Lustros Inc.

CIK:0000922011|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended
Consolidated Statements of Operations (USD $)	Mar. 31, 2014	Mar. 31, 2013
Consolidated Statements Of Operations
Revenue	$ 0us-gaap_Revenues	$ 0us-gaap_Revenues
Cost of goods sold	0us-gaap_CostOfGoodsAndServicesSold	0us-gaap_CostOfGoodsAndServicesSold
Gross profit	0us-gaap_GrossProfit	0us-gaap_GrossProfit
Operating expenses
General and administrative	423,114us-gaap_GeneralAndAdministrativeExpense	239,959us-gaap_GeneralAndAdministrativeExpense
Depreciation	169,055us-gaap_Depreciation	31,029us-gaap_Depreciation
Foreign exchange losses	272,214	0
Payroll	209,108	400,956
Legal and accounting	64,218us-gaap_ProfessionalFees	73,189us-gaap_ProfessionalFees
Asset impairment	25,233us-gaap_AssetImpairmentCharges	0us-gaap_AssetImpairmentCharges
Congo rent expense	232,619us-gaap_LeaseAndRentalExpense	0us-gaap_LeaseAndRentalExpense
Mining costs	0us-gaap_ExplorationCosts	21,353us-gaap_ExplorationCosts
Research & development	0us-gaap_ResearchAndDevelopmentExpense	49us-gaap_ResearchAndDevelopmentExpense
Total expenses	1,395,561us-gaap_OperatingExpenses	766,535us-gaap_OperatingExpenses
Loss from operations	(1,395,561)	(766,535)
Net change in fair value of derivative liability	(7,266)us-gaap_UnrealizedGainLossOnDerivatives	0us-gaap_UnrealizedGainLossOnDerivatives
Interest expense	(27,696)us-gaap_InterestExpense	(226,028)us-gaap_InterestExpense
Net loss	(1,430,523)us-gaap_NetIncomeLoss	(992,563)us-gaap_NetIncomeLoss
Net loss attributable to non-controlling interest	(285,233)	(211,056)
Net loss attributable to Lustros, Inc.	$ (1,145,290)us-gaap_IncomeLossAttributableToParent	$ (781,507)us-gaap_IncomeLossAttributableToParent
Loss per share, basic and diluted	$ (0.01)us-gaap_EarningsPerShareBasicAndDiluted	$ (0.01)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average common shares, basic and diluted	98,427,334	89,018,101

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities
Net loss	$ (1,430,523)us-gaap_NetIncomeLoss	$ (992,563)us-gaap_NetIncomeLoss
Non-cash transactions to reconcile net loss to cash used in operations
Depreciation and amortization	169,055us-gaap_DepreciationAndAmortization	31,029us-gaap_DepreciationAndAmortization
Amortization of original issued discount	12,363	183,169
Accrued rents Congo	232,619us-gaap_LeaseAndRentalExpense	0us-gaap_LeaseAndRentalExpense
Loss on sale of assets	31,777us-gaap_GainLossOnDispositionOfAssets
Loss on settlement of debt	13,066	0
Interest paid with stock	802us-gaap_InterestExpenseOther	0us-gaap_InterestExpenseOther
Loss on change in fair value of convertible note derivative liability	7,266us-gaap_UnrealizedGainLossOnDerivatives	0us-gaap_UnrealizedGainLossOnDerivatives
Changes in operating assets and liabilities
Increase in accrued interest included in notes payable	0	5,732
Decrease/(increase) in receivables	868	0
Decrease/(increase) in prepaid expenses	(25,134)	(897)
Decrease/(increase) in inventory	(91,939)us-gaap_IncreaseDecreaseInInventories	(8,571)us-gaap_IncreaseDecreaseInInventories
Decrease/(increase) in tax receivable	0	(58,177)
Increase in asset retirement obligation	31,898	15,954
Increase/(decrease) in accounts payable	(143,696)	111,922
Total cash used in operations	(1,191,578)	(712,402)
Cash flows from investing activities
Purchase of fixed assets	0	(139,510)
Total cash provided by (used in) investing activities	0	(139,510)
Cash from financing activities
Proceeds from convertible notes payable	300,000us-gaap_ProceedsFromConvertibleDebt	0us-gaap_ProceedsFromConvertibleDebt
Repayments on convertible notes	0us-gaap_RepaymentsOfConvertibleDebt	(40,587)us-gaap_RepaymentsOfConvertibleDebt
Proceeds from notes payable, related parties	650us-gaap_ProceedsFromRelatedPartyDebt	221,509us-gaap_ProceedsFromRelatedPartyDebt
Proceeds from the issuance of common stock	0	550,000
Total cash provided by financing activities	300,650	730,922
Effect of foreign currency exchange rate on cash	367,209	(7,513)
DECREASE IN CASH	(523,719)us-gaap_CashPeriodIncreaseDecrease	(128,503)us-gaap_CashPeriodIncreaseDecrease
BEGINNING CASH	615,469us-gaap_Cash	277,565us-gaap_Cash
ENDING CASH	91,750us-gaap_Cash	149,062us-gaap_Cash
Interest paid	0us-gaap_InterestPaid	14,818us-gaap_InterestPaid
Income taxes paid	0us-gaap_IncomeTaxesPaid	0us-gaap_IncomeTaxesPaid
Supplemental disclosure of non-cash investing and financing activities:
Related party notes transferred to convertible notes	0	(270,988)
Convertible notes settled with common stock	(20,000)	0
Shares issued in conversion of convertible note	$ 128,647	$ 426,141

