Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
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 | Jun. 30, 2024 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Entity Common Stock Shares Outstanding | 108,438,984 | |
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, $0.01 par value | |
Trading Symbol | UAMY | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 12,391,431 | $ 11,899,574 |
Certificates of deposit | 22,216 | 72,898 |
Accounts receivable, net | 1,393,760 | 625,256 |
Inventories, net | 462,354 | 1,019,154 |
Prepaid expenses and other current assets | 291,229 | 92,369 |
Current assets held for sale (Note 11) | 50,798 | 366,955 |
Total current assets | 14,611,788 | 14,076,206 |
Properties, plants and equipment, net | 7,798,594 | 7,765,045 |
Restricted cash for reclamation bonds | 55,060 | 55,061 |
Other assets | 20,217 | 18,098 |
Non-current assets held for sale (Note 11) | 6,443,581 | 6,180,585 |
Total assets | 28,929,240 | 28,094,995 |
CURRENT LIABILITIES | ||
Accounts payable | 544,100 | 330,147 |
Accrued liabilities | 157,001 | 109,341 |
Accrued liabilities - directors | 161,249 | 124,810 |
Royalties payable | 113,917 | 153,429 |
Long-term debt, current portion | 129,967 | 28,443 |
Current liabilities held for sale (Note 11) | 145,930 | 151,288 |
Total current liabilities | 1,252,164 | 897,458 |
Long-term debt, net of current portion | 262,127 | 0 |
Stock payable to directors | 38,542 | 38,542 |
Asset retirement obligations | 1,138,102 | 1,101,561 |
Non-current liabilities held for sale (Note 11) | 536,466 | 536,466 |
Total liabilities | 3,227,401 | 2,574,027 |
STOCKHOLDERS' EQUITY | ||
Common stock, $0.01 par value, 150,000,000 shares authorized; 108,438,984 and 107,647,317 shares issued and outstanding, respectively | 1,084,389 | 1,076,472 |
Additional paid-in capital | 64,146,766 | 63,853,836 |
Accumulated deficit | (39,538,595) | (39,418,619) |
Total stockholders' equity | 25,701,839 | 25,520,968 |
Total liabilities and stockholders' equity | 28,929,240 | 28,094,995 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock Value | 0 | 0 |
Series D Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock Value | 0 | 0 |
Series C Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock Value | 1,779 | 1,779 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred Stock Value | $ 7,500 | $ 7,500 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 150,000,000 | 150,000,000 |
Common stock, issued shares | 108,438,984 | 107,647,317 |
Common stock, outstanding shares | 108,438,984 | 107,647,317 |
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 D Preferred Stock [Member] | ||
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
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 B Preferred Stock [Member] | ||
Preferred stock, issued shares | 750,000 | 750,000 |
Preferred stock, outstanding shares | 750,000 | 750,000 |
Preferred stock liquidation preference | $ 971,250 | $ 967,500 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||
REVENUES | $ 2,813,780 | $ 2,265,117 | $ 5,645,170 | $ 4,475,961 |
COST OF REVENUES | 1,905,139 | 1,878,558 | 3,913,625 | 3,694,559 |
GROSS PROFIT | 908,641 | 386,559 | 1,731,545 | 781,402 |
OPERATING EXPENSES: | ||||
General and administrative | 477,366 | 247,419 | 932,760 | 388,690 |
Salaries and benefits | 285,359 | 145,412 | 526,964 | 273,104 |
Professional fees | 221,529 | 191,063 | 398,686 | 237,067 |
Loss on disposal of property, plant and equipment | 0 | 0 | 17,494 | 0 |
Other operating expenses | 137,991 | 0 | 137,991 | 0 |
TOTAL OPERATING EXPENSES | 1,122,245 | 583,894 | 2,013,895 | 898,861 |
LOSS FROM OPERATIONS | (213,604) | (197,335) | (282,350) | (117,459) |
OTHER INCOME (EXPENSE): | ||||
Interest and investment income | 151,921 | 167,781 | 302,772 | 290,153 |
Trademark and licensing income | 8,360 | 11,381 | 14,728 | 18,906 |
Other miscellaneous income (expense) | (2,381) | (4,859) | (4,753) | 78,749 |
TOTAL OTHER INCOME | 157,900 | 174,303 | 312,747 | 387,808 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (55,704) | (23,032) | 30,397 | 270,349 |
Income tax expense | 0 | 0 | 0 | 0 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (55,704) | (23,032) | 30,397 | 270,349 |
Discontinued operations: | ||||
Income (loss) from discontinued operations before income taxes | 258,496 | (313,433) | (150,373) | (1,413,798) |
Income tax expense | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations (Note 11) | 258,496 | (313,433) | (150,373) | (1,413,798) |
Net income (loss) | 202,792 | (336,465) | (119,976) | (1,143,449) |
Preferred dividends | (1,875) | (1,875) | (3,750) | (3,750) |
Net income (loss) available to common stockholders | $ 200,917 | $ (338,340) | $ (123,726) | $ (1,147,199) |
Basic and diluted earnings per common share: | ||||
Income (loss) from discontinued operations | $ 0.01 | |||
Net income (loss) | (0.01) | |||
Weighted average shares outstanding: | ||||
Basic | $ 108,438,984 | $ 107,647,317 | $ 108,173,645 | 107,504,628 |
Diluted | $ 108,943,126 | $ 107,647,317 | $ 108,425,716 | $ 107,504,628 |
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 | Accumulated Deficit |
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) |
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 |
Common stock buyback and retirement, shares | (418,696) | |||||
Common stock buyback and retirement, amount | 0 | 0 | $ (4,187) | 202,980 | (198,793) | 0 |
Net loss | (806,984) | $ 0 | $ 0 | 0 | 0 | (806,984) |
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 loss | (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) |
Balance, shares at Dec. 31, 2023 | 927,904 | 107,647,317 | ||||
Balance, amount at Dec. 31, 2023 | 25,520,968 | $ 9,279 | $ 1,076,472 | 0 | 63,853,836 | (39,418,619) |
Net loss | (322,768) | 0 | $ 0 | 0 | 0 | (322,768) |
Share-based compensation, shares | 791,667 | |||||
Share-based compensation, amount | 205,925 | $ 0 | $ 7,917 | 0 | 198,008 | 0 |
Balance, shares at Mar. 31, 2024 | 927,904 | 108,438,984 | ||||
Balance, amount at Mar. 31, 2024 | 25,404,125 | $ 9,279 | $ 1,084,389 | 0 | 64,051,844 | (39,741,387) |
Net loss | 202,792 | 0 | 0 | 0 | 0 | 202,792 |
Share-based compensation, amount | 94,922 | $ 0 | $ 0 | 0 | 94,922 | 0 |
Balance, shares at Jun. 30, 2024 | 927,904 | 108,438,984 | ||||
Balance, amount at Jun. 30, 2024 | $ 25,701,839 | $ 9,279 | $ 1,084,389 | $ 0 | $ 64,146,766 | $ (39,538,595) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS: | ||
Net income from continuing operations | $ 30,397 | $ 270,349 |
Adjustments to reconcile net income from continuing operations to net cash provided (used) by operating activities of continuing operations: | ||
Depreciation and amortization | 220,633 | 154,458 |
Accretion of asset retirement obligation | 36,541 | 750 |
Loss on disposal of property, plant, and equipment | 17,494 | 0 |
Write down of inventory to net realizable value | 10,501 | 0 |
Share-based compensation | 300,847 | 0 |
Allowance for doubtful accounts on accounts receivable | (14,258) | 43,560 |
Other non-cash items | (16,106) | (13,621) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (754,246) | (567,077) |
Inventories, net | 546,299 | (265,804) |
Prepaid expenses and other current assets | (198,860) | (240,225) |
Other assets | (2,119) | 0 |
Accounts payable | 213,953 | (253,580) |
Accrued liabilities | 47,660 | (52,935) |
Accrued liabilities - directors | 36,439 | 145,413 |
Royalties payable | (39,512) | (389,716) |
Net cash provided (used) by operating activities of continuing operations | 435,663 | (1,168,428) |
CASH FLOWS FROM INVESTING ACTIVITIES OF CONTINUING OPERATIONS: | ||
Proceeds from redemption of certificates of deposit | 50,682 | 0 |
Purchases of properties, plant, and equipment | (150,721) | (1,195,534) |
Net cash used by investing activities of continuing operations | (100,039) | (1,195,534) |
CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS: | ||
Payments on dividends payable | 0 | (787,730) |
Principal payments on long-term debt | (39,071) | (46,370) |
Net cash used by financing activities of continuing operations | (39,071) | (834,100) |
Net cash flows provided (used) by continuing operations | 296,553 | (3,198,062) |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||
Net cash provided (used) by operating activities | 195,303 | (2,023,067) |
