Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 10, 2023 | |
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 | No | |
Document Period End Date | Sep. 30, 2023 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 107,647,317 | |
Entity File Number | 001-08675 | |
Entity Incorporation State Country Code | MT | |
Entity Tax Identification Number | 81-0305822 | |
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, $0.01 par value | |
Trading Symbol | UAMY | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 12,864,992 | $ 19,060,378 |
Certificates of deposit | 259,856 | 259,857 |
Accounts receivable, net | 1,390,437 | 784,457 |
Inventories | 1,876,555 | 1,375,068 |
Prepaid expenses and other current assets | 236,966 | 137,599 |
Total current assets | 16,628,806 | 21,617,359 |
Properties, plants and equipment, net | 12,933,542 | 12,128,124 |
Restricted cash for reclamation bonds | 57,288 | 57,288 |
IVA receivable and other assets | 1,307,094 | 897,679 |
Total assets | 30,926,730 | 34,700,450 |
CURRENT LIABILITIES: | ||
Accounts payable | 606,300 | 628,803 |
Accrued liabilities | 224,151 | 212,654 |
Accrued liabilities - directors | 279,244 | 61,458 |
Royalties payable | 107,937 | 435,075 |
Dividends payable | 0 | 787,730 |
Long-term debt, current portion | 62,064 | 94,150 |
Total current liabilities | 1,279,696 | 2,219,870 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion | 179,892 | 217,855 |
Stock payable to directors for services | 43,750 | 61,459 |
Asset retirement obligations and accrued reclamation costs | 342,114 | 332,011 |
Total liabilities | 1,845,452 | 2,831,195 |
Preferred stock, $0.01 par value; 10,000,000 shares authorized: | ||
Common stock, $0.01 par value; 150,000,000 shares authorized; 107,647,317 shares issued and outstanding at September 30, 2023 and 106,373,341 shares issued and outstanding at December 31, 2022 | 1,076,472 | 1,063,732 |
Additional paid-in capital | 63,853,836 | 64,052,630 |
Shares to be returned to treasury | 0 | (202,980) |
Accumulated deficit | (35,858,309) | (33,070,332) |
Total stockholders' equity | 29,081,278 | 31,869,255 |
Total liabilities and stockholders' equity | 30,926,730 | 34,700,450 |
Series A Preferred Stock [Member] | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized: | ||
Preferred stock, value | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized: | ||
Preferred stock, value | 7,500 | 7,500 |
Series C Preferred Stock [Member] | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized: | ||
Preferred stock, value | 1,779 | 1,779 |
Series D Preferred Stock [Member] | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized: | ||
Preferred stock, value | $ 0 | $ 16,926 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 150,000,000 | 150,000,000 |
Common stock, issued shares | 107,647,317 | 106,373,341 |
Common stock, outstanding shares | 107,647,317 | 106,373,341 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, issued shares | 750,000 | 750,000 |
Preferred stock, outstanding shares | 750,000 | 750,000 |
Preferred stock liquidation preference | $ 965,625 | $ 960,000 |
Series C Preferred Stock [Member] | ||
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 [Member] | ||
Preferred stock, issued shares | 0 | 1,692,672 |
Preferred stock, outstanding shares | 0 | 1,692,672 |
Preferred stock liquidation preference | $ 0 | $ 5,019,410 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||
REVENUE | $ 2,313,491 | $ 2,463,984 | $ 7,027,908 | $ 9,624,611 |
COST OF REVENUE | 3,374,563 | 2,033,066 | 8,328,503 | 7,339,499 |
GROSS PROFIT (LOSS) | (1,061,072) | 430,918 | (1,300,595) | 2,285,112 |
OPERATING EXPENSES | ||||
General and administrative | 301,077 | 108,538 | 821,036 | 489,810 |
Salaries and benefits | 228,967 | 76,811 | 502,071 | 222,858 |
Other operating expenses | 66,637 | 91,405 | 217,985 | 109,365 |
Professional fees | 166,808 | 93,678 | 504,819 | 263,682 |
TOTAL OPERATING EXPENSES | 763,489 | 370,432 | 2,045,911 | 1,085,715 |
INCOME (LOSS) FROM OPERATIONS | (1,824,561) | 60,486 | (3,346,506) | 1,199,397 |
OTHER INCOME (EXPENSE) | ||||
Interest and investment income | 176,656 | 15,064 | 466,809 | 54,770 |
Change in fair value of investments | 0 | (25,840) | 0 | (119,298) |
Trademark and licensing income | 6,117 | 4,899 | 25,023 | 65,674 |
Other miscellaneous income (expense) | (2,740) | (4,207) | 66,697 | (10,270) |
TOTAL OTHER INCOME (EXPENSE) | 180,033 | (10,084) | 558,529 | (9,124) |
NET INCOME (LOSS) | (1,644,528) | 50,402 | (2,787,977) | 1,190,273 |
Preferred dividends | (1,875) | (11,819) | (5,625) | (35,458) |
Net income (loss) available to common stockholders | $ (1,646,403) | $ 38,583 | $ (2,793,602) | $ 1,154,815 |
Net income (loss) per share of common stock: | ||||
Basic and diluted | $ (0.02) | $ (0.03) | $ 0.01 | $ 0 |
Weighted average shares outstanding: | ||||
Basic | 106,293,842 | 107,647,317 | 106,258,384 | 107,519,786 |
Diluted | 106,293,842 | 107,647,317 | 106,258,384 | 107,519,786 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (UNAUDITED) - USD ($) | Total | Preferred Stock | Common Stock | Shares to be returned to treasury | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
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 | $ 0 | $ 63,991,459 | $ (32,711,263) |