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current Assets
Cash	$ 91,750us-gaap_Cash	$ 615,469us-gaap_Cash
Other receivables	0	915
Prepaid expenses	145,856us-gaap_PrepaidExpenseCurrent	124,770us-gaap_PrepaidExpenseCurrent
Inventory	91,939us-gaap_InventoryGross	0us-gaap_InventoryGross
Total current assets	329,545us-gaap_AssetsCurrent	741,154us-gaap_AssetsCurrent
Non-Current Assets
Fixed asset, net	3,124,665us-gaap_PropertyPlantAndEquipmentNet	3,486,711us-gaap_PropertyPlantAndEquipmentNet
Land	508,601us-gaap_Land	534,596us-gaap_Land
Total non-current assets	3,633,266us-gaap_AssetsNoncurrent	4,021,307us-gaap_AssetsNoncurrent
TOTAL ASSETS	3,962,811us-gaap_Assets	4,762,461us-gaap_Assets
Liabilities
Accounts payable	1,583,192us-gaap_AccountsPayableCurrent	1,792,529us-gaap_AccountsPayableCurrent
Convertible note payable, net of unamortized discount of $8,643 and $21,066 respectively	43,139us-gaap_ConvertibleDebtCurrent	50,113us-gaap_ConvertibleDebtCurrent
Accrued rents Congo	697,858us-gaap_AccruedRentCurrent	465,239us-gaap_AccruedRentCurrent
Derivative liability from convertible notes	46,740us-gaap_DerivativeLiabilitiesCurrent	39,474us-gaap_DerivativeLiabilitiesCurrent
Notes payable	358,251us-gaap_NotesPayableCurrent	351,183us-gaap_NotesPayableCurrent
Notes payable - related party	3,117	2,467
Total current liabilities	2,732,297us-gaap_LiabilitiesCurrent	2,701,005us-gaap_LiabilitiesCurrent
Long Term Liabilities
Convertible notes payable - related party, net of unamortized discount of $41,519 and $0 respectively	258,481us-gaap_ConvertibleLongTermNotesPayable	0us-gaap_ConvertibleLongTermNotesPayable
Asset retirement obligations	446,633us-gaap_AssetRetirementObligation	433,794us-gaap_AssetRetirementObligation
Total long term liabilites	705,114us-gaap_LiabilitiesNoncurrent	433,794us-gaap_LiabilitiesNoncurrent
Total liabilities	3,437,411us-gaap_Liabilities	3,134,799us-gaap_Liabilities
Stockholders' Equity
Preferred stock, $.001 par value, 10,000,000 shares authorized, 401,876 and 441,416 shares issued and outstanding respectively	402us-gaap_PreferredStockValue	441us-gaap_PreferredStockValue
Common stock, $.001 par value, 250,000,000 shares authorized, 101,251,993 and 97,169,346 issued and outstanding respectively	101,252us-gaap_CommonStockValue	97,169us-gaap_CommonStockValue
Additional paid-in capital	12,456,891us-gaap_AdditionalPaidInCapital	12,384,745us-gaap_AdditionalPaidInCapital
Accumulated other comprehensive income	2,224,006	1,971,935
Accumulated deficit	(12,349,825)	(11,204,535)
Total Lustros, Inc. stockholders' equity	2,432,726us-gaap_StockholdersEquity	3,249,755us-gaap_StockholdersEquity
Non-controlling interest	(1,907,326)us-gaap_MinorityInterest	(1,622,093)us-gaap_MinorityInterest
Total stockholders' equity	525,400	1,627,662
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,962,811	$ 4,762,461