Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | UNITED STATES ANTIMONY CORPORATION | |
Entity Central Index Key | 0000101538 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 106,240,361 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-08675 | |
Entity Incorporation State Country Code | MT | |
Entity Tax Identification Number | 81-0305822 | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 1 | P.O. Box 643 | |
Entity Address City Or Town | Thompson Falls | |
Entity Address State Or Province | MT | |
Entity Address Postal Zip Code | 59873 | |
City Area Code | 406 | |
Local Phone Number | 827-3523 | |
Security 12b Title | Common Stock, $0.01 par value | |
Trading Symbol | UAMY | |
Security Exchange Name | NYSEAMER |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 21,334,353 | $ 21,363,048 |
Certificates of deposit | 259,210 | 259,210 |
Accounts receivable | 1,475,853 | 891,314 |
Inventories (NOTE 5) | 1,026,980 | 1,055,420 |
Total current assets | 24,096,396 | 23,568,992 |
Properties, plants and equipment, net | 11,102,124 | 11,133,733 |
Restricted cash for reclamation bonds | 57,281 | 57,281 |
IVA receivable and other assets | 283,744 | 242,721 |
Total assets | 35,539,545 | 35,002,727 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,107,574 | 1,385,752 |
Accrued liabilities | 624,817 | 621,873 |
Long-term debt, current portion | 12,287 | 13,230 |
Total current liabilities | 1,744,678 | 2,020,855 |
Long-term debt, net of current portion | 198,806 | 201,920 |
Stock payable to directors for services | 140,625 | 112,500 |
Asset retirement obligations and accrued reclamation costs (NOTE 7) | 300,381 | 298,649 |
Total liabilities | 2,384,490 | 2,633,924 |
STOCKHOLDERS' EQUITY | ||
Common stock, $.001 par value; 300,000,000 shares authorized; 106,240,361 shares issued and outstanding | 1,062,402 | 1,062,402 |
Additional paid-in capital | 63,991,459 | 63,991,459 |
Accumulated deficit | (31,925,011) | (32,711,263) |
Total stockholders' equity | 33,155,055 | 32,368,803 |
Total liabilities and stockholders' equity | 35,539,545 | 35,002,727 |
Series A | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | 0 | 0 |
Series B | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | 7,500 | 7,500 |
Series C | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | 1,779 | 1,779 |
Series D | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | $ 16,926 | $ 16,926 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 300,000,000 | 300,000,000 |
Common stock, issued shares | 106,240,361 | 106,240,361 |
Common stock, outstanding shares | 106,240,361 | 106,240,361 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series A | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Series B | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, issued shares | 750,000 | 750,000 |
Preferred stock, outstanding shares | 750,000 | 750,000 |
Preferred stock liquidation preference | $ 954,375 | $ 952,500 |
Series C | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, issued shares | 177,904 | 177,904 |
Preferred stock, outstanding shares | 177,904 | 177,904 |
Preferred stock liquidation preference | $ 97,847 | $ 97,847 |
Series D | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, issued shares | 1,692,672 | 1,692,672 |
Preferred stock, outstanding shares | 1,692,672 | 1,692,672 |
Preferred stock liquidation preference | $ 4,979,632 | $ 4,979,632 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||
REVENUE | $ 3,580,306 | $ 1,253,287 |
COST OF REVENUE | 2,440,918 | 1,041,130 |
GROSS PROFIT | 1,139,388 | 212,157 |
OPERATING EXPENSES: | ||
General and administrative | 160,681 | 170,050 |
Salaries and benefits | 73,135 | 76,659 |
Other operating expenses | 3,915 | 184,037 |
Professional fees | 122,077 | 123,137 |
TOTAL OPERATING EXPENSES | 359,808 | 553,883 |
INCOME (LOSS) FROM OPERATIONS | 779,580 | (341,726) |
OTHER INCOME (EXPENSE) | ||
Interest expense | (2,982) | (2,255) |
Interest income | 9,654 | 8,493 |
TOTAL OTHER INCOME (EXPENSE) | 6,672 | 6,238 |
NET INCOME (LOSS) | 786,252 | (335,488) |
Preferred dividends | (11,819) | (12,162) |
Net income (loss) available to common stockholders | $ 774,432 | $ (347,650) |
Net income (loss) per share of common stock: | ||
Basic and diluted | $ 0.01 | |
Weighted average shares outstanding: | ||
Basic | 106,240,361 | 92,711,336 |
Diluted | 106,389,761 | 92,711,336 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (UNAUDITED) - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Balance, shares at Dec. 31, 2020 | 2,678,909 | 75,949,757 | |||
Balance, amount at Dec. 31, 2020 | $ 7,186,389 | $ 26,788 | $ 759,496 | $ 39,050,899 | $ (32,650,794) |
Common shares issued for cash, shares | 26,290,000 | ||||
Common shares issued for cash, amount | 24,997,000 | 0 | $ 262,900 | 24,734,100 | 0 |
Common stock issuance costs | (1,654,820) | 0 | $ 0 | (1,654,820) | 0 |
Common stock issued for exercise of warrants, shares | 3,723,810 | ||||
Common stock issued for exercise of warrants, amount | 1,763,619 | 0 | $ 37,238 | 1,726,381 | 0 |
