United States Antimony (UAMY) 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 16, 2016
Document And Entity Information
Entity Registrant Name	UNITED STATES ANTIMONY CORP
Entity Central Index Key	101,538
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		66,866,278
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 137,664	$ 133,543
Certificates of deposit	251,452	250,414
Accounts receivable, net of $4,031 allowance for doubtful accounts	868,024	422,673
Inventories	950,084	1,094,238
Other current assets	118,865	235,458
Total current assets	2,326,089	2,136,326
Properties, plants and equipment, net	16,039,238	16,030,333
Restricted cash for reclamation bonds	76,012	76,012
Other assets	17,530	17,530
Total assets	18,458,869	18,260,201
Current liabilities:
Accounts payable	1,960,029	1,629,972
Due to factor	97,865	13,782
Accrued payroll, taxes and interest	190,680	221,446
Other accrued liabilities	193,053	141,545
Payables to related parties	32,627	32,396
Deferred revenue	78,730	78,730
Note payable to bank	85,760	130,672
Long-term debt, current portion, net of discount	309,635	181,287
Total current liabilities	2,948,379	2,429,830
Long-term debt, net of discount and current portion	1,571,927	1,717,745
Hillgrove advances payable	1,230,559	1,254,846
Common stock payable to directors for services	37,500	137,500
Asset retirement obligations and accrued reclamation costs	261,691	260,327
Total liabilities	$ 6,050,056	$ 5,800,248
Commitments and contingencies (Note 6)
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 $909,375 and $907,500, 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 $5,014,692 and $4,879,029, respectively)	17,509	17,509
Common stock, $0.01 par value, 90,000,000 shares authorized; 66,866,278 and 66,316,278 shares issued and outstanding, respectively	668,662	663,162
Additional paid-in capital	36,022,733	35,890,733
Accumulated deficit	(24,309,370)	(24,120,730)
Total stockholders' equity	12,408,813	12,459,953
Total liabilities and stockholders' equity	$ 18,458,869	$ 18,260,201

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 4,031	$ 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	$ 909,375	$ 907,500
Series C Preferred stock, par value	$ 0.01	$ 0.01
Series C Preferred stock, authorized shares	10,000,000	10,000,000
Series C Preferred stock, issued shares	177,904	177,904
Series C Preferred stock, outstanding shares	177,904	177,904
Series C liquidation preference	$ 97,847	$ 97,847
Series D Preferred stock, par value	$ 0.01	$ 0.01
Series D Preferred stock, authorized shares	10,000,000	10,000,000
Series D Preferred stock, issued shares	1,751,005	1,751,005
Series D Preferred stock, outstanding shares	1,751,005	1,751,005
Series D liquidation preference	$ 5,014,692	$ 4,879,029
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	90,000,000	90,000,000
Common stock, issued shares	66,866,278	66,316,278
Common stock, outstanding shares	66,866,278	66,316,278

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
REVENUES	$ 3,322,203	$ 2,947,381
COST OF REVENUES	3,111,375	3,051,434
GROSS PROFIT (LOSS)	210,828	(104,053)
OPERATING EXPENSES:
General and administrative	163,877	158,714
Salaries and benefits	109,589	112,022
Gain on liability adjustment (Note 3)	0	(927,018)
Hillgrove advance - earned credit (Note 9)	(23,991)	0
Professional fees	143,650	111,789
TOTAL OPERATING EXPENSES	393,125	(544,493)
INCOME (LOSS) FROM OPERATIONS	(182,297)	440,440
OTHER INCOME (EXPENSE):
Gain on sale of equipment	0	5,200
Interest income	1,183	3,168
Interest expense	0	(426)
Factoring expense	(7,526)	(8,354)
TOTAL OTHER INCOME (EXPENSE)	(6,343)	(412)
INCOME (LOSS) BEFORE INCOME TAXES	(188,640)	440,028
INCOME TAX EXPENSE	0	0
NET INCOME (LOSS)	$ (188,640)	$ 440,028
Net loss per share of common stock:
Basic and diluted	$ 0	$ .01
Weighted average shares outstanding:
Basic	66,509,685	66,045,891
Diluted	66,509,685	68,523,903

