Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Apr. 01, 2019 | Jun. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | UNITED STATES ANTIMONY CORP | ||
Entity Central Index Key | 0000101538 | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | true | ||
Amendment Description | To update financials. | ||
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 | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 23,523,836 | ||
Entity Common Stock, Shares Outstanding | 68,427,171 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 56,650 | $ 27,987 |
Certificates of deposit | 252,954 | 252,298 |
Accounts receivable | 438,391 | 362,579 |
Inventories | 755,261 | 914,709 |
Note receivable - sale of land | 400,000 | 0 |
Other current assets | 0 | 4,697 |
Total current assets | 1,903,256 | 1,562,270 |
Properties, plants and equipment, net | 15,227,172 | 15,132,897 |
Restricted cash for reclamation bonds | 57,247 | 63,345 |
IVA receivable and other assets | 369,448 | 372,742 |
Total assets | 17,557,123 | 17,131,254 |
Current liabilities: | ||
Checks issued and payable | 46,482 | 28,248 |
Accounts payable | 1,926,320 | 2,276,357 |
Due to factor | 16,524 | 10,880 |
Accrued payroll, taxes and interest | 159,037 | 185,283 |
Other accrued liabilities | 353,911 | 168,578 |
Payables to related party | 93,567 | 22,668 |
Deferred revenue | 32,400 | 60,049 |
Notes payable to bank | 183,917 | 192,565 |
Income taxes payable (Note 14) | 0 | 443,110 |
Long-term debt, current portion, net of discount | 705,460 | 546,988 |
Total current liabilities | 3,517,618 | 3,934,726 |
Long-term debt, net of discount and current portion | 1,027,730 | 1,239,126 |
Hillgrove advances payable (Note 10) | 1,134,221 | 1,134,221 |
Stock payable to directors for services | 175,000 | 175,000 |
Asset retirement obligation and accrued reclamation costs | 277,720 | 271,572 |
Total liabilities | 6,132,289 | 6,754,645 |
Commitments and contingencies (Note 4, 10 and 16) | ||
Stockholders' equity: | ||
Preferred stock $0.01 par value, 10,000,000 shares authorized: Series A: -0- shares issued and outstanding | 0 | 0 |
Series B: 750,000 shares issued and outstanding (liquidation preference $930,000 and $922,500 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 $5,002,470 and $4,961,324 respectively) | 17,509 | 17,509 |
Common stock, $0.01 par value, 90,000,000 shares authorized; 68,227,171 and 67,488,153 shares issued and outstanding, respectively | 682,271 | 674,881 |
Additional paid-in capital | 36,406,874 | 36,239,264 |
Accumulated deficit | (25,691,099) | (26,564,324) |
Total stockholders' equity | 11,424,834 | 10,376,609 |
Total liabilities and stockholders' equity | $ 17,557,123 | $ 17,131,254 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
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 | $ 930,000 | $ 922,500 |
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 | $ 5,002,470 | $ 4,961,324 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 90,000,000 | 90,000,000 |
Common stock, issued shares | 68,227,171 | 67,488,153 |
Common stock, outstanding shares | 68,227,171 | 67,488,153 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
REVENUES | $ 9,034,403 | $ 10,229,978 |
COST OF REVENUES | 9,032,860 | 9,954,518 |
GROSS PROFIT | 1,543 | 275,460 |
OPERATING EXPENSES: | ||
General and administrative | 795,833 | 647,566 |
Salaries and benefits | 375,788 | 371,162 |
Gain on sale of land | (700,000) | 0 |
Gain on plant acquisition (Note 11) | (1,500,000) | 0 |
Other operating expenses | 119,076 | 0 |
Professional fees | 363,810 | 216,431 |
TOTAL OPERATING EXPENSES | (545,493) | 1,235,159 |
INCOME (LOSS) FROM OPERATIONS | 547,036 | (959,699) |
OTHER INCOME (EXPENSE): | ||
Interest income | 864 | 873 |
Gain on tax settlement | 110,778 | 0 |
Interest expense | (99,970) | (106,975) |
Factoring expense | (4,969) | (35,993) |
Foreign exchange loss | (12,846) | (32,600) |
TOTAL OTHER INCOME (EXPENSE) | (6,143) | (174,695) |
INCOME (LOSS) BEFORE INCOME TAXES | 540,893 | (1,134,394) |
INCOME TAX BENEFIT -CURRENT | 332,332 | 0 |
NET INCOME (LOSS) | 873,225 | (1,134,394) |
Preferred dividends | (48,649) | (48,649) |
Net income (loss) available to common shareholders | $ 824,576 | $ (1,183,043) |
Net income (loss) per share of common stock basic and diluted: | $ 0.01 | $ (0.02) |
Weighted average shares outstanding basic | 67,978,132 | 67,413,025 |
Weighted average shares outstanding diluted | 68,097,924 | 67,413,025 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Beginning Balance - Shares at Dec. 31, 2016 | 2,678,909 | 67,066,278 | |||
Beginning Balance - Amount at Dec. 31, 2016 | $ 26,788 | $ 670,662 | $ 36,074,733 | $ (25,429,930) | $ 11,342,253 |
Issuance of common stock to directors for services, Shares | 421,875 | ||||
Issuance of common stock to directors for services, Amount | $ 4,219 | 164,531 | 168,750 | ||
Net income (loss) | (1,134,394) | (1,134,394) | |||
Ending Balance, Shares at Dec. 31, 2017 | 2,678,909 | 67,488,153 | |||
Ending Balance, Amount at Dec. 31, 2017 | $ 26,788 | $ 674,881 | 36,239,264 | (26,564,324) | 10,376,609 |
Issuance of common stock to directors for services, Shares | 739,018 | ||||
Issuance of common stock to directors for services, Amount | $ 7,390 | 167,610 | 175,000 | ||
Net income (loss) | 873,225 | 873,225 | |||
Ending Balance, Shares at Dec. 31, 2018 | 2,678,909 | 68,227,171 | |||
Ending Balance, Amount at Dec. 31, 2018 | $ 26,788 | $ 682,271 | $ 36,406,874 | $ (25,691,099) | $ 11,424,834 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ 873,225 | $ (1,134,394) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 904,844 | 968,888 |
Amortization of debt discount | 83,991 | 93,450 |
Accretion of asset retirement obligation | 6,148 | 5,790 |
Common stock payable for directors fees | 175,000 | 175,000 |
Foreign exchange loss | 0 | 32,600 |
Gain on sale of land | 700,000 | 0 |
Gain on plant acquisition | (1,500,000) | 0 |
Non-cash miscellaneous income | (656) | (657) |
Change in: | ||
Accounts receivable | (75,812) | 189,540 |
Inventories | 159,448 | (59,072) |
Other current assets | 4,697 | 18,404 |
IVA receivable and other assets | 3,294 | (58,539) |
Accounts payable | (350,037) | 479,106 |
Accrued payroll, taxes and interest | (26,246) | (28,412) |
Other accrued liabilities | 185,333 | 45,610 |
Deferred revenues | (27,649) | (18,681) |
Payables to related parties | 70,899 | 8,143 |
Income taxes payable | (443,110) | 0 |
Net cash provided by operating activities | (656,631) | 716,776 |
Cash Flows From Investing Activities: | ||
Proceeds from sale of land | 300,000 | 0 |
Proceeds from plant acquisition | 1,500,000 | 0 |
Purchase of properties, plants and equipment | (899,119) | (365,541) |
Net cash used by investing activities | 900,881 | (365,541) |
Cash Flows From Financing Activities: | ||
Net proceeds (to) from factor | 5,644 | (139,519) |
Proceeds from notes payable to bank, net | (8,648) | 25,248 |
Principal payments of long-term debt | (236,915) | (211,529) |
Advances from related party | 135,000 | 0 |
Payments on advances from related party | (135,000) | 0 |
Checks issued and payable | 18,234 | (7,434) |
Net cash provided by financing activities | (221,685) | (333,234) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 22,565 | 18,001 |
Cash and cash equivalents at beginning of year | 91,332 | 73,331 |
Cash and cash equivalents at end of year | 113,897 | 91,332 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest paid in cash (net of amount capitailzed) | 15,928 | 14,632 |
Noncash investing and financing activities: | ||
Properties, plants & equipment acquired with long-term debt | 100,000 | 40,278 |
Common stock payable issued to directors | 175,000 | 168,750 |
Imputed interest included in property, plant and equipment | $ 400,000 | $ 0 |
1. Background of Company and Ba
1. Background of Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Background of Company and Basis of Presentation | AGAU Mines, Inc., predecessor of United States Antimony Corporation ("USAC" or "the Company"), was incorporated in June 1968 as a Delaware corporation to mine gold and silver. USAC was incorporated in Montana in January 1970 to mine and produce antimony products. In June 1973, AGAU Mines, Inc. was merged into USAC. In December 1983, the Company suspended its antimony mining operations when it became possible to purchase antimony raw materials more economically from foreign sources. The principal business of the Company has been the production and sale of antimony products. During 2000, the Company formed a 75% owned subsidiary, Bear River Zeolite Company ("BRZ"), to mine and market zeolite and zeolite products from a mineral deposit in southeastern Idaho. In 2001, an operating plant was constructed at the zeolite site and zeolite production and sales commenced. During 2002, the Company acquired the remaining 25% of BRZ and continued to produce and sell zeolite products. During 2005, the Company formed a 100% owned subsidiary, Antimonio de Mexico S.A. de C.V. (“AM”), to explore and develop potential antimony properties in Mexico. During 2006, the Company acquired 100% ownership in United States Antimony, Mexico S.A. de C.V. (“USAMSA”), which became a wholly-owned subsidiary of the Company. In 2018, the Company acquired 100% ownership in Lanxess Laurel US LLC (“Lanxess Laurel”), a Delaware limited liability company and Lanxess Laurel de Mexico, S.A. de C.V (“Lanxess Laurel Mexico”), a Mexico corporation, both of which became a wholly-owned subsidiary of the Company. See Note 11. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Principles of Consolidation The Company's consolidated financial statements include the accounts of its wholly-owned subsidiaries BRZ, USAMSA, AM, and, since August 31, 2018, Lanxess Laurel and Lanxess Laurel Mexico. All intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant and critical estimates include property, plant and equipment depreciation and potential impairment, metal content of mineral resources, accounts receivable allowance for uncollectible accounts, deferred income taxes, income taxes payable, environmental remediation liabilities and asset retirement obligations. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers cash in banks and investments with original maturities of three months or less when purchased to be cash equivalents. Restricted Cash Restricted cash at December 31, 2018 and 2017 consists of cash held for reclamation performance bonds and is held in certificates of deposit with financial institutions. Accounts Receivable Accounts receivable are stated at the amount that management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through an allowance for doubtful accounts. Changes to the allowance for doubtful accounts are based on management’s judgment, considering historical write-offs, collections and current credit conditions. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments received on receivables subsequent to being written off are considered a bad debt recovery. Inventories Inventories at December 31, 2018 and 2017 consisted of finished antimony products, antimony metal, antimony concentrates, antimony ore, and finished zeolite products, and are stated at the lower of first-in, first-out weighted average cost or estimated net realizable value. Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight allocated based on production quantity. Stockpiled ore is carried at the lower of average cost or net realizable value. Since the Company's antimony inventory is a commodity with a sales value that is subject to world prices for antimony that are beyond the Company's control, a significant change in the world market price of antimony could have a significant effect on the net realizable value of inventories. The Company periodically reviews its inventories to identify excess and obsolete inventories and to estimate reserves for obsolete inventories as necessary to reflect inventories at net realizable value. Translations of Foreign Currencies All amounts in the financial statements are presented in U.S. dollars, which is the functional currency for all of the Company’s operations. Foreign translation gains and losses relating to Mexican subsidiaries are recognized as foreign exchange gain or loss in the consolidated statement of operations. Going Concern Consideration At December 31, 2018, the Company’s consolidated financial statements show negative working capital of approximately $1.6 million and an accumulated deficit of approximately $25.7 million. Although the Company had net income for the current year, we have incurred losses for the prior three years. The net income in 2018 was primarily due to non-recurring events which contributed approximately $2.5 million to net income. These factors indicate that there may be doubt regarding the ability to continue as a going concern for the next twelve months. The continuing losses are principally a result of the Company’s antimony operations and in particular the production costs incurred in Mexico. The other two operating divisions, precious metals and zeolite, had gross profits of $186,403 and $536,309 in 2018 and $310,373 and $408,403 in 2017, respectively. The Company is expecting an increase in cash flow from both of these divisions in 2019. The Company will get more precious metals from their North American raw material as they have resumed normal shipments, and zeolite sales should continue to increase. The Company’s largest zeolite customer believes that they will be doubling its orders in 2019, and the Company has built a warehouse to accommodate its needs. Regarding the antimony division, in 2016 the Company endured some of the lowest prices for antimony in the past seven years, with an average sales price of only $2.98 per pound of metal contained. Prices improved during 2017 with an average sale price of $4.01. Through 2018, the average sale price for antimony was approximately $4.11 per pound. However due to a temporary decrease in raw material from the Company’s North American supplier, overall antimony production decreased. In 2017, the Company reduced costs for labor at the Mexico locations which has resulted in a lower overall production costs in Mexico which continued through 2018. In the fourth quarter 2017, the Company also adjusted operating approaches at Madero that will likely result in a decrease in operating costs for fuel, natural gas, electricity, and reagents. Although total production activity in Mexico decreased in 2018 and 2017 due to the lack of Hillgrove concentrates, the Company’s 2019 plan involves ramping up production at its own antimony properties in Mexico. The expected increase in production will result in a significant decrease in the per-unit cost of operations. The Company is presently making antimony metal in Mexico and shipping directly to customers. This will decrease production costs in Mexico and shipping costs for raw materials previously sent to Montana. The Company is already seeing approximately twice the production from the Wadley mine in 2019 than was experienced in 2018. In addition, a new leach circuit expected to come on line during 2019 in Mexico will result in more extraction of precious metals from the Los Juarez mine. The Company has approximately 30,000 tons of ore mined and broken awaiting transport to the Puerto Blanco plant. In 2017 and 2018, management implemented wage and other cost reductions at the corporate level that will keep administrative costs stable in 2019. The Company expects to continue paying a low cost for propane in Montana, which in years past has been a major operating cost. Over the past several years, the Company has been able to make required principal payments on its debt from cash generated from operations without the need for additional borrowings or selling shares of its common stock. The Company plans to continue keeping current on its debt payments in 2019 through cash flows from operations. Management believes that the current circumstances and cost reduction actions taken will enable the Company to meet its obligations for the next twelve months. Mineral Rights The costs to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized as mineral rights in the year of acquisition. These capitalized costs are amortized on the statement of operations using the straight line method over the expected life of the mineral deposit when placed into production. Mineral rights are assessed for impairment when facts and circumstances indicate that the potential for impairment exists. No impairment has been indicated for the years ended December 31, 2018 or 2017 as a result of this assessment. Mineral rights are subject to write down in the period the property is abandoned. Properties, Plants and Equipment Properties, plants and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives of two to thirty years. Vehicles and office equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three to twelve years. Maintenance and repairs are charged to operations as incurred. Betterments of a major nature are capitalized. Expenditures for new property, plant, equipment, and improvements that extend the useful life or functionality of the asset are capitalized. When assets are retired or sold, the costs and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in operations. Mineral properties are amortized over the estimated economic life of the mineral resource using the straight-line method, based upon estimated lives of the properties, or the units-of-production method, based upon estimated units of mineral resource. Management of the Company periodically reviews the net carrying value of all of its long-lived assets. These reviews consider the net realizable value of each asset or group to determine whether a permanent impairment in value has occurred and the need for any asset write-down. An impairment loss is recognized when the estimated future cash flows (undiscounted and without interest) expected to result from the use of an asset are less than the carrying amount of the asset. Measurement of an impairment loss is based on the estimated fair value of the asset if the asset is expected to be held and used. Exploration and Development The Company recognizes exploration costs as operating expenses in the period they occur, and capitalizes development costs on discrete mineralized bodies that have proven reserves in compliance with Securities and Exchange Commission Industry Guide 7, and are in development or production. Asset Retirement Obligations and Reclamation Costs All of the Company's mining operations are subject to reclamation and remediation requirements. Minimum standards for mine reclamation have been established by various governmental agencies. Costs are estimated based primarily upon environmental and regulatory requirements and are accrued. The liability for reclamation is classified as current or noncurrent based on the expected timing of expenditures. Reclamation differs from an asset retirement obligation in that no associated asset is recorded in the case of reclamation liabilities. It is reasonably possible that because of uncertainties associated with defining the nature and extent of environmental contamination, application of laws and regulations by regulatory authorities, and changes in remediation technology, the ultimate cost of remediation and reclamation could change in the future. The Company continually reviews its accrued liabilities for such remediation and reclamation costs as evidence becomes available indicating that its remediation and reclamation liability has changed. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of long-lived assets if it is probable that such costs will be incurred and they are reasonably estimable. A corresponding asset is also recorded and depreciated over the life of the assets on a straight line basis. After the initial measurement of the asset retirement obligation, the liability will be adjusted to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts included in determination of fair value is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, and the Company’s credit-adjusted risk-free interest rates. Revenue Recognition Products consist of the following: ● Antimony: includes antimony oxide, sodium antimonate, antimony trisulfide, and antimony metal ● Zeolite: includes coarse and fine zeolite crushed in various sizes ● Precious Metals: includes unrefined and refined gold and silver For antimony and zeolite products, revenue is recognized upon the completion of the performance obligation which is met when the transaction price can be reasonably estimated and revenue is recognized generally at the time when risk is transferred. The Company has determined the performance obligation is met and title is transferred either upon shipment from the Company’s warehouse locations or upon receipt by the customer as specified in individual sales orders. The performance obligation is met because at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the product and obtained the ability to realize all of the benefits from the product, 3) the customer has the significant risks and rewards of ownership to it, 4) it is very unlikely product will be rejected by the customer upon physical receipt, and 5) the Company has the right to payment for the product. Shipping costs related to the sales of antimony and zeolite products are recorded to cost of sales as incurred. For zeolite products, royalty expense due a third party by the Company is also recorded to cost of sales upon sale in accordance with terms of underlying royalty agreements. For sales of precious metals, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer. Refining and shipping costs related to sales of precious metals are recorded to cost of sales as incurred. The Company has determined that its contracts do not include a significant financing component. Prepayments, which are not common, received from customers prior to the time that products are processed and shipped, are recorded as deferred revenue. For antimony and zeolite sales contracts, the Company may factor certain receivables and receive final payment within 30 days of the performance obligation being met. For antimony and zeolite receivables not factored, the Company typically receives payment within 10 days. For precious metals sales, a provisional payment of 75% is typically received within 45 days of the date the product is delivered to the customer. After an exchange of assays, a final payment is normally received within 90 days of product delivery. Common Stock Issued for Consideration Other than Cash All transactions in which goods or services are received for the issuance of shares of the Company’s common stock are accounted for based on the fair value of the consideration received or the fair value of the common stock issued, whichever is more readily determinable. Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax liabilities or assets are determined at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. The Company applies generally accepted accounting principles for recognition of uncertainty in income taxes and prescribing a recognition threshold and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return. Income (Loss) Per Common Share Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including stock options, warrants to purchase the Company's common stock, and convertible preferred stock. The calculation of diluted earnings per share for the year ended December 31, 2018 includes 250,000 warrants. For the years ended December 31, 2018 and 2017, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share because they were anti-dilutive are as follows: December 31, 2018 December 31, 2017 Warrants - 250,000 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 1,751,005 2,001,005 Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, certificates of deposits, note receivable for land, restricted cash, due to factor, notes payable to bank, and long-term debt. The carrying value of these instruments approximates fair value based on their contractual terms. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. The Company has no financial assets or liabilities that are adjusted to fair value on a recurring basis. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance previously codified in Subtopic 605-10 Revenue Recognition-Overall. The new ASU establishes a five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach. The Company performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how it recognized revenue under previous policies. Revenues contracts and customers do not involve multiple types of performance obligations and revenues are generally recognized at the time of shipment or receipt by the customer depending on shipping terms. Adoption of ASU No. 2014-09 involves additional disclosures, where applicable, concerning (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 3 for information on sales of products. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification of cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this update as of January 1, 2018, and there were no material impacts on the consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this update as of January 1, 2018. Cash, cash equivalents, and restricted cash on the consolidated statement of cash flows includes restricted cash of $57,247 as of December 31, 2018, $63,345 as of December 31, 2017, and $63,274 as of December 31, 2016 as well as amounts previously reported for cash and cash equivalents. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted this update as of January 1, 2018. The Company will apply the applicable provisions of the update to any future acquisitions. In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. Upon implementation of the new guidance, the Company will be required to recognize a liability and right-of-use asset for all operating leases. The Company has elected the transition option to apply the new guidance at the effective date without adjusting comparative periods presented. The Company has no capital leases at December 31, 2018. The Company’s operating leases, which will be impacted upon adoption, are not significant and the Company does not anticipate a material impact upon adoption on January 1, 2019. Reclassifications Certain reclassifications have been made to conform the prior year’s data to the current year’s presentation. These reclassifications have no effect on previously reported operations, stockholders’ equity or cash flows. |
3. Revenue Recognition
3. Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Sales of products for the years ended December 31, 2018, and 2017, were as follows: Fiscal Year Ended December 31, 2018 2017 Antimony $ 6,113,014 $ 7,588,470 Zeolite 2,666,944 2,266,636 Precious metals 254,445 374,872 $ 9,034,403 $ 10,229,978 The following is sales information by geographic area based on the location of customers for the years ended December 31, 2018, and 2017. Fiscal Year Ended December 31, 2018 2017 United States $ 8,242,141 $ 9,510,211 Canada 792,262 719,767 $ 9,034,403 $ 10,229,978 Sales of products to significant customers were as follows for the years ended December 31, 2018, and 2017: Sales to For the Year Ended Largest Customers December 31, 2018 December 31, 2017 Mexichem Specialty Compounds Inc. $ 2,698,770 $ 3,335,046 East Penn Manufacturing Inc - 512,621 Kohler Corporation 1,441,197 1,928,692 Ampacet 538,922 - $ 4,678,889 $ 5,776,359 % of Total Revenues 51.79 % 56.50 % Accounts receivable from largest customers were as follows for December 31, 2018, and 2017: Largest Accounts Receivable December 31, 2018 December 31, 2017 Nutreco Canada Inc. $ 25,657 DanaMart $ 143,890 $ - Teck American Inc - 241,267 Axens North America Inc. 34,912 - Earth Innovations Inc. 35,967 - Ralco Mix Products - 16,000 $ 214,769 $ 282,924 % of Total Receivables 49.00 % 78.10 % The Company’s trade accounts receivable balance related to contracts with customers was $438,391 at December 31, 2018 and $362,579 at December 31, 2017. |
4. Accounts Receivable and Due
4. Accounts Receivable and Due to Factor | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accounts Receivable and Due to Factor | The Company factors designated trade receivables pursuant to a factoring agreement with LSC Funding Group L.C., an unrelated factor (the “Factor”). The agreement is for a term of one year with automatic renewal for additional one-year terms. The agreement specifies that eligible trade receivables are factored with recourse. The performance of all obligations and payments to the factoring company is personally guaranteed by John C. Lawrence, the Company’s President and Chairman of the Board of Directors. Selected trade receivables are submitted to the Factor, and the Company receives 85% of the face value of the receivable by wire transfer. Upon payment by the customer, the remainder of the amount due is received from the Factor, less a one-time servicing fee of 2% for the receivables factored. This servicing fee is recorded on the consolidated statement of operations in the period of sale to the Factor. Trade receivables assigned to the Factor are carried at the original invoice amount less an estimate made for doubtful accounts. Under the terms of the recourse provision, the Company is required to reimburse the Factor, upon demand, for factored receivables that are not paid on time. Accordingly, these receivables are accounted for as a secured financing arrangement and not as a sale of financial assets. Receivables, net of allowances, are presented as current assets and the amount potentially due to the Factor is presented as a secured financing in current liabilities. Accounts Receivble December 31, 2018 December 31, 2017 Accounts receivable - non-factored $ 421,867 $ 351,699 Accounts receivable - factored with recourse 16,524 10,880 Accounts receivable - net $ 438,391 $ 362,579 Factoring fees paid by the Company during the years ended December 31, 2018 and 2017, were $4,969 and $35,993, respectively. For the years ended December 31, 2018 and 2017, net accounts receivable of approximately $0.25 million and $1.70 million, respectively, were sold under the agreement. Proceeds from the sales were used to fund inventory purchases and operating expenses. |
5. Inventories
5. Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | The major components of the Company's inventories at December 31, 2018 and 2017 were as follows: 2018 2017 Antimony Metal $ 8,127 $ - Antimony Oxide 255,782 408,217 Antimony Concentrates 2,214 35,554 Antimony Ore 257,067 187,133 Total antimony 523,190 630,904 Zeolite 232,071 283,805 $ 755,261 $ 914,709 At December 31, 2018 and 2017, antimony metal consisted principally of recast metal from antimony-based compounds, and metal purchased from foreign suppliers. Antimony oxide inventory consisted of finished product oxide held at the Company's plant. Antimony concentrates and ore were held primarily at sites in Mexico and are essentially raw material. At December 31, 2018 and 2017, the antimony oxide and concentrates inventory in Mexico was valued at estimated net realizable value. The Company's zeolite inventory consists of salable zeolite material held in a Canadian warehouse and at BRZ's Idaho mining and production facility, and is carried at cost. |
6. Properties, Plants and Equip
6. Properties, Plants and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Properties Plants And Equipment | |
Properties, Plants and Equipment | The major components of the Company's properties, plants and equipment by segment at December 31, 2018 and 2017 are shown below: Antimony Segment Zeolite Segment Precious Metals 2018 USAC USAMSA BRZ Segment TOTAL Plant & Equipment $ 743,767 $ 8,466,461 $ 3,690,249 $ 792,628 $ 13,693,105 Buildings 247,210 900,992 391,305 - 1,539,507 Mineral Rights and Interests - 3,793,502 3,664 - 3,797,166 Land & Other 3,274,572 2,529,294 15,310 - 5,819,176 4,265,549 15,690,249 4,100,528 792,628 24,848,954 Accumulated Depreciation (2,630,234 ) (4,029,480 ) (2,785,159 ) (176,909 ) (9,621,782 ) $ 1,635,315 $ 11,660,769 $ 1,315,369 $ 615,719 $ 15,227,172 Antimony Segment Zeolite Segment Precious Metals 2017 USAC USAMSA BRZ Segment TOTAL Plant & Equipment $ 743,767 $ 7,655,777 $ 3,577,055 $ 751,640 $ 12,728,239 Buildings 247,210 900,992 349,946 - 1,498,148 Mineral Rights and Interests 3,793,502 3,664 - 3,797,166 Land & Other 3,274,572 2,529,294 15,310 - 5,819,176 4,265,549 14,879,565 3,945,975 751,640 23,842,729 Accumulated Depreciation (2,577,552 ) (3,427,058 ) (2,596,356 ) (108,866 ) (8,709,832 ) $ 1,687,997 $ 11,452,507 $ 1,349,619 $ 642,774 $ 15,132,897 At December 31, 2018 and 2017, the Company had $1,270,289 and $521,896, respectively, of assets that were not yet placed in service and have not yet been depreciated. |
7. Asset Retirement Obligation
7. Asset Retirement Obligation and Accrued Reclamation Costs | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation and Accrued Reclamation Costs | Changes to the asset retirement obligation balance during 2018 and 2017 are as follows: Asset Retirement Obligation Balance December 31, 2016 $ 158,282 Accretion during 2017 5,790 Balance December 31, 2017 164,072 Accretion during 2018 6,148 Balance December 31, 2018 $ 170,220 The Company’s total asset retirement obligation and accrued reclamation costs of $277,720 and $271,572, at December 31, 2018 and 2017, respectively, include reclamation obligations for the Idaho and Montana operations of $107,500. |
8. Long-Term Debt
8. Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | Long-Term debt at December 31, 2018 and December 31, 2017, is as follows: December 31, December 31, 2018 2017 Note payable to Zeo Inc., non interest bearing, payable in 11 quarterly installments of $8,300 with a final payment of $8,700; maturing December 2022; uncollateralized. $ 100,000 $ - Note payable to First Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. - 8,054 Note payable to Cat Financial Services, bearing interest at 6%; payable in monthly installments of $1,300; maturing August 2019; collateralized by equipment. 14,022 27,096 Note payable to Cat Financial Services, bearing interest at 6%; payable in monthly installments of $778; maturing December 2022; collateralized by equipment. 34,390 40,278 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. 5,851 13,344 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. 8,371 15,776 Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; originally maturing March 2015; collateralized by equipment. 12,146 14,146 Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 through 2020, net of discount of $22,321 and $49,360, respectively 639,747 715,709 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount of $252,444 and $309,397 respectively 918,663 951,711 1,733,190 1,786,114 Less current portion (705,460 ) (546,988 ) Long-term portion $ 1,027,730 $ 1,239,126 At December 31, 2018, principal payments on debt are due as follows: Year Ending December 31, Principal Payment Discount Net 2019 $ 776,205 $ (70,745 ) $ 705,460 2020 289,930 (54,044 ) 235,886 2021 190,396 (42,342 ) 148,054 2022 191,292 (35,938 ) 155,354 2023 151,681 (29,150 ) 122,531 Thereafter 408,451 (42,546 ) 365,905 $ 2,007,955 $ (274,765 ) $ 1,733,190 |
9. Notes Payable to Bank
9. Notes Payable to Bank | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes Payable to Bank | At December 31, 2018 and 2017, the Company had the following notes payable to bank: December 31, December 31, 2018 2017 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 $ 83,918 $ 98,863 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 93,702 Total notes payable to the bank $ 183,917 $ 192,565 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. |
10. Hillgrove Advances Payable
10. Hillgrove Advances Payable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Hillgrove Advances Payable | On November 7, 2014, the Company entered into an advance and concentrate processing agreement with Hillgrove Mines Pty Ltd of Australia (Hillgrove). The terms of the agreement require payment of the advance upon Hillgrove’s issuance of a stop notice. Under terms of the agreement, if a stop order is issued after two years, the repayment obligation is 81.25% of the funds advanced at that point. As no stop notice was issued during the initial two year period ended November 7, 2016, the Company’s obligation to Hillgrove is 81.25% of total advanced funds. Through December 31, 2016, Hillgrove advanced the Company a total of $1,396,721, resulting in a net liability of $1,134,221 which is 81.25% of monies advanced. No funds were advanced in 2017 or 2018. Based on conversations with Hillgrove, management does not anticipate receiving a stop notice in 2019, thus the entire amount is classified as long term. |
11. Plant Acquisition and Sale
11. Plant Acquisition and Sale of Land | 12 Months Ended |
Dec. 31, 2018 | |
Plant Acquisition And Sale Of Land | |
Plant Acquisition and Sale of Land | On August 31, 2018, the Company closed a Member Interest and Capital Share Agreement (the “Agreement”) with Great Lakes Chemical Corporation and Lanxess Holding Company US Inc., as the sellers, and the Company as the buyer. Under the Agreement, the Company acquired subsidiaries of the sellers which include an antimony plant, equipment and land located in Reynosa, Mexico. In addition, the Company was paid $1,500,000 by the sellers which was recognized as operating income in the year ended December 31, 2018. The transaction was accounted for as an asset acquisition as there was no business associated with the acquired assets. The Company is disassembling, salvaging, and transporting the antimony plant and equipment for use in its existing operations in both Mexico and the United States. The project involves moving heavy equipment and has been completed as of March 31, 2019. During November 2018, the Company sold the land acquired with the plant for $700,000, and the Company received $300,000 in 2018 and the remainder of the $700,000 in 2019. The Company recognized a gain on the sale of land during the year ended December 31, 2018. |
12. Stockholder's Equity
12. Stockholder's Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholder's Equity | Issuance of Common Stock for Cash The Company did not issue any common stock for cash in 2018 or 2017. Issuance of Common Stock for Services to Directors and Consultants During the year ended December 31, 2018, the Company awarded, but did not issue, common stock with a value of $175,000 to its Board of Directors as compensation for their services as directors. In connection with the issuances, the Company recorded $175,000 in director compensation expense and accrued common stock payable. In May 2018, the Company issued the Board members 739,018 shares of the Company’s common stock for services provided during 2017 which was accrued at December 31, 2017, with a value of $175,000. Common Stock Warrants The Company's Board of Directors has the authority to issue stock warrants for the purchase of preferred or unregistered common stock to directors and employees of the Company. At December 31, 2018 and 2017, warrants for purchase of 250,000 shares of the Company’s common stock for $0.25 per share are outstanding and have no expiration date. These warrants are owned by the Company’s president. Preferred Stock The Company's Articles of Incorporation authorize 10,000,000 shares of $0.01 par value preferred stock available for issuance with such rights and preferences, including liquidation, dividend, conversion, and voting rights, as the Board of Directors may determine. Series B During 1993, the Board established a Series B preferred stock, consisting of 750,000 shares. The Series B preferred stock has preference over the Company's common stock and Series A preferred stock (none of which are outstanding); has no voting rights (absent default in payment of declared dividends); and is entitled to cumulative dividends of $0.01 per share per year, payable if and when declared by the Board of Directors. During each of the years ended December 31, 2018 and 2017 the Company recognized $7,500 in Series B preferred stock dividend. In the event of dissolution or liquidation of the Company, the preferential amount payable to Series B preferred stockholders is $1.00 per share plus dividends in arrears. No dividends have been declared or paid with respect to the Series B preferred stock. The Series B Preferred stock is no longer convertible to shares of the Company’s common stock. At December 31, 2018 and 2017, cumulative dividends in arrears on the outstanding Series B shares were $180,000 and $172,500, respectively. Series C During 2000, the Board established a Series C preferred stock, consisting of 205,996 shares. In 2002, 28,092 shares were converted to common stock and cancelled, leaving 177,904 Series C preferred shares authorized and outstanding. The Series C preferred stock has preference over the Company’s common stock and has voting rights equal to that number of shares outstanding, but no conversion or dividend rights. In the event of dissolution or liquidation of the Company, the preferential amount payable to Series C preferred stockholders is $0.55 per share. Series D During 2002, the Board established a Series D preferred stock, authorizing the issuance of up to 2,500,000 shares. The Series D preferred stock has preference over the Company’s common stock but is subordinate to the liquidation preferences of the holders of the Company’s outstanding Series A, Series B and Series C preferred stock. Series D preferred stock carries voting rights and is entitled to annual dividends of $0.0235 per share. The dividends are cumulative and payable after payment and satisfaction of the Series A, B and C preferred stock dividends. No dividends have been declared or paid with respect to the Series D preferred stock. At December 31, 2018 and 2017, the cumulative dividends in arrears on the 1,751,005 outstanding Series D shares were $624,960 and $583,812, respectively, payable if and when declared by the Board of Directors. In the event of dissolution or liquidation of the Company, the preferential amount payable to Series D preferred stockholders is $2.50 per share. At December 31, 2018 and 2017, the liquidation preference for Series D preferred stock was $5,002,470 and $4,961,324, respectively. Holders of the Series D preferred stock have the right, subject to the availability of authorized but unissued common stock, to convert their shares into shares of the Company's common stock on a one-to-one basis without payment of additional consideration and are not redeemable unless by mutual consent. The majority of Series D preferred shares are held by John Lawrence, president of the Company. |
13. 2000 Stock Plan
13. 2000 Stock Plan | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
2000 Stock Plan | In January 2000, the Company's Board of Directors resolved to create the United States Antimony Corporation 2000 Stock Plan ("the Plan"). The purpose of the Plan is to attract and retain the best available personnel for positions of substantial responsibility and to provide additional incentive to employees, directors and consultants to promote the success of the Company's business. The maximum number of shares of common stock or options to purchase common stock that may be issued pursuant to the Plan is 500,000. At December 31, 2018 and 2017, 300,000 shares of the Company's common stock had been previously issued under the Plan. There were no issuances under the Plan during 2018 and 2017. |
14. Income Taxes
14. Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Income Taxes | During the year ended December 31, 2018 and 2017, the Company recognized an income tax benefit (provision) of $332,332 and nil, respectively. The 2018 benefit which is a current foreign benefit, is a result of a positive outcome to an audit of USAMSA’s 2013 income tax return in Mexico. Domestic and foreign components of income (loss) from operations before income taxes for the years ended December 31, 2018, and 2017, are as follows: 2018 2017 Domestic $ 3,675,095 $ (374,478 ) Foreign (3,134,202 ) (759,916 ) Total $ 540,893 $ (1,134,394 ) The income tax provision (benefit) differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income (loss) for the years ended December 31, 2018 and 2017, due to the following: 2018 2017 Tax benefit at federal statutory rate $ 113,588 $ (397,038 ) State income tax effect 12,602 (34,609 ) Foreign income tax effect (102,078 ) 37,996 Non-deductible items 492 930 Percentage depletion (47,341 ) (58,056 ) Impact on change in federal tax rate - (6,660 ) Change in prior year estimate (95,687 ) - Change in valuation allowance - Domestic (221,837 ) 229,462 Change in valuation allowance - Foreign 340,261 227,975 Gain on settlement of foreign tax assessment (332,332 ) - Income tax provision (benefit) $ (332,332 ) $ - At December 31, 2018 and 2017, the Company had net deferred tax assets as follows: 2018 2017 Deferred tax assets: Foreign net operating loss carry forward $ 1,877,681 $ 1,537,420 Domestic net operating loss carry forward 219,666 443,100 Other 1,006 16,827 Deferred tax assets 2,098,353 1,997,347 Valuation allowance (foreign) (1,877,681 ) (1,537,420 ) Valuation allowance (domestic) (94,956 ) (316,793 ) Total deferred tax assets 125,716 143,134 Deferred tax liabilities: Property, plant, and equipment (125,716 ) (143,134 ) Net deferred tax assets $ - $ - At December 31, 2018, the Company has federal net operating loss (“NOL”) carry forwards