Attached files
file | filename |
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EXCEL - IDEA: XBRL DOCUMENT - EL CAPITAN PRECIOUS METALS INC | Financial_Report.xls |
EX-32.1 - 906 CERTIFICATION OF CEO AND CFO - EL CAPITAN PRECIOUS METALS INC | p0136_ex32-1.htm |
EX-31.2 - 302 CERTIFICATION OF CFO - EL CAPITAN PRECIOUS METALS INC | p0136_ex31-2.htm |
EX-31.1 - 302 CERTIFICATION OF CEO - EL CAPITAN PRECIOUS METALS INC | p0136_ex31-1.htm |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
þ |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For The Quarterly Period Ended December 31, 2011 | ||
o
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from __________ to __________ |
Commission file number: 333-56262
(Exact name of registrant as specified in its charter)
NEVADA
|
|
88-0482413
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
15225 North 49th Street
Scottsdale, AZ 85254
(Address of principal executive offices)
(602) 595-4997
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o
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 o | Accelerated filer þ |
Non-accelerated filer o | Smaller reporting company o |
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes o No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 247,187,945 shares of common stock, par value $0.001, of the issuer were issued and outstanding as of February 9, 2012.
|
Page
|
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PART I. FINANCIAL INFORMATION | ||
3 | ||
3
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4
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5 | ||
9
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11
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14
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16
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16
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18
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18
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18
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18
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18
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18
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18
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SIGNATURES |
20
|
PART I. |
FINANCIAL INFORMATION
|
Item 1. |
Financial Statements
|
(An Exploration Stage Company)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, | September 30, | |||||||
2011
|
2011
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash
|
$
|
353,358
|
$
|
319,939
|
||||
Prepaid expenses
|
82,543
|
35,389
|
||||||
Total Current Assets
|
435,901
|
355,328
|
||||||
Furniture and equipment net of accumulated depreciation of $34,889 and $34,197, respectively
|
3,015
|
3,707
|
||||||
Mineral property
|
1,879,608
|
1,879,608
|
||||||
Deposits
|
22,440
|
22,440
|
||||||
Total Assets
|
$
|
2,340,964
|
$
|
2,261,083
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$
|
102,023
|
$
|
111,406
|
||||
Accrued liabilities
|
50,700
|
54,141
|
||||||
Total Current Liabilities
|
152,723
|
165,547
|
||||||
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; 246,857,580 and 245,582,461 issued and outstanding, respectively
|
246,857
|
245,582
|
||||||
Additional paid-in capital
|
200,471,531
|
200,010,493
|
||||||
Deficit accumulated during the exploration stage
|
(198,530,147
|
)
|
(198,160,539
|
)
|
||||
Total Stockholders’ Equity
|
2,188,241
|
2,095,536
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
2,340,964
|
$
|
2,261,083
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
CONSOLIDATED STATEMENTS OF EXPENSES
(Unaudited)
Three Months Ended
December 31,
|
July 26, 2002
(Inception)
Through
December 31,
|
|||||||||||
2011 | 2010 | 2011 | ||||||||||
OPERATING EXPENSES:
|
||||||||||||
Professional fees
|
$
|
1,595
|
$
|
7,925
|
$
|
3,504,874
|
||||||
Officer compensation expense
|
–
|
–
|
2,863,833
|
|||||||||
Administrative consulting fees
|
65,000
|
65,000
|
2,235,766
|
|||||||||
Management fees, related party
|
–
|
–
|
320,500
|
|||||||||
Legal and accounting fees
|
50,900
|
55,050
|
1,752,247
|
|||||||||
Exploration expenses
|
197,937
|
86,452
|
3,197,403
|
|||||||||
Warrant and option expenses
|
12,313
|
–
|
4,901,044
|
|||||||||
Other general and administrative
|
41,924
|
37,520
|
1,663,663
|
|||||||||
Write-off of accounts payable and accrued interest
|
–
|
–
|
(63,364
|
)
|
||||||||
Loss on impairment of mineral property
|
–
|
–
|
176,567,424
|
|||||||||
Loss on asset dispositions
|
–
|
–
|
34,733
|
|||||||||
Total Operating Expenses
