Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
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, 2017 | |
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 | 67,488,153 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 24,550 | $ 10,057 |
Certificates of deposit | 252,298 | 251,641 |
Accounts receivable, net | 541,284 | 552,119 |
Inventories | 806,441 | 855,637 |
Other current assets | 30,748 | 23,101 |
Total current assets | 1,655,321 | 1,692,555 |
Properties, plants and equipment, net | 15,417,160 | 15,695,966 |
Restricted cash for reclamation bonds | 63,274 | 63,274 |
Foreign value added tax refund receivable | 365,120 | 276,500 |
Other assets | 32,520 | 37,703 |
Total assets | 17,533,395 | 17,765,998 |
Current liabilities: | ||
Checks issued and payable | 22,906 | 35,682 |
Accounts payable | 1,864,415 | 1,797,251 |
Due to factor | 170,870 | 150,399 |
Accrued payroll, taxes and interest | 173,333 | 213,695 |
Other accrued liabilities | 154,659 | 122,968 |
Payables to related parties | 16,759 | 14,525 |
Deferred revenue | 78,730 | 78,730 |
Notes payable to bank | 192,144 | 167,317 |
Income taxes payable (Note 11) | 462,152 | 410,510 |
Long-term debt, current portion, net of discount | 462,524 | 391,046 |
Total current liabilities | 3,598,492 | 3,382,123 |
Long-term debt, net of discount and current portion | 1,341,780 | 1,472,869 |
Hillgrove advances payable (Note 8) | 1,134,201 | 1,134,221 |
Common stock payable to directors for services | 87,500 | 168,750 |
Asset retirement obligations and accrued reclamation costs | 268,677 | 265,782 |
Total liabilities | 6,430,650 | 6,423,745 |
Commitments and contingencies (Note 5 and 11) | ||
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) | 1,779 | 1,779 |
Series D: 1,751,005 shares issued and outstanding (liquidation preference $5,014,692 and $4,920,178 respectively) | 17,509 | 17,509 |
Common stock, $0.01 par value, 90,000,000 shares authorized; 67,488,153 and 67,066,278 shares issued and outstanding, respectively | 674,881 | 670,662 |
Additional paid-in capital | 36,239,264 | 36,074,733 |
Accumulated deficit | (25,838,188) | (25,429,930) |
Total stockholders' equity | 11,102,745 | 11,342,253 |
Total liabilities and stockholders' equity | $ 17,533,395 | $ 17,765,998 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
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 | $ 4,920,178 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 90,000,000 | 90,000,000 |
Common stock, issued shares | 67,488,153 | 67,066,278 |
Common stock, outstanding shares | 67,488,153 | 67,066,278 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
REVENUES | $ 2,838,480 | $ 3,014,394 | $ 5,457,811 | $ 6,319,929 |
COST OF REVENUES | 2,535,587 | 2,824,779 | 5,065,374 | 5,923,003 |
GROSS PROFIT | 302,893 | 189,615 | 392,437 | 396,926 |
OPERATING EXPENSES: | ||||
General and administrative | 236,482 | 270,514 | 534,560 | 540,423 |
Professional fees | 34,582 | 79,815 | 137,920 | 223,465 |
Hillgrove advance - earned credit (Note 8) | 0 | (52,588) | 0 | (76,579) |
TOTAL OPERATING EXPENSES | 271,064 | 297,741 | 672,480 | 687,309 |
INCOME (LOSS) FROM OPERATIONS | 31,829 | (108,126) | (280,043) | (290,383) |
OTHER INCOME (EXPENSE): | ||||
Interest income | 267 | 220 | 838 | 1,402 |
Interest expense | (27,154) | (28,855) | (54,804) | (28,860) |
Foreign exchange loss | (10,191) | 0 | (51,642) | 0 |
Factoring expense | (11,706) | (7,909) | (22,607) | (15,435) |
TOTAL OTHER INCOME (EXPENSE) | (48,784) | (36,544) | (128,215) | (42,893) |
INCOME (LOSS) BEFORE INCOME TAXES | (16,955) | (144,670) | (408,258) | (333,276) |
Provision for income tax | 0 | (12,000) | 0 | (12,000) |
NET INCOME (LOSS) | $ (16,955) | $ (156,670) | $ (408,258) | $ (345,276) |
Preferred dividends | $ (12,162) | $ (12,162) | $ (24,325) | $ (24,325) |
Net income (loss) available to common stockholders | $ (29,117) | $ (168,832) | $ (432,583) | $ (369,601) |
Net income (loss) per share of common stock: | ||||
Basic | $ 0 | $ 0 | $ (.01) | $ (0.01) |
