Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 30, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | UNITED STATES ANTIMONY CORP | ||
Entity Central Index Key | 101,538 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 31,817,284 | ||
Entity Common Stock, Shares Outstanding | 66,316,278 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 133,543 | $ 123,683 |
Certificates of deposit | 250,414 | 249,147 |
Accounts receivable, net of $4,031 allowance for doubtful accounts | 422,673 | 454,674 |
Inventories | 1,094,238 | 1,433,539 |
Other current assets | 235,458 | 42,626 |
Total current assets | 2,136,326 | 2,303,669 |
Properties, plants and equipment, net | 16,030,333 | 13,511,803 |
Restricted cash for reclamation bonds | 76,012 | 75,754 |
Other assets | 17,530 | 653,805 |
Total assets | 18,260,201 | 16,545,031 |
Current liabilities: | ||
Accounts payable | 1,629,972 | 1,821,673 |
Due to factor | 13,782 | 13,314 |
Accrued payroll, taxes and interest | 221,446 | 135,245 |
Other accrued liabilities | 141,545 | 38,811 |
Payables to related parties | 32,396 | 8,357 |
Deferred revenue | 78,730 | 78,730 |
Notes payable to bank | 130,672 | 0 |
Long-term debt, current | 181,287 | 159,278 |
Total current liabilities | 2,429,830 | 2,255,408 |
Long-term debt, net of discount and current portion | 1,717,745 | 715,328 |
Hillgrove advances payable | 1,254,846 | 198,571 |
Stock payable to directors for services | 137,500 | 125,000 |
Asset retirement obligation and accrued reclamation costs | 260,327 | 255,190 |
Total liabilities | 5,800,248 | $ 3,549,497 |
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 $4,879,029 and $4,837,880, respectively) | 17,509 | 17,509 |
Common stock, $0.01 par vaue, 90,000,000 shares authorized; 66,316,278 and 66,027,453 shares issued and outstanding, respectively | 663,162 | 660,274 |
Additional paid-in capital | 35,890,733 | 35,740,671 |
Notes receivable for stock sales | 0 | (150,000) |
Accumulated deficit | (24,120,730) | (23,282,199) |
Total stockholders' equity | 12,459,953 | 12,995,534 |
Total liabilities and stockholders' equity | $ 18,260,201 | $ 16,545,031 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Accounts receivable, less allowance for doubtful accounts | $ 4,031 | |
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 | $ 907,500 | $ 900,000 |
Series C Preferred stock, par value | $ 0.01 | $ 0.01 |
Series C Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series C Preferred stock, issued shares | 177,904 | 177,904 |
Series C Preferred stock, outstanding shares | 177,904 | 177,904 |
Series C liquidation preference | $ 97,847 | $ 97,847 |
Series D Preferred stock, par value | $ 0.01 | $ 0.01 |
Series D Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series D Preferred stock, issued shares | 1,751,005 | 1,751,005 |
Series D Preferred stock, outstanding shares | 1,751,005 | 1,751,005 |
Series D liquidation preference | $ 4,879,029 | $ 4,837,880 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 90,000,000 | 90,000,000 |
Common stock, issued shares | 66,316,278 | 66,027,453 |
Common stock, outstanding shares | 66,316,278 | 66,027,453 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
REVENUES | $ 13,109,003 | $ 10,772,192 |
COST OF REVENUES | 13,521,363 | 11,111,533 |
GROSS PROFIT (LOSS) | (412,360) | (339,341) |
OPERATING EXPENSES: | ||
General and administrative | 736,265 | 623,569 |
Salaries and benefits | 436,897 | 418,083 |
Gain on liability adjustment (Note 3) | (914,770) | 0 |
Hillgrove advance - earned credit (Note 9) | (142,170) | 0 |
Professional fees | 280,415 | 207,346 |
TOTAL OPERATING EXPENSES | 396,637 | 1,248,998 |
INCOME (LOSS) FROM OPERATIONS | (808,997) | (1,588,339) |
OTHER INCOME (EXPENSE): | ||
Gain on sale of equipment | 5,200 | 35,450 |
Interest income | 6,383 | 7,916 |
Interest expense | 0 | (1,118) |
Factoring expense | (41,117) | (49,364) |
TOTAL OTHER INCOME (EXPENSE) | (29,534) | (7,116) |
INCOME (LOSS) BEFORE INCOME TAXES | (838,531) | (1,595,455) |
NET INCOME (LOSS) | (838,531) | (1,595,455) |
Preferred dividends | (48,649) | (48,649) |
Net income (loss) available to common shareholders | $ (887,180) | $ (1,644,104) |
Net loss per share of common stock basic and diluted: | $ (0.01) | $ (0.03) |
Weighted average shares outstanding basic and diluted: | 66,207,241 | 64,605,253 |
Consolidated Statements of Chan
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 - Shares at Dec. 31, 2013 | 2,678,909 | 63,156,206 | ||||
Beginning Balance - Amount at Dec. 31, 2013 | $ 26,788 | $ 631,562 | $ 32,030,249 | $ 0 | $ (21,686,744) | $ 11,001,855 |
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 and settlement agreement, Shares | 24,000 | |||||
Issuance of common stock to consultant for services and settlement agreement, 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) | 0 | |||
Stock issued for notes receivable, Shares | 125,000 | |||||
Stock issued for notes receivable, Amount | $ 1,250 | 148,750 | (150,000) | |||
Forgiveness of note receivable | 0 | |||||
Cash received on notes receivable | 0 | |||||
Net loss | (1,595,455) | (1,595,455) | ||||
Ending Balance, Shares at Dec. 31, 2014 | 2,678,909 | 66,027,453 | ||||
Ending Balance, Amount at Dec. 31, 2014 | $ 26,788 | $ 660,274 | 35,740,671 | (150,000) | (23,282,199) | 12,995,534 |
Issuance of common stock to directors for services, Shares | 183,825 | |||||
Issuance of common stock to directors for services, Amount | $ 1,838 | 123,162 | 125,000 | |||
Issuance of common stock to consultant for services and settlement agreement, Shares | 105,000 | |||||
Issuance of common stock to consultant for services and settlement agreement, Amount | $ 1,050 | 56,900 | 57,950 | |||
Forgiveness of note receivable | (30,000) | 30,000 | 0 | |||
Cash received on notes receivable | 120,000 | 120,000 | ||||
Net loss | (838,531) | (838,531) | ||||
Ending Balance, Shares at Dec. 31, 2015 | 26,789,909 | 66,316,278 | ||||
Ending Balance, Amount at Dec. 31, 2015 | $ 26,788 | $ 663,162 | $ 35,890,733 | $ 0 | $ (24,120,730) | $ 12,459,953 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (838,531) | $ (1,595,455) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 932,786 | 780,782 |
Gain on sale of equipment | (5,200) | (35,450) |
Bad debt expense | 18,668 | 0 |
Hillgrove advance earned credit | (142,170) | 0 |
Accretion of asset retirement obligation | 5,137 | (2,390) |
Common stock issued for services | 57,950 | 39,000 |
Common stock payable for directors fees | 137,500 | 125,000 |
Change in: | ||
Accounts receivable | 13,333 | 121,347 |
Inventories | 339,301 | (398,769) |
Other current assets | (194,357) | (12,596) |
Other assets | 49,382 | (104,524) |
Accounts payable | (191,701) | 86,906 |
Accrued payroll, taxes and interest | 86,201 | 10,308 |
Other accrued liabilities | 66,115 | (11,934) |
Deferred revenue | 0 | (31,408) |
Payables to related parties | 24,039 | (7,192) |
Net cash provided (used) by operating activities | 358,453 | (1,036,375) |
Cash Flows From Investing Activities: | ||
Cash received for sale of equipment | 5,200 | 0 |
Purchase of properties, plants and equipment | (1,709,237) | (1,826,553) |
Net cash used by investing activities | (1,704,037) | (1,826,553) |
Cash Flows From Financing Activities: | ||