|
369,669
|
251,947
|
196,978,123
|
|||||||||
LOSS FROM OPERATIONS
|
(369,669
|
)
|
(251,947
|
)
|
(196,978,123
|
)
|
||||||
OTHER INCOME (EXPENSE):
|
||||||||||||
Interest income
|
61
|
384
|
39,309
|
|||||||||
Other income
|
–
|
–
|
18,632
|
|||||||||
Forgiveness of debt
|
–
|
–
|
115,214
|
|||||||||
Interest expense:
|
||||||||||||
Related parties
|
–
|
–
|
(68,806
|
)
|
||||||||
Other
|
–
|
–
|
(308,740
|
)
|
||||||||
Gain (loss) on extinguishment of liabilities
|
–
|
–
|
(222,748
|
)
|
||||||||
Gain on derivative instrument liability
|
–
|
–
|
7,203
|
|||||||||
Accretion of notes payable discounts
|
–
|
–
|
(1,132,088
|
)
|
||||||||
Total Other Income (Expense)
|
61
|
384
|
(1,552,024
|
)
|
||||||||
NET LOSS
|
$
|
(369,608
|
)
|
$
|
(251,563
|
)
|
$
|
(198,530,147
|
)
|
|||
Net loss per common share, basic and diluted
|
$ |
(0.00)
|
$ |
(0.00)
|
||||||||
Weighted average number of common shares outstanding, basic and diluted
|
245,970,992
|
95,818,434
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
(An Exploration Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
July 26, 2002 (Inception) through December 31, 2011
(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
|
)
|
||||||||||||||||
Balances at September 30, 2002 (Unaudited)
|
3,315,000
|
$
|
3,315
|
$
|
–
|
$
|
(3,306
|
)
|
$
|
(21,577
|
)
|
$
|
(21,568
|
)
|
||||||||||
Acquisition of DML Services on March 17, 2003
|
6,720,000
|
6,720
|
–
|
(56,720
|
)
|
–
|
(50,000
|
)
|
||||||||||||||||
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
|
||||||||||||||||||
Common stock issued for interest expense related to a note payable
|
525,000
|
525
|
–
|
16,975
|
–
|
17,500
|
||||||||||||||||||
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
|
|||||||||||||||||
Issuance of common stock to Gold and Minerals Company, Inc. in connection with purchase of COD property in August 2003
|
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
|
)
|
|||||||||||
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
|
)
|
–
|
–
|
|||||||||||||||||
Common stock issued for compensation
|
3,650,164
|
3,650
|
–
|
516,350
|
–
|
520,000
|
||||||||||||||||||
Common stock issued for notes payable
|
1,827,938
|
1,827
|
–
|
381,173
|
–
|
383,000
|
||||||||||||||||||
Common stock issued for services and expenses
|
2,082,234
|
2,083
|
–
|
393,682
|
–
|
395,765
|
||||||||||||||||||
Costs associated with warrants and options issued
|
–
|
–
|
–
|
108,000
|
–
|
108,000
|
||||||||||||||||||
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
|
)
|
(Continued)
The accompanying notes are an integral part of these consolidated financial statements.
(An Exploration Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
July 26, 2002 (Inception) through December 31, 2011 (Continued)
(Unaudited)
Common
Stock Shares
|
Common
Stock
Amount
|
Stock
Subscriptions
|
Additional
Paid-in
Capital
|
Deficit
Accumulated
During the
Exploration
Stage
|
Total
|
|||||||||||||||||||
Beneficial conversion of notes payable
|
–
|
–
|
–
|
21,635
|
–
|
21,635
|
||||||||||||||||||
Common stock issued for notes payable
|
383,576
|
384
|
–
|
153,042
|
–
|
153,426
|
||||||||||||||||||
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
|
||||||||||||||||||
Costs associated with warrants and options issued
|
–
|
–
|
–
|
149,004
|
–
|
149,004
|
||||||||||||||||||
Discounts on issuance of notes payable
|
–
|
–
|
–
|
113,448
|
–
|
113,448
|
||||||||||||||||||
Subscribed stock issued
|
200,000
|
200
|
(50,000
|
)
|
49,800
|
–
|
–
|
|||||||||||||||||
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
|
)
|
|||||||||||
Beneficial conversion of notes payable
|
–
|
–
|
–
|
128,572
|
–
|
128,572
|
||||||||||||||||||
Common stock issued for compensation
|
364,912
|
364
|
–
|
286,772
|
–
|
287,136
|
||||||||||||||||||
Common stock issued for exercise of options and warrants
|
498,825
|
499
|
–
|
256,251
|
–
|
256,750
|
||||||||||||||||||
Common stock issued for notes payable
|
2,124,726
|
2,125
|
–
|
1,147,875
|
–
|
1,150,000
|
||||||||||||||||||
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
|
||||||||||||||||||
Costs associated with warrants and options issued
|
–
|
–
|
–
|
163,750
|
–
|
163,750
|
||||||||||||||||||
Discounts on issuance of convertible notes payable
|
–
|
–
|
–
|
1,018,640
|
–
|
1,018,640
|
||||||||||||||||||
Provision for deferred income tax related to a timing difference on debt discount
|
–
|
–
|
–
|
(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
|
(Continued)
The accompanying notes are an integral part of these consolidated financial statements.
