Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 16, 2015 | Jun. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | UNITED STATES ANTIMONY CORP | ||
Entity Central Index Key | 101538 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
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 | $66,755,607 | ||
Entity Common Stock, Shares Outstanding | 66,027,453 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||
Cash and cash equivalents | $123,683 | $20,343 |
Certificates of deposit | 249,147 | 246,565 |
Accounts receivable, net | 454,674 | 576,021 |
Inventories | 1,433,539 | 1,034,770 |
Other current assets | 42,626 | 32,865 |
Total current assets | 2,303,669 | 1,910,564 |
Properties, plants and equipment, net | 13,511,803 | 12,395,645 |
Restricted cash for reclamation bonds | 75,754 | 75,501 |
Other assets | 653,805 | 509,281 |
Total assets | 16,545,031 | 14,890,991 |
Current liabilities: | ||
Accounts payable | 1,821,673 | 1,734,767 |
Due to factor | 13,314 | 177,701 |
Accrued payroll, taxes and interest | 135,245 | 124,937 |
Other accrued liabilities | 38,811 | 50,745 |
Payables to related parties | 8,357 | 15,549 |
Deferred revenue | 115,962 | 110,138 |
Notes payable to bank | 0 | 138,520 |
Long-term debt, current | 159,278 | 126,984 |
Total current liabilities | 2,292,640 | 2,479,341 |
Long-term debt, net of discount and current portion | 715,328 | 1,002,215 |
Hillgrove advances payable | 161,339 | 0 |
Stock payable to directors for services | 125,000 | 150,000 |
Asset retirement obligation and accrued reclamation costs | 255,190 | 257,580 |
Total liabilities | 3,549,497 | 3,889,136 |
Commitments and contingencies (Note 4 and 16) | ||
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 $900,000 and $892,500, 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 $4,837,880 and $4,796,731, respectively) | 17,509 | 17,509 |
Common stock, $0.01 par vaue, 90,000,000 shares authorized; 66,027,453 and 63,156,206 shares issued and outstanding, respectively | 660,274 | 631,562 |
Additional paid-in capital | 35,740,671 | 32,030,249 |
Notes receivable for stock sales | -150,000 | 0 |
Accumulated deficit | -23,282,199 | -21,686,744 |
Total stockholders' equity | 12,995,534 | 11,001,855 |
Total liabilities and stockholders' equity | $16,545,031 | $14,890,991 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | $900,000 | $892,500 |
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 | $4,837,880 | $4,796,731 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 90,000,000 | 90,000,000 |
Common stock, issued shares | 66,027,453 | 63,156,206 |
Common stock, outstanding shares | 66,027,453 | 63,156,206 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | |||
REVENUES | $10,772,192 | $11,020,829 | $12,042,702 |
COST OF REVENUES | 11,111,533 | 11,061,799 | 11,007,802 |
GROSS PROFIT (LOSS) | -339,341 | -40,970 | 1,034,900 |
OPERATING EXPENSES: | |||
General and administrative | 623,569 | 736,312 | 810,369 |
Salaries and benefits | 418,083 | 336,000 | 284,483 |
Gain on sale of asset | -35,450 | 0 | 0 |
Professional fees | 207,346 | 224,889 | 258,735 |
TOTAL OPERATING EXPENSES | 1,213,548 | 1,297,201 | 1,353,587 |
LOSS FROM OPERATIONS | -1,552,889 | -1,338,171 | -318,687 |
OTHER INCOME (EXPENSE): | |||
Interest income | 7,916 | 3,923 | 8,049 |
Interest expense | -1,118 | -4,529 | -2,691 |
Bad debts | 0 | -1,170 | 0 |
Factoring expense | -49,364 | -71,772 | -78,100 |
TOTAL OTHER INCOME (EXPENSE) | -42,566 | -73,548 | -72,742 |
LOSS BEFORE INCOME TAXES | -1,595,455 | -1,411,719 | -391,429 |
INCOME TAXES: | |||
Income tax (expense) | 0 | -229,451 | -167,107 |
TOTAL INCOME TAXES | 0 | -229,451 | -167,107 |
NET LOSS | -1,595,455 | -1,641,170 | -558,536 |
Preferred dividends | -48,649 | -48,649 | -48,649 |
Net loss available to common shareholders | ($1,644,104) | ($1,689,819) | ($607,185) |
Net loss per share of common stock basic and diluted: | ($0.03) | ($0.03) | ($0.01) |
Weighted average shares outstanding basic and diluted: | 64,605,253 | 62,281,449 | 61,235,365 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Preferred Stock | Common Stock | Additional Paid-in Capital | Notes Receivable for Stock Sales | Accumulated Deficit | Total |
Beginning Balance - Amount at Dec. 31, 2011 | $26,788 | $593,492 | $25,635,129 | ($19,487,038) | $6,768,371 | |
Beginning 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 loss | -558,536 | -558,536 | ||||
Ending Balance, Amount at Dec. 31, 2012 | 26,788 | 618,966 | 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 loss | -1,641,170 | -1,641,170 | ||||
Ending Balance, Amount at Dec. 31, 2013 | 26,788 | 631,562 | 32,030,249 | -21,686,744 | 11,001,855 | |
Ending Balance, Shares at Dec. 31, 2013 | 2,678,909 | 63,156,206 | ||||
Issuance of common stock and warrants for cash, net of offering costs, Shares | 2,400,071 | |||||
Issuance of common stock and warrants for cash, net of offering costs, Amount | 24,001 | 3,046,133 | 3,070,134 | |||
Issuance of common stock to directors for services, Shares | 83,334 | |||||
Issuance of common stock to directors for services, Amount | 833 | 149,167 | 150,000 | |||
Issuance of common stock and warrants for notes payable, Shares | 235,717 | |||||
Issuance of common stock and warrants for notes payable, Amount | 2,357 | 327,643 | 330,000 | |||
Issuance of common stock to consultant for services, Shares | 24,000 | |||||
Issuance of common stock to consultant for services, Amount | 240 | 38,760 | 39,000 | |||
Issuance of common stock for cashless exercise of warrants, Shares | 3,125 | |||||
Issuance of common stock for cashless exercise of warrants, Amount | 31 | -31 | ||||
Stock issued for notes receivable, Shares | 125,000 | |||||
Stock issued for notes receivable, Amount | 1,250 | 148,750 | -150,000 | |||
Net loss | -1,595,455 | -1,595,455 | ||||
Ending Balance, Amount at Dec. 31, 2014 | $26,788 | $660,274 | $35,740,671 | ($150,000) | ($23,282,199) | $12,995,534 |
Ending Balance, Shares at Dec. 31, 2014 | 2,678,909 | 66,027,453 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows From Operating Activities: | |||
Net income loss | ($1,595,455) | ($1,641,170) | ($558,536) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | |||
Depreciation and amortization expense | 780,782 | 688,738 | 472,990 |
Gain on sale of asset | -35,450 | 0 | 0 |
Accretion of asset retirement obligation | -2,390 | 8,040 | 8,040 |
Common stock issued for services | 39,000 | 0 | 221,228 |
Deferred income taxes | 0 | 229,451 | 167,107 |
Change in: | |||
Accounts receivable, net | 121,347 | -119,862 | 982,405 |
Inventories | -398,769 | 157,419 | -125,376 |
Other current assets | -12,596 | 137,664 | -114,321 |
Other assets | -104,524 | -13,984 | -443,730 |
Accounts payable | 86,906 | 474,438 | 186,283 |
Accrued payroll, taxes and interest | 10,308 | 35,396 | -52,387 |
Other accrued liabilities | -11,934 | 20,525 | -89,072 |
Stock payable to directors for services | 125,000 | 150,000 | 0 |
Deferred revenue | -31,408 | 110,138 | -43,760 |
Payables to related parties | -7,192 | -1,973 | -84,452 |
Net cash provided (used) by operating activities | -1,036,375 | 234,820 | 526,419 |
Cash Flows From Investing Activities: | |||
Purchase of certificates of deposit | 0 | 0 | -244,090 |
Purchase of properties, plants and equipment | -1,826,553 | -2,733,762 | -3,269,811 |
Net cash used by investing activities | -1,826,553 | -2,733,762 | -3,513,901 |
Cash Flows From Financing Activities: | |||
Net proceeds from (payments to) factor | -164,387 | 154,164 | -123,053 |
Proceeds from Hillgrove advances | 198,571 | 0 | 0 |
Proceeds from sale of common stock and exercise of warrants, net of offering costs | 3,070,134 | 1,147,195 | 4,624,763 |
Issuance of common stock pursuant to exercise of warrants | 0 | 0 | 60,000 |
Proceeds from notes payable to bank | 0 | 138,520 | 0 |
Payments on notes to bank | -138,520 | 0 | 0 |
Payments on long-term debt | -129,530 | -273,405 | -464,936 |
Proceeds from long term debt | 130,000 | 352,000 | 0 |
Proceeds from related party loans | 65,300 | 0 | 0 |
Payments on related party loans | -65,300 | 0 | 0 |
Change in checks issued and payable | 0 | 0 | -113,908 |
Net cash provided by financing activities | 2,966,268 | 1,518,474 | 3,982,866 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 103,340 | -980,468 | 995,384 |
Cash and cash equivalents at beginning of year | 20,343 | 1,000,811 | 5,427 |
Cash and cash equivalents at end of year | 123,683 | 20,343 | 1,000,811 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest paid in cash (net of amount capitailzed) | 1,118 | 2,529 | 2,691 |
Properties, plants & equipment acquired with long-term debt | 29,185 | 762,541 | 665,150 |
Properties, plants and equipment acquired with accounts payable | 0 | 79,105 | 0 |
Imputed interest included in property, plant and equipment | 45,752 | 0 | 0 |
Common stock issued to directors | 150,000 | 0 | 0 |
Common stock issued for debt payment | 330,000 | 150,000 | 0 |
Common stock issued for note receivable | 150,000 | 0 | 0 |
Equipment sold for other asset advances | $40,000 | $0 | $0 |
1_Background_of_Company_and_Ba
1. Background of Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | |||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||
