Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 17, 2014 | Jun. 30, 2013 | |
Document And Entity Information | ' | ' | ' |
Entity Registrant Name | 'UNITED STATES ANTIMONY CORP | ' | ' |
Entity Central Index Key | '0000101538 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' | ' |
Is Entity a Voluntary Filer? | 'No | ' | ' |
Is Entity's Reporting Status Current? | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $53,424,479 |
Entity Common Stock, Shares Outstanding | ' | 63,256,206 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $20,343 | $1,000,811 |
Certificates of deposit | 246,565 | 243,616 |
Accounts receivable, net | 576,021 | 456,159 |
Inventories | 1,034,770 | 1,192,189 |
Other current assets | 32,865 | 170,529 |
Deferred tax asset | 0 | 39,824 |
Total current assets | 1,910,564 | 3,103,128 |
Properties, plants and equipment, net | 12,395,645 | 9,508,975 |
Restricted cash for reclamation bonds | 75,501 | 75,251 |
Deferred tax asset | 0 | 189,627 |
Other assets | 509,281 | 498,496 |
Total assets | 14,890,991 | 13,375,477 |
Current liabilities: | ' | ' |
Accounts payable | 1,734,767 | 1,181,225 |
Due to factor | 177,701 | 23,536 |
Accrued payroll, taxes and interest | 124,937 | 89,541 |
Other accrued liabilities | 50,745 | 30,220 |
Payables to related parties | 15,549 | 17,522 |
Deferred revenue | 110,138 | 0 |
Notes payable to bank | 138,520 | 0 |
Long-term debt, current | 126,984 | 280,597 |
Total current liabilities | 2,479,341 | 1,622,641 |
Long-term debt, net of discount and current portion | 1,002,215 | 157,466 |
Stock payable to directors for services | 150,000 | 0 |
Asset retirement obligation and accrued reclamation costs | 257,580 | 249,540 |
Total liabilities | 3,889,136 | 2,029,647 |
Commitments and contingencies (Note 4 and 15) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock $0.01 par value, 10,000,000 shares authorized: Series A: -0- shares issued and outstanding | 0 | 0 |
Series B: 750,000 shares issued and outstanding (liquidation preference $892,500 and $885,000, respectively) | 7,500 | 7,500 |
Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both years) | 1,779 | 1,779 |
Series D: 1,751,005 shares issued and outstanding (liquidation preference $4,796,731 and $4,755,582, respectively) | 17,509 | 17,509 |
Common stock, $0.01 par vaue, 90,000,000 shares authorized; 63,156,206 and 61,896,726 shares issued and outstanding, respectively | 631,562 | 618,966 |
Additional paid-in capital | 32,030,249 | 30,745,650 |
Accumulated deficit | -21,686,744 | -20,045,574 |
Total stockholders' equity | 11,001,855 | 11,345,830 |
Total liabilities and stockholders' equity | $14,890,991 | $13,375,477 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' equity: | ' | ' |
Series A Preferred stock, par value | $0.01 | $0.01 |
Series A Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series A Preferred stock, issued shares | 0 | 0 |
Series A Preferred stock, outstanding shares | 0 | 0 |
Series B Preferred stock, par value | $0.01 | $0.01 |
Series B Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series B Preferred stock, issued shares | 750,000 | 750,000 |
Series B Preferred stock, outstanding shares | 750,000 | 750,000 |
Series B liquidation preference | $892,500 | $885,000 |
Series C Preferred stock, par value | $0.01 | $0.01 |
Series C Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series C Preferred stock, issued shares | 177,904 | 177,904 |
Series C Preferred stock, outstanding shares | 177,904 | 177,904 |
Series C liquidation preference | 97,847 | 97,847 |
Series D Preferred stock, par value | $0.01 | $0.01 |
Series D Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series D Preferred stock, issued shares | 1,751,005 | 1,751,005 |
Series D Preferred stock, outstanding shares | 1,751,005 | 1,751,005 |
Series D liquidation preference | $4,796,731 | $4,755,582 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 90,000,000 | 90,000,000 |
Common stock, issued shares | 63,156,206 | 61,896,726 |
Common stock, outstanding shares | 63,156,206 | 61,896,726 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement [Abstract] | ' | ' | ' |
REVENUES | $11,020,829 | $12,042,702 | $13,118,090 |
COST OF REVENUES | 11,061,799 | 11,007,802 | 11,443,892 |
GROSS PROFIT (LOSS) | -40,970 | 1,034,900 | 1,674,198 |
OPERATING EXPENSES: | ' | ' | ' |
General and administrative | 736,312 | 810,369 | 428,092 |
Salaries and benefits | 336,000 | 284,483 | 149,671 |
Professional fees | 224,889 | 258,735 | 204,904 |
TOTAL OPERATING EXPENSES | 1,297,201 | 1,353,587 | 782,667 |
INCOME (LOSS) FROM OPERATIONS | -1,338,171 | -318,687 | 891,531 |
OTHER INCOME (EXPENSE): | ' | ' | ' |
Interest income | 3,923 | 8,049 | 5,205 |
Interest expense | -4,529 | -2,691 | 0 |
Bad debts | -1,170 | 0 | 0 |
Factoring expense | -71,772 | -78,100 | -154,206 |
TOTAL OTHER INCOME (EXPENSE) | -73,548 | -72,742 | -149,001 |
INCOME (LOSS) BEFORE INCOME TAXES | -1,411,719 | -391,429 | 742,530 |
INCOME TAXES: | ' | ' | ' |
Income tax (expense) - current | 0 | 0 | -9,168 |
Income tax (expense) benefit - deferred | -229,451 | -167,107 | -96,442 |
TOTAL INCOME TAXES | -229,451 | -167,107 | -105,610 |
NET INCOME (LOSS) | -1,641,170 | -558,536 | 636,920 |
Preferred dividends | -48,649 | -48,649 | -48,649 |
Net income (loss) available to common shareholders | ($1,689,819) | ($607,185) | $588,271 |
Net income (loss) per share of common stock: | ' | ' | ' |
Basic | ($0.03) | ($0.01) | $0.01 |
Diluted | ($0.03) | ($0.01) | $0.01 |
Weighted average shares outstanding : | ' | ' | ' |
Basic | 62,281,449 | 61,235,365 | 58,855,348 |
Diluted | 62,281,449 | 61,235,365 | 59,381,175 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (USD $) | Total Preferred Stock | Common Stock [Member] | Stock Subscriptions Receivable | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance - Amount at Dec. 31, 2010 | $26,788 | $563,073 | ($82,563) | $24,505,331 | ($20,123,958) | $4,888,671 |
Beginning Balance - Shares at Dec. 31, 2010 | 2,678,909 | 56,307,382 | ' | ' | ' | ' |
Payment received for outstanding stock subscriptions | ' | ' | 82,563 | ' | ' | 82,563 |
Issuance of common stock for cash, net of offering costs, Shares | ' | 3,041,918 | ' | ' | ' | ' |
Issuance of common stock for cash, net of offering costs, Amount | ' | 30,419 | ' | 1,129,798 | ' | 1,160,217 |
Net income (loss) | ' | ' | ' | ' | 636,920 | 636,920 |
Ending Balance, Amount at Dec. 31, 2011 | 26,788 | 593,492 | 0 | 25,635,129 | -19,487,038 | 6,768,371 |
Ending Balance, Shares at Dec. 31, 2011 | 2,678,909 | 59,349,300 | ' | ' | ' | ' |
Issuance of common stock and warrants for cash, net of offering costs, Shares | ' | 2,156,334 | ' | ' | ' | ' |
Issuance of common stock and warrants for cash, net of offering costs, Amount | ' | 21,563 | ' | 4,603,200 | ' | 4,624,763 |
Issuance of common stock to Directors for services: Accrued in prior year, Shares | ' | 95,835 | ' | ' | ' | ' |
Issuance of common stock to Directors for services: Accrued in prior year, Amount | ' | 958 | ' | 229,046 | ' | 230,004 |
Issuance of common stock to Directors for services: For current year, Shares | ' | 69,992 | ' | ' | ' | ' |
Issuance of common stock to Directors for services: For current year, Amount | ' | 700 | ' | 220,528 | ' | 221,228 |
Issuance of common stock for cash through exercise of warrants, Shares | ' | 225,265 | ' | ' | ' | ' |
Issuance of common stock for cash through exercise of warrants, Amount | ' | 2,253 | ' | 57,747 | ' | 60,000 |
Net income (loss) | ' | ' | ' | ' | -558,536 | -558,536 |
Ending Balance, Amount at Dec. 31, 2012 | 26,788 | 618,966 | 0 | 30,745,650 | -20,045,574 | 11,345,830 |
Ending Balance, Shares at Dec. 31, 2012 | 2,678,909 | 61,896,726 | ' | ' | ' | ' |
Issuance of common stock and warrants for cash, net of offering costs, Shares | ' | 1,139,480 | ' | ' | ' | ' |
Issuance of common stock and warrants for cash, net of offering costs, Amount | ' | 11,396 | ' | 1,135,799 | ' | 1,147,195 |
Issuance of common stock and warrants for notes payable, Shares | ' | 120,000 | ' | ' | ' | ' |
Issuance of common stock and warrants for notes payable, Amount | ' | 1,200 | ' | 148,800 | ' | 150,000 |
Net income (loss) | ' | ' | ' | ' | -1,641,170 | -1,641,170 |
Ending Balance, Amount at Dec. 31, 2013 | $26,788 | $631,562 | $0 | $32,030,249 | ($21,686,744) | $11,001,855 |
Ending Balance, Shares at Dec. 31, 2013 | 2,678,909 | 63,156,206 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income loss | ($1,641,170) | ($558,536) | $636,920 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization expense | 688,738 | 472,990 | 405,746 |
Accretion of asset retirement obligation | 8,040 | 8,040 | 0 |
Common stock issued for services | 0 | 221,228 | 0 |
Common stock issued to directors for services | 150,000 | 0 | 230,004 |
Deferred income tax expense (benefit) | 229,451 | 167,107 | 96,442 |
Change in: | ' | ' | ' |
Accounts receivable, net | -119,862 | 982,405 | -693,146 |
Inventories | 157,419 | -125,376 | -923,522 |
Other current assets | 137,664 | -114,321 | -37,953 |
Other assets | -13,984 | -443,730 | 40,000 |
Accounts payable | 474,438 | 186,283 | 584,698 |
Accrued payroll, taxes and interest | 35,396 | -52,387 | 51,425 |
Other accrued liabilities | 20,525 | -89,072 | -100,836 |
Deferred revenue | 110,138 | -43,760 | 43,760 |
Payables to related parties | -1,973 | -84,452 | 83,914 |
Net cash provided by operating activities | 234,820 | 526,419 | 417,452 |
Cash Flows From Investing Activities: | ' | ' | ' |
Purchase of certificates of deposit | 0 | -244,090 | -466 |
Purchase of properties, plants and equipment | -2,733,762 | -3,269,811 | -2,238,975 |
Net cash used by investing activities | -2,733,762 | -3,513,901 | -2,239,441 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net proceeds from (payments to) factor | 154,164 | -123,053 | 146,589 |
Proceeds from sale of common stock and warrants, net of offering costs | 1,147,195 | 4,624,763 | 1,160,217 |
Issuance of common stock pursuant to exercise of warrants | 0 | 60,000 | 0 |
Proceeds from notes payable to bank | 138,520 | 0 | 0 |
Principal payments of long-term debt | -273,405 | -464,936 | -124,722 |
Proceeds from long term debt | 352,000 | 0 | 0 |
Payments received on stock subscription agreements | 0 | 0 | 82,563 |
Change in checks issued and payable | 0 | -113,908 | 113,908 |
Net cash provided by financing activities | 1,518,474 | 3,982,866 | 1,378,555 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -980,468 | 995,384 | -443,434 |
Cash and cash equivalents at beginning of year | 1,000,811 | 5,427 | 448,861 |
Cash and cash equivalents at end of year | 20,343 | 1,000,811 | 5,427 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' | ' |
Interest paid in cash (net of amount capitailzed) | 2,529 | 2,691 | 0 |
Properties, plants & equipment acquired with long-term debt | 762,541 | 665,150 | 234,775 |
Properties, plants and equipment acquired with accounts payable | 79,105 | 0 | 0 |
Common stock and warrants issued for note payable | $150,000 | $0 | $0 |
1_Background_of_Company_and_Ba
1. Background of Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Background of Company and Basis of Presentation | ' |
AGAU Mines, Inc., predecessor of United States Antimony Corporation ("USAC" or "the Company"), was incorporated in June 1968 as a Delaware corporation to mine gold and silver. USAC was incorporated in Montana in January 1970 to mine and produce antimony products. In June 1973, AGAU Mines, Inc. was merged into USAC. In December 1983, the Company suspended its antimony mining operations when it became possible to purchase antimony raw materials more economically from foreign sources. The principal business of the Company has been the production and sale of antimony products. | |
During 2000, the Company formed a 75% owned subsidiary, Bear River Zeolite Company ("BRZ"), to mine and market zeolite and zeolite products from a mineral deposit in southeastern Idaho. In 2001, an operating plant was constructed at the zeolite site and zeolite production and sales commenced. During 2002, the Company acquired the remaining 25% of BRZ and continued to produce and sell zeolite products. | |
During 2005, the Company formed a 100% owned subsidiary, Antimonio de Mexico S.A. de C.V. (“AM”), to explore and develop potential antimony properties in Mexico. | |
During 2006, the Company acquired 100% ownership in United States Antimony, Mexico S.A. de C.V. (“USAMSA”), which became a wholly-owned subsidiary of the Company. |
2_Concentrations_of_Risk
2. Concentrations of Risk | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||
Concentrations of Risk | ' | ||||||||||||
Sales to Three | For the Year Ended | ||||||||||||
Largest Customers | December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Alpha Gary Corporation | $ | 3,700,945 | $ | 3,245,612 | $ | 1,771,173 | |||||||
General Electric | 781,200 | - | - | ||||||||||
Kohler Corporation | 2,654,215 | 2,286,938 | 2,941,143 | ||||||||||
Polymer Products Inc. | - | 1,119,055 | 2,887,862 | ||||||||||
$ | 7,136,360 | $ | 6,651,605 | $ | 7,600,178 | ||||||||
% of Total Revenues | 64.75 | % | 55.23 | % | 57.94 | % | |||||||
Three Largest | For the Year Ended | ||||||||||||
Accounts Receivable | December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Kohler Corporation | $ | 202,019 | $ | 299,273 | |||||||||
Alpha Gary Corporation | 42,778 | $ | 194,005 | 254,940 | |||||||||
GE Lighting (LPC) | - | - | 252,000 | ||||||||||
Teck American Inc | 88,329 | - | - | ||||||||||
Quantum Remediation | - | 101,149 | - | ||||||||||
Scutter Enterprises | - | 41,512 | - | ||||||||||
$ | 333,126 | $ | 336,666 | $ | 806,213 | ||||||||
% of Total Receivables | 57.83 | % | 73.8 | % | 64.2 | % | |||||||
The Company's revenues from antimony sales are strongly influenced by world prices for such commodities, which fluctuate and are affected by numerous factors beyond the Company's control, including inflation and worldwide forces of supply and demand. The aggregate effect of these factors is not possible to predict accurately. |
3_Summary_of_Significant_Accou
3. Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The Company's consolidated financial statements include the accounts of BRZ, USAMSA and AM, all wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant and critical estimates include property, plant and equipment impairment, accounts receivable allowance, deferred income taxes, environmental remediation liabilities and asset retirement obligations. Actual results could differ from those estimates. | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the 2012 and 2011 financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net income (loss), cash flows, total assets or stockholders' equity as previously reported. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers cash in banks and investments with original maturities of three months or less when purchased to be cash equivalents. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash at December 31, 2013 and 2012 consists of cash held for reclamation performance bonds, and is held as certificates of deposit with financial institutions. | |||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable are stated at the amount that management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through an allowance for doubtful accounts. Changes to the allowance for doubtful accounts are based on management’s judgment, considering historical write-offs, collections and current credit conditions. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments received on receivables subsequent to being written off are considered a bad debt recovery. | |||||||||||||
Inventories | |||||||||||||
Inventories at December 31, 2013 and 2012, consisted primarily of finished antimony products, antimony metal, antimony concentrates, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight allocated based on production quantity. Stockpiled ore is carried at the lower of average cost or net realizable value. Since the Company's antimony inventory is a commodity with a sales value that is subject to world prices for antimony that are beyond the Company's control, a significant change in the world market price of antimony could have a significant effect on the net realizable value of inventories. The Company periodically reviews its inventories to identify excess and obsolete inventories and to estimate reserves for obsolete inventories as necessary to reflect inventories at net realizable value. | |||||||||||||
Properties, Plants and Equipment | |||||||||||||
Properties, plants and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives of five to twenty-five years. Vehicles and office equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three to seven years. Maintenance and repairs are charged to operations as incurred. Betterments of a major nature are capitalized. Expenditures for new property, plant, equipment, and improvements that extend the useful life or functionality of the asset are capitalized. The Company capitalized $3,575,408 and $3,934,961 in plant construction and other capital costs for the years ended December 31, 2013 and 2012, respectively. These amounts include capitalized interest of $24,395 and $14,313, respectively. When assets are retired or sold, the costs and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in operations. | |||||||||||||
Mineral properties are amortized over the estimated economic life of the mineral resource using the straight-line method or the units-of-production method, based upon estimated units of mineral resource. | |||||||||||||
Management of the Company periodically reviews the net carrying value of all of its long-lived assets. These reviews consider the net realizable value of each asset or group to determine whether a permanent impairment in value has occurred and the need for any asset write-down. An impairment loss is recognized when the estimated future cash flows (undiscounted and without interest) expected to result from the use of an asset are less than the carrying amount of the asset. Measurement of an impairment loss is based on the estimated fair value of the asset if the asset is expected to be held and used. | |||||||||||||
Translations of Foreign Currencies | |||||||||||||
All amounts are presented in United States (US) Dollars, and the US Dollar is the functional currency of the Company and its foreign subsidiaries. All transactions are carried out in US Dollars, or translated at the time of the transaction. There are no material accounts carried in foreign currencies that would require translation at year end. | |||||||||||||
Mineral Rights | |||||||||||||
The cost to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized as mineral rights in the year of acquisition. These capitalized costs will be amortized on the statement of operations using a straight line method over the expected life when placed into production. Mineral rights are assessed for impairment when facts and circumstances indicate that the potential for impairment exists. No impairment has been indicated for the years ended December 31, 2013 or 2012 as a result of this assessment. Mineral rights are subject to write down in the period the property is abandoned. | |||||||||||||
Exploration and Development | |||||||||||||
The Company records exploration costs as operating expenses in the period they occur, and capitalizes development costs on discrete mineralized bodies that have proven reserves in compliance with SEC Industry Guide 7, and are in development or production. | |||||||||||||
Reclamation and Remediation | |||||||||||||
All of the Company's mining operations are subject to reclamation and remediation requirements. Minimum standards for mine reclamation have been established by various governmental agencies. Costs are estimated based primarily upon environmental and regulatory requirements and are accrued. The liability for reclamation is classified as current or noncurrent based on the expected timing of expenditures. Reclamation differs from an asset retirement obligation in that no associated asset is recorded in the case of reclamation liabilities. | |||||||||||||
It is reasonably possible that because of uncertainties associated with defining the nature and extent of environmental contamination, application of laws and regulations by regulatory authorities, and changes in remediation technology, the ultimate cost of remediation and reclamation could change in the future. The Company continually reviews its accrued liabilities for such remediation and reclamation costs as evidence becomes available indicating that its remediation and reclamation liability has changed. | |||||||||||||
The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of long-lived assets, it is probable that such costs will be incurred, and they are reasonably estimable. A corresponding asset is also recorded and depreciated over the life of the assets on a straight line basis. After the initial measurement of the asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized upon adoption is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, and the credit-adjusted risk-free interest rates. | |||||||||||||
Revenue Recognition | |||||||||||||
Sales of antimony and zeolite products are recorded upon shipment and when title passes to the customer. Prepayments received from customers prior to the time that products are processed and shipped are recorded as deferred revenue. When the related products are shipped, the amount recorded as deferred revenue is recognized as revenue. The Company's sales agreements provide for no product returns or allowances. | |||||||||||||
Sales of precious metals are recognized when pervasive evidence of an arrangement exists, the price is reasonably determinable, the product has been delivered, no obligations remain, and collection is reasonably assured. | |||||||||||||
Common Stock Issued for Consideration Other than Cash | |||||||||||||
All transactions in which goods or services are received for the issuance of shares of the Company’s common stock are accounted for based on the fair value of the consideration received or the fair value of the common stock issued, whichever is more readily determinable. | |||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for under the liability method. Under this method, deferred income tax liabilities or assets are determined at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. | |||||||||||||
The Company applies generally accepted accounting principles for recognition of uncertainty in income taxes and prescribing a recognition threshold and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return. | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
The allowance for doubtful accounts is based on management’s regular evaluation of individual customer’s receivables and consideration of a customer’s financial condition and credit history. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. Interest is not charged on past due accounts. | |||||||||||||
Income (Loss) Per Common Share | |||||||||||||
Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including warrants to purchase the Company's common stock and convertible preferred stock. Management has determined that the calculation of diluted earnings per share for the years ended December 31, 2013, 2012 and 2011, adds none, none, and 525,827 shares, respectively, to basic weighted average shares, related to common stock purchase warrants. Shares related to warrants and convertible preferred stock were not added to the weighted average of common stock for 2013 and 2012 because the results would have been anti-dilutive. | |||||||||||||
As of December 31, 2013, 2012 and 2011, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share are as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Warrants | 2,489,407 | 1,934,667 | 74,173 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 4,240,412 | 3,685,672 | 1,825,178 | ||||||||||
The following table represents the calculation of basic and diluted weighted average shares outstanding for December 31, 2013, 2012 and 2011: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Warrants | 2,489,407 | 1,934,667 | 600,000 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 4,240,412 | 3,685,672 | 2,351,005 | ||||||||||
Anti - dilutive shares | (4,240,412 | ) | (3,685,672 | ) | (1,825,178 | ) | |||||||
Dilutive effect for earnings per share | 0 | 0 | 525,827 | ||||||||||
Weighted average shares outstanding-basic | 62,281,449 | 61,235,365 | 58,855,348 | ||||||||||
Weighted average shares outstanding-diluted | 62,281,449 | 61,235,365 | 59,381,175 | ||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company’s financial instruments include cash and cash equivalents, certificates of deposits, restricted cash, due to factor, and long-term debt. The carrying value of certificates of deposit, restricted cash, and due to factor approximates fair value based on the contractual terms of those instruments. | |||||||||||||
Fair Value Measurements | |||||||||||||
ASC 820, “Fair Value Measurements and Disclosures”, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value. | |||||||||||||
● | Level 1: Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||||||||||||
● | Level 2: Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | ||||||||||||
● | Level 3: Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||||||
The table below sets forth our financial assets that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012, respectively, and the fair value calculation input hierarchy level that we have determined applies to each asset category. | |||||||||||||
Input | |||||||||||||
Hierarchy | |||||||||||||
Assets: | 2013 | 2012 | Level | ||||||||||
Cash and cash equivalents | $ | 20,343 | $ | 1,000,811 | Level I | ||||||||
Certificates of deposit | 246,565 | 243,616 | Level I | ||||||||||
Restricted cash | 75,501 | 75,251 | Level I | ||||||||||
Total Cash | $ | 342,409 | $ | 1,319,678 | |||||||||
4_Accounts_Receivable_and_Due_
4. Accounts Receivable and Due to Factor | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes to Financial Statements | ' | ||||||||
Accounts Receivable and Due to Factor | ' | ||||||||
The Company factors designated trade receivables pursuant to a factoring agreement with LSC Funding Group L.C., an unrelated factor (the “Factor”). The agreement specifies that eligible trade receivables are factored with recourse. The performance of all obligations and payments to the factoring company is personally guaranteed by John C. Lawrence, the Company’s President and Chairman of the Board of Directors. Selected trade receivables are submitted to the factor, and the Company receives 85% of the face value of the receivable by wire transfer. Upon payment by the customer, the remainder of the amount due is received from the Factor, less a one-time servicing fee of 2% for the receivables factored. This servicing fee is recorded on the consolidated statement of operations in the period of sale to the factor. | |||||||||
Trade receivables assigned to the Factor are carried at the original invoice amount less an estimate made for doubtful accounts. Under the terms of the recourse provision, the Company is required to reimburse the Factor, upon demand, for factored receivables that are not paid on time. Accordingly, these receivables are accounted for as a secured financing arrangement and not as a sale of financial assets. | |||||||||
Receivables, net of allowances, are presented as current assets and the amount potentially due to the Factor is presented as a secured financing in current liabilities. | |||||||||
Accounts Receivble | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Accounts receivable - non factored | $ | 402,351 | $ | 436,654 | |||||
Accounts receivable - factored with recourse | 177,701 | 23,536 | |||||||
less allowance for doubtful accounts | (4,031 | ) | (4,031 | ) | |||||
Accounts receivable - net | $ | 576,021 | $ | 456,159 | |||||