6
(An Exploration Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
July 26, 2002 (Inception) through December 31, 2011 (Continued)
(Unaudited)
Common
Stock Shares
|
Common
Stock
Amount
|
Stock
Subscriptions
|
Additional
Paid-in
Capital
|
Deficit
Accumulated
During the
Exploration
Stage
|
Total
|
|||||||||||||||||||
Common stock issued for compensation
|
966,994
|
968
|
–
|
604,583
|
–
|
605,551
|
||||||||||||||||||
Common stock issued for exercise of options and warrants
|
2,258,000
|
2,258
|
–
|
1,121,742
|
–
|
1,124,000
|
||||||||||||||||||
Common stock issued for notes payable
|
1,500,000
|
1,500
|
–
|
748,500
|
–
|
750,000
|
||||||||||||||||||
Common stock issued for services
|
80,216
|
81
|
–
|
52,325
|
–
|
52,406
|
||||||||||||||||||
Common stock sold in private placement
|
50,000
|
50
|
–
|
24,950
|
–
|
25,000
|
||||||||||||||||||
Costs associated with warrants and options issued
|
–
|
–
|
–
|
2,249,475
|
–
|
2,249,475
|
||||||||||||||||||
Reverse provision for deferred income tax related to a timing difference on debt discount
|
–
|
–
|
–
|
80,322
|
–
|
80,322
|
||||||||||||||||||
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 issued for compensation
|
1,637,356
|
1,637
|
–
|
358,774
|
–
|
360,411
|
||||||||||||||||||
Common stock issued for exercise of options and warrants
|
1,257,500
|
1,257
|
–
|
176,568
|
–
|
177,825
|
||||||||||||||||||
Common stock issued for exercise of cashless warrants
|
12,000
|
12
|
–
|
(12
|
)
|
–
|
–
|
|||||||||||||||||
Common stock issued for services
|
3,213,150
|
3,212
|
–
|
662,035
|
–
|
665,247
|
||||||||||||||||||
Common stock sold in private placement
|
300,000
|
300
|
–
|
149,700
|
–
|
150,000
|
||||||||||||||||||
Costs associated with warrants and options issued
|
–
|
–
|
–
|
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
|
||||||||||||
Common stock issued for compensation
|
562,500
|
563
|
–
|
44,437
|
–
|
45,000
|
||||||||||||||||||
Common stock issued for exercise of options and warrants
|
725,000
|
725
|
–
|
35,525
|
–
|
36,250
|
||||||||||||||||||
Common stock issued for services
|
1,127,744
|
1,127
|
–
|
95,205
|
–
|
96,332
|
||||||||||||||||||
Costs associated with warrants and options issued
|
–
|
–
|
–
|
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
|
(Continued)
The accompanying notes are an integral part of these consolidated financial statements.
7
(An Exploration Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
July 26, 2002 (Inception) through December 31, 2011 (Continued)
(Unaudited)
Common
Stock Shares
|
Common
Stock
Amount
|
Stock
Subscriptions
|
Additional
Paid-in
Capital
|
Deficit
Accumulated
During the
Exploration
Stage
|
Total
|
|||||||||||||||||||
Common stock issued for compensation
|
2,075,927
|
2,076
|
–
|
647,234
|
–
|
649,310
|
||||||||||||||||||
Common stock issued for services
|
525,000
|
525
|
–
|
180,975
|
–
|
181,500
|
||||||||||||||||||
Common stock sold in private placement
|
4,255,374
|
4,255
|
–
|
1,485,111
|
–
|
1,489,366
|
||||||||||||||||||
Conversion of accounts payable and accrued liabilities to equity
|
346,399
|
347
|
–
|
30,829
|
–
|
31,176
|
||||||||||||||||||
Net loss
|
–
|
–
|
–
|
–
|
(1,276,529
|
)
|
(1,276,529
|
)
|
||||||||||||||||
Balances at September 30, 2010
|
95,790,069
|
$
|
95,790
|
$
|
–
|
$
|
20,461,702
|
$
|
(19,239,497
|
)
|
$
|
1,317,995
|
||||||||||||
Common stock issued for services
|
183,000
|
183
|
–
|
175,757
|
–
|
175,940
|
||||||||||||||||||
Common stock issued for the acquisition of Gold and Minerals Company, Inc.