Net income | 786,252 | $ 0 | $ 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 | 0 | 63,991,459 | (31,925,011) |
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 | 0 | 63,991,459 | (32,711,263) |
Net income | 1,190,273 | |||||
Balance, shares at Sep. 30, 2022 | 2,620,576 | 106,373,341 | ||||
Balance, amount at Sep. 30, 2022 | 33,621,577 | $ 26,205 | $ 1,062,535 | 0 | 64,053,827 | (31,520,990) |
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 | 0 | 63,991,459 | (31,925,011) |
Net income | 353,619 | $ 0 | $ 0 | 0 | 0 | 353,619 |
Balance, shares at Jun. 30, 2022 | 2,620,576 | 106,240,361 | ||||
Balance, amount at Jun. 30, 2022 | 33,508,674 | $ 26,205 | $ 1,062,402 | 0 | 63,991,459 | (31,571,392) |
Net income | 50,402 | 0 | $ 0 | 0 | 0 | 50,402 |
Issuance of common stock for director fees, shares | 132,980 | |||||
Issuance of common stock for director fees, amount | 62,501 | $ 0 | $ 133 | 0 | 62,368 | 0 |
Balance, shares at Sep. 30, 2022 | 2,620,576 | 106,373,341 | ||||
Balance, amount at Sep. 30, 2022 | 33,621,577 | $ 26,205 | $ 1,062,535 | 0 | 64,053,827 | (31,520,990) |
Balance, shares at Dec. 31, 2022 | 2,620,576 | 106,373,341 | ||||
Balance, amount at Dec. 31, 2022 | 31,869,255 | $ 26,205 | $ 1,063,732 | (202,980) | 64,052,630 | (33,070,332) |
Net income | (806,984) | 0 | $ 0 | 0 | 0 | (806,984) |
Common stock buyback and retirement, shares | 418,696 | |||||
Common stock buyback and retirement, amount | 0 | $ 0 | $ (4,187) | 202,980 | (198,793) | 0 |
Conversion of Preferred Series D to Common Stock, shares | (1,692,672) | 1,692,672 | ||||
Conversion of Preferred Series D to Common Stock, amount | 0 | $ (16,926) | $ 16,927 | 0 | (1) | 0 |
Balance, shares at Mar. 31, 2023 | 927,904 | 107,647,317 | ||||
Balance, amount at Mar. 31, 2023 | 31,062,271 | $ 9,279 | $ 1,076,472 | 0 | 63,853,836 | (33,877,316) |
Balance, shares at Dec. 31, 2022 | 2,620,576 | 106,373,341 | ||||
Balance, amount at Dec. 31, 2022 | 31,869,255 | $ 26,205 | $ 1,063,732 | (202,980) | 64,052,630 | (33,070,332) |
Net income | (2,787,977) | |||||
Balance, shares at Sep. 30, 2023 | 927,904 | 107,647,317 | ||||
Balance, amount at Sep. 30, 2023 | 29,081,278 | $ 9,279 | $ 1,076,472 | 0 | 63,853,836 | (35,858,309) |
Balance, shares at Mar. 31, 2023 | 927,904 | 107,647,317 | ||||
Balance, amount at Mar. 31, 2023 | 31,062,271 | $ 9,279 | $ 1,076,472 | 0 | 63,853,836 | (33,877,316) |
Net income | (336,465) | $ 0 | $ 0 | 0 | 0 | (336,465) |
Balance, shares at Jun. 30, 2023 | 927,904 | 107,647,317 | ||||
Balance, amount at Jun. 30, 2023 | 30,725,806 | $ 9,279 | $ 1,076,472 | 0 | 63,853,836 | (34,213,781) |
Net income | (1,644,528) | $ 0 | $ 0 | 0 | 0 | (1,644,528) |
Balance, shares at Sep. 30, 2023 | 927,904 | 107,647,317 | ||||
Balance, amount at Sep. 30, 2023 | $ 29,081,278 | $ 9,279 | $ 1,076,472 | $ 0 | $ 63,853,836 | $ (35,858,309) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (2,787,977) | $ 1,190,273 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 714,302 | 693,990 |
Accretion of asset retirement obligation | 10,103 | 14,589 |
Write down of inventory to net realizable value | 883,390 | 409,919 |
Provision for losses on receivables | 43,560 | 0 |
Change in fair value of investments | 0 | 119,298 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (649,540) | (559,000) |
Inventories | (1,384,877) | (182,457) |
Prepaid expenses and other current assets | (99,367) | (187,937) |
IVA receivable and other assets | (409,414) | (605,047) |
Accounts payable | (22,503) | (923,490) |
Accrued liabilities | 11,497 | 530 |
Accrued liabilities - directors | 200,077 | 52,248 |
Royalties payable | (327,138) | 0 |
Net cash provided (used) by operating activities | (3,817,887) | 22,916 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investments | 0 | (13,500,000) |
Proceeds from sales of investments | 0 | 407,149 |
Purchase of properties, plants and equipment | (1,519,720) | (592,221) |
Net cash used by investing activities | (1,519,720) | (13,685,072) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments of long-term debt | (70,049) | (42,080) |
Dividends paid | 787,730 | 0 |
Net cash used by financing activities | (857,779) | (42,080) |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (6,195,386) | (13,704,236) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 19,117,666 | 21,420,329 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 12,922,280 | 7,716,093 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Common stock retirement | 202,980 | |
Conversion of Preferred Series D to Common Stock | $ 16,927 | 0 |
Equipment purchased with note payable | 0 | 161,600 |
