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Can Cal Resources Ltd – ‘10-K/A’ for 12/31/14 – ‘EX-101.INS’

On:  Friday, 1/8/16, at 5:11pm ET   ·   For:  12/31/14   ·   Accession #:  1019687-16-4760   ·   File #:  0-26669

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/08/16  Can Cal Resources Ltd             10-K/A     12/31/14   55:4.4M                                   Publicease Inc/FA

Amendment to Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K/A      Amendment No. 1                                     HTML    306K 
 2: EX-10.1     Mineral Lease Agreement                             HTML     69K 
 3: EX-10.2     Unsecured Promissory Note                           HTML     23K 
 4: EX-10.3     Subscription Agreement for A Promissory Note        HTML    159K 
 5: EX-10.4     Form of Warrant Certificate With Futureworth        HTML     73K 
                Capital                                                          
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     19K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     19K 
 8: EX-32.1     Certification -- §906 - SOA'02                      HTML     17K 
15: R1          Document and Entity Information                     HTML     44K 
16: R2          Balance Sheets                                      HTML     77K 
17: R3          Balance Sheets (Parenthetical)                      HTML     39K 
18: R4          Statements of Operations                            HTML     58K 
19: R5          Statements of Cash Flows                            HTML     58K 
20: R6          Statement of Stockholders Deficit                   HTML     29K 
21: R7          1. Nature of Business and Summary of Significant    HTML     45K 
                Accounting Policies                                              
22: R8          2. Going Concern                                    HTML     21K 
23: R9          3. Related Party                                    HTML     30K 
24: R10         4. Prepaid Expenses                                 HTML     23K 
25: R11         5. Property and Equipment                           HTML     27K 
26: R12         6. Notes Payable, Related Parties                   HTML     30K 
27: R13         7. Unearned Rental Revenues                         HTML     20K 
28: R14         8. Commitments and Contingencies                    HTML     26K 
29: R15         9. Changes in Securities                            HTML     23K 
30: R16         10. Options                                         HTML     21K 
31: R17         11. Warrants                                        HTML     30K 
32: R18         12. Income Taxes                                    HTML     29K 
33: R19         13. Subsequent Events                               HTML     29K 
34: R20         1. Nature of Business and Summary of Significant    HTML     88K 
                Accounting Policies (Policies)                                   
35: R21         4. Prepaid Expenses (Tables)                        HTML     23K 
36: R22         5. Property and Equipment (Tables)                  HTML     25K 
37: R23         6. Notes Payable, Related Parties (Tables)          HTML     30K 
38: R24         11. Warrants (Tables)                               HTML     32K 
39: R25         12. Income Taxes (Tables)                           HTML     23K 
40: R26         1. Nature of Business and Summary of Significant    HTML     37K 
                Accounting Policies (Details Narrative)                          
41: R27         2. Going Concern (Details Narrative)                HTML     26K 
42: R28         3. Related Party (Details Narrative)                HTML     23K 
43: R29         4. Prepaid Expenses (Details)                       HTML     21K 
44: R30         5. Property and Equipment (Details)                 HTML     32K 
45: R31         5. Property and Equipment (Details Narrative)       HTML     19K 
46: R32         6. Notes Payable, Related Parties (Details - notes  HTML     22K 
                payable)                                                         
47: R33         6. Notes Payable, Related Parties (Details -        HTML     23K 
                interest payable)                                                
48: R34         7. Unearned Rental Revenues (Details Narrative)     HTML     19K 
49: R35         10. Options (Details Narrative)                     HTML     26K 
50: R36         11. Warrants (Details)                              HTML     38K 
51: R37         12. Income Taxes (Details)                          HTML     26K 
52: R38         12. Income Taxes (Details Narrative)                HTML     21K 
54: XML         IDEA XML File -- Filing Summary                      XML     86K 
53: EXCEL       IDEA Workbook of Financial Reports                  XLSX     47K 
 9: EX-101.INS  XBRL Instance -- ccre-20141231                       XML    364K 
11: EX-101.CAL  XBRL Calculations -- ccre-20141231_cal               XML    103K 
12: EX-101.DEF  XBRL Definitions -- ccre-20141231_def                XML    135K 
13: EX-101.LAB  XBRL Labels -- ccre-20141231_lab                     XML    392K 
14: EX-101.PRE  XBRL Presentations -- ccre-20141231_pre              XML    297K 
10: EX-101.SCH  XBRL Schema -- ccre-20141231                         XSD     78K 
55: ZIP         XBRL Zipped Folder -- 0001019687-16-004760-xbrl      Zip     54K

‘EX-101.INS’   —   XBRL Instance — ccre-20141231

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><u>Nature of Business</u></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Can-Cal Resources Ltd. (“Can-Cal” or the “Company”) is a Nevada corporation incorporated on March 22, 1995.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is an exploration company engaged in the exploration for precious metals, specifically focused on mineral exploration projects. We have examined various prospective mineral properties for precious metals and acquired those deemed promising. We currently own, lease or have mining interest in two mineral properties in the southwestern United States (California and Arizona, as follows: Cerbat, Arizona; and Pisgah, California). The Company previously had mineral rights in Owl Canyon, California and Wikieup, Arizona, which have now been abandoned.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage. An entity remains in the exploration stage until such time as proven or probable reserves have been established for its deposits. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. To date, the exploration stage of the Company’s operations consists of contracting with geologists who sample and assess the mining viability of the Company’s claims.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><u>Summary of Significant Accounting Policies</u></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Basis of Presentation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States. The Company’s fiscal year-end is December 31.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company’s functional and reporting currency is the United States dollar (USD). Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC 820, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in the Canadian dollar (CDN). The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Exploration Stage Company</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is currently an exploration stage company. As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage and the cumulative statements of operations and cash flows from inception to the current balance sheet date. The Company has incurred net losses of $10,915,507 and used net cash in operations of $7,186,132 for the period from inception (March 22, 1995) through December 31, 2014. An entity remains in the exploration stage until such time as proven or probable reserves have been established for its deposits. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. To date, the exploration stage of the Company’s operations consists of contracting with geologists who sample and assess the mining viability of the Company’s claims.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Revenue</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">All revenue is treated as unearned revenue until such time that the product is shipped.<u> </u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Use of Estimates</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Cash and Cash Equivalents</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Cash equivalents include money market accounts which have maturities of three months or less. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. Cash equivalents are stated at cost plus accrued interest, which approximates market value.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Long-Lived Assets</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Fixed assets are recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over the estimated useful life of the related asset as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; text-align: left; background-color: rgb(204,255,204)"> <td style="width: 33%"><font style="font-size: 8pt">Machinery and equipment</font></td> <td style="width: 67%"><font style="font-size: 8pt">10 years</font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: White"> <td><font style="font-size: 8pt">Transportation equipment</font></td> <td><font style="font-size: 8pt">5 years</font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: rgb(204,255,204)"> <td><font style="font-size: 8pt">Furniture and fixtures</font></td> <td><font style="font-size: 8pt">7 years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Maintenance and repairs will be charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company will assess the recoverability of equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Fair Value of Financial Instruments</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Under FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short term nature of the instruments. The Company had no items that required fair value measurement on a recurring basis.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Basic and Diluted Loss per Share</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For 2014 and 2013, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Stock-Based Compensation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has adopted FASB guidance on stock based compensation. Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. There have been no stock and stock options issued for services and compensation for the years ended December 31, 2014 and 2013.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Modification of Warrants</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company extended a total of 6,417,496 warrants on September 30, 2012, which were originally granted on June 30, 2009 as part of debt financing arrangements. A modification of the terms or conditions of an equity award is treated as an exchange of the original award for a new award. The incremental (additional) cost is computed as any excess of the fair value of the modified award over the fair value of the original award immediately before modification. As a result, a total of $10,354 has been expensed as finance charges during the year ended December 31, 2013 but none for the year ended December 31, 2014.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Income Taxes</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Uncertain Tax Positions</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In accordance with ASC 740, “Income Taxes” (“ASC 740”), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be capable of withstanding examination by the taxing authorities based on the technical merits of the position. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Various taxing authorities periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Mineral Claim Payments and Exploration Expenditures</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. We assess the carrying cost for impairment under the FASB ASC topic 360 at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs subsequently incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the established life of the proven and probable reserves. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Capitalized Mineral Costs</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Mineral rights are recorded at cost of acquisition. When there is little likelihood of a mineral right being exploited; the value of mineral rights have diminished below cost, or the economic feasibility of extraction is limited, a write-down is affected against income in the period that such determination is made. The Company did not record any write downs during the years ended December 31, 2014 and 2013. Non-mining assets are recorded at cost of acquisition. These assets include the assets of the mining operation not included in the previous categories and all the assets of the non-mining operations. Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost of acquisition. Expenditure incurred to evaluate and develop new ore bodies, to define mineralization in existing ore bodies, to establish or expand productive capacity, is capitalized until commercial levels of production are achieved, at which time the costs will be amortized.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Recent Accounting Pronouncements</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i> </i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates (ASU) 2014-15 requiring an entity’s management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">We do not believe there are any additional recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s financial statements.</font></p>
</us-gaap:BusinessDescriptionAndAccountingPoliciesTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Material Supply Agreement</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On April 9, 2013, the Company entered into a material supply agreement (the “the Original MSA”) with Candeo Lava Products Inc. (“Candeo”), which was amended on March 3, 2014 (the “Amended MSA”). Pursuant to the Amended MSA, Candeo is entitled to purchase material (“Material”) from the Pisgah Property at a price equal to the greater of $15 per ton and the net sales margin per ton removed from the Pisgah Property realized as follows: (i) 35% of the net sales margins during the first year of mining; and (ii) 50% of the net sales margins for the subsequent years during the term of the Amended MSA. Under the Amended MSA, Candeo has the right to remove an Initial Amount of up to 1,000,000 tons of Material from the Pisgah Property and Additional Amounts of 1,000,000 tons each, upon the successful removal of the Initial Amount from the Pisgah Property. Candeo’s right to remove the Additional Amounts from the Pisgah Property is on the basis that once Candeo has removed the first Additional Amount of the Material from the Pisgah Property, it shall have the right to remove subsequent Additional Amounts of Material from the Property, so long as it removes its then current Additional Amount. As