|
148,127,043
|
148,127
|
–
|
177,604,325
|
–
|
177,752,452
|
||||||||||||||||||
Common stock issued for exercise of warrants
|
366,667
|
367
|
–
|
212,300
|
–
|
212,667
|
||||||||||||||||||
Common stock issued under settlement agreement
|
332,285
|
332
|
–
|
328,683
|
–
|
329,015
|
||||||||||||||||||
Common stock sold in private placement
|
783,396
|
783
|
–
|
514,836
|
–
|
515,619
|
||||||||||||||||||
Costs associated with options
|
–
|
–
|
–
|
745,213
|
–
|
745,213
|
||||||||||||||||||
Merger rounding share issued
|
1
|
–
|
–
|
1
|
–
|
1
|
||||||||||||||||||
Stock issuance costs for the acquisition
|
–
|
–
|
–
|
(32,324
|
)
|
–
|
(32,324
|
)
|
||||||||||||||||
Net loss
|
–
|
–
|
–
|
–
|
(178,921,042
|
)
|
(178,921,042
|
)
|
||||||||||||||||
Balances at September 30, 2011
|
245,582,461
|
$
|
245,582
|
$
|
–
|
$
|
200,010,493
|
$
|
(198,160,539
|
)
|
$
|
2,095,536
|
||||||||||||
Common stock sold in private placement
|
1,275,119
|
1,275
|
–
|
448,725
|
–
|
450,000
|
||||||||||||||||||
Costs associated with options
|
–
|
–
|
–
|
12,313
|
–
|
12,313
|
||||||||||||||||||
Net loss
|
–
|
–
|
–
|
–
|
(369,608
|
)
|
(369,608
|
)
|
||||||||||||||||
Balances at December 31, 2011 (Unaudited)
|
$
|
246,857,580
|
$
|
246,857
|
$
|
–
|
$
|
200,471,531
|
$
|
(198,530,147
|
)
|
$
|
2,188,241
|
The accompanying notes are an integral part of these consolidated financial statements.
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
December 31,
|
July 26, 2002
(Inception)
Through
December 31,
|
|||||||||||
2011
|
2010
|
2011
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net loss
|
$
|
(369,608
|
)
|
$
|
(251,563
|
)
|
$
|
(198,530.147
|
)
|
|||
Adjustments to reconcile net (loss) to net cash used in operating activities:
|
||||||||||||
Warrant and option expense
|
12,313
|
–
|
4,834,104
|
|||||||||
Beneficial conversion feature of notes payable
|
–
|
–
|
225,207
|
|||||||||
Non-cash expense with affiliate
|
–
|
–
|
7,801
|
|||||||||
Stock-based compensation
|
–
|
–
|
6,605,133
|
|||||||||
Non-cash merger related costs
|
–
|
–
|
1
|
|||||||||
Accretion of discounts on notes payable
|
–
|
–
|
1,132,088
|
|||||||||
(Gain) loss on sale of fixed assets
|
–
|
–
|
34,733
|
|||||||||
Gain on derivative instruments liability
|
–
|
–
|
(7,203
|
)
|
||||||||
Loss on impairment of mineral property
|
–
|
–
|
176,567,424
|
|||||||||
Write-off accounts payable and accrued interest
|
–
|
–
|
(63,364
|
)
|
||||||||
Forgiveness of debt
|
–
|
–
|
(115,214
|
)
|
||||||||
Gain on conversion of debt
|
–
|
–
|
(2,459
|
)
|
||||||||
Provision for uncollectible note receivable
|
–
|
–
|
62,500
|
|||||||||
Non-cash litigation settlement
|
–
|
–
|
214,642
|
|||||||||
Depreciation
|
692
|
1,432
|
80,288
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Miscellaneous receivable
|
–
|
–
|
4,863
|
|||||||||
Interest receivable
|
–
|
–
|
(13,611
|
)
|
||||||||
Prepaid expenses and other current assets
|
(47,154
|
)
|
12,057
|
(80,816
|
)
|
|||||||
Advances on behalf of affiliated company
|
–
|
(28,117
|
)
|
(562,990
|
)
|
|||||||
Accounts payable
|
(9,383
|
)
|
(36,753
|
)
|
111,443
|
|||||||
Accounts payable - related party
|
–
|
–
|
364
|
|||||||||
Accrued liabilities
|
(3,441
|
)
|
(30,980
|
)
|
271,006
|
|||||||
Interest payable, other
|
–
|
–
|
49,750
|
|||||||||
Net Cash (Used in) Operating Activities
|
(416,581
|
)
|
(333,924
|
)
|
(9,174,457
|
)
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase of property interest
|
–
|
–
|
(100,000
|
)
|
||||||||
Purchase of furniture and equipment
|
–
|
–
|
(148,740
|
)
|
||||||||
Proceeds from sale of fixed assets
|
–
|
–
|
32,001
|
|||||||||
Deposits
|
–
|
–
|
(22,440
|
)
|
||||||||
Issuance of notes receivable
|
–
|
–
|
(249,430
|
)
|
||||||||
Payments received on notes receivable
|
–
|
–
|
129,450
|
|||||||||
Cash received in acquisition of Gold and Minerals Company, Inc.