Issuance of common stock for directors fees | $ 0 | $ 62,501 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2023 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | NOTE 1 - NATURE OF OPERATIONS United States Antimony Corporation and its subsidiaries in the U.S. and Mexico (“USAC”, the “Company”, “Our”, or “we”) sell processed antimony, zeolite, and precious metals products in the U.S. and abroad. The Company processes antimony ore in the U.S. and Mexico primarily into antimony oxide and antimony metal at its facilities in Montana and Mexico. Our antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries, and ordnance. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES In the opinion of the management, 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 September 30, 2023, and its results of operations and cash flows for the three and nine months ended September 30, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three and nine-month periods ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. 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, 2022 filed with the Securities and Exchange Commission on July 18, 2023. This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. 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 period amounts to the current presentation. These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported. Recent Accounting Pronouncements Management does not believe that any recently issued but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. Recently Adopted Accounting Pronouncements: In June 2016, No. 2016 13, Financial Instruments Credit Losses 326 Measurement of Credit Losses on Financial Instruments |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Net income (loss) per share of common stock: | |
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 convertible preferred stock, stock options, and warrants. At September 30, 2023 and 2022, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows: September 30, September 30, 2023 2022 Warrants 12,346,215 12,346,215 Convertible preferred stock - 1,692,672 TOTAL POSSIBLE DILUTIVE SHARES 12,346,215 14,038,887 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2023 | |
REVENUE RECOGNITION | |
REVENUE RECOGNITION | NOTE 4 – REVENUE RECOGNITION Products consist of the following: · Antimony: includes antimony oxide, 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 September 30, 2023 and 2022 were as follows: For the three months ended September 30, September 30, 2023 2022 Antimony $ 1,641,666 $ 1,671,301 Zeolite 671,825 792,683 Precious metals - - TOTAL REVENUE $ 2,313,491 $ 2,463,984 Sales of products for the nine months ended September 30, 2023 and 2022 were as follows: For the nine months ended September 30, September 30, 2023 2022 Antimony $ 4,844,466 $ 6,972,312 Zeolite 1,941,009 2,487,116 Precious metals 242,433 165,183 TOTAL REVENUE $ 7,027,908 $ 9,624,611 The Company’s trade accounts receivable balance related to contracts with customers was $1,390,437 at September 30, 2023 and $784,457 at December 31, 2022. The Company’s allowance for doubtful accounts related to trade accounts receivables was $75,000 at September 30, 2023 and $31,440 at December 31, 2022. The Company’s products do not involve any warranty agreements and product returns are not typical. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2023 | |
INVENTORIES | |
INVENTORIES | NOTE 5 – INVENTORIES Inventories at September 30, 2023 and December 31, 2022 consisted primarily of finished antimony metal and oxide products, antimony ore and concentrates, and finished zeolite products. Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony metal and oxide products and finished zeolite products costs include raw materials, direct labor, processing facility overhead costs and freight. Inventories at September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 Antimony Metal $ 503,873 $ 142,230 Antimony Oxide 128,945 509,643 Antimony Ore and Concentrates 867,049 545,373 Total antimony $ 1,499,867 $ 1,197,246 Zeolite 376,688 177,822 TOTAL INVENTORIES $ 1,876,555 $ 1,375,068 At September 30, 2023 and December 31, 2022, inventories were valued at cost, except for inventory related to Mexican operations, which was valued at net realizable value because the production costs of the Mexican inventory were greater than the amount the Company expected to receive on the sale of antimony contained in inventory. The adjustment to inventory for net realizable value was $883,390 and $409,919 for the nine months ended September 30, 2023 and 2022, respectively. The adjustment to inventory for net realizable value was $427,152 and $273,083 for the three months ended September 30, 2023 and 2022, respectively. Antimony oxide and metal inventory consisted of finished product held at the Company’s plants in Montana and Mexico. Antimony ore and concentrates were held primarily at sites in Mexico. The Company’s zeolite inventory consisted of saleable zeolite material at the Company’s plant in Idaho. |
PROPERTIES PLANTS AND EQUIPMENT
PROPERTIES PLANTS AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
PROPERTIES PLANTS AND EQUIPMENT | |
PROPERTIES, PLANTS AND EQUIPMENT | NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT The major components of the Company’s properties, plants and equipment by segment at September 30, 2023 and December 31, 2022 were as follows: Antimony Segment Zeolite Segment Precious Metals September 30, 2023 USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,822,775 $ 9,459,098 $ 5,464,280 $ 1,347,912 $ 18,094,065 Buildings 243,248 875,024 2,025,043 - 3,143,315 Land and other 2,431,387 2,886,037 16,753 - 5,334,177 Total $ 4,497,410 $ 13,220,159 $ 7,506,076 $ 1,347,912 $ 26,571,557 Accumulated depreciation (2,796,806 ) (6,625,450 ) (3,582,124 ) (633,635 ) (13,638,015 ) Properties, Plants, and Equipment, Net $ 1,700,604 $ 6,594,709 $ 3,923,952 $ 714,277 $ 12,933,542 Antimony Segment Zeolite Segment Precious Metals December 31, 2022 USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,760,926 $ 9,090,860 $ 4,996,216 $ 1,347,912 $ 17,195,914 Buildings 243,248 870,534 1,047,023 - 2,160,805 Land and other 2,431,387 2,796,037 16,753 - 5,244,177 Construction in progress - 280,406 170,535 - 450,941 Total $ 4,435,561 $ 13,037,837 $ 6,230,527 $ 1,347,912 $ 25,051,837 Accumulated depreciation (2,767,803 ) (6,212,433 ) (3,392,861 ) (550,616 ) (12,923,713 ) Properties, Plants, and Equipment, Net $ 1,667,758 $ 6,825,404 $ 2,837,666 $ 797,296 $ 12,128,124 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2023 | |