Net income (loss) | (335,488) | $ 0 | $ 0 | 0 | (335,488) |
Balance, shares at Mar. 31, 2021 | 2,678,909 | 105,963,567 | |||
Balance, amount at Mar. 31, 2021 | 31,956,700 | $ 26,788 | $ 1,059,634 | 63,856,560 | (32,986,282) |
Balance, shares at Dec. 31, 2021 | 2,620,576 | 106,240,361 | |||
Balance, amount at Dec. 31, 2021 | 32,368,803 | $ 26,205 | $ 1,062,402 | 63,991,459 | (32,711,263) |
Net income (loss) | 786,252 | $ 0 | $ 0 | 0 | 786,252 |
Balance, shares at Mar. 31, 2022 | 2,620,576 | 106,240,361 | |||
Balance, amount at Mar. 31, 2022 | $ 33,155,055 | $ 26,205 | $ 1,062,402 | $ 63,991,459 | $ (31,925,011) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 786,252 | $ (335,488) |
Adjustments to reconcile net loss to net cash used by operating activities | ||
Depreciation and amortization | 220,150 | 222,464 |
Accretion of asset retirement obligation | 1,732 | 1,732 |
Common stock payable for directors fees | 28,125 | 28,125 |
Write-down of inventory to net realizable value | 0 | 57,530 |
Other non-cash items | 0 | (661) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (584,539) | (298,933) |
Inventories | 28,440 | (125,067) |
IVA receivable and other assets | (41,023) | (50,546) |
Accounts payable | (278,178) | (582,360) |
Accrued liabilities | 2,944 | (80,998) |
Export tax assessment payable | 0 | (1,120,730) |
Payable to related parties | 0 | (164,922) |
Net cash provided (used) by operating activities | 163,903 | (2,449,854) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of properties, plants and equipment | (188,541) | (23,298) |
Net cash used by investing activities | (188,541) | (23,298) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Change in checks issued and payable | 0 | (86,685) |
Payments on advances from related party | 0 | (56,216) |
Proceeds from issuance of common stock, net of issuance costs | 0 | 23,342,180 |
Proceeds from exercise of warrants | 0 | 1,763,619 |
Principal paid on notes payable to bank | 0 | (100,000) |
Principal payments of long-term debt | (4,057) | (12,518) |
Net cash provided (used) by financing activities | (4,057) | 24,850,380 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (28,695) | 22,377,228 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 21,420,329 | 722,377 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 21,391,634 | $ 23,099,605 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2022 | |
NATURE OF OPERATIONS | |
1. NATURE OF OPERATIONS | NOTE 1 - NATURE OF OPERATIONS 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 Stibnite Holding Company US Inc. (previously Lanxess Holding Company US Inc.), Antimony Mining and Milling US LLC (previously Lanxess Laurel US LLC), 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. In its operations in Montana, the Company produces antimony oxide, antimony metal, and precious metals. Antimony oxide is a fine, white powder that is used primarily in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper. Antimony oxide is also used as a color fastener in paint, as a catalyst for production of polyester resins for fibers and film, as a catalyst for production of polyethylene pthalate in plastic bottles, as a phosphorescent agent in fluorescent light bulbs, and as an opacifier for porcelains. The Company also sells antimony metal for use in bearings, storage batteries and ordnance. In its operations in Idaho, the Company produces zeolite, a group of industrial minerals used in a variety of purposes including soil amendment and fertilizer. Zeolite is also used for water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation and other miscellaneous applications. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES | |
2. SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2022, and its results of operations for the three months ended March 31, 2022, and 2021, and cash flows for the three months ended March 31, 2022 and 2021. The condensed consolidated balance sheet at December 31, 2021, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. These unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 31, 2022. This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements. Reclassifications Certain reclassifications have been made to conform prior periods’ amounts to the current presentation. These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported. COVID -19 The Company’s operations and business have experienced disruption due to the unprecedented conditions surrounding the COVID-19 pandemic spreading throughout the United States and elsewhere, causing disruptions to the Company’s business operations and management. These disruptions are most evident in the Company’s ability to retain and house employees and properly manage them while maintaining proper social distancing and with delays in obtaining materials and supplies. The effects of the continued outbreak of COVID-19 and related government responses could also include extended disruptions to