Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document and Entity Information | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Entity Registrant Name | 'New Jersey Mining Co | ' |
Entity Central Index Key | '0001030192 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 79,760,148 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
New_Jersey_Mining_Company_A_De
New Jersey Mining Company (A Development Stage Company) Consolidated Balance Sheets March 31, 2014 (Unaudited) and December 31, 2013 (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Current assets: | ' | ' | ||
Cash and cash equivalents | $733,091 | $636,127 | ||
Investment in marketable equity security at fair value (cost-$3,869) | 9,672 | 9,672 | ||
Joint venture receivables | 92,574 | 61,143 | ||
Other current assets | 45,900 | 45,970 | ||
Total current assets | 881,237 | 752,912 | ||
Property, plant and equipment, net of accumulated depreciation | 4,899,831 | 4,908,724 | ||
Mineral properties, net of accumulated amortization | 540,433 | 540,433 | ||
Deposits on equipment | 23,616 | ' | ||
Total assets | 6,345,117 | 6,202,069 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 56,965 | 40,208 | ||
Accrued payroll and related payroll expenses | 28,667 | 22,016 | ||
Note payable related party, current | 44,977 | 36,701 | ||
Obligations under capital lease, current | 17,813 | 26,367 | ||
Notes payable, current | 52,077 | 55,663 | ||
Total current liabilities | 200,499 | 180,955 | ||
Asset retirement obligation | 11,237 | 10,949 | ||
Note payable related party, non-current | 171,007 | 180,417 | ||
Notes payable, non-current | 181,310 | 193,880 | ||
Total non-current liabilities | 363,554 | 385,246 | ||
Total liabilities | 564,053 | 566,201 | ||
Commitments | ' | [1] | ' | [1] |
Stockholders' equity: | ' | ' | ||
Common stock, no par value, 200,000,000 shares authorized; 2014-79,760,148 and 2013-73,760,148 shares issued and outstanding | 12,160,469 | 11,755,469 | ||
Deficit accumulated during the development stage | -9,570,382 | -9,302,024 | ||
Accumulated other comprehensive income: | ' | ' | ||
Unrealized gain on marketable equity security | 5,803 | 5,803 | ||
Total New Jersey Mining Company stockholders' equity | 2,595,890 | 2,459,248 | ||
Non-controlling interest in New Jersey Mill Joint Venture | 3,185,174 | 3,176,620 | ||
Total stockholders' equity | 5,781,064 | 5,635,868 | ||
Total liabilities and stockholders' equity | $6,345,117 | $6,202,069 | ||
[1] | Note 2 |
Statement_of_Financial_Positio
Statement of Financial Position - Parenthetical (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of financial position | ' | ' |
Preferred Stock, Par Value | $0 | $0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $0 | $0 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 79,760,148 | 73,760,148 |
Common Stock, Shares Outstanding | 79,760,148 | 73,760,148 |
New_Jersey_Mining_Company_A_De1
New Jersey Mining Company (A Development Stage Company) Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 212 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Income earned during the development stage: | ' | ' | ' |
Sales of gold | ' | $8,308 | $458,171 |
Sales of concentrate | ' | ' | 601,168 |
Drilling and exploration contract income | ' | ' | 2,371,344 |
Joint venture management fee income | 76 | 1,147 | 133,339 |
Contract milling income | ' | 4,590 | 104,936 |
Engineering services income | ' | ' | 232,522 |
Total income earned during the development stage | 76 | 14,045 | 3,901,480 |
Costs and expenses: | ' | ' | ' |
Contract milling costs | 13,204 | 8,667 | 1,444,456 |
Drilling and exploration contract expense | ' | 96 | 1,198,090 |
Engineering services expense | ' | ' | 71,591 |
Exploration | 84,569 | 30 | 2,678,490 |
Net loss (gain) on sale of or abandonment of mineral property | ' | ' | -172,398 |
Write down of mineral property | ' | ' | 324,142 |
Net gain on sale of equipment | ' | -95,000 | -166,101 |
Depreciation and amortization | 14,526 | 28,016 | 1,080,841 |
General and administrative expenses | 156,525 | 57,157 | 5,678,258 |
Total operating expenses | 268,824 | -1,034 | 12,137,369 |
Operating income (loss) | -268,748 | 15,079 | -8,235,889 |
Other (income) expense: | ' | ' | ' |
Timber sales | ' | ' | -54,699 |
Timber expense | ' | 300 | 14,854 |
Royalties and other income | -11,885 | -8,279 | -163,029 |
Royalties expense | ' | ' | 44,089 |
Distribution from Golden Chest LLC | ' | ' | -119,450 |
Gain on sale of marketable equity security | ' | ' | -92,269 |
Interest income | -126 | -49 | -49,666 |
Interest expense | 11,619 | 14,321 | 181,096 |
Write-off of goodwill and investment | ' | ' | 120,950 |
Equity in loss of Golden Chest LLC | ' | 84,000 | 1,475,205 |
Total other (income) expense | -392 | 90,293 | 1,357,081 |
Net income (loss) | -268,356 | -75,214 | -9,592,970 |
Net loss attributable to non-controlling interest | ' | 2,312 | 22,588 |
Net income (loss) attributable to New Jersey Mining Company | -268,356 | -75,214 | -9,592,970 |
Other comprehensive income (loss): | ' | ' | ' |
Net income (loss) | -268,356 | -75,214 | -9,592,970 |