DEBT | |
DEBT | NOTE 7 – DEBT Long term debt at September 30, 2023 and December 31, 2022 was as follows: September 30, 2023 December 31, 2022 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 $ 192,589 $ 201,908 Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of $7,210 maturing April 28, 2024; collateralized by 2007 Caterpillar 740 articulated truck 49,367 110,097 Total debt $ 241,956 $ 312,005 Less current portion of debt (62,064 ) (94,150 ) Long term portion of debt $ 179,892 $ 217,855 At September 30, 2023, principal payments on debt were due as follows: Twelve months ending September 30, Principal payment 2024 $ 62,064 2025 $ 12,998 2026 $ 13,293 2027 $ 153,601 $ 241,956 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
COMMITMENTS AND CONTINGENCIES (NOTE 8) | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES The Company follows U.S. GAAP guidance in determining its accruals and disclosures with respect to loss contingencies and evaluates such accruals and contingencies for each reporting period. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a loss could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Historically, 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 September 30, 2023 and December 31, 2022, the Company had no accrued liabilities relating to such assessments. Bear River Zeolite Company (“BRZ”), a wholly owned subsidiary of the Company, received twelve significant and substantial citations from MSHA in September and October of 2023. BRZ rectified the matters noted in eight of the twelve citations and received termination dates for these eight citations from MSHA. The Company is working to rectify the four remaining citations; however, the outcome of these citations as well as the impact on the Company’s results of operations or financial position is unknown. The Company pays various royalties that, on a combined basis, generally vary around 8% to 13% of zeolite products sold. At September 30, 2023 and December 31, 2022, the Company had accrued royalties payable of $107,937 and $435,075, respectively. The decrease in royalties payable in 2023 was primarily due to the Company finalizing its estimates and paying a royalty obligation in 2023 that had been accumulating since 2016. 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. SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return. The assessment was settled in 2018 with no assessment due from the Company. In early 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $16.3 million pesos, which was approximately $795,000 USD as of December 31, 2021. Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believes the findings have no merit. An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment. The Company posted a guarantee of the amount in March 2020 as is required under the appeal process. In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments. In 2022, the Mexican court ruled against the Company in the above matter. The Company subsequently appealed the ruling, which is still pending. As of September 30, 2023, the updated SAT assessment was approximately $22 million pesos, which was approximately $1,262,000 USD, comprising $343,000 of unpaid income taxes and $919,000 of interest and penalties. Management, along with its legal counsel, assessed the possible outcomes for this tax audit and believes, based on discussions with its tax attorneys located in Mexico, that the most likely outcome will be that the Company will be successful in its appeal resulting in no tax due. Management determined that no amount should be accrued at September 30, 2023 or December 31, 2022 relating to this potential tax liability. However, there can be no assurance that the Company’s ultimate liability, if any, will not have a material adverse effect on the Company’s results of operations or financial position. If the SAT audit is resolved in a manner inconsistent with management expectations, the Company will record changes to tax liabilities and tax expense associated with the assessment. Also, the Company will recognize penalties associated with the assessment in general and administrative expense and interest associated with the assessment will be recorded as interest expense. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
STOCKHOLDERS' EQUITY: | |