Concentrations of Risk | Sales to Three | For the Year Ended | |||||||||||
Largest Customers | 31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||
Alpha Gary Corporation | $ | 3,289,766 | $ | 3,700,945 | $ | 3,245,612 | |||||||
East Penn Manufacturing Inc | 720,966 | $ | - | $ | - | ||||||||
General Electric | - | 781,200 | - | ||||||||||
Kohler Corporation | 2,091,565 | 2,654,215 | 2,286,938 | ||||||||||
Polymer Products Inc. | - | - | 1,119,055 | ||||||||||
$ | 6,102,297 | $ | 7,136,360 | $ | 6,651,605 | ||||||||
% of Total Revenues | 56.65 | % | 64.75 | % | 55.23 | % | |||||||
Three Largest | For the Year Ended | ||||||||||||
Accounts Receivable | 31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||
Kohler Corporation | $ | 202,019 | |||||||||||
Alpha Gary Corporation | 42,778 | $ | 194,005 | ||||||||||
Earth Innovations Inc | $ | 62,019 | - | - | |||||||||
Teck American Inc | 227,239 | 88,329 | - | ||||||||||
Milestone AV Technologies Inc. | 42,075 | - | - | ||||||||||
Quantum Remediation | - | - | 101,149 | ||||||||||
Scutter Enterprises | - | - | 41,512 | ||||||||||
$ | 331,333 | $ | 333,126 | $ | 336,666 | ||||||||
% of Total Receivables | 72.87 | % | 57.83 | % | 73.8 | % | |||||||
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, 2014 | |||||||||||||
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 depreciation and impairment, accounts receivable allowance, deferred income taxes, environmental remediation liabilities and asset retirement obligations. Actual results could differ from those estimates. | |||||||||||||
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, 2014 and 2013 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, 2014 and 2013 consisted primarily of finished antimony products, antimony metal, antimony concentrates, antimony ore, and finished zeolite products and are stated at the lower of first-in, first-out weighted average 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. | |||||||||||||
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. | |||||||||||||
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 two to thirty years. Vehicles and office equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three to twelve 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 $1,901,490 and $3,575,408 in plant construction and other capital costs for the years ended December 31, 2014 and 2013, respectively. These amounts include capitalized interest of $81,703 and $24,395, 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. | |||||||||||||
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 the straight line method over the expected life if the mineral deposit 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, 2014 or 2013 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. | |||||||||||||
Asset Retirement Obligations and Reclamation Costs | |||||||||||||
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 included in determination of fair value is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, and the Company’s 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 do not provide for 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. | |||||||||||||
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, 2014, 2013 and 2012, does not add any shares to basic weighted average shares. | |||||||||||||
As of December 31, 2014, 2013 and 2012, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share are as follows: | |||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||
Warrants | 726,917 | 2,489,407 | 1,934,667 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 2,477,922 | 4,240,412 | 3,685,672 | ||||||||||
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, due to factor, and long-term debt approximates fair value based on the contractual terms of those instruments. | |||||||||||||
Fair Value Measurements | |||||||||||||
Accounting Standards Codification (“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. | |||||||||||||
The Company discloses the following information for each class of assets and liabilities that are measured at fair value: | |||||||||||||
1. | the fair value measurement; | ||||||||||||
2. | the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); | ||||||||||||
3. | for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: | ||||||||||||
a. | total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earnings are reported in the statement of operations; | ||||||||||||
b. | the amount of these gains or losses attributable to the change in unrealized gains or losses relating to those assets or liabilities still held at the reporting period date and a description of where those unrealized gains or losses are reported; | ||||||||||||
c. | purchases, sales, issuances, and settlements (net); and | ||||||||||||
d. | transfers into and/or out of Level 3. | ||||||||||||
4. | the amount of the total gains or losses for the period included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of operations; and | ||||||||||||
5. | in annual periods only, the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period. | ||||||||||||
The table below sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013, respectively, and the fair value calculation input hierarchy level that the Company determined applies to each asset category. | |||||||||||||
Input | |||||||||||||
Hierarchy | |||||||||||||
Assets: | 2014 | 2013 | Level | ||||||||||
Cash and cash equivalents | $ | 123,683 | $ | 20,343 | Level 1 | ||||||||
Certificates of deposit | 249,147 | 246,565 | Level 1 | ||||||||||
Restricted cash | 75,754 | 75,501 | Level 1 | ||||||||||
Total | $ | 448,584 | $ | 342,409 | |||||||||
Recent Accounting Pronouncements | |||||||||||||
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 provides guidance on the presentation of unrecognized tax benefits related to any disallowed portion of net operating loss carryforwards, similar tax losses, or tax credit carryforwards, if they exist. ASU 2013-11 is effective for fiscal years beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements—Going Concern.” The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of ASU No. 2014-15 on the Company’s consolidated financial statements once adopted. | |||||||||||||
Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
4_Accounts_Receivable_and_Due_
4. Accounts Receivable and Due to Factor | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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 | 31-Dec-14 | 31-Dec-13 | |||||||
Accounts receivable - non factored | $ | 445,391 | $ | 402,351 | |||||
Accounts receivable - factored with recourse | 13,314 | 177,701 | |||||||
less allowance for doubtful accounts | (4,031 | ) | (4,031 | ) | |||||
Accounts receivable - net | $ | 454,674 | $ | 576,021 | |||||
Factoring fees paid by the Company during the years ended December 31, 2014, 2013 and 2012 were $49,364, $71,772, and $78,100, respectively. For the years ended December 31, 2014, 2013, and 2012, net accounts receivable of approximately $2.30 million, $3.28 million, and $3.80 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, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | The major components of the Company's inventories at December 31, 2014 and 2013 were as follows: | ||||||||
2014 | 2013 | ||||||||
Antimony Metal | $ | 40,352 | $ | 33,850 | |||||
Antimony Oxide | 718,982 | 535,251 | |||||||
Antimony Concentrates | 33,545 | 93,190 | |||||||
Antimony Ore | 447,262 | 106,519 | |||||||
Total antimony | 1,240,141 | 768,810 | |||||||
Zeolite | 193,398 | 265,960 | |||||||
$ | 1,433,539 | $ | 1,034,770 | ||||||
At December 31, 2014 and 2013, 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, 2014 | |||||||||||||||||
Properties Plants And Equipment | |||||||||||||||||
Properties, Plants and Equipment | The major components of the Company's properties, plants and equipment at December 31, 2014 and 2013 are shown below: | ||||||||||||||||
2014 | USAC | MEXICO | BRZ | TOTAL | |||||||||||||
Plant & Equipment | $ | 814,183 | $ | 6,159,064 | $ | 3,166,701 | $ | 10,139,948 | |||||||||
Buildings | 243,248 | 834,269 | 349,946 | 1,427,463 | |||||||||||||
Mineral Rights | - | 1,117,636 | 1,117,636 | ||||||||||||||
Land & Other | 3,274,572 | 3,367,708 | 6,642,280 | ||||||||||||||
4,332,003 | 11,478,677 | 3,516,647 | 19,327,327 | ||||||||||||||
Accumulated Depreciation | (2,395,109 | ) | (1,482,098 | ) | (1,938,317 | ) | (5,815,524 | ) | |||||||||
$ | 1,936,894 | $ | 9,996,579 | $ | 1,578,330 | $ | 13,511,803 | ||||||||||
2013 | USAC | MEXICO | BRZ | TOTAL | |||||||||||||
Plant & 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 | ||||||||||
7_Asset_Retirement_Obligation
7. Asset Retirement Obligation | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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). During 2011, management determined a future cost in 2031 of approximately $430,000 with a net present value of $134,000. | ||||
Asset Retirement Obligation | |||||
Balance December 31, 2011 | $ | 134,000 | |||
Accretion | 8,040 | ||||
Balance December 31, 2012 | 142,040 | ||||
Accretion | 8,040 | ||||
Balance December 31, 2013 | 150,080 | ||||
