CALAIS RESOURCES INC

CIK:0001044650|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		302 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012
Revenues	$ 7,237	$ 0	$ 83,260	$ 0	$ 83,260
Operating Costs and Expenses
Costs applicable to sales	159,431	0	706,634	0	706,634
General and administrative	307,815	1,034,855	1,542,306	1,668,883	13,857,283
Exploration and mine development	15,409	61,871	55,535	120,047	12,437,488
Depreciation and amortization	1,802	100	4,380	199	207,082
Total operating costs and expenses	484,457	1,096,826	2,308,855	1,789,129	27,208,487
Loss from Operations	(477,220)	(1,096,826)	(2,225,595)	(1,789,129)	(27,125,227)
Other (income) and expenses
Loss on impairment	0	0	0	0	9,808,572
Loss (gain) on settlement of debts	(82,452)	(2,614,853)	25,233	(2,927,784)	(3,363,509)
Interest and financing fees	206,884	203,227	617,782	626,649	15,057,127
Foreign currency transaction loss	0	1,368,064	3,485	1,368,174	1,371,356
Other (income) expense	0	(581)	(156,545)	(737)	88,356
Total other (income) and expenses	124,432	(1,044,143)	489,955	(933,698)	22,961,902
Loss before income taxes	(601,652)	(52,683)	(2,715,550)	(855,431)	(50,087,129)
Income tax expense (benefit)	0	0	0	0	0
Net loss	(601,652)	(52,683)	(2,715,550)	(855,431)	(50,087,129)
Other comprehensive loss (income) - foreign currency translation adjustments	(31,254)	(1,296,172)	1,286	(1,129,889)	(238,418)
Comprehensive loss	$ (632,906)	$ 1,243,489	$ (2,714,264)	$ 274,458	$ (50,325,547)
Basic and diluted weighted-average number of common shares outstanding (in shares)	163,265,104	137,426,187	157,612,383	107,627,924
Basic and diluted loss per common share (in dollars per share)	$ 0	$ 0	$ (0.02)	$ (0.01)

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		302 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Feb. 29, 2012	Feb. 28, 2011	Feb. 29, 2012
Cash flows from operating activities:
Net loss	$ (2,715,550)	$ (855,431)	$ (50,087,129)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion expense	0	0	105,655
Amortization of deferred financing costs	0	0	3,369,936
Depreciation and depletion	4,380	199	205,415
Non-cash interest expense	415,915	613,907	12,255,815
Loss on impairment of mineral properties	0	0	8,824,989
Loss on impairment of investment	0	0	983,583
Common shares issued in connection with trust deed modification	0	0	90,000
Common shares issued in connection with debt settlement	0	0	1,048,053
Common shares issued for services	163,500	753,092	1,687,941
Warrants cancelled for services	0	0	(18,173)
Warrants issued in connection with debt restructure	0	0	155,007
Loss (gain) recognized in connection with debt settlement	25,233	(2,927,785)	(3,073,613)
Gain on sale of property, plant and equipment	(156,500)	0	(151,627)
Loss on disposal of property, plant and equipment	0	0	8,040,143
Loss on abandonment of mineral properties	0	0	300,600
Loss on default of exploration development agreement	0	0	456,090
Loss on foreign exchange	3,485	1,296,172	1,690,126
Environmental remediation liability	0	0	50,000
Changes in operating assets and liabilities:
Increase in inventories	(29,843)	0	(29,843)
(Decrease) increase in prepaid expenses	12,842	(37,565)	(68,461)
(Decrease) increase in accounts payable and other current liabilities	(393,159)	(225,542)	2,124,872
Decrease (increase) in other operating assets and liabilities	0	17,840	(202,668)
Net cash used in operating activities	(2,669,697)	(1,365,113)	(12,243,289)
Cash flows from investing activities:
Purchase of mineral properties & equipment	0	0	(17,481,692)
Dispositions of equipment	156,500	0	317,852
Net additions to equipment	(16,135)	(5,464)	(199,677)
Deferred exploration expenditures	0	0	(143,071)
Deposit on equipment	0	0	(17,880)
Acquisition of shares of subsidiary	0	0	(715,932)
Advance to subsidiary	0	0	(177,875)
Payable under option agreement	0	0	716,481
Refundable deposit on purchase of shares of subsidiary	0	0	(73,847)
Net cash (used in) provided by investing activities	140,365	(5,464)	(17,775,641)
Cash flows from financing activities:
Proceeds from sale of common shares	1,678,500	2,342,500	23,483,579
Proceeds from sale of private equity	0	0	345,000
Proceeds from debt	42,000	0	17,071,960
Proceeds from borrowing on shareholder note	0	0	282,000
Repayments of debt	0	0	(11,902,794)
Repayments of debt - convertible debentures	(57,193)	(224,227)	(529,817)
Advances to affiliated companies, shareholders and directors	0	0	(106,730)
Restricted cash	0	0	(31,789)
Share subscriptions received in advance	0	0	518,415
Net cash provided by financing activities	1,663,307	2,118,273	29,129,824
Effect of foreign exchange	0	0	936,263
Net change in cash and cash equivalents	(866,025)	747,696	47,157
Cash at beginning of period	913,182	27,919	0
Cash at end of period	47,157	775,615	47,157
Supplemental Cash Flow Information
Interest expense paid in cash	205,013	0	1,408,346
Interest received	46	0	4,045
Non-cash financing and investing activity:
Debt restructuring - warrants issued	0	0	412,407
Common shares issued in connection with debt restructuring and settlement of accrued liabilities	0	2,665,604	4,987,140
Common shares issued for acquisition of property	0	0	32,500
Shares issued for mineral property development	0	0	96,315
Shares issued for repayment of shareholder advances	$ 0	$ 0	$ 9,240,146

CONSOLIDATED BALANCE SHEETS (USD $)	Feb. 29, 2012	May 31, 2011
ASSETS
Cash and cash equivalents	$ 47,157	$ 913,182
Inventories	29,843	0
Prepaid expenses and other assets	27,119	39,961
Total current assets	104,119	953,143
Restricted cash	15,400	15,400
Note receivable	60,000	60,000
Fixed assets, net	27,068	15,313
Total assets	206,587	1,043,856
LIABILITIES
Accounts payable and accrued liabilities	1,571,873	1,631,568
Convertible debentures, current portion	0	702,964
Notes payable due to related parties (Note 10)	42,000	0
Notes payable and current portion of long-term debt (Note 10)	10,253,878	10,253,878
Total current liabilities	11,867,751	12,588,410
Royalty interest	150,000	150,000
Convertible debentures, long-term (Notes 6 and 10)	755,654	0
Environmental remediation liabilities	50,000	50,000
Total liabilities	12,823,405	12,788,410
Shareholders' Deficit
Common stock, no par value, unlimited shares authorized, 164,446,422 and 149,184,986 shares issued and outstanding as of February 29, 2012 and May 31, 2011, respectively	37,708,729	35,866,729
Deficit accumulated in the exploration stage	(50,087,129)	(47,371,579)
Accumulated other comprehensive loss	(238,418)	(239,704)
Total Shareholders' Deficit	(12,616,818)	(11,744,554)
Total Liabilities and Shareholders' Deficit	$ 206,587	$ 1,043,856