STOCKHOLDERS' EQUITY | NOTE 9 – STOCKHOLDERS’ EQUITY On January 25, 2023, the holders of 1,692,672 shares of Series D Preferred stock converted their respective preferred shares and the Company issued 1,692,672 shares of common stock. The Company also paid the holders $787,730 for dividends payable as declared on November 28, 2022. 1,590,672 shares of the 1,692,672 shares of Series D Preferred stock that were converted and $740,261 of the $787,730 of dividends paid related to the estate of John Lawrence, who was a prior President and Chairman of the Company. On January 26, 2023, in conjunction with its share repurchase plan, the Company returned to treasury and cancelled 418,696 of its common shares which were repurchased prior to December 31, 2022 for $202,980. Common stock warrants No warrants were issued, expired, or exercised during the nine months ended September 30, 2023 and 2022. The composition of the Company’s warrants outstanding at September 30, 2023 and December 31, 2022 were as follows: Number of warrants Exercise Price Expiration Date Remaining life in years 2,285,715 0.46 7/31/25 1.84 804,000 0.46 1/27/26 2.33 7,650,000 0.85 8/3/26 2.84 1,606,500 0.85 2/1/26 2.34 12,346,215 |
BUSINESS SEGEMENTS
BUSINESS SEGEMENTS | 9 Months Ended |
Sep. 30, 2023 | |
BUSINESS SEGEMENTS | |
BUSINESS SEGEMENTS | NOTE 10 – BUSINESS SEGMENTS The Company is organized and managed with four business 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 to customers in the United States or shipped to the United States operation for finishing at the Company’s plant near Thompson Falls, Montana. The Puerto Blanco mill in Mexico is the site of our crushing and flotation plant, and a cyanide leach plant which recovers 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 is produced. The zeolite operation produces zeolite near Preston, Idaho. Almost all sales of products from the United States antimony and zeolite operations are to customers in the United States. Sales to foreign customers are primarily to customers in Canada. Total Assets: September 30, December 31, 2023 2022 Antimony United States $ 16,253,362 $ 21,636,386 Mexico 9,100,457 8,484,131 Subtotal antimony $ 25,353,819 $ 30,120,517 Precious metals United States 201,338 172,004 Mexico 553,981 625,292 Subtotal precious metals $ 755,319 $ 797,296 Zeolite $ 4,817,592 $ 3,782,637 TOTAL ASSETS $ 30,926,730 $ 34,700,450 Capital expenditures: For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Antimony United States $ - $ 1,655 $ 61,849 $ 81,931 Mexico 30,000 151,559 182,322 163,125 Subtotal antimony $ 30,000 $ 153,214 $ 244,171 $ 245,056 Precious metals - - - 17,518 Zeolite 141,864 56,008 1,275,549 491,247 Total capital expenditures $ 171,864 $ 209,222 $ 1,519,720 $ 753,821 Segment operations for the three months ended September 30, 2023 Antimony - USA Antimony -Mexico Total Antimony Precious Metals Zeolite Total Total revenues $ 1,391,733 $ 249,933 $ 1,641,666 $ - $ 671,825 $ 2,313,491 Depreciation and amortization $ 10,360 $ 137,735 $ 148,095 $ 27,673 $ 73,193 $ 248,961 Income (loss) from operations $ 47,534 $ (1,465,000 ) $ (1,417,466 ) $ (27,673 ) $ (379,422 ) $ (1,824,561 ) Other income $ 180,033 NET LOSS $ (1,644,528 ) Segment operations for the three months ended September 30, 2022 Antimony - USA Antimony -Mexico Total Antimony Precious Metals Zeolite Total Total revenues $ 1,671,301 $ - $ 1,671,301 $ - $ 792,683 $ 2,463,984 Depreciation and amortization $ 10,262 $ 154,238 $ 164,500 $ 27,673 $ 50,610 $ 242,783 Income (loss) from operations $ 802,817 $ (817,746 ) $ (14,929 ) $ (27,763 ) $ 103,088 $ 60,486 Other expense $ (10,084 ) NET INCOME $ 50,402 Segment operations for the nine months ended September 30, 2023 Antimony - USA Antimony -Mexico Total Antimony Precious Metals Zeolite Total Total revenues $ 4,356,077 $ 488,389 $ 4,844,466 $ 242,433 $ 1,941,009 $ 7,027,908 Depreciation and amortization $ 29,002 $ 413,019 $ 442,021 $ 83,019 $ 189,262 $ 714,302 Income (loss) from operations $ (207,907 ) $ (2,877,838 ) $ (3,085,745 ) $ 159,414 $ (420,175 ) $ (3,346,506 ) Other income $ 558,529 NET LOSS $ (2,787,977 ) Segment operations for the nine months ended September 30, 2022 Antimony - USA Antimony -Mexico Total Antimony Precious Metals Zeolite Total Total revenues $ 6,144,490 $ 827,822 $ 6,972,312 $ 165,183 $ 2,487,116 $ 9,624,611 Depreciation and amortization $ 30,832 $ 436,431 $ 467,263 $ 82,867 $ 143,860 $ 693,990 Income (loss) from operations $ 2,314,965 $ (1,477,387 ) $ 837,578 $ 82,316 $ 279,503 $ 1,199,397 Other expense $ (9,124 ) NET INCOME $ 1,190,273 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
Reclassifications | Certain reclassifications have been made to conform prior period amounts to the current presentation. These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported. |
Recent Accounting Pronouncements | Management does not believe that any recently issued but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. Recently Adopted Accounting Pronouncements: In June 2016, No. 2016 13, Financial Instruments Credit Losses 326 Measurement of Credit Losses on Financial Instruments |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Net income (loss) per share of common stock: | |
Antidilutive securities excluded from computation of earnings per share | September 30, September 30, 2023 2022 Warrants 12,346,215 12,346,215 Convertible preferred stock - 1,692,672 TOTAL POSSIBLE DILUTIVE SHARES 12,346,215 14,038,887 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
REVENUE RECOGNITION | |
