GOLDEN PHOENIX MINERALS INC /MN/

CIK:0001042784|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue
Revenues
Operating costs and expenses:
Exploration and evaluation expenses	$ 53,042	$ 56,287	$ 53,042	$ 173,853
General and administrative expenses	238,286	141,971	645,699	418,510
Depreciation and amortization expense		228	76	684
Total operating costs and expenses	291,328	198,486	698,817	593,047
Loss from operations	(291,328)	(198,486)	(698,817)	(593,047)
Other income (expense):
Interest and other income	21	270	146	481
Foreign currency gain	14,477	10,327	40,056	11,134
Gain on extinguishment of debt		300	453,200	816,408
Interest expense	(52)	(650)	(52)	(45,932)
Investment loss	(103,930)		(103,930)
Loss on derivative liability				(445,881)
Gain on disposition of assets				2,509,885
Total other income (expense)	(89,484)	10,247	389,420	2,846,095
Income (loss) before income taxes	$ (380,812)	$ (188,239)	$ (309,397)	$ 2,253,048
Provision for income taxes
Net income (loss)	$ (380,812)	$ (188,239)	$ (309,397)	$ 2,253,048
Other comprehensive loss - decrease in unrealized loss on marketable securities	93,895		38,680
Total comprehensive income (loss)	$ (286,917)	$ (188,239)	$ (270,717)	$ 2,253,048
Income (loss) per common share:
Income (loss) per common share: Basic	$ 0.00	$ 0.00	$ 0.00	$ 0.01
Income (loss) per common share: Diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.01
Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding: Basic	457,931,603	456,358,515	456,886,717	447,330,672
Weighted average number of common shares outstanding: Diluted	457,931,603	456,358,515	456,886,717	451,384,726

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ (309,397)	$ 2,253,048
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	76	684
Stock-based compensation	3,056
Foreign currency gain	(12,693)
Gain on extinguishment of debt	(453,200)	(816,408)
Investment loss	103,930
Common stock issued for exploration and evaluation expenses		35,300
Common stock issued for services		5,250
Amortization of debt issuance costs to interest expense		4,719
Amortization of debt discount to interest expense		12,626
Loss on derivative liability		445,881
Gain on disposition of assets		(2,509,885)
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses and other current assets	(10,421)	(207,945)
Decrease in deposits	190,000
Increase (decrease) in accounts payable	(6,687)	(504,554)
Increase (decrease) in accrued liabilities	(57,466)	(129,307)
Net cash used in operating activities	(552,802)	(1,410,591)
Cash flows from investing activities:
Proceeds from the disposition of assets, net of fees and costs		2,478,885
Net cash provided by investing activities		2,478,885
Cash flows from financing activities:
Proceeds from the issuance of common stock		10,000
Payments of notes payable		(59,075)
Payment of amounts due to related party		(85,000)
Net cash used in financing activities		(134,075)
Net increase (decrease) in cash	(552,802)	934,219
Cash, beginning of the period	642,990	4,925
Cash, end of the period	$ 90,188	$ 939,144

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 90,188	$ 642,990
Prepaid expenses and other current assets	23,412	12,991
Deposits		190,000
Marketable securities	13,442	65,999
Total current assets	127,042	911,980
Other assets		76
Total assets	127,042	912,056
Current liabilities:
Accounts payable	544,787	560,674
Accrued liabilities	263,130	377,596
Notes payable		1,353,223
Total current liabilities	807,917	2,291,493
Long-term note payable	45,000
Total liabilities	$ 852,917	$ 2,291,493
Commitments and contingencies
Stockholders' deficit:
Preferred stock, no par value, 50,000,000 shares authorized, none issued
Common stock; $0.001 par value, 800,000,000 shares authorized, 461,770,907 and 456,773,907 shares issued and outstanding, respectively	$ 461,771	$ 456,774
Additional paid-in capital	59,797,255	58,877,973
Treasury stock, 415,392 shares at cost	(49,008)	(49,008)
Accumulated other comprehensive loss		(38,680)
Accumulated deficit	(60,935,893)	(60,626,496)
Total stockholders' deficit	(725,875)	(1,379,437)
Total liabilities and stockholders' deficit	$ 127,042	$ 912,056