United States Antimony (UAMY) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 15, 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	Jun. 30, 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	Q2
Document Fiscal Year Focus	2,016

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 82,942	$ 133,543
Certificates of deposit	251,641	250,414
Accounts receivable, net of $4,031 allowance for doubtful accounts	671,851	422,673
Inventories	905,702	1,094,238
Other current assets	264,835	235,458
Total current assets	2,176,971	2,136,326
Properties, plants and equipment, net	15,949,236	16,030,333
Restricted cash for reclamation bonds	76,012	76,012
Other assets	32,520	17,530
Total assets	18,234,739	18,260,201
Current liabilities:
Accounts payable	1,730,610	1,629,972
Due to factor	107,964	13,782
Accrued payroll, taxes and interest	288,670	221,446
Other accrued liabilities	215,673	141,545
Payables to related parties	43,949	32,396
Deferred revenue	78,730	78,730
Note payable to bank	126,505	130,672
Income tax payable	12,000	0
Long-term debt, current portion, net of discount	332,211	181,287
Total current liabilities	2,936,312	2,429,830
Long-term debt, net of discount and current portion	1,530,225	1,717,745
Hillgrove advances payable	1,177,971	1,254,846
Common stock payable to directors for services	75,000	137,500
Asset retirement obligations and accrued reclamation costs	263,054	260,327
Total liabilities	5,982,562	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	(24,466,006)	(24,120,730)
Total stockholders' equity	12,252,177	12,459,953
Total liabilities and stockholders' equity	$ 18,234,739	$ 18,260,201

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
REVENUES	$ 3,014,394	$ 3,388,242	$ 6,319,929	$ 6,347,675
COST OF REVENUES	2,824,779	3,322,603	5,923,003	6,359,292
GROSS PROFIT (LOSS)	189,615	65,639	396,926	(11,617)
OPERATING EXPENSES:
General and administrative	270,514	281,360	540,423	566,843
Professional fees	79,815	30,584	223,465	142,372
Hillgrove advance - earned credit (Note 9)	(52,588)	(58,139)	(76,579)	(58,139)
Gain on liability adjustment (Note 3)				(914,967)
Gain on sale of assets			0	(5,200)
TOTAL OPERATING EXPENSES	297,741	253,805	687,309	(269,091)
INCOME (LOSS) FROM OPERATIONS	(108,126)	(188,166)	(290,383)	257,474
OTHER INCOME (EXPENSE):
Interest income	220	1,939	1,402	5,107
Interest expense	(28,855)	(204)	(28,860)	(630)
Factoring expense	(7,909)	(11,330)	(15,435)	(19,684)
TOTAL OTHER INCOME (EXPENSE)	(36,544)	(9,595)	(42,893)	(15,207)
INCOME (LOSS) BEFORE INCOME TAXES	(144,670)	(197,761)	(333,276)	242,267
Provision for income tax	(12,000)		(12,000)	0
NET INCOME (LOSS)	$ (156,670)	$ (197,761)	$ (345,276)	$ 242,267
Preferred dividends	$ (12,162)	$ (12,162)	$ (24,325)	$ (24,325)
Net income (loss) available to common stockholders	$ (168,832)	$ (209,923)	$ (369,601)	$ 217,942
Net loss per share of common stock:
Basic	$ 0	$ 0	$ 0	$ 0
Diluted	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding:
Basic	66,866,278	66,216,278	66,687,981	66,130,650
Diluted	66,866,278	66,216,278	66,687,981	66,300,522