Net cash used by investing activities | 0 | (152,322) |
Net cash flows provided (used) by discontinued operations | 195,303 | (2,175,389) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 491,856 | (5,373,451) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 11,954,635 | 19,117,666 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 12,446,491 | 13,744,215 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Common stock buyback and retirement | 0 | 202,980 |
Conversion of Preferred Series D to Common Stock | 0 | 16,927 |
Equipment purchased with note payable | $ 402,722 | $ 0 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2024 | |
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”, “Us”, or “We”) sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. 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. Our antimony trisulfide is used as a primer in ammunition. 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. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates. Developments in the Current Period The Company has two subsidiaries in Mexico, US Antimony de Mexico, S.A. de C.V. (“USAMSA”) and Antimonio de Mexico, S.A. de C.V. (“ADM”). On March 11, 2024, the Company shut down the operations of USAMSA and announced its plans to sell its USAMSA subsidiary. The USAMSA subsidiary primarily includes the Company’s Madero antimony and precious metals plant in Parras de la Fuente Coahuila, Mexico and its Puerto Blanco antimony and precious metals plant in San Luis de la Paz Guanajuato, Mexico. The Company intends to sell its USAMSA subsidiary over the next year and has initiated an active search for buyers of its operations and/or assets. While the Company will maintain its existing Los Juarez mining claims and concessions in Mexico, which are included in our ADM subsidiary, there are presently no active operations at Los Juarez. See Note 11 In May 2024, the Company made the decision to sell the personal residence it owns in Idaho that was previously used for management located near its Bear River Zeolite Company (“BRZ”) operation (“BRZ Home”). BRZ is a wholly-owned subsidiary of USAC. The Company also signed an agreement with a realtor in May 2024 to assist with the sale of its BRZ Home. An active search for a buyer began after signing the agreement with the realtor and the Company expects the BRZ Home to be sold sometime over the next year. See Note 11 BRZ financed the purchase of a wheel loader in the second quarter of 2024. See Note 7 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
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 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 June 30, 2024, and its results of operations and cash flows for the three and six months ended June 30, 2024 and 2023. The Condensed Consolidated Balance Sheet as of December 31, 2023, 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, 2023, filed with the Securities and Exchange Commission on April 12, 2024. 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. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's consolidated financial position and results of operations. Operating results for the three and six-month periods ended June 30, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. 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. Assets Held for Sale and Discontinued Operations The Company classifies assets and liabilities to be sold ("Disposal Group") as held for sale in the period when all of the applicable criteria are met, including: (i) management commits to a plan to sell, (ii) the Disposal Group is available to sell in its present condition, (iii) there is an active program to locate a buyer, (iv) the Disposal Group is being actively marketed at a reasonable price in relation to its fair value, (v) significant changes to the plan to sell are unlikely, and (vi) the sale of the Disposal Group is generally probable of being completed within one year. Management performs an assessment at least quarterly or when events or changes in business circumstances indicate that a change in classification may Assets and liabilities held for sale are presented separately within the Condensed Consolidated Balance Sheets with any adjustments necessary to measure the Disposal Group at the lower of its carrying value or fair value less costs to sell. Depreciation of property and equipment are not recorded while these assets are classified as held for sale. For each period the Disposal Group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value. The Company categorizes the assets and liabilities of a Disposal Group, or business component, as discontinued operations once management commits to a plan to sell, the business segment is available for immediate sale, management has initiated a plan to sell at a price that is reasonable in relation to its fair value, management anticipates the sale will occur within one year, and it is unlikely that significant changes will be made to the plan to sell. In addition, the business component must be comprised of operations and cash flows that are clearly distinguished from the rest of the entity. The results of discontinued operations are aggregated and presented separately in the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations. Share-Based Compensation The Company’s share-based awards consist of restricted stock units (“RSUs”) and stock options granted to employees and non-employee directors. RSUs are stock awards entitling the award recipient to a specified number of shares of the Company’s common stock as the award vests. Each RSU granted includes a service-based vesting condition, which is the only vesting condition related to the RSU grants. The Company calculates the fair value of RSUs on the grant date using the closing market price of the Company’s common stock on the grant date. The Company recognizes the grant date fair value of RSUs as share-based compensation expense ratably over the requisite service period, other than RSUs or portions of RSUs that vest on the grant date, in which case the grant date fair value of that RSU or portion of RSU is recognized as share-based compensation expense on the grant date. The Company recognizes forfeitures as they occur. Stock options grant award recipients the option to purchase a specified number of shares of the Company’s common stock at an exercise price per share specified in the grant agreement as the stock options vest. Stock option grants include either a service-based vesting condition or performance-based vesting conditions with a specified contractual term. The Company calculates the fair value of stock options on the grant date using the Black-Scholes option-pricing model, which requires the Company to make estimates and assumptions, such as expected volatility, expected term, and risk-free interest rate. Service and performance conditions are not considered in determining the award’s fair value on the grant date. The Company recognizes share-based compensation expense related to stock option awards from the grant date through the vesting date. For service-based vesting stock option grants, the Company expenses the grant date fair value of the award ratably over the requisite service period. For performance-based vesting stock option grants, the Company expenses the grant date fair value of the award ratably from the grant date through the vesting date based on the probability and timing of achieving the performance conditions. The Company recognizes forfeitures and expirations as they occur. The expense related to employee and non-employee director share-based awards is recorded in “Salaries and benefits” and “General and administrative,” respectively, in the Condensed Consolidated Statements of Operations. 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods beginning January 1, 2025, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the effect the updated standard will have on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the effect the updated standard will have on our consolidated financial statements and disclosures. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2024 | |
EARNINGS PER SHARE | |