Diluted | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted average shares outstanding: | ||||
Basic | 67,488,153 | 66,866,278 | 67,336,651 | 66,687,981 |
Diluted | 67,488,153 | 66,866,278 | 67,336,651 | 66,687,981 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (408,258) | $ (345,276) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||
Depreciation and amortization expense | 430,050 | 442,100 |
Amortization of debt discount | 46,828 | 0 |
Hillgrove advance earned credit | 0 | (76,579) |
Accretion of asset retirement obligation | 2,895 | 2,727 |
Common stock payable for directors fees | 87,500 | 75,000 |
Foreign exchange loss | 51,642 | 0 |
Other, net | (677) | 0 |
Change in: | ||
Accounts receivable, net | 10,835 | (249,178) |
Inventories | 49,196 | 188,536 |
Other current assets | (7,647) | (30,604) |
Other assets | (83,437) | (15,286) |
Accounts payable | 67,164 | 100,638 |
Accrued payroll, taxes and interest | (40,362) | 67,224 |
Other accrued liabilities | 31,691 | 74,128 |
Income tax payable | 0 | 12,000 |
Payables to related parties | 2,234 | 11,553 |
Net cash provided (used) by operating activities | 239,654 | 256,983 |
Cash Flows From Investing Activities: | ||
Purchase of properties, plants and equipment | (151,244) | (361,003) |
Net cash used by investing activities | (151,244) | (361,003) |
Cash Flows From Financing Activities: | ||
Change in checks issued and payable | (12,776) | 0 |
Net proceeds from factor | 20,471 | 94,182 |
Proceeds from note payable to bank | 24,827 | 26,506 |
Principal paid notes payable to bank | 0 | (30,673) |
Principal payments on long-term debt | (106,439) | (36,596) |
Net cash provided (used) by financing activities | (73,917) | 53,419 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 14,493 | (50,601) |
Cash and cash equivalents at beginning of period | 10,057 | 133,543 |
Cash and cash equivalents at end of period | 24,550 | 82,942 |
Noncash investing and financing activities: | ||
Common stock payable issued to directors | $ 168,750 | $ 137,500 |
1. Basis of Presentation
1. Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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 and six month periods ended June 30, 2017 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017. 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, 2016. Certain consolidated financial statement amounts for the three and six month periods ended June 30, 2016, have been reclassified to conform to the 2017 presentation. These reclassifications had no effect on the net income (loss) or cash flows or accumulated deficit as previously reported. Going Concern Consideration At June 30, 2017, our financial statements show that we have a negative working capital of approximately $1.9 million and an accumulated deficit of approximately $25.8 million. In addition, we have incurred losses for the prior three years. These factors indicate that there may be doubt regarding our ability to continue as a going concern for the next twelve months. During the past twelve months, the price of antimony has increased from a low of $2.81 per pound to an average price of $4.11 for the second quarter of 2017. We have gross profit and a positive cash flow from our U.S. operations at this price. Our operations in Mexico are still in a transitional phase since the loss of our raw material supply from Hillgrove of Australia. We are focusing our production at our Wadley mine to increase grade and output, and we have recently seen ore from there assaying 50% antimony. We are also trying new production techniques, and have found that we can process direct shipping ore successfully at our Madero mill which will result in a reduction in our operating costs in Mexico going forward. We have reduced costs at our Mexico locations, most notably a reduced monthly lease payment of $11,600 for the Wadley mine from $23,200 one year ago, and reduced cost for labor at the same mine. We have also reduced administrative costs by approximately 18% from the prior year for the second quarter at the corporate level. Our capital outlay should be minimal in the near future; and we completed paying for the Los Juarez mining concessions in 2016 which were a major outlay in prior years. Our zeolite operations continue to operate profitably and provide cash to our operations. We are aggressively seeking new markets for our zeolite products, and we now have an outside sales staff that is working to obtain new customers and have had some success. We believe that the combination of the above will enable us to stay in operation and meet our financial obligations for the next twelve months and further. |