Sales of Products to Significant Customers | For the three months ended September 30, September 30, 2023 2022 Antimony $ 1,641,666 $ 1,671,301 Zeolite 671,825 792,683 Precious metals - - TOTAL REVENUE $ 2,313,491 $ 2,463,984 For the nine months ended September 30, September 30, 2023 2022 Antimony $ 4,844,466 $ 6,972,312 Zeolite 1,941,009 2,487,116 Precious metals 242,433 165,183 TOTAL REVENUE $ 7,027,908 $ 9,624,611 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
INVENTORIES | |
Schedule of Inventory Current | September 30, 2023 December 31, 2022 Antimony Metal $ 503,873 $ 142,230 Antimony Oxide 128,945 509,643 Antimony Ore and Concentrates 867,049 545,373 Total antimony $ 1,499,867 $ 1,197,246 Zeolite 376,688 177,822 TOTAL INVENTORIES $ 1,876,555 $ 1,375,068 |
PROPERTIES PLANTS AND EQUIPME_2
PROPERTIES PLANTS AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
PROPERTIES PLANTS AND EQUIPMENT | |
Major components of the Company's properties, plants and equipment | Antimony Segment Zeolite Segment Precious Metals September 30, 2023 USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,822,775 $ 9,459,098 $ 5,464,280 $ 1,347,912 $ 18,094,065 Buildings 243,248 875,024 2,025,043 - 3,143,315 Land and other 2,431,387 2,886,037 16,753 - 5,334,177 Total $ 4,497,410 $ 13,220,159 $ 7,506,076 $ 1,347,912 $ 26,571,557 Accumulated depreciation (2,796,806 ) (6,625,450 ) (3,582,124 ) (633,635 ) (13,638,015 ) Properties, Plants, and Equipment, Net $ 1,700,604 $ 6,594,709 $ 3,923,952 $ 714,277 $ 12,933,542 Antimony Segment Zeolite Segment Precious Metals December 31, 2022 USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,760,926 $ 9,090,860 $ 4,996,216 $ 1,347,912 $ 17,195,914 Buildings 243,248 870,534 1,047,023 - 2,160,805 Land and other 2,431,387 2,796,037 16,753 - 5,244,177 Construction in progress - 280,406 170,535 - 450,941 Total $ 4,435,561 $ 13,037,837 $ 6,230,527 $ 1,347,912 $ 25,051,837 Accumulated depreciation (2,767,803 ) (6,212,433 ) (3,392,861 ) (550,616 ) (12,923,713 ) Properties, Plants, and Equipment, Net $ 1,667,758 $ 6,825,404 $ 2,837,666 $ 797,296 $ 12,128,124 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
DEBT | |
Long-term debt | September 30, 2023 December 31, 2022 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 $ 192,589 $ 201,908 Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of $7,210 maturing April 28, 2024; collateralized by 2007 Caterpillar 740 articulated truck 49,367 110,097 Total debt $ 241,956 $ 312,005 Less current portion of debt (62,064 ) (94,150 ) Long term portion of debt $ 179,892 $ 217,855 |
Principal payments on debt | Twelve months ending September 30, Principal payment 2024 $ 62,064 2025 $ 12,998 2026 $ 13,293 2027 $ 153,601 $ 241,956 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
STOCKHOLDERS' EQUITY: | |
Warrants outstanding | Number of warrants Exercise Price Expiration Date Remaining life in years 2,285,715 0.46 7/31/25 1.84 804,000 0.46 1/27/26 2.33 7,650,000 0.85 8/3/26 2.84 1,606,500 0.85 2/1/26 2.34 12,346,215 |
BUSINESS SEGEMENTS (Tables)
BUSINESS SEGEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
BUSINESS SEGEMENTS | |
Segment information | Total Assets: September 30, December 31, 2023 2022 Antimony United States $ 16,253,362 $ 21,636,386 Mexico 9,100,457 8,484,131 Subtotal antimony $ 25,353,819 $ 30,120,517 Precious metals United States 201,338 172,004 Mexico 553,981 625,292 Subtotal precious metals $ 755,319 $ 797,296 Zeolite $ 4,817,592 $ 3,782,637 TOTAL ASSETS $ 30,926,730 $ 34,700,450 |
Summary of capital expenditure | Capital expenditures: For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Antimony United States $ - $ 1,655 $ 61,849 $ 81,931 Mexico 30,000 151,559 182,322 163,125 Subtotal antimony $ 30,000 $ 153,214 $ 244,171 $ 245,056 Precious metals - - - 17,518 Zeolite 141,864 56,008 1,275,549 491,247 Total capital expenditures $ 171,864 $ 209,222 $ 1,519,720 $ 753,821 |
Summary of segement operation | Segment operations for the three months ended September 30, 2023 Antimony - USA Antimony -Mexico Total Antimony Precious Metals Zeolite Total Total revenues $ 1,391,733 $ 249,933 $ 1,641,666 $ - $ 671,825 $ 2,313,491 Depreciation and amortization $ 10,360 $ 137,735 $ 148,095 $ 27,673 $ 73,193 $ 248,961 Income (loss) from operations $ 47,534 $ (1,465,000 ) $ (1,417,466 ) $ (27,673 ) $ (379,422 ) $ (1,824,561 ) Other income $ 180,033 NET LOSS $ (1,644,528 ) Segment operations for the three months ended September 30, 2022 Antimony - USA Antimony -Mexico Total Antimony Precious Metals Zeolite Total Total revenues $ 1,671,301 $ - $ 1,671,301 $ - $ 792,683 $ 2,463,984 Depreciation and amortization $ 10,262 $ 154,238 $ 164,500 $ 27,673 $ 50,610 $ 242,783 Income (loss) from operations $ 802,817 $ (817,746 ) $ (14,929 ) $ (27,763 ) $ 103,088 $ 60,486 Other expense $ (10,084 ) NET INCOME $ 50,402 Segment operations for the nine months ended September 30, 2023 Antimony - USA Antimony -Mexico Total Antimony Precious Metals Zeolite Total Total revenues $ 4,356,077 $ 488,389 $ 4,844,466 $ 242,433 $ 1,941,009 $ 7,027,908 Depreciation and amortization $ 29,002 $ 413,019 $ 442,021 $ 83,019 $ 189,262 $ 714,302 Income (loss) from operations $ (207,907 ) $ (2,877,838 ) $ (3,085,745 ) $ 159,414 $ (420,175 ) $ (3,346,506 ) Other income $ 558,529 NET LOSS $ (2,787,977 ) Segment operations for the nine months ended September 30, 2022 Antimony - USA Antimony -Mexico Total Antimony Precious Metals Zeolite Total Total revenues $ 6,144,490 $ 827,822 $ 6,972,312 $ 165,183 $ 2,487,116 $ 9,624,611 Depreciation and amortization $ 30,832 $ 436,431 $ 467,263 $ 82,867 $ 143,860 $ 693,990 Income (loss) from operations $ 2,314,965 $ (1,477,387 ) $ 837,578 $ 82,316 $ 279,503 $ 1,199,397 Other expense $ (9,124 ) NET INCOME $ 1,190,273 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