of approximately $156,000 that expire at various dates between 2026 and 2037. In addition, the Company has Montana state net operating loss carry forwards of approximately $2.2 million which expire between 2019 and 2026, and Idaho state net operating loss carry forwards of approximately $1.2 million, which expire between 2032 and 2038. The Company has approximately $5.5 million of Mexican net operating loss carry forwards which expire between 2023 and 2028. At December 31, 2018 and 2017, the Company had deferred tax assets arising principally from net operating loss carry forwards for income tax purposes. As management cannot determine that it is more likely than not the benefit of the net deferred tax asset will be realized, a valuation allowance equal to 100% of the net deferred tax asset has been recorded at December 31, 2018 and 2017. As disclosed in Note 11, the Company acquired new subsidiaries in 2018. The subsidiaries have net operating loss carryforwards in Mexico of approximately $800,000. Due to limitations, it is likely that a portion of this carryforward will not be available to offset the Company’s future taxable income in Mexico. Management is still determining the amount of the limitation, if any. On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the "Act") resulting in significant modifications to existing law. The Company completed the accounting for the effects of the Act during the year ended December 31, 2017. The Company did not incur any income tax benefit or provision for the year ended December 31, 2017 as a result of the changes to tax laws and tax rates under the Act. The Company’s net deferred tax asset was reduced by approximately $7,000 during the year ended December 31, 2017, which consisted primarily of the re-measurement of federal deferred tax assets and liabilities from 35% to 21%. During the years ended December 31, 2018 and 2017, there were no material uncertain tax positions taken by the Company. The Company’s United States income tax filings are subject to examination for the years 2015 through 2017, and 2014 through 2017 in Mexico. The Company charges penalties on assessments to general and administrative expense and charges interest to interest expense. Mexican Tax Assessment 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 was interest and penalties. SAT’s assessment was 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. Management reviewed the assessment notice from SAT and believed numerous findings have no merit. The Company engaged accountants and tax attorneys in Mexico to defend its position. An appeal was filed. At December 31, 2017, the Company had accrued a potential tax liability of $443,110 associated with this assessment. In 2018, SAT finalized its procedures with no assessment against the Company. The accrual of $443,110 was reversed and recognized as income tax benefit of $332,332 and a gain on tax settlement of $110,778 which represented previously accrued interest and penalties. The Company paid Mexican tax representatives $157,500 to negotiate this settlement that were recognized as professional fees expense during the year ended December 31, 2018. The Company has been notified that SAT has re-opened its assessment of USAMSA’s 2013 income tax return which could result in a separate assessment. It is too early in the process to estimate any potential outcome. At December 31, 2018, the Company does not believe it will be assessed any taxes, interest or penalties as a result of this assessment. |
15. Related Party Transactions
15. Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | During the years ended December 31, 2018 and 2017, the Company paid $9,634 and $13,603, respectively to John Lawrence, the Company’s President and Chief Executive Officer, as reimbursement for equipment used by the Company. In addition, Mr. Lawrence advanced the Company $135,000 for ongoing expenses during the year ended December 31, 2018, which has been repaid as of December 31, 2018. The amount payable to Mr. Lawrence as of December 31, 2018 and 2017 was $93,567 and $22,668, respectively, for expenses that Mr. Lawrence paid on behalf of the Company during the year. |
16. Commitments and Contingenci
16. Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 requires payments of $10,000 plus IVA 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 2018. From time to time, the Company is assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). Using appropriate regulatory channels, management may contest these proposed assessments. At December 31, 2018 and 2017, the Company has no accruals relating to such assessments. |
17. Business Segments
17. Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | The Company is currently organized and managed by four segments, which represent the three operating units: United States antimony operations, Mexican antimony operations and United States zeolite operations, and a separate segment for revenue received from the sale of precious metals recovered from the antimony process. The Company’s precious metals segment was added as a new reporting segment in 2016. The precious metals activity has been reclassified from the antimony segment for 2018 and 2017. The Company’s other operating costs include general and administrative expenses, freight and delivery, and other non-production related costs. Other income and expense consists primarily of interest income and expense and factoring expense. The Madero smelter and Puerto Blanco mill at the Company’s Mexico operation brings antimony up to an intermediate stage, which is then shipped to the United States operation for finishing and sales at the Thompson Falls, Montana plant. The Zeolite operation produces Zeolite near Preston, Idaho. Almost all of the sales of products from the United States antimony and Zeolite operations are to customers in the United States. Precious metal revenues are from sales to customers in the United States and Canada. Segment disclosures regarding sales to major customers and for property, plant, and equipment are located in Notes 3 and 6, respectively. Total Assets: December 31, 2018 December 31, 2017 Antimony United States $ 2,199,694 $ 2,510,323 Mexico 12,824,291 12,073,219 Subtotal Antimony 15,023,985 14,583,542 Precious Metals 615,719 642,774 Zeolite 1,917,419 1,904,938 Total $ 17,557,123 $ 17,131,254 For the year ended For the year ended Capital expenditures: December 31, 2018 December 31, 2017 Antimony United States $ - $ 32,961 Mexico 803,579 87,396 Subtotal Antimony 803,579 120,357 Precious metals 40,988 185,668 Zeolite 154,552 99,794 Total $ 999,119 $ 405,819 Segment Operations for the Antimony Antimony Total Precious Bear River Year ended December 31, 2018 USA Mexico Antimony Metals Zeolite Totals Total revenues $ 6,113,014 $ - $ 6,113,014 $ 254,445 $ 2,666,944 $ 9,034,403 Depreciation and amortization 52,681 595,318 647,999 68,042 188,803 904,844 Income (loss) from operations 3,046,782 (3,148,092 ) (101,310 ) 186,403 461,943 547,036 Other income (expense) (8,051 ) 13,890 5,839 - (11,982 ) (6,143 ) Income tax benefit - 332,332 332,332 - - 332,332 NET INCOME (LOSS) $ 3,038,731 $ (2,801,870 ) $ 236,861 $ 186,403 $ 449,961 $ 873,225 Segment Operations for the Antimony Antimony Total Precious Bear River Year ended December 31, 2017 USA Mexico Antimony Metals Zeolite Totals Total revenues $ 7,588,470 $ - $ 7,588,470 $ 374,872 $ 2,266,636 $ 10,229,978 Depreciation and amortization 57,761 623,899 681,660 64,499 222,729 968,888 Income (loss) from operations 1,965,573 (3,579,810 ) (1,614,237 ) 310,373 344,165 (959,699 ) Income tax expense - - - - - - Other income (expense) (35,853 ) (126,149 ) (162,002 ) - (12,693 ) (174,695 ) NET INCOME (LOSS) $ 1,929,720 $ (3,705,959 ) $ (1,776,239 ) $ 310,373 $ 331,472 $ (1,134,394 ) |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies Policies Abstract | |
Principles of Consolidation | The Company's consolidated financial statements include the accounts of its wholly-owned subsidiaries BRZ, USAMSA, AM, and, since August 31, 2018, Lanxess Laurel and Lanxess Laurel Mexico. All intercompany balances and transactions are eliminated in consolidation. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant and critical estimates include property, plant and equipment depreciation and potential impairment, metal content of mineral resources, accounts receivable allowance for uncollectible accounts, deferred income taxes, income taxes payable, environmental remediation liabilities and asset retirement obligations. Actual results could differ from those estimates. |
Cash and Cash Equivalents | The Company considers cash in banks and investments with original maturities of three months or less when purchased to be cash equivalents. |
Restricted Cash | Restricted cash at December 31, 2018 and 2017 consists of cash held for reclamation performance bonds and is held in certificates of deposit with financial institutions. |
Accounts Receivable | Accounts receivable are stated at the amount that management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through an allowance for doubtful accounts. Changes to the allowance for doubtful accounts are based on management’s judgment, considering historical write-offs, collections and current credit conditions. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments received on receivables subsequent to being written off are considered a bad debt recovery. |
Inventories | Inventories at December 31, 2018 and 2017 consisted of finished antimony products, antimony metal, antimony concentrates, antimony ore, and finished zeolite products, and are stated at the lower of first-in, first-out weighted average cost or estimated net realizable value. Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight allocated based on production quantity. Stockpiled ore is carried at the lower of average cost or net realizable value. Since the Company's antimony inventory is a commodity with a sales value that is subject to world prices for antimony that are beyond the Company's control, a significant change in the world market price of antimony could have a significant effect on the net realizable value of inventories. The Company periodically reviews its inventories to identify excess and obsolete inventories and to estimate reserves for obsolete inventories as necessary to reflect inventories at net realizable value. |
Translations of Foreign Currencies | All amounts in the financial statements are presented in U.S. dollars, which is the functional currency for all of the Company’s operations. Foreign translation gains and losses relating to Mexican subsidiaries are recognized as foreign exchange gain or loss in the consolidated statement of operations. |
