INTERNATIONAL SILVER INC

CIK:0001419482|SEC Filings

Consolidated Statement of Income (USD $)	3 Months Ended		6 Months Ended		96 Months Ended
Consolidated Statement of Income (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Revenues
Mineral lease income	$ 12,466	$ 12,465	$ 24,658	$ 24,795	$ 174,658
Consulting-third parties	194,738	94,824	391,548	179,979	276,604
Consulting-related parties					1,042,403
Total Revenues	207,204	107,290	416,206	204,774	1,493,665
Operating Expenses
Exploration costs	233,929	113,556	356,695	220,112	2,208,844
General and administration
Rent expense - related party	27,860	20,559	55,745	51,398	426,440
Rent expense - third party	7,500	16,280	15,000	23,780	82,772
Bad debt expense					41,860
All other general & administrative	334,275	433,582	714,522	889,364	5,728,695
Depreciation and depletion	2,969	1,594	5,939	2,787	15,850
Total operating expenses	606,533	585,571	1,147,901	1,187,441	8,504,461
Operating Income/(Loss)	(399,329)	(478,281)	(731,695)	(982,667)	(7,010,796)
Other Income/(Expenses)
Gain on Settlement of Debt					1,678,634
Impairment loss					(1,733,456)
Interest expense	(319,796)	(401,836)	(745,970)	(621,624)	(3,111,772)
Total other income/(expense)	(319,796)	(401,836)	(745,970)	(621,624)	(3,166,594)
Net Income/(Loss)	$ (719,125)	$ (880,117)	$ (1,477,665)	$ (1,604,291)	$ (10,177,390)
Basic Earnings per Share
Income/(Loss) per Share	$ (0.02)	$ (0.02)	$ (0.04)	$ (0.04)
Weighted Average Shares Outstanding	37,580,039	37,052,280	37,337,657	37,052,280

Consolidated Statement of Cash Flows (USD $)	6 Months Ended		96 Months Ended
Consolidated Statement of Cash Flows (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income/(Loss)	$ (1,477,665)	$ (1,604,291)	$ (10,177,390)
Adjustments used to reconcile net (loss) to net cash (used) by operating activities:
Non-controlling interest in subsidiary			(3,530)
Dissolution of subsidiary			3,530
Depreciation and depletion	5,939	2,787	15,850
Impairment loss			1,733,456
Gain on Settlement on Debt			(1,678,634)
Financing cost	527,905	406,285	2,179,328
Loss on investment	191,142		282,142
Reclamation bond			14,406
Stock compensation expense			424,000
Issuance of common stock In exchange for land			30,000
Issuance of common stock In exchange for services			157,000
Issuance of common stock In exchange for exploration costs			55,385
Issuance of common stock In exchange for debt			50,000
Changes in operating assets and liabilities
Decrease/(Increase) in receivables	(115,723)	(74,080)	95,219
Decrease/(Increase) in employee receivable			2,317
Decrease/(Increase) in prepaid expenses	84,800	3,509	(48,687)
(Decrease)/Increase in payables	247,118	(187,986)	406,760
(Decrease)/Increase in accrued expenses	484,653	185,087	1,051,593
(Decrease)/Increase in Retainage on account	61,206		61,206
(Decrease)/Increase in deferred income	(74,658)	25,205	25,342
Net Cash Flows (used by) Operating Activities	(65,283)	(1,243,484)	(5,320,707)
CASH FLOW FROM INVESTMENT ACTIVITIES
Lease/purchase option on land			(90,000)
Purchase of land			(137,500)
Leasehold Improvements			(26,812)
Purchase of equipment, furniture & fixtures		(35,871)	(57,938)
Building improvements			(14,822)
Deposit toward investment		(30,000)	(191,142)
Nonrefundable deposit - Option payment		(35,000)	(91,000)
Refundable deposit			(16,906)
Purchase of mineral land - Deposit method			(105,888)
Net Cash Flows from Investment Activities		(100,871)	(732,008)
Issuance of common stock:
Net proceeds from stock issuance	2,603		1,333,345
Less: Stock issuance costs			(139,724)
Sale of mining property
For treasury stock			(30,000)
Exchange for securities			(25,000)
Return of deed of trust - mining property			90,000
Disposal of vehicle			215
Third-party loan	34,556	1,500,000	4,809,556
Debt service payments			(100,000)
Borrowings from related parties			152,980
Net Cash Flows from Financing Activities	37,159	1,500,000	6,091,372
Net Increase/(Decrease) in Cash	(28,124)	155,645	38,657
Beginning Cash Balance	98,411	211,188	31,630
Ending Cash Balance	70,287	366,833	70,287
For services rendered:
Director services			21,000
Legal and professional services			116,350
Stock transfer agent services			5,500
Accounting services			6,150
Geology and engineering			8,000
Sub-total			157,000
For land/mining property			42,000
For equipment			3,000
For exploration costs			55,385
For debt retirement			156,651
For contributed capital			315,072
Total non-cash issuances of stock			729,108
Shares of common stock issuable
For debt interest			16,250
Totel			16,250
Shares of common stock cancelled
Repurchase of its common stock			30,000
Issuance of incentive stock option grants
Grants issued			424,000
The Company relinquished its mining property in exchange for the following:
For repurchase of its common stock			(30,000)
For marketable securities in another company			(25,000)
For deed of trust in the mining property			$ 90,000

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash	$ 70,287	$ 98,411
Accounts receivable	154,442	38,719
Prepaid Expenses - Note C	45,213	130,013
Total Current Assets	269,942	267,143
PROPERTY,PLANT AND EQUIPMENT- Note D
Mineral properties	153,388	153,388
Leasehold Improvements	26,812	26,812
Equipment	7,485	7,485
Furniture & Fixtures	14,637	14,637
Computer Software	8,390	8,390
Computer equipment	26,304	26,304
Total	237,016	237,016
Accumulated depreciation	(20,640)	(14,701)
Total Property, Plant and Equipment	216,376	222,315
Other Assets - Note E
Deposit toward investment - Note F		191,142
Other Deposits - Note G	2,500	2,500
Total Other Assets	2,500	193,642
TOTAL ASSETS	488,818	683,100
CURRENT LIABILITIES
Accounts payable	224,327	122,532
Payroll taxes payable	126,099	24,092
Accrued expenses	1,027,972	543,319
Due to related parties - Note L	69,502	26,186
Convertible notes payable - Note H	3,986,952	3,459,047
Retained on Contracts	61,206
Deferred income - Note M	25,342	100,000
Total Current Liabilities	5,521,400	4,275,176
LONG-TERM LIABILITIES
Convertible notes payable - Note H
Total Long Term Liabilities
Total Liabilities	5,521,400	4,275,176
SHAREHOLDERS' EQUITY - Note K
Common stock authorized shares - 500,000,000 par value $0.0001 per share issued & o/s at 06/30/14 - 37,941,114 issued & o/s at 12/31/13 - 37,066,799	3,794	3,706
Additional paid-in capital	5,317,048	5,279,977
Accumulated deficit prior to exploration stage	(176,034)	(176,034)
Accumulated deficit during exploration stage	(10,177,390)	(8,699,725)
Total Shareholders' Equity	(5,032,582)	(3,592,076)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$ 488,818	$ 683,100