Accretion | (2,390) | (1) | |||
Balance December 31, 2014 | $ | 147,690 | |||
The Company’s total asset retirement obligation and accrued reclamation costs of $255,190 and $257,580 at December 31, 2014 and 2013, respectively include reclamation obligations for Idaho and Montana operations of $107,500. | |||||
(1) During 2014, an adjustment was made to correct immaterial excess accretion expense recognized in 2013 and 2012. |
8_Other_Assets
8. Other Assets | 12 Months Ended |
Dec. 31, 2014 | |
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 has sold equipment to Guadalupe and included the purchase price in advances due from Guadalupe. The Company agreed to purchase antimony ore mined from the concessions by 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 through 2014, 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, 2014 and 2013, the Company had cumulative loans and advances due from Guadalupe of $605,737 and $489,281, 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. | |
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. In 2013, 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 was 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 is being amortized to interest expense using the effective interest method over the life of the debt. | |
During 2014, $45,752 of the discount was amortized to the Soyatal debt, resulting in a discounted amount owed of $808,293 and a remaining debt discount of approximately $166,248 at December 31, 2014. The Company agreed to pay the Soyatal debt holder $100,000 during 2014 as part of the down payment agreement, and at December 31, 2014, $32,605 of this amount was still owing. In addition, the Company did not make the $100,000 payment due in January of 2015. The Company has begun making payments of $5,000 per month that have been informally agreed to by the parties while the future payment terms of the Soyatal debt are negotiated. |
9_LongTerm_Debt
9. Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long - Term Debt | Long-Term debt at December 31, 2014 and 2013, is as follows: | ||||||||
2014 | 2013 | ||||||||
Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. | $ | 10,245 | $ | - | |||||
Note payable to Thermo Fisher Financial Co., bearing interest at 8.54%; payable in monthly installments of $2,792; maturing December 2013; collateralized by equipment. | - | 5,583 | |||||||
Note payable to Stearns Bank, bearing interest at 6.9%; payable in monthly installments of $3,555; maturing December 2015; collateralized by equipment. | - | 41,117 | |||||||
Note payable to Western States Equipment Co., bearing interest at 6.15%; payable in monthly installments of $2,032; maturing June 2015; collateralized by equipment. | 11,977 | 34,861 | |||||||
Note payable to BMT Leasing, bearing interest at 13.38%; payable in monthly installments of $786; maturing December 2015; collateralized by equipment. | 9,254 | - | |||||||
Note payable to Catepillar Financial, bearing interest at 5.95%; payable in monthly installments of $827; maturing September 2015; collateralized by equipment. | 8,051 | 16,440 | |||||||
Note payable to De Lage Landen Financial Services, bearing interest at 5.30%; payable in monthly installments of $549; maturing March 2016; collateralized by equipment. | 7,951 | 13,945 | |||||||
Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; maturing March 2015; collateralized by equipment. | 18,146 | 33,808 | |||||||
Note payable to De Lage Landen Financial Services, bearing interest at 5.12%; payable in monthly installments of $697; maturing December 2014; collateralized by equipment. | 689 | 8,797 | |||||||
Note payable to Catepillar Financial, bearing interest at 6.15%; payable in monthly installments of $766; maturing August 2014; collateralized by equipment. | - | 5,921 | |||||||
Note payable to De Lage Landen Financial Services, bearing interest at 5.28%; payable in monthly installments of $709; maturing June 2014; collateralized by equipment. | - | 4,186 | |||||||
Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 (see Note 8) through 2019, net of discount | 808,293 | 762,541 | |||||||
Note payable to Robert Detwiler, a shareholder, bearing interest at 10%, due January 2, 2015; collateralized by equipment. | - | 82,000 | |||||||
Note payable to Betsy Detwiler, a shareholder, bearing interest at 10%, due January 2, 2015; monthly payments of $1,000; | - | 120,000 | |||||||
874,606 | 1,129,199 | ||||||||
Less current portion | (159,278 | ) | (126,984 | ) | |||||
Long-term portion | $ | 715,328 | $ | 1,002,215 | |||||
At December 31, 2014, principal payments on debt are due as follows: | |||||||||
Year Ending December 31, | |||||||||
2015 | 159,278 | ||||||||
2016 | 107,035 | ||||||||
2017 | 100,000 | ||||||||
2018 | 174,589 | ||||||||
2019 | 200,000 | ||||||||
2020 | 200,000 | ||||||||
2021 | 100,000 | ||||||||
Less remaining discount (see Note 8) | (166,296 | ) | |||||||
$ | 874,606 |
10_Notes_Payable_to_Bank
10. Notes Payable to Bank | 12 Months Ended | ||
Dec. 31, 2014 | |||
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, bearing interest at 3.150%, maturing February 27, 2014, payable on demand, collateralized by a lien on Certificate of Deposit number 48614 | $ | 70,952 | |
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 number 48615 | 67,568 | ||
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 paid the notes in full during 2014. |
11_Hillgrove_Advances_Payable
11. Hillgrove Advances Payable | 12 Months Ended | |
Dec. 31, 2014 | ||
Notes to Financial Statements | ||
11. Hillgrove Advances Payable | On November 7, 2014, the Company entered into a loan and processing agreement with Hillgrove Mines Pty Ltd of Australia (Hillgrove) by which Hillgrove will advance the Company funds to be used to expand their smelter in Madero, Mexico, and in Thompson Falls, Montana, so that they may process antimony and gold concentrates produced by Hillgrove’s mine in New South Wales, Australia. The agreement requires that the Company will construct equipment so that it can process approximately 200 metric tons of concentrate initially shipped by Hillgrove, with a provision so that the Company may expand to process more than that. The parties contemplate that the equipment will be owned by USAC and USAMSA. The final terms of when the repayment takes place have not yet been agreed on. The Company will also sell the final product for Hillgrove, and Hillgrove will have approval rights of the customers for their products. The agreement allows the Company to recover its operating costs as approved by Hillgrove, and to charge a 7.5% processing fee and a 2.0% sales commission. The initial term of the agreement is five years; however, Hillgrove may suspend or terminate the agreement at its discretion. The Company may terminate the agreement and begin using the furnaces for their own production if Hillgrove fails to recommence shipments within 365 days of a suspension notice. If a stop notice is issued by Hillgrove within one year of the date of the agreement, the Company is only obligated to repay 50% of the funds advanced at that point. If a stop notice is issued between one year and two years, there is a formula to prorate the repayment amount from 50% to 81.25%. If a stop order is issued after two years, the repayment obligation is 81.25% of the funds advanced at that point. The Company has recorded the Hillgrove advances payable net of the 18.75% discount on the obligation due if Hillgrove issues a stop order after two years. The discount of $37,232 is classified as deferred revenue and will be recognized ratably over a two year period. During the last quarter of 2014 Hillgrove advanced the Company $198,571, of which $161,339 has been recorded as a long-term liability at December 31, 2014. |
12_Stockholders_Equity
12. Stockholder's Equity | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity [Abstract] | |||||||||
Stockholder's Equity | Issuance of Common Stock for Cash | ||||||||
In 2014, 2013, and 2012, the Company sold, and issued in connection with the exercise of warrants, an aggregate of 2,400,071, 1,139,480, and 2,156,334 shares, respectively, of its common stock to existing stockholders and other parties for $3,070,134, $1,147,195, and $4,684,763, 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 2014. | |||||||||
Issuance of Common Stock for Notes Receivable | |||||||||
During 2014, the Company issued Mr. and Mrs. Robert Detwiler, stockholders of the Company, 100,000 shares of the Company’s common stock in exchange for two notes receivable totaling $120,000. The notes receivable mature in one year and bear interest at five percent. In addition, during 2014, the Company issued Herbert Denton, the Company investor relations consultant, 25,000 shares of the Company’s common stock in exchange for a notes receivable of $30,000. Mr. Denton’s note bears interest of six percent and is due in monthly payments of $2,000. | |||||||||
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. | |||||||||