such, Candeo’s right to extend the term of the Amended MSA is entirely based on Candeo’s successful performance of its Material removal commitments under the terms of the Amended MSA</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Under the Amended MSA, Candeo is required to purchase a minimum of ten thousand (10,000) tons of Material during each of the first three years of the term of the agreement, all at a purchase price of $15.00 per ton, for a total payment of $150,000 per year in each of the first three years of the Term, with credit being given by the Company to Candeo for all pre-paid tons of Material that have already been purchased and paid for under the Original MSA. The Pre-Purchased Material will remain on the Pisgah Property until Candeo commences its production operations or engages the Company to mine and remove Material on Candeo’s behalf. In the event that Candeo engages the Company to mine and remove any of the Material, Candeo shall pay all of the Company’s reasonable costs and expenses in conducting such mining and removal operations plus a fee of 15%. All mining and removal operations on the Pisgah Property will be subject to all necessary regulatory and other third party approvals being obtained. The Pre-Purchased Payments will not be refundable to Candeo but shall be credited against the first Production Payments.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The term of the Amended MSA has been extended from an initial term of ten (10) years to twenty (20) years (the “Primary Term”) and Candeo has the option to extend the term for an additional thirty (30) years exercisable at any time with no less than three (3) months written notice prior to the expiration of the Primary Term, provided that Candeo is not in default under any of the provisions of the Amended MSA and that the whole of the Initial Amount has been removed from the Property.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Compensation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On July 1, 2010, the Company entered into a twelve month employment agreement, subject to automatic monthly renewals, with the Company’s CEO, G. Michael Hogan. The terms of the agreement include a fixed annual salary of $120,000. The Company may elect to satisfy payment in shares of common stock in lieu of cash at a market value equal to $0.10 above the average closing trading price of the common stock for the preceding five (5) days from the date of such election. No payments have been made in cash or stock to date.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">We owed accrued salaries to our CEO of $600,000 and $480,000 at December 31, 2014 and 2013, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On June 30, 2010, the Company entered into a consulting agreement, with a Board of Director’s consulting firm, FutureWorth Capital Corp. The terms of the agreement include annual compensation of $60,000, payable monthly. The Company may elect to satisfy payment in shares of common stock in lieu of cash at a market value equal to $0.10 above the average closing trading price of the common stock for the preceding five (5) days from the date of such election. No payments have been made in cash or stock to date. As of December 31, 2014 the Company owed FutureWorth Capital Corp. $180,000, as included in accounts payable, related parties, for service prior to, and during the service period under the consulting agreement. The consulting agreement was terminated on February 27, 2013 with Mr. William Hogan’s resignation from the Board of Directors.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Share Based Compensation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">All warrants previously issued by the Company have expired as of the fiscal year ending December 31, 2014. No new warrants have been issued as of March 31, 2015</font>.</p>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:OtherCurrentAssetsTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Prepaid expenses consisted of the following as of December 31, 2014 and December 31, 2013, respectively:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 66%; text-align: justify"><font style="font-size: 8pt">Annual Bureau of Land Management fees</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">            –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">6,147</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Rental fees</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,975</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,122</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">All Prepaid Expenses have been expensed in 2011.</font></p>
</us-gaap:OtherCurrentAssetsTextBlock>
<us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">201</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 66%; text-align: justify"><font style="font-size: 8pt">Annual Bureau of Land Management fees</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">            –</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">6,147</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Rental fees</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,975</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,122</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
</us-gaap:DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt; font-weight: normal"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt; font-weight: normal">Property and Equipment consists of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 66%; text-align: justify"><font style="font-size: 8pt">Machinery and equipment</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><font style="font-size: 8pt">Transportation equipment</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">31,787</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">31,787</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Furniture and fixtures</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,372</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,372</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">34,159</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">33,554</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Less accumulated depreciation</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(33,877</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(33,507</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">282</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">652</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Depreciation expense totaled $370 and $374 for the years ended December 31, 2014 and 2013, respectively.</font></p>