supply chains and capital markets, reduced availability of contractors and a prolonged reduction in economic activity. These effects could have a variety of adverse impacts on the Company, including its ability to conduct operations. The Company has taken steps to mitigate the potential risks to suppliers and employees posed by the spread of COVID-19, including work from home policies where appropriate. The Company will continue to monitor developments affecting both its workforce and contractors, and will take additional precautions as necessary. The ultimate impact of COVID-19 depends on factors beyond management’s knowledge or control, including its duration and third-party actions to contain its spread and mitigate its public health effects. Therefore, the Company cannot estimate the potential future impact to its financial position, results of operations and cash flows, but the impacts could be material. New Accounting Pronouncements Accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Net income (loss) per share of common stock: | |
3. EARNINGS PER SHARE | NOTE 3– EARNINGS PER SHARE Basic Earnings Per Share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and warrants. For the three months ended March 31, 2022, the calculation of diluted income per common share included 149,400 warrants to purchase one share of common stock. At March 31, 2022 and 2021, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows: March 31, 2022 March 31, 2021 Warrants 9,400,207 2,471,089 Convertible preferred stock 1,692,672 1,751,005 TOTAL POSSIBLE DILUTIVE SHARES 11,092,879 4,222,094 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 31, 2022 | |
REVENUE RECOGNITION | |
4. REVENUE RECOGNITION | NOTE 4 – 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 Sales of products for the three-months ended March 31, 2022 and 2021 were as follows: For the three months ended March 31, 2022 March 31, 2021 Antimony $ 2,828,930 $ 657,107 Zeolite 674,042 519,947 Precious metals 77,334 76,233 TOTAL REVENUE BY PRODUCT $ 3,580,306 $ 1,253,287 The Company’s trade accounts receivable balance related to contracts with customers was $1,475,853 at March 31, 2022 and $891,314 at December 31, 2021. The Company’s products do not involve any warranty agreements and product returns are not typical. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2022 | |
INVENTORIES | |
5. INVENTORIES | NOTE 5– INVENTORIES Inventories at March 31, 2022 and December 31, 2021 consisted primarily of finished antimony products, antimony metal, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight. Inventories at March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 December 31, 2021 Antimony Metal $ 397,815 $ 234,461 Antimony Oxide 361,797 439,086 Antimony Ore Concentrates 15,222 119,046 Total antimony 774,834 792,593 Zeolite 252,146 262,827 TOTAL INVENTORIES $ 1,026,980 $ 1,055,420 Antimony oxide and metal inventory consisted of finished product held at the Company’s plants in Montana and Mexico. Antimony concentrates and ore were held primarily at sites in Mexico. The Company’s zeolite inventory consists of saleable zeolite material. |
PROPERTIES, PLANTS AND EQUIPMEN
PROPERTIES, PLANTS AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2022 | |
PROPERTIES, PLANTS AND EQUIPMENT | |
6. PROPERTIES, PLANTS AND EQUIPMENT | NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT The major components of the Company’s properties, plants and equipment by segment at March 31, 2022 and December 31, 2021 are shown below: Antimony Segment Zeolite Segment Precious Metals March 31, 2022 USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,713,328 $ 8,774,212 $ 3,881,612 $ 1,338,774 $ 15,707,926 Buildings 243,248 613,449 1,093,554 - 1,950,251 Mineral rights and interests - 848,012 - - 848,012 Land and other 2,431,387 2,478,044 16,753 - 4,926,184 4,387,963 12,713,717 4,991,919 1,338,774 23,432,373 Accumulated depreciation (2,742,278 ) (5,761,012 ) (3,359,362 ) (467,597 ) (12,330,249 ) $ 1,645,685 $ 6,952,705 $ 1,632,557 $ 871,177 $ 11,102,124 Antimony Segment Zeolite Segment Precious Metals December 31, 2021 USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,684,977 $ 8,757,775 $ 3,853,056 $ 1,330,394 $ 15,626,202 Buildings 243,248 613,449 986,736 - 1,843,433 Mineral rights and interests - 848,012 - - 848,012 Land and other 2,431,387 2,478,044 16,753 - 4,926,184 4,359,612 12,697,280 4,856,545 1,330,394 23,243,831 Accumulated depreciation (2,732,809 ) (5,622,555 ) (3,314,658 ) (440,076 ) (12,110,098 ) $ 1,626,803 $ 7,074,725 $ 1,541,887 $ 890,318 $ 11,133,733 At March 31, 2022 and December 31, 2021, the Company had $956,965 and $665,175, respectively, of assets that were not yet placed in service and have not yet been depreciated. |
ASSET RETIREMENT OBLIGATION AND
ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS | 3 Months Ended |
Mar. 31, 2022 | |
ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS | |
7. ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS | NOTE 7 – ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS Changes in the asset retirement obligation for the three months ended March 31, 2022 and 2021 are as follows: Three months ended March 31, 2022 2021 Asset retirement obligation, beginning of period $ 191,149 $ 184,219 Accretion expense 1,732 1,732 Asset retirement obligation, end of period $ 192,881 $ 185,951 The Company’s total asset retirement obligation and accrued reclamation costs of $300,318 and $298,649, at March 31, 2022 and December 31, 2021, respectively, include reclamation obligations for the Idaho and Montana operations of $107,500. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2022 | |
DEBT | |
8. DEBT | NOTE 8 – DEBT Long term debt at March 31, 2022 and December 31, 2021 is as follows: March 31, 2022 December 31, 2021 Promissory note payable to First Security Bank of Missoula, bearing interest at 2.25%, payable in 59 monthly installments of $1,409 with a final payment of $152,726 maturing November 9, 2026; collateralized by a lien on Certificate of Deposit $ 211,093 $ 215,150 Less current portion (12,287 ) (13,230 ) Long term portion $ 198,806 $ 201,920 At March 31, 2022, principal payments on debt are due as follows: Twelve months ending March 31, Principal payment 2023 $ 12,287 2024 12,555 2025 12,852 2026 13,144 2027 160,255 $ 211,093 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
9. COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES 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 March 31, 2022 and December 31, 2021, the Company had accrued liabilities of $1,270 and $Nil, respectively, relating to such assessments, which is included in accrued liabilities on the condensed consolidated balance sheets. The Company pays various royalties on the sale of zeolite products. On a combined basis, royalties vary from 8%-13%. During the three months ended March 31, 2022 and 2021, the Company incurred royalty expense of $62,030 and $62,130, respectively. Royalty expense is included in cost of goods sold on the Statement of Operations. At March 31, 2022 and December 31, 2021, the Company had accrued royalties payable of $381,054 and $346,242, respectively, which is included in accrued liabilities on the condensed consolidated balance sheets. The Company is currently in negotiations with certain royalty holders to modify the terms of the agreements. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
STOCKHOLDERS' EQUITY | |
10. STOCKHOLDERS' EQUITY | NOTE 10 – STOCKHOLDERS’ EQUITY During the three months ended March 31, 2021, the Company sold shares of its common stock in two separate transactions: on February 3, 2021, 15,300,000 shares were sold at $0.70 for gross proceeds of $10,710,000; and on February 18, 2021, 10,990,000 shares were sold at $1.30 for gross proceeds of $14,287,000. A total of $1,654,820 of issuance costs were incurred on these sales. During the three months ended March 31, 2021, the Company issued 3,723,810 shares of common stock and received $1,763,619 in cash from the exercise of warrants. During the three months ended March 31, 2022 and March 31, 2021, the Company expensed $28,125 and $28,125, respectively, in directors’ fees payable that will be paid in common stock. The Company issued no shares of common stock during the three months ended March 31, 2022. Common stock warrants In February 2021, concurrent with sale of common stock, the Company issued warrants to purchase 7,650,000 shares of common stock at an exercise price of $0.85 per share. The warrants are initially exercisable six months following issuance and expire five and one-half years from the issuance date. In connection with the February 2021 sales of common stock, the Company also issued 1,606,500 warrants with an exercise price of $0.85 and 804,000 warrants with an exercise price of $0.46 as commission to the placement agent. The Company issued no warrants to purchase common stock during the three months ended March 31, 2022. The following is a summary of the Company’s warrants to purchase shares of common stock activity: Number of warrants Exercise prices Balance outstanding at December 31, 2020 6,194,899 $ 0.65 Issued 10,060,500 $0.46 - $0.85 Exercised (3,765,477 ) $0.46 - $0.65 Balance outstanding at December 31, 2021 and March 31, 2022 12,489,922 $ 0.75 The composition of the Company’s warrants outstanding at March 31, 2022 is as follows: Number of warrants Exercise Price Expiration Date Remaining life (years) 143,707 $ 0.65 8/12/2022 0.37 2,285,715 0.46 7/31/2025 3.34 804,000 0.46 1/27/2026 3.83 7,650,000 0.85 3/8/2026 4.35 1,606,500 0.85 2/1/2026 3.84 12,489,922 |
BUSINESS SEGEMENTS
BUSINESS SEGEMENTS | 3 Months Ended |
Mar. 31, 2022 | |
BUSINESS SEGEMENTS | |