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, RSUs, and warrants. At June 30, 2024 and 2023, 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: June 30, 2024 June 30, 2023 Warrants 12,346,215 12,346,215 Stock options and RSU awards 3,945,000 - Total possible dilution 16,291,215 12,346,215 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 2024 | |
REVENUE RECOGNITION | |
REVENUE RECOGNITION | NOTE 4 – REVENUE RECOGNITION Products consist of the following: · Antimony: includes antimony oxide, antimony metal, antimony trisulfide. · 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 June 30, 2024 and 2023 were as follows: For the three months ended June 30, 2024 June 30, 2023 Antimony product revenue $ 1,814,778 $ 1,351,705 Zeolite product revenue 994,386 787,091 Precious metals product revenue 4,616 126,321 TOTAL REVENUES $ 2,813,780 $ 2,265,117 Sales of products for the six months ended June 30, 2024 and 2023 were as follows: For the six months ended June 30, 2024 June 30, 2023 Antimony product revenue $ 4,043,163 $ 2,964,344 Zeolite product revenue 1,597,391 1,269,184 Precious metals product revenue 4,616 242,433 TOTAL REVENUES $ 5,645,170 $ 4,475,961 Domestic and foreign revenues for the three months ended June 30, 2024 and 2023 were as follows: For the three months ended June 30, 2024 June 30, 2023 Domestic revenues $ 2,168,823 $ 1,814,987 Foreign revenues 644,957 450,130 TOTAL REVENUES $ 2,813,780 $ 2,265,117 Domestic and foreign revenues for the six months ended June 30, 2024 and 2023 were as follows: For the six months ended June 30, 2024 June 30, 2023 Domestic revenues $ 4,449,597 $ 3,584,434 Foreign revenues 1,195,573 891,527 TOTAL REVENUES $ 5,645,170 $ 4,475,961 The Company’s trade accounts receivable balance related to contracts with customers was $1,393,760 at June 30, 2024 and $625,256 at December 31, 2023, net of an allowance for doubtful accounts related to trade accounts receivables of $256,955 and $271,212 at June 30, 2024 and December 31, 2023, respectively. The Company’s products do not involve any warranty agreements and product returns are not typical. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2024 | |
INVENTORIES | |
INVENTORIES | NOTE 5– INVENTORIES Inventories at June 30, 2024 and December 31, 2023 consisted primarily of finished antimony metal and antimony 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 products and finished zeolite products costs primarily include direct materials, direct labor, overhead, depreciation, and freight. Inventories at June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 Antimony oxide inventory $ 47,166 $ 252,927 Antimony metal inventory 12,361 237,429 Antimony ore and concentrates inventory 25,899 23,752 Total antimony inventory 85,426 514,108 Zeolite inventory 376,928 505,046 TOTAL INVENTORIES $ 462,354 $ 1,019,154 At June 30, 2024 and December 31, 2023, inventories were valued at cost, except for the portion of inventory related to zeolite at June 30, 2024, which was valued at net realizable value because costs were greater than the amount the Company expected to receive on the sale of zeolite inventory. The adjustment to value inventory at net realizable value was $10,501 and $nil at June 30, 2024 and 2023, respectively. Antimony oxide and metal inventory consisted of finished products held by the Company’s plant in Montana. Antimony ore and concentrates were held primarily at its plants in Montana and Mexico. The Company’s zeolite inventory consisted primarily of saleable zeolite material at the Company’s plant in Idaho. |
PROPERTIES PLANTS AND EQUIPMENT
PROPERTIES PLANTS AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2024 | |
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 (“PP&E”) by segment at June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 Antimony Segment Zeolite Segment Precious Metals USAC Mexico BRZ Segment TOTAL Plant and equipment $ 1,675,444 $ 79,001 $ 5,888,536 $ 234,174 $ 7,877,155 Buildings 243,248 11,970 1,705,893 - 1,961,111 Land and other 2,727,198 1,329,987 687,639 - 4,744,824 Construction in progress - - - - - PP&E, gross $ 4,645,890 $ 1,420,958 $ 8,282,068 $ 234,174 $ 14,583,090 Accumulated depreciation (2,689,707 ) (243,072 ) (3,666,464 ) (185,253 ) (6,784,496 ) PP&E, net $ 1,956,183 $ 1,177,886 $ 4,615,604 $ 48,921 $ 7,798,594 December 31, 2023 Antimony Segment Zeolite Segment Precious Metals USAC Mexico BRZ Segment TOTAL Plant and equipment $ 1,675,444 $ 79,001 $ 5,336,808 $ 234,174 $ 7,325,427 Buildings 243,248 11,970 2,025,043 - 2,280,261 Land and other 2,727,198 1,329,987 687,639 - 4,744,824 Construction in progress - - 8,951 - 8,951 PP&E, gross $ 4,645,890 $ 1,420,958 $ 8,058,441 $ 234,174 $ 14,359,463 Accumulated depreciation (2,661,719 ) (235,024 ) (3,524,130 ) (173,545 ) (6,594,418 ) PP&E, net $ 1,984,171 $ 1,185,934 $ 4,534,311 $ 60,629 $ 7,765,045 |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2024 | |
LONG-TERM DEBT | |
LONG-TERM DEBT | NOTE 7 – LONG-TERM DEBT Long-term debt at June 30, 2024 and December 31, 2023 was as follows: June 30, 2024 December 31, 2023 Installment contract payable to Komatsu, bearing interest at 3.49%, payable in 36 monthly installments of $11,799 maturing May 2027; collateralized by the Komatsu Wheel Loader $ 392,094 $ - 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 - 28,443 Total debt 392,094 28,443 Less current portion of debt (129,967 ) (28,443 ) Long term portion of debt $ 262,127 $ - At June 30, 2024, principal payments on debt were due as follows: Twelve months ending June 30, Principal Payment 2025 $ 129,967 2026 134,577 2027 127,550 $ 392,094 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
COMMITMENTS AND CONTINGENCIES (Note 8 and 11) | |
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 June 30, 2024 and December 31, 2023, the Company had no accrued liabilities relating to such assessments. However, during the six months ended June 30, 2024, Bear River Zeolite Company (“BRZ”), a wholly owned subsidiary of the Company, received four significant and substantial citations from MSHA, all of which have been rectified by BRZ. On a combined basis, BRZ pays royalties ranging from 8% to 13% on the sale of zeolite products. At June 30, 2024 and December 31, 2023, the Company had accrued royalties payable of $113,917 and $153,429, respectively. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
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 the preferred shares and the Company issued 1,692,672 shares of common stock. The Company also paid the holders $787,730 for cumulative 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. Share-based compensation The Company had no equity awards outstanding during fiscal year 2023. During the six months ended June 30, 2024, stock option and RSU awards were granted in accordance with our 2023 Equity Incentive Plan, which was approved by the Company’s shareholders. The Company recognized $94,922 and $nil during the three months ended June 30, 2024 and 2023, respectively, and $300,847 and $nil during the six months ended June 30, 2024 and 2023, respectively, of share-based compensation expense arising from stock option and RSU grants as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Share-based compensation expense: Stock options $ 47,558 $ - $ 63,469 $ - RSUs 47,364 - 237,378 - Total share-based compensation expense $ 94,922 $ - $ 300,847 $ - Stock options: Stock options granted have either a 3-year or 10-year contractual term and are subject to either service or performance-based vesting conditions. The following table shows the annual weighted-average assumptions used to value options granted during the six months ended June 30, 2024: Six Months Ended Grant-Date Weighted-Average Assumptions June 30, 2024 Expected term (in years) 3.9 Risk-free interest rate 4.3 % Expected dividend yield 0.0 % Expected volatility 140.4 % Fair value per share of options granted $ 0.17 Expected term Risk-free interest rate Expected dividend yield Expected volatility Activity with respect to stock options is summarized as follows: Weighted-Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (in years) Value Options outstanding, December 31, 2023 - n/a n/a n/a Granted 3,900,000 $ 0.22 n/a n/a Exercised - n/a n/a n/a Forfeited - n/a n/a n/a Expired - n/a n/a n/a Options outstanding, June 30, 2024 3,900,000 $ 0.22 3.6 $ 450,000 Nonvested options, June 30, 2024 3,900,000 $ 0.22 3.6 $ 450,000 Vested and exercisable options, June 30, 2024 - n/a n/a n/a At June 30, 2024, total unrecognized share-based compensation expense related to stock options was $606,531, which is expected to be recognized over a weighted-average remaining period of 4.0 years. Restricted stock units: Activity with respect to RSUs is summarized as follows: Weighted-Average Grant-Date Shares Fair Value Nonvested shares at December 31, 2023 - n/a Granted 2,670,000 $ 0.22 Vested (791,667 ) $ 0.22 Forfeited - n/a Nonvested shares at June 30, 2024 1,878,333 $ 0.23 At June 30, 2024, total unrecognized share-based compensation expense related to RSUs was $363,172, which is expected to be recognized over a weighted-average remaining period of 1.9 years. Common stock warrants No warrants were issued, expired, or exercised during the six months ended June 30, 2024 and 2023. The composition of the Company’s warrants outstanding at June 30, 2024 and 2023 was as follows: Number of warrants Exercise Price Expiration Date Remaining life (years) 2,285,715 $ 0.46 7/31/2025 1.08 804,000 $ 0.46 1/27/2026 1.58 7,650,000 $ 0.85 8/3/2026 2.09 1,606,500 $ 0.85 2/1/2026 1.59 12,346,215 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2024 | |
