Coyote Resources, Inc.

CIK:0001392121|SEC Filings

STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	3 Months Ended		6 Months Ended		80 Months Ended
STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Operating expenses
Exploration costs	$ 0	$ 7,974	$ 0	$ 8,096	$ 439,559
Legal and professional	33,605	79,877	52,176	127,406	630,260
Officer compensation	37,500	10,000	67,500	10,000	328,000
General and administrative	48,424	23,997	82,427	40,030	338,105
Total operating expenses	119,529	121,848	202,103	185,532	1,735,924
Loss from continuing operations	(119,529)	(121,848)	(202,103)	(185,532)	(1,735,924)
Other income (expense)
Forgiveness of accounts and note payable	0	0	0	0	75,781
Interest income	0	0	0	0	1,885
Amortization of debt discount	0	0	0	0	(772,500)
Interest expense	(47,048)	(30,651)	(87,993)	(60,980)	(349,297)
Gain (loss) on derivative liability	956,519	248,433	606,105	(57,928)	1,091,157
Total other income (expense)	909,471	217,782	518,112	(118,908)	47,026
Income (Loss) before discontinued operations and income taxes	789,942	95,934	316,009	(304,440)	(1,688,898)
Loss on discontinued operations	0	0	0	0	(233,532)
Net income (loss)	$ 789,942	$ 95,934	$ 316,009	$ (304,440)	$ (1,922,430)
Net income (loss) per common share – basic and diluted (in Dollars per share)	$ 0.02	$ 0.00	$ 0.01	$ (0.01)
Weighted average of common shares – basic and diluted (in Shares)	46,502,120	46,502,120	46,502,120	46,502,120

STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	6 Months Ended		80 Months Ended
STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Net loss	$ 316,009	$ (304,440)	$ (1,922,430)
Adjustments to reconcile net loss to net cash used in operating activities
Additional paid-in capital in exchange for facilities provided by related party	0	1,000	13,400
Depreciation	55	183	3,056
Forgiveness of accounts and note payable	0	0	(75,781)
Amortization of debt discount	0	0	772,500
Loss on derivative liability	(606,105)	57,928	(1,091,157)
Changes in operating assets and liabilities
Increase in accounts payable and accrued expenses	149,683	165,033	579,851
Net cash used in operating activities	(140,358)	(80,296)	(1,720,561)
Cash flows from investing activities
Purchase of property and equipment	0	0	(3,056)
Purchase of unproven mineral properties	0	0	(244,910)
Net cash used by investing activities	0	0	(247,966)
Cash flows from financing activities
Payments on notes payable	(100,000)	(50,000)	(350,000)
Proceeds from issuance of long-term notes payable	246,430	125,000	1,752,482
Proceeds from issuance of loans	0	0	17,000
Proceeds from issuance of common stock	0	0	555,550
Net cash provided by financing activities	146,430	75,000	1,975,032
Net increase (decrease) in cash	6,072	(5,296)	6,505
Cash, beginning of period	433	10,559	0
Cash, end of period	6,505	5,263	6,505
Supplemental disclosure of cash flow information
Income taxes paid	0	0	0
Interest paid	0	0	7,016
Non-cash transaction for unproven mineral properties and assignment of note payable	0	0	950,000
Reclassification of derivative liability from paid-in capital	0	0	637,185
Debt discount from warrants	$ 0		$ 214,600

BALANCE SHEETS (UNAUDITED) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Current assets
Cash	$ 6,505	$ 433
Total current assets	6,505	433
Property and equipment, net of $3,056 and $3,001 accumulated depreciation, respectively		55
Unproven mineral properties	1,194,910	1,194,910
Total assets	1,201,415	1,195,398
Current liabilities
Accounts payable and accrued interest	504,070	354,387
Convertible notes	1,100,000	1,100,000
Loans from stockholders	22,000	17,000
Note payable	250,000	200,000
Derivative liability	103,928	710,033
Total current liabilities	1,979,998	2,381,420
Loans from stockholders, long-term	647,482	406,052
Notes payable, long-term	350,000	500,000
Total liabilities	2,977,480	3,287,472
Stockholders’ equity (deficit)
Preferred stock, $.001 par value; 30,000,000 shares authorized, -0- shares issued and outstanding	0	0
Common stock, $.001 par value; 300,000,000 shares authorized, 46,502,120 shares issued and outstanding	46,502	46,502
Additional paid-in capital	99,863	99,863
Accumulated deficit	(233,532)	(233,532)
Deficit accumulated during the exploration stage	(1,688,898)	(2,004,907)
Total stockholders’ equity (deficit)	(1,776,065)	(2,092,074)
Total liabilities and stockholders’ equity (deficit)	$ 1,201,415	$ 1,195,398