Net payments to factor | 468 | (164,387) |
Proceeds from sale of common stock and exercise of warrants, net of offering costs | 0 | 3,070,134 |
Proceeds from Hillgrove advances | 1,198,445 | 198,571 |
Proceeds from notes payable to bank | 130,672 | 0 |
Principal paid notes to bank | 0 | (138,520) |
Principal payments of long-term debt | (94,141) | (129,530) |
Proceeds from long term debt | 0 | 130,000 |
Proceeds from related party loans | 0 | 65,300 |
Payments on related party loans | 0 | (65,300) |
Received on notes receivable for stock | 120,000 | 0 |
Net cash provided by financing activities | 1,355,444 | 2,966,268 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 9,860 | 103,340 |
Cash and cash equivalents at beginning of year | 123,683 | 20,343 |
Cash and cash equivalents at end of year | 133,543 | 123,683 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest paid in cash (net of amount capitailzed) | 0 | 1,118 |
Noncash investing and financing activities: | ||
Properties, plants & equipment acquired with long-term debt | 1,061,479 | 29,185 |
Properties, plants & equipment acquired with accrued liability | 36,619 | 0 |
Imputed interest included in property, plant and equipment | 57,088 | 45,752 |
Properties, plants & equipment acquired with other long term assets | 586,893 | 0 |
Common stock payable issued to directors | $ 125,000 | $ 150,000 |
Common stock issued for debt payment | 0 | 330,000 |
Common stock issued for note receivable | $ 0 | $ 150,000 |
Equipment sold for other asset advances | 0 | 40,000 |
Forgiveness of note receivable-stock | $ 30,000 | $ 0 |
1. Background of Company and Ba
1. Background of Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | Sales to Three For the Year Ended Largest Customers December 31, 2015 December 31, 2014 Alpha Gary Corporation $ 3,142,586 $ 3,289,766 East Penn Manufacturing Inc 1,236,250 720,966 Kohler Corporation 1,736,914 2,091,565 $ 6,115,750 $ 6,102,297 % of Total Revenues 46.70 % 56.65 % Three Largest Accounts Receivable December 31, 2015 December 31, 2014 Gopher Resources $ 141,570 Earth Innovations Inc 62,019 Teck American Inc 80,946 227,239 Milestone AV Technologies Inc. 42,075 Wildfire Construction 43,327 - $ 265,843 $ 331,333 % of Total Receivables 62.90 % 72.87 % 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, 2015 | |
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, 2015 and 2014 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, 2015 and 2014 consisted 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 $3,451,317 and $1,901,490 in plant construction and other capital costs for the years ended December 31, 2015 and 2014, respectively. These amounts include capitalized interest of $66,965 and $81,703, 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, based upon estimated lives of the properties, 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 are 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, 2015 or 2014 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 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, 2015, and 2014, does not add any shares to basic weighted average shares. As of December 31, 2015 and 2014, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share are as follows: December 31, 2015 December 31, 2014 Warrants 250,000 726,917 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,477,922 Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, certificates of deposits, restricted cash, due to factor, and long-term debt. The carrying value of certificates of deposit, restricted cash, 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”, 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, 2015 and 2014, respectively, and the fair value calculation input hierarchy level that the Company determined applies to each asset category. Input Hierarchy Assets: 2015 2014 Level Cash and cash equivalents $ 133,543 $ 123,683 Level I Certificates of deposit 250,414 249,147 Level I Restricted cash 76,012 75,754 Level I Total Cash $ 459,969 $ 448,584 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. 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. In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The guidance establishes a new five step principle-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. ASU No. 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2017. We are in the process of evaluating this guidance and our method of adoption. In July 2015, the FASB issued ASU 2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory. The update provides for inventory to be measured at the lower of cost and net realizable value, and is effective for the fiscal years beginning after December 15, 2016. We are currently evaluating the potential impact of implementing this update on the consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17 Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). The update is designed to reduce complexity of reporting deferred income tax liabilities and assets into current and non-current amounts in a statement of financial position. The FASB has proposed the presentation of deferred income taxes, changes to deferred tax liabilities and assets be classified as non-current in the statement of financial position. The update is effective for fiscal years beginning after December 15, 2016. ASU No. 2015-17 is not expected to have a material impact on our consolidated financial statements. 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, 2015 | |
Notes to Financial Statements | |
Accounts Receivable and Due to Factor | The Company factors designated trade receivables pursuant to a factoring agreement with LSC Funding Group L.C., an unrelated factor (the “Factor”). The agreement specifies that eligible trade receivables are factored with recourse. The performance of all obligations and payments to the factoring company is personally guaranteed by John C. Lawrence, the Company’s President and Chairman of the Board of Directors. Selected trade receivables are submitted to the factor, and the Company receives 85% of the face value of the receivable by wire transfer. Upon payment by the customer, the remainder of the amount due is received from the Factor, less a one-time servicing fee of 2% for the receivables factored. This servicing fee is recorded on the consolidated statement of operations in the period of sale to the factor. Trade receivables assigned to the Factor are carried at the original invoice amount less an estimate made for doubtful accounts. Under the terms of the recourse provision, the Company is required to reimburse the Factor, upon demand, for factored receivables that are not paid on time. Accordingly, these receivables are accounted for as a secured financing arrangement and not as a sale of financial assets. Receivables, net of allowances, are presented as current assets and the amount potentially due to the Factor is presented as a secured financing in current liabilities. Accounts Receivble December 31, 2015 December 31, 2014 Accounts receivable - non factored $ 412,922 $ 445,391 Accounts receivable - factored with recourse 13,782 13,314 less allowance for doubtful accounts (4,031 ) (4,031 ) Accounts receivable - net $ 422,673 $ 454,674 