During the year ended December 31, 2014, Mr. and Mrs. Robert Detwiler along with two other shareholders loaned the Company $330,000. The Company issued 235,717 shares of its common stock in satisfaction of these notes during the year ended December 31, 2014. The terms of the share payment were identical to those offered other investors that purchased common stock during the time of the issuance. | |||||||||
Issuance of Common Stock for Services to Directors and Consultants | |||||||||
On December 30, 2014, the Company declared, but did not issue 186,525 shares of unregistered common stock to be paid to its directors for services during 2014, having a fair value of $125,000, based on the current stock price at the date declared. These shares will be issued in 2015. | |||||||||
During the year ended December 31, 2014, the Company issued 24,000 shares to Herbert Denton for investor relations services he provided. The shares estimated fair value at the time of issue was approximately $39,000. | |||||||||
On December 27, 2013, the Company declared, but did not issue, 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. During 2014, the Company issued 83,334 shares in satisfaction of the obligation. | |||||||||
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 Company also issued 165,827 shares to Directors for services which was recognized as stock based compensation of $221,228 and $230,004, during the years ended December 31, 2012 and, 2011, respectively. | |||||||||
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 | |||||||||
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 | $ | 0.25-$4.50 | ||||||
Warrants exercised | (310,625 | ) | $ | 1.20-$1.60 | |||||
Warrants expired | (1,451,865 | ) | |||||||
Balance, December 31, 2014 | 726,917 | $ | 0.25-$4.50 | ||||||
Year ending December 31: | |||||||||
2015 | 476,917 | ||||||||
Thereafter | 250,000 | ||||||||
726,917 | |||||||||
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. During the years ended December 31, 2014 and 2013 the Company recognized $7,500 in Series B preferred stock dividend. 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, 2014 and 2013, cumulative dividends in arrears on the outstanding Series B shares were $142,500 and $135,000, 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. During the years ended December 31, 2014 and 2013 the Company recognized $41,149 in Series D preferred stock dividend. 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, 2014 and 2013, the cumulative dividends in arrears on the 1,751,005 outstanding Series D shares were $392,218 and $378,609, 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, 2014 and 2013, the liquidation preference for Series D preferred stock was $4,837,880 and $4,796,731, 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. | |||||||||
13_2000_Stock_Plan
13. 2000 Stock Plan | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 and 2013, 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 2014 and 2013. |
14_Income_Taxes
14. Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||
Income Taxes | The Company’s income tax provisions for the years ended December 31, 2014, 2013, and 2012, are as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Federal | |||||||||||||||||||||||||
Current | $ | - | $ | - | $ | - | |||||||||||||||||||
Deferred | - | 196,113 | 151,915 | ||||||||||||||||||||||
Total | $ | 196,113 | $ | 151,915 | |||||||||||||||||||||
State | |||||||||||||||||||||||||
Current | $ | - | $ | - | $ | - | |||||||||||||||||||
Deferred | - | 33,338 | 15,192 | ||||||||||||||||||||||
Total | $ | 33,338 | $ | 15,192 | |||||||||||||||||||||
Foreign | $ | - | $ | - | $ | - | |||||||||||||||||||
Total provision | $ | - | $ | 229,451 | $ | 167,107 | |||||||||||||||||||
Domestic and foreign components of income (loss) from operations before income taxes for the years ended December 31, 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Domestic | $ | (345,293 | ) | $ | 163,632 | $ | 301,391 | ||||||||||||||||||
Foreign | (1,250,162 | ) | (1,575,351 | ) | (692,820 | ) | |||||||||||||||||||
Total | (1,595,455 | ) | (1,411,719 | ) | (391,429 | ) | |||||||||||||||||||
At December 31, 2014, 2013 and 2012, the Company had net deferred tax assets as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax asset: | |||||||||||||||||||||||||
Other | $ | - | $ | - | $ | 11,151 | |||||||||||||||||||
Foreign exploration costs | 127,936 | 168,401 | 208,855 | ||||||||||||||||||||||
Foreign net operating loss carry forward | 1,926,341 | 232,723 | 374,110 | ||||||||||||||||||||||
Foreign other | - | 42,612 | 217,887 | ||||||||||||||||||||||
Federal and state net operating | |||||||||||||||||||||||||
loss carry forward | 337,890 | 35,424 | 39,824 | ||||||||||||||||||||||
Deferred tax asset | 2,392,167 | 479,160 | 851,827 | ||||||||||||||||||||||
Valuation allowance (foreign) | (1,926,341 | ) | (279,235 | ) | (605,496 | ) | |||||||||||||||||||
Valuation allowance (federal) | (266,711 | ) | (71,786 | ) | - | ||||||||||||||||||||
Total deferred tax asset | 199,115 | 128,139 | 246,331 | ||||||||||||||||||||||
Deferred tax liability: | |||||||||||||||||||||||||
Property, plant, and equipment | (197,593 | ) | (128,139 | ) | (16,880 | ) | |||||||||||||||||||
Other | (1,522 | ) | |||||||||||||||||||||||
Total deferred tax liability | (199,115 | ) | (128,139 | ) | (16,880 | ) | |||||||||||||||||||
Net Deferred Tax Asset | $ | - | $ | - | $ | 229,451 | |||||||||||||||||||
At December 31, 2014, the Company has United States net operating loss carry forwards of approximately $600,000 that expire at various dates between 2029 and 2034. In addition, the company has unexpired Montana state net operating loss carry forwards of approximately $2,016,000 which expire between 2016 and 2021, and unexpired Idaho state net operating loss carry forwards of approximately $1,140,000, which expire in 2032 and 2034. The company has approximately $6.4 million of Mexican net operating loss carry forwards which expire between 2021 and 2024. | |||||||||||||||||||||||||
At December 31 2014 and 2013, the Company had deferred tax assets arising principally from net operating loss carry forwards for income tax purposes. As management cannot determine that it is more likely than not that we will realize the benefit of the net deferred tax asset, a valuation allowance equal to 100% of the net deferred tax asset has been recorded at December 31, 2014 and 2013. | |||||||||||||||||||||||||
The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax loss for the years ended December 31, 2014, 2013 and 2012 due to the following: | |||||||||||||||||||||||||
Computed expected tax provision (benefit) | $ | (558,409 | ) | -35 | % | $ | (494,102 | ) | -35 | % | $ | (137,000 | ) | -35 | % | ||||||||||
Foreign taxes | 62,508 | 3.9 | % | 78,768 | 5.6 | % | 34,641 | 8.9 | % | ||||||||||||||||
Other (1) | (1,346,130 | ) | -84.4 | % | 899,260 | 63.7 | % | 61,770 | 15.8 | % | |||||||||||||||
Change in valuation allowance U.S. | 194,925 | 12.2 | % | 71,786 | 5.1 | % | 207,696 | 53.1 | % | ||||||||||||||||
Change in valuation allowance Foreign | 1,647,106 | 103.2 | % | ||||||||||||||||||||||
Release of valuation allowance Foreign | (326,261 | ) | -23.1 | % | - | 0 | % | ||||||||||||||||||
Total | $ | - | - | $ | 229,451 | 16 | % | $ | 167,107 | 42.7 | % | ||||||||||||||
(1) In 2014 and 2013 there were revisions to estimates of foreign net operating loss carry forwards. | |||||||||||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012, there were no material uncertain tax positions taken by the Company. The Company United States income tax filings are subject to examination for the years 2012 through 2014, and 2010 and 2014 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. |
15_Related_Party_Transactions
15. Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions | The Company’s President and Chairman, John Lawrence, rents equipment and an aircraft to the Company and charges the Company for lodging and meals provided to consultants, customers and other parties by an entity that Mr. Lawrence owns. | ||||||||||||
Transactions due to (due from) Mr. Lawrence during 2014, 2013, and 2012 were as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of year | $ | 15,549 | $ | 17,522 | $ | 47,843 | |||||||
Aircraft and equipment rental charges, and other | 30,561 | 65,502 | 74,490 | ||||||||||
Payments, net | (37,753 | ) | (67,475 | ) | (104,811 | ) | |||||||
Balance, end of year | $ | 8,357 | $ | 15,549 | $ | 17,522 | |||||||
In addition, during 2014, Mr. Lawrence loaned the Company $65,300 for short-term operating capital and was paid back without interest during 2014. | |||||||||||||
The Chairman of the audit committee and compensation committee received $36,000 in cash during 2014 and 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 the transactions described above, during 2014, 2013, and 2012, the Company had the following transactions with related parties: | |||||||||||||
● | During 2014, 2013, and 2012, the Company paid $82,505, $81,642, and $89,204, respectively, to a former director for development of Mexican mill sites and consulting fees. |
16_Commitments_and_Contingenci
16. Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | In 2005, Antimonio de Mexico, S. A. (“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, 2014 and 2013, $200,000 and $130,434, respectively, was paid and capitalized as mineral rights in accordance with the Company’s accounting policies. At December 31, 2014, the following payments are scheduled: $100,000 on June 15, 2015 and $192,000 on December 15, 2015. |
In June of 2013, the Company entered into a lease to mine antimony ore from concessions located in the Wadley Mining district in Mexico. The lease calls for a mandatory term of one year and requires payments of $34,800 per month. The lease is renewable each year with a 15 day notice to the lessor, and agreement of terms. The lease was renewed in June of 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 $0 and, $7,909, in other accrued liabilities as of December 31, 2014 and 2013, respectively, related to these settled claims. | |
17_Business_Segments
17. Business Segments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business Segments | The Company is currently organized and managed by three segments, which represent the 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-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||||||
Antimony | |||||||||||||||||
United States | $ | 70,076 | $ | 100,158 | $ | 288,364 | |||||||||||
Mexico | 1,706,647 | 3,299,027 | 3,318,552 | ||||||||||||||
Subtotal Antimony | 1,776,723 | 3,399,185 | 3,606,916 | ||||||||||||||
Zeolite | 124,767 | 176,223 | 328,045 | ||||||||||||||
Total | $ | 1,901,490 | $ | 3,575,408 | $ | 3,934,961 | |||||||||||
Total Assets: | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||
Antimony | |||||||||||||||||
United States | $ | 3,045,426 | $ | 3,017,768 | |||||||||||||
Mexico | 11,415,198 | 9,668,998 | |||||||||||||||
Subtotal Antimony | 14,460,624 | 12,686,766 | |||||||||||||||
Zeolite | 2,084,407 | 2,204,225 | |||||||||||||||
Total | $ | 16,545,031 | $ | 14,890,991 | |||||||||||||
Segment Operations for the | Antimony | Antimony | Bear River | ||||||||||||||
Year ended December 31, 2014 | USAC | Mexico | Zeolite | Totals | |||||||||||||
Total revenues | $ | 8,580,035 | $ | 22,538 | $ | 2,169,619 | $ | 10,772,192 | |||||||||
Production costs | 4,896,283 | 3,155,486 | 1,052,227 | 9,103,996 | |||||||||||||
Depreciation and amortization | 63,787 | 495,765 | 221,230 | 780,782 | |||||||||||||
Other operating costs | 1,648,288 | 230,656 | 561,359 | 2,440,303 | |||||||||||||
Total operating expenses | 6,608,358 | 3,881,907 | 1,834,816 | 12,325,081 | |||||||||||||
Income (loss) from operations | 1,971,677 | (3,859,369 | ) | 334,803 | (1,552,889 | ) | |||||||||||
Other income (expense): | (38,304 | ) | (130 | ) | (4,132 | ) | (42,566 | ) | |||||||||
Income (loss) before income taxes | 1,933,373 | (3,859,499 | ) | 330,671 | (1,595,455 | ) | |||||||||||
NET INCOME (LOSS) | $ | 1,933,373 | $ | (3,859,499 | ) | $ | 330,671 | $ | (1,595,455 | ) | |||||||
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 | ) | |||||||||||
Income tax expense | (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 | ) | |||||||||||
Income tax expense | (167,107 | ) | - | - | (167,107 | ) | |||||||||||
NET INCOME (LOSS) | $ | 1,610,501 | $ | (2,482,477 | ) | $ | 313,440 | $ | (558,536 | ) | |||||||
3_Summary_of_Significant_Accou1
3. Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 depreciation and impairment, accounts receivable allowance, deferred income taxes, environmental remediation liabilities and asset retirement obligations. Actual results could differ from those estimates. | ||||||||||||
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, 2014 and 2013 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, 2014 and 2013 consisted primarily of finished antimony products, antimony metal, antimony concentrates, antimony ore, and finished zeolite products and are stated at the lower of first-in, first-out weighted average 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. | ||||||||||||
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. | ||||||||||||
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 two to thirty years. Vehicles and office equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three to twelve 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 $1,901,490 and $3,575,408 in plant construction and other capital costs for the years ended December 31, 2014 and 2013, respectively. These amounts include capitalized interest of $81,703 and $24,395, 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. | |||||||||||||
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 the straight line method over the expected life if the mineral deposit 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, 2014 or 2013 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. | ||||||||||||
Asset Retirement Obligations and Reclamation Costs | 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 included in determination of fair value is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, and the Company’s 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 do not provide for 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. | |||||||||||||
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, 2014, 2013 and 2012, does not add any shares to basic weighted average shares. | ||||||||||||
As of December 31, 2014, 2013 and 2012, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share are as follows: | |||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||
Warrants | 726,917 | 2,489,407 | 1,934,667 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 2,477,922 | 4,240,412 | 3,685,672 | ||||||||||
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, due to factor, and long-term debt approximates fair value based on the contractual terms of those instruments. | |||||||||||||
Fair Value Measurements | Accounting Standards Codification (“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. | ||||||||||||
The Company discloses the following information for each class of assets and liabilities that are measured at fair value: | |||||||||||||
The Company discloses the following information for each class of assets and liabilities that are measured at fair value: | |||||||||||||
1. | the fair value measurement; | ||||||||||||
2. | the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); | ||||||||||||
3. | for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: | ||||||||||||
a. | total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings, and a description of where those gains or losses included in earnings are reported in the statement of operations; | ||||||||||||
b. | the amount of these gains or losses attributable to the change in unrealized gains or losses relating to those assets or liabilities still held at the reporting period date and a description of where those unrealized gains or losses are reported; | ||||||||||||
c. | purchases, sales, issuances, and settlements (net); and | ||||||||||||
d. | transfers into and/or out of Level 3. | ||||||||||||
4. | the amount of the total gains or losses for the period included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of operations; and | ||||||||||||
5. | in annual periods only, the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period. | ||||||||||||
The table below sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of December 31, 2014 and 2013, respectively, and the fair value calculation input hierarchy level that the Company determined applies to each asset category. | |||||||||||||
Input | |||||||||||||
Hierarchy | |||||||||||||
Assets: | 2014 | 2013 | Level | ||||||||||
Cash and cash equivalents | $ | 123,683 | $ | 20,343 | Level 1 | ||||||||
Certificates of deposit | 249,147 | 246,565 | Level 1 | ||||||||||
Restricted cash | 75,754 | 75,501 | Level 1 | ||||||||||
Total | $ | 448,584 | $ | 342,409 | |||||||||
Recent Accounting Pronouncements | In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 provides guidance on the presentation of unrecognized tax benefits related to any disallowed portion of net operating loss carryforwards, similar tax losses, or tax credit carryforwards, if they exist. ASU 2013-11 is effective for fiscal years beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements—Going Concern.” The provisions of ASU No. 2014-15 require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently assessing the impact of ASU No. 2014-15 on the Company’s consolidated financial statements once adopted. | |||||||||||||
Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures. |
2_Concentration_of_Risk_Tables
2. Concentration of Risk (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Concentration Of Risk Tables | |||||||||||||
Major Customers Revenue Details | |||||||||||||
Sales to Three | For the Year Ended | ||||||||||||
Largest Customers | 31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||
Alpha Gary Corporation | $ | 3,289,766 | $ | 3,700,945 | $ | 3,245,612 | |||||||
East Penn Manufacturing Inc | 720,966 | $ | - | $ | - | ||||||||
General Electric | - | 781,200 | - | ||||||||||
Kohler Corporation | 2,091,565 | 2,654,215 | 2,286,938 | ||||||||||
Polymer Products Inc. | - | - | 1,119,055 | ||||||||||
$ | 6,102,297 | $ | 7,136,360 | $ | 6,651,605 | ||||||||