The factoring agreement requires the Company to pay a financing fee equal to 2% of the face amount of receivables sold. Factoring fees paid by the Company during the years ended December 31, 2013, 2012 and 2011 were $71,772, $78,100, and $154,206, respectively. For the years ended December 31, 2013, 2012, and 2011, net accounts receivable of approximately $3.28 million, $3.80 million, and $7.39 million, respectively, were sold under the agreement. | |||||||||
Proceeds from the sales were used to fund inventory purchases and operating expenses. The agreement is for a term of one year with automatic renewal for additional one-year terms. |
5_Inventories
5. Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
The major components of the Company's inventories at December 31, 2013 and 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Antimony Metal | $ | 33,850 | $ | 152,821 | |||||
Antimony Oxide | 535,251 | 295,613 | |||||||
Antimony Concentrates | 93,190 | 46,008 | |||||||
Antimony Ore | 106,519 | 500,192 | |||||||
Total antimony | 768,810 | 994,634 | |||||||
Zeolite | 265,960 | 197,555 | |||||||
$ | 1,034,770 | $ | 1,192,189 | ||||||
At December 31, 2013 and 2012, antimony metal consisted principally of recast metal from antimony-based compounds, and metal purchased from foreign suppliers. Antimony oxide inventory consisted of finished product oxide held at the Company's plant. Antimony concentrates and ore was held primarily at sites in Mexico and is essentially raw material, carried at cost. The Company's zeolite inventory consists of salable zeolite material held at BRZ's Idaho mining and production facility, and is carried at cost. |
6_Properties_Plants_and_Equipm
6. Properties, Plants and Equipment | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Properties Plants And Equipment | ' | ||||||||||||||||
Properties, Plants and Equipment | ' | ||||||||||||||||
The major components of the Company's properties, plants and equipment at December 31, 2013 and 2012 are shown below. Approximately $2.14 million and $1.40 million of capitalized costs at December 31, 2013 and 2012, respectively, related primarily to the construction of a natural gas pipeline and an antimony mill in Mexico, have not yet been placed in service and, therefore, have not been subject to depreciation for those years. | |||||||||||||||||
2013 | USAC | MEXICO | BRZ | TOTAL | |||||||||||||
Equipment | $ | 749,493 | $ | 4,952,524 | $ | 3,041,934 | $ | 8,743,951 | |||||||||
Buildings | 242,186 | 787,917 | 349,946 | 1,380,049 | |||||||||||||
Mineral Rights | - | 916,522 | - | 916,522 | |||||||||||||
Land & Other | 3,270,248 | 3,123,067 | - | 6,393,315 | |||||||||||||
4,261,927 | 9,780,030 | 3,391,880 | 17,433,837 | ||||||||||||||
Accumulated Depreciation | (2,333,484 | ) | (987,621 | ) | (1,717,087 | ) | (5,038,192 | ) | |||||||||
$ | 1,928,443 | $ | 8,792,409 | $ | 1,674,793 | $ | 12,395,645 | ||||||||||
2012 | USAC | MEXICO | BRZ | TOTAL | |||||||||||||
Equipment | $ | 668,811 | $ | 3,086,510 | $ | 2,870,773 | $ | 6,626,094 | |||||||||
Buildings | 241,297 | 776,374 | 344,884 | 1,362,555 | |||||||||||||
Mineral Rights | - | 786,088 | - | 786,088 | |||||||||||||
Land & Other | 3,251,660 | 1,832,032 | - | 5,083,692 | |||||||||||||
4,161,768 | 6,481,004 | 3,215,657 | 13,858,429 | ||||||||||||||
Accumulated Depreciation | (2,271,910 | ) | (578,812 | ) | (1,498,732 | ) | (4,349,454 | ) | |||||||||
$ | 1,889,858 | $ | 5,902,192 | $ | 1,716,925 | $ | 9,508,975 |
7_Asset_Retirement_Obligation
7. Asset Retirement Obligation | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Asset Retirement Obligation | ' | ||||
During 2011, the Company assessed the obligation for removal and remediation costs relating to its plants and mine in Mexico. Management assigned a cost to the expected work involved in complying with the requirements of the Mexico operating permits. Management applied, based on a 20 year life, a cost inflation factor, and then discounted that cost to a current net present value based on a discount rate of 6% (management’s estimate of its credit-adjusted interest rate). Management determined a future cost in 2031 of approximately $430,000 with a net present value of $134,000. | |||||
Balance December 31, 2010 | $ | - | |||
Incurred during 2011 | 134,000 | ||||
Balance December 31, 2011 | 134,000 | ||||
Accretion during 2012 | 8,040 | ||||
Balance December 31, 2012 | 142,040 | ||||
Accretion during 2013 | 8,040 | ||||
Balance December 31, 2013 | $ | 150,080 | |||
The asset retirement obligation liability is combined with reclamation obligations for Idaho and Montana operations of $107,500 at December 31, 2013. |
8_Other_Assets
8. Other Assets | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' |
Other Assets | ' |
Guadalupe | |
On March 7, 2012 and on April 4, 2012 the Company entered into a supply agreement and a loan agreement, respectively, (“the Agreements”) with several individuals collectively referred to as ‘Grupo Roga’ or ‘Guadalupe.’ The individuals are the holders of mining concessions located in Mexico in which the Company is interested. The supply agreement specified that the Company would advance monies to Guadalupe for specific expenses, including repairs of road and payment of mining taxes. In addition, the Company agreed to purchase antimony ore mined at Guadalupe and pay for mining and trucking costs incurred with the condition that the ore maintain a grade of 3% or more of recoverable antimony. The advances are to be repaid by deducting 10% from the value of each antimony ore shipment. During 2012 and 2013, the recoverable grade of antimony was less than 3% and the amounts due the Company from Guadalupe increased as a result of recoverable antimony shortfalls. | |
The Agreements with Guadalupe granted the Company an option to purchase the concessions outright for $2,000,000. The Agreements also provide that in event of a breach of the terms by Guadalupe that the Company has a right to enter the property and take possession of the mining concessions. The advances are collateralized by a mortgage on the concessions. As of December 31, 2013 and 2012, the Company had cumulative loans and advances due from Guadalupe of $489,281 and $271,036, respectively, included in its other assets. | |
Soyatal | |
On October 30, 2009, the Company entered into a supply agreement with the owners of the Soyatal concessions similar to that of Guadalupe. During the term of the supply agreement the Company funded certain of Soyatal’s equipment purchases, tax payments, labor costs, milling and trucking costs and other expenses incurred in the Soyatal mining operations that totaled approximately $140,000. In addition to the advances for mining costs, the Company purchased antimony ore from Soyatal that failed to meet agreed upon antimony metal recoveries and resulted in approximately $320,000 of excess advances paid to Soyatal. On April 4, 2012, the Company negotiated an option to purchase the Soyatal properties for $1,500,000, and made a deposit on the option of $55,000. At December 31, 2012, the Company had recorded a cumulative total of $379,460 due from Soyatal in its current and long-term other assets. | |
At December 31, 2012, the Company recorded a note payable liability based upon the present value of the non-interest bearing payments due Soyatal in connection with an option the Company had to purchase the Soyatal property for $1.5 million. In connection with finalizing the Company’s exercise of its option to purchase the Soyatal property and the pending definitive Purchase and Sale Agreement, management determined during the third quarter of 2013, that no recourse note payable would be executed and the payments to Soyatal will be recognized as they become due in accordance with the final agreement, and are paid. As a result, the Company’s interest in the Soyatal mineral property reflects only the payments made to date in accordance with the terms of the option agreement. This change in the terms of the agreement resulted in a reversal of the note payable and a corresponding reduction of mineral property assets of $1,067,431 at December 31, 2012. The December 31, 2012 balance sheet has been revised to reflect such. | |
On August 5, 2013, the Company notified the owners of Soyatal that it was exercising the option to purchase the Soyatal property. The option exercise agreement allowed the Company to apply all amounts previously due the Company (the “Purchase Price Credits”) by Soyatal of $420,411 to the purchase price consideration. At December 31, 2013, the Company had Purchase Price Credits of approximately $325,000 which can be used as payments on the note at the rate of $100,000 per year until gone. The Company is obligated to make payments of $200,000 annually through 2020, and a final payment of $100,000 is due in 2021. The debt payable for the Soyatal mine is non-interest bearing. The Company recorded the debt and the related Soyatal mine asset by determining the net present value of the contractual stream of payments due using a 6% discount rate. The resulting discount on the Soyatal debt is approximately $212,000 at December 31, 2013, and is netted against the debt payable resulting in a discounted amount of $762,541, at December 31, 2013. The discount will be amortized to interest expense using the effective interest method over the life of the debt. |
9_Notes_Payable_to_Bank
9. Notes Payable to Bank | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Notes Payable to Bank | ' | ||||
At December 31, 2013, the Company had the following notes payable to the bank: | |||||
Promissory note payable to First Security Bank of Missoula, | $ | 70,952 | |||
bearing interest at 3.150%, maturing February 27, 2014, | |||||
payable on demand, collateralized by a lien on Certificate of Deposit number 48614 | |||||
Promissory note payable to First Security Bank of Missoula, | $ | 67,568 | |||
bearing interest at 3.150%, maturing February 27, 2014, | |||||
payable on demand, collateralized by a lien on Certificate of Deposit number 48615 | |||||
Total notes payable to bank | $ | 138,520 | |||
These notes are personally guaranteed by John C. Lawrence the Company’s President and Chairman of the Board of Directors. The Company did not have any notes payable to bank at December 31, 2012. |
10_LongTerm_Debt
10. Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long - Term Debt | ' | ||||||||
Long-Term debt at December 31, 2013 and 2012, is as follows: | |||||||||
2013 | 2012 | ||||||||
Note payable to Thermo Fisher Financial Co., bearing interest | $ | - | $ | 34,310 | |||||
at 5.67%; payable in monthly installments of $3,522; maturing | |||||||||
September 2013; collateralized by equipment. | |||||||||
Note payable to Thermo Fisher Financial Co., bearing interest | 5,583 | 30,708 | |||||||
at 8.54%; payable in monthly installments of $2,792; maturing | |||||||||
December 2013; collateralized by equipment. | |||||||||
Note payable to Stearns Bank, bearing interest | 41,117 | 79,500 | |||||||
at 6.9%; payable in monthly installments of $3,555; maturing | |||||||||
December 2014; collateralized by equipment. | |||||||||
Note payable to Western States Equipment Co., bearing interest | 34,861 | 56,390 | |||||||
at 6.15%; payable in monthly installments of $2,032; maturing | |||||||||
June 2015; collateralized by equipment. | |||||||||
Note payable to CNH Capital America, LLC, bearing interest at 4.5%; | - | 3,478 | |||||||
payable in monthly installments of $505; maturing June 2013; collateralized by equipment. | |||||||||
Note payable to Catepillar Financial, bearing interest at 5.95%; | 16,440 | 25,823 | |||||||
payable in monthly installments of $827; maturing September 2015; | |||||||||
collateralized by equipment. | |||||||||
Note payable to GE Capital, bearing interest at 2.25%; payable in | - | 2,847 | |||||||
monthly installments of $359; maturing July 2013; collateralized by | |||||||||
equipment. | |||||||||
Note payable toDe Lage Landen Financial Services, bearing interest at 5.30%; | 13,945 | 19,629 | |||||||
payable in monthly installments of $549; maturing March 2016; collateralized by equipment. | |||||||||
Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; maturing | 33,808 | 55,365 | |||||||
March 2015; collateralized by equipment. | |||||||||
Note payable to De Lage Landen Financial Services, | 8,797 | 16,496 | |||||||
bearing interest at 5.12%; payable in monthly installments of $697; | |||||||||
maturing December 2014; collateralized by equipment. | |||||||||
Note payable to Catepillar Financial, bearing interest | 5,921 | 14,535 | |||||||
at 6.15%; payable in monthly installments of $766; maturing | |||||||||
August 2014; collateralized by equipment. | |||||||||
Note payable to De Lage Landen Financial Services, | 4,186 | 12,235 | |||||||
bearing interest at 5.28%; payable in monthly installments of $709; | |||||||||
maturing June 2014; collateralized by equipment. | |||||||||
Note payable for Corral Blanco Land, bearing interest at 6.0%, | - | 86,747 | |||||||
due May 1, 2013; collateralized by land. | |||||||||
Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $200,000 through 2021. | 762,541 | - | |||||||
Note payable to Robert Detwiler, a shareholder, bearing interest at 10.0%, | 82,000 | - | |||||||
due January 2, 2015; collateralized by equipment. | |||||||||
Note payable to Betsy Detwiler, a shareholder, bearing interest at 10.0%, | 120,000 | - | |||||||
due January 2, 2015; monthly payments of $1,000; | |||||||||
collateralized by equipment. | |||||||||
1,129,199 | 438,063 | ||||||||
Less current portion | (126,984 | ) | (280,597 | ) | |||||
Long-term portion | $ | 1,002,215 | $ | 157,466 | |||||
At December 31, 2013, principal payments on debt are due as follows: | |||||||||
Year Ending December 31, | |||||||||
2014 | $ | 126,984 | |||||||
2015 | 292,288 | ||||||||
2016 | 59,135 | ||||||||
2017 | 60,952 | ||||||||
2018 | 139,199 | ||||||||
2019 | 172,962 | ||||||||
2020 | 183,339 | ||||||||
2021 | 94,340 | ||||||||
$ | 1,129,199 |
11_Stockholders_Equity
11. Stockholder's Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholder's Equity | ' | ||||||||
Issuance of Common Stock for Cash | |||||||||