BUSINESS SEGMENTS | |
BUSINESS SEGMENTS | NOTE 10 – BUSINESS SEGMENTS The Company is organized and managed with four business segments, which represent our operating units: United States antimony operations, Mexico antimony operations, precious metals recovery and United States zeolite operations. See Note 11 Total assets by segment at June 30, 2024 and December 31, 2023 were as follows: Total Assets, Excluding Discontinued Operations June 30, 2024 December 31, 2023 Antimony segment: United States total assets $ 15,568,968 $ 14,769,408 Mexico total assets 1,259,154 1,211,319 Subtotal antimony segment $ 16,828,122 $ 15,980,727 Precious metals segment: United States total assets $ 48,921 $ 92,718 Mexico total assets - - Subtotal precious metals segment $ 48,921 $ 92,718 Zeolite segment 5,557,818 5,474,010 Total assets, excluding discontinued operations $ 22,434,861 $ 21,547,455 Total capital expenditures by segment for the three and six months ended June 30, 2024 and 2023 were as follows: Capital expenditures, Excluding Discontinued Operations For the three months ended For the six months ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Antimony segment: United States capital expenditures $ - $ 58,299 $ - $ 61,849 Mexico capital expenditures - - - - Subtotal antimony segment $ - $ 58,299 $ - $ 61,849 Precious metals segment - - - - Zeolite segment 98,008 636,033 150,721 $ 1,133,685 Total capital expenditures, excluding discontinued operations $ 98,008 $ 694,332 $ 150,721 $ 1,195,534 The zeolite segment’s capital expenditures for the three and six months ended June 30, 2024 excludes $402,722 related to a wheel loader purchased with a note payable. Selected segment operational information for the three and six months ended June 30, 2024 and 2023 were as follows: Segment Operations, Excluding Discontinued Operations Antimony Antimony Total Precious For the three months ended June 30, 2024 USA Mexico Antimony Metals Zeolite Total Total revenues $ 1,814,778 $ 0 $ 1,814,778 $ 4,616 $ 994,386 $ 2,813,780 Depreciation and amortization 14,047 4,024 18,071 5,855 90,560 114,486 Income (loss) from operations $ (37,909 ) $ (26,196 ) $ (64,105 ) $ (1,239 ) $ (148,260 ) $ (213,604 ) Other income 157,900 Income tax expense - Loss from continuing operations $ (55,704 ) Segment Operations, Excluding Discontinued Operations Antimony Antimony Total Precious For the three months ended June 30, 2023 USA Mexico Antimony Metals Zeolite Total Total revenues $ 1,351,705 $ 0 $ 1,351,705 $ 126,321 $ 787,091 $ 2,265,117 Depreciation and amortization 10,361 4,015 14,376 5,855 64,895 85,126 Income (loss) from operations $ (317,513 ) $ (24,140 ) $ (341,653 ) $ 120,466 $ 23,852 $ (197,335 ) Other income 174,303 Income tax expense - Loss from continuing operations $ (23,032 ) Segment Operations, Excluding Discontinued Operations Antimony Antimony Total Precious For the six months ended June 30, 2024 USA Mexico Antimony Metals Zeolite Total Total revenues $ 4,043,163 $ - $ 4,043,163 $ 4,616 $ 1,597,391 $ 5,645,170 Depreciation and amortization 27,988 8,048 36,036 11,709 172,888 220,633 Income (loss) from operations $ 356,897 $ (52,393 ) $ 304,504 $ (7,093 ) $ (579,761 ) $ (282,350 ) Other income $ 312,747 Income tax expense - Income from continuing operations $ 30,397 Segment Operations, Excluding Discontinued Operations Antimony Antimony Total Precious For the six months ended June 30, 2023 USA Mexico Antimony Metals Zeolite Total Total revenues $ 2,964,344 $ - $ 2,964,344 $ 242,433 $ 1,269,184 $ 4,475,961 Depreciation and amortization 18,641 8,039 26,680 11,709 116,069 154,458 Income (loss) from operations $ (255,441 ) $ (51,989 ) $ (307,430 ) $ 230,724 $ (40,753 ) $ (117,459 ) Other income 387,808 Income tax expense - Income from continuing operations $ 270,349 |
DISCONTINUED OPERATIONS AND ASS
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | 6 Months Ended |
Jun. 30, 2024 | |
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | |
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | NOTE 11 – DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE As described in Note 1 Also as described in Note 1 The key components of the income (loss) from discontinued operations for the three and six months ended June 30, 2024 and 2023 were as follows: For the three months ended For the six months ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 REVENUES $ 849,197 $ 238,456 $ 1,089,874 $ 238,456 COST OF REVENUES 507,615 329,119 981,711 1,259,381 GROSS PROFIT (LOSS) 341,582 (90,663 ) 108,163 (1,020,925 ) OPERATING EXPENSES: General and administrative 25,508 23,946 70,400 38,269 Professional fees 19,179 62,142 54,330 100,944 Other operating expenses 27,283 136,003 115,529 244,348 TOTAL OPERATING EXPENSES 71,970 222,091 240,259 383,561 INCOME (LOSS) FROM OPERATIONS 269,612 (312,754 ) (132,096 ) (1,404,486 ) OTHER EXPENSE: Other miscellaneous expense (11,116 ) (679 ) (18,277 ) (9,312 ) TOTAL OTHER EXPENSE (11,116 ) (679 ) (18,277 ) (9,312 ) INCOME (LOSS) FROM DISCONTINUED OPERATIONS, BEFORE TAX 258,496 (313,433 ) (150,373 ) (1,413,798 ) Income tax expense - - - - INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX $ 258,496 $ (313,433 ) $ (150,373 ) $ (1,413,798 ) Depreciation and amortization expense of USAMSA totaled $nil for the three and six months ended June 30, 2024, and $155,974 and $310,883 for the three and six months ended June 30, 2023, respectively. Capital expenditures of USAMSA were $nil for the three and six months ended June 30, 2024, and $38,754 and $152,322 for the three and six months ended June 30, 2023, respectively. The carrying amounts of major classes of assets and liabilities of USAMSA and BRZ Home included in assets and liabilities of discontinued operations were as follows: June 30, 2024 USAMSA BRZ Home Total ASSETS CURRENT ASSETS Accounts receivable $ 45,936 $ - $ 45,936 Inventories, net - - - Prepaid expenses 4,862 - $ 4,862 Total current assets, discontinued operations 50,798 - 50,798 Properties, plants and equipment, net 5,689,446 297,873 5,987,319 IVA receivable and other assets, net 456,262 - 456,262 Total assets, discontinued operations 6,196,506 297,873 6,494,379 LIABILITIES CURRENT LIABILITIES Accounts payable $ 130,807 $ - $ 130,807 Accrued liabilities 15,123 - 15,123 Total current liabilities, discontinued operations 145,930 - 145,930 Asset retirement obligations 536,466 - 536,466 Total liabilities, discontinued operations $ 682,396 $ - $ 682,396 December 31, 2023 USAMSA BRZ Home Total ASSETS CURRENT ASSETS Inventories, net $ 366,955 $ - $ 366,955 Total current assets, discontinued operations 366,955 - 366,955 Properties, plants and equipment, net 5,689,446 - 5,689,446 IVA receivable and other assets, net 491,139 - 491,139 Total assets, discontinued operations $ 6,547,540 $ - $ 6,547,540 LIABILITIES CURRENT LIABILITIES Accounts payable $ 126,788 $ - $ 126,788 Accrued liabilities 24,500 - 24,500 Total current liabilities, discontinued operations 151,288 - 151,288 Asset retirement obligations 536,466 - 536,466 Total liabilities, discontinued operations $ 687,754 $ - $ 687,754 Mexico 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. As of December 31, 