTERLY REPORT UNDER SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
The Quarterly Period Ended March 31, 2010
TRANSITION REPORT UNDER SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition
period from ____________ to
____________.
|
EL
CAPITAN PRECIOUS METALS, INC.
(Exact
name of small business issuer as specified in its charter)
NEVADA
|
88-0482413
|
(State of other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification Number)
|
15225
North 49th
Street
Scottsdale,
AZ 85254
(Address
of Principal Executive Offices)
(303)
472-3298
(Issuer’s
Telephone Number)
(Former
name, former address and former fiscal year, if changed since last
report)
Check
whether the issuer (1) has filed all reports required to be filed by Section 13
or 15 (d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES x
NO ¨
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ¨
|
Accelerated
filer ¨
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
x
|
Indicate
by check mark whether the registrant is a shell company (as referred in Rule
12b-2 of the Exchange Act). YES ¨ NO x
State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of the latest practicable date: 90,829,111 shares of common stock, par value
$0.001, issued and outstanding as of May 12, 2010.
EL
CAPITAN PRECIOUS METALS, INC. AND SUBSIDIARY
(An
Exploration Stage Company)
Form
10-Q for the Quarter Ended March 31, 2010
Table
of Contents
Page
|
|||
PART
I
|
Financial
Information
|
||
Item
1.
|
Financial
Statements
|
||
Consolidated
Balance Sheets – March 31, 2010 and September 30, 2009
(Unaudited)
|
F-1
|
||
Consolidated
Statements of Expenses –Three and six months ended March 31, 2010 and 2009
and for the period from July 26, 2002 (inception) through March 31, 2010
(Unaudited)
|
F-2
|
||
Consolidated
Statements of Stockholders’ Equity (Deficit) - period from July 26, 2002,
(inception) through March 31, 2010 (Unaudited)
|
F-3
|
||
Consolidated
Statements of Cash Flows – Six months ended March 31, 2010 and 2009 and
for the period from July 26, 2002 (inception) through March 31, 2010
(Unaudited)
|
F-6
|
||
Notes
to the Consolidated Financial Statements (Unaudited)
|
F-8
|
||
Management’s
Discussion and Analysis or Plan of Operations
|
1
|
||
Controls
and Procedures
|
4
|
||
Other
Information
|
4
|
||
Unregistered
Sales of Equity Securities and Use of Proceeds
|
4
|
||
Item
5.
|
Other
Information
|
4
|
|
Exhibits
|
4
|
||
SIGNATURES
|
4
|
CAUTIONARY
STATEMENT ON FORWARD-LOOKING STATEMENTS
This
form 10-Qq may contain certain “forward-looking” statements as such term is
defined by the securities and exchange commission in its rules, regulations and
releases, which represent the registrant’s expectations or beliefs, including
but not limited to, statements concerning the registrant’s operations, economic
performance, financial condition, growth and acquisition strategies,
investments, and future operational plans. For this purpose, any statements
contained herein that are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the generality of the foregoing,
words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intent,”
“could,” “estimate,” “might,” “plan,” “predict” or “continue” or the negative or
other variations thereof or comparable terminology are intended to identify
forward-looking statements. These statements by their nature involve substantial
risks and uncertainties, certain of which are beyond the registrant’s control,
and actual results may differ materially depending on a variety of important
factors, including uncertainty related to acquisitions, governmental regulation,
managing and maintaining growth, the operations of the company and its
subsidiaries, volatility of stock price, commercial viability of any mineral
deposits and any other factors discussed in this and other registrant filings
with the securities and exchange commission. The company does not
intend or undertake to update the information in this form 10-Q if any
forward-looking statement later turns out to be inaccurate. The following should
be read in conjunction with the information presented in the company’s annual
report on form 10-K for the year ended September 30, 2009.
Item
1 - Financial Statements
EL
CAPITAN PRECIOUS METALS, INC. AND SUBSIDIARY
(An Exploration Stage
Company)
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
March
31,
2010
|
September 30,
2009
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS :
|
||||||||
Cash
|
$
|
1,419
|
$
|
2,348
|
||||
Prepaid
expenses and other current assets
|
6,827
|
26,189
|
||||||
Total
Current Assets
|
8,246
|
28,537
|
||||||
Furniture
and equipment net of accumulated depreciation of $26,359 and $23,495,
respectively
|
5,813
|
8,677
|
||||||
Investment
in El Capitan, Ltd.
|
788,808
|
788,808
|
||||||
Deposits
|
22,440
|
22,440
|
||||||
Total
Assets
|
$
|
825,307
|
$
|
848,462
|
||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT
LIABILITIES:
|
||||||||
Accounts
payable
|
$
|
112,231
|
$
|
144,494
|
||||
Accrued
liabilities
|
329,106
|
357,711
|
||||||
Interest
payable
|
48,111
|
48,111
|
||||||
Due
affiliated company
|
176,090
|
47,061
|
||||||
Short
term debt
|
1,130
|
7,913
|
||||||
Total
Current Liabilities
|
666,668
|
605,290
|
||||||
STOCKHOLDERS’
EQUITY :
|
||||||||
Preferred
stock, $0.001 par value; 5,000,000 shares authorized; none issued and
outstanding
|
—
|
—
|
||||||
Common
stock, $0.001 par value; 300,000,000 shares authorized; 89,297,723 and
88,587,369 issued and outstanding, respectively
|
89,298
|
88,587
|
||||||
Additional
paid-in capital
|
18,192,747
|
18,117,553
|
||||||
Deficit
accumulated during the exploration stage
|
(18,123,406
|
)
|
(17,962,968
|
)
|
||||
Total
Stockholders’ Equity
|
158,639
|
243,172
|
||||||
Total
Liabilities And Stockholders’ Equity
|
$
|
825,307
|
$
|
848,462
|
The
accompanying notes are an integral part of these consolidated financial
statements.
F-1
EL
CAPITAN PRECIOUS METALS, INC.
