Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended 14 Months Ended
Jun. 30, 2012
Jun. 30, 2012
Cash flows from operating activities:    
Net loss attributable to American Strategic Minerals Corporation $ (4,546,378) $ (4,655,700)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock based compensation on warrants granted 2,598,438 2,598,438
Common stock issued for services 75,000 75,000
Non-controlling interest (101) (101)
Non-cash other income (125,000) (125,000)
Impairment of mineral rights 1,256,000 1,355,474
Impairment of assets of discontinued operations 30,248 30,248
Assets of discontinued operations - current portion 20,000 20,000
Prepaid expenses (71,600) (91,600)
Deposits    (3,500)
Assets of discontinued operations - long term portion 3,915 3,915
Accounts payable and accrued expenses 103,703 107,703
Net cash used in operating activities (655,775) (685,123)
Cash flows from investing activities:    
Acquisition of mineral rights (325,000) (325,000)
Note receivable - related party (133,058) (133,058)
Acquisition of real estate property (254,016) (254,016)
Net cash used in investing activities (712,074) (712,074)
Cash flows from financing activities:    
Payment on note payable (930,000) (930,000)
Payment on note payable - related party (152,974) (152,974)
Payment in connection with the cancellation of stock and rescission agreement (132,000) (132,000)
Proceeds from advances payables    100,000
Proceeds from promissory note - related party    53,500
Proceeds from sale of common stock, net of issuance costs 5,768,965 5,773,965
Net cash provided by financing activities 4,553,991 4,712,491
Net increase in cash 3,186,142 3,315,294
Cash at beginning of period 129,152   
Cash at end of period 3,315,294 3,315,294
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest      
Income taxes      
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of a note payable to a related party in connection with the purchase of mining rights    99,474
Issuance of a note payable in connection with an option agreement 930,000 930,000
Issuance of common stock for advances payable 100,000 100,000
Assumption of prepaid assets upon exercise of option agreement 43,157 43,157
Assumption of accounts payable upon exercise of option agreement $ 30,664 $ 30,664