In 2013, 2012, and 2011, the Company sold an aggregate of 1,139,480, 2,156,334, and 3,041,918 shares, respectively, of its unregistered common stock to existing stockholders and other parties for $1,147,195, $4,624,763, and $1,160,217, respectively. In connection with sales of the Company’s common stock in 2013 and 2012, there were 629,740 and 1,734,667 warrants issued, respectively, to purchase shares of the Company’s common stock. No warrants to purchase shares of the Company’s common stock were granted in 2011. | |||||||||
Issuance of Common Stock for Notes Payable | |||||||||
In the fourth quarter of 2013, the Company borrowed $150,000 from Mr. and Mrs. Robert Detwiler, stockholders of the Company. Prior to the end of 2013, the Detwiler’s converted their notes into 120,000 shares common stock and 60,000 stock purchase warrants. The terms of the conversion were identical to those offered other investors that purchased common stock and warrants near the time of the conversion and no gain or loss on the conversion resulted. | |||||||||
Issuance of Common Stock for Services | |||||||||
On December 27, 2013, the Company declared, but did not issue 76,142 shares of unregistered common stock to be paid to its directors for services during 2013, having a fair value of $150,000, based on the current stock price at the date declared. These shares will be paid in 2014. | |||||||||
During 2012, the Company issued 100,000 shares to Herbert Denton for services provided related to the private issuance of stock in January and June of 2012. The value of the shares issued to Mr. Denton was treated as a cost of issuance and was deducted from proceeds received. We also issued 165,827 shares to Directors for services, with a total value at time of issuance of $451,232, which was expensed over three years. The Company expensed $9,410, $211,818, and $230,004 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
During 2011, the Company declared, but did not issue 95,835 shares of unregistered common stock to be paid to its directors for services, having a fair value of $230,004, based on the current stock price at the date declared. This expense was classified with general and administrative expense in the consolidated statement of operations. Shares were issued subsequent to December 31, 2011, and are therefore included as stock payable to directors as of that date. | |||||||||
Common Stock Warrants | |||||||||
The Company's Board of Directors has the authority to issue stock warrants for the purchase of preferred or unregistered common stock to directors and employees of the Company. | |||||||||
Transactions in common stock warrants are as follows: | |||||||||
Number of Warrants | Exercise Prices | ||||||||
Balance, December 31, 2010 | 725,000 | $ | .20 - $.75 | ||||||
Warrants exercised | (125,000 | ) | $ | .30 - $.40 | |||||
Balance, December 31, 2011 | 600,000 | $ | .30 - $.60 | ||||||
Warrants issued | 1,734,667 | $ | 2.50 - $4.50 | ||||||
Warrants exercised | (250,000 | ) | $ | .30 - $2.50 | |||||
Warrants expired | (150,000 | ) | $ | .30 - $.40 | |||||
Balance, December 31, 2012 | 1,934,667 | $ | .25 - $4.50 | ||||||
Warrants issued | 629,740 | $ | 1.20-$1.60 | ||||||
Warrants exercised | (25,000 | ) | $ | 1.2 | |||||
Warrants expired | (50,000 | ) | $ | 4.5 | |||||
Balance, December 31, 2013 | 2,489,407 | $ | 0.60 - $4.50 | ||||||
The above common stock | |||||||||
warrants expire as follows: | |||||||||
Year ended December 31: | |||||||||
2014 | 1,207,750 | ||||||||
2015 | 1,031,657 | ||||||||
Thereafter | 250,000 | ||||||||
2,489,407 | |||||||||
Preferred Stock | |||||||||
The Company's Articles of Incorporation authorize 10,000,000 shares of $0.01 par value preferred stock available for issuance with such rights and preferences, including liquidation, dividend, conversion, and voting rights, as the Board of Directors may determine. | |||||||||
Series B | |||||||||
During 1993, the Board established a Series B preferred stock, consisting of 750,000 shares. The Series B preferred stock has preference over the Company's common stock and Series A preferred stock; has no voting rights (absent default in payment of declared dividends); and is entitled to cumulative dividends of $0.01 per share per year, payable if and when declared by the Board of Directors. In the event of dissolution or liquidation of the Company, the preferential amount payable to Series B preferred stockholders is $1.00 per share plus dividends in arrears. No dividends have been declared or paid with respect to the Series B preferred stock. The Series B Preferred stock is no longer convertible to shares of the Company’s common stock. At December 31, 2013 and 2012, cumulative dividends in arrears on the outstanding Series B shares were $135,000 and $127,500, respectively. | |||||||||
Series C | |||||||||
During 2000, the Board established a Series C preferred stock, consisting of 205,996 shares. In 2002, 28,092 shares were converted to common stock and cancelled, leaving 177,904 Series C preferred shares authorized and outstanding. The Series C preferred stock has preference over the Company’s common stock and has voting rights equal to that number of shares outstanding, but no conversion or dividend rights. In the event of dissolution or liquidation of the Company, the preferential amount payable to Series C preferred stockholders is $0.55 per share. | |||||||||
Series D | |||||||||
During 2002, the Board established a Series D preferred stock, authorizing the issuance of up to 2,500,000 shares. The Series D preferred stock has preference over the Company’s common stock but is subordinate to the liquidation preferences of the holders of the Company’s outstanding Series A, Series B and Series C preferred stock. Series D preferred stock carries voting rights and is entitled to annual dividends of $0.0235 per share. The dividends are cumulative and payable after payment and satisfaction of the Series A, B and C preferred stock dividends. No dividends have been declared or paid with respect to the Series D preferred stock. At December 31, 2013 and 2012, cumulative dividends in arrears on the 1,751,005 outstanding Series D shares were $ 392,218 and $378,069, respectively, payable if and when declared by the Board of Directors. In the event of dissolution or liquidation of the Company, the preferential amount payable to Series D preferred stockholders is $2.50 per share. At December 31, 2013 and 2012, the liquidation preference for Series D preferred stock was $4,796,731 and $4,755,582, respectively. Holders of the Series D preferred stock have the right, subject to the availability of authorized but unissued common stock, to convert their shares into shares of the Company's common stock on a one-to-one basis without payment of additional consideration and are not redeemable unless by mutual consent. The majority of Series D preferred shares are held by John Lawrence, president of the Company. |
12_2000_Stock_Plan
12. 2000 Stock Plan | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
2000 Stock Plan | ' |
In January 2000, the Company's Board of Directors resolved to create the United States Antimony Corporation 2000 Stock Plan ("the Plan"). The purpose of the Plan is to attract and retain the best available personnel for positions of substantial responsibility and to provide additional incentive to employees, directors and consultants of the Company to promote the success of the Company's business. The maximum number of shares of common stock or options to purchase common stock that may be issued pursuant to the Plan is 500,000. At December 31, 2013 and 2012, 300,000 shares of the Company's common stock had been previously issued and are outstanding under the Plan. There were no issuances under the Plan during 2013 and 2012. |
13_Income_Taxes
13. Income Taxes | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
The Company’s income tax provisions (benefit) for the years ended December 31, 2013, 2012, and 2011, were as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Federal | ||||||||||||||||||||
Current | $ | - | $ | - | $ | - | ||||||||||||||
Deferred | 196,113 | 151,915 | 87,675 | |||||||||||||||||
Total | $ | 196,113 | $ | 151,915 | $ | 87,675 | ||||||||||||||
State | ||||||||||||||||||||
Current | $ | - | $ | - | $ | 9,168 | ||||||||||||||
Deferred | 33,338 | 15,192 | 8,767 | |||||||||||||||||
Total | $ | 33,338 | $ | 15,192 | $ | 17,935 | ||||||||||||||
Foreign | $ | - | $ | - | $ | - | ||||||||||||||
Total provision (benefit) | $ | 229,451 | $ | 167,107 | $ | 105,610 | ||||||||||||||
Domestic and foreign components of income (loss) from operations before income taxes for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Domestic | $ | 163,632 | $ | 301,391 | $ | 1,342,530 | ||||||||||||||
Foreign | (1,575,351 | ) | (692,820 | ) | (600,000 | ) | ||||||||||||||
Total | $ | (1,411,719 | ) | $ | (391,429 | ) | $ | 742,530 | ||||||||||||
At December 31, 2013 and 2012, the Company had net deferred tax assets as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Deferred tax asset: | ||||||||||||||||||||
Other | $ | - | $ | 11,151 | ||||||||||||||||
Foreign exploration costs | 168,401 | 208,855 | ||||||||||||||||||
Foreign net operating loss carry forward | 232,723 | 374,110 | ||||||||||||||||||
Foreign other | 42,612 | 217,887 | ||||||||||||||||||
Federal and state net operating | ||||||||||||||||||||
loss carry forward | 35,424 | 39,824 | ||||||||||||||||||
Deferred tax asset | 479,160 | 851,827 | ||||||||||||||||||
Valuation allowance (foreign) | (279,235 | ) | (605,496 | ) | ||||||||||||||||
Valuation allowance (federal) | (71,786 | ) | - | |||||||||||||||||
Total deferred tax asset | 128,139 | 246,331 | ||||||||||||||||||
Deferred tax liability: | ||||||||||||||||||||
Property, plant, and equipment | (128,139 | ) | (16,880 | ) | ||||||||||||||||
Total deferred tax liability | (128,139 | ) | (16,880 | ) | ||||||||||||||||
Net Deferred Tax Asset | $ | - | $ | 229,451 | ||||||||||||||||
Using the guidelines contained in ASC 740, management believes that it is more likely than not that both the foreign and United States deferred tax assets will not be utilized. Therefore a valuation allowance equal to 100% of the deferred tax assets has been recorded. | ||||||||||||||||||||
At December 31, 2013, the Company has United States net operating loss carry forwards of approximately $51,000 that expire at various dates between 2026 and 2029. In addition, the company has unexpired Montana state net operating loss carry forwards of approximately $479,000 which expire between 2016 and 2020, and unexpired Idaho state net operating loss carry forwards of approximately $23,000, which expire at various dates between 2026 and 2032. The company has approximately $776,000 of Mexican net operating loss carry forwards which expire between 2019 and 2022. | ||||||||||||||||||||
The income tax provision (benefit) differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income (loss) for the years ended December 31, 2013, 2012 and 2011 due to the following: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Computed expected tax provision (benefit) | $ | (494,102 | ) | -35 | % | $ | (137,000 | ) | -35 | % | $ | 259,886 | 35 | % | ||||||
Effect of permanent differences | - | 0.0 | % | 4,662 | 0.6 | % | ||||||||||||||
Foreign taxes | 78,768 | 5.6 | % | 34,641 | 8.9 | % | 24,000 | 3.2 | % | |||||||||||
Other (1) | 899,260 | 63.7 | % | 61,770 | 15.8 | % | 126,062 | 17 | % | |||||||||||
Increase in valuation allowance foreign | 207,696 | 53.1 | % | |||||||||||||||||
Increase in valuation allowance U.S. | 71,786 | 5.1 | % | - | - | |||||||||||||||
Release of valuation allowance U.S. | (309,000 | ) | -41.6 | % | ||||||||||||||||
Release of valuation allowance Foreign | (326,261 | ) | -23.1 | % | - | 0.0 | % | |||||||||||||
Total | $ | 229,451 | 16 | % | $ | 167,107 | 42.7 | % | $ | 105,610 | 14.2 | % | ||||||||
(1) In 2013 there were revisions to estimates of foreign net operating loss carry forwards. | ||||||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, there were no material uncertain tax positions taken by the Company. The Company’s United States income tax filings are subject to examination for the years 2011 through 2013, and 2011 and 2013 in Mexico. In the event that the Company is assessed penalties and or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. |
14_Related_Party_Transactions
14. Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
Amounts due to (due from) related parties at December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
John C. Lawrence, president and chairman(1) | $ | 15,549 | $ | 17,522 | |||||||||
Net related party liabilities | $ | 15,549 | $ | 17,522 | |||||||||
Transactions affecting the payable to Mr. Lawrence during 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 17,522 | $ | 47,843 | $ | 18,060 | |||||||
Aircraft rental charges | 65,502 | 74,490 | 86,058 | ||||||||||
Payments and advances, net | (67,475 | ) | (104,811 | ) | (56,275 | ) | |||||||
Balance, end of year | $ | 15,549 | $ | 17,522 | $ | 47,843 | |||||||
The Chairman of the audit committee and compensation committee received $36,000 in cash during 2013 for services performed. The Chairman of the audit committee and compensation committee and one other audit committee member received a total of $56,000 in cash during 2012 for services performed. | |||||||||||||
In addition to transactions described above, during 2013, 2012, and 2011, the Company had the following transactions with related parties: | |||||||||||||
● | During 2013, 2012, and 2011, the Company paid $81,642, $89,204, and $107,359, respectively, to a former director for development of Mexican mill sites and consulting fees. | ||||||||||||
● | A director of the Company acted on behalf of the Company as liaison to Mexican officials through 2011. During the year ended December 31, 2011, fees and expenses paid to this director were $37,083. | ||||||||||||
