Borneo Resource Investments Ltd.

CIK:0001355732|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Operations
Sales		$ 324,427us-gaap_SalesRevenueNet
Contract Processing		60,000us-gaap_SecondaryProcessingRevenue
Total revenue		384,427us-gaap_Revenues
Costs and expenses
Costs applicable to sales		246,783us-gaap_CostOfGoodsSold
Depreciation		8,834us-gaap_Depreciation
General and administrative	597,642	252,148
Stock based compensation	67,500us-gaap_ShareBasedCompensation
Operating loss	(665,142)	(123,338)
Other income (expense)
Interest income	193us-gaap_InterestAndOtherIncome	7us-gaap_InterestAndOtherIncome
Interest expense	(152,553)us-gaap_InterestExpense	(42,469)us-gaap_InterestExpense
Amortization of debt discount	(827,751)
Derivative liability expense on convertible debt	491,386
Income (loss) before provision for income taxes	(1,153,867)	(165,800)
Provision for income taxes:
Current		(7,744)us-gaap_CurrentIncomeTaxExpenseBenefit
Deferred
Total income taxes		(7,744)us-gaap_IncomeTaxExpenseBenefit
Net loss	(1,153,867)us-gaap_NetIncomeLoss	(173,544)us-gaap_NetIncomeLoss
Net income attributable to noncontrolling interests	(4,103)	5,610
Net loss attributable to Borneo shareholders	$ (1,149,764)us-gaap_ProfitLoss	$ (179,154)us-gaap_ProfitLoss
Weighted avearge number of common shares outstanding (basic and fully diluted)	75,035,423	74,250,459
Net income (loss) per common share (basic and fully diluted)	$ (0.02)us-gaap_EarningsPerShareBasicAndDiluted	$ (0.002)us-gaap_EarningsPerShareBasicAndDiluted

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,153,867)us-gaap_NetIncomeLoss	$ (173,544)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation		8,076us-gaap_DepreciationAndAmortization
Amortization of deferred debt discount on convertible notes	827,751us-gaap_AdjustmentForAmortization
Derivative liability expense on convertible notes	(491,386)
Non-cash expenses	67,500
Debt issuance and initial discount on convertible notes	144,500us-gaap_DebtIssuanceCosts
Loss on sale of equipment	40,245us-gaap_GainLossOnDispositionOfAssets
Deposits and restricted cash		15,000
Changes in operating assets and liabilities:
Deposits and other assets	(22,500)BRNE_ProjectDeposit
Accounts payable and accrued interest	32,197	161,900
Accrued liabilities - mine acquisition		57,516
Income Taxes Payable		7,744us-gaap_IncomeTaxExpenseBenefit
Accrued liabilities - other	119,073
Net cash used in operating activities	(436,487)	76,692
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid in asset purchase transaction		(270,650)
Net cash provided by investing activities		(270,650)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible notes payable, net of debt issuance paid	415,500us-gaap_ProceedsFromNotesPayable	(70,000)us-gaap_ProceedsFromNotesPayable
Proceeds from promissory notes - long-term - related parties		221,157BRNE_ProceedsFromPromissoryNotes
Proceeds from promissory notes - short term - other, net		37,309
Net cash provided by financing activities	415,500	188,466
Net (decrease) increase in cash and cash equivalents	(20,987)us-gaap_CashPeriodIncreaseDecrease	(5,492)us-gaap_CashPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period	119,172us-gaap_Cash	8,785us-gaap_Cash
Cash and cash equivalents at end of period	98,185us-gaap_Cash	3,293us-gaap_Cash
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest
Cash paid during the period for income taxes
NONCASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued for conversion of notes payable and accrued interest	47,750
Beneficial conversion feature on convertible notes	1,066,775
Long term loan reclass to convertible loan and accrued interest	$ 395,393

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalent	$ 98,185us-gaap_Cash	$ 119,172us-gaap_Cash
Total current assets	98,185us-gaap_AssetsCurrent	119,172us-gaap_AssetsCurrent
Property & equipment:
Mining Property	366,815us-gaap_Land	366,815us-gaap_Land
Buildings - net		10,000us-gaap_BuildingsAndImprovementsGross
Equipment - net		30,245us-gaap_MachineryAndEquipmentGross
Total Property plant & equipment	366,815us-gaap_PropertyPlantAndEquipmentNet	407,060us-gaap_PropertyPlantAndEquipmentNet
Other assets:
Deposits and prepayments	24,818us-gaap_DepositAssets	4,318us-gaap_DepositAssets
Other receivable	2,000
Total other assets	26,818us-gaap_OtherAssetsNoncurrent	4,318us-gaap_OtherAssetsNoncurrent
Total assets	491,818us-gaap_Assets	530,550us-gaap_Assets
Current liabilities:
Accounts payable and accrued interest	1,148,870	1,098,678
Accrued liabilities - mine acquisition - affiliate	1,035,705us-gaap_AccruedUtilitiesCurrent	1,035,705us-gaap_AccruedUtilitiesCurrent
Accrued liabilities - mine acquisition - other	110,000	110,000
Income Taxes Payable	141,134us-gaap_TaxesPayableCurrent	141,134us-gaap_TaxesPayableCurrent
Accrued liabilities - other	178,639	59,562
Convertible notes payable net of deferred debt discount of $891,362 and $652,337 as of March 31, 2015 and December 31, 2014 respectively	1,423,476us-gaap_ConvertibleNotesPayable	772,851us-gaap_ConvertibleNotesPayable
Derivative liability - convertible notes	3,410,388us-gaap_DerivativeLiabilities	2,834,998us-gaap_DerivativeLiabilities
Promissory notes - affiliates	1,951,425BRNE_PromissoryNotes	1,951,425BRNE_PromissoryNotes
Promissory notes - related parties	22,000BRNE_PromissoryNotesRelatedParties	22,000BRNE_PromissoryNotesRelatedParties
Promissory notes - other	86,500BRNE_PromissoryNotesOther	86,500BRNE_PromissoryNotesOther
Total current liabilities	9,508,137us-gaap_LiabilitiesCurrent	8,112,853us-gaap_LiabilitiesCurrent
Promissory notes - long-term - related parties	398,914BRNE_PromissoryNotesLongterm	794,313BRNE_PromissoryNotesLongterm
Promissory notes - long-term - other	355,216BRNE_PromissoryNotesLongtermOther	355,216BRNE_PromissoryNotesLongtermOther
Total liabilities	10,262,267us-gaap_Liabilities	9,262,382us-gaap_Liabilities
Commitments and contingencies
Borneo stockholders' deficit
Preferred stock; $0.001 par value; 100,000,000 shares authorized, none issued and outstanding as of March 31, 2015 and December 31, 2014 respectively
Common stock; $0.001 par value; 400,000,000 shares authorized, 76,179,892 ahares and 74,560,605 shares issued and outstanding as of March 31, 2015, and December 31, 2014 respectively	76,180us-gaap_CommonStockValue	74,561us-gaap_CommonStockValue
Additional paid in capital	7,288,367	7,174,736
Accumulated deficit	(16,505,665)	(15,355,901)
Total Borneo stockholders' deficit	(9,141,118)us-gaap_StockholdersEquity	(8,106,604)us-gaap_StockholdersEquity
Noncontrolling interest	(629,331)us-gaap_MinorityInterest	(625,228)us-gaap_MinorityInterest
Total stockholders' deficit	(9,770,449)	(8,731,832)
Total liabilities and stockholders' deficit	$ 491,818	$ 530,550