Searchlight Minerals Corp. | 2013 | FY | 3


The following table reflects the recorded purchase consideration for the Clarkdale Slag Project:
 
Purchase price:
 
 
 
 
Cash payments
 
$
10,100,000
 
Joint venture option acquired in 2005 for cash
 
 
690,000
 
Warrants issued for joint venture option
 
 
1,918,481
 
Common stock issued
 
 
66,879,375
 
Monthly payments, current portion
 
 
167,827
 
Monthly payments, net of current portion
 
 
2,333,360
 
Acquisition costs
 
 
127,000
 
 
 
 
 
 
Total purchase price
 
 
82,216,043
 
 
 
 
 
 
Net deferred income tax liability assumed - Clarkdale Slag Project
 
 
48,076,734
 
 
 
 
 
 
Total
 
$
130,292,777
 
 
The following table reflects the components of the Clarkdale Slag Project:
 
Allocation of acquisition cost:
 
 
 
 
Clarkdale Slag Project (including net deferred income tax liability assumed of $48,076,734)
 
$
120,766,877
 
Land - smelter site and slag pile
 
 
5,916,150
 
Land
 
 
3,300,000
 
Income property and improvements
 
 
309,750
 
 
 
 
 
 
Total
 
$
130,292,777
 
The following table sets forth the change in the Slag Project for the years ended December 31:
 
 
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Slag Pile, beginning balance
 
$
121,667,730
 
$
121,555,117
 
Capitalized interest costs
 
 
92,081
 
 
112,613
 
Slag Pile, ending balance
 
$
121,759,811
 
$
121,667,730
 

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