(An
Exploration Stage Company)
CONSOLIDATED
STATEMENTS OF EXPENSES
(Unaudited)
Three Months
Ended March 31,
|
Six Months
Ended March 31,
|
Period From
July 26, 2002
(Inception)
Through
March 31,
|
||||||||||||||||||
2010
|
2009
|
2010
|
2009
|
2010
|
||||||||||||||||
OPERATING
EXPENSES:
|
||||||||||||||||||||
Professional
fees
|
$ | 1,978 | $ | 17,264 | $ | 2,983 | $ | 41,391 | $ | 3,253,728 | ||||||||||
Officer
compensation expense
|
- | 135,000 | - | 270,000 | 2,863,833 | |||||||||||||||
Administrative
consulting fees
|
34,675 | - | 69,256 | - | 1,198,766 | |||||||||||||||
Management
fees, related parties
|
- | - | - | - | 320,500 | |||||||||||||||
Legal
and accounting fees
|
13,250 | 41,122 | 30,836 | 83,089 | 1,280,891 | |||||||||||||||
Exploration
expenses
|
22,949 | 14,599 | 33,839 | 47,618 | 2,328,426 | |||||||||||||||
Warrant,
option and stock compensation expenses
|
- | 110,305 | - | 249,761 | 4,076,578 | |||||||||||||||
Other
general and administrative
|
11,382 | 28,189 | 40,838 | 59,534 | 1,200,342 | |||||||||||||||
Write-off
of accounts payable
|
(15,253 | ) | - | (15,253 | ) | - | (15,253 | ) | ||||||||||||
(Gain)
loss on asset dispositions
|
- | (20,000 | ) | - | (20,000 | ) | 34,733 | |||||||||||||
68,981 | 326,479 | 162,499 | 731,393 | 16,542,544 | ||||||||||||||||
LOSS
FROM OPERATIONS
|
(68,981 | ) | (326,479 | ) | (162,499 | ) | (731,393 | ) | (16,542,544 | ) | ||||||||||
OTHER
INCOME (EXPENSE):
|
||||||||||||||||||||
Interest
income
|
- | 5 | - | 10 | 36,250 | |||||||||||||||
Forgiveness
of debt
|
- | - | - | - | 115,214 | |||||||||||||||
Interest
expense:
|
||||||||||||||||||||
Related
parties
|
- | - | - | - | (68,806 | ) | ||||||||||||||
Other
|
(169 | ) | (722 | ) | (398 | ) | (1,307 | ) | (308,684 | ) | ||||||||||
Gain
(loss) on extinguishment of liabilities
|
2,459 | - | 2,459 | - | (222,748 | ) | ||||||||||||||
Accretion
of notes payable discounts
|
- | - | - | - | (1,132,088 | ) | ||||||||||||||
2,290 | (717 | ) | 2,061 | (1,297 | ) | (1,580,862 | ) | |||||||||||||
NET
LOSS
|
$ | (66,691 | ) | $ | (327,196 | ) | $ | (160,438 | ) | $ | (732,690 | ) | $ | (18,123,406 | ) | |||||
Basic
and diluted net loss per common share
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||||||
Weighted
average number of common shares outstanding
|
89,221,595 | 88,452,480 | 88,932,865 | 87,534,096 |
The
accompanying notes are an integral part of these consolidated financial
statements.
F-2
(An
Exploration Stage Company)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
July
26, 2002 (Inception) to March 31, 2010
(Unaudited)
Common
Stock Shares
|
Common
Stock
Amount
|
Stock
Subscriptions
|
Additional
Paid
in Capital
|
Deficit
Accumulated
During The
Exploration Stage
|
Total
|
|||||||||||||||||||
Initial
Issuance of Common Stock
|
3,315,000
|
$
|
3,315
|
—
|
$
|
(3,306
|
)
|
$
|
—
|
$
|
9
|
|||||||||||||
Net
loss
|
—
|
—
|
—
|
-
|
(21,577
|
)
|
(21,577
|
)
|
||||||||||||||||
3,315,000
|
$
|
3,315
|
$
|
—
|
$
|
(3,306
|
)
|
$
|
(21,577
|
)
|
$
|
(21,568
|
)
|
|||||||||||
Issuance
of common stock to Gold and Minerals Company, Inc. in connection with
purchase of interests in assets of El Capitan, Ltd. In November
2002
|
35,685,000
|
35,685
|
—
|
(35,663
|
)
|
—
|
22
|
|||||||||||||||||
Acquisition
of DML Services on March 17, 2003
|
6,720,000
|
6,720
|
—
|
(56,720
|
)
|
—
|
(50,000
|
)
|
||||||||||||||||
Common
stock issued for interest expense related to a note
payable
|
525,000
|
525
|
—
|
16,975
|
—
|
17,500
|
||||||||||||||||||
Common
stock and warrants issued for services
|
150,000
|
150
|
—
|
188,850
|
—
|
189,000
|
||||||||||||||||||
Common
stock issued for compensation
|
2,114,280
|
2,115
|
—
|
847,885
|
—
|
850,000
|
||||||||||||||||||
Issuance
of common stock to Gold and Minerals Company, Inc. in connection with
purchase of COD property in August 2003, $0.00 per share
|
3,600,000
|
3,600
|
—
|
(3,600
|
)
|
—
|
-
|
|||||||||||||||||
Net
loss
|
—
|
—
|
—
|
-
|
(1,561,669
|
)
|
(1,561,669
|
)
|
||||||||||||||||
Balances at September 30,
2003 (Unaudited)
|
52,109,280
|
$
|
52,110
|
$
|
—
|
$
|
954,421
|
$
|
(1,583,246
|
)
|
$
|
(576,715
|
)
|
|||||||||||
Cost
associated with warrants and options issued
|
—
|
—
|
—
|
108,000
|
—
|
108,000
|
||||||||||||||||||
Common
stock issued for compensation
|
3,650,164
|
3,650
|
—
|
516,350
|
—
|
520,000
|
||||||||||||||||||
Common
stock issued for services and expenses
|
2,082,234
|
2,083
|
—
|
393,682
|
—
|
395,765
|
||||||||||||||||||
Common
stock issue for notes payable
|
1,827,938
|
1,827
|
—
|
381,173
|
—
|
383,000
|
||||||||||||||||||
Beneficial
conversion of notes payable
|
—
|
—
|
—
|
75,000
|
—
|
75,000
|
||||||||||||||||||
Common
stock issued for acquisition of Weaver property interest in July
2004
|
3,000,000