2. Income (Loss) Per Common Sha
2. Income (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Net income (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. Management has determined that the calculation of diluted earnings per share for the three and six month periods ended June 30, 2017 and 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, 2017 and 2016, 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, 2017 June 30, 2016 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, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories at June 30, 2017 and December 31, 2016 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, 2017 and December 31, 2016, is as follows: June 30, December 31, 2017 2016 Antimony Metal $ 37,397 $ 112,300 Antimony Oxide 357,996 326,126 Antimony Concentrates 10,006 30,815 Antimony Ore 154,973 181,815 Total antimony 560,372 651,056 Zeolite 246,069 204,581 $ 806,441 $ 855,637 |
4. Accounts Receivable and Due
4. Accounts Receivable and Due to Factor | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 December 31, 2016 Accounts receivable - non factored $ 370,414 $ 401,720 Accounts receivable - factored with recourse 170,870 150,399 Accounts receivable - net $ 541,284 $ 552,119 |
5. Commitments and Contingencie
5. Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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, 2017, 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 is scheduled for renewal in June 2018. |
6. Note Payable to Bank
6. Note Payable to Bank | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Note Payable to Bank | At June 30, 2017 and December 31, 2016, the Company had the following notes payable to bank: June 30, December 31, 2017 2016 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, payable on demand, collateralized by a lien on Certificate of Deposit $ 92,145 $ 76,350 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, payable on demand, collateralized by a lien on Certificate of Deposit 99,999 90,967 Total notes payable to the bank $ 192,144 $ 167,317 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 $99,999. |
7. Long-Term Debt
7. Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | Long-Term debt at June 30, 2017 and December 31, 2016 is as follows: June 30, December 31, 2017 2016 Note payable to First Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. $ 13,226 $ 18,245 Note payable to Cat Financial Services, bearing interest at 6%; payable in monthly installments of $1,300; maturing August 2019; collateralized by equipment. 33,954 40,556 Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. - 473 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. 16,389 20,581 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. 18,791 22,944 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. 746,014 776,319 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 961,784 970,651 1,804,304 1,863,915 Less current portion (462,524 ) (391,046 ) Long-term portion $ 1,341,780 $ 1,472,869 Principal payments due Year Ending June 30, 2018 $ 462,524 2019 289,265 2020 247,045 2021 150,840 2022 109,890 Thereafter 544,740 $ 1,804,304 |
8. Hillgrove Advances Payable
8. Hillgrove Advances Payable | 6 Months Ended |
Jun. 30, 2017 | |
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. At June 30, 2017, the net amount due to Hillgrove for advances was $1,134,201. As of June 30, 2107, repayment of the advances is not expected to occur within the next twelve months so the balance is classified as a long term liability. |
