Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 3 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income/(loss) $ (750,314) $ 4,325,232
Adjustments to reconcile net income to net cash provided by operating activities:    
Income from discontinued operations 0 (8,654,065)
Depreciation and amortization 28,980 13,479
Interest expense 0 2,118,147
Changes in operating assets and liabilities    
Decrease/(increase) in prepaid expenses and other assets 544,718 (18,086)
Increase/(decrease) in accounts payable 45,827 (414,393)
Increase/(decrease) in taxes payables and accrued liabilities 20,098 (65,271)
Net cash used in operating activities - continuing operations (110,691) (2,694,957)
Net cash provided by operating activities - discontinued operations 0 16,187,198
Net cash provided by/(used in) operating activities (110,691) 13,492,241
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in short term notes receivable 0 (37,365)
Purchase of other fixed assets 0 (153,306)
Net cash used in investing activities - continuing operations 0 (190,671)
Net cash used in investing activities - discontinued operations 0 (10,892,422)
Net cash used in investing activities 0 (11,083,093)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash distribution (1,782,857) 0
Intercompany advances 0 [1] 2,707,108 [1]
Net cash provided by/(used in) financing activities – continuing operations (1,782,857) 2,707,108
Net cash used in financing activities - discontinued operations 0 [2] (2,870,508) [2]
Net cash used in financing activities (1,782,857) (163,400)
NET CHANGE IN CASH AND CASH EQUIVALENTS (1,893,548) 2,245,748
NET CHANGE IN CASH AND CASH EQUIVALENTS from discontinuing operations 0 2,424,268
NET CHANGE IN CASH AND CASH EQUIVALENTS from continuing operations (1,893,548) (178,520)
CASH AND CASH EQUIVALENTS at beginning of period 39,372,278 426,045
CASH AND CASH EQUIVALENTS at end of period 37,478,730 247,525
Reconciliation of cash and cash equivalents at end of period to Condensed Consolidated Balance Sheet    
Cash and cash equivalents 1,475,719  
Restricted cash 36,003,011  
CASH AND CASH EQUIVALENTS at end of period 37,478,730 247,525
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 2,874,087
Depreciation on other fixed assets capitalized as oil and gas properties $ 0 $ 206,419
[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.