|
3,000
|
—
|
(3,000
|
)
|
—
|
-
|
|||||||||||||||||
Stock
subscriptions
|
—
|
—
|
50,000
|
-
|
—
|
50,000
|
||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
-
|
(1,314,320
|
)
|
(1,314,320
|
)
|
||||||||||||||||
Balances at September 30,
2004 (Unaudited)
|
62,669,616
|
$
|
62,670
|
$
|
50,000
|
$
|
2,425,626
|
$
|
(2,897,566
|
)
|
$
|
(359,270
|
)
|
|||||||||||
Subscribed
stock issued
|
200,000
|
200
|
(50,000
|
)
|
49,800
|
—
|
-
|
|||||||||||||||||
Common
stock issued for services
|
2,290,557
|
2,290
|
—
|
1,254,245
|
—
|
1,256,535
|
||||||||||||||||||
Common
stock sold in private placement
|
3,865,000
|
3,865
|
—
|
1,785,272
|
—
|
1,789,137
|
||||||||||||||||||
Common
stock issued for notes payable
|
383,576
|
384
|
—
|
153,042
|
—
|
153,426
|
||||||||||||||||||
Beneficial
conversion of notes payable
|
—
|
—
|
—
|
21,635
|
—
|
21,635
|
||||||||||||||||||
Cost
associated with warrants and options issued
|
—
|
—
|
—
|
149,004
|
—
|
149,004
|
||||||||||||||||||
Discounts
on notes payable
|
—
|
—
|
—
|
113,448
|
—
|
113,448
|
||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
-
|
(3,244,841
|
)
|
(3,244,841
|
)
|
||||||||||||||||
Balances at September 30,
2005 (Unaudited)
|
69,408,749
|
$
|
69,409
|
$
|
—
|
$
|
5,952,072
|
$
|
(6,142,407
|
)
|
$
|
(120,926
|
)
|
F-3
(An
Exploration Stage Company)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
July
26, 2002 (Inception) to March 31, 2010
Common
Stock Shares
|
Common
Stock
Amount
|
Stock
Subscriptions
|
Additional
Paid in
Capital
|
Deficit
Accumulated
During The
Exploration Stage
|
Total
|
|||||||||||||||||||
Common
stock issued for services
|
310,000
|
310
|
—
|
274,690
|
—
|
275,000
|
||||||||||||||||||
Common
stock sold in private placement
|
2,189,697
|
2,190
|
—
|
1,158,775
|
—
|
1,160,965
|
||||||||||||||||||
Common
stock issued for notes payable
|
2,124,726
|
2,125
|
—
|
1,147,875
|
—
|
1,150,000
|
||||||||||||||||||
Beneficial
conversion of note payable
|
—
|
—
|
—
|
128,572
|
—
|
128,572
|
||||||||||||||||||
Discounts
on issuance of convertible notes payable
|
—
|
—
|
—
|
1,018,640
|
—
|
1,018,640
|
||||||||||||||||||
Costs
associated with warrants and options issued
|
—
|
—
|
—
|
163,750
|
—
|
163,750
|
||||||||||||||||||
Common
stock issued for exercise of options and warrants
|
498,825
|
499
|
—
|
256,251
|
—
|
256,750
|
||||||||||||||||||
Common
stock issued for compensation
|
364,912
|
364
|
—
|
286,772
|
—
|
287,136
|
||||||||||||||||||
Provision
for deferred income tax related to
|
—
|
—
|
—
|
(80,322
|
)
|
-
|
(80,322
|
)
|
||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(4,041,802
|
)
|
(4,041,802
|
)
|
||||||||||||||||
Balances at September 30,
2006 (Unaudited)
|
74,896,909
|
$
|
74,897
|
$
|
—
|
$
|
10,307,075
|
$
|
(10,184,209
|
)
|
$
|
197,763
|
||||||||||||
Stock
issued for conversion of notes payable
|
1,500,000
|
1,500
|
—
|
748,500
|
—
|
750,000
|
||||||||||||||||||
Common
stock sold in private placement
|
50,000
|
50
|
—
|
24,950
|
—
|
25,000
|
||||||||||||||||||
Common
stock sold by the exercise of warrants and options
|
2,258,000
|
2,258
|
—
|
1,121,742
|
—
|
1,124,000
|
||||||||||||||||||
Common
stock issued for compensation
|
966,994
|
968
|
—
|
604,583
|
—
|
605,551
|
||||||||||||||||||
Reverse
provision for deferred income tax related to timing difference on debt
discount
|
—
|
—
|
—
|
80,322
|
—
|
80,322
|
||||||||||||||||||
Common
stock issued for services
|
80,216
|
81
|
—
|
52,325
|
—
|
52,406
|
||||||||||||||||||
Cost
associated with issuance of warrants and options
|
—
|
—
|
—
|
2,249,475
|
—
|
2,249,475
|
||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(4,437,775
|
)
|
(4,437,775
|
)
|
||||||||||||||||
Balances
at September 30, 2007
|
79,752,119
|
$
|
79,754
|
$
|
—
|
$
|
15,188,972
|
$
|
(14,621,984
|
)
|
$
|
646,742
|
||||||||||||
Common
stock sold in private placement
|
300,000
|
300
|
—
|
149,700
|
—
|
150,000
|
||||||||||||||||||
Common
stock issued for exercise of cashless warrants
|
12,000
|
12
|
—
|
(12
|
)
|
—
|
—
|
|||||||||||||||||
Common
stock sold by the exercise of warrants and options
|
1,257,500
|
1,257
|
—
|
176,568
|
—
|
177,825
|
||||||||||||||||||
Common
stock issued for compensation
|
1,637,356
|
1,637
|
—
|
358,774
|
—
|
360,411
|
||||||||||||||||||
Common
stock issued for services
|
3,213,150
|
3,212
|
—
|
662,035
|
—
|
665,247
|
||||||||||||||||||
Warrant
and option expense
|
—
|
—
|
—
|
1,156,590
|
—
|
1,156,590
|
||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(2,387,483
|
)
|
(2,387,483
|
)
|
||||||||||||||||
Balances
at September 30, 2008
|
86,172,125
|
$
|
86,172
|
$
|
—
|
$
|
17,692,627
|
$
|
(17,009,467
|
)
|
$
|
769,332
|
The
accompanying notes are an integral part of these consolidated financial
statements.