9. Concentrations of Risk
9. Concentrations of Risk | 6 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | Sales to Three For the Three Months Ended For the Six Months Ended Largest Customers June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Mexichem Speciality Compounds $ 769,998 $ 585,798 $ 1,556,423 $ 1,176,221 East Penn Manufacturing Inc. 363,979 512,621 751,150 Kohler Corporation 501,320 946,498 649,050 Plastatech 279,543 Rubicon Minerals Corporation 328,057 $ 1,635,297 $ 1,193,398 $ 3,015,542 $ 2,576,421 % of Total Revenues 57.30 % 39.60 % 55.30 % 40.80 % Three Largest Accounts Receivable June 30, 2017 June 30, 2016 Kohler Corporation $ 175,182 $ 111,016 GE Lighting (LPC) 162,582 Polymer Products 104,498 East Penn manufacturing, Inc. 64,532 Teck American, Inc. 126,569 $ 402,296 $ 342,083 % of Total Receivables 62.70 % 46.15 % |
10. Related Party Transactions
10. Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | During the three and six months ended June 30, 2017 and 2016, the Chairman of the audit committee and compensation committee received $4,500 and $9,000, and $9,000 and $18,000, respectively, for services performed. See Note 12 for shares of common stock issued to directors. During the three and six months ended June 30, 2017 and 2016, the Company paid $2,480 and $5,054, and $2,444 and $4,924, respectively, to John Lawrence, President and Chief Executive Officer, as reimbursement for equipment used by the Company. |
11. Income Taxes
11. Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Income Taxes | During the six months ended June 30, 2017 and the year ended December 31, 2016, 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, 2016, and any deferred tax assets that may have been incurred since then, are fully reserved for at June 30, 2017. Management estimates the effective tax rate at 0% for the current year. In 2015, the Mexican tax authority (“SAT”) initiated an audit of the USAMSA’s 2013 income tax return. In October 2016, as a result of its audit, SAT assessed the Company $13.8 million pesos, which was approximately $666,400 in U.S. Dollars (“USD”) as of December 31, 2016. Approximately $285,000 USD of the total assessment is interest and penalties. SAT’s assessment is based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return. These disallowed costs were incurred by the Company for USAMSA’s business operations. SAT claims that the costs were not deductible or were not supported by appropriate documentation. At June 30, 2017, the assessed amount is $762,000 in U.S dollars. Management has reviewed the assessment notice from SAT and believes numerous findings have no merit. The Company has engaged accountants and tax attorneys in Mexico to defend its position. An appeal has been filed. At December 31, 2016, management has estimated possible outcomes for this assessment and believes it will ultimately pay an amount ranging from 30% of the total assessment to the total assessed amount. The Company’s agreement with the tax professionals is that the professionals will receive 30% of the amount of tax relief they are able to achieve. At December 31, 2016, the Company accrued a potential liability of $410,510 USD of which $285,048 is for unpaid income taxes, $75,510 is for interest expense, and $49,952 is for penalties. The amount accrued represents management’s best estimate of the amount that will ultimately be paid. The outcome could vary from this estimate. At June 30, 2017, the Company recognized a $51,642 increase due to the change in exchange rate. Fluctuation in exchange rates has an ongoing impact on the amount the Company will pay in U.S. dollars. If an issue addressed during the SAT audit is resolved in a manner inconsistent with management expectations, the Company will adjust its net operating loss carryforward, or accrue any additional penalties, interest, and tax associated with the audit. The Company’s tax professionals in Mexico have reviewed and filed tax returns with the SAT for 2014 and 2015, and have advised the Company that they do not expect the Company to have a tax liability for those years relating to similar issues. |