% of Total Revenues | 56.65 | % | 64.75 | % | 55.23 | % | |||||||
Three Largest | For the Year Ended | ||||||||||||
Accounts Receivable | 31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||
Kohler Corporation | $ | 202,019 | |||||||||||
Alpha Gary Corporation | 42,778 | $ | 194,005 | ||||||||||
Earth Innovations Inc | $ | 62,019 | - | - | |||||||||
Teck American Inc | 227,239 | 88,329 | - | ||||||||||
Milestone AV Technologies Inc. | 42,075 | - | - | ||||||||||
Quantum Remediation | - | - | 101,149 | ||||||||||
Scutter Enterprises | - | - | 41,512 | ||||||||||
$ | 331,333 | $ | 333,126 | $ | 336,666 | ||||||||
% of Total Receivables | 72.87 | % | 57.83 | % | 73.8 | % | |||||||
3_Summary_of_Significant_Accou2
3. Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||
Warrants | 726,917 | 2,489,407 | 1,934,667 | ||||||||||
Convertible preferred stock | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||
Total possible dilution | 2,477,922 | 4,240,412 | 3,685,672 | ||||||||||
Fair Value Measures | Input | ||||||||||||
Hierarchy | |||||||||||||
Assets: | 2014 | 2013 | Level | ||||||||||
Cash and cash equivalents | $ | 123,683 | $ | 20,343 | Level 1 | ||||||||
Certificates of deposit | 249,147 | 246,565 | Level 1 | ||||||||||
Restricted cash | 75,754 | 75,501 | Level 1 | ||||||||||
Total | $ | 448,584 | $ | 342,409 | |||||||||
4_Accounts_Receivable_and_Due_1
4. Accounts Receivable and Due to Factor (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts Receivable And Due To Factor Tables | |||||||||
Account Receivables | Accounts Receivble | 31-Dec-14 | 31-Dec-13 | ||||||
Accounts receivable - non factored | $ | 445,391 | $ | 402,351 | |||||
Accounts receivable - factored with recourse | 13,314 | 177,701 | |||||||
less allowance for doubtful accounts | (4,031 | ) | (4,031 | ) | |||||
Accounts receivable - net | $ | 454,674 | $ | 576,021 |
5_Inventories_Tables
5. Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 2014 | 2013 | |||||||
Antimony Metal | $ | 40,352 | $ | 33,850 | |||||
Antimony Oxide | 718,982 | 535,251 | |||||||
Antimony Concentrates | 33,545 | 93,190 | |||||||
Antimony Ore | 447,262 | 106,519 | |||||||
Total antimony | 1,240,141 | 768,810 | |||||||
Zeolite | 193,398 | 265,960 | |||||||
$ | 1,433,539 | $ | 1,034,770 | ||||||
6_Properties_Plants_and_Equipm1
6. Properties, Plants and Equipment (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Properties Plants And Equipment Tables | |||||||||||||||||
Properties, Plants and Equipment | |||||||||||||||||
2014 | USAC | MEXICO | BRZ | TOTAL | |||||||||||||
Plant & Equipment | $ | 814,183 | $ | 6,159,064 | $ | 3,166,701 | $ | 10,139,948 | |||||||||
Buildings | 243,248 | 834,269 | 349,946 | 1,427,463 | |||||||||||||
Mineral Rights | - | 1,117,636 | 1,117,636 | ||||||||||||||
Land & Other | 3,274,572 | 3,367,708 | 6,642,280 | ||||||||||||||
4,332,003 | 11,478,677 | 3,516,647 | 19,327,327 | ||||||||||||||
Accumulated Depreciation | (2,395,109 | ) | (1,482,098 | ) | (1,938,317 | ) | (5,815,524 | ) | |||||||||
$ | 1,936,894 | $ | 9,996,579 | $ | 1,578,330 | $ | 13,511,803 | ||||||||||
2013 | USAC | MEXICO | BRZ | TOTAL | |||||||||||||
Plant & 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 | ||||||||||
7_Asset_Retirement_Obligation_
7. Asset Retirement Obligation (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | |||||
Schedule of Asset Retirement Obligations | Asset Retirement Obligation | ||||
Balance December 31, 2011 | $ | 134,000 | |||
Accretion | 8,040 | ||||
Balance December 31, 2012 | 142,040 | ||||
Accretion | 8,040 | ||||
Balance December 31, 2013 | 150,080 | ||||
Accretion | (2,390) | (1) | |||
Balance December 31, 2014 | $ | 147,690 |
9_LongTerm_Debt_Tables
9. Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long - Term Debt | Long-Term debt at December 31, 2014 and 2013, is as follows: | ||||||||
2014 | 2013 | ||||||||
Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. | $ | 10,245 | $ | - | |||||
Note payable to Thermo Fisher Financial Co., bearing interest at 8.54%; payable in monthly installments of $2,792; maturing December 2013; collateralized by equipment. | - | 5,583 | |||||||
Note payable to Stearns Bank, bearing interest at 6.9%; payable in monthly installments of $3,555; maturing December 2015; collateralized by equipment. | - | 41,117 | |||||||
Note payable to Western States Equipment Co., bearing interest at 6.15%; payable in monthly installments of $2,032; maturing June 2015; collateralized by equipment. | 11,977 | 34,861 | |||||||
Note payable to BMT Leasing, bearing interest at 13.38%; payable in monthly installments of $786; maturing December 2015; collateralized by equipment. | 9,254 | - | |||||||
Note payable to Catepillar Financial, bearing interest at 5.95%; payable in monthly installments of $827; maturing September 2015; collateralized by equipment. | 8,051 | 16,440 | |||||||
Note payable to De Lage Landen Financial Services, bearing interest at 5.30%; payable in monthly installments of $549; maturing March 2016; collateralized by equipment. | 7,951 | 13,945 | |||||||
Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; maturing March 2015; collateralized by equipment. | 18,146 | 33,808 | |||||||
Note payable to De Lage Landen Financial Services, bearing interest at 5.12%; payable in monthly installments of $697; maturing December 2014; collateralized by equipment. | 689 | 8,797 | |||||||
Note payable to Catepillar Financial, bearing interest at 6.15%; payable in monthly installments of $766; maturing August 2014; collateralized by equipment. | - | 5,921 | |||||||
Note payable to De Lage Landen Financial Services, bearing interest at 5.28%; payable in monthly installments of $709; maturing June 2014; collateralized by equipment. | - | 4,186 | |||||||
Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 (see Note 8) through 2019, net of discount | 808,293 | 762,541 | |||||||
Note payable to Robert Detwiler, a shareholder, bearing interest at 10%, due January 2, 2015; collateralized by equipment. | - | 82,000 | |||||||
Note payable to Betsy Detwiler, a shareholder, bearing interest at 10%, due January 2, 2015; monthly payments of $1,000; | - | 120,000 | |||||||
874,606 | 1,129,199 | ||||||||
Less current portion | (159,278 | ) | (126,984 | ) | |||||
Long-term portion | $ | 715,328 | $ | 1,002,215 | |||||
Principal payments on debt | Year Ending December 31, | ||||||||
2015 | 159,278 | ||||||||
2016 | 107,035 | ||||||||
2017 | 100,000 | ||||||||
2018 | 174,589 | ||||||||
2019 | 200,000 | ||||||||
2020 | 200,000 | ||||||||
2021 | 100,000 | ||||||||
Less remaining discount (see Note 8) | (166,296 | ) | |||||||
$ | 874,606 |
10_Notes_Payable_to_Bank_Table
10. Notes Payable to Bank (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Debt Disclosure [Abstract] | |||
Summary of notes payable to bank | 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 number 48614 | $ | 70,952 |
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 number 48615 | 67,568 | ||
Total notes payable to bank | $ | 138,520 |
11_Stockholders_Equity_Tables
11. Stockholder's Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity [Abstract] | |||||||||
Common Stock Warrants | |||||||||
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 | $ | 0.25-$4.50 | ||||||
Warrants exercised | (310,625 | ) | $ | 1.20-$1.60 | |||||
Warrants expired | (1,451,865 | ) | |||||||
Balance, December 31, 2014 | 726,917 | $ | 0.25-$4.50 | ||||||
Warrants Maturity | Year ending December 31: | ||||||||
2015 | 476,917 | ||||||||
Thereafter | 250,000 | ||||||||
726,917 |
14_Income_Taxes_Tables
14. Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Taxes Tables | |||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Federal | |||||||||||||||||||||||||
Current | $ | - | $ | - | $ | - | |||||||||||||||||||
Deferred | - | 196,113 | 151,915 | ||||||||||||||||||||||
Total | $ | 196,113 | $ | 151,915 | |||||||||||||||||||||
State | |||||||||||||||||||||||||
Current | $ | - | $ | - | $ | - | |||||||||||||||||||
Deferred | - | 33,338 | 15,192 | ||||||||||||||||||||||
Total | $ | 33,338 | $ | 15,192 | |||||||||||||||||||||
Foreign | $ | - | $ | - | $ | - | |||||||||||||||||||
Total provision | $ | - | $ | 229,451 | $ | 167,107 | |||||||||||||||||||
Domestic and foreign components of income (loss) from operations before income taxes | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Domestic | $ | (345,293 | ) | $ | 163,632 | $ | 301,391 | ||||||||||||||||||
Foreign | (1,250,162 | ) | (1,575,351 | ) | (692,820 | ) | |||||||||||||||||||
Total | (1,595,455 | ) | (1,411,719 | ) | (391,429 | ) | |||||||||||||||||||
Deferred tax assets | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Deferred tax asset: | |||||||||||||||||||||||||
Other | $ | - | $ | - | $ | 11,151 | |||||||||||||||||||
Foreign exploration costs | 127,936 | 168,401 | 208,855 | ||||||||||||||||||||||
Foreign net operating loss carry forward | 1,926,341 | 232,723 | 374,110 | ||||||||||||||||||||||
Foreign other | - | 42,612 | 217,887 | ||||||||||||||||||||||
Federal and state net operating | |||||||||||||||||||||||||
loss carry forward | 337,890 | 35,424 | 39,824 | ||||||||||||||||||||||
Deferred tax asset | 2,392,167 | 479,160 | 851,827 | ||||||||||||||||||||||