TOTAL POSSIBLE DILUTIVE SHARES | $ 12,346,215 | $ 14,038,887 |
Convertible Preferred Stock [Member] | ||
TOTAL POSSIBLE DILUTIVE SHARES | 0 | 1,692,672 |
Warrants [Member] | ||
TOTAL POSSIBLE DILUTIVE SHARES | 12,346,215 | 12,346,215 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
REVENUE | $ 2,313,491 | $ 2,463,984 | $ 7,027,908 | $ 9,624,611 |
Antimony [Member] | ||||
REVENUE | 1,641,666 | 1,671,301 | 4,844,466 | 6,972,312 |
Zeolite [Member] | ||||
REVENUE | 671,825 | 792,683 | 1,941,009 | 2,487,116 |
Precious Metals [Member] | ||||
REVENUE | $ 0 | $ 0 | $ 242,433 | $ 165,183 |
REVENUE RECOGNITION (Details Na
REVENUE RECOGNITION (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
REVENUE RECOGNITION | ||
Trade accounts receivable balance related to contracts with customers | $ 1,390,437 | $ 784,457 |
Doubtful related trade accounts receivables | $ 75,000 | $ 31,440 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Inventories | $ 1,876,555 | $ 1,375,068 |
Antimony Metals [Member] | ||
Inventories | 503,873 | 142,230 |
Antimony Oxides [Member] | ||
Inventories | 128,945 | 509,643 |
Antimony Ore Concentrates [Member] | ||
Inventories | 867,049 | 545,373 |
Zeolite Products [Member] | ||
Inventories | 376,688 | 177,822 |
Antimony [Member] | ||
Inventories | $ 1,499,867 | $ 1,197,246 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
INVENTORIES | ||||
Write down of inventory to net realizable value | $ 427,152 | $ 273,083 | $ 883,390 | $ 409,919 |
PROPERTIES PLANTS AND EQUIPME_3
PROPERTIES PLANTS AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Plant and equipment | $ 18,094,065 | $ 17,195,914 |
Buildings | 3,143,315 | 2,160,805 |
Land and other | 5,334,177 | 5,244,177 |
Construction in progress | 450,941 | |
Plants and equipment, gross | 26,571,557 | 25,051,837 |
Accumulated Deprecation | (13,638,015) | (12,923,713) |
Property plant and equipment ,net | 12,933,542 | 12,128,124 |
Antimony Segment USAC [Member] | ||
Plant and equipment | 1,822,775 | 1,760,926 |
Buildings | 243,248 | 243,248 |
Land and other | 2,431,387 | 2,431,387 |
Construction in progress | 0 | |
Plants and equipment, gross | 4,497,410 | 4,435,561 |
Accumulated Deprecation | (2,796,806) | (2,767,803) |
Property plant and equipment ,net | 1,700,604 | 1,667,758 |
Antimony Segment USAMSA [Member] | ||
Plant and equipment | 9,459,098 | 9,090,860 |
Buildings | 875,024 | 870,534 |
Land and other | 2,886,037 | 2,796,037 |
Construction in progress | 280,406 | |
Plants and equipment, gross | 13,220,159 | 13,037,837 |
Accumulated Deprecation | (6,625,450) | (6,212,433) |
Property plant and equipment ,net | 6,594,709 | 6,825,404 |
Zeolite Segment BRZ [Member] | ||
Plant and equipment | 5,464,280 | 4,996,216 |
Buildings | 2,025,043 | 1,047,023 |
Land and other | 16,753 | 16,753 |
Construction in progress | 170,535 | |
Plants and equipment, gross | 7,506,076 | 6,230,527 |
Accumulated Deprecation | (3,582,124) | (3,392,861) |
Property plant and equipment ,net | 3,923,952 | 2,837,666 |
Precious Metals Segment [Member] | ||
Plant and equipment | 1,347,912 | 1,347,912 |
Buildings | 0 | 0 |
Land and other | 0 | 0 |
Construction in progress | 0 | |
Plants and equipment, gross | 1,347,912 | 1,347,912 |
Accumulated Deprecation | (633,635) | (550,616) |
Property plant and equipment ,net | $ 714,277 | $ 797,296 |
PROPERTIES PLANTS AND EQUIPME_4
PROPERTIES PLANTS AND EQUIPMENT (Details Narrative) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
PROPERTIES PLANTS AND EQUIPMENT | ||
Assets not yet placed in service | $ 280,406 | $ 1,117,041 |
DEBT (Details)
DEBT (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Long term debt | $ 241,956 | $ 312,005 |
Less current portion | (62,064) | (94,150) |
Long term portion | 179,892 | 217,855 |
First Security Bank of Missoula [Member] | ||
Long term debt | 192,589 | 201,908 |
Caterpillar Financial Services [Member] | ||
Long term debt | $ 49,367 | $ 110,097 |
DEBT (Details 1)
DEBT (Details 1) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
DEBT | ||
2024 | $ 62,064 | |
2025 | 12,998 | |
2026 | 13,293 | |
2027 | 153,601 | |
Long term debt | $ 241,956 | $ 312,005 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Aug. 08, 2022 | Nov. 30, 2019 | Dec. 31, 2016 | Sep. 30, 2023 | Dec. 31, 2022 | |
Accrued royalties payable | $ 107,937 | $ 435,075 | |||
Mexican Tax Assessment [Member] | |||||
Description of Unpaid income tax return | In early 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $16.3 million pesos, which was approximately $795,000 USD | 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 | the updated SAT assessment was approximately $22 million pesos, which was approximately $1,262,000 USD, comprising $343,000 of unpaid income taxes and $919,000 of interest and penalties | ||
Wadley Property [Member] | |||||
Monthly instatllments | $ 10,000 | ||||
Loss on disposal of assets | $ 130,000 | ||||