11.BUSINESS SEGEMENTS | NOTE 11 – BUSINESS SEGEMENTS The Company is currently organized and managed by four segments, which represent our operating units: United States antimony operations, Mexican antimony operations, precious metals recovery and United States zeolite operations. The Puerto Blanco mill and the Madero smelter at the Company’s Mexico operation bring antimony up to an intermediate or finished stage, which may be sold directly or shipped to the United States operation for finishing at the Thompson Falls, Montana plant. The Puerto Blanco mill in Mexico is the site of our crushing and flotation plant, and a cyanide leach plant which will recover precious metals after the ore goes through the crushing and flotation cycles. A precious metals recovery plant is operated in conjunction with the antimony processing plant at Thompson Falls, Montana, where a 99% precious metals mix will be produced. 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, although the Company does have a sales operation in Canada. Total Assets: March 31, 2022 December 31, 2021 Antimony United States $ 24,749,039 $ 24,130,348 Mexico 7,575,114 7,771,515 Subtotal antimony 32,324,153 31,901,863 Precious metals United States 189,567 107,464 Mexico 681,610 782,854 Subtotal precious metals 871,177 890,318 Zeolite 2,344,215 2,210,546 TOTAL $ 35,539,545 $ 35,002,727 For the three months ended Capital expenditures: March 31, 2022 March 31, 2021 Antimony United States $ 28,350 $ - Mexico 16,437 4,872 Subtotal antimony 44,787 4,872 Precious metals 8,380 18,426 Zeolite 135,374 - TOTAL $ 188,541 $ 23,298 Segment operations for the three months ended March 31, 2022 Antimony - USA Antimony -Mexico Total antimony Precious Metals Zeolite Total Total revenues $ 2,828,930 $ - $ 2,828,930 $ 77,334 $ 674,042 $ 3,580,306 Depreciation and amortization $ 9,469 $ 138,457 $ 147,926 $ 27,520 $ 44,704 $ 220,150 Income (loss) from operations $ 1,391,512 $ (684,037 ) $ 707,475 $ 49,814 $ 22,291 $ 779,580 Other income (expense) 7,310 - 7,310 - (638 ) 6,672 NET INCOME (LOSS) $ 1,398,822 $ (684,037 ) $ 714,785 $ 49,814 $ 21,653 $ 786,252 Segment operations for the three months ended March 31, 2021 Antimony - USA Antimony -Mexico Total antimony Precious Metals Zeolite Total Total revenues $ 657,107 $ - $ 657,107 $ 76,233 $ 519,947 $ 1,253,287 Depreciation and amortization $ 7,891 $ 144,952 $ 152,843 $ 27,604 $ 42,017 $ 222,464 Income (loss) from operations $ (218,669 ) $ (238,568 ) $ (457,237 ) $ 48,630 $ 66,881 $ (341,726 ) Other income (expense) 6,635 - 6,635 - (397 ) 6,238 NET INCOME (LOSS) $ (212,034 ) $ (238,568 ) $ (450,602 ) $ 48,630 $ 66,484 $ (335,488 ) |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Reclassifications | Certain reclassifications have been made to conform prior periods’ amounts to the current presentation. These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported. |
COVID -19 | The Company’s operations and business have experienced disruption due to the unprecedented conditions surrounding the COVID-19 pandemic spreading throughout the United States and elsewhere, causing disruptions to the Company’s business operations and management. These disruptions are most evident in the Company’s ability to retain and house employees and properly manage them while maintaining proper social distancing and with delays in obtaining materials and supplies. The effects of the continued outbreak of COVID-19 and related government responses could also include extended disruptions to supply chains and capital markets, reduced availability of contractors and a prolonged reduction in economic activity. These effects could have a variety of adverse impacts on the Company, including its ability to conduct operations. The Company has taken steps to mitigate the potential risks to suppliers and employees posed by the spread of COVID-19, including work from home policies where appropriate. The Company will continue to monitor developments affecting both its workforce and contractors, and will take additional precautions as necessary. The ultimate impact of COVID-19 depends on factors beyond management’s knowledge or control, including its duration and third-party actions to contain its spread and mitigate its public health effects. Therefore, the Company cannot estimate the potential future impact to its financial position, results of operations and cash flows, but the impacts could be material. |
New Accounting Pronouncements | Accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Net income (loss) per share of common stock: | |
Antidilutive securities excluded from computation of earnings per share | March 31, 2022 March 31, 2021 Warrants 9,400,207 2,471,089 Convertible preferred stock 1,692,672 1,751,005 TOTAL POSSIBLE DILUTIVE SHARES 11,092,879 4,222,094 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
REVENUE RECOGNITION | |
Disaggregation of revenue | For the three months ended March 31, 2022 March 31, 2021 Antimony $ 2,828,930 $ 657,107 Zeolite 674,042 519,947 Precious metals 77,334 76,233 TOTAL REVENUE BY PRODUCT $ 3,580,306 $ 1,253,287 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
INVENTORIES | |