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net (income) loss	$ (188,640)	$ 440,028
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	261,150	220,025
Gain on sale of asset	0	(5,200)
Hillgrove advance earned credit	(23,991)	0
Accretion of asset retirement obligation	1,364	1,284
Common stock issued for services	0	2,950
Principal received on shareholder loan	0	915
Common stock payable for directors fees	37,500	37,500
Change in:
Accounts receivable, net	(445,351)	(66,582)
Inventories	144,154	(873,625)
Other current assets	114,555	(339,249)
Other assets	1,000	(19,227)
Accounts payable	330,057	121,068
Accrued payroll, taxes and interest	(30,766)	118,517
Other accrued liabilities	51,213	3,089
Deferred revenue	0	90,810
Payables to related parties	231	11,716
Net cash provided (used) by operating activities	252,476	(255,981)
Cash Flows From Investing Activities:
Purchase of properties, plants and equipment	(245,702)	(108,710)
Net cash used by investing activities	(245,702)	(108,710)
Cash Flows From Financing Activities:
Net borrowing from factor	84,083	19,279
Proceed from Hillgrove advances	0	294,858
Proceeds from sale of equipment	0	5,200
Proceeds from notes payable to bank	0	71,906
Principal paid notes payable to bank	(44,912)	0
Principal payments on long-term debt	(41,824)	(14,149)
Net cash provided (used) by financing activities	(2,653)	377,094
NET INCREASE IN CASH AND CASH EQUIVALENTS	4,121	12,403
Cash and cash equivalents at beginning of period	133,543	123,683
Cash and cash equivalents at end of period	137,664	136,086
Noncash investing and financing activities:
Imputed interest capitalized as property, plant and equipment	24,353	10,625
Properties, plants & equipment acquired with advances	0	434,335
Common stock payable issued to directors	$ 137,500	$ 125,000

1. Basis of Presentation

1. Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	The unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three month period ended March 31, 2016, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016. Certain consolidated financial statement amounts for the three month periods ended March 31, 2015, have been reclassified to conform to the 2016 presentation. These reclassifications had no effect on the net income (loss) or cash flows or accumulated deficit as previously reported. For further infomation refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. During the three months ended March 31, 2016 and 2015, the Company incurred interest expense of $57,169 and $68,986, respectively, of which $56,987 and $67,876, respectively, has been capitalized as part of the cost of construction projects in Mexico.

2. Income (Loss) Per Common Sha

2. Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2016
Net loss per share of common stock:
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. Warrants equivalent to approximately 100,000 shares of common stock have been added to the weighted average shares of outstanding common stock at March 31, 2015, to determine the diluted income per share for the quarter ending March 31, 2015. Management has determined that the calculation of diluted earnings per share for the quarter ended March 31, 2016, is not applicable since any additions to outstanding shares related to common stock equivalents would be anti-dilutive. As of March 31, 2016 and 2015, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows: March 31, 2016 March 31, 2015 Warrants 250,000 476,917 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,227,922

3. Inventories

3. Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories at March 31, 2016 and December 31, 2015, consisted primarily of finished antimony products, antimony metal, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight. Inventory at March 31, 2016 and December 31, 2015, is as follows: 2016 2015 Antimony Metal $ 151,189 $ 102,207 Antimony Oxide 197,305 332,068 Antimony Concentrates 131,417 133,954 Antimony Ore 279,940 319,631 Total antimony 759,851 887,860 Zeolite 190,233 206,378 $ 950,084 $ 1,094,238 During the first quarter of 2015 the Company discovered it had been overcharged for raw material purchases from a vendor. The Company brought the matter to the vendor’s attention and received a $914,967 credit to accounts payable due the vendor that was recorded as a gain on liability adjustment during the three months ended March 31, 2015.

