Supplemental Disclosures - Consolidated Statements of Cash Flows

9 Months Ended

Sep. 30, 2012

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures - Consolidated Statements of Cash Flows

Note 10 – Supplemental Disclosures – Consolidated Statements of Cash Flows

Supplemental Disclosure of Non-Cash, Investing and Financing Activities:

		Period From
Nine months ended September 30		Inception Through
2012	2011	September 30, 2012

Investment advances paid from shareholder loans	$	-	$	-	$	1,263,985
Common stock issued for investment in joint venture projects	$	-	$	-	$	687,225
Common stock issued or subscribed for expenses/services	$	219,500	$	1,631,959	$	10,260,500
Common stock issued for prepaid expenses/services	$	36,667	$	-	$	36,667
Common stock issued for oil and gas properties	$	-	$	90,000	$	3,646,000
Common stock issued or subscribed in connection with short-term notes	$	-	$	-	$	1,809,023
Interest forgiven on shareholder loan payable	$	-	$	-	$	631,444
Common stock issued in conversion of shareholder loan	$	-	$	-	$	400,000
Capital expenditures acquired with accounts payable	$	-	$	-	$	31,282

Settlement of loan payable by assignment of investment:
Loan payable	$	-	$	-	$	(200,000	)
Investment	$	-	$	-	$	200,000
Warrants issued for non-employee compensation	$	-	$	538,411	$	538,411
Supplemental Disclosure of Cash Flow Information:
Cash paid for:
Interest	$	20,000	$	328,970	$	527,714
Income taxes	$	-	$	-	$	-

- Definition

The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References+ Details

Gulf United Energy, Inc. 10-Q