● | Royalty expense, based on sales of zeolite, of $52,576, $61,678, and $45,515, was incurred for the years ended December 31, 2013, 2012 and 2011, respectively, to a company controlled by the estate of Al Dugan, formerly a significant stockholder and the father of a former director. |
15_Commitments_and_Contingenci
15. Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
In 2005, AM signed an option agreement that gives AM the exclusive right to explore and develop the San Miguel I and San Miguel II concessions for annual payments. Total payments will not exceed $1,430,344, reduced by taxes paid. During the years ended December 31, 2013, 2012, and 2011, $130,434, $86,956, and $186,956, respectively, was paid and capitalized as mineral rights in accordance with the Company’s accounting policies. At December 31, 2013, approximately $450,000 of option payments are scheduled to be paid in June 2014. | |
From time to time, the Company is assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). Using appropriate regulatory channels, management may contest these proposed assessments, and has accrued $7,909, $0 and $27,503 in other accrued liabilities as of December 31, 2013, 2012, and 2011, respectively, related to these settled claims. | |
We are subject to the income tax laws of foreign income laws of foreign countries. We are not aware of any liabilities for foreign income taxes that should be accrued at year end, and to the best of our knowledge none exist. |
16_Business_Segments
16. Business Segments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segments | ' | ||||||||||||||||
The Company is currently organized and managed by three segments, which represent our operating units: United States antimony operations, Mexican antimony operations and United States zeolite operations. The Company’s Other operating costs include, general and administrative expenses, freight and delivery, and other non-production related costs. Other income and expense consists primarily of interest income and expense and factoring expense. | |||||||||||||||||
The Madero smelter and Puerto Blanco mill at the Company’s Mexico operation brings antimony up to an intermediate stage, which is then shipped to the United States operation for finishing and sales at the Thompson Falls, Montana plant. The Zeolite operation produces Zeolite near Preston, Idaho. Almost all of the sales of products from the United States antimony and Zeolite operations are to customers in the United States. | |||||||||||||||||
Segment disclosures regarding sales to major customers and for property, plant, and equipment are located in Notes 2 and 6, respectively. | |||||||||||||||||
For the year ended | |||||||||||||||||
Capital expenditures: | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||
Antimony | |||||||||||||||||
United States | $ | 100,158 | $ | 288,364 | $ | 160,536 | |||||||||||
Mexico | 3,299,027 | 3,318,552 | 1,988,345 | ||||||||||||||
Subtotal Antimony | 3,399,185 | 3,606,916 | 2,148,881 | ||||||||||||||
Zeolite | 176,223 | 328,045 | 324,869 | ||||||||||||||
Total | $ | 3,575,408 | $ | 3,934,961 | $ | 2,473,750 | |||||||||||
Total Assets: | As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||
Antimony | |||||||||||||||||
United States | $ | 3,017,768 | $ | 3,712,008 | |||||||||||||
Mexico | 9,668,998 | 7,328,339 | |||||||||||||||
Subtotal Antimony | 12,686,766 | 11,040,347 | |||||||||||||||
Zeolite | 2,204,225 | 2,335,130 | |||||||||||||||
Total | $ | 14,890,991 | $ | 13,375,477 | |||||||||||||
Segment Operations for the | Antimony | Antimony | Bear River | ||||||||||||||
Year ended December 31, 2013 | USAC | Mexico | Zeolite | Totals | |||||||||||||
Total revenues | $ | 8,786,415 | $ | 32,000 | $ | 2,202,414 | $ | 11,020,829 | |||||||||
Production costs | 4,592,019 | 2,662,780 | 1,096,731 | 8,351,530 | |||||||||||||
Depreciation and amortization | 61,574 | 386,462 | 218,356 | 666,392 | |||||||||||||
Other operating costs | 1,699,846 | 1,171,234 | 469,998 | 3,341,078 | |||||||||||||
Total operating expenses | 6,353,439 | 4,220,476 | 1,785,085 | 12,359,000 | |||||||||||||
Income (loss) from operations | 2,432,976 | (4,188,476 | ) | 417,329 | (1,338,171 | ) | |||||||||||
Other income (expense): | (61,937 | ) | (1,735 | ) | (9,876 | ) | (73,548 | ) | |||||||||
Income (loss) before income taxes | 2,371,039 | (4,190,211 | ) | 407,453 | (1,411,719 | ) | |||||||||||
Deferred income tax provision | (229,451 | ) | - | - | (229,451 | ) | |||||||||||
NET INCOME (LOSS) | $ | 2,141,588 | $ | (4,190,211 | ) | $ | 407,453 | $ | (1,641,170 | ) | |||||||
Segment Operations for the | Antimony | Antimony | Bear River | ||||||||||||||
Year ended December 31, 2012 | USAC | Mexico | Zeolite | Totals | |||||||||||||
Total revenues | $ | 9,398,003 | $ | 3,000 | $ | 2,641,699 | $ | 12,042,702 | |||||||||
Production costs | 5,665,806 | 1,880,499 | 1,618,816 | 9,165,121 | |||||||||||||
Depreciation and amortization | 40,979 | 222,235 | 209,776 | 472,990 | |||||||||||||
Other operating costs | 1,852,289 | 382,713 | 488,276 | 2,723,278 | |||||||||||||
Total operating expenses | 7,559,074 | 2,485,447 | 2,316,868 | 12,361,389 | |||||||||||||
Income (loss) from operations | 1,838,929 | (2,482,447 | ) | 324,831 | (318,687 | ) | |||||||||||
Other income (expense): | (61,321 | ) | (30 | ) | (11,391 | ) | (72,742 | ) | |||||||||
Income (loss) before income taxes | 1,777,608 | (2,482,477 | ) | 313,440 | (391,429 | ) | |||||||||||
Deferred income tax provision | (167,107 | ) | - | - | (167,107 | ) | |||||||||||
NET INCOME (LOSS) | $ | 1,610,501 | $ | (2,482,477 | ) | $ | 313,440 | $ | (558,536 | ) | |||||||
Segment Operations for the | Antimony | Antimony | Bear River | ||||||||||||||
Year ended December 31, 2011 | USAC | Mexico | Zeolite | Totals | |||||||||||||
Total revenues | $ | 11,074,449 | $ | - | $ | 2,043,641 | $ | 13,118,090 | |||||||||
Production costs | 7,294,421 | 1,031,957 | 1,221,101 | 9,547,479 | |||||||||||||
Depreciation and amortization | 29,963 | 169,552 | 206,231 | 405,746 | |||||||||||||
Other operating costs | 1,358,575 | 430,601 | 484,158 | 2,273,334 | |||||||||||||
Total operating expenses | 8,682,959 | 1,632,110 | 1,911,490 | 12,226,559 | |||||||||||||
Income (loss) from operations | 2,391,490 | (1,632,110 | ) | 132,151 | 891,531 | ||||||||||||
Other income (expense): | (135,035 | ) | - | (13,966 | ) | (149,001 | ) | ||||||||||
Income (loss) before income taxes | 2,256,455 | (1,632,110 | ) | 118,185 | 742,530 | ||||||||||||
Deferred income tax provision | (105,610 | ) | - | - | (105,610 | ) | |||||||||||
NET INCOME (LOSS) | $ | 2,150,845 | $ | (1,632,110 | ) | $ | 118,185 | $ | 636,920 |
3_Summary_of_Significant_Accou1
3. Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary Of Significant Accounting Policies Policies | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
The Company's consolidated financial statements include the accounts of BRZ, USAMSA and AM, all wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation. | |||||||||||||
Use of Estimates | ' | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant and critical estimates include property, plant and equipment impairment, accounts receivable allowance, deferred income taxes, environmental remediation liabilities and asset retirement obligations. Actual results could differ from those estimates. | |||||||||||||
Reclassifications | ' | ||||||||||||
Certain reclassifications have been made to the 2012 and 2011 financial statements in order to conform to the 2013 presentation. These reclassifications have no effect on net income (loss), cash flows, total assets or stockholders' equity as previously reported. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
The Company considers cash in banks and investments with original maturities of three months or less when purchased to be cash equivalents. | |||||||||||||
Restricted Cash | ' | ||||||||||||
Restricted cash at December 31, 2013 and 2012 consists of cash held for reclamation performance bonds, and is held as certificates of deposit with financial institutions. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts receivable are stated at the amount that management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through an allowance for doubtful accounts. Changes to the allowance for doubtful accounts are based on management’s judgment, considering historical write-offs, collections and current credit conditions. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments received on receivables subsequent to being written off are considered a bad debt recovery. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories at December 31, 2013 and 2012, consisted primarily of finished antimony products, antimony metal, antimony concentrates, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight allocated based on production quantity. Stockpiled ore is carried at the lower of average cost or net realizable value. Since the Company's antimony inventory is a commodity with a sales value that is subject to world prices for antimony that are beyond the Company's control, a significant change in the world market price of antimony could have a significant effect on the net realizable value of inventories. The Company periodically reviews its inventories to identify excess and obsolete inventories and to estimate reserves for obsolete inventories as necessary to reflect inventories at net realizable value. | |||||||||||||
Properties, Plants and Equipment | ' | ||||||||||||
Properties, plants and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives of five to twenty-five years. Vehicles and office equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three to seven years. Maintenance and repairs are charged to operations as incurred. Betterments of a major nature are capitalized. Expenditures for new property, plant, equipment, and improvements that extend the useful life or functionality of the asset are capitalized. The Company capitalized $3,575,408 and $3,934,961 in plant construction and other capital costs for the years ended December 31, 2013 and 2012, respectively. These amounts include capitalized interest of $24,395 and $14,313, respectively. When assets are retired or sold, the costs and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in operations. | |||||||||||||
Mineral properties are amortized over the estimated economic life of the mineral resource using the straight-line method or the units-of-production method, based upon estimated units of mineral resource. | |||||||||||||
Management of the Company periodically reviews the net carrying value of all of its long-lived assets. These reviews consider the net realizable value of each asset or group to determine whether a permanent impairment in value has occurred and the need for any asset write-down. An impairment loss is recognized when the estimated future cash flows (undiscounted and without interest) expected to result from the use of an asset are less than the carrying amount of the asset. Measurement of an impairment loss is based on the estimated fair value of the asset if the asset is expected to be held and used. | |||||||||||||
Translations of Foreign Currencies | ' | ||||||||||||
All amounts are presented in United States (US) Dollars, and the US Dollar is the functional currency of the Company and its foreign subsidiaries. All transactions are carried out in US Dollars, or translated at the time of the transaction. There are no material accounts carried in foreign currencies that would require translation at year end. | |||||||||||||
Mineral Rights | ' | ||||||||||||
The cost to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized as mineral rights in the year of acquisition. These capitalized costs will be amortized on the statement of operations using a straight line method over the expected life when placed into production. Mineral rights are assessed for impairment when facts and circumstances indicate that the potential for impairment exists. No impairment has been indicated for the years ended December 31, 2013 or 2012 as a result of this assessment. Mineral rights are subject to write down in the period the property is abandoned. | |||||||||||||
Exploration and Development | ' | ||||||||||||
The Company records exploration costs as operating expenses in the period they occur, and capitalizes development costs on discrete mineralized bodies that have proven reserves in compliance with SEC Industry Guide 7, and are in development or production. | |||||||||||||
Reclamation and Remediation | ' | ||||||||||||
All of the Company's mining operations are subject to reclamation and remediation requirements. Minimum standards for mine reclamation have been established by various governmental agencies. Costs are estimated based primarily upon environmental and regulatory requirements and are accrued. The liability for reclamation is classified as current or noncurrent based on the expected timing of expenditures. Reclamation differs from an asset retirement obligation in that no associated asset is recorded in the case of reclamation liabilities. | |||||||||||||
It is reasonably possible that because of uncertainties associated with defining the nature and extent of environmental contamination, application of laws and regulations by regulatory authorities, and changes in remediation technology, the ultimate cost of remediation and reclamation could change in the future. The Company continually reviews its accrued liabilities for such remediation and reclamation costs as evidence becomes available indicating that its remediation and reclamation liability has changed. | |||||||||||||
The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of long-lived assets, it is probable that such costs will be incurred, and they are reasonably estimable. A corresponding asset is also recorded and depreciated over the life of the assets on a straight line basis. After the initial measurement of the asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized upon adoption is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, and the credit-adjusted risk-free interest rates. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Sales of antimony and zeolite products are recorded upon shipment and when title passes to the customer. Prepayments received from customers prior to the time that products are processed and shipped are recorded as deferred revenue. When the related products are shipped, the amount recorded as deferred revenue is recognized as revenue. The Company's sales agreements provide for no product returns or allowances. | |||||||||||||