F-4
EL
CAPITAN PRECIOUS METALS, INC. AND SUBSIDIARY
(An
Exploration Stage Company)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
July
26, 2002 (Inception) to March 31, 2010
Common
Stock Shares
|
Common
Stock
Amount
|
Stock
Subscriptions
|
Additional
Paid in
Capital
|
Deficit
Accumulated
During The
Exploration Stage
|
Total
|
|||||||||||||||||||
Common
stock issued for services
|
1,127,744
|
1,127
|
—
|
95,205
|
—
|
96,332
|
||||||||||||||||||
Common
stock sold by the exercise of warrants & options
|
725,000
|
725
|
—
|
35,525
|
—
|
36,250
|
||||||||||||||||||
Common
stock issued for compensation
|
562,500
|
563
|
—
|
44,437
|
—
|
45,000
|
||||||||||||||||||
Warrant
and option expense
|
—
|
—
|
—
|
249,759
|
—
|
249,759
|
||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
-
|
(953,501
|
)
|
(953,501
|
)
|
||||||||||||||||
Balances
at September 30, 2009
|
88,587,369
|
$
|
88,587
|
$
|
—
|
$
|
18,117,553
|
$
|
(17,962,968
|
)
|
$
|
243,172
|
||||||||||||
Common
stock issued for services
|
363,955
|
364
|
—
|
44,365
|
—
|
44,729
|
||||||||||||||||||
Conversion
of accounts payable and accrued liabilities
to equity
|
346,399
|
347
|
—
|
30,829
|
—
|
31,176
|
||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
(160,438
|
)
|
(160,438
|
)
|
||||||||||||||||
Balances
at March 31, 2010 (Unaudited)
|
89,297,723
|
$
|
89,298
|
$
|
—
|
$
|
18,192,747
|
$
|
(18,123,406
|
)
|
$
|
158,639
|
The
accompanying notes are an integral part of these consolidated financial
statements
F-5
EL
CAPITAN PRECIOUS METALS, INC. AND SUBSIDIARY
(An
Exploration Stage Company)
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
July 27, 2002
|
||||||||||||
(Inception)
|
||||||||||||
Six Months Ended
March
31,
|
Through
March
31,
|
|||||||||||
2010
|
2009
|
2010
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
loss
|
$
|
(160,438
|
)
|
$
|
(732,690
|
)
|
$
|
(18,123,406
|
)
|
|||
Adjustments
to reconcile net loss to net cash provided by (used in) operating
activities:
|
||||||||||||
Warrant
and option expense
|
—
|
249,759
|
4,076,578
|
|||||||||
Beneficial
conversion of notes payable
|
—
|
—
|
225,207
|
|||||||||
Non-cash
expense with affiliate
|
—
|
—
|
7,801
|
|||||||||
Share-based
compensation
|
44,729
|
129,332
|
5,643,112
|
|||||||||
Accretion
of discount on notes payable
|
—
|
—
|
1,132,088
|
|||||||||
(Gain)
loss on disposition of fixed assets
|
—
|
(20,000
|
)
|
34,733
|
||||||||
Write-off
of accounts payable
|
(15,253
|
)
|
—
|
(15,253
|
)
|
|||||||
Forgiveness
of debt
|
—
|
—
|
(115,214
|
)
|
||||||||
(Gain)
on conversion of debt to equity
|
(2,459
|
)
|
—
|
(2,459
|
)
|
|||||||
Provision
for uncollectible note receivable
|
—
|
—
|
62,500
|
|||||||||
Depreciation
|
2,864
|
4,400
|
71,758
|
|||||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Miscellaneous
receivable
|
—
|
(9,860
|
)
|
4,863
|
||||||||
Interest
Receivable
|
—
|
—
|
(13,611
|
)
|
||||||||
Prepaid
expenses and other assets
|
19,362
|
38,589
|
(9,300
|
)
|
||||||||
Expense
advances (to) from on behalf of affiliated company
|
129,029
|
(10,774
|
)
|
(386,900
|
)
|
|||||||
Accounts
payable
|
(11,010
|
)
|
72,373
|
127,754
|
||||||||
Accounts
payable - related party
|
—
|
924
|
364
|
|||||||||
Accrued
liabilities
|
(970
|
)
|
237,250
|
489,259
|
||||||||
Interest
payable, other
|
—
|
—
|
49,750
|
|||||||||
Net
Cash Provided by (Used in) Operating Activities
|
5,854
|
(40,697
|
)
|
(6,740,376
|
)
|
|||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase
of property interest
|
—
|
—
|
(100,000
|
)
|
||||||||
Purchase
of furniture and equipment
|
—
|
—
|
(148,140
|
)
|
||||||||
Proceeds
from asset dispositions
|
—
|
20,000
|
32,001
|
|||||||||
Deposits
|
—
|
4,335
|
(22,440
|
)
|
||||||||
Issuance
of notes receivable
|
—
|
—
|
(249,430
|
)
|
||||||||
Payments
received on notes receivable
|
—
|
—
|
66,930
|
|||||||||
Cash
paid in connection with acquisition of DML Services, Inc.