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows From Operating Activities:
Net income (loss)	$ (345,276)	$ 242,267
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	442,100	442,400
Gain on sale of asset	0	(5,200)
Hillgrove advance earned credit	(76,579)	0
Accretion of asset retirement obligation	2,727	2,569
Common stock issued for services	0	2,950
Change in:
Accounts receivable, net	(249,178)	(445,157)
Inventories	188,536	(882,727)
Other current assets	(30,604)	(400,008)
Other assets	(15,286)	41,009
Accounts payable	100,638	476,106
Due to factor	94,182	141,477
Accrued payroll, taxes and interest	67,224	33,423
Other accrued liabilities	74,128	20,906
Income tax payable	12,000	0
Stock payable to directors for services	75,000	75,000
Deferred revenue	0	79,045
Payables to related parties	11,553	30,228
Net cash provided (used) by operating activities	351,165	(145,712)
Cash Flows From Investing Activities:
Purchase of properties, plants and equipment	(361,003)	(894,159)
Proceeds from sale of assets	0	5,200
Net cash used by investing activities	(361,003)	(888,959)
Cash Flows From Financing Activities:
Proceeds from notes payable to bank	26,506	97,297
Proceed from Hillgrove advances	0	919,639
Increase in notes receivable stock sales	0	(85)
Principal paid notes payable to bank	(30,673)	0
Principal payments on long-term debt	(36,596)	(31,738)
Net cash provided (used) by financing activities	(40,763)	985,113
NET DECREASE IN CASH AND CASH EQUIVALENTS	(50,601)	(49,558)
Cash and cash equivalents at beginning of period	133,543	123,683
Cash and cash equivalents at end of period	82,942	74,125
Noncash investing and financing activities:
Imputed interest capitalized as property, plant and equipment	39,276	10,625
Common stock issued for debt payment	$ 137,500	$ 125,000

1. Basis of Presentation

1. Basis of Presentation	6 Months Ended
	Jun. 30, 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 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 and six month periods ended June 30, 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 and six month periods ended June 30, 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 information 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 six months ended June 30, 2016 and 2015, the Company incurred interest expense of $61,843 and $25,295, respectively, of which $39,276, and $10,625, 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	6 Months Ended
	Jun. 30, 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 equal to common stock equivalents of 169,872 shares have been added to the weighted average shares of outstanding common stock of 66,130,650 at June 30, 2015, to determine the diluted income per share for the six months ended June 30, 2015. Management has determined that the calculation of diluted earnings per share for the six months ended June 30, 2016, is not applicable since any additions to outstanding shares related to common stock equivalents would be anti-dilutive. As of June 30, 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: June 30, 2016 June 30, 2015 Warrants 250,000 250,000 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,001,005

3. Inventories

3. Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories at June 30, 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 June 30, 2016 and December 31, 2015, is as follows: June 30, 2016 December 31, 2015 Antimony Metal $ 182,839 $ 102,207 Antimony Oxide 235,514 332,068 Antimony Concentrates 169,721 133,954 Antimony Ore 160,792 319,631 Total antimony 748,866 887,860 Zeolite 156,836 206,378 $ 905,702 $ 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 six months ended June 30, 2015.

4. Accounts Receivable and Due

4. Accounts Receivable and Due to Factor	6 Months Ended
	Jun. 30, 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 June 30, 2016 December 31, 2015 Accounts receivable - non factored $ 567,918 $ 412,922 Accounts receivable - factored with recourse 107,964 13,782 less allowance for doubtful accounts (4,031 ) (4,031 ) Accounts receivable - net $ 671,851 $ 422,673

5. Properties, Plants, and Equi

5. Properties, Plants, and Equipment - Mineral Properties	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Properties, Plants, and Equipment - 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 June 30, 2016, the Company had made $45,000 in payments toward this debt and amortized $43,772 of discount as interest expense. The net balance of the debt at June 30, 2016 was $971,494.

6. Commitments and Contingencie

6. Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016, $100,000 and $67,608, 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 made. 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 June 30, 2016, requires payments of $10,000 plus a tax of $1,600, 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 2016. From time to time, the Company is assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). As of June 30, 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 June 30, 2016, and December 31, 2015, the Company had approximately $226,000 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.

7. Note Payable to Bank

7. Note Payable to Bank	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Note Payable to Bank	At June 30, 2016 and December 31, 2015, the Company had the following notes payable to the bank: June 30, 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 $ 26,506 $ 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 99,999 93,791 Total notes payable to bank $ 126,505 $ 130,672 These notes are personally guaranteed by John C. Lawrence the Company’s President and Chairman of the Board of Directors.

8. Long-Term Debt

8. Long-Term Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long - Term Debt	Long-Term debt at June 30, 2016, and December 31, 2015, is as follows: June 30, 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. $ 23,118 $ 27,845 Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. 2,772 5,399 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 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. 23,530 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. 25,858 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. 801,518 820,272 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 971,494 972,312 1,862,436 1,899,032 Less current portion (332,211 ) (181,287 ) Long-term portion $ 1,530,225 $ 1,717,745 At June 30, 2016, principal payments on debt are due as follows: Year Ending June 30, 2017 $ 332,211 2018 209,949 2019 275,357 2020 241,836 2021 150,842 2022 109,890 2023 116,483 2024 123,472 2025 130,880 2026 137,599 2027 33,917 $ 1,862,436