Sales of precious metals are recognized when pervasive evidence of an arrangement exists, the price is reasonably determinable, the product has been delivered, no obligations remain, and collection is reasonably assured. | |||||||||||||
Common Stock Issued for Consideration Other than Cash | ' | ||||||||||||
All transactions in which goods or services are received for the issuance of shares of the Company’s common stock are accounted for based on the fair value of the consideration received or the fair value of the common stock issued, whichever is more readily determinable. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income taxes are accounted for under the liability method. Under this method, deferred income tax liabilities or assets are determined at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. | |||||||||||||
The Company applies generally accepted accounting principles for recognition of uncertainty in income taxes and prescribing a recognition threshold and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return. | |||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||
The allowance for doubtful accounts is based on management’s regular evaluation of individual customer’s receivables and consideration of a customer’s financial condition and credit history. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. Interest is not charged on past due accounts. | |||||||||||||
Income (Loss) Per Common Share | ' | ||||||||||||
Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including warrants to purchase the Company's common stock and convertible preferred stock. Management has determined that the calculation of diluted earnings per share for the years ended December 31, 2013, 2012 and 2011, adds none, none, and 525,827 shares, respectively, to basic weighted average shares, related to common stock purchase warrants. Shares related to warrants and convertible preferred stock were not added to the weighted average of common stock for 2013 and 2012 because the results would have been anti-dilutive. | |||||||||||||
As of December 31, 2013, 2012 and 2011, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share are as follows: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Warrants | 2,489,407 | 1,934,667 | 74,173 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 4,240,412 | 3,685,672 | 1,825,178 | ||||||||||
The following table represents the calculation of basic and diluted weighted average shares outstanding for December 31, 2013, 2012 and 2011: | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Warrants | 2,489,407 | 1,934,667 | 600,000 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 4,240,412 | 3,685,672 | 2,351,005 | ||||||||||
Anti - dilutive shares | (4,240,412 | ) | (3,685,672 | ) | (1,825,178 | ) | |||||||
Dilutive effect for earnings per share | 0 | 0 | 525,827 | ||||||||||
Weighted average shares outstanding-basic | 62,281,449 | 61,235,365 | 58,855,348 | ||||||||||
Weighted average shares outstanding-diluted | 62,281,449 | 61,235,365 | 59,381,175 | ||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
The Company’s financial instruments include cash and cash equivalents, certificates of deposits, restricted cash, due to factor, and long-term debt. The carrying value of certificates of deposit, restricted cash, and due to factor approximates fair value based on the contractual terms of those instruments. | |||||||||||||
Fair Value Measurements | ' | ||||||||||||
ASC 820, “Fair Value Measurements and Disclosures”, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value. | |||||||||||||
● | Level 1: Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||||||||||||
● | Level 2: Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | ||||||||||||
● | Level 3: Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||||||
The table below sets forth our financial assets that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012, respectively, and the fair value calculation input hierarchy level that we have determined applies to each asset category. | |||||||||||||
Input | |||||||||||||
Hierarchy | |||||||||||||
Assets: | 2013 | 2012 | Level | ||||||||||
Cash and cash equivalents | $ | 20,343 | $ | 1,000,811 | Level I | ||||||||
Certificates of deposit | 246,565 | 243,616 | Level I | ||||||||||
Restricted cash | 75,501 | 75,251 | Level I | ||||||||||
Total Cash | $ | 342,409 | $ | 1,319,678 | |||||||||
2_Concentration_of_Risk_Tables
2. Concentration of Risk (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Concentration Of Risk Tables | ' | ||||||||||||
Major Customers Revenue Details | ' | ||||||||||||
Sales to Three | For the Year Ended | ||||||||||||
Largest Customers | December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Alpha Gary Corporation | $ | 3,700,945 | $ | 3,245,612 | $ | 1,771,173 | |||||||
General Electric | 781,200 | - | - | ||||||||||
Kohler Corporation | 2,654,215 | 2,286,938 | 2,941,143 | ||||||||||
Polymer Products Inc. | - | 1,119,055 | 2,887,862 | ||||||||||
$ | 7,136,360 | $ | 6,651,605 | $ | 7,600,178 | ||||||||
% of Total Revenues | 64.75 | % | 55.23 | % | 57.94 | % | |||||||
Three Largest | For the Year Ended | ||||||||||||
Accounts Receivable | December 31, | December 31, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Kohler Corporation | $ | 202,019 | $ | 299,273 | |||||||||
Alpha Gary Corporation | 42,778 | $ | 194,005 | 254,940 | |||||||||
GE Lighting (LPC) | - | - | 252,000 | ||||||||||
Teck American Inc | 88,329 | - | - | ||||||||||
Quantum Remediation | - | 101,149 | - | ||||||||||
Scutter Enterprises | - | 41,512 | - | ||||||||||
$ | 333,126 | $ | 336,666 | $ | 806,213 | ||||||||
% of Total Receivables | 57.83 | % | 73.8 | % | 64.2 | % |
3_Summary_of_Significant_Accou2
3. Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Net income (loss) per share of common stock: | ' | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Warrants | 2,489,407 | 1,934,667 | 74,173 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 4,240,412 | 3,685,672 | 1,825,178 | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Warrants | 2,489,407 | 1,934,667 | 600,000 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 4,240,412 | 3,685,672 | 2,351,005 | ||||||||||
Anti - dilutive shares | (4,240,412 | ) | (3,685,672 | ) | (1,825,178 | ) | |||||||
Dilutive effect for earnings per share | 0 | 0 | 525,827 | ||||||||||
Weighted average shares outstanding-basic | 62,281,449 | 61,235,365 | 58,855,348 | ||||||||||
Weighted average shares outstanding-diluted | 62,281,449 | 61,235,365 | 59,381,175 | ||||||||||
Fair Value Measures | ' | ||||||||||||
Input | |||||||||||||
Hierarchy | |||||||||||||
Assets: | 2013 | 2012 | Level | ||||||||||
Cash and cash equivalents | $ | 20,343 | $ | 1,000,811 | Level I | ||||||||
Certificates of deposit | 246,565 | 243,616 | Level I | ||||||||||
Restricted cash | 75,501 | 75,251 | Level I | ||||||||||
Total Cash | $ | 342,409 | $ | 1,319,678 | |||||||||
4_Accounts_Receivable_and_Due_1
4. Accounts Receivable and Due to Factor (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable And Due To Factor Tables | ' | ||||||||
Account Receivables | ' | ||||||||
Accounts Receivble | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
Accounts receivable - non factored | $ | 402,351 | $ | 436,654 | |||||
Accounts receivable - factored with recourse | 177,701 | 23,536 | |||||||
less allowance for doubtful accounts | (4,031 | ) | (4,031 | ) | |||||
Accounts receivable - net | $ | 576,021 | $ | 456,159 |
5_Inventories_Tables
5. Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
2013 | 2012 | ||||||||
Antimony Metal | $ | 33,850 | $ | 152,821 | |||||
Antimony Oxide | 535,251 | 295,613 | |||||||
Antimony Concentrates | 93,190 | 46,008 | |||||||
Antimony Ore | 106,519 | 500,192 | |||||||
Total antimony | 768,810 | 994,634 | |||||||
Zeolite | 265,960 | 197,555 | |||||||
$ | 1,034,770 | $ | 1,192,189 |
6_Properties_Plants_and_Equipm1
6. Properties, Plants and Equipment (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Properties Plants And Equipment Tables | ' | ||||||||||||||||
Properties, Plants and Equipment | ' | ||||||||||||||||
2013 | USAC | MEXICO | BRZ | TOTAL | |||||||||||||
Equipment | $ | 749,493 | $ | 4,952,524 | $ | 3,041,934 | $ | 8,743,951 | |||||||||
Buildings | 242,186 | 787,917 | 349,946 | 1,380,049 | |||||||||||||
Mineral Rights | - | 916,522 | - | 916,522 | |||||||||||||
Land & Other | 3,270,248 | 3,123,067 | - | 6,393,315 | |||||||||||||
4,261,927 | 9,780,030 | 3,391,880 | 17,433,837 | ||||||||||||||
Accumulated Depreciation | (2,333,484 | ) | (987,621 | ) | (1,717,087 | ) | (5,038,192 | ) | |||||||||
$ | 1,928,443 | $ | 8,792,409 | $ | 1,674,793 | $ | 12,395,645 | ||||||||||
2012 | USAC | MEXICO | BRZ | TOTAL | |||||||||||||
Equipment | $ | 668,811 | $ | 3,086,510 | $ | 2,870,773 | $ | 6,626,094 | |||||||||
Buildings | 241,297 | 776,374 | 344,884 | 1,362,555 | |||||||||||||
Mineral Rights | - | 786,088 | - | 786,088 | |||||||||||||
Land & Other | 3,251,660 | 1,832,032 | - | 5,083,692 | |||||||||||||
4,161,768 | 6,481,004 | 3,215,657 | 13,858,429 | ||||||||||||||
Accumulated Depreciation | (2,271,910 | ) | (578,812 | ) | (1,498,732 | ) | (4,349,454 | ) | |||||||||
$ | 1,889,858 | $ | 5,902,192 | $ | 1,716,925 | $ | 9,508,975 |
7_Asset_Retirement_Obligation_
7. Asset Retirement Obligation (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Schedule of Asset Retirement Obligations | ' | ||||
Balance December 31, 2010 | $ | - | |||
Incurred during 2011 | 134,000 | ||||
Balance December 31, 2011 | 134,000 | ||||
Accretion during 2012 | 8,040 | ||||
Balance December 31, 2012 | 142,040 | ||||
Accretion during 2013 | 8,040 | ||||
Balance December 31, 2013 | $ | 150,080 |
9_Notes_Payable_to_Bank_Tables
9. Notes Payable to Bank (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Summary of notes payable to bank | ' | ||||
Promissory note payable to First Security Bank of Missoula, | $ | 70,952 | |||
bearing interest at 3.150%, maturing February 27, 2014, | |||||
payable on demand, collateralized by a lien on Certificate of Deposit number 48614 | |||||
Promissory note payable to First Security Bank of Missoula, | $ | 67,568 | |||
bearing interest at 3.150%, maturing February 27, 2014, | |||||
payable on demand, collateralized by a lien on Certificate of Deposit number 48615 | |||||
Total notes payable to bank | $ | 138,520 |
10_LongTerm_Debt_Tables
10. Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long - Term Debt | ' | ||||||||
Long-Term debt at December 31, 2013 and 2012, is as follows: | |||||||||
2013 | 2012 | ||||||||
Note payable to Thermo Fisher Financial Co., bearing interest | $ | - | $ | 34,310 | |||||
at 5.67%; payable in monthly installments of $3,522; maturing | |||||||||
September 2013; collateralized by equipment. | |||||||||
Note payable to Thermo Fisher Financial Co., bearing interest | 5,583 | 30,708 | |||||||
at 8.54%; payable in monthly installments of $2,792; maturing | |||||||||
December 2013; collateralized by equipment. | |||||||||
Note payable to Stearns Bank, bearing interest | 41,117 | 79,500 | |||||||
at 6.9%; payable in monthly installments of $3,555; maturing | |||||||||
December 2014; collateralized by equipment. | |||||||||
Note payable to Western States Equipment Co., bearing interest | 34,861 | 56,390 | |||||||
at 6.15%; payable in monthly installments of $2,032; maturing | |||||||||
June 2015; collateralized by equipment. | |||||||||
Note payable to CNH Capital America, LLC, bearing interest at 4.5%; | - | 3,478 | |||||||
payable in monthly installments of $505; maturing June 2013; collateralized by equipment. | |||||||||
Note payable to Catepillar Financial, bearing interest at 5.95%; | 16,440 | 25,823 | |||||||
payable in monthly installments of $827; maturing September 2015; | |||||||||
collateralized by equipment. | |||||||||
Note payable to GE Capital, bearing interest at 2.25%; payable in | - | 2,847 | |||||||
monthly installments of $359; maturing July 2013; collateralized by | |||||||||
equipment. | |||||||||
Note payable toDe Lage Landen Financial Services, bearing interest at 5.30%; | 13,945 | 19,629 | |||||||
payable in monthly installments of $549; maturing March 2016; collateralized by equipment. | |||||||||
Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; maturing | 33,808 | 55,365 | |||||||
March 2015; collateralized by equipment. | |||||||||
Note payable to De Lage Landen Financial Services, | 8,797 | 16,496 | |||||||
bearing interest at 5.12%; payable in monthly installments of $697; | |||||||||
maturing December 2014; collateralized by equipment. | |||||||||
Note payable to Catepillar Financial, bearing interest | 5,921 | 14,535 | |||||||
at 6.15%; payable in monthly installments of $766; maturing | |||||||||
August 2014; collateralized by equipment. | |||||||||
Note payable to De Lage Landen Financial Services, | 4,186 | 12,235 | |||||||
bearing interest at 5.28%; payable in monthly installments of $709; | |||||||||
maturing June 2014; collateralized by equipment. | |||||||||
Note payable for Corral Blanco Land, bearing interest at 6.0%, | - | 86,747 | |||||||
due May 1, 2013; collateralized by land. | |||||||||
Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $200,000 through 2021. | 762,541 | - | |||||||
Note payable to Robert Detwiler, a shareholder, bearing interest at 10.0%, | 82,000 | - | |||||||
due January 2, 2015; collateralized by equipment. | |||||||||
Note payable to Betsy Detwiler, a shareholder, bearing interest at 10.0%, | 120,000 | - | |||||||
due January 2, 2015; monthly payments of $1,000; | |||||||||
collateralized by equipment. | |||||||||
1,129,199 | 438,063 | ||||||||