2023, the updated SAT assessment was approximately $22.4 million pesos, or approximately $1,320,000 USD, which includes $352,000 of unpaid income taxes and $968,000 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 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 December 31, 2023 or December 31, 2022 relating to this potential tax liability. In March 2024, Mexico’s appellate court ruled in favor of the Company with no assessment due related to this audit of USAMSA’s 2013 income tax return by SAT and instructed the lower court to issue a new ruling. In May 2024, Mexico’s lower court issued a final ruling on this matter in favor of the Company releasing any requirement for a guarantee on this matter from the Company but left open the possibility for the SAT to re-open their audit. These rulings support the Company’s position on this tax matter and had no impact on the Company’s financial statements at June 30, 2024. Mexico Value Added Tax USAMSA records a receivable for the Value Added Tax (“VAT” or “IVA”) it pays on certain goods and services representing amounts to be reimbursed from the Mexican government. This receivable balance of $1,053,966 and $1,122,628 at June 30, 2024 and December 31, 2023, respectively, is recorded in “IVA receivable and other assets, net” in USAMSA’s assets held for sale in discontinued operations net of a reserve of $653,749 and $687,534 at June 30, 2024 and December 31, 2023, respectively. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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. |
Assets Held for Sale and Discontinued Operations | The Company classifies assets and liabilities to be sold ("Disposal Group") as held for sale in the period when all of the applicable criteria are met, including: (i) management commits to a plan to sell, (ii) the Disposal Group is available to sell in its present condition, (iii) there is an active program to locate a buyer, (iv) the Disposal Group is being actively marketed at a reasonable price in relation to its fair value, (v) significant changes to the plan to sell are unlikely, and (vi) the sale of the Disposal Group is generally probable of being completed within one year. Management performs an assessment at least quarterly or when events or changes in business circumstances indicate that a change in classification may Assets and liabilities held for sale are presented separately within the Condensed Consolidated Balance Sheets with any adjustments necessary to measure the Disposal Group at the lower of its carrying value or fair value less costs to sell. Depreciation of property and equipment are not recorded while these assets are classified as held for sale. For each period the Disposal Group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value. The Company categorizes the assets and liabilities of a Disposal Group, or business component, as discontinued operations once management commits to a plan to sell, the business segment is available for immediate sale, management has initiated a plan to sell at a price that is reasonable in relation to its fair value, management anticipates the sale will occur within one year, and it is unlikely that significant changes will be made to the plan to sell. In addition, the business component must be comprised of operations and cash flows that are clearly distinguished from the rest of the entity. The results of discontinued operations are aggregated and presented separately in the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations. |
Share-Based Compensation | The Company’s share-based awards consist of restricted stock units (“RSUs”) and stock options granted to employees and non-employee directors. RSUs are stock awards entitling the award recipient to a specified number of shares of the Company’s common stock as the award vests. Each RSU granted includes a service-based vesting condition, which is the only vesting condition related to the RSU grants. The Company calculates the fair value of RSUs on the grant date using the closing market price of the Company’s common stock on the grant date. The Company recognizes the grant date fair value of RSUs as share-based compensation expense ratably over the requisite service period, other than RSUs or portions of RSUs that vest on the grant date, in which case the grant date fair value of that RSU or portion of RSU is recognized as share-based compensation expense on the grant date. The Company recognizes forfeitures as they occur. Stock options grant award recipients the option to purchase a specified number of shares of the Company’s common stock at an exercise price per share specified in the grant agreement as the stock options vest. Stock option grants include either a service-based vesting condition or performance-based vesting conditions with a specified contractual term. The Company calculates the fair value of stock options on the grant date using the Black-Scholes option-pricing model, which requires the Company to make estimates and assumptions, such as expected volatility, expected term, and risk-free interest rate. Service and performance conditions are not considered in determining the award’s fair value on the grant date. The Company recognizes share-based compensation expense related to stock option awards from the grant date through the vesting date. For service-based vesting stock option grants, the Company expenses the grant date fair value of the award ratably over the requisite service period. For performance-based vesting stock option grants, the Company expenses the grant date fair value of the award ratably from the grant date through the vesting date based on the probability and timing of achieving the performance conditions. The Company recognizes forfeitures and expirations as they occur. The expense related to employee and non-employee director share-based awards is recorded in “Salaries and benefits” and “General and administrative,” respectively, in the Condensed Consolidated Statements of Operations. |
New 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods beginning January 1, 2025, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the effect the updated standard will have on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the effect the updated standard will have on our consolidated financial statements and disclosures. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
EARNINGS PER SHARE | |
Antidilutive securities excluded from computation of earnings per share | June 30, 2024 June 30, 2023 Warrants 12,346,215 12,346,215 Stock options and RSU awards 3,945,000 - Total possible dilution 16,291,215 12,346,215 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
REVENUE RECOGNITION | |
Disaggregation of Revenue | For the three months ended June 30, 2024 June 30, 2023 Antimony product revenue $ 1,814,778 $ 1,351,705 Zeolite product revenue 994,386 787,091 Precious metals product revenue 4,616 126,321 TOTAL REVENUES $ 2,813,780 $ 2,265,117 For the six months ended June 30, 2024 June 30, 2023 Antimony product revenue $ 4,043,163 $ 2,964,344 Zeolite product revenue 1,597,391 1,269,184 Precious metals product revenue 4,616 242,433 TOTAL REVENUES $ 5,645,170 $ 4,475,961 |
Revenue by Geographic Area | For the three months ended June 30, 2024 June 30, 2023 Domestic revenues $ 2,168,823 $ 1,814,987 Foreign revenues 644,957 450,130 TOTAL REVENUES $ 2,813,780 $ 2,265,117 For the six months ended June 30, 2024 June 30, 2023 Domestic revenues $ 4,449,597 $ 3,584,434 Foreign revenues 1,195,573 891,527 TOTAL REVENUES $ 5,645,170 $ 4,475,961 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
INVENTORIES | |
Schedule of Inventory Current | June 30, 2024 December 31, 2023 Antimony oxide inventory $ 47,166 $ 252,927 Antimony metal inventory 12,361 237,429 Antimony ore and concentrates inventory 25,899 23,752 Total antimony inventory 85,426 514,108 Zeolite inventory 376,928 505,046 TOTAL INVENTORIES $ 462,354 $ 1,019,154 |
PROPERTIES PLANTS AND EQUIPME_2
PROPERTIES PLANTS AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
PROPERTIES PLANTS AND EQUIPMENT | |