|
–
|
–
|
89,902
|
|||||||||
Costs associated with acquisition share issuance
|
–
|
–
|
(32,324
|
)
|
||||||||
Cash paid in connection with acquisition of DML Services, Inc.
|
–
|
–
|
(50,000
|
)
|
||||||||
Net Cash (Used in) Investing Activities
|
–
|
–
|
(351,581
|
)
|
(Continued)
The accompanying notes are an integral part of these unaudited consolidated financial statements. EL CAPITAN PRECIOUS METALS, INC.
(An Exploration Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
Three Months Ended
December 31,
|
July 26, 2002
(Inception)
Through
December 31,
|
|||||||||||
2011
|
2010
|
2011
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Proceeds from the sale of common stock
|
450,000
|
15,619
|
5,911,591
|
|||||||||
Costs associated with the sale of stock
|
–
|
–
|
(19,363
|
)
|
||||||||
Proceeds from notes payable, related parties
|
–
|
–
|
219,900
|
|||||||||
Proceeds from warrant exercise
|
–
|
–
|
1,550,742
|
|||||||||
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
|
–
|
–
|
(117,479
|
)
|
||||||||
Repayment of notes payable, other
|
–
|
–
|
(43,874
|
)
|
||||||||
Net Cash Provided Financing Activities
|
450,000
|
15,619
|
9,879,396
|
|||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
33,419
|
(318,305
|
)
|
353,358
|
||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
319,939
|
955,023
|
–
|
|||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
353,358
|
$
|
636,718
|
$
|
353,358
|
||||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||||||
Cash paid for interest
|
$
|
–
|
$
|
–
|
$
|
172,917
|
||||||
Cash paid for income taxes
|
–
|
–
|
–
|
|||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||||||
Fixed assets disposed for accrued liabilities
|
$
|
–
|
$
|
–
|
$
|
1,991
|
||||||
Issuance of common stock to Gold and Minerals Company, Inc. in connection with the purchase of interest in El Capitan, Ltd.
|
–
|
–
|
8
|
|||||||||
Issuance of common stock to Gold and Minerals Company, Inc. in connection with the purchase of the COD property
|
–
|
–
|
3,600
|
|||||||||
Issuance of common stock to Gold and Minerals Company, Inc. in connection with the purchase of the Weaver property
|
–
|
–
|
3,000
|
|||||||||
Net non-cash advances from affiliated company
|
–
|
–
|
562,990
|
|||||||||
Notes payable and accrued interest converted to equity
|
–
|
–
|
2,495,544
|
|||||||||
Accounts payable and accrued liabilities converted to equity
|
–
|
–
|
31,176
|
|||||||||
Issuance of common stock to former Company officers under a settlement
|
–
|
–
|
329,015
|
|||||||||
Issuance of common stock to Gold and Minerals Company, Inc. stockholders in connection with the merger of Gold and Minerals Company, Inc.
|
–
|
–
|
177,752,452
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
(An Exploration Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(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, 2012, 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, 2011, included in the Company’s Annual Report on Form 10-K, filed December 29, 2011. The consolidated balance sheet at September 30, 2011, has been derived from the audited financial statements included in the 2011 Annual Report.
Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for fiscal 2011 as reported in the Form 10-K have been omitted. Certain prior year amounts have been reclassified to conform to the current year presentation.
Principles of Consolidation
With the acquisition of Gold and Minerals Company, Inc. (“Minerals”), the Company also became the 100% owner of EL Capitan, LTD. (“ECL”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries El Capitan Precious Metals, Inc., a Delaware corporation; Minerals, a Nevada corporation; and ECL, an Arizona corporation. All significant inter-company accounts and transactions have been eliminated in consolidation.
New Accounting Pronouncements
Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
Management Estimates and Assumptions
The preparation of El Capitan’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from these estimates.