Factoring fees paid by the Company during the years ended December 31, 2015 and 2014, were $41,117 and $49,364, respectively. For the years ended December 31, 2015 and 2014, net accounts receivable of approximately $2.10 million and $2.30 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, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | The major components of the Company's inventories at December 31, 2015 and 2014 were as follows: 2015 2014 Antimony Metal $ 102,207 $ 40,352 Antimony Oxide 332,068 718,982 Antimony Concentrates 133,954 33,545 Antimony Ore 319,631 447,262 Total antimony 887,860 1,240,141 Zeolite 206,378 193,398 $ 1,094,238 $ 1,433,539 At December 31, 2015 and 2014, 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. At December 31, 2015, antimony inventory is valued at net realizable value. The Company's zeolite inventory consists of salable zeolite material held at BRZ's Idaho mining and production facility, and is carried at cost. Gain on Liability Adjustment During the first quarter of 2015, we noted that the amounts we were being invoiced by our Canadian supplier did not appear to be in compliance with our understanding of what we should be paying for the raw material supplied by them. We determined that since April of 2012 the supplier had been billing us for the entire amount of pounds of antimony delivered to us, even though we believed that we should only pay for 90% of the delivered antimony since we lost approximately 10% in processing. We contacted the supplier, and after a mutual review and modification of information that we had supplied to them, the supplier proposed a settlement of $914,770 to be credited against amounts we owed them. We agreed to the settlement amount and recorded it as a reduction of an account payable to the supplier and recognized a gain on liability adjustment in our statement of operations. |
6. Properties, Plants and Equip
6. Properties, Plants and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Properties Plants And Equipment | |
Properties, Plants and Equipment | The major components of the Company's properties, plants and equipment at December 31, 2015 and 2014 are shown below: 2015 USAC MEXICO BRZ TOTAL Plant & Equipment $ 872,548 $ 7,497,791 $ 3,347,629 $ 11,717,968 Buildings 247,210 900,992 349,946 1,498,148 Mineral Rights and Interests - 3,743,352 - 3,743,352 Land & Other 3,274,572 2,529,294 15,310 5,819,176 4,394,330 14,671,429 3,712,885 22,778,644 Accumulated Depreciation (2,456,928 ) (2,131,624 ) (2,159,759 ) (6,748,311 ) $ 1,937,402 $ 12,539,805 $ 1,553,126 $ 16,030,333 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 - 2,058,737 - 2,058,737 Land & Other 3,274,572 2,426,607 - 5,701,179 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 At December 31, 2015 and 2014, the Company had $891,576 and $1,113,847 of assets that were considered to be construction in progress and had not yet been depreciated. |
7. Asset Retirement Obligation
7. Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | Changes to the Asset Retirement Obligation balance during 2015 and 2014 are as follows: Asset Retirement Obligation Balance December 31, 2013 $ 150,080 Accretion adjustment during 2014 (2,390 ) Balance December 31, 2014 147,690 Accretion during 2015 5,137 Balance December 31, 2015 $ 152,827 The CompanyÂ’s total asset retirement obligation and accrued reclamation costs of $260,327 and $255,190 at December 31, 2015 and 2014, respectively, include reclamation obligations for Idaho and Montana operations of $107,500. |
8. Other Assets
8. Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
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.’ During the term of the supply agreement the Company funded certain of Guadalupe’s equipment purchases, tax payments, labor costs, milling and trucking costs, and other expenses incurred in the Guadalupe mining operations for approximately $112,000. In addition to the advances for mining costs, the Company purchased antimony ore from Guadalupe that failed to meet agreed upon antimony metal recoveries and resulted in approximately $475,000 of excess advances paid to Guadalupe. The Agreements with Guadalupe granted the Company an option to purchase the concessions outright for $2,000,000. On September 29, 2015, the Company notified the owners of Guadalupe that it was exercising the option to purchase the Guadalupe property. The option exercise agreement allowed the Company to apply all amounts previously due the Company by Guadalupe of $586,893 to the purchase price consideration, resulting in a net obligation for the purchase of the Guadalupe mine of $1,413,107. The Company is obligated to make annual payments that vary from $60,000 to $149,077 annually through 2026. The debt payments are non-interest bearing. The Company determined the net present value of the future contractual stream of payments to be $972,722 using a 6% discount rate. The Company recorded $972,722 as the cost of the concessions and the debt payable equal to total payments due of $1,413,107 less a discount of $440,385. The discount is being amortized to interest expense using the effective interest method over the life of the debt. As of December 31, 2015, the Company had made $15,000 in payments toward this debt and amortized $14,591 of discount as interest expense. The net balance of the debt at December 31, 2015 was $972,312. |
9. Long-Term Debt
9. Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | Long-Term debt at December 31, 2015 and December 31, 2014, is as follows: December 31, December 31, 2015 2014 Note payable to First Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. $ 27,845 $ - Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. 5,399 10,245 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 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 Note payable toDe Lage Landen Financial Services, bearing interest at 5.30%; payable in monthly installments of $549; maturing March 2016; collateralized by equipment. 2,171 7,951 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 Note payable to De Lage Landen Financial Services, bearing interest at 3.15%; payable in monthly installments of $655; maturing September 2019; collateralized by equipment. 27,587 - Note payable to De Lage Landen Financial Services, bearing interest at 3.15%; payable in monthly installments of $655; maturing December 2019; collateralized by equipment. 29,300 - Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; maturing March 2015; collateralized by equipment. 14,146 18,146 Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 through 2019, net of discount. 820,272 808,293 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 972,312 - 1,899,032 874,606 Less current portion (181,287 ) (159,278 ) Long-term portion $ 1,717,745 $ 715,328 At December 31, 2015, principal payments on debt are due as follows: Year Ending December 31, 2016 $ 181,287 2017 121,266 2018 220,584 2019 305,303 2020 303,413 Thereafter 767,179 $ 1,899,032 |
10. Notes Payable to Bank