Major components of property, plant and equipment | June 30, 2024 Antimony Segment Zeolite Segment Precious Metals USAC Mexico BRZ Segment TOTAL Plant and equipment $ 1,675,444 $ 79,001 $ 5,888,536 $ 234,174 $ 7,877,155 Buildings 243,248 11,970 1,705,893 - 1,961,111 Land and other 2,727,198 1,329,987 687,639 - 4,744,824 Construction in progress - - - - - PP&E, gross $ 4,645,890 $ 1,420,958 $ 8,282,068 $ 234,174 $ 14,583,090 Accumulated depreciation (2,689,707 ) (243,072 ) (3,666,464 ) (185,253 ) (6,784,496 ) PP&E, net $ 1,956,183 $ 1,177,886 $ 4,615,604 $ 48,921 $ 7,798,594 December 31, 2023 Antimony Segment Zeolite Segment Precious Metals USAC Mexico BRZ Segment TOTAL Plant and equipment $ 1,675,444 $ 79,001 $ 5,336,808 $ 234,174 $ 7,325,427 Buildings 243,248 11,970 2,025,043 - 2,280,261 Land and other 2,727,198 1,329,987 687,639 - 4,744,824 Construction in progress - - 8,951 - 8,951 PP&E, gross $ 4,645,890 $ 1,420,958 $ 8,058,441 $ 234,174 $ 14,359,463 Accumulated depreciation (2,661,719 ) (235,024 ) (3,524,130 ) (173,545 ) (6,594,418 ) PP&E, net $ 1,984,171 $ 1,185,934 $ 4,534,311 $ 60,629 $ 7,765,045 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
LONG-TERM DEBT | |
Schedule of Long-term debt | June 30, 2024 December 31, 2023 Installment contract payable to Komatsu, bearing interest at 3.49%, payable in 36 monthly installments of $11,799 maturing May 2027; collateralized by the Komatsu Wheel Loader $ 392,094 $ - 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 - 28,443 Total debt 392,094 28,443 Less current portion of debt (129,967 ) (28,443 ) Long term portion of debt $ 262,127 $ - |
Schedule of principal payments on debt | Twelve months ending June 30, Principal Payment 2025 $ 129,967 2026 134,577 2027 127,550 $ 392,094 |
STOCKHOLDERS EQUITY (Tables)
STOCKHOLDERS EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
STOCKHOLDERS' EQUITY | |
Schedule of share based compensation expenses | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Share-based compensation expense: Stock options $ 47,558 $ - $ 63,469 $ - RSUs 47,364 - 237,378 - Total share-based compensation expense $ 94,922 $ - $ 300,847 $ - |
Schedule of annual weighted average assumptions | Six Months Ended Grant-Date Weighted-Average Assumptions June 30, 2024 Expected term (in years) 3.9 Risk-free interest rate 4.3 % Expected dividend yield 0.0 % Expected volatility 140.4 % Fair value per share of options granted $ 0.17 |
Schedule of stock option activity | Weighted-Average Weighted- Remaining Aggregate Average Contractual Intrinsic Shares Exercise Price Term (in years) Value Options outstanding, December 31, 2023 - n/a n/a n/a Granted 3,900,000 $ 0.22 n/a n/a Exercised - n/a n/a n/a Forfeited - n/a n/a n/a Expired - n/a n/a n/a Options outstanding, June 30, 2024 3,900,000 $ 0.22 3.6 $ 450,000 Nonvested options, June 30, 2024 3,900,000 $ 0.22 3.6 $ 450,000 Vested and exercisable options, June 30, 2024 - n/a n/a n/a |
Schedule of Resricted stock unit activity | Weighted-Average Grant-Date Shares Fair Value Nonvested shares at December 31, 2023 - n/a Granted 2,670,000 $ 0.22 Vested (791,667 ) $ 0.22 Forfeited - n/a Nonvested shares at June 30, 2024 1,878,333 $ 0.23 |
Schedule of Warrants outstanding | Number of warrants Exercise Price Expiration Date Remaining life (years) 2,285,715 $ 0.46 7/31/2025 1.08 804,000 $ 0.46 1/27/2026 1.58 7,650,000 $ 0.85 8/3/2026 2.09 1,606,500 $ 0.85 2/1/2026 1.59 12,346,215 |
BUSINESS SEGEMENTS (Tables)
BUSINESS SEGEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
BUSINESS SEGMENTS | |
Schedule of Segment information | Total Assets, Excluding Discontinued Operations June 30, 2024 December 31, 2023 Antimony segment: United States total assets $ 15,568,968 $ 14,769,408 Mexico total assets 1,259,154 1,211,319 Subtotal antimony segment $ 16,828,122 $ 15,980,727 Precious metals segment: United States total assets $ 48,921 $ 92,718 Mexico total assets - - Subtotal precious metals segment $ 48,921 $ 92,718 Zeolite segment 5,557,818 5,474,010 Total assets, excluding discontinued operations $ 22,434,861 $ 21,547,455 |
Summary of capital expenditure excluding discontinued operation | Capital expenditures, Excluding Discontinued Operations For the three months ended For the six months ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Antimony segment: United States capital expenditures $ - $ 58,299 $ - $ 61,849 Mexico capital expenditures - - - - Subtotal antimony segment $ - $ 58,299 $ - $ 61,849 Precious metals segment - - - - Zeolite segment 98,008 636,033 150,721 $ 1,133,685 Total capital expenditures, excluding discontinued operations $ 98,008 $ 694,332 $ 150,721 $ 1,195,534 |
Summary of segment operation excluding discontinued operation | Segment Operations, Excluding Discontinued Operations Antimony Antimony Total Precious For the three months ended June 30, 2024 USA Mexico Antimony Metals Zeolite Total Total revenues $ 1,814,778 $ 0 $ 1,814,778 $ 4,616 $ 994,386 $ 2,813,780 Depreciation and amortization 14,047 4,024 18,071 5,855 90,560 114,486 Income (loss) from operations $ (37,909 ) $ (26,196 ) $ (64,105 ) $ (1,239 ) $ (148,260 ) $ (213,604 ) Other income 157,900 Income tax expense - Loss from continuing operations $ (55,704 ) Segment Operations, Excluding Discontinued Operations Antimony Antimony Total Precious For the three months ended June 30, 2023 USA Mexico Antimony Metals Zeolite Total Total revenues $ 1,351,705 $ 0 $ 1,351,705 $ 126,321 $ 787,091 $ 2,265,117 Depreciation and amortization 10,361 4,015 14,376 5,855 64,895 85,126 Income (loss) from operations $ (317,513 ) $ (24,140 ) $ (341,653 ) $ 120,466 $ 23,852 $ (197,335 ) Other income 174,303 Income tax expense - Loss from continuing operations $ (23,032 ) Segment Operations, Excluding Discontinued Operations Antimony Antimony Total Precious For the six months ended June 30, 2024 USA Mexico Antimony Metals Zeolite Total Total revenues $ 4,043,163 $ - $ 4,043,163 $ 4,616 $ 1,597,391 $ 5,645,170 Depreciation and amortization 27,988 8,048 36,036 11,709 172,888 220,633 Income (loss) from operations $ 356,897 $ (52,393 ) $ 304,504 $ (7,093 ) $ (579,761 ) $ (282,350 ) Other income $ 312,747 Income tax expense - Income from continuing operations $ 30,397 Segment Operations, Excluding Discontinued Operations Antimony Antimony Total Precious For the six months ended June 30, 2023 USA Mexico Antimony Metals Zeolite Total Total revenues $ 2,964,344 $ - $ 2,964,344 $ 242,433 $ 1,269,184 $ 4,475,961 Depreciation and amortization 18,641 8,039 26,680 11,709 116,069 154,458 Income (loss) from operations $ (255,441 ) $ (51,989 ) $ (307,430 ) $ 230,724 $ (40,753 ) $ (117,459 ) Other income 387,808 Income tax expense - Income from continuing operations $ 270,349 |
DISCONTINUED OPERATIONS AND A_2
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Table) | 6 Months Ended |
Jun. 30, 2024 | |
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | |
Income Loss from discontinued operations | For the three months ended For the six months ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 REVENUES $ 849,197 $ 238,456 $ 1,089,874 $ 238,456 COST OF REVENUES 507,615 329,119 981,711 1,259,381 GROSS PROFIT (LOSS) 341,582 (90,663 ) 108,163 (1,020,925 ) OPERATING EXPENSES: General and administrative 25,508 23,946 70,400 38,269 Professional fees 19,179 62,142 54,330 100,944 Other operating expenses 27,283 136,003 115,529 244,348 TOTAL OPERATING EXPENSES 71,970 222,091 240,259 383,561 INCOME (LOSS) FROM OPERATIONS 269,612 (312,754 ) (132,096 ) (1,404,486 ) OTHER EXPENSE: Other miscellaneous expense (11,116 ) (679 ) (18,277 ) (9,312 ) TOTAL OTHER EXPENSE (11,116 ) (679 ) (18,277 ) (9,312 ) INCOME (LOSS) FROM DISCONTINUED OPERATIONS, BEFORE TAX 258,496 (313,433 ) (150,373 ) (1,413,798 ) Income tax expense - - - - INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX $ 258,496 $ (313,433 ) $ (150,373 ) $ (1,413,798 ) |
Assets and liabilities of discontinued operations | June 30, 2024 USAMSA BRZ Home Total ASSETS CURRENT ASSETS Accounts receivable $ 45,936 $ - $ 45,936 Inventories, net - - - Prepaid expenses 4,862 - $ 4,862 Total current assets, discontinued operations 50,798 - 50,798 Properties, plants and equipment, net 5,689,446 297,873 5,987,319 IVA receivable and other assets, net 456,262 - 456,262 Total assets, discontinued operations 6,196,506 297,873 6,494,379 LIABILITIES CURRENT LIABILITIES Accounts payable $ 130,807 $ - $ 130,807 Accrued liabilities 15,123 - 15,123 Total current liabilities, discontinued operations 145,930 - 145,930 Asset retirement obligations 536,466 - 536,466 Total liabilities, discontinued operations $ 682,396 $ - $ 682,396 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