|
—
|
—
|
(50,000
|
)
|
||||||||
Net
Cash Provided by (Used in) Investing Activities
|
—
|
24,335
|
(471,079
|
)
|
||||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds
from the sale of common stock
|
—
|
—
|
3,456,606
|
|||||||||
Costs
associated with the sale of stock
|
—
|
—
|
(19,363
|
)
|
||||||||
Proceeds
from notes payable, related parties
|
—
|
—
|
219,900
|
|||||||||
Proceeds
from warrant exercise
|
—
|
36,250
|
1,338,075
|
|||||||||
Proceeds
from notes payable, other
|
—
|
—
|
2,322,300
|
|||||||||
Increase
in finance contracts
|
—
|
—
|
117,479
|
|||||||||
Repayment
of notes payable, related parties
|
—
|
—
|
(61,900
|
)
|
||||||||
Payments
on finance contracts
|
(6,783
|
)
|
(27,362
|
)
|
(116,349
|
)
|
||||||
Repayment
of notes payable, other
|
—
|
—
|
(43,874
|
)
|
||||||||
Net
Cash (Used in) Provided by Financing Activities
|
(6,783
|
)
|
8,888
|
7,212,874
|
F-6
July 27, 2002
|
||||||||||||
(Inception)
|
||||||||||||
Three Months Ended
March
31,
|
Through
March
31,
|
|||||||||||
2010
|
2009
|
2010
|
||||||||||
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(929
|
)
|
(7,474
|
)
|
1,419
|
|||||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
2,348
|
32,456
|
—
|
|||||||||
CASH
AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
1,419
|
$
|
24,982
|
$
|
1,419
|
||||||
SUPPLEMENTAL
CASH FLOW INFORMATION:
|
||||||||||||
Cash
paid for interest
|
$
|
398
|
$
|
1,307
|
$
|
172,861
|
||||||
Cash
paid for income taxes
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
NON-CASH
INVESTING AND FINANCING ACTIVITIES :
|
||||||||||||
Accounts
payable and accrued liabilities converted to equity
|
$
|
31,176
|
$
|
—
|
$
|
31,176
|
The
accompanying notes are an integral part of these consolidated financial
statements.
F-7
EL
CAPITAN PRECIOUS METALS, INC. AND SUBSIDIARY
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2010
(Unaudited)
NOTE
1 - BASIS OF PRESENTATION
The
accompanying unaudited interim financial statements of El Capitan Precious
Metals, Inc. (“El Capitan or the “Company”) have been prepared in accordance
with accounting principles generally accepted in the United States of America,
pursuant to the rules and regulations of the U.S. Securities and Exchange
Commission (the “SEC”) for interim financial information. Accordingly, the
financial statements do not include all information and footnotes required by
generally accepted accounting principles in the United States (“GAAP”) for
complete annual financial statements. In the opinion of management, the
accompanying unaudited condensed interim financial statements reflect all
adjustments, consisting of normal recurring adjustments, considered necessary
for a fair presentation. Interim operating results are not necessarily
indicative of results that may be expected for the year ending September 30,
2010, or for any subsequent period. These interim financial statements should be
read in conjunction with the Company’s audited financial statements and notes
thereto for the year ended September 30, 2009, included in the Company’s Annual
Report on Form 10-K, filed December 30, 2009. The consolidated balance
sheet at September 30, 2009, has been derived from the audited financial
statements included in the 2009 Annual Report.
Notes to
the financial statements which would substantially duplicate the disclosure
contained in the audited financial statements for fiscal 2009 as reported in the
Form 10−K have been omitted.
Certain
prior year amounts have been reclassified to conform to the current year
presentation.
NOTE
2 - GOING CONCERN
The
accompanying financial statements have been prepared assuming the Company will
continue as a going concern, which contemplates the realization of assets and
the settlement of liabilities and commitments in the normal course of business.
El Capitan is an exploration stage company and since its inception has had no
revenues and through March 31, 2010, has incurred recurring losses aggregating
$18,123,406 during the exploration stage. In addition, the Company does not have
a revolving credit facility with any financial institution. These factors raise
substantial doubt about El Capitan’s ability to continue as a going concern. The
ability of the Company to continue as a going concern is dependent on raising
additional capital, negotiating adequate financing arrangements and on achieving
sufficiently profitable operations. The financial statements do not include any
adjustments relating to the recoverability and classification of assets or the
amounts and classification of liabilities that might be necessary should the
Company be unable to continue as a going concern.
NOTE
3 - DUE FROM AFFILIATES
During
the period October 2004 through March 2010 El Capitan made net payments on
behalf of Gold & Minerals Company, Inc. (“Minerals”) aggregating $2,483,149
relating to costs incurred on behalf of El Capitan, Limited (“ECL”) on the El
Capitan property site. Pursuant to an agreement with Minerals effective October
1, 2004, costs incurred by ECL at the El Capitan site are to be split between
the companies in accordance with their percentage ownership interest. El Capitan
holds a 40% equity interest in ECL, and Minerals holds the remaining 60% equity
interest. Through March 31, 2010, Minerals has reimbursed or advanced El Capitan
$2,659,239 of the incurred site costs. At March 31, 2010, El Capitan owed
Minerals $176,090.
NOTE
4 - STOCKHOLDERS’ EQUITY
Issuances
of Common Stock, Warrants and Options
Common
Stock
During
the quarter ended December 31, 2009, the Company issued 66,667 shares of the
Company’s S-8 common stock in payment of accrued consulting services valued at
$6,000.
During
the quarter ended March 31, 2010, the Company issued 100,000 shares of the
Company’s S-8 common stock in payment of consulting services valued at
$17,000.