12. Stockholder's Equity
12. Stockholder's Equity | 6 Months Ended |
Jun. 30, 2017 | |
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, the Company accrued $75,000 in directors’ fees payable as of June 30, 2016, that will be paid in common stock. During the six months ended June 30, 2017, the Board of Directors was issued a total of 421,875 shares of common stock for $168,750 in directors’ fees that were payable at December 31, 2016. In addition, the Company accrued $87,500 in directors’ fees payable as of June 30, 2017, that will be paid in common stock. |
13. Business Segments
13. Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
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 is typically 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 9. For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Capital expenditures: Antimony United States $ - $ 5,583 $ - $ 25,983 Mexico 47,033 104,618 75,716 312,505 Subtotal Antimony 47,033 110,201 75,716 338,488 Precious Metals 16,582 - 59,582 - Zeolite 8,030 20,023 15,946 61,791 Total $ 71,645 $ 130,224 $ 151,244 $ 400,279 Properties, plants and equipment, net: June 30, 2017 December 31, 2016 Antimony United States $ 1,656,131 $ 1,694,331 Mexico 11,768,133 11,984,467 Subtotal Antimony 13,424,264 13,678,798 Precious metals 604,197 544,615 Zeolite 1,388,699 1,472,553 Total $ 15,417,160 $ 15,695,966 Total Assets: June 30, 2017 December 31, 2016 Antimony United States $ 2,419,320 $ 2,495,842 Mexico 12,500,099 12,681,109 Subtotal Antimony 14,919,419 15,176,951 Precious metals 604,197 544,615 Zeolite 2,009,779 2,044,432 Total $ 17,533,395 $ 17,765,998 Segment Operations for the three Antimony Antimony Precious months ended June 30, 2017 USA Mexico Metals Zeolite Totals Total revenues $ 2,077,300 $ - $ 144,766 $ 616,414 $ 2,838,480 Depreciation and amortization $ 18,700 $ 145,875 $ - $ 49,800 $ 214,375 Income (loss) from operations 844,257 (1,089,834 ) 144,766 132,640 31,829 Other income (expense): (11,965 ) (33,605 ) - (3,214 ) (48,784 ) NET INCOME (LOSS) $ 832,292 $ (1,123,439 ) $ 144,766 $ 129,426 $ (16,955 ) Segment Operations for the three Antimony Antimony Precious months ended June 30, 2016 USA Mexico 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 six Antimony Antimony Precious months ended June 30, 2017 USA Mexico Metals Zeolite Totals Total revenues $ 4,046,026 $ 17,782 $ 165,577 $ 1,228,426 $ 5,457,811 Depreciation and amortization $ 38,200 $ 292,050 $ 99,800 $ 430,050 Income (loss) from operations 1,173,160 (1,841,012 ) 165,577 222,232 (280,044 ) Income tax expense - - - - - Other income (expense): (23,044 ) (98,569 ) - (6,602 ) (128,215 ) NET INCOME (LOSS) $ 1,150,115 $ (1,939,581 ) $ 165,577 $ 215,630 $ (408,258 ) Segment Operations for the six Antimony Antimony Precious months ended June 30, 2016 USA Mexico 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 ) |
2. Income (Loss) Per Common S19
2. Income (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Net income (loss) per share of common stock: | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | June 30, 2017 June 30, 2016 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, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | June 30, December 31, 2017 2016 Antimony Metal $ 37,397 $ 112,300 Antimony Oxide 357,996 326,126 Antimony Concentrates 10,006 30,815 Antimony Ore 154,973 181,815 Total antimony 560,372 651,056 Zeolite 246,069 204,581 $ 806,441 $ 855,637 |
4. Accounts Receivable and Du21
4. Accounts Receivable and Due to Factor (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounts Receivable And Due To Factor Tables | |
Account Receivables | Accounts Receivble June 30, 2017 December 31, 2016 Accounts receivable - non factored $ 370,414 $ 401,720 Accounts receivable - factored with recourse 170,870 150,399 Accounts receivable - net $ 541,284 $ 552,119 |
6. Note Payable to Bank (Tables
