BE Resources Inc.

CIK:0001438884|SEC Filings

Statements of Operations (USD $)	3 Months Ended		98 Months Ended
Statements of Operations (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Operating expenses
Management and consulting fees	$ 12,099	$ 98,624	$ 1,710,362
Drilling	0	620,381	2,331,706
Geological consulting fees	23,363	519,063	3,515,570
Office and general	8,265	8,239	562,814
Professional fees	144,295	39,241	1,592,522
Professional fees - related party	9,604	14,806	212,740
Foreign exchange (gain) loss	(30,154)	(46,822)	385,625
Change in warrant liability	0	0	1,866,293
Stock-based compensation	0	118,578	1,508,809
Fees, licenses and permits	2,787	118,638	845,369
Transfer agent and filing fees	16,423	67,212	400,798
Lease expense	0	0	84,566
Interest and accretion expense	0	0	5,475
Gain on disposition of equipment	0	0	(602)
Traveling	8,412	14,291	204,554
Amortization of equipment	0	0	9,387
Financing costs	0	0	571,335
Impairment on mineral rights	0	0	110,400
Gain on debt settlement	(323,344)	0	(323,344)
Bad debt expense	52,693	0	52,693
Total operating expenses	(75,557)	1,572,251	15,647,072
Less: Other income (expense)
Dividend income	0	0	6,433
Net income (loss) for the period	$ 75,557	$ (1,572,251)	$ (15,640,639)
Net income (loss) per share - basic	$ 0.00	$ (0.03)
Weighted average number of shares outstanding - basic	60,045,750	50,045,750

Statements of Cash Flows (USD $)	3 Months Ended		98 Months Ended
Statements of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011	Mar. 31, 2012
Cash flow from operating activities
Net income (loss) for the period	$ 75,557	$ (1,572,251)	$ (15,640,639)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	0	118,578	1,508,809
Change in warrant liability	0	0	1,866,293
Foreign exchange loss	0	0	190,618
Common shares issued for services	0	0	60,102
Common shares issued for interest in exploration property	0	0	11,000
Gain on disposition of equipment	0	0	(602)
Accretion of asset retirement obligation	0	0	3,111
Amortization of equipment	0	95	9,387
Write off of prior year's deferred costs	0	0	115,684
Increase in asset retirement obligation	0	0	9,395
Impairment on mineral rights	0	0	110,400
Gain on debt settlement	(323,344)	0	(323,344)
Bad debt expense	52,693	0	52,693
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses, deposits and other receivables	574	11,266	(69,320)
Increase in reclamation bonds	0	(25,863)	(117,913)
(Decrease) increase in accounts payable and accrued liabilities	(83,362)	(161,134)	609,361
Net cash used in operating activities	(277,882)	(1,629,309)	(11,604,965)
Cash flow from investing activities
Purchase of mineral rights	0	0	(110,400)
Purchase of equipment	0	0	(14,535)
Proceeds from sale of equipment	0	0	5,750
Net cash used in investing activities	0	0	(119,185)
Cash flow from financing activities
Issuance of common shares	0	0	9,371,156
Cost of issue	0	0	(366,365)
Proceeds from exercise of options	0	0	165,000
Proceeds from exercise of warrants	0	0	2,997,038
Deferred transaction costs	0	0	(87,505)
Cash provided by GWE to fund exploration operations	0	0	286,362
Net cash provided by financing activities	0	0	12,365,686
(Decrease) increase in Cash	(277,882)	(1,629,309)	641,536
Cash, beginning of period	919,418	2,897,414	0
Cash, end of period	641,536	1,268,105	641,536
Non-cash investing and financing activities
Common shares issued for interest in mining lease	0	0	11,000
Common shares issued for services	0	0	60,102
Compensation warrants issued for services	0	11,000	122,400
Compensation warrants issued for finders fee	0	0	93,312
Net liabilities of BE Resources Inc. assumed in connection with the reverse merger transaction	0	0	(30,123)
Cumulative adjustment on stock option and warrant liability	0	846,300	846,300
Change in prepaid related to stock option expense	$ 0	$ 81,583	$ 81,583

Balance Sheets (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current assets
Cash	$ 641,536	$ 919,418
Prepaid expenses, deposits and other receivables	16,629	17,203
Prepaid expenses, deposits and other receivables - related party	0	52,693
Total current assets	658,165	989,314
Reclamation bonds	117,913	117,913
Total assets	776,078	1,107,227
Current liabilities
Accounts payable	111,718	535,820
Accounts payable - related party	28,609	16,147
Accrued liabilities	213,992	209,058
Total current liabilities	354,319	761,025
Asset retirement obligation	12,506	12,506
Total liabilities	366,825	773,531
Commitments and contingencies	0	0
Stockholders' equity
Preferred stock, no par value, 10,000,000 authorized, none issued or outstanding	0	0
Common stock, no par value, 250,000,000 authorized, 60,045,750 issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	14,802,979	14,802,979
Additional paid-in capital	1,246,913	1,246,913
Deficit accumulated during the exploration stage	(15,640,639)	(15,716,196)
Total stockholders' equity	409,253	333,696
Total liabilities and stockholders' equity	$ 776,078	$ 1,107,227