Total inventories | March 31, 2022 December 31, 2021 Antimony Metal $ 397,815 $ 234,461 Antimony Oxide 361,797 439,086 Antimony Ore Concentrates 15,222 119,046 Total antimony 774,834 792,593 Zeolite 252,146 262,827 TOTAL INVENTORIES $ 1,026,980 $ 1,055,420 |
PROPERTIES, PLANTS AND EQUIPM_2
PROPERTIES, PLANTS AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
PROPERTIES, PLANTS AND EQUIPMENT | |
Major components of the Company's properties | Antimony Segment Zeolite Segment Precious Metals March 31, 2022 USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,713,328 $ 8,774,212 $ 3,881,612 $ 1,338,774 $ 15,707,926 Buildings 243,248 613,449 1,093,554 - 1,950,251 Mineral rights and interests - 848,012 - - 848,012 Land and other 2,431,387 2,478,044 16,753 - 4,926,184 4,387,963 12,713,717 4,991,919 1,338,774 23,432,373 Accumulated depreciation (2,742,278 ) (5,761,012 ) (3,359,362 ) (467,597 ) (12,330,249 ) $ 1,645,685 $ 6,952,705 $ 1,632,557 $ 871,177 $ 11,102,124 Antimony Segment Zeolite Segment Precious Metals December 31, 2021 USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,684,977 $ 8,757,775 $ 3,853,056 $ 1,330,394 $ 15,626,202 Buildings 243,248 613,449 986,736 - 1,843,433 Mineral rights and interests - 848,012 - - 848,012 Land and other 2,431,387 2,478,044 16,753 - 4,926,184 4,359,612 12,697,280 4,856,545 1,330,394 23,243,831 Accumulated depreciation (2,732,809 ) (5,622,555 ) (3,314,658 ) (440,076 ) (12,110,098 ) $ 1,626,803 $ 7,074,725 $ 1,541,887 $ 890,318 $ 11,133,733 |
ASSET RETIREMENT OBLIGATION A_2
ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS | |
Changes in the asset retirement obligation | Three months ended March 31, 2022 2021 Asset retirement obligation, beginning of period $ 191,149 $ 184,219 Accretion expense 1,732 1,732 Asset retirement obligation, end of period $ 192,881 $ 185,951 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
DEBT | |
Long-term debt | March 31, 2022 December 31, 2021 Promissory note payable to First Security Bank of Missoula, bearing interest at 2.25%, payable in 59 monthly installments of $1,409 with a final payment of $152,726 maturing November 9, 2026; collateralized by a lien on Certificate of Deposit $ 211,093 $ 215,150 Less current portion (12,287 ) (13,230 ) Long term portion $ 198,806 $ 201,920 |
Principal payments on debt | Twelve months ending March 31, Principal payment 2023 $ 12,287 2024 12,555 2025 12,852 2026 13,144 2027 160,255 $ 211,093 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
STOCKHOLDERS EQUITY (Tables) | |
Common stock warrant activity | Number of warrants Exercise prices Balance outstanding at December 31, 2020 6,194,899 $ 0.65 Issued 10,060,500 $0.46 - $0.85 Exercised (3,765,477 ) $0.46 - $0.65 Balance outstanding at December 31, 2021 and March 31, 2022 12,489,922 $ 0.75 |
Warrants outstanding | Number of warrants Exercise Price Expiration Date Remaining life (years) 143,707 $ 0.65 8/12/2022 0.37 2,285,715 0.46 7/31/2025 3.34 804,000 0.46 1/27/2026 3.83 7,650,000 0.85 3/8/2026 4.35 1,606,500 0.85 2/1/2026 3.84 12,489,922 |
BUSINESS SEGEMENTS (Tables)
BUSINESS SEGEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
BUSINESS SEGEMENTS | |
Segment information | Total Assets: March 31, 2022 December 31, 2021 Antimony United States $ 24,749,039 $ 24,130,348 Mexico 7,575,114 7,771,515 Subtotal antimony 32,324,153 31,901,863 Precious metals United States 189,567 107,464 Mexico 681,610 782,854 Subtotal precious metals 871,177 890,318 Zeolite 2,344,215 2,210,546 TOTAL $ 35,539,545 $ 35,002,727 |
Summary of capital expenditure | For the three months ended Capital expenditures: March 31, 2022 March 31, 2021 Antimony United States $ 28,350 $ - Mexico 16,437 4,872 Subtotal antimony 44,787 4,872 Precious metals 8,380 18,426 Zeolite 135,374 - TOTAL $ 188,541 $ 23,298 |
Summary of segement operation | Segment operations for the three months ended March 31, 2022 Antimony - USA Antimony -Mexico Total antimony Precious Metals Zeolite Total Total revenues $ 2,828,930 $ - $ 2,828,930 $ 77,334 $ 674,042 $ 3,580,306 Depreciation and amortization $ 9,469 $ 138,457 $ 147,926 $ 27,520 $ 44,704 $ 220,150 Income (loss) from operations $ 1,391,512 $ (684,037 ) $ 707,475 $ 49,814 $ 22,291 $ 779,580 Other income (expense) 7,310 - 7,310 - (638 ) 6,672 NET INCOME (LOSS) $ 1,398,822 $ (684,037 ) $ 714,785 $ 49,814 $ 21,653 $ 786,252 Segment operations for the three months ended March 31, 2021 Antimony - USA Antimony -Mexico Total antimony Precious Metals Zeolite Total Total revenues $ 657,107 $ - $ 657,107 $ 76,233 $ 519,947 $ 1,253,287 Depreciation and amortization $ 7,891 $ 144,952 $ 152,843 $ 27,604 $ 42,017 $ 222,464 Income (loss) from operations $ (218,669 ) $ (238,568 ) $ (457,237 ) $ 48,630 $ 66,881 $ (341,726 ) Other income (expense) 6,635 - 6,635 - (397 ) 6,238 NET INCOME (LOSS) $ (212,034 ) $ (238,568 ) $ (450,602 ) $ 48,630 $ 66,484 $ (335,488 ) |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) | 3 Months Ended |
Mar. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Name of Subsidiary 1 | Bear River Zeolite Company |
Place of Subsidiary 1 | Idaho |