10. Notes Payable to Bank | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable to Bank | At December 31, 2015, 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, 2016, payable on demand, collateralized by a lien on Certificate of Deposit number 48614 $ 36,881 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, maturing February 27, 2016, payable on demand, collateralized by a lien on Certificate of Deposit number 48615 93,791 Total notes payable to bank $ 130,672 These notes are personally guaranteed by John C. Lawrence the CompanyÂ’s President and Chairman of the Board of Directors. The maximum amount available for borrowing under each note is $99,998. There were no notes payable to bank at December 31, 2014. |
11. Hillgrove Advances Payable
11. Hillgrove Advances Payable | 12 Months Ended |
Dec. 31, 2015 | |
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 HillgroveÂ’s mine in Australia. The agreement requires that the Company 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 agreed 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 agreement called for the Company to sell the final product for Hillgrove, and Hillgrove to 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 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. At December 31, 2015, management has determined that it is likely that the CompanyÂ’s repayment obligation will be 81.25% of the total amounts advanced. As of December 31, 2015, Hillgrove has advanced the Company a total of $1,397,016. Of this amount, approximately 18.75% or $262,408 has been recorded as deferred earned credit and is being recognized ratably through the period ending November 7, 2016 which is when the 81.25% repayment terms of the agreement is applicable. During the year ended December 31, 2015, $125,191 of the deferred earned credit was recognized with the remaining balance of $120,238 to be recognized in 2016. At December 31, 2015, the amount due to Hillgrove for the advances is $1,134,608 which is approximately 81.25% of the total amount advanced. |
12. Stockholder's Equity
12. Stockholder's Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholder's Equity | Issuance of Common Stock for Cash The Company did not issue any common stock for cash in 2015. In 2014, the Company sold, and issued in connection with the exercise of warrants, an aggregate of 2,400,071, shares of its common stock to existing stockholders and other parties for $3,070,134. 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. During 2015, the Company received $120,000 as payment on these notes. The remaining $30,000 due from Mr. Denton was forgiven in connection with a Settlement Agreement and Supplemental Settlement Agreement (the “Settlement Agreement”), entered into during 2015 related to terminating Mr. Denton’s services for the Company. (See Note 16). Issuance of Common Stock for Notes Payable 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, 2015, the Company declared, but did not issue approximately 474,000 shares of unregistered common stock to be paid to its directors for services during 2015, having a fair value of $125,000, based on the stock price at the date declared. During 2015, the Company issued 105,000 shares to Herbert Denton for investor relations services provided and in connection with the Settlement Agreement. The shares estimated fair value at the time of issue was approximately $27,950. On December 30, 2014, the Company declared, but did not issue 186,825 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 were issued on March 23, 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. Common Stock Warrants The Company's Board of Directors has the authority to issue stock warrants for the purchase of preferred or unregistered common stock to directors and employees of the Company. Transactions in common stock warrants are as follows: Number of Warrants Exercise Prices Balance, December 31, 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 expired (476,917 ) Balance, December 31, 2015 250,000 $ 0.25 At December 31, 2015, warrants for purchase of 250,000 shares of the Company’s common stock for $0.25 per share are outstanding and have no expiration date. These warrants are owned by the Company’s president. 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, 2015 and 2014 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, 2015 and 2014, cumulative dividends in arrears on the outstanding Series B shares were $157,500 and $150,000, 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. 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, 2015 and 2014, the cumulative dividends in arrears on the 1,751,005 outstanding Series D shares were $501,515 and $460,366 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, 2015 and 2014, the liquidation preference for Series D preferred stock was $4,879,029 and $4,837,880, 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, 2015 | |
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, 2015 and 2014, 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 2015 and 2014. |
14. Income Taxes
14. Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Income Taxes | Domestic and foreign components of income (loss) from operations before income taxes for the years ended December 31, 2015 and 2014, are as follows: 2015 2014 Domestic $ 982,901 $ (345,293 ) Foreign (1,821,432 ) (1,250,162 ) Total $ (838,531 ) (1,595,455 ) At December 31, 2015 and 2014, the Company had net deferred tax assets as follows: 2015 2014 Deferred tax asset: Foreign exploration costs $ 87,494 127,936 Foreign net operating loss carry forward 2,515,954 1,926,341 loss carry forward 185,472 337,890 Deferred tax asset 2,788,920 2,392,167 Valuation allowance (foreign) (2,515,954 ) (1,926,341 ) Valuation allowance (federal) (90,220 ) (266,711 ) Total deferred tax asset 182,746 199,115 Deferred tax liability: Property, plant, and equipment (181,224 ) (197,593 ) Other (1,522 ) (1,522 ) Total deferred tax liability (182,746 ) (199,115 ) Net Deferred Tax Asset $ - $ - At December 31, 2015, the Company has United States net operating loss carry forwards of approximately $186,000 that expire at various dates between 2030 and 2035. In addition, the Company has Montana state net operating loss carry forwards of approximately $2,313,000 which expire between 2017 and 2022, and Idaho state net operating loss carry forwards of approximately $940,000, which expire between 2033 and 2035. The Company has approximately $8.4 million of Mexican net operating loss carry forwards which expire between 2022 and 2025. At December 31 2015 and 2014, 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 the benefit of the net deferred tax asset will be realized, a valuation allowance equal to 100% of the net deferred tax asset has been recorded at December 31, 2015 and 2014. 