</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<CCRE:NotesPayableRelatedPartiesTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Notes payable, related parties consisted of the following as of December 31, 2014 and 2013, respectively:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td><td style="text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td><td style="text-align: center"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 66%; text-align: left"><font style="font-size: 8pt">Note payable to the CEO, unsecured, bearing interest at 10%, and due on demand.</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">108,335</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">70,729</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Promissory note payable originated on November 30, 2012 with FutureWorth Capital Corp., a consulting firm owned by our former Chairman of the Board of Directors, unsecured, bearing interest at 10%, matures on November 29, 2013. In connection with the promissory note, the Company granted warrants to purchase 20,000 shares of the Company’s common stock at an exercise price of $0.10. The warrants expired on November 29, 2014.</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">5,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">5,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total notes payable, related parties</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">113,335</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">75,729</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following presents components of interest expense by instrument type for the years ended December 31, 2014 and 2013, respectively:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 66%; text-align: left"><font style="font-size: 8pt">Interest on notes payable, related parties</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">9,370</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">5,893</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Accounts payable related vendor finance charges</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">336</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">4,013</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Finance Costs (Equity based)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">0</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">448</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">9,706</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">10,354</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p>
</CCRE:NotesPayableRelatedPartiesTextBlock>
<us-gaap:ScheduleOfDebtTableTextBlock contextRef="From2014-01-01to2014-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td style="text-align: left"></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td><td style="text-align: center"><font style="font-size: 8pt"> </font></td><td style="text-align: center"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31</font></td><td style="text-align: center"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 66%; text-align: left"><font style="font-size: 8pt">Note payable to the CEO, unsecured, bearing interest at 10%, and due on demand.</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">108,335</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">70,729</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Promissory note payable originated on November 30, 2012 with FutureWorth Capital Corp., a consulting firm owned by our former Chairman of the Board of Directors, unsecured, bearing interest at 10%, matures on November 29, 2013. In connection with the promissory note, the Company granted warrants to purchase 20,000 shares of the Company’s common stock at an exercise price of $0.10. The warrants expired on November 29, 2014.</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">5,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">5,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total notes payable, related parties</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">113,335</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">75,729</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
</us-gaap:ScheduleOfDebtTableTextBlock>
<us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock contextRef="From2014-01-01to2014-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td><font style="font-size: 8pt"></font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 66%; text-align: left"><font style="font-size: 8pt">Interest on notes payable, related parties</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">9,370</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">5,893</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt">Accounts payable related vendor finance charges</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">336</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">4,013</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Finance Costs (Equity based)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">0</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">448</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">9,706</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">10,354</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
</us-gaap:InterestIncomeAndInterestExpenseDisclosureTableTextBlock>
<us-gaap:RevenueRecognitionDeferredRevenue contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On May 1, 1998, we entered into an agreement with Twin Mountain Rock Venture (“Twin Mountain”) to lease our property located in San Bernardino County, California for a period of ten years. Further, we will make available to Twin Mountain a minimum of 600,000 tons of finished material during the term of the agreement in exchange for a minimum annual royalty payment in the amount of $22,500. The initial agreement expired on April 30, 2008. Twin Mountain elected to utilize the renewal option for an additional ten-year period with an increased minimum annual royalty of $27,500. As of December 31, 2014 and 2013, we had unearned revenue from this agreement totaling $9,167 and $9,167, respectively.</font></p>
</us-gaap:RevenueRecognitionDeferredRevenue>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">A) <u>Mining claims</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has a lease and purchase option agreement covering six patented claims in the Cerbat Mountains, Hualapai Mining District and Mohave County Arizona. The Company pays $1,500 per quarter as minimum advance royalties. The Company has the option to purchase the property for $250,000 plus interest at a rate of 8% compounded annually from and after the date of its exercise of the option to purchase the property. If the Lessee exercises its option to purchase, all funds paid to Lessors shall be credited toward the purchase price as of the date the payments were made.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">B) <u>Mining reclamation costs</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Mining and reclamation permits, and an air quality permit have been issued by the California regulatory agencies in the names of both Twin Mountain, our joint venture partner, and the Company. The Company posted a cash bond in the amount of $1,379 (1% of the total bond amount) and Twin Mountain has posted the remainder of the $137,886 bond. If Twin Mountain defaults, we would be responsible for reclamation of the property, but reclamation costs incurred in that event would be paid in whole or part by the bond posted by us and Twin Mountain. Reclamation costs are not presently determinable.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">C) <u>Litigation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On June 3, 2014, a group of Company shareholders under the direction of Ronald D. Sloan (a former Chief Executive Officer and director of the Company) (collectively the “Plaintiffs”) filed a shareholder derivative complaint in Nevada State Court against the Company, as well as its then current directors (Thompson MacDonald, G. Michael Hogan, and Ron Schinnour), William Hogan, FutureWorth Capital Corp. and Candeo (collectively the “Defendants”). The Plaintiffs are alleging, among other things, that the Defendants caused the Company to enter into a transaction with Candeo involving the Pisgah Property that was not in the best interests of the Company.  However, the transaction with Candeo is in the best interests of the Company (see above in "Note 3 – Related Party - Material Supply Agreement”).