9. Hillgrove Advances Payable

9. Hillgrove Advances Payable	6 Months Ended
	Jun. 30, 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 per month, 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 was five years, and that agreement was amended later to be eight 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 determined that it is likely that the Company’s repayment obligation will be 81.25% of the total amounts advanced. As of June 30, 2016, Hillgrove had advanced the Company approximately $1.4 million. The Company had transferred or constructed plant and equipment valued at $1,580,630 for the benefit of Hillgrove. Of this amount, $262,500 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 six months ended June 30, 2016 and 2015, $76,579 and $58,139, respectively, of the deferred earned credit was recognized with $43,750 to be recognized in the remainder of 2016. At June 30, 2016, the amount due to Hillgrove for advances was $1,134,221 which is approximately 81.25% of the total amount advanced.

10. Concentrations of Risk

10. Concentrations of Risk	6 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
Concentrations of Risk	Sales to Three For the three Months Ended For the Six Months Ended Largest Customers June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Alpha Gary Corporation $ 880,515 $ 1,850,475 Mexichem Speciality Compounds $ 585,798 $ 1,176,221 East Penn Manufacturing Inc. 332,024 751,150 Kohler Corporation 484,260 649,050 824,733 Plastatech 279,543 Polymer Products Corporation 430,073 Rubicon Minerals Corporation 328,057 $ 1,193,398 $ 1,696,799 $ 2,576,421 $ 3,105,281 % of Total Revenues 39.60 % 50.10 % 40.80 % 48.90 % Three Largest Accounts Receivable June 30, 2016 June 30, 2015 Kohler Corporation $ 111,016 $ 166,109 GE Lighting (LPC) $ 162,582 Polymer Products 104,498 Sanders Lead Company 161,172 Teck American, Inc. 126,569 $ 342,083 $ 489,863 % of Total Receivables 46.15 % 64.60 %

11. Related Party Transactions

11. Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	During the three and six months ended June 30, 2016 and 2015, the Chairman of the audit committee and compensation committee received $9,000 and $18,000, respectively, for services performed. During the three and six months ended June 30, 2016 and 2015, the Company paid $2,444 and $4,924, and $5,712 and $19,422, respectively, to John Lawrence, our President and Chief Executive Officer, as reimbursement for equipment used by the Company.

12. Income Taxes

12. Income Taxes	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Income Taxes	During the six months ended June 30, 2016, it was determined that, after utilization of the Company’s net operating loss carry forwards, an estimated tax liability of $12,000 was likely to be due. At June 30, 2016, and 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 could not determine that it was more likely than not that 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, was fully reserved.

13. Stockholder's Equity

13. Stockholder's Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholder's Equity	Issuance of Common Stock for Payable to Board of Directors During the six months ended June 30, 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 six months ended June 30, 2016, the Company accrued $75,000 in directors’ fees payable that will be paid in common stock. During the six months ended June 30, 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 six months ended June 30, 2015, the Company accrued $75,000 in directors’ fees that was paid in common stock. Issuance of Common Stock for Services During the six months ended June 30, 2015, 5,000 shares were issued to for investor relation services totaling $2,950.