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, 2015 and 2014, due to the following: 2015 2014 Computed expected tax provision (benefit) $ (293,486 ) 35 % $ (558,409 ) 35 % State taxes (32,283 ) 4 % Foreign taxes 91,072 -11 % 62,508 -4 % Other (1) (178,414 ) 21 % (1,346,130 ) 84 % Change in valuation allowance U.S. (176,502 ) 21 % 194,925 -12 % Change in valuation allowance Foreign 589,613 -70 % 1,647,106 -103 % Total $ (0 ) 0 % $ (0 ) $ 0 (1) In 2015 and 2014 there were revisions to estimates of foreign net operating loss carry forwards and adjsutments made based upon the US Income tax return filed. During the year ended December 31, 2015, Mexican Tax authorities (‘SAT’) initiated an audit of the Company's Mexican subsidiary’s return for the year ended December 31, 2013. Management has reviewed its tax positions and does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next twelve months. If an issue addressed during the SAT audit is resolved in a manner inconsistent with management expectations, the Company would adjust its net operating loss carryforward, or accrue any penalties, interest, and tax associated with the audit. The audit is expected to be complete during 2016. During the years ended December 31, 2015 and 2014, 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 2013 through 2015, and 2011 and 2015 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, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The CompanyÂ’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 2015 and 2014 were as follows: 2015 2014 Balance, beginning of year $ 8,357 $ 15,549 Aircraft rental charges 30,867 30,561 Payments and advances, net (6,828 ) (37,753 ) Balance, end of year $ 32,396 $ 8,357 In addition, during 2014, Mr. Lawrence loaned the Company $65,300 for short-term operating capital and was paid back without interest during 2014. |
16. Commitments and Contingenci
16. Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014, $127,500 and $200,000, respectively, was paid and capitalized as mineral rights in accordance with the Company’s accounting policies. At December 31, 2015, the following payments are scheduled: $65,000 by March 31, 2016. 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 $29,000 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 2015. 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. At December 31, 2015 and 2014, the Company has no accruals relating to such assessments. In prior years, the Company utilized Providence Capital, Inc., a Delaware corporation (“Providence”), and Herbert A. Denton to provide investor relations services. On April 1, 2015, we entered into an agreement with Providence to provide us services as our Investor Relations Representative. We terminated this agreement in May 2015, and signed a Settlement Agreement dated July 27, 2015, and a Supplemental Settlement Agreement dated August 1, 2015. These agreements provided for a payment to Mr. Denton of 100,000 shares of the Company’s common stock and $25,000 to be paid in five equal installments. On August 31, 2015, we issued 100,000 shares of common stock valued at $0.55 per share or $55,000 to Mr. Denton. On October 12, 2015, we served Mr. Denton with a notice of material breach of the termination agreements and suspended the remaining payments of $15,000. We have subsequently filed an action in federal court to force Mr. Denton to comply with the terms of the termination agreements and for damages related to his non-compliance. Subsequent to the Company’s filing, Mr. Denton filed a counterclaim against the Company seeking an award for damages for breach of contract, conversion, defamation of character, failure to exercise business judgement and intentional infliction of emotional duress and damage to reputation. Management believes that the likelihood of an unfavorable outcome in the litigation is remote and intends on defending the claim vigorously. Accordingly, management has not accrued any amount on its financial statements related to a potential contingent liability. |
17. Business Segments
17. Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
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 CompanyÂ’s Other operating costs Other income and expense The Madero smelter and Puerto Blanco mill at the CompanyÂ’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. Properties, plants and equipment, net: December 31, 2015 December 31, 2014 Antimony United States $ 1,937,402 $ 1,936,894 Mexico 12,539,805 9,996,579 Subtotal Antimony 14,477,207 11,933,473 Zeolite 1,553,126 1,578,330 Total $ 16,030,333 $ 13,511,803 Total Assets: December 31, 2015 December 31, 2014 Antimony United States $ 2,676,263 $ 3,045,426 Mexico 14,034,768 11,415,198 Subtotal Antimony 16,711,031 14,460,624 Zeolite 2,215,978 2,084,407 Total $ 18,927,009 $ 16,545,031 For the year ended For the year ended Capital expenditures: December 31, 2015 December 31, 2014 Antimony United States $ 62,328 $ 70,076 Mexico 3,192,751 1,706,647 Subtotal Antimony 3,255,079 1,776,723 Zeolite 196,238 124,767 Total $ 3,451,317 $ 1,901,490 Segment Operations for the Antimony Antimony Bear River Year ended December 31, 2015 USAC Mexico Zeolite Totals Total revenues $ 10,347,824 $ 7,535 $ 2,753,644 $ 13,109,003 Depreciation and amortization 61,819 649,526 221,441 932,786 Income (loss) from operations 4,990,865 (6,311,265 ) 511,403 (808,997 ) Other income (expense): (29,534 ) NET INCOME (LOSS) $ (838,531 ) 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 Depreciation and amortization 63,787 495,765 221,230 780,782 Income (loss) from operations 1,971,677 (3,864,950 ) 304,934 (1,588,339 ) Other income (expense): (7,116 ) Income (loss) before income taxes (1,595,455 ) NET INCOME (LOSS) $ (1,595,455 ) |
3. Summary of Significant Acc24
3. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 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 managementÂ’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, 2015 and 2014 consisted 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 $3,451,317 and $1,901,490 in plant construction and other capital costs for the years ended December 31, 2015 and 2014, respectively. These amounts include capitalized interest of $66,965 and $81,703, 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, based upon estimated lives of the properties, 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 are 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, 2015 or 2014 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 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 CompanyÂ’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 CompanyÂ’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, 2015, and 2014, does not add any shares to basic weighted average shares. As of December 31, 2015 and 2014, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share are as follows: December 31, 2015 December 31, 2014 Warrants 250,000 726,917 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,477,922 |
Fair Value of Financial Instruments | The CompanyÂ’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”, 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, 2015 and 2014, respectively, and the fair value calculation input hierarchy level that the Company determined applies to each asset category. Input Hierarchy Assets: 2015 2014 Level Cash and cash equivalents $ 133,543 $ 123,683 Level I Certificates of deposit 250,414 249,147 Level I Restricted cash 76,012 75,754 Level I Total Cash $ 459,969 $ 448,584 |
