Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 9 Months Ended
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,566,476) $ (138,848,220)
Adjustments to reconcile net income to net cash provided by operating activities:    
Income from discontinued operations 0 (11,899,714)
Depreciation and amortization 86,944 72,533
Interest expense 0 3,551,022
Provision expense for notes receivable 220,875 0
Loss on sale of Emir Oil 0 127,147,771
Changes in operating assets and liabilities    
Decrease/(increase) in prepaid expenses and other assets 1,616,915 30,807
Increase/(decrease) in accounts payable (4,963,585) (444,639)
Increase/(decrease) in taxes payables and accrued liabilities (5,836) 4,985,074
Net cash used in operating activities - continuing operations (5,611,163) (15,405,366)
Net cash provided by operating activities - discontinued operations 0 33,067,626
Net cash (used in)/ provided by operating activities (5,611,163) 17,662,260
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in short term notes receivable 0 (66,150)
Proceed from sale of Emir Oil 0 159,601,000
Purchase of other fixed assets 0 (153,308)
Net cash provided by investing activities - continuing operations 0 159,381,542
Net cash used in investing activities - discontinued operations 0 (23,126,407)
Net cash provided by investing activities 0 136,255,135
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment related to redemption of convertible notes 0 (61,400,000)
Cash paid for convertible notes coupon 0 (4,546,796)
Cash distribution (22,971,657) (43,002,498)
Intercompany advances (1) 0 6,303,531
Net cash used in financing activities - continuing operations (22,971,657) (102,645,763)
Net cash used in financing activities - discontinued operations (2) 0 (6,623,936)
Net cash used in financing activities (22,971,657) (109,269,699)
NET CHANGE IN CASH AND CASH EQUIVALENTS (28,582,820) 44,647,696
NET CHANGE IN CASH AND CASH EQUIVALENTS from discontinuing operations 0 3,317,283
NET CHANGE IN CASH AND CASH EQUIVALENTS from continuing operations (28,582,820) 41,330,413
CASH AND CASH EQUIVALENTS at beginning of period 39,372,278 426,045
CASH AND CASH EQUIVALENTS at end of period 10,789,458 41,756,458
(1) Intercompany advances represent payments and receipts between BMB Munai and Emir and are shown to break out the activity between continuing and discontinuing operations. Intercompany advances are eliminated and do not appear on the condensed consolidated balance sheets.      
(2) Includes intercompany advances activity.      
Reconciliation of cash and cash equivalents at end of period to Condensed Consolidated Balance Sheet    
Cash and cash equivalents 10,789,458 5,755,268
Restricted cash 0 36,001,190
CASH AND CASH EQUIVALENTS at end of period 10,789,458 41,756,458
Non-Cash Investing and Financing Activities    
Transfer of inventory and prepayments for materials used in oil and gas projects to oil and gas properties 0 1,198,675
Depreciation on other fixed assets capitalized as oil and gas properties 0 479,227
Cash distribution accrued and not yet paid $ 8,781,165 $ 15,016,556