14. Business Segments

14. Business Segments	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Business Segments	The Company is currently organized 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 can 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: June 30, 2016 December 31, Antimony United States $ 1,753,001 $ 1,766,328 Mexico 12,297,268 12,539,805 Subtotal Antimony 14,050,269 14,306,133 Precious metals 390,650 171,074 Zeolite 1,508,317 1,553,126 Total $ 15,949,236 $ 16,030,333 Total Assets June 30, 2016 December 31, 2015 Antimony United States $ 2,740,833 $ 2,505,189 Mexico 13,077,444 13,367,960 Subtotal Antimony 15,818,277 15,873,149 Precious metals 390,650 171,074 Zeolite 2,025,812 2,215,978 Total $ 18,234,739 $ 18,260,201 For the Three Months Ended For the Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Capital expenditures: Antimony United States $ 5,583 $ - $ 25,983 $ - Mexico 104,618 349,550 312,505 871,310 Subtotal Antimony 110,201 349,550 338,488 871,310 Zeolite 20,023 22,189 61,791 33,474 Total $ 130,224 $ 371,739 $ 400,279 $ 904,784 Segment Operations for the three months ended June 30, 2016 Antimony USA Antimony Mexico Precious Metals Zeolite Totals Total revenues $ 2,056,644 $ 141,495 $ 816,255 $ 3,014,394 Depreciation and amortization 24,900 138,950 49,600 213,450 Income (loss) from operations 974,565 (1,328,242 ) 141,495 104,056 (108,126 ) Income tax expense (12,000 ) (12,000 ) Other income (expense): (8,454 ) (24,505 ) (3,585 ) (36,544 ) NET INCOME (LOSS) $ 954,111 $ (1,352,747 ) $ 141,495 $ 100,471 $ (156,670 ) Segment Operations for the three months ended June 30, 2015 Antimony USA Antimony Mexico Precious Metals Zeolite Totals Total revenues $ 2,732,756 $ - $ 73,636 $ 581,850 $ 3,388,242 Depreciation and amortization 14,500 151,875 56,000 222,375 Income (loss) from operations 984,754 (1,402,086 ) 73,636 155,530 (188,166 ) Other income (expense): (7,878 ) (344 ) - (1,373 ) (9,595 ) NET INCOME (LOSS) $ 976,876 $ (1,402,430 ) $ 73,636 $ 154,157 $ (197,761 ) Segment Operations for the six months ended June 30, 2016 Antimony USA Antimony Mexico Precious Metals Zeolite Totals Total revenues $ 4,595,977 $ - $ 324,343 $ 1,399,609 $ 6,319,929 Depreciation and amortization 40,400 295,100 106,600 442,100 Income (loss) from operations 1,858,762 (2,607,754 ) 324,343 134,266 (290,383 ) Income tax expense (12,000 ) (12,000 ) Other income (expense): (14,430 ) (24,505 ) (3,958 ) (42,893 ) NET INCOME (LOSS) $ 1,832,332 $ (2,632,259 ) $ 324,343 $ 130,308 $ (345,276 ) Segment Operations for the six months ended June 30, 2015 Antimony USA Antimony Mexico Precious Metals Zeolite Totals Total revenues $ 4,972,515 $ 12,248 $ 196,301 $ 1,166,611 $ 6,347,675 Depreciation and amortization 29,650 300,750 112,000 442,400 Income (loss) from operations 2,795,708 (2,872,206 ) 196,301 137,671 257,474 Other income (expense): (11,977 ) (812 ) - (2,418 ) (15,207 ) NET INCOME (LOSS) $ 2,783,731 $ (2,873,018 ) $ 196,301 $ 135,253 $ 242,267

2. Income (Loss) Per Common S20

2. Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
Net loss per share of common stock:
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	June 30, 2016 June 30, 2015 Warrants 250,000 250,000 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,001,005

3. Inventories (Tables)

3. Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	June 30, 2016 December 31, 2015 Antimony Metal $ 182,839 $ 102,207 Antimony Oxide 235,514 332,068 Antimony Concentrates 169,721 133,954 Antimony Ore 160,792 319,631 Total antimony 748,866 887,860 Zeolite 156,836 206,378 $ 905,702 $ 1,094,238

4. Accounts Receivable and Du22

4. Accounts Receivable and Due to Factor (Tables)	6 Months Ended
	Jun. 30, 2016
Accounts Receivable And Due To Factor Tables
Account Receivables	Accounts Receivble June 30, 2016 December 31, 2015 Accounts receivable - non factored $ 567,918 $ 412,922 Accounts receivable - factored with recourse 107,964 13,782 less allowance for doubtful accounts (4,031 ) (4,031 ) Accounts receivable - net $ 671,851 $ 422,673

7. Note Payable to Bank (Tables

7. Note Payable to Bank (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of notes payable to bank	June 30, 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 $ 26,506 $ 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 99,999 93,791 Total notes payable to bank $ 126,505 $ 130,672

8. Long-Term Debt (Tables)

8. Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long - Term Debt	Long-Term debt at June 30, 2016, and December 31, 2015, is as follows: June 30, 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. $ 23,118 $ 27,845 Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. 2,772 5,399 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 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. 23,530 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. 25,858 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. 801,518 820,272 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 971,494 972,312 1,862,436 1,899,032 Less current portion (332,211 ) (181,287 ) Long-term portion $ 1,530,225 $ 1,717,745
Debt Outstanding	Year Ending June 30, 2017 $ 332,211 2018 209,949 2019 275,357 2020 241,836 2021 150,842 2022 109,890 2023 116,483 2024 123,472 2025 130,880 2026 137,599 2027 33,917 $ 1,862,436