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. 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. In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The guidance establishes a new five step principle-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. ASU No. 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2017. We are in the process of evaluating this guidance and our method of adoption. In July 2015, the FASB issued ASU 2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory. The update provides for inventory to be measured at the lower of cost and net realizable value, and is effective for the fiscal years beginning after December 15, 2016. We are currently evaluating the potential impact of implementing this update on the consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17 Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). The update is designed to reduce complexity of reporting deferred income tax liabilities and assets into current and non-current amounts in a statement of financial position. The FASB has proposed the presentation of deferred income taxes, changes to deferred tax liabilities and assets be classified as non-current in the statement of financial position. The update is effective for fiscal years beginning after December 15, 2016. ASU No. 2015-17 is not expected to have a material impact on our consolidated financial statements. 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 (Table
2. Concentration of Risk (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Concentration Of Risk Tables | |
Major Customers Revenue Details | Sales to Three For the Year Ended Largest Customers December 31, 2015 December 31, 2014 Alpha Gary Corporation $ 3,142,586 $ 3,289,766 East Penn Manufacturing Inc 1,236,250 720,966 Kohler Corporation 1,736,914 2,091,565 $ 6,115,750 $ 6,102,297 % of Total Revenues 46.70 % 56.65 % Three Largest Accounts Receivable December 31, 2015 December 31, 2014 Gopher Resources $ 141,570 Earth Innovations Inc 62,019 Teck American Inc 80,946 227,239 Milestone AV Technologies Inc. 42,075 Wildfire Construction 43,327 - $ 265,843 $ 331,333 % of Total Receivables 62.90 % 72.87 % |
3. Summary of Significant Acc26
3. Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | December 31, 2015 December 31, 2014 Warrants 250,000 726,917 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,477,922 |
Fair Value Measures | Input Hierarchy Assets: 2015 2014 Level Cash and cash equivalents $ 133,543 $ 123,683 Level I Certificates of deposit 250,414 249,147 Level I Restricted cash 76,012 75,754 Level I Total Cash $ 459,969 $ 448,584 |
4. Accounts Receivable and Du27
4. Accounts Receivable and Due to Factor (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Receivable And Due To Factor Tables | |
Account Receivables | Accounts Receivble December 31, 2015 December 31, 2014 Accounts receivable - non factored $ 412,922 $ 445,391 Accounts receivable - factored with recourse 13,782 13,314 less allowance for doubtful accounts (4,031 ) (4,031 ) Accounts receivable - net $ 422,673 $ 454,674 |
5. Inventories (Tables)
5. Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 2015 2014 Antimony Metal $ 102,207 $ 40,352 Antimony Oxide 332,068 718,982 Antimony Concentrates 133,954 33,545 Antimony Ore 319,631 447,262 Total antimony 887,860 1,240,141 Zeolite 206,378 193,398 $ 1,094,238 $ 1,433,539 |
6. Properties, Plants and Equ29
6. Properties, Plants and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Properties Plants And Equipment Tables | |
Properties, Plants and Equipment | 2015 USAC MEXICO BRZ TOTAL Plant & Equipment $ 872,548 $ 7,497,791 $ 3,347,629 $ 11,717,968 Buildings 247,210 900,992 349,946 1,498,148 Mineral Rights and Interests - 3,743,352 - 3,743,352 Land & Other 3,274,572 2,529,294 15,310 5,819,176 4,394,330 14,671,429 3,712,885 22,778,644 Accumulated Depreciation (2,456,928 ) (2,131,624 ) (2,159,759 ) (6,748,311 ) $ 1,937,402 $ 12,539,805 $ 1,553,126 $ 16,030,333 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 - 2,058,737 - 2,058,737 Land & Other 3,274,572 2,426,607 - 5,701,179 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 |
7. Asset Retirement Obligation
7. Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | Asset Retirement Obligation Balance December 31, 2013 $ 150,080 Accretion adjustment during 2014 (2,390 ) Balance December 31, 2014 147,690 Accretion during 2015 5,137 Balance December 31, 2015 $ 152,827 |
9. Long-Term Debt (Tables)
9. Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | Long-Term debt at December 31, 2015 and December 31, 2014, is as follows: December 31, December 31, 2015 2014 Note payable to First Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. $ 27,845 $ - Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. 5,399 10,245 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 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 Note payable toDe Lage Landen Financial Services, bearing interest at 5.30%; payable in monthly installments of $549; maturing March 2016; collateralized by equipment. 2,171 7,951 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 Note payable to De Lage Landen Financial Services, bearing interest at 3.15%; payable in monthly installments of $655; maturing September 2019; collateralized by equipment. 27,587 - Note payable to De Lage Landen Financial Services, bearing interest at 3.15%; payable in monthly installments of $655; maturing December 2019; collateralized by equipment. 29,300 - Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; maturing March 2015; collateralized by equipment. 14,146 18,146 Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 through 2019, net of discount. 820,272 808,293 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 972,312 - 1,899,032 874,606 Less current portion (181,287 ) (159,278 ) Long-term portion $ 1,717,745 $ 715,328 |
Principal payments on debt | Year Ending December 31, 2016 $ 181,287 2017 121,266 2018 220,584 2019 305,303 2020 303,413 Thereafter 767,179 $ 1,899,032 |
10. Notes Payable to Bank (Tabl
10. Notes Payable to Bank (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2016, payable on demand, collateralized by a lien on Certificate of Deposit number 48614 $ 36,881 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, maturing February 27, 2016, payable on demand, collateralized by a lien on Certificate of Deposit number 48615 93,791 Total notes payable to bank $ 130,672 |
11. Stockholder's Equity (Table
11. Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock Warrants | Number of Warrants Exercise Prices 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 expired (476,917 ) Balance, December 31, 2015 250,000 $ 0.25 |
14. Income Taxes (Tables)
14. Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes Tables | |
Deferred tax assets | 2015 2014 Deferred tax asset: Foreign exploration costs $ 87,494 127,936 Foreign net operating loss carry forward 2,515,954 1,926,341 loss carry forward 185,472 337,890 Deferred tax asset 2,788,920 2,392,167 Valuation allowance (foreign) (2,515,954 ) (1,926,341 ) Valuation allowance (federal) (90,220 ) (266,711 ) Total deferred tax asset 182,746 199,115 Deferred tax liability: Property, plant, and equipment (181,224 ) (197,593 ) Other (1,522 ) (1,522 ) Total deferred tax liability (182,746 ) (199,115 ) Net Deferred Tax Asset $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation | 2015 2014 Computed expected tax provision (benefit) $ (293,486 ) 35 % $ (558,409 ) 35 % State taxes (32,283 ) 4 % Foreign taxes 91,072 -11 % 62,508 -4 % Other (1) (178,414 ) 21 % (1,346,130 ) 84 % Change in valuation allowance U.S. (176,502 ) 21 % 194,925 -12 % Change in valuation allowance Foreign 589,613 -70 % 1,647,106 -103 % Total $ (0 ) 0 % $ (0 ) $ 0 (1) In 2015 and 2014 there were revisions to estimates of foreign net operating loss carry forwards and adjsutments made based upon the US Income tax return filed. |