6. Note Payable to Bank (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of notes payable to bank | June 30, December 31, 2017 2016 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, payable on demand, collateralized by a lien on Certificate of Deposit $ 92,145 $ 76,350 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, payable on demand, collateralized by a lien on Certificate of Deposit 99,999 90,967 Total notes payable to the bank $ 192,144 $ 167,317 |
7. Long-Term Debt (Tables)
7. Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | Long-Term debt at June 30, 2017 and December 31, 2016 is as follows: June 30, December 31, 2017 2016 Note payable to First Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. $ 13,226 $ 18,245 Note payable to Cat Financial Services, bearing interest at 6%; payable in monthly installments of $1,300; maturing August 2019; collateralized by equipment. 33,954 40,556 Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. - 473 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. 16,389 20,581 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. 18,791 22,944 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. 746,014 776,319 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 961,784 970,651 1,804,304 1,863,915 Less current portion (462,524 ) (391,046 ) Long-term portion $ 1,341,780 $ 1,472,869 |
Debt Outstanding | Principal payments due Year Ending June 30, 2018 $ 462,524 2019 289,265 2020 247,045 2021 150,840 2022 109,890 Thereafter 544,740 $ 1,804,304 |
9. Concentration of Risk (Table
9. Concentration of Risk (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Mexichem Speciality Compounds $ 769,998 $ 585,798 $ 1,556,423 $ 1,176,221 East Penn Manufacturing Inc. 363,979 512,621 751,150 Kohler Corporation 501,320 946,498 649,050 Plastatech 279,543 Rubicon Minerals Corporation 328,057 $ 1,635,297 $ 1,193,398 $ 3,015,542 $ 2,576,421 % of Total Revenues 57.30 % 39.60 % 55.30 % 40.80 % Three Largest Accounts Receivable June 30, 2017 June 30, 2016 Kohler Corporation $ 175,182 $ 111,016 GE Lighting (LPC) 162,582 Polymer Products 104,498 East Penn manufacturing, Inc. 64,532 Teck American, Inc. 126,569 $ 402,296 $ 342,083 % of Total Receivables 62.70 % 46.15 % |
13. Business Segments (Tables)
13. Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Capital Expenditure Information | For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Capital expenditures: Antimony United States $ - $ 5,583 $ - $ 25,983 Mexico 47,033 104,618 75,716 312,505 Subtotal Antimony 47,033 110,201 75,716 338,488 Precious Metals 16,582 - 59,582 - Zeolite 8,030 20,023 15,946 61,791 Total $ 71,645 $ 130,224 $ 151,244 $ 400,279 |
Segment Information | Properties, plants and equipment, net: June 30, 2017 December 31, 2016 Antimony United States $ 1,656,131 $ 1,694,331 Mexico 11,768,133 11,984,467 Subtotal Antimony 13,424,264 13,678,798 Precious metals 604,197 544,615 Zeolite 1,388,699 1,472,553 Total $ 15,417,160 $ 15,695,966 Total Assets: June 30, 2017 December 31, 2016 Antimony United States $ 2,419,320 $ 2,495,842 Mexico 12,500,099 12,681,109 Subtotal Antimony 14,919,419 15,176,951 Precious metals 604,197 544,615 Zeolite 2,009,779 2,044,432 Total $ 17,533,395 $ 17,765,998 |
Segment Revenue Information | Segment Operations for the three Antimony Antimony Precious months ended June 30, 2017 USA Mexico Metals Zeolite Totals Total revenues $ 2,077,300 $ - $ 144,766 $ 616,414 $ 2,838,480 Depreciation and amortization $ 18,700 $ 145,875 $ - $ 49,800 $ 214,375 Income (loss) from operations 844,257 (1,089,834 ) 144,766 132,640 31,829 Other income (expense): (11,965 ) (33,605 ) - (3,214 ) (48,784 ) NET INCOME (LOSS) $ 832,292 $ (1,123,439 ) $ 144,766 $ 129,426 $ (16,955 ) Segment Operations for the three Antimony Antimony Precious months ended June 30, 2016 USA Mexico 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 six Antimony Antimony Precious months ended June 30, 2017 USA Mexico Metals Zeolite Totals Total revenues $ 4,046,026 $ 17,782 $ 165,577 $ 1,228,426 $ 5,457,811 Depreciation and amortization $ 38,200 $ 292,050 $ 99,800 $ 430,050 Income (loss) from operations 1,173,160 (1,841,012 ) 165,577 222,232 (280,044 ) Income tax expense - - - - - Other income (expense): (23,044 ) (98,569 ) - (6,602 ) (128,215 ) NET INCOME (LOSS) $ 1,150,115 $ (1,939,581 ) $ 165,577 $ 215,630 $ (408,258 ) Segment Operations for the six Antimony Antimony Precious months ended June 30, 2016 USA Mexico 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 ) |