4. Accounts Receivable and Due

4. Accounts Receivable and Due to Factor	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Accounts Receivable and Due to Factor	The Company factors designated trade receivables pursuant to a factoring agreement with LSQ Funding Group L.C., an unrelated factor (the “Factor”). The agreement specifies that eligible trade receivables are factored with recourse. We submit selected trade receivables to the factor, and receive 83% of the face value of the receivable by wire transfer. The Factor withholds 15% as retainage, and 2% as a servicing fee. Upon payment by the customer, we receive the remainder of the amount due from the factor. The 2% servicing fee is recorded on the consolidated statement of operations in the period of sale to the factor. John Lawrence, CEO, is a personal guarantor of the amount due to 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. The allowance for doubtful accounts is based on management’s regular evaluation of individual customer’s receivables and consideration of a customer’s financial condition and credit history. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. Interest is not charged on past due accounts. We present the receivables, net of allowances, as current assets and we present the amount potentially due to the Factor as a secured financing in current liabilities. Accounts Receivble March 31, 2016 December 31, 2015 Accounts receivable - non factored $ 774,190 $ 412,922 Accounts receivable - factored with recourse 97,865 13,782 less allowance for doubtful accounts (4,031 ) (4,031 ) Accounts receivable - net $ 868,024 $ 422,673

5. Mineral Properties

5. Mineral Properties	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Mineral Properties	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 (Grupo Roga) 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 Grupo Roga of $586,892 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 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 March 31, 2016, the Company had made $30,000 in payments toward this debt and amortized $29,180 of discount as interest expense. The net balance of the debt at March 31, 2016 was $971,904.

6. Commitments and Contingencie

6. Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	In 2005, Antimonio de Mexico S.A. de C.V. (“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 year ended December 31, 2015, and the three months ended March 31, 2016, $100,000 and $55,870, respectively, was paid and capitalized as mineral rights in accordance with the Company’s accounting policies. At March 31, 2016, a final payment of $11,739 was remaining. 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, as of March 31, 2016, requires payments of $20,000 plus a tax of $3,400, per month. For May of 2016, the lease payment has been reduced to $10,000 plus a tax of $1,700, 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”). As of March 31, 2016, and December 31, 2015, respectively, the Company had no liabilities due to MSHA. During the first quarter of 2015, the Company discovered that we did not have IMMEX certification and that the Company would be required to obtain it. Without the IMMEX certification, the Company was required to pay the national sales tax of 16% on all items that the Company imports into Mexico, including capital items and the concentrates from Hillgrove of Australia. IMMEX requires that the Company export a minimum of 60% of everything that is imported into Mexico. The Company has met this requirement at this time. At March 31, 2016, and December 31, 2015, the Company had approximately $51,000 and $167,000, respectively, included in other current assets, on deposit with the Mexican tax authorities. The Company believes that this will either ultimately be refunded, or applied to reduce other tax liabilities. The Company’s accountants and attorneys in Mexico are preparing the refund applications.

7. Note Payable to Bank

7. Note Payable to Bank	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Note Payable to Bank	At March 31, 2016 and December 31, 2015, the Company had the following notes payable to the bank: March 31, December 31, 2016 2015 Promissory note payable to First Security Bank of Missoula, bearing interest at 5.0%, maturing February 27, 2017, 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 5.0%, maturing February 27, 2017, payable on demand, collateralized by a lien on Certificate of Deposit number 48615 85,760 93,791 Total notes payable to bank $ 85,760 $ 130,672 These notes are personally guaranteed by John C. Lawrence the Company’s President and Chairman of the Board of Directors. The maximum amount available for borrowing under each note is $99,998.

8. Long-Term Debt

8. Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long - Term Debt	Long-Term debt at March 31, 2016, and December 31, 2015, is as follows: March 31, December 31, 2016 2015 Note payable to first Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. $ 25,499 $ 27,845 Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. 4,104 5,398 Note payable to De Lage Landen Financial Services, bearing interest at 5.30%; payable in monthly installments of $549; maturing March 2016; collateralized by equipment. 546 2,172 Note payable to De Lage Landen Financial Services, bearing interest at 3.51%; payable in monthly installments of $655; maturing September 2019; collateralized by equipment. 25,858 27,587 Note payable to De Lage Landen Financial Services, bearing interest at 3.51%; payable in monthly installments of $655; maturing December 2019; collateralized by equipment. 28,160 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 14,146 Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 through 2019, net of discount. 811,345 820,272 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 971,904 972,312 1,881,562 1,899,032 Less current portion (309,635 ) (181,287 ) Long-term portion $ 1,571,927 $ 1,717,745 At March 31, 2016, principal payments on debt are due as follows: Year Ended March 31, 2017 $ 309,635 2018 195,686 2019 259,114 2020 267,826 2021 172,936 Thereafter 676,365 $ 1,881,562