NOTE 2 – MINERAL PROPERTY COSTS
Mineral property exploration costs are expensed as incurred until such time as economic reserves are quantified. To date El Capitan has not established any proven or probable reserves on its mineral properties. The Company has capitalized $1,879,608 of mineral property acquisition costs reflecting its investment in the El Capitan site as of December 31, 2011.
NOTE 3 – STOCKHOLDERS’ EQUITY
Equity Purchase Agreement
On July 11, 2011, the Company entered into an Equity Purchase Agreement (the “Agreement”) with Southridge Partners II, LP (“Southridge”), pursuant to which the Company may from time to time, in its discretion, sell newly-issued shares of its common stock to Southridge for aggregate gross proceeds of up to $5,000,000. Unless terminated earlier, Southridge’s purchase commitment will automatically terminate on the earlier of July 11, 2013 or the date on which aggregate purchases of shares of common stock by Southridge under the Agreement total $5,000,000. El Capitan has no obligation to sell any shares under the Agreement. The Agreement may be terminated by the Company at any time. Southridge will have no obligation to purchase shares under the Agreement to the extent that such purchase would cause Southridge to own more the 9.99% of the El Capitan’s common stock.
For each share of the Company’s common stock purchased under the Agreement, Southridge will pay 94.0% of the Market Price, which is defined as the average of the two lowest closing bid prices on the Over-the-Counter Bulletin Board, as reported by Bloomberg Finance L.P., during the five trading days following the put notice (the “Valuation Period”). After the expiration of the Valuation Period, Southridge will purchase the applicable number of shares subject to customary closing conditions.
As of December 31, 2011 the Company has received aggregate proceeds of $950,000 under the Agreement and $100,000 subsequent to December 31, 2011. The Company has remaining options to sell to Southridge $3,950,000 in shares of common stock of the Company under the Agreement.
Issuances of Common Stock, Warrants and Options
Common Stock
During the quarter ended December 31, 2011, El Capitan issued 1,275,119 shares of common stock at prices ranging from $0.421 to $0.281 per share under the terms of Equity Purchase Agreement and received cash proceeds of $450,000.
Warrants
During the three months ended December 31, 2011, the Company did not issue any warrants. There were no warrants outstanding as of September 30, 2011 or December 31, 2011.
On November 1, 2011, pursuant to the 2005 Stock Incentive Plan, the Company granted to a consultant a two-year stock option to purchase 100,000 shares of the Company common stock, at an exercise price of $0.42 per share. The option becomes fully vested upon the execution of an engagement agreement between the Company and specified investment banker or one of its affiliates. The fair value of the options was determined to be $24,627, using the Black-Scholes option pricing model, and $12,313 was expensed as stock-based compensation during the quarter ending December 31, 2011. The significant assumptions used in the valuation were: the exercise price $0.42, on November 1, 2011, the market value of the Company’s common stock, expected volatility of 115.379%, risk free interest rate of 0.23%, expected term of 2 years and expected dividend yield of zero.
The following table sets forth certain terms of the Company’s outstanding options and exercisable options for the three months ended December 31, 2011:
Options Outstanding
|
Options Exercisable
|
|||||||||||||||
Number of
Shares
|
Weighted Average
Exercise Price
|
Number of
Shares
|
Weighted Average
Exercise Price
|
|||||||||||||
Balance, September 30, 2011
|
2,450,000
|
$ 0.84 |
2,450,000
|
$ 0.84 | ||||||||||||
Granted
|
100,000
|
$ 0.42 |
–
|
–
|
||||||||||||
Exercised
|
–
|
–
|
–
|
–
|
||||||||||||
Expired/Cancelled
|
–
|
–
|
–
|
–
|
||||||||||||
Balance, December 31, 2011
|
2,550,000
|
$ .0.83 |
2,450,000
|
$ 0.84 | ||||||||||||
Weighted average contractual life in years
|
2.05
|
2.06
|
||||||||||||||
Aggregate intrinsic value
|
$ |
0
|
$ |
0
|
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 $0.39 closing stock price of the Company’s common stock on December 31, 2011, and there were options in-the-money on the date of measurement. The intrinsic value amounts change based on the market price of the Company’s stock.
The Company has a 2005 Stock Incentive Plan under which 30,000,000 shares are reserved and registered for stock and option grants. There were 15,919,460 shares available for grant under the Plan at December 31, 2011, excluding the 2,550,000 options outstanding.
NOTE 4 – SUBSEQUENT EVENTS
Subsequent to December 31, 2011, and through February 9, 2012, El Capitan sold an aggregate of 330,365 shares to Southridge Partners under the Equity Purchase Agreement for aggregate cash proceeds of $100,000.