2. Income (Loss) Per Common S26
2. Income (Loss) Per Common Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net income (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, 2017 | Dec. 31, 2016 |
Inventories | $ 806,441 | $ 855,637 |
Antimony Oxide - Finished | ||
Inventories | 357,996 | 326,126 |
Antimony Metal [Member] | ||
Inventories | 37,397 | 112,300 |
Antimony Concentrates | ||
Inventories | 10,006 | 30,815 |
Antimony Ore [Member] | ||
Inventories | 154,973 | 181,815 |
Antimony [Member] | ||
Inventories | 560,372 | 651,056 |
Zeolite [Member] | ||
Inventories | $ 246,069 | $ 204,581 |
4. Accounts Receivable and Du28
4. Accounts Receivable and Due to Factor (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts Receivable And Due To Factor Tables | ||
Accounts receivable - non factored | $ 370,414 | $ 401,720 |
Accounts receivable - factored with recourse | 170,870 | 150,399 |
Accounts receivable - net | $ 541,284 | $ 552,119 |
5. Commitments and Contingenc29
5. Commitments and Contingencies (Details Narrative) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Payments paid for capitalized mineral rights | $ 11,600 |
6. Note Payable to Bank (Detail
6. Note Payable to Bank (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Note payable to bank | $ 192,144 | $ 167,317 |
Promissory note payable CD 48614 | ||
Note payable to bank | 92,145 | 76,350 |
Promissory note payable CD 48615 | ||
Note payable to bank | $ 99,999 | $ 90,967 |
7. Long - Term Debt (Details)
7. Long - Term Debt (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Total debt | $ 1,804,304 | $ 1,863,916 |
Less current portion | (462,524) | (391,046) |
Noncurrent portion | 1,341,780 | 1,472,870 |
First Security | ||
Total debt | 13,226 | 18,246 |
Cat Financial Services | ||
Total debt | 33,954 | 40,556 |
Wells fargo bank | ||
Total debt | 0 | 473 |
De Lage Landen Financial Services | ||
Total debt | 16,389 | 20,581 |
De Lage Landen Financial Services 1 | ||
Total debt | 18,791 | 22,944 |
Phyllis Rice | ||
Total debt | 14,146 | 14,146 |
Soyatal Mine | ||
Total debt | 746,014 | 776,319 |
Guadalupe Mine | ||
Total debt | $ 961,784 | $ 970,651 |
7. Long - Term Debt (Details 1)
7. Long - Term Debt (Details 1) | Jun. 30, 2017USD ($) |
Long Term Debt Details 1 | |
2,018 | $ 462,524 |
2,019 | 289,265 |
2,020 | 247,045 |
2,021 | 150,840 |
2,022 | 109,890 |
Thereafter | 544,740 |
Total | $ 1,804,304 |
9. Concentrations of Risk (Deta
9. Concentrations of Risk (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Sales to Three Largest Customers | $ 1,635,297 | $ 1,193,398 | $ 3,015,542 | $ 2,576,421 |
Total percentage of revenue | 57.30% | 39.60% | 55.30% | 40.80% |
Mexichem Speciality Compounds | ||||
Sales to Three Largest Customers | $ 769,998 | $ 585,798 | $ 1,556,423 | $ 1,176,221 |
East Penn Manufacturing Inc. | ||||
Sales to Three Largest Customers | 363,979 | 512,621 | 751,150 | |
Kohler Corporation [Member] | ||||
Sales to Three Largest Customers | $ 501,320 | $ 946,498 | $ 649,050 | |
Plastatech [Member] | ||||
Sales to Three Largest Customers | 279,543 | |||
Rubicon Minerals Corporation [Member] | ||||
Sales to Three Largest Customers | $ 328,057 |
9. Concentrations of Risk (De34
9. Concentrations of Risk (Details 1) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Accounts Receivable | $ 402,296 | $ 342,083 |
Total percentage of receivables | 62.70% | 46.15% |
Kohler Corporation [Member] | ||
Accounts Receivable | $ 175,182 | $ 111,016 |
General Electric | ||
Accounts Receivable | 162,582 | |
Polymer Products [Member] | ||
Accounts Receivable | 104,498 | |