Going Concern Consideration | At December 31, 2018, the Company’s consolidated financial statements show negative working capital of approximately $1.6 million and an accumulated deficit of approximately $25.7 million. Although the Company had net income for the current year, we have incurred losses for the prior three years. The net income in 2018 was primarily due to non-recurring events which contributed approximately $2.5 million to net income. These factors indicate that there may be doubt regarding the ability to continue as a going concern for the next twelve months. The continuing losses are principally a result of the Company’s antimony operations and in particular the production costs incurred in Mexico. The other two operating divisions, precious metals and zeolite, had gross profits of $186,403 and $536,309 in 2018 and $310,373 and $408,403 in 2017, respectively. The Company is expecting an increase in cash flow from both of these divisions in 2019. The Company will get more precious metals from their North American raw material as they have resumed normal shipments, and zeolite sales should continue to increase. The Company’s largest zeolite customer believes that they will be doubling its orders in 2019, and the Company has built a warehouse to accommodate its needs. Regarding the antimony division, in 2016 the Company endured some of the lowest prices for antimony in the past seven years, with an average sales price of only $2.98 per pound of metal contained. Prices improved during 2017 with an average sale price of $4.01. Through 2018, the average sale price for antimony was approximately $4.11 per pound. However due to a temporary decrease in raw material from the Company’s North American supplier, overall antimony production decreased. In 2017, the Company reduced costs for labor at the Mexico locations which has resulted in a lower overall production costs in Mexico which continued through 2018. In the fourth quarter 2017, the Company also adjusted operating approaches at Madero that will likely result in a decrease in operating costs for fuel, natural gas, electricity, and reagents. Although total production activity in Mexico decreased in 2018 and 2017 due to the lack of Hillgrove concentrates, the Company’s 2019 plan involves ramping up production at its own antimony properties in Mexico. The expected increase in production will result in a significant decrease in the per-unit cost of operations. The Company is presently making antimony metal in Mexico and shipping directly to customers. This will decrease production costs in Mexico and shipping costs for raw materials previously sent to Montana. The Company is already seeing approximately twice the production from the Wadley mine in 2019 than was experienced in 2018. In addition, a new leach circuit expected to come on line during 2019 in Mexico will result in more extraction of precious metals from the Los Juarez mine. The Company has approximately 30,000 tons of ore mined and broken awaiting transport to the Puerto Blanco plant. In 2017 and 2018, management implemented wage and other cost reductions at the corporate level that will keep administrative costs stable in 2019. The Company expects to continue paying a low cost for propane in Montana, which in years past has been a major operating cost. Over the past several years, the Company has been able to make required principal payments on its debt from cash generated from operations without the need for additional borrowings or selling shares of its common stock. The Company plans to continue keeping current on its debt payments in 2019 through cash flows from operations. Management believes that the current circumstances and cost reduction actions taken will enable the Company to meet its obligations for the next twelve months. |
Mineral Rights | The costs to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized as mineral rights in the year of acquisition. These capitalized costs are amortized on the statement of operations using the straight line method over the expected life of the mineral deposit when placed into production. Mineral rights are assessed for impairment when facts and circumstances indicate that the potential for impairment exists. No impairment has been indicated for the years ended December 31, 2018 or 2017 as a result of this assessment. Mineral rights are subject to write down in the period the property is abandoned. |
Properties, Plants and Equipment | Properties, plants and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives of two to thirty years. Vehicles and office equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three to twelve years. Maintenance and repairs are charged to operations as incurred. Betterments of a major nature are capitalized. Expenditures for new property, plant, equipment, and improvements that extend the useful life or functionality of the asset are capitalized. When assets are retired or sold, the costs and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in operations. Mineral properties are amortized over the estimated economic life of the mineral resource using the straight-line method, based upon estimated lives of the properties, or the units-of-production method, based upon estimated units of mineral resource. Management of the Company periodically reviews the net carrying value of all of its long-lived assets. These reviews consider the net realizable value of each asset or group to determine whether a permanent impairment in value has occurred and the need for any asset write-down. An impairment loss is recognized when the estimated future cash flows (undiscounted and without interest) expected to result from the use of an asset are less than the carrying amount of the asset. Measurement of an impairment loss is based on the estimated fair value of the asset if the asset is expected to be held and used. |
Exploration and Development | The Company recognizes exploration costs as operating expenses in the period they occur, and capitalizes development costs on discrete mineralized bodies that have proven reserves in compliance with Securities and Exchange Commission Industry Guide 7, and are in development or production. |
Asset Retirement Obligations and Reclamation Costs | All of the Company's mining operations are subject to reclamation and remediation requirements. Minimum standards for mine reclamation have been established by various governmental agencies. Costs are estimated based primarily upon environmental and regulatory requirements and are accrued. The liability for reclamation is classified as current or noncurrent based on the expected timing of expenditures. Reclamation differs from an asset retirement obligation in that no associated asset is recorded in the case of reclamation liabilities. It is reasonably possible that because of uncertainties associated with defining the nature and extent of environmental contamination, application of laws and regulations by regulatory authorities, and changes in remediation technology, the ultimate cost of remediation and reclamation could change in the future. The Company continually reviews its accrued liabilities for such remediation and reclamation costs as evidence becomes available indicating that its remediation and reclamation liability has changed. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of long-lived assets if it is probable that such costs will be incurred and they are reasonably estimable. A corresponding asset is also recorded and depreciated over the life of the assets on a straight line basis. After the initial measurement of the asset retirement obligation, the liability will be adjusted to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts included in determination of fair value is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, and the Company’s credit-adjusted risk-free interest rates. |
Revenue Recognition | Products consist of the following: ● Antimony: includes antimony oxide, sodium antimonate, antimony trisulfide, and antimony metal ● Zeolite: includes coarse and fine zeolite crushed in various sizes ● Precious Metals: includes unrefined and refined gold and silver For antimony and zeolite products, revenue is recognized upon the completion of the performance obligation which is met when the transaction price can be reasonably estimated and revenue is recognized generally at the time when risk is transferred. The Company has determined the performance obligation is met and title is transferred either upon shipment from the Company’s warehouse locations or upon receipt by the customer as specified in individual sales orders. The performance obligation is met because at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the product and obtained the ability to realize all of the benefits from the product, 3) the customer has the significant risks and rewards of ownership to it, 4) it is very unlikely product will be rejected by the customer upon physical receipt, and 5) the Company has the right to payment for the product. Shipping costs related to the sales of antimony and zeolite products are recorded to cost of sales as incurred. For zeolite products, royalty expense due a third party by the Company is also recorded to cost of sales upon sale in accordance with terms of underlying royalty agreements. For sales of precious metals, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer. Refining and shipping costs related to sales of precious metals are recorded to cost of sales as incurred. The Company has determined that its contracts do not include a significant financing component. Prepayments, which are not common, received from customers prior to the time that products are processed and shipped, are recorded as deferred revenue. For antimony and zeolite sales contracts, the Company may factor certain receivables and receive final payment within 30 days of the performance obligation being met. For antimony and zeolite receivables not factored, the Company typically receives payment within 10 days. For precious metals sales, a provisional payment of 75% is typically received within 45 days of the date the product is delivered to the customer. After an exchange of assays, a final payment is normally received within 90 days of product delivery. |
Common Stock Issued for Consideration Other than Cash | All transactions in which goods or services are received for the issuance of shares of the Company’s common stock are accounted for based on the fair value of the consideration received or the fair value of the common stock issued, whichever is more readily determinable. |
Income Taxes | Income taxes are accounted for under the liability method. Under this method, deferred income tax liabilities or assets are determined at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. The Company applies generally accepted accounting principles for recognition of uncertainty in income taxes and prescribing a recognition threshold and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return. |
Income (Loss) Per Common Share | Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including stock options, warrants to purchase the Company's common stock, and convertible preferred stock. The calculation of diluted earnings per share for the year ended December 31, 2018 includes 250,000 warrants. For the years ended December 31, 2018 and 2017, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share because they were anti-dilutive are as follows: December 31, 2018 December 31, 2017 Warrants - 250,000 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 1,751,005 2,001,005 |
Fair Value of Financial Instruments | The Company’s financial instruments include cash and cash equivalents, certificates of deposits, note receivable for land, restricted cash, due to factor, notes payable to bank, and long-term debt. The carrying value of these instruments approximates fair value based on their contractual terms. |
Fair Value Measurements | When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. The Company has no financial assets or liabilities that are adjusted to fair value on a recurring basis. |