9. Hillgrove Advances Payable

9. Hillgrove Advances Payable	3 Months Ended
	Mar. 31, 2016
Hillgrove Advances Payable
Hillgrove Advances Payable	On November 7, 2014, the Company entered into a loan and processing agreement with Hillgrove Mines Pty Ltd of Australia (Hillgrove) by which Hillgrove will advance the Company funds to be used to expand their smelter in Madero, Mexico, and in Thompson Falls, Montana, so that they may process antimony and gold concentrates produced by Hillgrove’s mine in 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 Company’s repayment obligation will be 81.25% of the total amounts advanced. As of March 31, 2016, and December 31, 2015, Hillgrove had advanced the Company a total of $1,396,721and $1,397,016, respectively. Of this amount, $221,514 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 quarters ended March 31, 2016 and 2015, $23,991 and $0, respectively, of the deferred earned credit was recognized with $95,723 to be recognized in the remainder of 2016. At March 31, 2016, the amount due to Hillgrove for advances was $1,134,836 which is approximately 81.25% of the total amount advanced.

10. Concentrations of Risk

10. Concentrations of Risk	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Concentrations of Risk	Sales to Three For the Period Ended Largest Customers March 31, 2016 March 31, 2015 Alpha Gary Corporation $ - $ 969,960 Ampacet Corporation - 305,407 Kohler Corporation 432,283 340,473 East Penn Manufacturing 536,413 - Mexichem Speciality Compounds 590,423 - $ 1,559,119 $ 1,615,840 % of Total Revenues 46.90 % 54.82 % Three Largest Accounts Receivable March 31, 2016 March 31, 2015 Kohler Corporation $ 211,295 $ - Accupowder International 110,000 - Mexichem Speciality Compounds 95,062 - AlphaGary Corporation - 36,945 Scutter Enterprises LLC - 26,600 Teck American, Inc. - 164,042 $ 416,357 $ 227,587 % of Total Receivables 48.00 % 43.66 %

11. Related Party Transactions

11. Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	During the three months ended March 31, 2016 and 2015, the Chairman of the audit committee and compensation committee received $9,000 and $9,000, respectively, for services performed. During the three months ended March 31, 2016 and 2015, the Company paid $2,480 and $13,710, respectively, to John Lawrence, our President and Chief Executive Officer, as reimbursement for equipment used by the Company. During the three months ended March 31, 2016 and 2015, the Company paid royalty expenses, based on sales of zeolite, of $13,356 and $13,097, respectively, to a company controlled by the estate of Al Dugan, formerly a significant stockholder and the father of a former director.

12. Income Taxes

12. Income Taxes	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Income Taxes	During the quarter ended March 31, 2016, and the year ended December 31, 2015, the Company determined that a valuation allowance equal to 100% of any deferred tax asset was appropriate, as management of the Company cannot determine that it is more likely than not the Company will realize the benefit of a net deferred tax asset. The net effect is that the deferred tax asset as of December 31, 2015, and any deferred tax assets that may have been incurred since then, are fully reserved for at March 31, 2016. Management estimates the effective tax rate at 0% for the current year.

13. Stockholder's Equity

13. Stockholder's Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholder's Equity	Issuance of Common Stock for Payable to Board of Directors During the quarter ended March 31, 2016, the Board of Directors was issued a total of 550,000 shares of common stock for $137,500 in directors’ fees that were payable at December 31, 2015. In addition during the quarter, the Company accrued $37,500 in directors’ fees payable that will be paid in common stock. During the quarter ended March 31, 2015, the Board of Directors was issued a total of 183,825 shares of common stock for $125,000 in director’s fees that were payable at December 31, 2014. In addition, during the quarter, the Company accrued $37,500 in directors’ fees payable that will be paid in common stock. Issuance of Common Stock for Services During the quarter ended March 31, 2015, 5,000 shares were issued to for investor relation services totaling $2,950.