</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">There are many other allegations made by the Plaintiffs, all of which are considered by the Defendants to be frivolous with no basis in fact. In fact, due to the actions of the prior management of the Company, the Company would not have been able to continue operations and would have failed without the intervention of new management, including certain of the Defendants, and without entering into the transaction with Candeo.   Accordingly, no provision has been recorded in the financial statements of the Company for any payment to the Plaintiffs pursuant to the claim or otherwise.  Legal counsel for the Company is Justin Jones, Esq. of Wolf, Rifkin, Shapiro, Schulman, and Rabkin, LLP of Las Vegas, Nevada. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In the ordinary course of business, we are from time to time involved in various pending or threatened legal actions.  The litigation process is inherently uncertain and it is possible that the resolution of such matters might have a material adverse effect upon our financial condition and/or results of operations.  However, in the opinion of our Board of Directors, matters currently pending or threatened against us are not expected to have a material adverse effect on our financial position or results of operations.</font></p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">No shares of common stock were issued by the Company during 2014 or 2013.</font></p>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><u>Option Plan</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Options granted for employee and consulting services - The 2003 Non-Qualified Option Plan was established by the Board of Directors in June 2003 and approved by shareholders in October 2003. A total of 1,500,000 shares of common stock are reserved for issuance under this plan. There were no options issued during the years ended December 31, 2014.</font></p>
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<CCRE:WarrantsTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Warrants Expired</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In years previous to 2013, warrants were granted which have subsequently expired.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The following is a summary of the common stock warrant activity as of December 31, 2014 and December 31, 2013:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">Weighted</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">Warrants</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">Average</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Outstanding</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Exercise Price</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt">Balance, January 1, 2013</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,280,394</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">0.11</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="text-align: left; width: 66%"><font style="font-size: 8pt">Granted</font></td><td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="text-align: right; width: 13%"><font style="font-size: 8pt">–</font></td><td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="text-align: right; width: 13%"><font style="font-size: 8pt">–</font></td><td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Cancelled</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Exercised</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Expired</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(5,824,584</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(0.08</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt">Balance, December 31, 2013</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">9,455,810</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">0.11</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Granted</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Cancelled</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Exercised</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Expired</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(9,455,810</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(0.11</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt">Balance, December 31, 2014</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
</CCRE:WarrantsTextBlock>
<us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock contextRef="From2014-01-01to2014-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><tr style="vertical-align: bottom"><td colspan="2" style="text-align: left"></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">Weighted</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">Warrants</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">Average</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Outstanding</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Exercise Price</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt">Balance, January 1, 2013</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">15,280,394</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">0.11</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="text-align: left; width: 66%"><font style="font-size: 8pt">Granted</font></td><td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="text-align: right; width: 13%"><font style="font-size: 8pt">–</font></td><td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="width: 1%"><font style="font-size: 8pt"> </font></td> <td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td><td style="text-align: right; width: 13%"><font style="font-size: 8pt">–</font></td><td style="text-align: left; width: 1%"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Cancelled</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Exercised</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Expired</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(5,824,584</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(0.08</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt">Balance, December 31, 2013</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">9,455,810</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">0.11</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Granted</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Cancelled</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Exercised</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">–</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: left"><font style="font-size: 8pt">Expired</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(9,455,810</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(0.11</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td colspan="2" style="text-align: left"><font style="font-size: 8pt">Balance, December 31, 2014</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"></font></p>