Owned Percentage 1 | 75.00% |
Owned Remaining Percentage 1 | 25.00% |
Name of Subsidiary 2 | Antimonio de Mexico S.A. de C.V |
Place of Subsidiary 2 | Mexico |
Owned Percentage 2 | 100.00% |
Name of Subsidiary 3 | Mexico S.A. de C.V |
Place of Subsidiary 3 | United States |
Owned Percentage 3 | 100.00% |
Owned Percentage 4 | 100.00% |
Name of Subsidiary 4 | Stibnite Holding Company US Inc |
Owned Percentage 5 | 100.00% |
Name of Subsidiary 5 | Antimony Mining and Milling US LLC |
Place of Subsidiary 5 | Delaware |
Owned Percentage 6 | 100.00% |
Place of Subsidiary 6 | Mexico |
Name of Subsidiary 6 | Lanxess Laurel de Mexico, S.A. de C.V |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total possible dilution | 11,092,879 | 4,222,094 |
Cumulative Preferred Stock | ||
Total possible dilution | 1,692,672 | 1,751,005 |
Warrants | ||
Total possible dilution | 9,400,207 | 2,471,089 |
EARNINGS PER SHARE (Details Nar
EARNINGS PER SHARE (Details Narrative) | 3 Months Ended |
Mar. 31, 2022shares | |
SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Warrants to purchase common stock | 149,400 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
TOTAL REVENUE BY PRODUCT | $ 3,580,306 | $ 1,253,287 |
Zeolite | ||
TOTAL REVENUE BY PRODUCT | 674,042 | 519,947 |
Antimony | ||
TOTAL REVENUE BY PRODUCT | 2,828,930 | 657,107 |
Precious Metals | ||
TOTAL REVENUE BY PRODUCT | $ 77,334 | $ 76,233 |
REVENUE RECOGNITION (Details Na
REVENUE RECOGNITION (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
REVENUE RECOGNITION | ||
Accounts receivable | $ 1,475,853 | $ 891,314 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Inventories | $ 1,026,980 | $ 1,055,420 |
Antimony | ||
Inventories | 774,834 | 792,593 |
Antimony Metals | ||
Inventories | 397,815 | 234,461 |
Antimony Oxides | ||
Inventories | 361,797 | 439,086 |
Antimony Ore Concentrates | ||
Inventories | 15,222 | 119,046 |
zeolite products | ||
Inventories | $ 252,146 | $ 262,827 |
PROPERTIES, PLANTS AND EQUIPM_3
PROPERTIES, PLANTS AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Plant and equipment | $ 15,707,926 | $ 15,626,202 |
Buildings | 1,950,251 | 1,843,433 |
Mineral rights and interests | 848,012 | 848,012 |
Land & other | 4,926,184 | 4,926,184 |
Total | 23,432,373 | 23,243,831 |
Accumulated depreciation | (12,330,249) | (12,110,098) |
Properties, plants and equipment, net | 11,102,124 | 11,133,733 |
Antimony Segment USAC | ||
Plant and equipment | 1,713,328 | 1,684,977 |
Buildings | 243,248 | 243,248 |
Mineral rights and interests | 0 | 0 |
Land & other | 2,431,387 | 2,431,387 |
Total | 4,387,963 | 4,359,612 |
Accumulated depreciation | (2,742,278) | (2,732,809) |
Properties, plants and equipment, net | 1,645,685 | 1,626,803 |
Antimony Segment USAMSA | ||
Plant and equipment | 8,774,212 | 8,757,775 |
Buildings | 613,449 | 613,449 |
Mineral rights and interests | 848,012 | 848,012 |
Land & other | 2,478,044 | 2,478,044 |
Total | 12,713,717 | 12,697,280 |
Accumulated depreciation | (5,761,012) | (5,622,555) |
Properties, plants and equipment, net | 6,952,705 | 7,074,725 |
Zeolite Segment BRZ | ||
Plant and equipment | 3,881,612 | 3,853,056 |
Buildings | 1,093,554 | 986,736 |
Mineral rights and interests | 0 | 0 |
Land & other | 16,753 | 16,753 |
Total | 4,991,919 | 4,856,545 |
Accumulated depreciation | (3,359,362) | (3,314,658) |
Properties, plants and equipment, net | 1,632,557 | 1,541,887 |
Precious Metals Segment | ||
Plant and equipment | 1,338,774 | 1,330,394 |
Buildings | 0 | 0 |
Mineral rights and interests | 0 | 0 |
Land & other | 0 | 0 |
Total | 1,338,774 | 1,330,394 |
Accumulated depreciation | (467,597) | (440,076) |
Properties, plants and equipment, net | $ 871,177 | $ 890,318 |
PROPERTIES, PLANTS AND EQUIPM_4
PROPERTIES, PLANTS AND EQUIPMENT (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
PROPERTIES, PLANTS AND EQUIPMENT (Details) | ||
Assets not yet placed in service | $ 956,965 | $ 665,175 |
ASSET RETIREMENT OBLIGATION A_3
ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS (Details) | ||
Asset retirement obligation, beginning of period | $ 191,149 | $ 184,219 |
Accretion Expense | 1,732 | 1,732 |
Asset retirement obligation, end of period | $ 192,881 | $ 185,951 |
ASSET RETIREMENT OBLIGATION A_4
ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
ASSET RETIREMENT OBLIGATION AND ACCRUED RECLAMATION COSTS (Details) | ||
Asset retirement obligation liability with reclamation obligations | $ 300,318 | $ 298,649 |
Reclamation obligations | $ 107,500 |
DEBT (Details)
DEBT (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Less current portion | $ (12,287) | $ (13,230) |
Noncurrent portion | 198,806 | 201,920 |
First Security Bank of Missoula | ||
Total debt | $ 211,093 | $ 215,150 |
DEBT (Details 1)
DEBT (Details 1) | Mar. 31, 2022USD ($) |
DEBT | |
2023 | $ 12,287 |
2024 | 12,555 |
2025 | 12,852 |
2026 | 13,144 |
2027 | 160,255 |
Total | $ 211,093 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Royalty expense | $ 62,030 | $ 62,130 | |