On January 31, 2012, the Company engaged Houlihan Lokey Capital, Inc. to act as its exclusive financial advisor to assist the Company in evaluating potential strategic alternatives related to the approximately 3,000 acre property located near Capitan, New Mexico, including the potential sale of the property.
On January 31, 2012, pursuant to the 2005 Stock Incentive Plan, the Company granted to a director of our board a two-year vested stock option to purchase 500,000 shares of the Company’s common stock, at an exercise price of $0.38 per share.
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
The following management discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim consolidated financial statements and related notes which are included in Item 1 of this Quarterly Report on Form 10-Q, and with our audited financial statements and the “Risk Factors” section included in our Form 10-K for the year ended September 30, 2011, filed with the U.S Securities and Exchange Commission on December 29, 2011.
Cautionary Statement on Forward-Looking Statements
This Quarterly Report on Form 10-Q 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,” “intend,” “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.
Company Overview
We are an exploration stage company that has owned interests in several properties located in the southwestern United States in the past. We are principally engaged in the exploration of precious metals and other minerals. At this time, we are not engaged in any revenue-producing operations. We are considered an exploration stage company under the SEC criteria since we have not yet demonstrated the existence of proven or probable reserves at our El Capitan property. As a result, and in accordance with accounting principles generally accepted in the United States for exploration stage companies, all expenditures for exploration and evaluation of our properties are expensed as incurred.
We are concentrating on the exploration of our El Capitan property. After completing further testing to determine the existence and concentration of commercially extractable precious metals or other minerals at this property site, and if the results of such testing are positive, we anticipate formalizing plans for the development of the asset by either selling or entering into a joint venture with a producing mining company.
Financial Condition, Liquidity and Capital Resources
Historically we have relied on equity and debt financings to finance our ongoing operations. To continue our exploration, metallurgical and recovery program efforts on the El Capitan project and continue our business strategies for our fiscal year 2012, on July 11, 2011, we entered into an Equity Purchase Agreement (the “Agreement”), with Southridge Partners II, LP (“Southridge”). The term of the Agreement is two years, and can be terminated by the Company at any time. The Agreement permits the Company to sell newly-issued shares of our common stock for aggregate proceeds of up to $5,000,000. We have no obligation to sell any shares under the Agreement. The shares to be sold under the Agreement will be made pursuant to our effective registration statement on Form S-3 filed with the Securities and Exchange Commission. As of February 9, 2012, we have sold Southridge shares of common stock for aggregate proceeds of $1,050,000 and have a remaining option to sell to Southridge $3,950,000 in shares of common stock of the Company under the Agreement. The Company expects that the proceeds received from the Agreement will permit the Company to continue its development of the El Capitan property to sell to or enter into a joint venture with a producing mining company.
We expect that the Agreement will provide the Company with adequate funding to sustain its planned operations and provide a source of funds for the final phases of our business plan strategy. At this time the Company plans to utilize the funds for the finalization of the recovery process project for the El Capitan deposit, complete any additional exploration and metallurgical efforts that may be required on the El Capitan project, necessary corporate personnel and general and administrative operating costs and expenses to be incurred in the marketing of the El Capitan site.
As of December 31 2011, we had cash on hand of $353,358, and an accumulated deficit of $198,530,147. Based upon our budgeted burn rate we currently have operating capital for approximately five months, excluding any cash that would be received by the Company upon the sale of its shares of common stock under the terms of the Agreement. If management’s plans are not successful, operations and liquidity may be adversely impacted.
RESULTS OF OPERATIONS
Three Months Ended December 31, 2011 Compared to Three Months Ended December 31, 2010
Revenues
We have not yet realized any revenue from operations, nor do we expect to realize potential revenues until our property is sold or a joint venture is entered into for development and deployment of the El Capitan site. There is no guarantee that we will achieve proven commercially viable recovery of precious metals at the El Capitan site.
Expenses and Net Loss
Our operating expenses increased $117,722 from $251,947 for the three months ended December 31, 2010 to $369,669 for the three months ended December 31, 2011. The increase is mainly attributable to an increase in exploration expenses aggregating $111,485; non-cash warrant and option expense of $12,313 and increased other general and administrative of $4,404. These increases were offset by decreases in professional fees of $6,330 and legal and accounting fees of $4,150.