Valuation allowance (foreign) | (1,926,341 | ) | (279,235 | ) | (605,496 | ) | |||||||||||||||||||
Valuation allowance (federal) | (266,711 | ) | (71,786 | ) | - | ||||||||||||||||||||
Total deferred tax asset | 199,115 | 128,139 | 246,331 | ||||||||||||||||||||||
Deferred tax liability: | |||||||||||||||||||||||||
Property, plant, and equipment | (197,593 | ) | (128,139 | ) | (16,880 | ) | |||||||||||||||||||
Other | (1,522 | ) | |||||||||||||||||||||||
Total deferred tax liability | (199,115 | ) | (128,139 | ) | (16,880 | ) | |||||||||||||||||||
Net Deferred Tax Asset | $ | - | $ | - | $ | 229,451 | |||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | Computed expected tax provision (benefit) | $ | (558,409 | ) | -35 | % | $ | (494,102 | ) | -35 | % | $ | (137,000 | ) | -35 | % | |||||||||
Foreign taxes | 62,508 | 3.9 | % | 78,768 | 5.6 | % | 34,641 | 8.9 | % | ||||||||||||||||
Other (1) | (1,346,130 | ) | -84.4 | % | 899,260 | 63.7 | % | 61,770 | 15.8 | % | |||||||||||||||
Change in valuation allowance U.S. | 194,925 | 12.2 | % | 71,786 | 5.1 | % | 207,696 | 53.1 | % | ||||||||||||||||
Change in valuation allowance Foreign | 1,647,106 | 103.2 | % | ||||||||||||||||||||||
Release of valuation allowance Foreign | (326,261 | ) | -23.1 | % | - | 0 | % | ||||||||||||||||||
Total | $ | - | - | $ | 229,451 | 16 | % | $ | 167,107 | 42.7 | % | ||||||||||||||
(1) In 2014 and 2013 there were revisions to estimates of foreign net operating loss carry forwards. |
15_Related_Party_Transactions_
15. Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions Tables | |||||||||||||
Amounts due to (due from) related parties | 2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 15,549 | $ | 17,522 | $ | 47,843 | |||||||
Aircraft and equipment rental charges, and other | 30,561 | 65,502 | 74,490 | ||||||||||
Payments, net | (37,753 | ) | (67,475 | ) | (104,811 | ) | |||||||
Balance, end of year | $ | 8,357 | $ | 15,549 | $ | 17,522 |
17_Business_Segments_Tables
17. Business Segments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information | |||||||||||||||||
For the year ended | |||||||||||||||||
Capital expenditures: | 31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||||||
Antimony | |||||||||||||||||
United States | $ | 70,076 | $ | 100,158 | $ | 288,364 | |||||||||||
Mexico | 1,706,647 | 3,299,027 | 3,318,552 | ||||||||||||||
Subtotal Antimony | 1,776,723 | 3,399,185 | 3,606,916 | ||||||||||||||
Zeolite | 124,767 | 176,223 | 328,045 | ||||||||||||||
Total | $ | 1,901,490 | $ | 3,575,408 | $ | 3,934,961 | |||||||||||
Total Assets: | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||
Antimony | |||||||||||||||||
United States | $ | 3,045,426 | $ | 3,017,768 | |||||||||||||
Mexico | 11,415,198 | 9,668,998 | |||||||||||||||
Subtotal Antimony | 14,460,624 | 12,686,766 | |||||||||||||||
Zeolite | 2,084,407 | 2,204,225 | |||||||||||||||
Total | $ | 16,545,031 | $ | 14,890,991 | |||||||||||||
Segment Operations for the | Antimony | Antimony | Bear River | ||||||||||||||
Year ended December 31, 2014 | USAC | Mexico | Zeolite | Totals | |||||||||||||
Total revenues | $ | 8,580,035 | $ | 22,538 | $ | 2,169,619 | $ | 10,772,192 | |||||||||
Production costs | 4,896,283 | 3,155,486 | 1,052,227 | 9,103,996 | |||||||||||||
Depreciation and amortization | 63,787 | 495,765 | 221,230 | 780,782 | |||||||||||||
Other operating costs | 1,648,288 | 230,656 | 561,359 | 2,440,303 | |||||||||||||
Total operating expenses | 6,608,358 | 3,881,907 | 1,834,816 | 12,325,081 | |||||||||||||
Income (loss) from operations | 1,971,677 | (3,859,369 | ) | 334,803 | (1,552,889 | ) | |||||||||||
Other income (expense): | (38,304 | ) | (130 | ) | (4,132 | ) | (42,566 | ) | |||||||||
Income (loss) before income taxes | 1,933,373 | (3,859,499 | ) | 330,671 | (1,595,455 | ) | |||||||||||
NET INCOME (LOSS) | $ | 1,933,373 | $ | (3,859,499 | ) | $ | 330,671 | $ | (1,595,455 | ) | |||||||
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 | ) | |||||||||||
Income tax expense | (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 | ) | |||||||||||
Income tax expense | (167,107 | ) | - | - | (167,107 | ) | |||||||||||
NET INCOME (LOSS) | $ | 1,610,501 | $ | (2,482,477 | ) | $ | 313,440 | $ | (558,536 | ) | |||||||
2_Concentrations_of_Risk_Detai
2. Concentrations of Risk (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Sales to Three Largest Customers | $6,102,297 | $7,136,360 | $6,651,605 |
Total percentage of revenue | 56.65% | 64.75% | 55.23% |
AlphaGaryCorporation [Member] | |||
Sales to Three Largest Customers | 3,289,766 | 3,700,945 | 3,245,612 |
East Penn Manufacturing Inc | |||
Sales to Three Largest Customers | 720,966 | 0 | 0 |
General Electric [Member] | |||
Sales to Three Largest Customers | 0 | 781,200 | 0 |
KohlerCorporation [Member] | |||
Sales to Three Largest Customers | 2,091,565 | 2,654,215 | 2,286,938 |
PolymerProductsInc [Member] | |||
Sales to Three Largest Customers | $0 | $0 | $1,119,055 |
2_Concentrations_of_Risk_Detai1
2. Concentrations of Risk (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 |
Accounts Receivable | $331,333 | $333,126 | $336,666 | |
Total percentage of receivables | 72.87% | 57.83% | 73.80% | |
KohlerCorporation [Member] | ||||
Accounts Receivable | 202,019 | |||
AlphaGaryCorporation [Member] | ||||
Accounts Receivable | 42,778 | 194,005 | ||
Earth Innovations Inc | ||||
Accounts Receivable | 62,019 | 0 | 0 | |
Teck American Inc | ||||
Accounts Receivable | 227,239 | 88,329 | 0 | |
Milestone AV Technologies Inc. | ||||
Accounts Receivable | 42,075 | 0 | 0 | |
QuantumRemediation [Member] | ||||
Accounts Receivable | 0 | 0 | 101,149 | |
ScutterEnterprises [Member] | ||||
Accounts Receivable | $0 | $0 | $41,512 |
3_Summary_of_Significant_Accou3
3. Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Total possible dilution | 2,477,922 | 4,240,412 | 3,685,672 |
Warrant [Member] | |||
Total possible dilution | 726,917 | 2,489,407 | 1,934,667 |
Convertible preferred stock | |||
Total possible dilution | 1,751,005 | 1,751,005 | 1,751,005 |
3_Summary_of_Significant_Accou4
3. Summary of Significant Accounting Policies (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash and cash equivalents | $123,683 | $20,343 | $1,000,811 | $5,427 |
Certificates of deposit | 249,147 | 246,565 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Cash and cash equivalents | 123,683 | 20,343 | ||
Certificates of deposit | 249,147 | 246,565 | ||
Restricted cash | 75,754 | 75,501 | ||
Total Assets fair value | $448,584 | $342,409 |
4_Accounts_Receivable_and_Due_2
4. Accounts Receivable and Due to Factor (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Receivable And Due To Factor Tables | ||
Accounts receivable - non factored | $445,391 | $402,351 |
Accounts receivable - factored with recourse | 13,314 | 177,701 |
Less allowance for doubtful accounts | -4,031 | -4,031 |
Accounts receivable - net | $454,674 | $576,021 |
4_Accounts_Receivable_and_Due_3
4. Accounts Receivable and Due to Factor (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts Receivable And Due To Factor Details Narrative | |||
Factoring Expense | $49,364 | $71,772 | $78,100 |
Net accounts receivable factored during the year | $2,300,000 | $3,280,000 | $3,800,000 |
5_Inventories_Details
5. Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories | $1,433,539 | $1,034,770 | |
Antimony Metal [Member] | |||
Inventories | 40,352 | 33,850 | |
Antimony Oxide [Member] | |||
Inventories | 718,982 | 535,251 | |
Antimony Concentrates | |||
Inventories | 33,545 | 93,190 | |
Antimony Ore [Member] | |||
Inventories | 447,262 | 106,519 | |
Antimony [Member] | |||
Inventories | 1,240,141 | 768,810 | |
Zeloite (Member) | |||
Inventories | $193,398 | $265,960 |
6_Properties_Plants_and_Equipm2
6. Properties, Plants and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Equipment | $10,139,948 | $8,743,951 |
Buildings | 1,427,463 | 1,380,049 |
Mineral Rights | 1,117,636 | 916,522 |
Land & Other | 6,642,280 | 6,393,315 |
Total | 19,327,327 | 17,433,837 |
Accumulated Depreciation | -5,815,524 | -5,038,192 |
Properties, plants and equipment, net | 13,511,803 | 12,395,645 |
USAC | ||
Equipment | 814,183 | 749,493 |
Buildings | 243,248 | 242,186 |
Mineral Rights | 0 | 0 |
Land & Other | 3,274,572 | 3,270,248 |
Total | 4,332,003 | 4,261,927 |
Accumulated Depreciation | -2,395,109 | -2,333,484 |
Properties, plants and equipment, net | 1,936,894 | 1,928,443 |
MEXICO | ||
Equipment | 6,159,064 | 4,952,524 |
Buildings | 834,269 | 787,917 |
Mineral Rights | 1,117,636 | 916,522 |
Land & Other | 3,367,708 | 3,123,067 |
Total | 11,478,677 | 9,780,030 |
Accumulated Depreciation | -1,482,098 | -987,621 |
Properties, plants and equipment, net | 9,996,579 | 8,792,409 |
BRZ | ||
Equipment | 3,166,701 | 3,041,934 |
Buildings | 349,946 | 349,946 |
Mineral Rights | 0 | |
Land & Other | 0 | |
Total | 3,516,647 | 3,391,880 |
Accumulated Depreciation | -1,938,317 | -1,717,087 |
Properties, plants and equipment, net | $1,578,330 | $1,674,793 |
7_Asset_Retirement_Obligation_1
7. Asset Retirement Obligation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Beginning Balance | $150,080 | $142,040 | $134,000 |