Recent Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance previously codified in Subtopic 605-10 Revenue Recognition-Overall. The new ASU establishes a five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach. The Company performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how it recognized revenue under previous policies. Revenues contracts and customers do not involve multiple types of performance obligations and revenues are generally recognized at the time of shipment or receipt by the customer depending on shipping terms. Adoption of ASU No. 2014-09 involves additional disclosures, where applicable, concerning (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 3 for information on sales of products. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification of cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this update as of January 1, 2018, and there were no material impacts on the consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company adopted this update as of January 1, 2018. Cash, cash equivalents, and restricted cash on the consolidated statement of cash flows includes restricted cash of $57,247 as of December 31, 2018, $63,345 as of December 31, 2017, and $63,274 as of December 31, 2016 as well as amounts previously reported for cash and cash equivalents. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted this update as of January 1, 2018. The Company will apply the applicable provisions of the update to any future acquisitions. In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. Upon implementation of the new guidance, the Company will be required to recognize a liability and right-of-use asset for all operating leases. The Company has elected the transition option to apply the new guidance at the effective date without adjusting comparative periods presented. The Company has no capital leases at December 31, 2018. The Company’s operating leases, which will be impacted upon adoption, are not significant and the Company does not anticipate a material impact upon adoption on January 1, 2019. |
Reclassifications | Certain reclassifications have been made to conform the prior year’s data to the current year’s presentation. These reclassifications have no effect on previously reported operations, stockholders’ equity or cash flows. |
3. Revenue Recognition (Tables)
3. Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition Tables Abstract | |
Disaggregation of Revenue | Fiscal Year Ended December 31, 2018 2017 Antimony $ 6,113,014 $ 7,588,470 Zeolite 2,666,944 2,266,636 Precious metals 254,445 374,872 $ 9,034,403 $ 10,229,978 Fiscal Year Ended December 31, 2018 2017 United States $ 8,242,141 $ 9,510,211 Canada 792,262 719,767 $ 9,034,403 $ 10,229,978 |
Sales of products to significant customers | Sales to For the Year Ended Largest Customers December 31, 2018 December 31, 2017 Mexichem Specialty Compounds Inc. $ 2,698,770 $ 3,335,046 East Penn Manufacturing Inc - 512,621 Kohler Corporation 1,441,197 1,928,692 Ampacet 538,922 - $ 4,678,889 $ 5,776,359 % of Total Revenues 51.79 % 56.50 % Largest Accounts Receivable December 31, 2018 December 31, 2017 Nutreco Canada Inc. $ 25,657 DanaMart $ 143,890 $ - Teck American Inc - 241,267 Axens North America Inc. 34,912 - Earth Innovations Inc. 35,967 - Ralco Mix Products - 16,000 $ 214,769 $ 282,924 % of Total Receivables 49.00 % 78.10 % |
4. Accounts Receivable and Du_2
4. Accounts Receivable and Due to Factor (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Receivable And Due To Factor | |
Account Receivables | Accounts Receivble December 31, 2018 December 31, 2017 Accounts receivable - non-factored $ 421,867 $ 351,699 Accounts receivable - factored with recourse 16,524 10,880 Accounts receivable - net $ 438,391 $ 362,579 |
5. Inventories (Tables)
5. Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 2018 2017 Antimony Metal $ 8,127 $ - Antimony Oxide 255,782 408,217 Antimony Concentrates 2,214 35,554 Antimony Ore 257,067 187,133 Total antimony 523,190 630,904 Zeolite 232,071 283,805 $ 755,261 $ 914,709 |
6. Properties, Plants and Equ_2
6. Properties, Plants and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Properties Plants And Equipment Tables Abstract | |
Properties, Plants and Equipment | Antimony Segment Zeolite Segment Precious Metals 2018 USAC USAMSA BRZ Segment TOTAL Plant & Equipment $ 743,767 $ 8,466,461 $ 3,690,249 $ 792,628 $ 13,693,105 Buildings 247,210 900,992 391,305 - 1,539,507 Mineral Rights and Interests - 3,793,502 3,664 - 3,797,166 Land & Other 3,274,572 2,529,294 15,310 - 5,819,176 4,265,549 15,690,249 4,100,528 792,628 24,848,954 Accumulated Depreciation (2,630,234 ) (4,029,480 ) (2,785,159 ) (176,909 ) (9,621,782 ) $ 1,635,315 $ 11,660,769 $ 1,315,369 $ 615,719 $ 15,227,172 Antimony Segment Zeolite Segment Precious Metals 2017 USAC USAMSA BRZ Segment TOTAL Plant & Equipment $ 743,767 $ 7,655,777 $ 3,577,055 $ 751,640 $ 12,728,239 Buildings 247,210 900,992 349,946 - 1,498,148 Mineral Rights and Interests 3,793,502 3,664 - 3,797,166 Land & Other 3,274,572 2,529,294 15,310 - 5,819,176 4,265,549 14,879,565 3,945,975 751,640 23,842,729 Accumulated Depreciation (2,577,552 ) (3,427,058 ) (2,596,356 ) (108,866 ) (8,709,832 ) $ 1,687,997 $ 11,452,507 $ 1,349,619 $ 642,774 $ 15,132,897 |
7. Asset Retirement Obligatio_2
7. Asset Retirement Obligation and Accrued Reclamation Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | Asset Retirement Obligation Balance December 31, 2016 $ 158,282 Accretion during 2017 5,790 Balance December 31, 2017 164,072 Accretion during 2018 6,148 Balance December 31, 2018 $ 170,220 |
8. Long-Term Debt (Tables)
8. Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | Long-Term debt at December 31, 2018 and December 31, 2017, is as follows: December 31, December 31, 2018 2017 Note payable to Zeo Inc., non interest bearing, payable in 11 quarterly installments of $8,300 with a final payment of $8,700; maturing December 2022; uncollateralized. $ 100,000 $ - Note payable to First Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. - 8,054 Note payable to Cat Financial Services, bearing interest at 6%; payable in monthly installments of $1,300; maturing August 2019; collateralized by equipment. 14,022 27,096 Note payable to Cat Financial Services, bearing interest at 6%; payable in monthly installments of $778; maturing December 2022; collateralized by equipment. 34,390 40,278 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. 5,851 13,344 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. 8,371 15,776 Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; originally maturing March 2015; collateralized by equipment. 12,146 14,146 Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 through 2020, net of discount of $22,321 and $49,360, respectively 639,747 715,709 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount of $252,444 and $309,397 respectively 918,663 951,711 1,733,190 1,786,114 Less current portion (705,460 ) (546,988 ) Long-term portion $ 1,027,730 $ 1,239,126 |
Principal payments on debt | Year Ending December 31, Principal Payment Discount Net 2019 $ 776,205 $ (70,745 ) $ 705,460 2020 289,930 (54,044 ) 235,886 2021 190,396 (42,342 ) 148,054 2022 191,292 (35,938 ) 155,354 2023 151,681 (29,150 ) 122,531 Thereafter 408,451 (42,546 ) 365,905 $ 2,007,955 $ (274,765 ) $ 1,733,190 |
9. Notes Payable to Bank (Table
9. Notes Payable to Bank (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of notes payable to bank | At December 31, 2018 and 2017, the Company had the following notes payable to bank: December 31, December 31, 2018 2017 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 $ 83,918 $ 98,863 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 93,702 Total notes payable to the bank $ 183,917 $ 192,565 |
14. Income Taxes (Tables)
14. Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes Tables Abstract | |
Domestic and foreign components of income (loss) from operations before income taxes | 2018 2017 Domestic $ 3,675,095 $ (374,478 ) Foreign (3,134,202 ) (759,916 ) Total $ 540,893 $ (1,134,394 ) |
Schedule of Components of Income Tax Expense (Benefit) | 2018 2017 Tax benefit at federal statutory rate $ 113,588 $ (397,038 ) State income tax effect 12,602 (34,609 ) Foreign income tax effect (102,078 ) 37,996 Non-deductible items 492 930 Percentage depletion (47,341 ) (58,056 ) Impact on change in federal tax rate - (6,660 ) Change in prior year estimate (95,687 ) - Change in valuation allowance - Domestic (221,837 ) 229,462 Change in valuation allowance - Foreign 340,261 227,975 Gain on settlement of foreign tax assessment (332,332 ) - Income tax provision (benefit) $ (332,332 ) $ - |
Deferred tax assets | 2018 2017 Deferred tax assets: Foreign net operating loss carry forward $ 1,877,681 $ 1,537,420 Domestic net operating loss carry forward 219,666 443,100 Other 1,006 16,827 Deferred tax assets 2,098,353 1,997,347 Valuation allowance (foreign) (1,877,681 ) (1,537,420 ) Valuation allowance (domestic) (94,956 ) (316,793 ) Total deferred tax assets 125,716 143,134 Deferred tax liabilities: Property, plant, and equipment (125,716 ) (143,134 ) Net deferred tax assets $ - $ - |
17. Business Segments (Tables)
17. Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Total Assets: December 31, 2018 December 31, 2017 Antimony United States $ 2,199,694 $ 2,510,323 Mexico 12,824,291 12,073,219 Subtotal Antimony 15,023,985 14,583,542 Precious Metals 615,719 642,774 Zeolite 1,917,419 1,904,938 Total $ 17,557,123 $ 17,131,254 For the year ended For the year ended Capital expenditures: December 31, 2018 December 31, 2017 Antimony United States $ - $ 32,961 Mexico 803,579 87,396 Subtotal Antimony 803,579 120,357 Precious metals 40,988 185,668 Zeolite 154,552 99,794 Total $ 999,119 $ 405,819 Segment Operations for the Antimony Antimony Total Precious Bear River Year ended December 31, 2018 USA Mexico Antimony Metals Zeolite Totals Total revenues $ 6,113,014 $ - $ 6,113,014 $ 254,445 $ 2,666,944 $ 9,034,403 Depreciation and amortization 52,681 595,318 647,999 68,042 188,803 904,844 Income (loss) from operations 3,046,782 (3,148,092 ) (101,310 ) 186,403 461,943 547,036 Other income (expense) (8,051 ) 13,890 5,839 - (11,982 ) (6,143 ) Income tax benefit - 332,332 332,332 - - 332,332 NET INCOME (LOSS) $ 3,038,731 $ (2,801,870 ) $ 236,861 $ 186,403 $ 449,961 $ 873,225 Segment Operations for the Antimony Antimony Total Precious Bear River Year ended December 31, 2017 USA Mexico Antimony Metals Zeolite Totals Total revenues $ 7,588,470 $ - $ 7,588,470 $ 374,872 $ 2,266,636 $ 10,229,978 Depreciation and amortization 57,761 623,899 681,660 64,499 222,729 968,888 Income (loss) from operations 1,965,573 (3,579,810 ) (1,614,237 ) 310,373 344,165 (959,699 ) Income tax expense - - - - - - Other income (expense) (35,853 ) (126,149 ) (162,002 ) - (12,693 ) (174,695 ) NET INCOME (LOSS) $ 1,929,720 $ (3,705,959 ) $ (1,776,239 ) $ 310,373 $ 331,472 $ (1,134,394 ) |
2. Summary of Significant Acc_3
2. Summary of Significant Accounting Policies (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Total possible dilution | 1,751,005 | 2,001,005 |
Warrant [Member] | ||
Total possible dilution | 0 | 250,000 |
Convertible preferred stock | ||
Total possible dilution | 1,751,005 | 1,751,005 |
3. Revenue Recognition (Details