The increase in exploration expenses resulted from increased assay tests on our precious metals recovery project and increased time spent on this project by our outside mine consultants. The increase in other general and administrative is mainly attributable increased costs incurred in business/shareholder relations of $7,905; monthly meetings of our board of directors aggregating $6,869; web site design and maintenance of $9,035 and $3,875 in director and officer insurance. These increases were offset by decreases in transfer agent fees of $15,537, which were mainly related to proxy statement costs; $3,325 in filing fees related to the S-4 Registration Statement and decreased supplies and repair costs of $1,051.
Our net loss for the three months ended December 31, 2011 increased to $369,608 from a net loss of $251,563 incurred for the comparable three month period ended December 31, 2010. The increase in net loss of $118,045 for the current period is attributable to the aforementioned net increases in operating expenses.
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 exploration companies which have not yet established business operations.
The price of gold and other precious metals 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 decreased estimated costs of extraction of production, if involved in a joint venture, or may affect our ability to market the sale of the El Capitan property site.
We currently are continuing to have geological and metallurgical work performed on samples from our site and developing and finalizing an economically feasible precious metals recovery process for our El Capitan ore.
Off-Balance Sheet Arrangements
During the three months ended December 31, 2011, we did not engage in any off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K.
Critical Accounting Policies
Our unaudited 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 Annual Report on Form 10-K for the year ended September 30, 2011, describe our significant accounting policies which are reviewed by management on a regular basis
New Accounting Pronouncements
Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
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Our exposure to market risks is limited to changes in interest rates. We do not use derivative financial instruments as part of an overall strategy to manage market risk.
We have no debt outstanding nor do we have any investment in debt instruments other than highly liquid short-term investments. Accordingly, we consider our interest rate risk exposure to be insignificant at this time.
Item 4. |
Controls and Procedures
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The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in its periodic reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer/principal financial officer, to allow timely decisions regarding required disclosure.
As of as of the end of period covered by this Quarterly Report on Form 10-Q, our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act). The evaluation included certain control areas which are material to the Company and its size as an Exploration Stage Company. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Based upon the evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at a reasonable assurance level to ensure that information required to be disclosed by it in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. In addition, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at a reasonable assurance level to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements or fraud. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Exchange Act, during the quarter ended December 31, 2011, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. |
OTHER INFORMATION
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Item 1. |
Legal Proceedings
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We are not a party to any material pending legal proceedings, and to the best of our knowledge, no such proceedings by or against the Company have been threatened.
Item 1A. |
Risk Factors
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Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described in our Annual Report on Form 10-K for the year ended September 30, 2011, filed with the U.S. Securities and Exchange Commission on December 29, 2011, in addition to the other information included in forward-looking statements made in this Quarterly Report on Form 10-Q or elsewhere by management from time to time prior to investing in our common stock.
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
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None.
Item 3. |
Defaults Upon Senior Securities
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None.
Item 4. |
Mine Safety Disclosures
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Not applicable.
Item 5. |
Other Information
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None.
Exhibits
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(a)
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Exhibits
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Exhibit
Number
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Description
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2.1
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Agreement and Plan of Merger between the Company, Gold and Minerals Company, Inc. and MergerCo, dated June 28, 2010 (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed July 7, 2010).
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3.1
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Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Company’s Form S-4 Registration Statement #333-170281 filed on November 2, 2010).
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3.2
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Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Form S-4 Registration Statement #333-170281 filed on November 2, 2010).
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10.1
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Joint Venture Agreement dated as of May 4, 2010, between the Company, El Capitan, Ltd. and Planet Resource Recovery, Inc. (incorporated by reference to Exhibit 10.3 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2010 filed on January 13, 2011).
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10.2 |
Equity Purchase Agreement dated July 11, 2011 between the Company and Southridge Partners II, LP (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 12, 2011).
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Exhibit
Number
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Description
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31.1*
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Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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31.2*
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Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1*
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Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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101.INS* | XBRL Instance Document** | |
101.SCH* | XBRL Extension Schema Document** | |
101.CAL* | XBRL Extension Calculation Linkbase Document** | |
101.DEF* | XBRL Extension Definition Linkbase Document** | |
101.LAB* | XBRL Extension Labels Linkbase Document** | |
101.PRE* | XBRL Extension Presentation Linkbase Document** |
__________________
*
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Filed herewith.
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**
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In accordance with Rule 406T of Regulation S-T, this information is deemed not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
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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.
EL CAPITAN PRECIOUS METALS, INC.
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Dated: February 9, 2012
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By:
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/s/ Charles C. Mottley | |
Charles C. Mottley
Chief Executive Officer, President and Director
(Principal Executive Officer)
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Dated: February 9, 2012
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By:
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/s/ Stephen J. Antol | |
Stephen J. Antol
Chief Financial Officer
(Principal Financial Officer)
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