10. Concentration of Risk (Tabl

10. Concentration of Risk (Tables)	6 Months Ended
	Jun. 30, 2016
Concentration Of Risk Tables
Major Customers Revenue Details	Sales to Three For the three Months Ended For the Six Months Ended Largest Customers June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Alpha Gary Corporation $ 880,515 $ 1,850,475 Mexichem Speciality Compounds $ 585,798 $ 1,176,221 East Penn Manufacturing Inc. 332,024 751,150 Kohler Corporation 484,260 649,050 824,733 Plastatech 279,543 Polymer Products Corporation 430,073 Rubicon Minerals Corporation 328,057 $ 1,193,398 $ 1,696,799 $ 2,576,421 $ 3,105,281 % of Total Revenues 39.60 % 50.10 % 40.80 % 48.90 % Three Largest Accounts Receivable June 30, 2016 June 30, 2015 Kohler Corporation $ 111,016 $ 166,109 GE Lighting (LPC) $ 162,582 Polymer Products 104,498 Sanders Lead Company 161,172 Teck American, Inc. 126,569 $ 342,083 $ 489,863 % of Total Receivables 46.15 % 64.60 %

14. Business Segments (Tables)

14. Business Segments (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Properties, plants and equipment, net: June 30 2016 December 31, Antimony United States $ 1,753,001 $ 1,766,328 Mexico 12,297,268 12,539,805 Subtotal Antimony 14,050,269 14,306,133 Precious metals 390,650 171,074 Zeolite 1,508,317 1,553,126 Total $ 15,949,236 $ 16,030,333 Total Assets June 30, 2016 December 31, 2015 Antimony United States $ 2,740,833 $ 2,505,189 Mexico 13,077,444 13,367,960 Subtotal Antimony 15,818,277 15,873,149 Precious metals 390,650 171,074 Zeolite 2,025,812 2,215,978 Total $ 18,234,739 $ 18,260,201
Capital Expenditure Information	For the Three Months Ended For the Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Capital expenditures: Antimony United States $ 5,583 $ - $ 25,983 $ - Mexico 104,618 349,550 312,505 871,310 Subtotal Antimony 110,201 349,550 338,488 871,310 Zeolite 20,023 22,189 61,791 33,474 Total $ 130,224 $ 371,739 $ 400,279 $ 904,784
Segment Revenue Information	Segment Operations for the three months ended June 30, 2016 Antimony USA Antimony Mexico Precious Metals Zeolite Totals Total revenues $ 2,056,644 $ 141,495 $ 816,255 $ 3,014,394 Depreciation and amortization 24,900 138,950 49,600 213,450 Income (loss) from operations 974,565 (1,328,242 ) 141,495 104,056 (108,126 ) Income tax expense (12,000 ) (12,000 ) Other income (expense): (8,454 ) (24,505 ) (3,585 ) (36,544 ) NET INCOME (LOSS) $ 954,111 $ (1,352,747 ) $ 141,495 $ 100,471 $ (156,670 ) Segment Operations for the three months ended June 30, 2015 Antimony USA Antimony Mexico Precious Metals Zeolite Totals Total revenues $ 2,732,756 $ - $ 73,636 $ 581,850 $ 3,388,242 Depreciation and amortization 14,500 151,875 56,000 222,375 Income (loss) from operations 984,754 (1,402,086 ) 73,636 155,530 (188,166 ) Other income (expense): (7,878 ) (344 ) - (1,373 ) (9,595 ) NET INCOME (LOSS) $ 976,876 $ (1,402,430 ) $ 73,636 $ 154,157 $ (197,761 ) Segment Operations for the six months ended June 30, 2016 Antimony USA Antimony Mexico Precious Metals Zeolite Totals Total revenues $ 4,595,977 $ - $ 324,343 $ 1,399,609 $ 6,319,929 Depreciation and amortization 40,400 295,100 106,600 442,100 Income (loss) from operations 1,858,762 (2,607,754 ) 324,343 134,266 (290,383 ) Income tax expense (12,000 ) (12,000 ) Other income (expense): (14,430 ) (24,505 ) (3,958 ) (42,893 ) NET INCOME (LOSS) $ 1,832,332 $ (2,632,259 ) $ 324,343 $ 130,308 $ (345,276 ) Segment Operations for the six months ended June 30, 2015 Antimony USA Antimony Mexico Precious Metals Zeolite Totals Total revenues $ 4,972,515 $ 12,248 $ 196,301 $ 1,166,611 $ 6,347,675 Depreciation and amortization 29,650 300,750 112,000 442,400 Income (loss) from operations 2,795,708 (2,872,206 ) 196,301 137,671 257,474 Other income (expense): (11,977 ) (812 ) - (2,418 ) (15,207 )