</us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company accounts for income taxes under FASB ASC 740-10, which requires use of the liability method. FASB ASC 740-10-25 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">As of December 31, 2014, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. The Company had approximately $8,960,118 and $8,728,644 of federal net operating losses at December 31, 2014 and 2013, respectively. The net operating loss carry forwards, if not utilized, will begin to expire in 2029.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets are as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="font-size: 8pt">Deferred tax asset:</font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left; padding-bottom: 1pt; text-indent: 10.7pt"><font style="font-size: 8pt">Net operating loss carry forwards</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,286,499</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,055,025</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt">Total deferred tax assets:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">3,286,499</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">3,055,025</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10.7pt"><font style="font-size: 8pt">Less: Valuation allowance</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,286,499</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,055,025</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net deferred tax assets</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Based on the available objective evidence, including the Company’s history of its loss, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at December 31, 2014 and 2013.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In accordance with FASB ASC 740, the Company has evaluated its tax positions and determined there are no uncertain tax positions.</font></p>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2014-01-01to2014-12-31">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td><font style="font-size: 8pt">Deferred tax asset:</font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: right"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left; padding-bottom: 1pt; text-indent: 10.7pt"><font style="font-size: 8pt">Net operating loss carry forwards</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,286,499</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,055,025</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left"><font style="font-size: 8pt">Total deferred tax assets:</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">3,286,499</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">3,055,025</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10.7pt"><font style="font-size: 8pt">Less: Valuation allowance</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,286,499</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,055,025</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net deferred tax assets</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">–</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>a) Resignations</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Subsequent of December 31, 2014, all previous officers and directors of the Company resigned.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On August 19, G. Michael Hogan resigned as an officer and director of the Company.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On September 10, 2015, Thompson MacDonald (Chairman of the Board of Directors) and Ronald Schinnour resigned from the Board of Directors to pursue other interests.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>b) New Appointments</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The new Officers and directors of the Company are listed below. Directors are elected to hold offices until the next annual meeting of shareholders and until their successors are elected or appointed and qualified. Officers are appointed by the board of directors until a successor is elected and qualified or until resignation, removal or death.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21%; border-bottom: black 1pt solid"><font style="font-size: 8pt">Name</font></td> <td style="width: 2%; border-bottom: white 3pt solid"><font style="font-size: 8pt"> </font></td> <td style="width: 2%; border-bottom: white 3pt solid"><font style="font-size: 8pt"> </font></td> <td style="width: 75%; border-bottom: black 1pt solid"><font style="font-size: 8pt">Position and Tenure</font></td></tr> <tr style="vertical-align: top"> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: top; background-color: rgb(204,255,204)"> <td><font style="font-size: 8pt">Jonathan Legg</font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt">Director and Chairman of the Board.</font></td></tr> <tr style="vertical-align: top; background-color: White"> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: top; background-color: rgb(204,255,204)"> <td><font style="font-size: 8pt">Tim J. Nakaska</font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt">Director and Chairman of the Audit Committee.</font></td></tr> <tr style="vertical-align: top; background-color: White"> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: top; background-color: rgb(204,255,204)"> <td><font style="font-size: 8pt">Richard R. Singleton</font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt">Director and Chairman of the Compensation Committee.</font></td></tr> <tr style="vertical-align: top; background-color: White"> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td> <td><font style="font-size: 8pt"> </font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Mr. Jonathan Legg, of Kelowna, British Columbia, was elected as a Director as of August 19, 2015, and as Chairman of the Board of Directors as of September 10, 2015. Mr. Legg is a Senior Advisor to PricewaterhouseCoopers Advisory Services Practice in Canada. He was a Senior Executive for both RBC Bank and Canadian Pacific Railway. He is experienced in strategy, risk management, business model innovation, operating effectiveness, restructuring, and corporate governance.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Mr. Tim J. Nakaska, ICD.D of Calgary, Alberta, was elected as a Director as of August 19, 2015, and as Chairman of the Audit Committee as of September 10, 2015, Mr. Nakaska was a Partner and Senior Vice President of PricewaterhouseCoopers, a major international accounting and consulting firm where he led the firm’s Corporate Advisory and Restructuring practice in Calgary. He is a Chartered Accountant and member of the Institute of Corporate Directors. Mr. Nakaska has extensive experience in providing advice and carrying out formal and informal financial restructuring and sales mandates for corporations, financial institutions, and governments. In addition, he has conducted numerous strategy and risk assessment, business and financial reviews, and due diligence assignments.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Mr. Richard R. Singleton, B.Arch., LEED, ICD.D of Calgary, Alberta was elected as a Director and Chairman of the Compensation Committee on September 10, 2015. Mr. Singleton has a Bachelor of Architecture degree from the University of Manitoba and went on to professional architecture career for 35 years. His work includes leading teams in creating Bankers Hall, the Hyatt Hotel, Trimac Building, Husky Oil Building complex, several Famous Players theatre complexes, the CSIS Headquarters, the Royal Canadian Mounted Police regional offices in Edmonton, Calgary, Toronto, and Halifax. He has been a member of numerous Boards of Directors.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>c) Debt Settlements</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font-size: 8pt">1) Upon the resignation of G. Michael Hogan as an officer and director of the Company on August 19, 2015, all accrued and unpaid salaries to that date of $676,333 ($600,000 as at December 31, 2014) were settled in exchange for 600,000 common shares (worth approximately $18,000 based on August 19, 2015 share prices). This transaction has been recorded during the quarter ended September 30,2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font-size: 8pt">2) Mr. William Hogan resigned from the Board of Directors on February 27, 2013, and his compensation via his FutureWorth Capital Corp. consulting agreement terminated as of December 31, 2012. On August 19, 2015, FutureWorth Capital Corp. settled all accrued and unpaid compensation of $180,000 to that date ($180,000 as at December 31,2015) for 240,000 common shares (worth approximately $7,200 based on August 19, 2015 share prices). This transaction has been recorded during the quarter ended September 30, 2015.</font></p>