F-8
During
the quarter ended March 31, 2010, the Company issued 543,687 shares of the
Company’s S-8 common stock valued at $52,905 to an officer of the Company for
accrued and current period compensation.
Warrants
During
the six months ended March31, 2009, 300,000 warrants at an exercise price of
$0.60 expired.
During
the six months ended March 31, 2010, the Company did not issue any
warrants. The following table sets forth certain terms of the
Company’s outstanding warrants and exercisable warrants as of March 31,
2010.
Warrants Outstanding
|
Warrants Exercisable
|
|||||||||||||||
Number of
Shares
|
Weighted
Average Exercise
Price
|
Number of
Shares
|
Weighted
Average Exercise
Price
|
|||||||||||||
Balance,
September 30, 2009
|
1,235,031
|
$ |
0.59
|
1,235,031
|
$ |
0.59
|
||||||||||
Granted
|
—
|
—
|
—
|
—
|
||||||||||||
Expired/Cancelled
|
(300,000
|
)
|
$ |
(0.60)
|
(300,000
|
)
|
$ |
(0.60)
|
||||||||
Exercised
|
—
|
—
|
—
|
—
|
||||||||||||
Balance,
March 31, 2010
|
935,031
|
$ |
0.59
|
935,031
|
$ |
0.59
|
||||||||||
Weighted
average contractual life in years
|
.63
|
.63
|
||||||||||||||
Aggregate
intrinsic value
|
$ |
—
|
$ |
—
|
At March
31, 2010, the Company had no outstanding warrants which had a right to call
feature.
Options
During
the six months ended March 31, 2010, the Company did not grant any
options.
The
following table sets forth certain terms of the Company’s outstanding options
and exercisable options as of March 31, 2010:
Options Outstanding
|
Options Exercisable
|
|||||||||||||||
Number of
Shares
|
Weighted Average
Exercise Price
|
Number of
Shares
|
Weighted Average
Exercise Price
|
|||||||||||||
Balance,
September 30, 2009
|
3,250,000
|
$ |
0.35
|
3,250,000
|
$ |
0.35
|
||||||||||
Granted
|
—
|
—
|
—
|
—
|
||||||||||||
Exercised
|
—
|
—
|
—
|
—
|
||||||||||||
Expired/Cancelled
|
—
|
—
|
—
|
—
|
||||||||||||
Balance,
March 31, 2010
|
3,250,000
|
$ |
0.35
|
3,250,000
|
$ |
0.35
|
||||||||||
Weighted
average contractual life in years
|
2.3
|
2.3
|
||||||||||||||
Aggregate
intrinsic value
|
$ |
—
|
$ |
—
|
The
intrinsic value of each option or warrant share is the difference between the
fair market value of the common stock and the exercise price of such option or
warrant share to the extent it is "in-the-money". Aggregate intrinsic value
represents the pretax value that would have been received by the holders of
in-the-money options had they exercised their options on the last trading day of
the quarter and sold the underlying shares at the closing stock price on such
day. The intrinsic value calculation is based on the $0.33 closing stock price
of the Company’s Common Stock on March 31, 2010. There were no in-the-money
options and warrants vested and exercisable as of March 31, 2010. The intrinsic
value amounts change based on the market price of the Company’s
stock.
F-9
The
Company has a Stock Incentive Plan under which 16,000,000 shares are reserved
and registered for stock and option grants. There were 3,903,170 shares
available for grant under the Plan at March 31, 2010, excluding the 3,250,000
options outstanding.
NOTE
5 – SUBSEQUENT EVENTS
In April
2010, the Company issued 31,388 shares of the Company’s common stock in payment
of compensation to an officer valued at $5,527.
In April
2010, the Company received advances from its affiliated company aggregating
$12,000 for working capital purposes.
In April
2010, the Board of Directors granted to each of the three directors, 500,000
shares of the Company’s S-8 stock valued at an aggregate of $525,000 based upon
the closing price of the Company’s stock on the date of the grant.
The
Company’s Board reviewed various prior Board Written Actions, Minutes and
Company status updates and the Board actions dated September 9, 2008,
referencing the cancellation and reissuance of new stock options at a reduced
exercise price and the removal of prior terms and conditions for the vesting of
the options to then current two officers of the Company. The details of these
option transactions are disclosed in the Company’s Form 8-K filing dated
September 11, 2008. Upon review and detailed discussion of the previous actions
and Company’s direction at the time of the reissuance, on April 10, 2010, the
Board cancelled the outstanding vested stock options of the two officers which
aggregated 1,750,000.
F-10
Item
2 - Management’s Discussion and Analysis and Plan of Operation
RESULTS
OF OPERATIONS
Three
Months Ended March 31, 2010 Compared to Three Months Ended March 31,
2009
Revenues
We have
not yet realized any revenue from operations, nor do we expect to realize
potential revenues until one of our properties is sold. There is no guaranty
that we will achieve proven viable precious metals at any of our property site
locations.
Expenses
and Net Loss
Our
operating expenses decreased $257,498 from $326,479 for the three months ended
March 31, 2009 to $68,981 for the three months ended March 31, 2010. The
decrease is mainly attributable to decreases in professional fees of $15,286;
officer compensation of $100,325, net of current period administrative
consulting of $34,675; legal and accounting of $27,872; other general and
administrative of $16,807; warrant and option expense of $110,305; and a gain
from the write-off of accounts payable of $15,253 during the three months ended
March 31, 2010. These decreases were offset by an increase of $8,350 for
exploration expenses relating to research on a recovery process and no
recognized gain on asset dispositions in the current period.
Our net
loss for the three months ended March 31, 2010 decreased to $66,691 from a net
loss of $327,196 incurred for the comparable three month period ended March 31,
2009. The decrease in net loss of $260,505 for the current period is
attributable to the aforementioned net decreases in operating
expenses.
Six
Months Ended March 31, 2010 Compared to Six Months Ended March 31,
2009
Revenues
We have
not yet realized any revenue from operations, nor do we expect to realize
potential revenues until one of our properties is sold. There is no guaranty
that we will achieve proven viable precious metals at any of our property site
locations.
