XTSE:SVB Silver Bull Resources Inc Quarterly Report 10-Q Filing - 4/30/2012

Effective Date 4/30/2012

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svbr_10q-043012.htm



U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

R
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED April 30, 2012.

£
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE TRANSITION PERIOD FROM _________ TO _________.

Commission File Number: 001-33125

SILVER BULL RESOURCES, INC.
(Exact name of registrant as specified in its charter)

Nevada
91-1766677
State or other jurisdiction of
(I.R.S. Employer
incorporation or organization
Identification No.)

925 West Georgia Street, Suite 1908
Vancouver, B.C. V6C 3L2
 (Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: 604-687-5800


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes R No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes R   No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting company:
 
Large accelerated filer o Accelerated filer R
Non-accelerated filer o
(Do not check if a smaller reporting company)
Smaller reporting company o
                                                                                                              
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes o No R

As of June 7, 2012, there were 136,160,157 shares of the Registrant’s $.01 par value Common Stock (“Common Stock”), the Registrant’s only outstanding class of voting securities.
 


 
 
 
 
PART I – FINANCIAL INFORMATION



ITEM 1. FINANCIAL STATEMENTS.



SILVER BULL RESOURCES, INC.
(AN EXPLORATION STAGE COMPANY)
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2012


INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


   
PAGE
     
Consolidated Financial Statements (Unaudited):
   
     
Consolidated Balance Sheets as of April 30, 2012 and October 31, 2011
 
2
     
Consolidated Statements of Operations and Comprehensive Loss for the three and six  months ended
April 30, 2012 and April 30, 2011, and for the period from inception
(November 8, 1993) to April 30, 2012
 
3
     
Consolidated Statements of Cash Flows for the six months ended
April 30, 2012 and April 30, 2011, and for the period from inception
(November 8, 1993) to April 30, 2012
 
4-5
     
Notes to Consolidated Financial Statements
 
6-19
     

 



[The balance of this page has been intentionally left blank.]
 
 
 
 
 
1
 
 

 

SILVER BULL RESOURCES, INC.
(AN EXPLORATION STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
 
 
 
April 30,
2012
   
October 31,
2011
 
   
(Unaudited)
      **  
ASSETS
             
               
CURRENT ASSETS
             
Cash and cash equivalents
  $ 6,558,718     $ 4,239,899  
Restricted cash (Note 5)
    44,227       77,068  
Value-added tax receivable, net of allowance for uncollectible taxes of $528,888 and $nil, respectively (Note 6)
    2,112,951        
Other receivable
    165,419       80,789  
Prepaid expenses and deposits
    338,115       239,286  
Prepaid income taxes
    1,778       10,933  
Total Current Assets
    9,221,208       4,647,975  
                 
PROPERTY CONCESSIONS
               
Sierra Mojada, Mexico (Note 7)
    5,596,669       4,846,687  
Gabon, Africa (Notes 7 and 9)
    3,913,069       4,500,148  
      9,509,738       9,346,835  
                 
EQUIPMENT
               
Office and mining equipment, net of accumulated depreciation
   of $880,653 and $973,457, respectively (Note 8)
    730,493       785,486  
                 
OTHER ASSETS
               
Value-added tax receivable, net of allowance for uncollectible taxes of $nil and $1,380,818, respectively  (Note 6)
    476,320       1,826,664  
Goodwill (Note 10)
    18,495,031       18,495,031  
Other assets
    56,619       112,170  
      19,027,970       20,433,865  
                 
TOTAL ASSETS
  $ 38,489,409     $ 35,214,161  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
                 
CURRENT LIABILITIES
               
Accounts payable
  $ 899,547     $ 798,679  
Accrued liabilities and expenses
    360,941       874,605  
Income tax payable
    20,119       7,842  
Payable to joint venture partner (Note 9)
    523,438       541,913  
Total Current Liabilities
    1,804,045       2,223,039  
                 
COMMITMENTS AND CONTINGENCIES (Notes 12 and 17)
               
                 
STOCKHOLDERS’ EQUITY (Notes 12, 13, 14 and 15)
               
Common stock, $0.01 par value; 300,000,000 shares authorized,
136,160,157 and 115,110,157 shares issued and outstanding, respectively
    1,361,601       1,151,101  
Additional paid-in capital
    115,839,441       105,201,435  
Deficit accumulated during exploration stage
    (80,549,477 )     (73,559,865 )
Other comprehensive income
    33,799       198,451  
Total Stockholders’ Equity
    36,685,364       32,991,122  
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 38,489,409     $ 35,214,161  
 

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