TOTAL POSSIBLE DILUTIVE SHARES | $ 16,291,215 | $ 12,346,215 |
Stock Options And RSU Awards [Member] | ||
TOTAL POSSIBLE DILUTIVE SHARES | 3,945,000 | |
Warrants [Member] | ||
TOTAL POSSIBLE DILUTIVE SHARES | 12,346,215 | 12,346,215 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
REVENUE | $ 2,813,780 | $ 2,265,117 | $ 5,645,170 | $ 4,475,961 |
Antimony [Member] | ||||
REVENUE | 1,814,778 | 1,351,705 | 4,043,163 | 2,964,344 |
Zeolite [Member] | ||||
REVENUE | 994,386 | 787,091 | 1,597,391 | 1,269,184 |
Precious Metals [Member] | ||||
REVENUE | $ 4,616 | $ 126,321 | $ 4,616 | $ 242,433 |
REVENUE RECOGNITION (Details 1)
REVENUE RECOGNITION (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
REVENUE | $ 2,813,780 | $ 2,265,117 | $ 5,645,170 | $ 4,475,961 |
Domestic revenues [Member] | ||||
REVENUE | 2,168,823 | 1,814,987 | 4,449,597 | 3,584,434 |
Foreign revenues [Member] | ||||
REVENUE | $ 644,957 | $ 450,130 | $ 1,195,573 | $ 891,527 |
REVENUE RECOGNITION (Details Na
REVENUE RECOGNITION (Details Narrative) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
REVENUE RECOGNITION | ||
Trade accounts receivable balance related to contracts with customers | $ 1,393,760 | $ 625,256 |
Doubtful related trade accounts receivables | $ 256,955 | $ 271,212 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Inventories | $ 462,354 | $ 1,019,154 |
Antimony Metals [Member] | ||
Inventories | 12,361 | 237,429 |
Antimony Oxides [Member] | ||
Inventories | 47,166 | 252,927 |
Antimony Ore Concentrates [Member] | ||
Inventories | 25,899 | 23,752 |
Zeolite Products [Member] | ||
Inventories | 376,928 | 505,046 |
Antimony [Member] | ||
Inventories | $ 85,426 | $ 514,108 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
INVENTORIES | ||
Write down of inventory to net realizable value | $ 10,501 | $ 0 |
PROPERTIES PLANTS AND EQUIPME_3
PROPERTIES PLANTS AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Plant and equipment | $ 7,877,155 | $ 7,325,427 |
Buildings | 1,961,111 | 2,280,261 |
Land and other | 4,744,824 | 4,744,824 |
Construction in progress | 0 | 8,951 |
Plants and equipment net | 14,583,090 | 14,359,463 |
Accumulated Deprecation | (6,784,496) | (6,594,418) |
Property plant and equipment ,net | 7,798,594 | 7,765,045 |
Antimony Segment USAC [Member] | ||
Plant and equipment | 1,675,444 | 1,675,444 |
Buildings | 243,248 | 243,248 |
Land and other | 2,727,198 | 2,727,198 |
Construction in progress | 0 | 0 |
Plants and equipment net | 4,645,890 | 4,645,890 |
Accumulated Deprecation | (2,689,707) | (2,661,719) |
Property plant and equipment ,net | 1,956,183 | 1,984,171 |
Zeolite Segment BRZ [Member] | ||
Plant and equipment | 5,888,536 | 5,336,808 |
Buildings | 1,705,893 | 2,025,043 |
Land and other | 687,639 | 687,639 |
Construction in progress | 0 | 8,951 |
Plants and equipment net | 8,282,068 | 8,058,441 |
Accumulated Deprecation | (3,666,464) | (3,524,130) |
Property plant and equipment ,net | 4,615,604 | 4,534,311 |
Precious Metals Segment [Member] | ||
Plant and equipment | 234,174 | 234,174 |
Buildings | 0 | 0 |
Land and other | 0 | 0 |
Construction in progress | 0 | 0 |
Plants and equipment net | 234,174 | 234,174 |
Accumulated Deprecation | (185,253) | (173,545) |
Property plant and equipment ,net | 48,921 | 60,629 |
Antimony Segment Mexico [Member] | ||
Plant and equipment | 79,001 | 79,001 |
Buildings | 11,970 | 11,970 |
Land and other | 1,329,987 | 1,329,987 |
Construction in progress | 0 | 0 |
Plants and equipment net | 1,420,958 | 1,420,958 |
Accumulated Deprecation | (243,072) | (235,024) |
Property plant and equipment ,net | $ 1,177,886 | $ 1,185,934 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Long term debt | $ 392,094 | $ 28,443 |
Less current portion | (129,967) | (28,443) |
Long term portion | 262,127 | 0 |
Caterpillar Financial Services One [Member] | ||
Long term debt | 0 | 28,443 |
Caterpillar Financial Services [Member] | ||
Long term debt | $ 392,094 | $ 0 |
LONG-TERM DEBT (Details 1)
LONG-TERM DEBT (Details 1) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
LONG-TERM DEBT | ||
2025 | $ 129,967 | |
2026 | 134,577 | |
2027 | 127,550 | |
Long term debt | $ 392,094 | $ 28,443 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Accrued royalties payable | $ 113,917 | $ 153,429 |
Minimum [Member] | ||
Royalties vary | 8% | |
Maximum [Member] | ||
Royalties vary | 13% |
STOCKHOLDERS EQUITY (Details)
STOCKHOLDERS EQUITY (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
STOCKHOLDERS' EQUITY | ||||
Stock options | $ 47,558 | $ 0 | $ 63,469 | $ 0 |
RSUs | 47,364 | 0 | 237,378 | 0 |
Total share-based compensation expense | $ 94,922 | $ 0 | $ 300,847 | $ 0 |
STOCKHOLDERS EQUITY (Details 1)
STOCKHOLDERS EQUITY (Details 1) | 6 Months Ended |
Jun. 30, 2024 $ / shares | |
STOCKHOLDERS' EQUITY | |
Expected term (in years) | 3 years 10 months 24 days |
Risk-free interest rate | 4.30% |
Expected dividend yield | 0% |
Expected volatility | 140.40% |
Fair value per share of options granted | $ 0.17 |
STOCKHOLDERS EQUITY (Details 2)
STOCKHOLDERS EQUITY (Details 2) - Options [Member] | 6 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | |
Options outstanding at beginning of year | 0 |
Options granted | 3,900,000 |
Options exercised | 0 |
Options forfeited | 0 |
Options expired | 0 |
Options outstanding at end of year | 3,900,000 |
Nonvested options at the end of year | 3,900,000 |
Weighted Average Exercise Price, Granted | $ / shares | $ 0.22 |
Weighted Average Exercise Price, Options outstanding at end of year | $ / shares | 0.22 |
Weighted Average Exercise Price, nonvested options at end of year | $ / shares | $ 0.22 |
Options Outstanding, Weighted Average Remaining Contractual Life at the end | 3 years 7 months 6 days |
Nonvested options, Weighted Average Remaining Contractual Life at the end | 3 years 7 months 6 days |
Options Outstanding, Aggregate Intrinsic Value at the end | $ | $ 450,000 |
Nonvested options, Aggregate Intrinsic Value at the end | $ | $ 450,000 |
Vested and exercisable options at end of year | 0 |
STOCKHOLDERS EQUITY (Details 3)
STOCKHOLDERS EQUITY (Details 3) - Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Nonvested options at the end of year | 0 |
Granted | 2,670,000 |
Vested | (791,667) |
Forfeited | 0 |
Nonvested options at the end of year | 1,878,333 |
Weighted average grant date fair value, granted | $ / shares | $ 0.22 |
Weighted average grant date fair value, vested | $ / shares | 0.22 |
Weighted average grant date fair value, Nonvested at the end of year | $ / shares | $ 0.23 |
STOCKHOLDERS EQUITY (Details 4)
STOCKHOLDERS EQUITY (Details 4) | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Warrant 1 | |
Number of warrants | 2,285,715 |
Exercise Price | $ / shares | $ 0.46 |
Remaining life | 1 year 29 days |
Expiration date | Jul. 31, 2025 |
Warrant 2 | |
Number of warrants | 804,000 |
Exercise Price | $ / shares | $ 0.46 |
Remaining life | 1 year 6 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 1 month 2 days |
Expiration date | Aug. 03, 2026 |
Warrant 4 | |
Number of warrants | 1,606,500 |
Exercise Price | $ / shares | $ 0.85 |
Remaining life | 1 year 7 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 | 3 Months Ended | 6 Months Ended | |||
Jan. 26, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jan. 25, 2023 | |
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 | |||||
Total share-based compensation expense | $ 94,922 | $ 0 | $ 300,847 | $ 0 | ||
Preferred stock, issued shares | 1,692,672 | |||||
Options [Member] | ||||||
Weighted Average Remaining Contractual Term | 3 years 7 months 6 days | |||||
Unrecognized compensation expense | $ 606,531 | |||||
Weighted-average remaining life | 4 years | |||||
Options [Member] | Maximum [Member] | ||||||
Weighted Average Remaining Contractual Term | 10 years | |||||
Options [Member] | Minimum [Member] | ||||||
Weighted Average Remaining Contractual Term | 3 years | |||||
Restricted Stock Units [Member] | ||||||
Unrecognized compensation expense | $ 363,172 | |||||
Weighted-average remaining life | 1 year 10 months 24 days | |||||
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 ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Total assets | $ 22,434,861 | $ 21,547,455 |