14. Business Segments

14. Business Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Business Segments	The Company is currently organized and managed by four segments, which represent our operating units: United States antimony operations, Mexican antimony operations, precious metals recovery and United States zeolite operations. The Madero smelter and Puerto Blanco mill at the Company’s Mexico operation brings antimony up to an intermediate stage, which may be sold directly or shipped to the United States operation for finishing and sales at the Thompson Falls, Montana plant. The precious metals recovery plant is operated in conjunction with the antimony processing plant at Thompson Falls, Montana. 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. Disclosure of the activity relating to our precious metals recovery requires that it be reported as a separate business segment. The prior period comparative information has been reclassified to reflect this change. Segment disclosure regarding sales to major customers is located in Note 10. Properties, plants and equipment, net: March 31, 2016 December 31, Antimony United States $ 1,751,864 $ 1,766,328 Mexico 12,559,040 12,539,805 Subtotal Antimony 14,310,904 14,306,133 Precious metals 190,439 171,074 Zeolite 1,537,895 1,553,126 Total $ 16,039,238 $ 16,030,333 Total Assets: March 31, 2016 December 31, Antimony United States $ 2,736,297 $ 2,505,189 Mexico 13,462,792 13,367,960 Subtotal Antimony 16,199,089 15,873,149 Precious metals 190,439 171,074 Zeolite 2,069,341 2,215,978 Total $ 18,458,869 $ 18,260,201 For the three months ended For the three months ended Capital expenditures: March 31, 2016 March 31, 2015 Antimony United States $ 1,035 $ - Mexico 207,886 527,185 Subtotal Antimony 208,921 527,185 Precious metals 19,365 19,365 Zeolite 41,769 11,285 Total $ 270,055 $ 538,470 Segment Operations for the three Antimony Antimony Precious Bear River months ended March 31, 2016 USAC Mexico Metals Zeolite Totals Total revenues $ 2,539,333 $ 16,668 $ 217,617 $ 583,354 $ 3,356,972 Depreciation and amortization 15,500 188,650 57,000 261,150 Income (loss) from operations 884,197 (1,279,512 ) 182,848 30,170 (182,297 ) Other income (expense): (5,975 ) - - (368 ) (6,343 ) NET INCOME (LOSS) $ 878,222 $ (1,279,512 ) $ 182,848 $ 29,802 $ (188,640 ) Segment Operations for the three Antimony Antimony Precious Bear River months ended March 31, 2015 USAC Mexico Metals Zeolite Totals Total revenues $ 2,239,956 $ - $ 122,665 $ 584,760 $ 2,947,381 Depreciation and amortization 15,150 148,875 56,000 220,025 Income (loss) from operations 1,805,922 (1,470,589 ) 122,665 (17,985 ) 440,013 Other income (expense): 935 - - (920 ) 15 NET INCOME (LOSS) $ 1,806,857 $ (1,470,589 ) $ 122,665 $ (18,905 ) $ 440,028

2. Income (Loss) Per Common S20

2. Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Net loss per share of common stock:
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	March 31, 2016 March 31, 2015 Warrants 250,000 476,917 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,227,922

3. Inventories (Tables)

3. Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	2016 2015 Antimony Metal $ 151,189 $ 102,207 Antimony Oxide 197,305 332,068 Antimony Concentrates 131,417 133,954 Antimony Ore 279,940 319,631 Total antimony 759,851 887,860 Zeolite 190,233 206,378 $ 950,084 $ 1,094,238

4. Accounts Receivable and Du22

4. Accounts Receivable and Due to Factor (Tables)	3 Months Ended
	Mar. 31, 2016
Accounts Receivable And Due To Factor Tables
Account Receivables	Accounts Receivble March 31, 2016 December 31, 2015 Accounts receivable - non factored $ 774,190 $ 412,922 Accounts receivable - factored with recourse 97,865 13,782 less allowance for doubtful accounts (4,031 ) (4,031 ) Accounts receivable - net $ 868,024 $ 422,673