Description of agreement | the Company agreed to pay Wadley eight monthly installments of $10,000 plus VAT for the right to mine and conduct geological and resource studies as due diligence and exploration on the Wadley Property. At the end of such eight-month period, should the Company choose to exercise its option to acquire following due diligence and assessment of geological and resource studies, the Company agreed to pay Wadley $2,230,000 and seven annual payments of $1,160,000. The due diligence period under the Agreement was extended to October 15, 2023 | ||||
Minimum [Member] | |||||
Royalties vary | 8% | ||||
Maximum [Member] | |||||
Royalties vary | 13% |
STOCKHOLDERS EQUITY (Details)
STOCKHOLDERS EQUITY (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Warrant 1 | |
Number of warrants | 2,285,715 |
Exercise Price | $ / shares | $ 0.46 |
Remaining life | 1 year 10 months 2 days |
Expiration date | Jul. 31, 2025 |
Warrant 2 | |
Number of warrants | 804,000 |
Exercise Price | $ / shares | $ 0.46 |
Remaining life | 2 years 3 months 29 days |
Expiration date | Jan. 27, 2026 |
Warrant 3 | |
Number of warrants | 7,650,000 |
Exercise Price | $ / shares | $ 0.85 |
Remaining life | 2 years 10 months 2 days |
Expiration date | Aug. 03, 2026 |
Warrant 4 | |
Number of warrants | 1,606,500 |
Exercise Price | $ / shares | $ 0.85 |
Remaining life | 2 years 4 months 2 days |
Expiration date | Feb. 01, 2026 |
Warrants [Member] | |
Number of warrants | 12,346,215 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - USD ($) | 1 Months Ended | |||
Jan. 26, 2023 | Sep. 30, 2023 | Jan. 25, 2023 | Dec. 31, 2022 | |
Cash paid to shareholders | $ 787,730 | |||
Description of returned of shares | the Company returned to treasury and cancelled 418,696 of its common shares which were repurchased prior to December 31, 2022 for $202,980 | |||
Common stock, issued shares | 107,647,317 | 1,692,672 | 106,373,341 | |
Preferred Stock D Series [Member] | ||||
Cash paid to shareholders | $ 787,730 | |||
Number of shares converted | 1,590,672 | |||
Preferred stock, issued shares | 1,692,672 | |||
Number of shares converted amount | $ 740,261 | |||
Total Series D Preferred stock shares | 1,692,672 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Total assets | $ 30,926,730 | $ 34,700,450 |
United States Antimony [Member] | ||
Total assets | 16,253,362 | 21,636,386 |
Mexico Antimony [Member] | ||
Total assets | 9,100,457 | 8,484,131 |
Subtotal Antimony [Member] | ||
Total assets | 25,353,819 | 30,120,517 |
United States Precious Metals [Member] | ||
Total assets | 201,338 | 172,004 |
Mexico Precious Metals [Member] | ||
Total assets | 553,981 | 625,292 |
Subtotal Precious Metals [Member] | ||
Total assets | 755,319 | 797,296 |
Zeolite [Member] | ||
Total assets | $ 4,817,592 | $ 3,782,637 |
BUSINESS SEGMENTS (Details 1)
BUSINESS SEGMENTS (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Capital expenditures | $ 171,864 | $ 209,222 | $ 1,519,720 | $ 753,821 |
United States Antimony [Member] | ||||
Capital expenditures | 0 | 1,655 | 61,849 | 81,931 |
Mexico Antimony [Member] | ||||
Capital expenditures | 30,000 | 151,559 | 182,322 | 163,125 |
Subtotal Antimony [Member] | ||||
Capital expenditures | 30,000 | 153,214 | 244,171 | 245,056 |
Subtotal Precious Metals [Member] | ||||
Capital expenditures | 0 | 0 | 0 | 17,518 |
Zeolite [Member] | ||||
Capital expenditures | $ 141,864 | $ 56,008 | $ 1,275,549 | $ 491,247 |
BUSINESS SEGMENTS (Details 2)
BUSINESS SEGMENTS (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
REVENUE | $ 2,313,491 | $ 2,463,984 | $ 7,027,908 | $ 9,624,611 |
Income (loss) from operations | (1,824,561) | 60,486 | (3,346,506) | 1,199,397 |
Other income (expense) | 180,033 | (10,084) | 558,529 | (9,124) |
Net income (loss) | (2,787,977) | 1,190,273 | ||
United States Antimony [Member] | ||||
REVENUE | 1,391,733 | 1,671,301 | 4,356,077 | 6,144,490 |
Depreciation and amortization | 10,360 | 10,262 | 29,002 | 30,832 |
Income (loss) from operations | 47,534 | 802,817 | (207,907) | 2,314,965 |
Mexico Antimony [Member] | ||||
REVENUE | 249,933 | 0 | 488,389 | 827,822 |
Depreciation and amortization | 137,735 | 154,238 | 413,019 | 436,431 |
Income (loss) from operations | (1,465,000) | (817,746) | (2,877,838) | (1,477,387) |
Total Antimony [Member] | ||||
REVENUE | 1,641,666 | 1,671,301 | 4,844,466 | 6,972,312 |
Depreciation and amortization | 148,095 | 164,500 | 442,021 | 467,263 |
Income (loss) from operations | (1,417,466) | (14,929) | (3,085,745) | 837,578 |
Zeolite [Member] | ||||
REVENUE | 671,825 | 792,683 | 1,941,009 | 2,487,116 |
Depreciation and amortization | 73,193 | 50,610 | 189,262 | 143,860 |
Income (loss) from operations | (379,422) | 103,088 | (420,175) | 279,503 |
Precious Metals [Member] | ||||
REVENUE | 0 | 0 | 242,433 | 165,183 |
Depreciation and amortization | 27,673 | 27,673 | 83,019 | 82,867 |
Income (loss) from operations | (27,673) | (27,763) | 159,414 | 82,316 |
Total [Member] | ||||
REVENUE | 2,313,491 | 2,463,984 | 7,027,908 | 9,624,611 |
Depreciation and amortization | 248,961 | 242,783 | 714,302 | 693,990 |
Income (loss) from operations | (1,824,561) | 60,486 | (3,346,506) | 1,199,397 |
Other income (expense) | 180,033 | (10,084) | 558,529 | (9,124) |
Net income (loss) | $ (1,644,528) | $ 50,402 | $ (2,787,977) | $ 1,190,273 |