Accrued liabilities | 1,270 | $ 0 | |
Accrued royalties payable | $ 381,054 | $ 346,242 | |
Minimum [Member] | |||
Royalties percentage | 8.00% | ||
Maximum [Member] | |||
Royalties percentage | 13.00% |
STOCKHOLDERS EQUITY (Details)
STOCKHOLDERS EQUITY (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of warrants, beginning | 12,489,922 | 6,194,899 |
Issued | 0 | 10,060,500 |
Exercised | 0 | (3,765,477) |
Number of warrants, ending | 12,489,922 | 12,489,922 |
Exercise prices, Balance outstanding, Beginning Balance | $ 0.75 | $ 0.65 |
Exercise prices, Balance outstanding, Ending Balance | $ 0.75 | 0.75 |
Minimum [Member] | ||
Issued | 0.46 | |
Exercised | 0.46 | |
Maximum [Member] | ||
Issued | 0.85 | |
Exercised | $ 0.65 |
STOCKHOLDERS EQUITY (Details 1)
STOCKHOLDERS EQUITY (Details 1) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Warrants | |
Shares | 12,489,922 |
Warrant 1 | |
Shares | 143,707 |
Exercise Price | $ / shares | $ 0.65 |
Remaining life | 4 months 13 days |
Expiration date | 8/12/2022 |
Warrant 2 | |
Shares | 2,285,715 |
Exercise Price | $ / shares | $ 0.46 |
Remaining life | 3 years 4 months 2 days |
Expiration date | 7/31/2025 |
Warrant 3 | |
Shares | 804,000 |
Exercise Price | $ / shares | $ 0.46 |
Remaining life | 3 years 9 months 29 days |
Expiration date | 1/27/2026 |
Warrant 4 | |
Shares | 7,650,000 |
Exercise Price | $ / shares | $ 0.85 |
Remaining life | 4 years 4 months 6 days |
Expiration date | 3/8/2026 |
Warrant 5 | |
Shares | 1,606,500 |
Exercise Price | $ / shares | $ 0.85 |
Remaining life | 3 years 10 months 2 days |
Expiration date | 2/1/2026 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - USD ($) | Feb. 03, 2021 | Feb. 18, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
common stock Issued | 3,723,810 | |||
Not issue, common stock with a value | $ 1,763,619 | |||
Directors' fees payable | $ 28,125 | $ 28,125 | ||
Warrant 2 | ||||
Warrants sold to purchase shares of common stock | 804,000 | |||
Warrants, exercise price | $ 0.46 | |||
Common Stock Warrants | ||||
Warrants sold to purchase shares of common stock | 7,650,000 | 1,606,500 | ||
Warrants, exercise price | $ 0.85 | $ 0.85 | ||
February 2021 [Member] | ||||
Common stock shares sold | 15,300,000 | 10,990,000 | ||
Total cash issuance cost | $ 1,654,820 | |||
Shares sold price per share | $ 0.70 | $ 1.30 | ||
Gross proceeds from shares sold | $ 10,710,000 | $ 14,287,000 |
BUSINESS SEGEMENTS (Details)
BUSINESS SEGEMENTS (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Total assets | $ 35,539,545 | $ 35,002,727 |
United States Precious Metals | ||
Total assets | 189,567 | 107,464 |
Zeolite | ||
Total assets | 2,344,215 | 2,210,546 |
United States Antimony | ||
Total assets | 24,749,039 | 24,130,348 |
Mexico Antimony | ||
Total assets | 7,575,114 | 7,771,515 |
Subtotal Antimony | ||
Total assets | 32,324,153 | 31,901,863 |
Mexico Precious Metals [Member] | ||
Total assets | 681,610 | 782,854 |
Subtotal Precious Metals [Member] | ||
Total assets | $ 871,177 | $ 890,318 |
BUSINESS SEGEMENTS (Details 1)
BUSINESS SEGEMENTS (Details 1) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Capital expenditures | $ 188,541 | $ 23,298 |
Precious Metals | ||
Capital expenditures | 8,380 | 18,426 |
Zeolite | ||
Capital expenditures | 135,374 | 0 |
United States Antimony | ||
Capital expenditures | 28,350 | 0 |
Mexico Antimony | ||
Capital expenditures | 16,437 | 4,872 |
Subtotal Antimony | ||
Capital expenditures | $ 44,787 | $ 4,872 |
BUSINESS SEGEMENTS (Details 2)
BUSINESS SEGEMENTS (Details 2) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 3,580,306 | $ 1,253,287 |
Depreciation and amortization | 220,150 | 222,464 |
Income (loss) from operations | 779,580 | (341,726) |
Total other income (expense) | 6,672 | 6,238 |
NET INCOME (LOSS) | 786,252 | (335,488) |
Zeolite | ||
Revenues | 674,042 | 519,947 |
Depreciation and amortization | 44,704 | 42,017 |
Income (loss) from operations | 22,291 | 66,881 |
Total other income (expense) | (638) | (397) |
NET INCOME (LOSS) | 21,653 | 66,484 |
United States Antimony | ||
Revenues | 2,828,930 | 657,107 |
Depreciation and amortization | 9,469 | 7,891 |
Income (loss) from operations | 1,391,512 | (218,669) |
Total other income (expense) | 7,310 | 6,635 |
NET INCOME (LOSS) | 1,398,822 | (212,034) |
Mexico Antimony | ||
Revenues | 0 | 0 |
Depreciation and amortization | 138,457 | 144,952 |
Income (loss) from operations | (684,037) | (238,568) |
Total other income (expense) | 0 | 0 |
NET INCOME (LOSS) | (684,037) | (238,568) |
Subtotal Antimony | ||
Revenues | 2,828,930 | 657,107 |
Depreciation and amortization | 147,926 | 152,843 |
Income (loss) from operations | 707,475 | (457,237) |
Total other income (expense) | 7,310 | 6,635 |
NET INCOME (LOSS) | 714,785 | (450,602) |
Precious Metals | ||
Revenues | 77,334 | 76,233 |
Depreciation and amortization | 27,520 | 27,604 |
Income (loss) from operations | 49,814 | 48,630 |
Total other income (expense) | 0 | 0 |
NET INCOME (LOSS) | $ 49,814 | $ 48,630 |