Less current portion | (126,984 | ) | (280,597 | ) | |||||
Long-term portion | $ | 1,002,215 | $ | 157,466 | |||||
Principal payments on debt | ' | ||||||||
Year Ending December 31, | |||||||||
2014 | $ | 126,984 | |||||||
2015 | 292,288 | ||||||||
2016 | 59,135 | ||||||||
2017 | 60,952 | ||||||||
2018 | 139,199 | ||||||||
2019 | 172,962 | ||||||||
2020 | 183,339 | ||||||||
2021 | 94,340 | ||||||||
$ | 1,129,199 |
11_Stockholders_Equity_Tables
11. Stockholder's Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Common Stock Warrants | ' | ||||||||
Number of Warrants | Exercise Prices | ||||||||
Balance, December 31, 2010 | 725,000 | $ | .20 - $.75 | ||||||
Warrants exercised | (125,000 | ) | $ | .30 - $.40 | |||||
Balance, December 31, 2011 | 600,000 | $ | .30 - $.60 | ||||||
Warrants issued | 1,734,667 | $ | 2.50 - $4.50 | ||||||
Warrants exercised | (250,000 | ) | $ | .30 - $2.50 | |||||
Warrants expired | (150,000 | ) | $ | .30 - $.40 | |||||
Balance, December 31, 2012 | 1,934,667 | $ | .25 - $4.50 | ||||||
Warrants issued | 629,740 | $ | 1.20-$1.60 | ||||||
Warrants exercised | (25,000 | ) | $ | 1.2 | |||||
Warrants expired | (50,000 | ) | $ | 4.5 | |||||
Balance, December 31, 2013 | 2,489,407 | $ | 0.60 - $4.50 | ||||||
Warrants Maturity | ' | ||||||||
Year ended December 31: | |||||||||
2014 | 1,207,750 | ||||||||
2015 | 1,031,657 | ||||||||
Thereafter | 250,000 | ||||||||
2,489,407 |
13_Income_Taxes_Tables
13. Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Income Taxes Tables | ' | |||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Federal | ||||||||||||||||||||
Current | $ | - | $ | - | $ | - | ||||||||||||||
Deferred | 196,113 | 151,915 | 87,675 | |||||||||||||||||
Total | $ | 196,113 | $ | 151,915 | $ | 87,675 | ||||||||||||||
State | ||||||||||||||||||||
Current | $ | - | $ | - | $ | 9,168 | ||||||||||||||
Deferred | 33,338 | 15,192 | 8,767 | |||||||||||||||||
Total | $ | 33,338 | $ | 15,192 | $ | 17,935 | ||||||||||||||
Foreign | $ | - | $ | - | $ | - | ||||||||||||||
Total provision (benefit) | $ | 229,451 | $ | 167,107 | $ | 105,610 | ||||||||||||||
Domestic and foreign components of income (loss) from operations before income taxes | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Domestic | $ | 163,632 | $ | 301,391 | $ | 1,342,530 | ||||||||||||||
Foreign | (1,575,351 | ) | (692,820 | ) | (600,000 | ) | ||||||||||||||
Total | $ | (1,411,719 | ) | $ | (391,429 | ) | $ | 742,530 | ||||||||||||
Deferred tax assets | ' | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Deferred tax asset: | ||||||||||||||||||||
Other | $ | - | $ | 11,151 | ||||||||||||||||
Foreign exploration costs | 168,401 | 208,855 | ||||||||||||||||||
Foreign net operating loss carry forward | 232,723 | 374,110 | ||||||||||||||||||
Foreign other | 42,612 | 217,887 | ||||||||||||||||||
Federal and state net operating | ||||||||||||||||||||
loss carry forward | 35,424 | 39,824 | ||||||||||||||||||
Deferred tax asset | 479,160 | 851,827 | ||||||||||||||||||
Valuation allowance (foreign) | (279,235 | ) | (605,496 | ) | ||||||||||||||||
Valuation allowance (federal) | (71,786 | ) | - | |||||||||||||||||
Total deferred tax asset | 128,139 | 246,331 | ||||||||||||||||||
Deferred tax liability: | ||||||||||||||||||||
Property, plant, and equipment | (128,139 | ) | (16,880 | ) | ||||||||||||||||
Total deferred tax liability | (128,139 | ) | (16,880 | ) | ||||||||||||||||
Net Deferred Tax Asset | $ | - | $ | 229,451 | ||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Computed expected tax provision (benefit) | $ | (494,102 | ) | -35 | % | $ | (137,000 | ) | -35 | % | $ | 259,886 | 35 | % | ||||||
Effect of permanent differences | - | 0.0 | % | 4,662 | 0.6 | % | ||||||||||||||
Foreign taxes | 78,768 | 5.6 | % | 34,641 | 8.9 | % | 24,000 | 3.2 | % | |||||||||||
Other (1) | 899,260 | 63.7 | % | 61,770 | 15.8 | % | 126,062 | 17 | % | |||||||||||
Increase in valuation allowance foreign | 207,696 | 53.1 | % | |||||||||||||||||
Increase in valuation allowance U.S. | 71,786 | 5.1 | % | - | - | |||||||||||||||
Release of valuation allowance U.S. | (309,000 | ) | -41.6 | % | ||||||||||||||||
Release of valuation allowance Foreign | (326,261 | ) | -23.1 | % | - | 0.0 | % | |||||||||||||
Total | $ | 229,451 | 16 | % | $ | 167,107 | 42.7 | % | $ | 105,610 | 14.2 | % | ||||||||
(1) In 2013 there were revisions to estimates of foreign net operating loss carry forwards. | ||||||||||||||||||||
14_Related_Party_Transactions_
14. Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions Tables | ' | ||||||||||||
Amounts due to (due from) related parties | ' | ||||||||||||
2013 | 2012 | ||||||||||||
John C. Lawrence, president and chairman(1) | $ | 15,549 | $ | 17,522 | |||||||||
Net related party liabilities | $ | 15,549 | $ | 17,522 | |||||||||
Transactions affecting the payable to related party | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of year | $ | 17,522 | $ | 47,843 | $ | 18,060 | |||||||
Aircraft rental charges | 65,502 | 74,490 | 86,058 | ||||||||||
Payments and advances, net | (67,475 | ) | (104,811 | ) | (56,275 | ) | |||||||
Balance, end of year | $ | 15,549 | $ | 17,522 | $ | 47,843 |
16_Business_Segments_Tables
16. Business Segments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
For the year ended | |||||||||||||||||
Capital expenditures: | 31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||
Antimony | |||||||||||||||||
United States | $ | 100,158 | $ | 288,364 | $ | 160,536 | |||||||||||
Mexico | 3,299,027 | 3,318,552 | 1,988,345 | ||||||||||||||
Subtotal Antimony | 3,399,185 | 3,606,916 | 2,148,881 | ||||||||||||||
Zeolite | 176,223 | 328,045 | 324,869 | ||||||||||||||
Total | $ | 3,575,408 | $ | 3,934,961 | $ | 2,473,750 | |||||||||||
Total Assets: | As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||
Antimony | |||||||||||||||||
United States | $ | 3,017,768 | $ | 3,712,008 | |||||||||||||
Mexico | 9,668,998 | 7,328,339 | |||||||||||||||
Subtotal Antimony | 12,686,766 | 11,040,347 | |||||||||||||||
Zeolite | 2,204,225 | 2,335,130 | |||||||||||||||
Total | $ | 14,890,991 | $ | 13,375,477 | |||||||||||||
Segment Operations for the | Antimony | Antimony | Bear River | ||||||||||||||
Year ended December 31, 2013 | USAC | Mexico | Zeolite | Totals | |||||||||||||
Total revenues | $ | 8,786,415 | $ | 32,000 | $ | 2,202,414 | $ | 11,020,829 | |||||||||
Production costs | 4,592,019 | 2,662,780 | 1,096,731 | 8,351,530 | |||||||||||||
Depreciation and amortization | 61,574 | 386,462 | 218,356 | 666,392 | |||||||||||||
Other operating costs | 1,699,846 | 1,171,234 | 469,998 | 3,341,078 | |||||||||||||
Total operating expenses | 6,353,439 | 4,220,476 | 1,785,085 | 12,359,000 | |||||||||||||
Income (loss) from operations | 2,432,976 | (4,188,476 | ) | 417,329 | (1,338,171 | ) | |||||||||||
Other income (expense): | (61,937 | ) | (1,735 | ) | (9,876 | ) | (73,548 | ) | |||||||||
Income (loss) before income taxes | 2,371,039 | (4,190,211 | ) | 407,453 | (1,411,719 | ) | |||||||||||
Deferred income tax provision | (229,451 | ) | - | - | (229,451 | ) | |||||||||||
NET INCOME (LOSS) | $ | 2,141,588 | $ | (4,190,211 | ) | $ | 407,453 | $ | (1,641,170 | ) | |||||||
Segment Operations for the | Antimony | Antimony | Bear River | ||||||||||||||
Year ended December 31, 2012 | USAC | Mexico | Zeolite | Totals | |||||||||||||
Total revenues | $ | 9,398,003 | $ | 3,000 | $ | 2,641,699 | $ | 12,042,702 | |||||||||
Production costs | 5,665,806 | 1,880,499 | 1,618,816 | 9,165,121 | |||||||||||||
Depreciation and amortization | 40,979 | 222,235 | 209,776 | 472,990 | |||||||||||||
Other operating costs | 1,852,289 | 382,713 | 488,276 | 2,723,278 | |||||||||||||
Total operating expenses | 7,559,074 | 2,485,447 | 2,316,868 | 12,361,389 | |||||||||||||
Income (loss) from operations | 1,838,929 | (2,482,447 | ) | 324,831 | (318,687 | ) | |||||||||||
Other income (expense): | (61,321 | ) | (30 | ) | (11,391 | ) | (72,742 | ) | |||||||||
Income (loss) before income taxes | 1,777,608 | (2,482,477 | ) | 313,440 | (391,429 | ) | |||||||||||
Deferred income tax provision | (167,107 | ) | - | - | (167,107 | ) | |||||||||||
NET INCOME (LOSS) | $ | 1,610,501 | $ | (2,482,477 | ) | $ | 313,440 | $ | (558,536 | ) | |||||||
Segment Operations for the | Antimony | Antimony | Bear River | ||||||||||||||
Year ended December 31, 2011 | USAC | Mexico | Zeolite | Totals | |||||||||||||
Total revenues | $ | 11,074,449 | $ | - | $ | 2,043,641 | $ | 13,118,090 | |||||||||
Production costs | 7,294,421 | 1,031,957 | 1,221,101 | 9,547,479 | |||||||||||||
Depreciation and amortization | 29,963 | 169,552 | 206,231 | 405,746 | |||||||||||||
Other operating costs | 1,358,575 | 430,601 | 484,158 | 2,273,334 | |||||||||||||
Total operating expenses | 8,682,959 | 1,632,110 | 1,911,490 | 12,226,559 | |||||||||||||
Income (loss) from operations | 2,391,490 | (1,632,110 | ) | 132,151 | 891,531 | ||||||||||||
Other income (expense): | (135,035 | ) | - | (13,966 | ) | (149,001 | ) | ||||||||||
Income (loss) before income taxes | 2,256,455 | (1,632,110 | ) | 118,185 | 742,530 | ||||||||||||
Deferred income tax provision | (105,610 | ) | - | - | (105,610 | ) | |||||||||||
NET INCOME (LOSS) | $ | 2,150,845 | $ | (1,632,110 | ) | $ | 118,185 | $ | 636,920 |
2_Concentrations_of_Risk_Detai
2. Concentrations of Risk (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Sales to Three Largest Customers | $7,136,360 | $6,651,605 | $7,600,178 |
Total percentage of revenue | 64.75% | 55.23% | 57.94% |
AlphaGaryCorporation [Member] | ' | ' | ' |
Sales to Three Largest Customers | 3,700,945 | 3,245,612 | 1,771,173 |
General Electric [Member] | ' | ' | ' |
Sales to Three Largest Customers | 781,200 | 0 | 0 |
KohlerCorporation [Member] | ' | ' | ' |
Sales to Three Largest Customers | 2,654,215 | 2,286,938 | 2,941,143 |
PolymerProductsInc [Member] | ' | ' | ' |
Sales to Three Largest Customers | $0 | $1,119,055 | $2,887,862 |
2_Concentrations_of_Risk_Detai1
2. Concentrations of Risk (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts Receivable | $333,126 | $336,666 | $806,213 |
Total percentage of receivables | 57.83% | 73.80% | 64.20% |
KohlerCorporation [Member] | ' | ' | ' |
Accounts Receivable | 202,019 | 0 | 299,273 |
AlphaGaryCorporation [Member] | ' | ' | ' |
Accounts Receivable | 42,778 | 194,005 | 254,940 |
GE Lighting [Member] | ' | ' | ' |
Accounts Receivable | 0 | 0 | 252,000 |
Teck American Inc | ' | ' | ' |
Accounts Receivable | 88,329 | 0 | 0 |
QuantumRemediation [Member] | ' | ' | ' |
Accounts Receivable | 0 | 101,149 | 0 |
ScutterEnterprises [Member] | ' | ' | ' |
Accounts Receivable | $0 | $41,512 | $0 |
3_Summary_of_Significant_Accou3
3. Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income (loss) per share of common stock: | ' | ' | ' |
Warrants | 2,489,407 | 1,934,667 | 74,173 |
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 |
Total possible dilution | 4,240,412 | 3,685,672 | 1,825,178 |
3_Summary_of_Significant_Accou4
3. Summary of Significant Accounting Policies (Details 1) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income (loss) per share of common stock: | ' | ' | ' |
Warrants | 2,489,407 | 1,934,667 | 600,000 |
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 |
Total possible dilution | 4,240,412 | 3,685,672 | 2,351,005 |
Anti - dilutive shares | -4,240,412 | -3,685,672 | -1,825,178 |
Dilutive effect for earnings per share | 0 | 0 | 525,827 |
Weighted average shares outstanding-basic | 62,281,449 | 61,235,365 | 58,855,348 |
Weighted average shares outstanding-diluted | 62,281,449 | 61,235,365 | 59,381,175 |
3_Summary_of_Significant_Accou5
3. Summary of Significant Accounting Policies (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Cash and cash equivalents | $20,343 | $1,000,811 | $5,427 | $448,861 |
Certificates of deposit | 246,565 | 243,616 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 20,343 | 1,000,811 | ' | ' |
Certificates of deposit | 246,565 | 243,616 | ' | ' |
Restricted cash | 75,501 | 75,251 | ' | ' |
Total Assets fair value | $342,409 | $1,319,678 | ' | ' |
4_Accounts_Receivable_and_Due_2
4. Accounts Receivable and Due to Factor (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Receivable And Due To Factor Tables | ' | ' |
Accounts receivable - non factored | $402,351 | $436,654 |
Accounts receivable - factored with recourse | 177,701 | 23,536 |
Less allowance for doubtful accounts | -4,031 | -4,031 |
Accounts receivable - net | $576,021 | $456,159 |
4_Accounts_Receivable_and_Due_3
4. Accounts Receivable and Due to Factor (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts Receivable And Due To Factor Details Narrative | ' | ' | ' |
Factoring Expense | $71,772 | $78,100 | $154,206 |
Net accounts receivable | $3,280,000 | $3,800,000 | $7,390,000 |
5_Inventories_Details
5. Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories | $1,034,770 | $1,192,189 |
Antimony Metal [Member] | ' | ' |
Inventories | 33,850 | 152,821 |
Antimony Oxide [Member] | ' | ' |
Inventories | 535,251 | 295,613 |
Antimony Concentrates | ' | ' |
Inventories | 93,190 | 46,008 |
Antimony Ore [Member] | ' | ' |
Inventories | 106,519 | 500,192 |
Antimony [Member] | ' | ' |
Inventories | 768,810 | 994,634 |
Zeloite (Member) | ' | ' |
Inventories | $265,960 | $197,555 |
6_Properties_Plants_and_Equipm2
6. Properties, Plants and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Equipment | $8,743,951 | $6,626,094 |
Buildings | 1,380,049 | 1,362,555 |
Mineral Rights | 916,522 | 786,088 |
Land & Other | 6,393,315 | 5,083,692 |
Total | 17,433,837 | 13,858,429 |
Accumulated Depreciation | -5,038,192 | -4,349,454 |
Properties, plants and equipment, net | 12,395,645 | 9,508,975 |
USAC | ' | ' |
Equipment | 749,493 | 668,811 |
Buildings | 242,186 | 241,297 |
Mineral Rights | 0 | 0 |
Land & Other | 3,270,248 | 3,251,660 |
Total | 4,261,927 | 4,161,768 |
Accumulated Depreciation | -2,333,484 | -2,271,910 |
Properties, plants and equipment, net | 1,928,443 | 1,889,858 |
MEXICO | ' | ' |
Equipment | 4,952,524 | 3,086,510 |
Buildings | 787,917 | 776,374 |
Mineral Rights | 916,522 | 786,088 |
Land & Other | 3,123,067 | 1,832,032 |