1. Basis of Presentation (Detai

1. Basis of Presentation (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Accounting Policies [Abstract]
Interest expense	$ 61,843	$ 25,295
Capitalized cost of construction	$ 39,276	$ 10,625

2. Income (Loss) Per Common S28

2. Income (Loss) Per Common Share (Details) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net loss per share of common stock:
Warrants	250,000	250,000
Convertible preferred stock	1,751,005	1,751,005
Total possible dilution	2,001,005	2,001,005

3. Inventories (Details)

3. Inventories (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Inventories	$ 905,702	$ 1,094,238
Antimony Oxide - Finished
Inventories	235,514	332,068
Antimony Metal [Member]
Inventories	182,839	102,207
Antimony Concentrates
Inventories	169,721	133,954
Antimony Ore [Member]
Inventories	160,792	319,631
Antimony [Member]
Inventories	748,866	887,860
Zeolite [Member]
Inventories	$ 156,836	$ 206,378

3. Inventories (Details Narrati

3. Inventories (Details Narrative)	6 Months Ended
	Jun. 30, 2016USD ($)
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 ($)	Jun. 30, 2016	Dec. 31, 2015
Accounts Receivable And Due To Factor Tables
Accounts receivable - non factored	$ 567,918	$ 412,922
Accounts receivable - factored with recourse	107,964	13,782
Less allowance for doubtful accounts	(4,031)	(4,031)
Accounts receivable - net	$ 671,851	$ 422,673

6. Commitments and Contingenc32

6. Commitments and Contingencies (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Payments paid for capitalized mineral rights	$ 100,000	$ 67,608

7. Note Payable to Bank (Detail

7. Note Payable to Bank (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Note payable to bank	$ 126,505	$ 130,672
Promissory note payable CD 48614
Note payable to bank	26,506	36,881
Promissory note payable CD 48615
Note payable to bank	$ 99,999	$ 93,791

8. Long - Term Debt (Details)

8. Long - Term Debt (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Total debt	$ 1,862,436	$ 1,899,032
Less current portion	(332,211)	(181,287)
Noncurrent portion	1,530,225	1,717,745
First Security
Total debt	23,118	27,845
Wells fargo bank
Total debt	2,772	5,398
De Lage Landen Financial Services
Total debt	0	2,172
De Lage Landen Financial Services 1
Total debt	23,530	27,587
De Lage Landen Financial Services 2
Total debt	25,858	29,300
Phyllis Rice
Total debt	14,146	14,146
Soyatal Mine
Total debt	801,518	820,272
Guadalupe Mine
Total debt	$ 971,494	$ 972,312

8. Long - Term Debt (Details 1)

8. Long - Term Debt (Details 1)	Jun. 30, 2016USD ($)
Long Term Debt Details 1
2,017	$ 332,211
2,018	209,949
2,019	275,357
2,020	241,836
2,021	150,842
2,022	109,890
2,023	116,483
2,024	123,472
2,025	130,880
2,026	137,599
2,027	33,917
Total	$ 1,862,436

10. Concentrations of Risk (Det

10. Concentrations of Risk (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Sales to Three Largest Customers	$ 1,193,398	$ 1,696,799	$ 2,576,421	$ 3,105,281
Total percentage of revenue	39.60%	50.10%	40.80%	48.90%
Alpha Gary Corporation
Sales to Three Largest Customers		$ 880,515		$ 1,850,475
Kohler Corporation
Sales to Three Largest Customers		484,260	$ 649,050	824,733
East Penn Manufacturing Inc.
Sales to Three Largest Customers		$ 332,024	751,150
Mexichem Speciality Compounds
Sales to Three Largest Customers	$ 585,798		$ 1,176,221
Plastatech
Sales to Three Largest Customers	2,759,543
Rubicon Minerals Corporation
Sales to Three Largest Customers	$ 328,057
Polymer Products Corporation
Sales to Three Largest Customers				$ 430,073