7. Note Payable to Bank (Tables

7. Note Payable to Bank (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of notes payable to bank	March 31, December 31, 2016 2015 Promissory note payable to First Security Bank of Missoula, bearing interest at 5.0%, maturing February 27, 2017, 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 5.0%, maturing February 27, 2017, payable on demand, collateralized by a lien on Certificate of Deposit number 48615 85,760 93,791 Total notes payable to bank $ 85,760 $ 130,672

8. Long-Term Debt (Tables)

8. Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long - Term Debt	Long-Term debt at March 31, 2016, and December 31, 2015, is as follows: March 31, December 31, 2016 2015 Note payable to first Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. $ 25,499 $ 27,845 Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. 4,104 5,398 Note payable to De Lage Landen Financial Services, bearing interest at 5.30%; payable in monthly installments of $549; maturing March 2016; collateralized by equipment. 546 2,172 Note payable to De Lage Landen Financial Services, bearing interest at 3.51%; payable in monthly installments of $655; maturing September 2019; collateralized by equipment. 25,858 27,587 Note payable to De Lage Landen Financial Services, bearing interest at 3.51%; payable in monthly installments of $655; maturing December 2019; collateralized by equipment. 28,160 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 14,146 Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 through 2019, net of discount. 811,345 820,272 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 971,904 972,312 1,881,562 1,899,032 Less current portion (309,635 ) (181,287 ) Long-term portion $ 1,571,927 $ 1,717,745
Debt Outstanding	Year Ended March 31, 2017 $ 309,635 2018 195,686 2019 259,114 2020 267,826 2021 172,936 Thereafter 676,365 $ 1,881,562

10. Concentration of Risk (Tabl

10. Concentration of Risk (Tables)	3 Months Ended
	Mar. 31, 2016
Concentration Of Risk Tables
Major Customers Revenue Details	Sales to Three For the Period Ended Largest Customers March 31, 2016 March 31, 2015 Alpha Gary Corporation $ - $ 969,960 Ampacet Corporation - 305,407 Kohler Corporation 432,283 340,473 East Penn Manufacturing 536,413 - Mexichem Speciality Compounds 590,423 - $ 1,559,119 $ 1,615,840 % of Total Revenues 46.90 % 54.82 % Three Largest Accounts Receivable March 31, 2016 March 31, 2015 Kohler Corporation $ 211,295 $ - Accupowder International 110,000 - Mexichem Speciality Compounds 95,062 - AlphaGary Corporation - 36,945 Scutter Enterprises LLC - 26,600 Teck American, Inc. - 164,042 $ 416,357 $ 227,587 % of Total Receivables 48.00 % 43.66 %

14. Business Segments (Tables)

14. Business Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Properties, plants and equipment, net: March 31, 2016 December 31, Antimony United States $ 1,751,864 $ 1,766,328 Mexico 12,559,040 12,539,805 Subtotal Antimony 14,310,904 14,306,133 Precious metals 190,439 171,074 Zeolite 1,537,895 1,553,126 Total $ 16,039,238 $ 16,030,333 Total Assets: March 31, 2016 December 31, Antimony United States $ 2,736,297 $ 2,505,189 Mexico 13,462,792 13,367,960 Subtotal Antimony 16,199,089 15,873,149 Precious metals 190,439 171,074 Zeolite 2,069,341 2,215,978 Total $ 18,458,869 $ 18,260,201
Capital Expenditure Information	For the three months ended For the three months ended Capital expenditures: March 31, 2016 March 31, 2015 Antimony United States $ 1,035 $ - Mexico 207,886 527,185 Subtotal Antimony 208,921 527,185 Precious metals 19,365 19,365 Zeolite 41,769 11,285 Total $ 270,055 $ 538,470
Segment Revenue Information	Segment Operations for the three Antimony Antimony Precious Bear River months ended March 31, 2016 USAC Mexico Metals Zeolite Totals Total revenues $ 2,539,333 $ 16,668 $ 217,617 $ 583,354 $ 3,356,972 Depreciation and amortization 15,500 188,650 57,000 261,150 Income (loss) from operations 884,197 (1,279,512 ) 182,848 30,170 (182,297 ) Other income (expense): (5,975 ) - - (368 ) (6,343 ) NET INCOME (LOSS) $ 878,222 $ (1,279,512 ) $ 182,848 $ 29,802 $ (188,640 ) Segment Operations for the three Antimony Antimony Precious Bear River months ended March 31, 2015 USAC Mexico Metals Zeolite Totals Total revenues $ 2,239,956 $ - $ 122,665 $ 584,760 $ 2,947,381 Depreciation and amortization 15,150 148,875 56,000 220,025 Income (loss) from operations 1,805,922 (1,470,589 ) 122,665 (17,985 ) 440,013 Other income (expense): 935 - - (920 ) 15 NET INCOME (LOSS) $ 1,806,857 $ (1,470,589 ) $ 122,665 $ (18,905 ) $ 440,028