East Penn Manufacturing Inc. | ||
Accounts Receivable | $ 64,532 | |
Teck American, Inc. [Member] | ||
Accounts Receivable | $ 126,569 |
10. Related Party Transactions
10. Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Chairman of the audit committee and compensation committee | ||||
Related Party Transactions | $ 4,500 | $ 9,000 | $ 9,000 | $ 18,000 |
Chief Executive Officer | ||||
Related Party Transactions | $ 2,480 | $ 2,444 | $ 5,054 | $ 4,924 |
13. Business Segments (Details)
13. Business Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Capital Expenditure | $ 71,645 | $ 130,224 | $ 151,244 | $ 400,279 |
United States Antimony [Member] | ||||
Capital Expenditure | 0 | 5,583 | 0 | 25,983 |
Mexico Antimony [Member] | ||||
Capital Expenditure | 47,033 | 104,618 | 75,716 | 312,505 |
Subtotal Antimony [Member] | ||||
Capital Expenditure | 47,033 | 110,201 | 75,716 | 338,488 |
Precious Metals [Member] | ||||
Capital Expenditure | 16,582 | 0 | 59,582 | 0 |
Zeolite [Member] | ||||
Capital Expenditure | $ 8,030 | $ 20,023 | $ 15,946 | $ 61,791 |
13. Business Segments (Details
13. Business Segments (Details 1) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Properties, plants and equipment, net | $ 15,417,160 | $ 15,695,966 |
Total Assets | 17,533,395 | 17,765,998 |
United States Antimony [Member] | ||
Properties, plants and equipment, net | 1,656,131 | 1,694,331 |
Total Assets | 2,419,320 | 2,495,842 |
Mexico Antimony [Member] | ||
Properties, plants and equipment, net | 11,768,133 | 11,984,467 |
Total Assets | 12,500,099 | 12,681,109 |
Subtotal Antimony [Member] | ||
Properties, plants and equipment, net | 13,424,264 | 13,678,798 |
Total Assets | 14,919,419 | 15,176,951 |
Precious Metals [Member] | ||
Properties, plants and equipment, net | 604,197 | 544,615 |
Total Assets | 604,197 | 544,615 |
Zeolite [Member] | ||
Properties, plants and equipment, net | 1,388,699 | 1,472,553 |
Total Assets | $ 2,009,779 | $ 2,044,432 |
13. Business Segments (Detail38
13. Business Segments (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total revenues | $ 2,838,480 | $ 3,014,394 | $ 5,457,811 | $ 6,319,929 |
Depreciation and amortization | 214,375 | 213,450 | 430,050 | 442,100 |
Income (loss) from operations | 31,829 | (108,126) | (280,044) | (290,383) |
Income tax expense | (12,000) | 0 | (12,000) | |
Other income (expense) | (48,784) | (36,544) | (128,215) | (42,893) |
NET INCOME (LOSS) | (16,955) | (156,670) | (408,258) | (345,276) |
United States Antimony [Member] | ||||
Total revenues | 2,077,300 | 2,056,644 | 4,046,026 | 4,595,977 |
Depreciation and amortization | 18,700 | 24,900 | 38,200 | 40,400 |
Income (loss) from operations | 844,257 | 974,565 | 1,173,160 | 1,858,762 |
Income tax expense | (12,000) | 0 | (12,000) | |
Other income (expense) | (11,965) | (8,454) | (23,044) | (14,430) |
NET INCOME (LOSS) | 832,292 | 954,111 | 1,150,115 | 1,832,332 |
Mexico Antimony [Member] | ||||
Total revenues | 0 | 0 | 17,782 | 0 |
Depreciation and amortization | 145,875 | 138,950 | 292,050 | 295,100 |
Income (loss) from operations | (1,089,834) | (1,328,242) | (1,841,012) | (2,607,754) |
Income tax expense | 0 | 0 | 0 | |
Other income (expense) | (33,605) | (24,505) | (98,569) | (24,505) |
NET INCOME (LOSS) | (1,123,439) | (1,352,747) | (1,939,581) | (2,632,259) |
Precious Metals [Member] | ||||
Total revenues | 144,766 | 141,495 | 165,577 | 324,343 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Income (loss) from operations | 144,766 | 141,495 | 165,577 | 324,343 |
Income tax expense | 0 | 0 | 0 | |
Other income (expense) | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | 144,766 | 141,495 | 165,577 | 324,343 |
Zeolite [Member] | ||||
Total revenues | 616,414 | 816,255 | 1,228,426 | 1,399,609 |
Depreciation and amortization | 49,800 | 49,600 | 99,800 | 106,600 |
Income (loss) from operations | 132,640 | 104,056 | 222,232 | 134,266 |
Income tax expense | 0 | 0 | 0 | |
Other income (expense) | (3,214) | (3,585) | (6,602) | (3,958) |
NET INCOME (LOSS) | $ 129,426 | $ 100,471 | $ 215,630 | $ 130,308 |