15. Related Party Transactions
15. Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions Tables | |
Amounts due to (due from) related parties | 2015 2014 Balance, beginning of year $ 8,357 $ 15,549 Aircraft rental charges 30,867 30,561 Payments and advances, net (6,828 ) (37,753 ) Balance, end of year $ 32,396 $ 8,357 |
17. Business Segments (Tables)
17. Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Properties, plants and equipment, net: December 31, 2015 December 31, 2014 Antimony United States $ 1,937,402 $ 1,936,894 Mexico 12,539,805 9,996,579 Subtotal Antimony 14,477,207 11,933,473 Zeolite 1,553,126 1,578,330 Total $ 16,030,333 $ 13,511,803 Total Assets: December 31, 2015 December 31, 2014 Antimony United States $ 2,676,263 $ 3,045,426 Mexico 14,034,768 11,415,198 Subtotal Antimony 16,711,031 14,460,624 Zeolite 2,215,978 2,084,407 Total $ 18,927,009 $ 16,545,031 For the year ended For the year ended Capital expenditures: December 31, 2015 December 31, 2014 Antimony United States $ 62,328 $ 70,076 Mexico 3,192,751 1,706,647 Subtotal Antimony 3,255,079 1,776,723 Zeolite 196,238 124,767 Total $ 3,451,317 $ 1,901,490 Segment Operations for the Antimony Antimony Bear River Year ended December 31, 2015 USAC Mexico Zeolite Totals Total revenues $ 10,347,824 $ 7,535 $ 2,753,644 $ 13,109,003 Depreciation and amortization 61,819 649,526 221,441 932,786 Income (loss) from operations 4,990,865 (6,311,265 ) 511,403 (808,997 ) Other income (expense): (29,534 ) NET INCOME (LOSS) $ (838,531 ) 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 Depreciation and amortization 63,787 495,765 221,230 780,782 Income (loss) from operations 1,971,677 (3,864,950 ) 304,934 (1,588,339 ) Other income (expense): (7,116 ) Income (loss) before income taxes (1,595,455 ) NET INCOME (LOSS) $ (1,595,455 ) |
2. Concentrations of Risk (Deta
2. Concentrations of Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Sales to Three Largest Customers | $ 6,115,750 | $ 6,102,297 |
Total percentage of revenue | 46.70% | 56.65% |
East Penn Manufacturing Inc | ||
Sales to Three Largest Customers | $ 1,236,250 | $ 720,966 |
KohlerCorporation [Member] | ||
Sales to Three Largest Customers | $ 1,736,914 | 2,091,565 |
AlphaGaryCorporation [Member] | ||
Sales to Three Largest Customers | $ 3,289,766 |
2. Concentrations of Risk (De38
2. Concentrations of Risk (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Receivable | $ 265,843 | $ 331,333 |
Total percentage of receivables | 62.90% | 72.87% |
Gopher Resources | ||
Accounts Receivable | $ 141,570 | $ 0 |
Earth Innovations Inc | ||
Accounts Receivable | 0 | 62,019 |
Teck American Inc | ||
Accounts Receivable | 80,946 | 227,239 |
Milestone AV Technologies Inc. | ||
Accounts Receivable | 0 | 42,075 |
Wildfire Construction | ||
Accounts Receivable | $ 43,327 | $ 0 |
3. Summary of Significant Acc39
3. Summary of Significant Accounting Policies (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total possible dilution | 2,001,005 | 2,477,922 |
Warrant [Member] | ||
Total possible dilution | 250,000 | 726,917 |
Convertible preferred stock | ||
Total possible dilution | 1,751,005 | 1,751,005 |
3. Summary of Significant Acc40
3. Summary of Significant Accounting Policies (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 133,543 | $ 123,683 | $ 20,343 |
Certificates of deposit | 250,414 | 249,147 | |
Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 133,543 | 123,683 | |
Certificates of deposit | 250,414 | 249,147 | |
Restricted cash | 76,012 | 75,754 | |
Total Assets fair value | $ 459,969 | $ 448,584 |
4. Accounts Receivable and Du41
4. Accounts Receivable and Due to Factor (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Receivable And Due To Factor Tables | ||
Accounts receivable - non factored | $ 412,922 | $ 445,391 |
Accounts receivable - factored with recourse | 13,782 | 13,314 |
Less allowance for doubtful accounts | (4,031) | (4,031) |
Accounts receivable - net | $ 422,673 | $ 454,674 |
4. Accounts Receivable and Du42
4. Accounts Receivable and Due to Factor (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Receivable And Due To Factor Details Narrative | ||
Factoring Expense | $ 41,117 | $ 49,364 |
Net accounts receivable factored during the year | $ 2,100,000 | $ 2,300,000 |
5. Inventories (Details)
5. Inventories (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Inventories | $ 1,094,238 | $ 1,433,539 | |
Antimony Metal [Member] | |||
Inventories | 102,207 | 40,352 | |
Antimony Oxide [Member] | |||
Inventories | 332,068 | 718,982 | |
Antimony Concentrates | |||
Inventories | 133,954 | $ 33,545 | |
Antimony Ore [Member] | |||
Inventories | 319,631 | 447,262 | |
Antimony [Member] | |||
Inventories | 887,860 | 1,240,141 | |
Zeloite (Member) | |||
Inventories | $ 206,378 | $ 193,398 |
6. Properties, Plants and Equ44
6. Properties, Plants and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Equipment | $ 11,717,968 | $ 10,139,948 |
Buildings | 1,498,148 | 1,427,463 |
Mineral Rights | 3,743,352 | 1,117,636 |
Land & Other | 5,819,176 | 6,642,280 |
Total | 22,778,644 | 19,327,327 |
Accumulated Depreciation | (6,748,311) | (5,815,524) |
Properties, plants and equipment, net | 16,030,333 | 13,511,803 |
USAC | ||
Equipment | 872,548 | 814,183 |
Buildings | 247,210 | 243,248 |
Mineral Rights | 0 | 0 |
Land & Other | 3,274,572 | 3,274,572 |
Total | 4,394,330 | 4,332,003 |
Accumulated Depreciation | (2,456,928) | (2,395,109) |
Properties, plants and equipment, net | 1,937,402 | 1,936,894 |
MEXICO | ||
Equipment | 7,497,791 | 6,159,064 |
Buildings | 900,992 | 834,269 |
Mineral Rights | 3,743,352 | 1,117,636 |
Land & Other | 2,529,294 | 3,367,708 |
Total | 14,671,429 | 11,478,677 |
Accumulated Depreciation | (2,131,624) | (1,482,098) |
Properties, plants and equipment, net | 12,539,805 | 9,996,579 |
BRZ | ||
Equipment | 3,347,629 | 3,166,701 |
Buildings | 349,946 | 349,946 |
Mineral Rights | 0 | 0 |
Land & Other | 15,310 | 0 |
Total | 3,712,885 | 3,516,647 |
Accumulated Depreciation | (2,159,759) | (1,938,317) |
Properties, plants and equipment, net | $ 1,553,126 | $ 1,578,330 |
7. Asset Retirement Obligatio45
7. Asset Retirement Obligation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Beginning Balance | $ 147,690 | $ 150,080 | $ 142,040 |
Accretion during the year | 5,137 | (2,390) | 8,040 |
Ending Balance | $ 152,827 | $ 147,690 | $ 150,080 |
7. Asset Retirement Obligatio46
7. Asset Retirement Obligation (Details Narrative) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Asset Retirement Obligation Details Narrative | ||
Asset retirement obligation liability with reclamation obligations | $ 260,327 | $ 255,190 |
9. Long-Term Debt (Details)
9. Long-Term Debt (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Total debt | $ 1,899,032 | $ 874,606 |
Less current portion | (181,287) | (159,278) |
Noncurrent portion | 1,717,745 | 715,328 |