1. Basis of Presentation (Detai

1. Basis of Presentation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Interest expense	$ 57,169	$ 68,986
Capitalized cost of construction	$ 56,987	$ 67,876

2. Income (Loss) Per Common S28

2. Income (Loss) Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net loss per share of common stock:
Warrants	250,000	476,917
Convertible preferred stock	1,751,005	1,751,005
Total possible dilution	2,001,005	2,227,922

3. Inventories (Details)

3. Inventories (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Inventories	$ 950,084	$ 1,094,238
Antimony Oxide - Finished
Inventories	197,305	332,068
Antimony Metal [Member]
Inventories	151,189	102,207
Antimony Concentrates
Inventories	131,417	133,954
Antimony Ore [Member]
Inventories	279,940	319,631
Antimony [Member]
Inventories	759,851	887,860
Zeolite [Member]
Inventories	$ 190,233	$ 206,378

3. Inventories (Details Narrati

3. Inventories (Details Narrative)	3 Months Ended
	Mar. 31, 2015USD ($)
Inventories Details Narrative
Gain on liability adjustment accounts payable	$ 914,967

4. Accounts Receivable and Du31

4. Accounts Receivable and Due to Factor (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accounts Receivable And Due To Factor Tables
Accounts receivable - non factored	$ 774,190	$ 412,922
Accounts receivable - factored with recourse	97,865	13,782
Less allowance for doubtful accounts	(4,031)	(4,031)
Accounts receivable - net	$ 868,024	$ 422,673

6. Commitments and Contingenc32

6. Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Payments paid for capitalized mineral rights	$ 55,870	$ 100,000
Payments scheduled	At March 31, 2016, a final payment of $11,739 was remaining.

7. Note Payable to Bank (Detail

7. Note Payable to Bank (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Note payable to bank	$ 85,760	$ 130,672
Promissory note payable CD 48614
Note payable to bank	0	36,881
Promissory note payable CD 48615
Note payable to bank	$ 85,760	$ 93,791

8. Long - Term Debt (Details)

8. Long - Term Debt (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Total debt	$ 1,881,562	$ 1,899,032
Less current portion	(309,635)	(181,287)
Noncurrent portion	1,571,927	1,717,745
First Security
Total debt	25,499	27,845
Wells fargo bank
Total debt	4,104	5,398
De Lage Landen Financial Services
Total debt	546	2,172
De Lage Landen Financial Services 1
Total debt	25,858	27,587
De Lage Landen Financial Services 2
Total debt	28,160	29,300
Phyllis Rice
Total debt	14,146	14,146
Soyatal Mine
Total debt	811,345	820,272
Guadalupe Mine
Total debt	$ 971,904	$ 972,312

8. Long - Term Debt (Details 1)

8. Long - Term Debt (Details 1)	Mar. 31, 2016USD ($)
Long Term Debt Details 1
2,017	$ 309,635
2,018	195,686
2,019	259,114
2,020	267,826
Thereafter	676,365
Total	$ 1,881,562