Expenses
and Net Loss
Our
operating expenses decreased $568,894 from $731,393 for the six months ended
March 31, 2009 to $162,499 for the six months ended March 31, 2010. The decrease
is mainly attributable to decreases in professional fees of $38,408; officer
compensation of $200,744, net of the current six month period administrative
consulting of $69,256; legal and accounting of $52,253; other general and
administrative of $18,696; exploration expenses of $13,779; warrant and option
expense of $249,761; and a gain from the write-off of accounts payable of
$15,253 during the six months ended March 31, 2010. These decreases were offset
by no recognized gain on asset dispositions in the current six month
period.
Our net
loss for the six months ended March 31, 2010 decreased to $160,438 from a net
loss of $732,690 incurred for the comparable six month period ended March 31,
2009. The decrease in net loss of $572,252 for the current six month period is
attributable to the aforementioned net decreases in operating
expenses.
PLAN
OF OPERATION
To
address the going concern problem addressed in our financial statements, we will
require raising additional working capital. We will also require additional
working capital funds for continuing payments for the continued implementation
of our business strategies, necessary corporate personnel, and related general
and administrative expenses.
We have
not generated any revenue from the production of gold or other metals since our
inception, and historically have relied on equity and debt financings to finance
our ongoing operations. We generated a net loss of $160,438 for the six months
ended March 31, 2010. We have a total accumulated deficit of $18,123,406 at
March 31, 2010. To continue as a going concern, we are dependent on continued
fund raising. However, we have no commitment from any party to provide
additional capital and there is no assurance that such funding will be available
when needed, or if available, that its terms will be favorable or acceptable to
us.
We are
dependent on obtaining additional financing or equity placements to continue our
exploration, metallurgical and recovery program efforts on the Capitan project.
We have no current plans or arrangements for these additional capital
requirements, and we anticipate that we will continue to seek the additional
financing scenarios during the second calendar quarter of 2010.
1
The
financial statements have been prepared on a going concern basis, which
contemplates the realization of assets and satisfaction of liabilities and
commitments in the normal course of business. Our inability to access various
capital markets or acceptable financing could have a material effect on our
results of operations, deployment of our business strategies and severely
threaten our ability to operate as a going concern. Should we be unable to
continue as a going concern, we may be unable to realize the carrying value of
our assets and to meet our obligations as they become due.
During
the remainder of our current fiscal year, we will continue to concentrate on
raising the necessary working capital through equity financing and an acceptable
debt facility to ensure our ability to implement our business strategies. To the
extent that additional capital is raised through the sale of equity or equity
related securities, the issuance of such securities may result in dilution of
our current stockholders.
Our
objective is to continue the evaluation of geologic and metallurgical
opportunities presented by the El Capitan deposit with the intent to carry on
the implementation of the previously announced strategic plan for the
development or sale of this asset. Over the past several years there
has been a significant effort to develop an understanding of the metallurgical
properties of this deposit. We have learned that the complex
poly-metallic nature of the rock prevents analysis by standard fire assay
techniques typically applied to gold/silver deposits. Further, the
oxide nature of the material does not appear to respond well to nickel-sulfide
analytical techniques typically used for sulfide platinum group metal (“PGM”)
deposits. These factors have resulted in a reduction in the level of
activity directed towards force-fitting the El Capitan gold, silver, and PGM
deposit into the traditional analytical framework of a gold & silver or
sulfide PGM deposit. We do not have “reserves” as defined by Industry Guide 7 of
the SEC, and it is possible it may never have reserves. Previous exploration
efforts have focused on private, patented land
and
nearby federal claims.
In order
to ensure continued timely and appropriate permitting, we hired an experienced
New Mexico headquartered environmental services firm to manage this effort. When
the permit is granted, it will provide the opportunity for a professional and
methodical investigation into the additional geologic potential of this portion
of our holdings without requiring further time-consuming permitting efforts. The
area being permitted will allow access to a number of high-potential targets
identified through previous surface sampling and remote sensing efforts, as well
as to the prospective area to the west of the existing deposit, which remains
open to geologic resource extension. This United States Forest Service (“USFS”)
permitting effort, governed by the National Environmental Policy Act (NEPA) of
1972, is a robust process that can take a significant amount of time to
complete. The typical process generally takes longer than the prescribed
regulatory time frame, and is dependent upon a number of factors outside of our
control, including, without limitation, governmental approvals, licensing and
permitting, as well as potential opposition by third parties. Concurrently, GL
Environmental has submitted a permit application with the New Mexico Mining
& Minerals Division. Both permits must be approved prior to the commencement
of drilling activity.
On July
14, 2008, we announced that we had entered into a Memorandum of Understanding
with the USFS related to the permitting of 112 exploration drill holes planned
on 2,000 acres of the El Capitan claims in Lincoln County, New Mexico. The
action signals the initiation of the Federal Environmental Assessment (“EA”)
permitting process. Based upon recent USFS EA completion timelines, we currently
anticipate receipt of permits in the third calendar quarter of 2010, at which
time exploration activity could resume.
On July
23, 2008 we announced that the proposed merger with Gold and Minerals reached
the stage at which we were ready to file a Form S-4 registration statement with
the Securities and Exchange Commission. Due to the time consuming nature of the
preparation of a Form S-4 and the uncertainty of the timing of the SEC review
process, the companies had worked with counsel to examine alternative structures
for the transaction. While alternatives were identified, none held significant
promise to be less time consuming or more cost effective for stockholders. Both
companies have concluded that the Form S-4 registration process will be the
optimal path forward, and have decided to continue to pursue the original merger
structure.
After
numerous delays in the merger process, on September 18, 2009, Gold and Minerals
gave a Notice of Termination to the Company referencing the Agreement and Plan
of Merger, dated February 12, 2008, between the companies. The election to
terminate was made pursuant to subparagraph (d) of Paragraph 10.1 of Article X
of the Agreement. The main basis for the election to terminate was that the
circumstances surrounding the Plan of Merger had changed since the execution of
the Agreement.