Total | 9,780,030 | 6,481,004 |
Accumulated Depreciation | -987,621 | -578,812 |
Properties, plants and equipment, net | 8,792,409 | 5,902,192 |
BRZ | ' | ' |
Equipment | 3,041,934 | 2,870,773 |
Buildings | 349,946 | 344,884 |
Mineral Rights | 0 | 0 |
Land & Other | 0 | 0 |
Total | 3,391,880 | 3,215,657 |
Accumulated Depreciation | -1,717,087 | -1,498,732 |
Properties, plants and equipment, net | $1,674,793 | $1,716,925 |
6_Properties_Plants_and_Equipm3
6. Properties, Plants and Equipment (Details Narrative) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Properties Plants And Equipment Details Narrative | ' | ' |
Capitalized costs | $2,140,000 | $1,400,000 |
7_Asset_Retirement_Obligation_1
7. Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Beginning Balance | $142,040 | $134,000 | $0 |
Incurred during the year | 0 | 0 | 134,000 |
Accretion during the year | 8,040 | 8,040 | 0 |
Ending Balance | $150,080 | $142,040 | $134,000 |
7_Asset_Retirement_Obligation_2
7. Asset Retirement Obligation (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | |
Asset Retirement Obligation Details Narrative | ' | ' |
Future cost | $430,000 | ' |
Future cost year | '2031 | ' |
Net present value | 142,040 | ' |
Asset retirement obligation liability with reclamation obligations | ' | $107,500 |
9_Notes_Payable_to_Bank_Detail
9. Notes Payable to Bank (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, maturing February 27, 2014, payable on demand, collateralized by a lien on Certificate of Deposit | $138,520 | $0 |
Promissory note payable CD 48614 | ' | ' |
Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, maturing February 27, 2014, payable on demand, collateralized by a lien on Certificate of Deposit | 70,952 | ' |
Promissory note payable CD 48615 | ' | ' |
Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, maturing February 27, 2014, payable on demand, collateralized by a lien on Certificate of Deposit | $67,568 | ' |
10_LongTerm_Debt_Details
10. Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Total debt | $1,129,199 | $438,063 |
Less current portion | -126,984 | -280,597 |
Noncurrent portion | 1,002,215 | 157,466 |
ThermFisherFinancialServices [Member] | ' | ' |
Total debt | 0 | 34,310 |
ThermFisherFinancialServices1 [Member] | ' | ' |
Total debt | 5,583 | 30,708 |
StearnsBank [Member] | ' | ' |
Total debt | 41,117 | 79,500 |
WesternStatesEquipmentCo [Member] | ' | ' |
Total debt | 34,861 | 56,390 |
CNH Capital America LLC [Member] | ' | ' |
Total debt | 0 | 3,478 |
Catepillar Finance [Member] | ' | ' |
Total debt | 16,440 | 25,823 |
GE Capital [Member] | ' | ' |
Total debt | 0 | 2,847 |
De Lage Landen Financial Services [Member] | ' | ' |
Total debt | 13,945 | 19,629 |
PhyllisRice [Member] | ' | ' |
Total debt | 33,808 | 55,365 |
De Lage Landen Financial Services 1 [Member] | ' | ' |
Total debt | 8,797 | 16,496 |
CatepillarFinance1 [Member] | ' | ' |
Total debt | 5,921 | 14,535 |
De Lage Landen Financial Services 2 [Member] | ' | ' |
Total debt | 4,186 | 12,235 |
Corral Blancoland [Member] | ' | ' |
Total debt | 0 | 86,747 |
SoyatalMine [Member] | ' | ' |
Total debt | 762,541 | 0 |
Robert Detwiler | ' | ' |
Total debt | 82,000 | ' |
Betsy Detwiler | ' | ' |
Total debt | $120,000 | ' |
10_LongTerm_Debt_Details_1
10. Long-Term Debt (Details 1) (USD $) | Dec. 31, 2013 |
Long-Term Debt Details 1 | ' |
2014 | $126,984 |
2015 | 292,288 |
2016 | 59,135 |
2017 | 60,952 |
2018 | 139,199 |
2019 | 172,962 |
2020 | 183,339 |
2021 | 94,340 |
Long Term Debt Total | $1,129,199 |
11_Stockholders_Equity_Details
11. Stockholder's Equity (Details) (Warrant [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Beginning balance, shares | 1,934,667 | 600,000 | 725,000 |
Warrants issued, shares | 629,740 | 1,734,667 | ' |
Warrants exercised, shares | -25,000 | -250,000 | -125,000 |
Warrants expired, shares | -50,000 | -150,000 | ' |
Ending balance, shares | 2,489,407 | 1,934,667 | 600,000 |
2014 | 1,207,750 | ' | ' |
2015 | 1,031,657 | ' | ' |
Thereafter | 250,000 | ' | ' |
Total | 2,489,407 | ' | ' |
Minimum [Member] | ' | ' | ' |
Beginning balance, Exercise Prices | 0.25 | 0.3 | 0.2 |
Warrants granted, Exercise Prices | 1.2 | 2.5 | 0.3 |
Warrants exercised, Exercise Prices | 1.2 | 0.3 | ' |
Warrants expired, Exercise Prices | 4.5 | 0.3 | ' |
Ending balance Exercise Prices | 0.6 | 0.25 | 0.3 |
Maximum [Member] | ' | ' | ' |
Beginning balance, Exercise Prices | 4.5 | 0.6 | 0.75 |
Warrants granted, Exercise Prices | 1.6 | 4.5 | 0.4 |
Warrants exercised, Exercise Prices | ' | 2.5 | ' |
Warrants expired, Exercise Prices | ' | 0.4 | ' |
Ending balance Exercise Prices | 4.5 | 4.5 | 0.6 |
11_Stockholders_Equity_Details1
11. Stockholder's Equity (Details Narrative) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Unregistered common stock sold | 1,139,480 | 2,156,334 | 3,041,918 | ||
Unregistered common stock value | 1,147,195 | 4,624,763 | 1,160,217 | ||
Warrants issued in connection with sales of common stock | 629,740 | 1,734,667 | 0 | ||
Borrowing from Mr. and Mrs. Robert Detwiler, stockholders of the Company | $150,000 | ' | ' | ||
Series D Preferred Stock [Member] | ' | ' | ' | ||
Cumulative dividends in arrear | 392,218 | [1] | 378,069 | [1] | ' |
Preferential amount payable to Series D preferred stockholders | $2.50 | ' | ' | ||
Liquidation preference value of preferred stock series D | 4,796,731 | 4,755,582 | ' | ||
Series B Preferred Stock [Member] | ' | ' | ' | ||
Cumulative dividends in arrear | 135,000 | 127,500 | ' | ||
Director [Member] | ' | ' | ' | ||
Share based compensation recognized in period | 9,410 | 211,818 | 230,004 | ||
Common Stock [Member] | Herbert Denton [Member] | ' | ' | ' | ||
Stock Issued for services, shares | ' | 100,000 | ' | ||
Common Stock [Member] | Director [Member] | ' | ' | ' | ||
Stock Issued for services, shares | ' | 165,827 | ' | ||
Stock Issued for services, value | ' | 451,232 | ' | ||
[1] | 1,751,005 outstanding Series D shares |
12_2000_Stock_Plan_Details_Nar
12. 2000 Stock Plan (Details Narrative) | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock Issued | 63,156,206 | 61,896,726 |
2000 Stock Plan [Member] | ' | ' |
Common Stock Issued | 300,000 | 300,000 |
13_Income_Taxes_Details
13. Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Federal | ' | ' | ' |
Current | $0 | $0 | $0 |
Deferred | 196,113 | 151,915 | 87,675 |
Total | 196,113 | 151,915 | 87,675 |
State | ' | ' | ' |
Current | 0 | 0 | 9,168 |
Deferred | 33,338 | 15,192 | 8,767 |
Total | 33,338 | 15,192 | 17,935 |
Foreign | 0 | 0 | 0 |
Total provision (benefit) | $229,451 | $167,107 | $105,610 |
13_Income_Taxes_Details_1
13. Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $163,632 | $301,391 | $1,342,530 |
Foreign | -1,575,351 | -692,820 | -600,000 |
Total | ($1,411,719) | ($391,429) | $742,530 |
13_Income_Taxes_Details_2
13. Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax asset: | ' | ' |
Other | $0 | $11,151 |
Foreign exploration costs | 168,401 | 208,855 |
Foreign net operating loss carryforward | 232,723 | 374,110 |
Foreign other | 42,612 | 217,887 |
Federal and state net operating loss carry forward | 35,424 | 39,824 |
Deferred tax asset | 479,160 | 851,827 |
Valuation allowance (foreign) | -279,235 | -605,496 |
Valuation allowance (federal) | -71,786 | 0 |
Total deferred tax asset | 128,139 | 246,331 |
Deferred tax liability: | ' | ' |
Property, plant, and equipment | -128,139 | -16,880 |
Total deferred tax liability | -128,139 | -16,880 |
Net Deferred Tax Asset | $0 | $229,451 |
13_Income_Taxes_Details_3
13. Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Computed expected tax provision (benefit) | ($494,102) | ($137,000) | $259,886 |
Effect of permanent differences | 0 | 0 | 4,662 |
Foreign taxes | 78,768 | 34,641 | 24,000 |
Other(1) | 899,260 | 61,770 | 126,062 |
Increase in valuation allowance foreign | 0 | 207,696 | 0 |
Increase in valuation allowance U.S. | 71,786 | 0 | 0 |
Release of valuation allowance U.S | 0 | 0 | -309,000 |
Release of valuation allowance foreign | -326,261 | 0 | ' |
Total | $229,451 | $167,107 | $105,610 |
Computed expected tax provision (benefit), Percent | -35.00% | -35.00% | 35.00% |
Effect of permanent differences, Percent | 0.00% | 0.00% | 0.60% |
Foreign taxes, Percent | 5.60% | 8.90% | 3.20% |
Other(1), Percent | 63.70% | 15.80% | 17.00% |
Increase in valuation allowance foreign, Percent | ' | 53.10% | ' |
Increase in valuation allowance U.S., Percent | 5.10% | ' | ' |
Release of valuation allowance U.S., Percent | ' | ' | -41.60% |
Release of valuation allowance foreign, Percent | -23.10% | ' | ' |
Total, Percent | 16.00% | 42.70% | 14.20% |
13_Income_Taxes_Details_Narrat
13. Income Taxes (Details Narrative) (USD $) | Dec. 31, 2013 |
Operating loss carryforwards | $51,000 |
Operating loss carryforwards expiration year | 'Expire at various dates between 2026 and 2029 |
Montana [Member] | ' |
Operating loss carryforwards | 479,000 |
Operating loss carryforwards expiration year | 'Expire between 2016 and 2020 |
Idaho state [Member] | ' |
Operating loss carryforwards | 23,000 |
Operating loss carryforwards expiration year | 'Expire at various dates between 2026 and 2032 |
Mexican [Member] | ' |
Operating loss carryforwards | $776,000 |
Operating loss carryforwards expiration year | 'Expire between 2019 and 2022 |
14_Related_Party_Transactions_1
14. Related Party Transactions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Net related party liabilities | $15,549 | $17,522 | $47,843 | $18,060 |
John C. Lawrence, president and director [Member] | ' | ' | ' | ' |
Net related party liabilities | $15,549 | $17,522 | ' | ' |
14_Related_Party_Transactions_2
14. Related Party Transactions (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transactions Tables | ' | ' | ' |
Balance, beginning of year | $17,522 | $47,843 | $18,060 |
Aircraft rental charges | 65,502 | 74,490 | 86,058 |
Payments and advances, net | -67,475 | -104,811 | -56,275 |
Balance, end of year | $15,549 | $17,522 | $47,843 |
14_Related_Party_Transactions_3
14. Related Party Transactions (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Audit committee received amount in cash | $36,000 | $56,000 | ' |
Consulting fees | 81,642 | 89,204 | 107,359 |
Fees and expenses to officer | ' | ' | 37,083 |
Royalty expense | $52,576 | $61,678 | $45,515 |
15_Commitments_and_Contingenci1
15. Commitments and Contingencies (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Payments paid for capitalized mineral rights | $130,434 | $86,956 | $186,956 |
Other accrued liabilities | $7,909 | $0 | $27,503 |
16_Business_Segments_Details
16. Business Segments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Total Assets | $14,890,991 | $13,375,477 |
United States Antimony [Member] | ' | ' |
Total Assets | 3,017,768 | 3,712,008 |
Mexico Antimony [Member] | ' | ' |
Total Assets | 9,668,998 | 7,328,339 |
Subtotal Antimony [Member] | ' | ' |
Total Assets | 12,686,766 | 11,040,347 |
Zeloite (Member) | ' | ' |
Total Assets | $2,204,225 | $2,335,130 |
16_Business_Segments_Details_1
16. Business Segments (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Capital Expenditure | $3,575,408 | $3,934,961 | $2,473,750 |
United States Antimony [Member] | ' | ' | ' |
Capital Expenditure | 100,158 | 288,364 | 160,536 |
Mexico Antimony [Member] | ' | ' | ' |
Capital Expenditure | 3,299,027 | 3,318,552 | 1,988,345 |
Subtotal Antimony [Member] | ' | ' | ' |
Capital Expenditure | 3,399,185 | 3,606,916 | 2,148,881 |
Zeloite (Member) | ' | ' | ' |
Capital Expenditure | $176,223 | $328,045 | $324,869 |
16_Business_Segments_Details_2
16. Business Segments (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | $11,020,829 | $12,042,702 | $13,118,090 |
Production costs | 8,351,530 | 9,165,121 | 9,547,479 |
Depreciation and amortization | 666,392 | 472,990 | 405,746 |
Other operating costs | 3,341,078 | 2,723,278 | 2,273,334 |
Total operating expenses | 12,359,000 | 12,361,389 | 12,226,559 |
Income (loss) from operations | -1,338,171 | -318,687 | 891,531 |
Other income (expense): | -73,548 | -72,742 | -149,001 |
Income (loss) before income taxes | -1,411,719 | -391,429 | 742,530 |
Deferred income tax provision | -229,451 | -167,107 | -105,610 |
NET INCOME (LOSS) | -1,641,170 | -558,536 | 636,920 |
Antimony [Member] | ' | ' | ' |
Revenues | 8,786,415 | 9,398,003 | 11,074,449 |
Production costs | 4,592,019 | 5,665,806 | 7,294,421 |
Depreciation and amortization | 61,574 | 40,979 | 29,963 |
Other operating costs | 1,699,846 | 1,852,289 | 1,358,575 |
Total operating expenses | 6,353,439 | 7,559,074 | 8,682,959 |
Income (loss) from operations | 2,432,976 | 1,838,929 | 2,391,490 |
Other income (expense): | -61,937 | -61,321 | -135,035 |
Income (loss) before income taxes | 2,371,039 | 1,777,608 | 2,256,455 |
Deferred income tax provision | -229,451 | -167,107 | -105,610 |
NET INCOME (LOSS) | 2,141,588 | 1,610,501 | 2,150,845 |
Mexico Antimony [Member] | ' | ' | ' |
Revenues | 32,000 | 3,000 | 0 |
Production costs | 2,662,780 | 1,880,499 | 1,031,957 |
Depreciation and amortization | 386,462 | 222,235 | 169,552 |
Other operating costs | 1,171,234 | 382,713 | 430,601 |
Total operating expenses | 4,220,476 | 2,485,447 | 1,632,110 |
Income (loss) from operations | -4,188,476 | -2,482,447 | -1,632,110 |
Other income (expense): | -1,735 | -30 | 0 |
Income (loss) before income taxes | -4,190,211 | -2,482,477 | -1,632,110 |
Deferred income tax provision | 0 | 0 | 0 |
NET INCOME (LOSS) | -4,190,211 | -2,482,477 | -1,632,110 |
Zeloite (Member) | ' | ' | ' |
Revenues | 2,202,414 | 2,641,699 | 2,043,641 |
Production costs | 1,096,731 | 1,618,816 | 1,221,101 |
Depreciation and amortization | 218,356 | 209,776 | 206,231 |
Other operating costs | 469,998 | 488,276 | 484,158 |
Total operating expenses | 1,785,085 | 2,316,868 | 1,911,490 |
Income (loss) from operations | 417,329 | 324,831 | 132,151 |
Other income (expense): | -9,876 | -11,391 | -13,966 |
Income (loss) before income taxes | 407,453 | 313,440 | 118,185 |
Deferred income tax provision | 0 | 0 | 0 |
NET INCOME (LOSS) | $407,453 | $313,440 | $118,185 |