10. Concentrations of Risk (Det

10. Concentrations of Risk (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Sales to Three Largest Customers	$ 1,559,119	$ 1,615,840
Total percentage of revenue	46.90%	54.82%
Alpha Gary Corporation
Sales to Three Largest Customers	$ 0	$ 969,960
Ampacet Corporation
Sales to Three Largest Customers	0	305,407
Kohler Corporation
Sales to Three Largest Customers	432,283	340,473
East Penn Manufacturing Inc.
Sales to Three Largest Customers	536,413	0
Mexichem Speciality Compounds
Sales to Three Largest Customers	$ 590,423	$ 0

10. Concentrations of Risk (D37

10. Concentrations of Risk (Details 1) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accounts Receivable	$ 416,357	$ 227,587
Total percentage of receivables	48.00%	43.66%
Kohler Corporation
Accounts Receivable	$ 211,295	$ 0
Accupowder International
Accounts Receivable	110,000	0
Mexichem Speciality Compounds
Accounts Receivable	95,062	0
Alpha Gary Corporation
Accounts Receivable	0	36,945
Scutter Enterprises LLC
Accounts Receivable	0	26,600
Teck American, Inc.
Accounts Receivable	$ 0	$ 164,042

11. Related Party Transactions

11. Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Chairman of the audit committee and compensation committee
Related Party Transactions	$ 9,000	$ 9,000
Chief Executive Officer
Related Party Transactions	$ 2,480	$ 13,710

14. Business Segments (Details)

14. Business Segments (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Properties, plants and equipment, net	$ 16,039,238	$ 16,030,333
Total Assets	18,458,869	18,260,201
United States Antimony [Member]
Properties, plants and equipment, net	1,751,864	1,766,328
Total Assets	2,736,297	2,505,189
Mexico Antimony [Member]
Properties, plants and equipment, net	12,559,040	12,539,805
Total Assets	13,462,792	13,367,960
Subtotal Antimony [Member]
Properties, plants and equipment, net	14,310,904	14,306,133
Total Assets	16,199,089	15,873,149
Precious Metals [Member]
Properties, plants and equipment, net	190,439	171,074
Total Assets	190,439	171,074
Zeolite [Member]
Properties, plants and equipment, net	1,537,895	1,553,126
Total Assets	$ 2,069,341	$ 2,215,978

14. Business Segments (Details

14. Business Segments (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Capital Expenditure	$ 270,055	$ 538,470
United States Antimony [Member]
Capital Expenditure	1,035	0
Mexico Antimony [Member]
Capital Expenditure	207,886	527,185
Subtotal Antimony [Member]
Capital Expenditure	208,921	527,185
Precious Metals [Member]
Capital Expenditure	19,365	19,635
Zeolite [Member]
Capital Expenditure	$ 41,769	$ 11,285

14. Business Segments (Detail41

14. Business Segments (Details 2) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Total revenues	$ 3,356,972	$ 2,947,381
Depreciation and amortization	261,150	220,025
Income (loss) from operations	(182,297)	440,013
Other income (expense)	(6,343)	15
NET INCOME (LOSS)	(188,640)	440,028
United States Antimony [Member]
Total revenues	2,539,333	2,239,956
Depreciation and amortization	15,500	15,150
Income (loss) from operations	884,197	1,805,922
Other income (expense)	(5,975)	935
NET INCOME (LOSS)	878,222	1,806,857
Mexico Antimony [Member]
Total revenues	16,668	0
Depreciation and amortization	188,650	148,875
Income (loss) from operations	(1,279,512)	(1,470,589)
Other income (expense)	0	0
NET INCOME (LOSS)	(1,279,512)	(1,470,589)
Precious Metals [Member]
Total revenues	217,617	122,665
Depreciation and amortization	0	0
Income (loss) from operations	182,848	122,665
Other income (expense)	0	0
NET INCOME (LOSS)	182,848	122,665
Zeolite [Member]
Total revenues	583,354	584,760
Depreciation and amortization	57,000	56,000
Income (loss) from operations	30,170	(17,985)
Other income (expense)	(368)	(920)
NET INCOME (LOSS)	$ 29,802	$ (18,905)