First Security Bank [Member] | ||
Total debt | 27,845 | 0 |
Wells Fargo Bank [Member] | ||
Total debt | 5,399 | 10,245 |
Western States Equipment Co [Member] | ||
Total debt | 0 | 11,977 |
BMT Leasing [Member] | ||
Total debt | 0 | 9,254 |
Catepillar Finance [Member] | ||
Total debt | 0 | 8,051 |
De Lage Landen Financial Services [Member] | ||
Total debt | 2,171 | 7,951 |
De Lage Landen Financial Services 1 [Member] | ||
Total debt | 0 | 689 |
De Lage Landen Financial Services 2 [Member] | ||
Total debt | 27,587 | 0 |
De Lage Landen Financial Services 3 [Member] | ||
Total debt | 29,300 | 0 |
PhyllisRice [Member] | ||
Total debt | 14,146 | 18,146 |
SoyatalMine [Member] | ||
Total debt | 820,272 | 808,293 |
Guadalupe Mine [Member] | ||
Total debt | $ 972,312 | $ 0 |
9. Long-Term Debt (Details 1)
9. Long-Term Debt (Details 1) | Dec. 31, 2015USD ($) |
Long-term Debt Details 1 | |
2,016 | $ 181,287 |
2,017 | 121,266 |
2,018 | 220,584 |
2,019 | 305,303 |
2,020 | 303,413 |
Thereafter | 767,179 |
Long Term Debt Total | $ 1,899,032 |
10. Notes Payable to Bank (Deta
10. Notes Payable to Bank (Details) | Dec. 31, 2015USD ($) |
Notes payable to bank | $ 130,672 |
Promissory note payable CD 48614 | |
Notes payable to bank | 36,881 |
Promissory note payable CD 48615 | |
Notes payable to bank | $ 93,971 |
12. Stockholder's Equity (Detai
12. Stockholder's Equity (Details) - Warrant [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance, shares | 726,917 | 2,489,407 |
Warrants exercised, shares | (310,625) | |
Warrants expired, shares | (476,917) | (1,451,865) |
Ending balance, shares | 250,000 | 726,917 |
Ending balance Exercise Prices | $ .25 | |
2,015 | 476,917 | |
Thereafter | 250,000 | |
Total | 726,917 | |
Minimum [Member] | ||
Beginning balance, Exercise Prices | 0.25 | $ 0.25 |
Warrants exercised, Exercise Prices | 1.20 | |
Ending balance Exercise Prices | 0.25 | |
Maximum [Member] | ||
Beginning balance, Exercise Prices | $ 4.50 | 4.50 |
Warrants exercised, Exercise Prices | 1.60 | |
Ending balance Exercise Prices | $ 4.50 |
14. Income Taxes (Details 1)
14. Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ 982,901 | $ (345,293) |
Foreign | (1,821,432) | (1,250,162) |
Total | $ (838,531) | $ (1,595,455) |
14. Income Taxes (Details 2)
14. Income Taxes (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax asset: | ||
Foreign exploration costs | $ 87,494 | $ 127,936 |
Foreign net operating loss carryforward | 2,515,954 | 1,926,341 |
Federal and state net operating loss carry forward | 185,472 | 337,890 |
Deferred tax asset | 2,788,920 | 2,392,167 |
Valuation allowance (foreign) | (2,515,954) | (1,926,341) |
Valuation allowance (federal) | (90,220) | (266,711) |
Total deferred tax asset | 182,746 | 199,115 |
Deferred tax liability: | ||
Property, plant, and equipment | (181,224) | (197,593) |
Other | (1,522) | (1,522) |
Total deferred tax liability | (182,746) | (199,115) |
Net Deferred Tax Asset | $ 0 | $ 0 |
14. Income Taxes (Details 3)
14. Income Taxes (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Income Tax Disclosure [Abstract] | |||
Computed expected tax provision (benefit) | $ (293,486) | $ (558,409) | |
State taxes | (32,283) | 0 | |
Foreign taxes | 91,072 | 62,508 | |
Other1 | [1] | (178,414) | (1,346,130) |
Change in valuation allowance U.S. | (176,502) | 194,925 | |
Change in valuation allowance Foreign | $ 589,613 | $ 1,647,106 | |
Computed expected tax provision (benefit), Percent | 35.00% | 35.00% | |
State taxes, percent | 4.00% | 0.00% | |
Foreign taxes, Percent | (11.00%) | (4.00%) | |
Other(1), Percent | [1] | 21.00% | 84.00% |
Changee in valuation allowance U.S., Percent | 21.00% | (12.00%) | |
Change in valuation allowance Foreign | (70.00%) | (103.00%) | |
Total, Percent | 0.00% | 0.00% | |
[1] | In 2015 and 2014 there were revisions to estimates of foreign net operating loss carry forwards and adjsutments made based upon the US Income tax return filed. |
14. Income Taxes (Details Narra
14. Income Taxes (Details Narrative) | Dec. 31, 2015USD ($) | |
Operating loss carryforwards | $ 186,000 | [1] |
Montana [Member] | ||
Operating loss carryforwards | 2,313,000 | [2] |
Idaho state [Member] | ||
Operating loss carryforwards | 940,000 | [3] |
Mexican | ||
Operating loss carryforwards | $ 8,400,000 | [4] |
[1] | Expire various dated between 2030 and 2035 | |
[2] | Expire between 2017 and 2022 | |
[3] | Expire between 2033 and 2035 | |
[4] | Expire between 2022 and 2025 |
15. Related Party Transaction55
15. Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions Tables | ||
Balance, beginning of year | $ 8,357 | $ 15,549 |
Aircraft rental charges | 30,867 | 30,561 |
Payments and advances, net | (6,828) | (37,753) |
Balance, end of year | $ 32,396 | $ 8,357 |
16. Commitments and Contingen56
16. Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Payments paid for capitalized mineral rights | $ 127,500 | $ 200,000 |
17. Business Segments (Details)
17. Business Segments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Properties, plants and equipment, net | $ 16,030,333 | $ 13,511,803 |
United States Antimony [Member] | ||
Properties, plants and equipment, net | 1,937,402 | 1,936,894 |
Mexico Antimony [Member] | ||
Properties, plants and equipment, net | 12,539,805 | 9,996,579 |
Subtotal Antimony [Member] | ||
Properties, plants and equipment, net | 14,477,207 | 11,933,473 |
Zeloite (Member) | ||
Properties, plants and equipment, net | $ 1,553,126 | $ 1,578,330 |
17. Business Segments (Details
17. Business Segments (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Total Assets | $ 18,260,201 | $ 16,545,031 |
United States Antimony [Member] | ||
Total Assets | 2,676,263 | 3,045,426 |
Mexico Antimony [Member] | ||
Total Assets | 13,367,960 | 11,415,198 |
Subtotal Antimony [Member] | ||
Total Assets | 16,711,031 | 14,460,624 |
Zeloite (Member) | ||
Total Assets | $ 2,215,978 | $ 2,084,407 |
17. Business Segments (Detail59
17. Business Segments (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Expenditure | $ 3,451,317 | $ 1,901,490 |
United States Antimony [Member] | ||
Capital Expenditure | 62,328 | 70,076 |
Mexico Antimony [Member] | ||
Capital Expenditure | 3,192,751 | 1,706,647 |
Subtotal Antimony [Member] | ||
Capital Expenditure | 3,255,079 | 1,776,723 |
Zeloite (Member) | ||
Capital Expenditure | $ 196,238 | $ 124,767 |
17. Business Segments (Detail60
17. Business Segments (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 13,109,003 | $ 10,772,192 |
Depreciation and amortization | 932,786 | 780,782 |
Income (loss) from operations | (808,997) | (1,588,339) |
Other income (expense): | (29,534) | (7,116) |
Income (loss) before income taxes | (838,531) | (1,595,455) |
NET INCOME (LOSS) | (838,531) | (1,595,455) |
Antimony [Member] | ||
Revenues | 10,347,824 | 8,580,035 |
Depreciation and amortization | 61,819 | 63,787 |
Income (loss) from operations | 4,990,865 | 1,971,677 |
Mexico Antimony [Member] | ||
Revenues | 7,535 | 22,538 |
Depreciation and amortization | 649,526 | 495,765 |
Income (loss) from operations | (6,311,265) | (3,864,950) |
Zeloite (Member) | ||
Revenues | 2,753,644 | 2,169,619 |
Depreciation and amortization | 221,441 | 221,230 |
Income (loss) from operations | $ 511,403 | $ 304,934 |