</us-gaap:SubsequentEventsTextBlock>
<CCRE:ExplorationStageCompanyPolicyTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Exploration Stage Company</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is currently an exploration stage company. As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage and the cumulative statements of operations and cash flows from inception to the current balance sheet date. The Company has incurred net losses of $10,915,507 and used net cash in operations of $7,186,132 for the period from inception (March 22, 1995) through December 31, 2014. An entity remains in the exploration stage until such time as proven or probable reserves have been established for its deposits. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. To date, the exploration stage of the Company’s operations consists of contracting with geologists who sample and assess the mining viability of the Company’s claims.</font></p>
</CCRE:ExplorationStageCompanyPolicyTextBlock>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Revenue</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">All revenue is treated as unearned revenue until such time that the product is shipped.<u> </u></font></p>
</us-gaap:RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Use of Estimates</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Cash and Cash Equivalents</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Cash equivalents include money market accounts which have maturities of three months or less. For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. Cash equivalents are stated at cost plus accrued interest, which approximates market value.</font></p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Long-Lived Assets</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Fixed assets are recorded at the lower of cost or estimated net recoverable amount, and is depreciated using the straight-line method over the estimated useful life of the related asset as follows:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; text-align: left; background-color: rgb(204,255,204)"> <td style="width: 33%"><font style="font-size: 8pt">Machinery and equipment</font></td> <td style="width: 67%"><font style="font-size: 8pt">10 years</font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: White"> <td><font style="font-size: 8pt">Transportation equipment</font></td> <td><font style="font-size: 8pt">5 years</font></td></tr> <tr style="vertical-align: top; text-align: left; background-color: rgb(204,255,204)"> <td><font style="font-size: 8pt">Furniture and fixtures</font></td> <td><font style="font-size: 8pt">7 years</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Maintenance and repairs will be charged to expense as incurred. Significant renewals and betterments will be capitalized. At the time of retirement or other disposition of equipment, the cost and accumulated depreciation will be removed from the accounts and the resulting gain or loss, if any, will be reflected in operations.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company will assess the recoverability of equipment by determining whether the depreciation and amortization of these assets over their remaining life can be recovered through projected undiscounted future cash flows. The amount of equipment impairment, if any, will be measured based on fair value and is charged to operations in the period in which such impairment is determined by management.</font></p>
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<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Fair Value of Financial Instruments</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Under FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, accounts payable and accrued expenses reported on the balance sheets are estimated by management to approximate fair value primarily due to the short term nature of the instruments. The Company had no items that required fair value measurement on a recurring basis.</font></p>
</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Basic and Diluted Loss per Share</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For 2014 and 2013, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.</font></p>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:CompensationRelatedCostsPolicyTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Stock-Based Compensation</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company has adopted FASB guidance on stock based compensation. Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. There have been no stock and stock options issued for services and compensation for the years ended December 31, 2014 and 2013.</font></p>
</us-gaap:CompensationRelatedCostsPolicyTextBlock>
<CCRE:ModificationOfWarrantsPolicyTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Modification of Warrants</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company extended a total of 6,417,496 warrants on September 30, 2012, which were originally granted on June 30, 2009 as part of debt financing arrangements. A modification of the terms or conditions of an equity award is treated as an exchange of the original award for a new award. The incremental (additional) cost is computed as any excess of the fair value of the modified award over the fair value of the original award immediately before modification. As a result, a total of $10,354 has been expensed as finance charges during the year ended December 31, 2013 but none for the year ended December 31, 2014.</font></p>
</CCRE:ModificationOfWarrantsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Income Taxes</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company recognizes deferred tax assets and liabilities based on differences between the financial reporting and tax basis of assets and liabilities using the enacted tax rates and laws that are expected to be in effect when the differences are expected to be recovered. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets to be more likely than not.</font></p>
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<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2014-01-01to2014-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Recent Accounting Pronouncements</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><i> </i></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates (ASU) 2014-15 requiring an entity’s management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">We do not believe there are any additional recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s financial statements.</font></p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From1995-03-22to2014-12-31" unitRef="USD" decimals="0"> 7186132 </us-gaap:NetCashProvidedByUsedInOperatingActivities>
<us-gaap:MachineryAndEquipmentGross contextRef="AsOf2013-12-31" unitRef="USD" decimals="0"> 1000 </us-gaap:MachineryAndEquipmentGross>
<us-gaap:MachineryAndEquipmentGross contextRef="AsOf2014-12-31" unitRef="USD" decimals="0"> 1000 </us-gaap:MachineryAndEquipmentGross>