Mexico Antimony [Member] | ||
Total assets | 1,259,154 | 1,211,319 |
United States Antimony [Member] | ||
Total assets | 15,568,968 | 14,769,408 |
Subtotal Antimony [Member] | ||
Total assets | 16,828,122 | 15,980,727 |
United States Precious Metals [Member] | ||
Total assets | 48,921 | 92,718 |
Mexico Precious Metals [Member] | ||
Total assets | 0 | 0 |
Subtotal Precious Metals [Member] | ||
Total assets | 48,921 | 92,718 |
Zeolite [Member] | ||
Total assets | $ 5,557,818 | $ 5,474,010 |
Business Segments (Details 1)
Business Segments (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Capital expenditures | $ 98,008 | $ 694,332 | $ 150,721 | $ 1,195,534 |
Mexico Antimony [Member] | ||||
Capital expenditures | 0 | 0 | 0 | 0 |
United States Antimony [Member] | ||||
Capital expenditures | 0 | 58,299 | 0 | 61,849 |
Subtotal Antimony [Member] | ||||
Capital expenditures | 0 | 58,299 | 0 | 61,849 |
Subtotal Precious Metals [Member] | ||||
Capital expenditures | 0 | 0 | 0 | 0 |
Zeolite [Member] | ||||
Capital expenditures | $ 98,008 | $ 636,033 | $ 150,721 | $ 1,133,685 |
Business Segments (Details 2)
Business Segments (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
REVENUE | $ 2,813,780 | $ 2,265,117 | $ 5,645,170 | $ 4,475,961 |
Depreciation and amortization | 114,486 | 85,126 | 220,633 | 154,458 |
Income (loss) from operations | (213,604) | (197,335) | (282,350) | (117,459) |
Other income (expense) | 157,900 | 174,303 | 312,747 | 387,808 |
Total income tax expense | 0 | 0 | 0 | 0 |
Net income (loss) | (55,704) | (23,032) | 30,397 | 270,349 |
Mexico Antimony [Member] | ||||
REVENUE | 0 | 0 | 0 | 0 |
Depreciation and amortization | 4,024 | 4,015 | 8,048 | 8,039 |
Income (loss) from operations | (26,196) | (24,140) | (52,393) | (51,989) |
United States Antimony [Member] | ||||
REVENUE | 1,814,778 | 1,351,705 | 4,043,163 | 2,964,344 |
Depreciation and amortization | 14,047 | 10,361 | 27,988 | 18,641 |
Income (loss) from operations | (37,909) | (317,513) | 356,897 | (255,441) |
Total Antimony [Member] | ||||
REVENUE | 1,814,778 | 1,351,705 | 4,043,163 | 2,964,344 |
Depreciation and amortization | 18,071 | 14,376 | 36,036 | 26,680 |
Income (loss) from operations | (64,105) | (341,653) | 304,504 | (307,430) |
Zeolite [Member] | ||||
REVENUE | 994,386 | 787,091 | 1,597,391 | 1,269,184 |
Depreciation and amortization | 90,560 | 64,895 | 172,888 | 116,069 |
Income (loss) from operations | (148,260) | 23,852 | (579,761) | (40,753) |
Precious Metals [Member] | ||||
REVENUE | 4,616 | 126,321 | 4,616 | 242,433 |
Depreciation and amortization | 5,855 | 5,855 | 11,709 | 11,709 |
Income (loss) from operations | $ (1,239) | $ 120,466 | $ (7,093) | $ 230,724 |
DISCONTINUED OPERATIONS AND A_3
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
REVENUE | $ 2,813,780 | $ 2,265,117 | $ 5,645,170 | $ 4,475,961 |
COST OF REVENUES | 1,905,139 | 1,878,558 | 3,913,625 | 3,694,559 |
GROSS PROFIT (LOSS) | 908,641 | 386,559 | 1,731,545 | 781,402 |
General and administrative | 477,366 | 247,419 | 932,760 | 388,690 |
Professional fees | 221,529 | 191,063 | 398,686 | 237,067 |
Other operating expenses | 137,991 | 0 | 137,991 | 0 |
TOTAL OPERATING EXPENSES | 1,122,245 | 583,894 | 2,013,895 | 898,861 |
INCOME (LOSS) FROM OPERATIONS | (213,604) | (197,335) | (282,350) | (117,459) |
Other miscellaneous expense | (2,381) | (4,859) | (4,753) | 78,749 |
TOTAL OTHER EXPENSE | 157,900 | 174,303 | 312,747 | 387,808 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, BEFORE TAX | 258,496 | (313,433) | (150,373) | (1,413,798) |
Income tax expense | 0 | 0 | 0 | 0 |
Discontinue Operation [Member] | ||||
REVENUE | 849,197 | 238,456 | 1,089,874 | 238,456 |
COST OF REVENUES | 507,615 | 329,119 | 981,711 | 1,259,381 |
GROSS PROFIT (LOSS) | 341,582 | (90,663) | 108,163 | (1,020,925) |
General and administrative | 25,508 | 23,946 | 70,400 | 38,269 |
Professional fees | 19,179 | 62,142 | 54,330 | 100,944 |
Other operating expenses | 27,283 | 136,003 | 115,529 | 244,348 |
TOTAL OPERATING EXPENSES | 71,970 | 222,091 | 240,259 | 383,561 |
INCOME (LOSS) FROM OPERATIONS | 269,612 | (312,754) | (132,096) | (1,404,486) |
Other miscellaneous expense | (11,116) | (679) | (18,277) | (9,312) |
TOTAL OTHER EXPENSE | (11,116) | (679) | (18,277) | (9,312) |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, BEFORE TAX | 258,496 | (313,433) | (150,373) | (1,413,798) |
Income tax expense | 0 | 0 | 0 | 0 |
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | $ 258,496 | $ (313,433) | $ (150,373) | $ (1,413,798) |
DISCONTINUED OPERATIONS AND A_4
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details 1) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Inventories, net | $ 462,354 | $ 1,019,154 |
Total current assets, discontinued operations | 14,611,788 | 14,076,206 |
Properties, plants and equipment, net | 7,798,594 | 7,765,045 |
Total assets, discontinued operations | 28,929,240 | 28,094,995 |
Accounts payable | 544,100 | 330,147 |
Accrued liabilities | 157,001 | 109,341 |
Total current liabilities, discontinued operations | 1,252,164 | 897,458 |
Asset retirement obligations | 1,138,102 | 1,101,561 |
Total liabilities, discontinued operations | 3,227,401 | 2,574,027 |
Total assets | 28,929,240 | 28,094,995 |
Total current liabilities | 1,252,164 | 897,458 |
Total liabilities | 3,227,401 | 2,574,027 |
Discontinued Operation[Member] | ||
Accounts receivable | 45,936 | |
Inventories, net | 0 | 366,955 |
Prepaid expenses | 4,862 | |
Total current assets, discontinued operations | 50,798 | 366,955 |
Properties, plants and equipment, net | 5,987,319 | 5,689,446 |
IVA receivable and other assets, net | 456,262 | 491,139 |
Total assets, discontinued operations | 6,494,379 | 6,547,540 |
Accounts payable | 130,807 | 126,788 |
Accrued liabilities | 15,123 | 24,500 |
Total current liabilities, discontinued operations | 145,930 | 151,288 |
Asset retirement obligations | 536,466 | 536,466 |
Total liabilities, discontinued operations | 682,396 | 687,754 |
Total assets | 6,494,379 | 6,547,540 |
Total current liabilities | 145,930 | 151,288 |
Total liabilities | 682,396 | 687,754 |
Discontinued Operation[Member] | BRZ Home [Member] | ||
Accounts receivable | 0 | |
Inventories, net | 0 | 0 |
Prepaid expenses | 0 | |
Total current assets, discontinued operations | 0 | 0 |
Properties, plants and equipment, net | 297,873 | 0 |
IVA receivable and other assets, net | 0 | 0 |
Total assets, discontinued operations | 297,873 | 0 |
Accounts payable | 0 | 0 |
Accrued liabilities | 0 | 0 |
Total current liabilities, discontinued operations | 0 | 0 |
Asset retirement obligations | 0 | 0 |
Total liabilities, discontinued operations | 0 | 0 |
Total assets | 297,873 | 0 |
Total current liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Discontinued Operation[Member] | USAMSA [Member] | ||
Accounts receivable | 45,936 | |
Inventories, net | 0 | 366,955 |
Prepaid expenses | 4,862 | |
Total current assets, discontinued operations | 50,798 | 366,955 |
Properties, plants and equipment, net | 5,689,446 | 5,689,446 |
IVA receivable and other assets, net | 456,262 | 491,139 |
Total assets, discontinued operations | 6,196,506 | 6,547,540 |
Accounts payable | 130,807 | 126,788 |
Accrued liabilities | 15,123 | 24,500 |
Total current liabilities, discontinued operations | 145,930 | 151,288 |
Asset retirement obligations | 536,466 | 536,466 |
Total liabilities, discontinued operations | 682,396 | 687,754 |
Total assets | 6,196,506 | 6,547,540 |
Total current liabilities | 145,930 | 151,288 |
Total liabilities | $ 682,396 | $ 687,754 |
DISCONTINUED OPERATIONS AND A_5
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Depreciation and amortization | $ 114,486 | $ 85,126 | $ 220,633 | $ 154,458 | ||
Discontinue Operation [Member] | ||||||
Depreciation and amortization | 0 | 155,974 | 0 | 310,883 | ||
Capital expenditures | 0 | $ 38,754 | 0 | $ 152,322 | ||
Total Income tax | $ 795,000 | 666,400 | $ 1,320,000 | |||
Noncurrent assets held for sale | 297,873 | 297,873 | ||||
Mexican Tax Authority [Member] | ||||||
Income tax | $ 16,300,000 | 13,800,000 | 22,400,000 | |||
Unpaid income taxes | 352,000 | |||||
Interest and penalties amount | 968,000 | |||||
Value Added Tax receivable amount | 653,749 | 653,749 | 687,534 | |||
Value Added Tax receivable Net | $ 1,053,966 | $ 1,053,966 | $ 1,122,628 |