In April
2010 our Board of Directors voted to continue the merger transaction with
Minerals and Minerals concurred. The parties will proceed to draft and re-enter
into a new Agreement and Plan of Merger based on the current circumstances. The
Companies will proceed to raise the necessary working capital to complete all
aspects of the merger process of the companies; continue the research work on
the extraction and assay processes; and the necessary working capital for
payment of the general and administrative expenses.
The
Company and its affiliated company are continuing to work on new fire assay
techniques for the Capitan ore. Upon perfecting this process we will have the
process observed on multiple samples and have the process fully documented by a
PhD chemist. Upon completion of this process, the chemist will then take the
same samples to a second commercial lab to have the results verified by having
them rerun the samples utilizing our procedure under his
observation.
The
Company is currently discussing alternative avenues for raising the required
working capital with multiple sources. Management and the Board of Directors of
the Company and Minerals will analyze the various financing scenarios upon
completion of the due diligence process and make a determination as to the most
advantageous avenue to proceed and achieve the long range goals of
the Company and Minerals and the merger process.
2
Liquidity
As of
March 31, 2010, we had $1,419 of cash on hand. We will be required to
raise additional working capital in equity or financing transactions in order to
satisfy our expected cash expenditures. In the event that we are unable to
obtain additional working capital, we may be forced to reduce our operating
expenditures or to cease development and operations altogether. Currently we are
dependent on our affiliated company for working capital funds and are currently
reviewing alternative sources to raise the required working capital to complete
our Company business strategy.
Additionally,
we continually evaluate business opportunities such as joint venture processing
agreements with the objective of creating cash flow to sustain the Company and
provide a source of funds for growth and continued research on the El Capitan
deposit. There are no assurances of success in our ability to obtain continued
financing through capital markets, joint ventures, or other acceptable
arrangements. If management’s plans are not successful, operations and liquidity
may be adversely impacted. In the event that we are unable to obtain additional
working capital, we may be forced to reduce our operating expenditures or to
cease development and operations altogether.
Factors
Affecting Future Operating Results
We have
generated no revenues, other than interest income, since inception. As a result,
we have only a limited operating history upon which to
evaluate our future potential performance. Our potential must be considered by
evaluation of all risks and difficulties encountered by new companies which have
not yet established business operations.
The price
of gold has experienced an increase in value over the past three years. Any
significant drop in the price of gold, other precious metals or iron ore prices
may have a materially adverse affect on the future results of potential
operations unless we are able to offset such a price drop by substantially
increased production or may affect our ability to market the sale Capitan
property site.
We have
no proven or probable reserves as defined by the SEC’s Guide 7 and we currently
have no ability to measure or prove our reserves on the El Capitan mine site in
New Mexico. We are currently having geological work performed on samples from
this site and having an economically feasible precious metals recovery process
developed by an outside metallurgical firm for the ore at this
site.
Off-Balance
Sheet Arrangements
During
the quarter ended March 31, 2010, we did not engage in any off balance sheet
arrangements as defined in item 303(c) of the SEC’s Regulation S-B.
Critical
Accounting Policies
Our
consolidated financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America, which
require us to make estimates and judgments that significantly affect the
reported amounts of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities at the date of the consolidated
financial statements. Note 1, “Significant Accounting Policies” in the Notes to
the Consolidated Financial Statements in our Form 10-K for the year ended
September 30, 2009, describe our significant accounting policies which are
reviewed by management on a regular basis.
New
Accounting Pronouncements
We do not
expect the adoption of any recently issued accounting pronouncements to have a
significant impact on our financial position, results of operations or cash
flows.
.
Item
3 – Quantitative and Qualitative Disclosures About Market Risk
Not
applicable.
3
Item
4T - Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures designed to provide reasonable
assurance that information required to be disclosed in our reports filed
pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission’s rules and forms, and that
such information is accumulated and communicated to our management, including
our Chief Executive Officer and Chief Financial Officer as appropriate, to allow
timely
decisions regarding required disclosure. A control system, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance the
objectives of the control system are met.
As of
March 31, 2010, with the participation of our Chief Executive Officer and Chief
Financial Officer, carried out an evaluation of the effectiveness of our
disclosure controls and procedures as such term is defined in Rules 13a-15(e)
and 15d-15(e) under the Exchange Act. Based on this evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that the Company’s
disclosure controls and procedures were effective as of March 31,
2010.
Changes in Internal Control over
Financial Reporting
There
were no changes in our internal control over financial reporting, as defined in
Rule 13a-15(f) promulgated under the Exchange Act, during the quarter ended
March 31, 2010, that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
2 - Unregistered Sales of Equity Securities and Use of Proceeds
During
the quarter ended March 31, 2010, the Company issued 100,000 shares of the
Company’s S-8 common stock in payment of consulting services valued at
$17,000.
During
the quarter ended March 31, 2010, the Company issued 543,687 shares of the
Company’s S-8 common stock valued at $52,905 to an officer of the Company for
accrued and current period compensation.
Item
5 – Other Information
None
Item
6 - Exhibits
(a)
Exhibits
31.1
|
Certification
of Charles C. Mottley pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
31.2
|
Certification
of Stephen J. Antol pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
32.1
|
Certification
of Mottley pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2
|
Certification
of Stephen J. Antol pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
SIGNATURES
In
accordance with the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Dated:
February 14, 2010
|
EL
CAPITAN PRECIOUS METALS, INC.
|
|
By:
|
/s/
Charles C. Mottley
|
|
Charles
C. Mottley
|
||
President,
Chief Executive Officer and Director
|
||
Dated:
February 14, 2010
|
By:
|
/s/
Stephen J. Antol
|
Stephen
J. Antol
|
||
Chief
Financial
Officer
|
4