<us-gaap:FixturesAndEquipmentGross contextRef="AsOf2013-12-31" unitRef="USD" decimals="0"> 31787 </us-gaap:FixturesAndEquipmentGross>
<us-gaap:FixturesAndEquipmentGross contextRef="AsOf2014-12-31" unitRef="USD" decimals="0"> 31787 </us-gaap:FixturesAndEquipmentGross>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying financial statements, the Company had a net loss of $222,966 for the year ended December 31, 2014, has used net cash in operating activities of $7,186,132 from inception and had a working capital deficit of $1,163,258 at December 31, 2014. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its new business opportunities. Management has plans to seek additional capital through private placements and public offerings of its common stock. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The ability of the Company to continue as a going concern is dependent on securing additional sources of capital and the success of the Company’s plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><b><u>Nature of Business</u></b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Can-Cal Resources Ltd. (“Can-Cal” or the “Company”) is a Nevada corporation incorporated on March 22, 1995.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is an exploration company engaged in the exploration for precious metals, specifically focused on mineral exploration projects. We have examined various prospective mineral properties for precious metals and acquired those deemed promising. We currently own, lease or have mining interest in two mineral properties in the southwestern United States (California and Arizona, as follows: Cerbat, Arizona; and Pisgah, California). The Company previously had mineral rights in Owl Canyon, California and Wikieup, Arizona, which have now been abandoned.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">As an exploration stage enterprise, the Company discloses the deficit accumulated during the exploration stage. An entity remains in the exploration stage until such time as proven or probable reserves have been established for its deposits. Upon the location of commercially mineable reserves, the Company plans to prepare for mineral extraction and enter the development stage. To date, the exploration stage of the Company’s operations consists of contracting with geologists who sample and assess the mining viability of the Company’s claims.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Uncertain Tax Positions</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In accordance with ASC 740, “Income Taxes” (“ASC 740”), the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be capable of withstanding examination by the taxing authorities based on the technical merits of the position. These standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Various taxing authorities periodically audit the Company’s income tax returns. These audits include questions regarding the Company’s tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions. In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established, is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The assessment of the Company’s tax position relies on the judgment of management to estimate the exposures associated with the Company’s various filing positions.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><u>Mineral Claim Payments and Exploration Expenditures</u></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company is primarily engaged in the acquisition and exploration of mining properties. Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. We assess the carrying cost for impairment under the FASB ASC topic 360 at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs subsequently incurred to develop such property are capitalized. Such costs will be amortized using the units-of-production method over the established life of the proven and probable reserves. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations.</font></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center"><font style="font-size: 8pt">December 31,</font></td><td><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2014</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 66%; text-align: justify"><font style="font-size: 8pt">Machinery and equipment</font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td><td style="width: 2%"><font style="font-size: 8pt"> </font></td> <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,000</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><font style="font-size: 8pt">Transportation equipment</font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">31,787</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">31,787</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Furniture and fixtures</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,372</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,372</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">34,159</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td><td><font style="font-size: 8pt"> </font></td> <td style="text-align: left"><font style="font-size: 8pt"> </font></td><td style="text-align: right"><font style="font-size: 8pt">33,554</font></td><td style="text-align: left"><font style="font-size: 8pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt">Less accumulated depreciation</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(33,877</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(33,507</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">282</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt"> </font></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">652</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt"> </font></td></tr> </table>
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<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="AsOf2014-12-31" unitRef="USD" decimals="0"> 3286499 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
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<us-gaap:OperatingLossCarryforwards contextRef="AsOf2014-12-31" unitRef="USD" decimals="0"> 8960118 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OperatingLossCarryforwardsExpirationDate contextRef="From2014-01-01to2014-12-31"> 2029-12-31 </us-gaap:OperatingLossCarryforwardsExpirationDate>
<us-gaap:SharesOutstanding contextRef="AsOf2012-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF"> 42027060 </us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="AsOf2013-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF"> 42027060 </us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="AsOf2014-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF"> 42027060 </us-gaap:SharesOutstanding>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod contextRef="From2014-01-01to2014-12-31" unitRef="Shares" decimals="INF"> 0 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod contextRef="From2013-01-01to2013-12-31" unitRef="Shares" decimals="INF"> 0 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod>
<CCRE:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExpired contextRef="From2014-01-01to2014-12-31" unitRef="UsdPerShare" decimals="INF"> .11 </CCRE:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExpired>
<CCRE:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExpired contextRef="From2013-01-01to2013-12-31" unitRef="UsdPerShare" decimals="INF"> .08 </CCRE:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExpired>
</xbrli:xbrl>

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