3. Revenue Recognition (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 9,034,403 | $ 10,229,978 |
Antimony | ||
Revenues | 6,113,014 | 7,588,470 |
Zeolite | ||
Revenues | 2,666,944 | 2,266,636 |
Precious metals | ||
Revenues | 254,445 | 374,872 |
United States | ||
Revenues | 8,242,141 | 9,510,211 |
Canada | ||
Revenues | $ 792,262 | $ 719,767 |
3. Revenue Recognition (Detai_2
3. Revenue Recognition (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Sales to Three Largest Customers | $ 4,678,889 | $ 5,776,359 |
Total percentage of revenue | 51.79% | 56.50% |
Accounts Receivable of Three Largest Customers | $ 214,769 | $ 282,924 |
Total percentage of accounts receivable | 49.00% | 78.10% |
Mexichem | ||
Sales to Three Largest Customers | $ 2,698,770 | $ 3,335,046 |
East Penn Manufacturing Inc. | ||
Sales to Three Largest Customers | 0 | 512,621 |
KohlerCorporation [Member] | ||
Sales to Three Largest Customers | 1,441,197 | 1,928,692 |
Ampacet Corporation | ||
Sales to Three Largest Customers | 538,922 | 0 |
Nutreco Canada Inc. [Member] | ||
Accounts Receivable of Three Largest Customers | 0 | 25,657 |
DanaMart [Member] | ||
Accounts Receivable of Three Largest Customers | 143,890 | 0 |
Teck American Inc | ||
Accounts Receivable of Three Largest Customers | 0 | 241,267 |
Axens [Member] | ||
Accounts Receivable of Three Largest Customers | 34,912 | 0 |
Earth Innovations Inc | ||
Accounts Receivable of Three Largest Customers | 35,967 | 0 |
Ralco Mix Products [Member] | ||
Accounts Receivable of Three Largest Customers | $ 0 | $ 16,000 |
4. Accounts Receivable and Du_3
4. Accounts Receivable and Due to Factor (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Receivable And Due To Factor | ||
Accounts receivable - non factored | $ 421,867 | $ 351,699 |
Accounts receivable - factored with recourse | 16,524 | 10,880 |
Accounts receivable - net | $ 438,391 | $ 362,579 |
4. Accounts Receivable and Du_4
4. Accounts Receivable and Due to Factor (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable And Due To Factor Details Narrative Abstract | ||
Factoring Expense | $ 4,969 | $ 35,993 |
Net accounts receivable factored during the year | $ 250,000 | $ 1,700,000 |
5. Inventories (Details)
5. Inventories (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories | $ 755,261 | $ 914,709 | |
Antimony Metal [Member] | |||
Inventories | 8,127 | 0 | |
Antimony Oxide [Member] | |||
Inventories | 255,782 | 408,217 | |
Antimony Concentrates | |||
Inventories | 2,214 | $ 35,554 | |
Antimony Ore [Member] | |||
Inventories | 257,067 | 187,133 | |
Antimony [Member] | |||
Inventories | 523,190 | 630,904 | |
Zeolite (Member) | |||
Inventories | $ 232,071 | $ 283,805 |
6. Properties, Plants and Equ_3
6. Properties, Plants and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Plant and equipment | $ 13,693,105 | $ 12,728,239 |
Buildings | 1,539,507 | 1,498,148 |
Mineral Rights and Interests | 3,797,166 | 3,797,166 |
Land & Other | 5,819,176 | 5,819,176 |
Total | 24,848,954 | 23,842,729 |
Accumulated Depreciation | (9,621,782) | (8,709,832) |
Properties, plants and equipment, net | 15,227,172 | 15,132,897 |
USAC | ||
Plant and equipment | 743,767 | 743,767 |
Buildings | 247,210 | 247,210 |
Mineral Rights and Interests | 0 | 0 |
Land & Other | 3,274,572 | 3,274,572 |
Total | 4,265,549 | 4,265,549 |
Accumulated Depreciation | (2,630,234) | (2,577,552) |
Properties, plants and equipment, net | 1,635,315 | 1,687,997 |
USAMSA | ||
Plant and equipment | 8,466,461 | 7,655,777 |
Buildings | 900,992 | 900,992 |
Mineral Rights and Interests | 3,793,502 | 3,793,502 |
Land & Other | 2,529,294 | 2,529,294 |
Total | 15,690,249 | 14,879,565 |
Accumulated Depreciation | (4,029,480) | (3,427,058) |
Properties, plants and equipment, net | 11,660,769 | 11,452,507 |
BRZ | ||
Plant and equipment | 3,690,249 | 3,577,055 |
Buildings | 391,305 | 349,946 |
Mineral Rights and Interests | 3,664 | 3,664 |
Land & Other | 15,310 | 15,310 |
Total | 4,100,528 | 3,945,975 |
Accumulated Depreciation | (2,785,159) | (2,596,356) |
Properties, plants and equipment, net | 1,315,369 | 1,349,619 |
Precious Metals [Member] | ||
Plant and equipment | 792,628 | 751,640 |
Buildings | 0 | 0 |
Mineral Rights and Interests | 0 | 0 |
Land & Other | 0 | 0 |
Total | 792,628 | 751,640 |
Accumulated Depreciation | (176,909) | (108,866) |
Properties, plants and equipment, net | $ 615,719 | $ 642,774 |
7. Asset Retirement Obligatio_3
7. Asset Retirement Obligation and Accrued Reclamation Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Beginning Balance | $ 164,072 | $ 158,282 |
Accretion during the year | 6,148 | 5,790 |
Ending Balance | $ 170,220 | $ 164,072 |
7. Asset Retirement Obligatio_4
7. Asset Retirement Obligation and Accrued Reclamation Costs (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Asset Retirement Obligation And Accrued Reclamation Costs | ||
Asset retirement obligation liability with reclamation obligations | $ 277,720 | $ 271,572 |
8. Long-Term Debt (Details)
8. Long-Term Debt (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Total debt | $ 1,733,190 | $ 1,786,114 |
Less current portion | (705,460) | (546,988) |
Noncurrent portion | 1,027,730 | 1,239,126 |
Zeo Inc. [Member] | ||
Total debt | 100,000 | 0 |
First Security Bank [Member] | ||
Total debt | 0 | 8,054 |
Catepillar Finance [Member] | ||
Total debt | 14,022 | 27,096 |
Catepillar Finance [Member] | ||
Total debt | 34,390 | 40,278 |
De Lage Landen Financial Services [Member] | ||
Total debt | 5,851 | 13,344 |
De Lage Landen Financial Services [Member] | ||
Total debt | 8,371 | 15,776 |
PhyllisRice [Member] | ||
Total debt | 12,146 | 14,146 |
SoyatalMine [Member] | ||
Total debt | 639,747 | 715,709 |
Guadalupe Mine [Member] | ||
Total debt | $ 918,663 | $ 951,711 |
8. Long-Term Debt (Details 1)
8. Long-Term Debt (Details 1) | Dec. 31, 2018USD ($) |
2019 | $ 705,460 |
2020 | 235,886 |
2021 | 148,054 |
2022 | 155,354 |
2023 | 122,531 |
Thereafter | 365,905 |
Long Term Debt Total | 1,733,190 |
Principal Payment | |
2019 | 776,205 |
2020 | 289,930 |
2021 | 190,396 |
2022 | 191,292 |
2023 | 151,681 |
Thereafter | 408,451 |
Long Term Debt Total | 2,007,955 |
Discount | |
2019 | (70,745) |
2020 | (54,044) |
2021 | (42,342) |
2022 | (35,938) |
2023 | (29,150) |
Thereafter | (42,546) |
Long Term Debt Total | $ (274,765) |
9. Notes Payable to Bank (Detai
9. Notes Payable to Bank (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Notes payable to bank | $ 183,917 | $ 192,565 |
Promissory note payable CD 48614 | ||
Notes payable to bank | 83,918 | 98,863 |
Promissory note payable CD 48615 | ||
Notes payable to bank | $ 99,999 | $ 93,702 |
14. Income Taxes (Details)
14. Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ 3,675,095 | $ (374,478) |
Foreign | (3,134,202) | (759,916) |
Total | $ 540,893 | $ (1,134,394) |
14. Income Taxes (Details 1)
14. Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Tax benefit at federal statutory rate | $ 113,588 | $ (397,038) |
State income tax effect | 12,602 | (34,609) |
Foreign income tax effect | (102,078) | 37,996 |
Non-deductible items | 492 | 930 |
Percentage depletion | (47,341) | (58,056) |
Impact on change in federal tax rate | 0 | (6,660) |
Change in prior year estimate | (95,687) | 0 |
Change in valuation allowance - Domestic | (221,837) | 229,462 |
Change in valuation allowance - Foreign | 340,261 | 227,975 |
Gain on settlement of foreign tax assessment | (332,332) | 0 |
Total | $ (332,332) | $ 0 |
14. Income Taxes (Details 2)
14. Income Taxes (Details 2) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax asset: | ||
Foreign net operating loss carryforward | $ 1,877,681 | $ 1,537,420 |
Federal and state net operating loss carry forward | 219,666 | 443,100 |
Other | 1,006 | 16,827 |
Deferred tax asset | 2,098,353 | 1,997,347 |
Valuation allowance (foreign) | (1,877,681) | (1,537,420) |
Valuation allowance (federal) | (94,956) | (316,793) |
Total deferred tax asset | 125,716 | 143,134 |
Deferred tax liability: | ||
Property, plant, and equipment | (125,716) | (143,134) |
Net deferred tax assets | $ 0 | $ 0 |
14. Income Taxes (Details Narra
14. Income Taxes (Details Narrative) | Dec. 31, 2018USD ($) |
Operating loss carryforwards | $ 156,000 |
Montana [Member] | |
Operating loss carryforwards | 2,200,000 |
Idaho state [Member] | |
Operating loss carryforwards | 1,200,000 |
Mexican | |
Operating loss carryforwards | $ 5,500,000 |
15. Related Party Transactions
15. Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions Details Narrative Abstract | ||
Due to related party | $ 93,567 | $ 22,668 |
Related party expense | $ 9,634 | $ 13,603 |
17. Business Segments (Details)
17. Business Segments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Total Assets | $ 17,557,123 | $ 17,131,254 |
United States Antimony [Member] | ||
Total Assets | 2,199,694 | 2,510,323 |
Mexico Antimony [Member] | ||
Total Assets | 12,824,291 | 12,073,219 |
Subtotal Antimony [Member] | ||
Total Assets | 15,023,985 | 14,583,542 |
Precious Metals [Member] | ||
Total Assets | 615,719 | 642,774 |
Zeolite (Member) | ||
Total Assets | $ 1,917,419 | $ 1,904,938 |
17. Business Segments (Details
17. Business Segments (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Capital Expenditures | $ 999,119 | $ 405,819 |
United States Antimony [Member] | ||
Capital Expenditures | 0 | 32,961 |
Mexico Antimony [Member] | ||
Capital Expenditures | 803,579 | 87,396 |
Subtotal Antimony [Member] | ||
Capital Expenditures | 803,579 | 120,357 |
Precious Metals [Member] | ||
Capital Expenditures | 40,988 | 185,668 |
Zeolite (Member) | ||
Capital Expenditures | $ 154,552 | $ 99,794 |
17. Business Segments (Detail_2
17. Business Segments (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 9,034,403 | $ 10,229,978 |
Depreciation and amortization | 904,844 | 968,888 |
Income (loss) from operations | 547,036 | (959,699) |
Other income (expense) | (6,143) | (174,695) |
Income tax benefit | 332,332 | 0 |
NET INCOME (LOSS) | 873,225 | (1,134,394) |
USA Antimony [Member] | ||
Revenues | 6,113,014 | 7,588,470 |
Depreciation and amortization | 52,681 | 57,761 |
Income (loss) from operations | 3,046,782 | 1,965,573 |
Other income (expense) | (8,051) | (35,853) |
Income tax benefit | 0 | 0 |
NET INCOME (LOSS) | 3,038,731 | 1,929,720 |
Mexico Antimony [Member] | ||
Revenues | 0 | 0 |
Depreciation and amortization | 595,318 | 623,899 |
Income (loss) from operations | (3,148,092) | (3,579,810) |
Other income (expense) | 13,890 | (126,149) |
Income tax benefit | 332,332 | 0 |
NET INCOME (LOSS) | (2,801,870) | (3,705,959) |
Antimony [Member] | ||
Revenues | 6,113,014 | 7,588,470 |
Depreciation and amortization | 647,999 | 681,660 |
Income (loss) from operations | (101,310) | (1,614,237) |
Other income (expense) | 5,839 | (162,002) |
Income tax benefit | 332,332 | 0 |
NET INCOME (LOSS) | 236,861 | (1,776,239) |
Precious Metals [Member] | ||
Revenues | 254,445 | 374,872 |
Depreciation and amortization | 68,042 | 64,499 |
Income (loss) from operations | 186,403 | 310,373 |
Other income (expense) | 0 | 0 |
Income tax benefit | 0 | 0 |
NET INCOME (LOSS) | 186,403 | 310,373 |
Zeolite (Member) | ||
Revenues | 2,666,944 | 2,266,636 |
Depreciation and amortization | 188,803 | 222,729 |
Income (loss) from operations | 461,943 | 344,165 |
Other income (expense) | (11,982) | (12,693) |
Income tax benefit | 0 | 0 |
NET INCOME (LOSS) | $ 449,961 | $ 331,472 |