Accretion during the year | -2,390 | 8,040 | 8,040 |
Ending Balance | $147,690 | $150,080 | $142,040 |
7_Asset_Retirement_Obligation_2
7. Asset Retirement Obligation (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation Details Narrative | |||
Future cost | $430,000 | ||
Future cost year | 2031 | ||
Net present value | 134,000 | ||
Asset retirement obligation liability with reclamation obligations | $255,190 | $257,580 |
9_LongTerm_Debt_Details
9. Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Less current portion | ($159,278) | ($126,984) |
Noncurrent portion | $715,328 | $1,002,215 |
9_LongTerm_Debt_Details_1
9. Long-Term Debt (Details 1) (USD $) | Dec. 31, 2014 |
Long-Term Debt Details 1 | |
2015 | $159,278 |
2016 | 107,035 |
2017 | 100,000 |
2018 | 174,589 |
2019 | 200,000 |
2020 | 200,000 |
2021 | 100,000 |
Less remaining discount (see Note 8) | -166,296 |
Long Term Debt Total | $874,606 |
10_Notes_Payable_to_Bank_Detai
10. Notes Payable to Bank (Details) (USD $) | Dec. 31, 2014 |
Notes payable to bank | $138,520 |
Promissory note payable CD 48614 | |
Notes payable to bank | 70,952 |
Promissory note payable CD 48615 | |
Notes payable to bank | $67,568 |
12_Stockholders_Equity_Details
12. Stockholder's Equity (Details) (Warrant [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Beginning balance, shares | 2,489,407 | 1,934,667 |
Warrants issued, shares | 629,740 | |
Warrants exercised, shares | -310,625 | -25,000 |
Warrants expired, shares | -1,451,865 | -50,000 |
Ending balance, shares | 726,917 | 2,489,407 |
Warrants exercised, Exercise Prices | $1.20 | |
Warrants expired, Exercise Prices | $4.50 | |
2015 | 476,917 | |
Thereafter | 250,000 | |
Total | 726,917 | |
Minimum [Member] | ||
Beginning balance, Exercise Prices | $0.25 | 0.25 |
Warrants granted, Exercise Prices | 1.2 | |
Warrants exercised, Exercise Prices | $1.20 | |
Ending balance Exercise Prices | $0.25 | 0.25 |
Maximum [Member] | ||
Beginning balance, Exercise Prices | $4.50 | 4.5 |
Warrants granted, Exercise Prices | 1.6 | |
Warrants exercised, Exercise Prices | $1.60 | |
Ending balance Exercise Prices | $4.50 | 4.5 |
14_Income_Taxes_Details
14. Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Federal | |||
Current | $0 | $0 | $0 |
Deferred | 0 | 196,113 | 151,915 |
Total | 0 | 196,113 | 151,915 |
State | |||
Current | 0 | 0 | 0 |
Deferred | 0 | 33,338 | 15,192 |
Total | 0 | 33,338 | 15,192 |
Income tax (expense) | $0 | $229,451 | $167,107 |
14_Income_Taxes_Details_1
14. Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Domestic | ($345,293) | $163,632 | $301,391 |
Foreign | -1,250,162 | -1,575,351 | -692,820 |
Total | ($1,595,455) | ($1,411,719) | ($391,429) |
14_Income_Taxes_Details_2
14. Income Taxes (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax asset: | |||
Other | $0 | $0 | $11,151 |
Foreign exploration costs | 127,936 | 168,401 | 208,855 |
Foreign net operating loss carryforward | 1,926,341 | 232,723 | 374,110 |
Foreign other | 0 | 42,612 | 217,887 |
Federal and state net operating loss carry forward | 337,890 | 35,424 | 39,824 |
Deferred tax asset | 2,392,167 | 479,160 | 851,827 |
Valuation allowance (foreign) | -1,926,341 | -279,235 | -605,496 |
Valuation allowance (federal) | -266,711 | -71,786 | 0 |
Total deferred tax asset | 199,115 | 128,139 | 246,331 |
Deferred tax liability: | |||
Property, plant, and equipment | -197,593 | -128,139 | -16,880 |
Other | -1,522 | ||
Total deferred tax liability | -199,115 | -128,139 | -16,880 |
Net Deferred Tax Asset | $0 | $0 | $229,451 |
14_Income_Taxes_Details_3
14. Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Computed expected tax provision (benefit) | ($558,409) | ($494,102) | ($137,000) |
Foreign taxes | 62,508 | 78,768 | 34,641 |
Other(1) | -1,346,130 | 899,260 | 61,770 |
Change in valuation allowance U.S. | 194,925 | -494,102 | 207,696 |
Change in valuation allowance Foreign | 1,647,106 | 78,768 | |
Release of valuation allowance foreign | 899,260 | 0 | |
Income tax (expense) | $0 | $229,451 | $167,107 |
Computed expected tax provision (benefit), Percent | -35.00% | -35.00% | -35.00% |
Foreign taxes, Percent | 3.90% | 5.60% | 8.90% |
Other(1), Percent | -84.40% | 63.70% | 15.80% |
Changee in valuation allowance U.S., Percent | 12.20% | 5.10% | 53.10% |
Change in valuation allowance Foreign | 103.20% | ||
Release of valuation allowance foreign, Percent | -23.10% | 0.00% | |
Total, Percent | 0.00% | 16.00% | 42.70% |
14_Income_Taxes_Details_Narrat
14. Income Taxes (Details Narrative) (USD $) | Dec. 31, 2014 | |
Operating loss carryforwards | $600,000 | [1] |
Montana [Member] | ||
Operating loss carryforwards | 2,016,000 | [2] |
Idaho state [Member] | ||
Operating loss carryforwards | 1,140,000 | [3] |
Mexican | ||
Operating loss carryforwards | $6,400,000 | [4] |
[1] | Expire at various dates between 2029 and 2034 | |
[2] | Expire between 2016 and 2021 | |
[3] | Expire in 2032 and 2034 | |
[4] | Expire between 2021 and 2024 |
15_Related_Party_Transactions_1
15. Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions Tables | |||
Balance, beginning of year | $15,549 | $17,522 | $47,843 |
Aircraft rental charges | 30,561 | 65,502 | 74,490 |
Payments and advances, net | -37,753 | -67,475 | -104,811 |
Balance, end of year | $8,357 | $15,549 | $17,522 |
15_Related_Party_Transactions_2
15. Related Party Transactions (Details Narrative) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transactions [Abstract] | |||
Audit committee received amount in cash | $36,000 | $36,000 | $56,000 |
Consulting fees | $82,505 | $81,642 | $89,204 |
16_Commitments_and_Contingenci1
16. Commitments and Contingencies (Details Narrative) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Payments paid for capitalized mineral rights | $200,000 | $130,434 |
17_Business_Segments_Details
17. Business Segments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Capital Expenditure | $1,901,490 | $3,575,408 | $3,934,961 |
United States Antimony [Member] | |||
Capital Expenditure | 70,076 | 100,158 | 288,364 |
Mexico Antimony [Member] | |||
Capital Expenditure | 1,706,647 | 3,299,027 | 3,318,552 |
Subtotal Antimony [Member] | |||
Capital Expenditure | 1,776,723 | 3,399,185 | 3,606,916 |
Zeloite (Member) | |||
Capital Expenditure | $124,767 | $176,233 | $328,045 |
17_Business_Segments_Details_1
17. Business Segments (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Total Assets | $16,545,031 | $14,890,991 |
United States Antimony [Member] | ||
Total Assets | 3,045,426 | 3,017,768 |
Mexico Antimony [Member] | ||
Total Assets | 11,415,198 | 9,668,998 |
Subtotal Antimony [Member] | ||
Total Assets | 14,460,624 | 12,686,766 |
Zeloite (Member) | ||
Total Assets | $2,084,407 | $2,204,225 |
17_Business_Segments_Details_2
17. Business Segments (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | $10,772,192 | $11,020,839 | $12,042,702 |
Production costs | 9,103,996 | 8,351,530 | 9,165,121 |
Depreciation and amortization | 780,782 | 666,392 | 472,990 |
Other operating costs | 2,440,303 | 3,341,078 | 2,723,278 |
Total operating expenses | 12,325,081 | 12,359,000 | 12,361,389 |
Income (loss) from operations | -1,552,889 | -1,338,171 | -318,687 |
Other income (expense): | -42,566 | -73,548 | -72,742 |
Income (loss) before income taxes | -1,595,455 | -1,411,719 | -391,429 |
Income tax (expense) | 0 | -229,451 | -167,107 |
NET INCOME (LOSS) | -1,595,455 | -1,641,170 | -558,536 |
Antimony [Member] | |||
Revenues | 858,035 | 8,786,415 | 9,398,003 |
Production costs | 4,896,283 | 4,592,019 | 5,665,806 |
Depreciation and amortization | 1,648,288 | 61,574 | 40,979 |
Other operating costs | 1,648,288 | 1,699,846 | 1,852,289 |
Total operating expenses | 6,608,358 | 6,353,439 | 7,559,074 |
Income (loss) from operations | 1,971,677 | 2,432,976 | 1,838,929 |
Other income (expense): | -38,304 | -61,937 | -61,321 |
Income (loss) before income taxes | 1,933,373 | 2,371,039 | 1,777,608 |
Income tax (expense) | 0 | -229,451 | -167,107 |
NET INCOME (LOSS) | 1,933,373 | 2,141,588 | 1,610,501 |
Mexico Antimony [Member] | |||
Revenues | 22,538 | 32,000 | 3,000 |
Production costs | 3,155,486 | 2,662,780 | 1,880,499 |
Depreciation and amortization | 230,656 | 386,462 | 222,235 |
Other operating costs | 230,656 | 1,171,234 | 382,713 |
Total operating expenses | 3,881,907 | 4,220,476 | 2,485,447 |
Income (loss) from operations | -3,859,369 | -4,188,476 | -2,482,447 |
Other income (expense): | -130 | -1,735 | -30 |
Income (loss) before income taxes | -3,859,499 | -4,190,211 | -2,482,477 |
Income tax (expense) | 0 | 0 | 0 |
NET INCOME (LOSS) | -3,859,499 | -4,190,211 | -2,482,447 |
Zeloite (Member) | |||
Revenues | 2,169,619 | 2,202,414 | 2,641,699 |
Production costs | 1,052,227 | 1,096,731 | 1,618,816 |
Depreciation and amortization | 221,230 | 218,356 | 209,776 |
Other operating costs | 561,359 | 469,998 | 488,276 |
Total operating expenses | 1,834,816 | 1,789,085 | 2,316,868 |
Income (loss) from operations | 3,348,033 | 417,329 | 324,831 |
Other income (expense): | -4,132 | -9,876 | -11,391 |
Income (loss) before income taxes | 330,671 | 407,453 | 313,440 |
Income tax (expense) | 0 | 0 | 0 |
NET INCOME (LOSS) | $330,671 | $407,453 | $313,440 |