10. Concentrations of Risk (D37

10. Concentrations of Risk (Details 1) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Accounts Receivable	$ 342,083	$ 489,863
Total percentage of receivables	46.15%	64.60%
Kohler Corporation
Accounts Receivable	$ 111,016	$ 166,109
Teck American, Inc.
Accounts Receivable	126,569
PolymerProductsMember
Accounts Receivable	$ 104,498
General Electric
Accounts Receivable		162,582
Sanders Lead Company
Accounts Receivable		$ 161,172

11. Related Party Transactions

11. Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Chairman of the audit committee and compensation committee
Related Party Transactions	$ 9,000	$ 9,000	$ 18,000	$ 18,000
Chief Executive Officer
Related Party Transactions	$ 2,444	$ 5,712	$ 4,924	$ 19,422

14. Business Segments (Details)

14. Business Segments (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Properties, plants and equipment, net	$ 15,949,236	$ 16,030,333
Total Assets	18,234,739	18,260,201
United States Antimony [Member]
Properties, plants and equipment, net	1,753,001	1,766,328
Total Assets	2,740,833	2,505,189
Mexico Antimony [Member]
Properties, plants and equipment, net	12,297,268	12,539,805
Total Assets	13,077,444	13,367,960
Subtotal Antimony [Member]
Properties, plants and equipment, net	14,050,269	14,306,133
Total Assets	15,818,277	15,873,149
Precious Metals [Member]
Properties, plants and equipment, net	390,650	171,074
Total Assets	390,650	171,074
Zeolite [Member]
Properties, plants and equipment, net	1,508,317	1,553,126
Total Assets	$ 2,025,812	$ 2,215,978

14. Business Segments (Details

14. Business Segments (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Capital Expenditure	$ 130,224	$ 371,739	$ 400,279	$ 904,784
United States Antimony [Member]
Capital Expenditure	5,583	0	25,983	0
Mexico Antimony [Member]
Capital Expenditure	104,618	349,550	312,505	871,310
Subtotal Antimony [Member]
Capital Expenditure	110,201	349,550	338,488	871,310
Zeolite [Member]
Capital Expenditure	$ 20,023	$ 22,189	$ 61,791	$ 33,474

14. Business Segments (Detail41

14. Business Segments (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Total revenues	$ 3,014,394	$ 3,388,242	$ 6,319,929	$ 6,347,675
Depreciation and amortization	213,450	222,375	442,100	442,400
Income (loss) from operations	(108,126)	(188,166)	(290,383)	257,474
Income tax expense	12,000		12,000	0
Other income (expense)	(36,544)	(9,595)	(42,893)	(15,207)
NET INCOME (LOSS)	(156,670)	(197,761)	(345,276)	242,267
United States Antimony [Member]
Total revenues	2,056,644	2,732,756	4,595,977	4,972,515
Depreciation and amortization	24,900	14,500	40,400	29,650
Income (loss) from operations	974,565	984,754	1,858,762	2,795,708
Income tax expense	(12,000)		(12,000)
Other income (expense)	(8,454)	(7,878)	(14,430)	(11,977)
NET INCOME (LOSS)	954,111	976,876	1,832,332	2,783,731
Mexico Antimony [Member]
Total revenues		0	0	12,248
Depreciation and amortization	138,950	151,875	295,100	300,750
Income (loss) from operations	(1,328,242)	(1,402,086)	(2,607,754)	(2,872,206)
Income tax expense	0		0
Other income (expense)	(24,505)	(344)	(24,505)	(812)
NET INCOME (LOSS)	(1,352,747)	(1,402,430)	(2,632,259)	(2,873,018)
Precious Metals [Member]
Total revenues	141,495	73,636	324,343	196,301
Depreciation and amortization	0	0	0	0
Income (loss) from operations	141,495	73,636	324,343	196,301
Income tax expense	0		0
Other income (expense)	0	0	0	0
NET INCOME (LOSS)	141,495	73,636	324,343	196,301
Zeolite [Member]
Total revenues	816,255	581,850	1,399,609	1,166,611
Depreciation and amortization	49,600	56,000	106,600	112,000
Income (loss) from operations	104,056	155,530	134,266	137,671
Income tax expense	0		0
Other income (expense)	(3,585)	(1,373)	(3,958)	(2,418)
NET INCOME (LOSS)	$ 100,471	$ 154,157	$ 130,308	$ 135,253