Unrealized gain (loss) on marketable equity security | ' | 5,753 | 5,803 |
Comprehensive income (loss) | -268,356 | -80,967 | -9,587,167 |
Comprehensive loss attributable to non-controlling interest | ' | 2,312 | 22,588 |
Comprehensive income (loss) attributable to New Jersey Mining Company | ($268,356) | ($78,655) | ($9,564,579) |
Net loss per common share-basic and diluted | $0 | $0 | $0.36 |
Weighted average common shares outstanding-basic and diluted | 75,760,148 | 45,515,862 | 26,909,737 |
New_Jersey_Mining_Company_A_De2
New Jersey Mining Company (A Development Stage Company) Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 212 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($268,356) | ($75,214) | ($9,592,970) |
Adjustments to reconcile net loss to net cash (used) by operating activities: | ' | ' | ' |
Depreciation and amortization | 14,526 | 28,016 | 1,080,841 |
(Gain) loss on sale of equipment | ' | -95,000 | -154,829 |
Write down of goodwill, investment, and mineral property | ' | ' | 554,092 |
Gain on sale of mineral property | ' | ' | -281,334 |
Gain on sale of marketable equity security | ' | ' | -92,269 |
Accretion of asset retirement obligation | 288 | 288 | 10,399 |
Equity in loss of Golden Chest LLC | ' | 84,000 | 1,475,205 |
Management and directors' fees | ' | ' | 1,186,335 |
Services and other | ' | ' | 255,874 |
Exploration expense | ' | ' | 161,521 |
Change in: | ' | ' | ' |
Joint venture receivables | -31,430 | 3,820 | -92,573 |
Other current assets | 70 | -4,952 | -45,899 |
Inventory | ' | 7,309 | ' |
Other assets | ' | ' | -778 |
Accounts payable | 16,754 | 58,999 | 72,712 |
Accrued payroll and related payroll expense | 6,651 | 8,471 | 28,662 |
Account payable Marathon Gold | ' | -62,500 | ' |
Accrued reclamation costs | ' | ' | -1,443 |
Net cash (used) by operating activities | -261,497 | -46,763 | -5,436,452 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property, plant and equipment | -5,633 | ' | -4,454,294 |
Purchase of mineral property | ' | -4,500 | -12,904 |
Proceeds from sale of mineral property | ' | ' | 584,000 |
Deposit on equipment | -23,616 | ' | -23,616 |
Contributions to Golden Chest LLC | ' | -84,000 | -922,000 |
Proceeds from sale of equipment | ' | 95,000 | 171,074 |
Redemption (purchase) of reclamation bonds | ' | ' | -120,500 |
Purchase of marketable equity security | ' | ' | -7,500 |
Proceeds from sales of marketable equity securities | ' | ' | 95,901 |
Cash of acquired companies | ' | ' | 38,269 |
Deferral of development costs | ' | ' | -759,209 |
Net cash provided (used) by investing activities | -29,249 | 6,500 | -5,410,779 |
Cash flows from financing activities: | ' | ' | ' |
Exercise of stock purchase warrants | ' | ' | 2,571,536 |
Sales of common stock and warrants, net of issuance costs | 405,000 | ' | 6,651,236 |
Payments on capital lease | -8,555 | -7,683 | -283,227 |
Principal payments on notes payable | -16,156 | -17,874 | -656,800 |
Principal payments on note and other payables, related party, net | -1,133 | 68,289 | 89,816 |
Contributions from non-controlling equity interest in Mill JV | 8,554 | 7,683 | 3,207,762 |
Net cash provided by financing activities | 387,710 | 50,415 | 11,580,322 |
Net increase in cash and cash equivalents | 96,964 | 10,152 | 733,091 |
Cash and cash equivalents, beginning of period | 636,127 | 9,950 | ' |
Cash and cash equivalents, end of period | 733,091 | 20,102 | 733,091 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Interest paid in cash, net of amount capitalized | 11,619 | 14,321 | 169,074 |
Non-cash investing and financing activities: | ' | ' | ' |
Property, plant and equipment | ' | ' | 50,365 |
Mineral properties agreement | ' | ' | 616,600 |
Payment of accounts payable | ' | ' | 18,730 |
Acquisitions of companies, excluding cash | ' | ' | 743,653 |
Capital lease obligation incurred for equipment acquired | ' | ' | 275,838 |
Notes payable for property and equipment acquired | ' | ' | 884,397 |
Mineral property transferred to Golden Chest LLC | ' | ' | 553,205 |
Debt relieved from sale of equipment | ' | ' | 13,421 |
Related party note payable for property acquired | ' | ' | $223,807 |
1_The_Company_and_Significant_
1. The Company and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
1. The Company and Significant Accounting Policies: | ' |
1. The Company and Significant Accounting Policies: | |
These unaudited interim consolidated financial statements have been prepared by the management of New Jersey Mining Company (the Company) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim consolidated financial statements have been included. | |
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 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 financial position and results of operations. Operating results for the three month period ended March 31, 2014, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. | |
For further information refer to the financial statements and footnotes thereto in the Company’s audited financial statements for the year ended December 31, 2013 included in Form 10 as filed with the Securities and Exchange Commission on April 11, 2014. | |
The Company's consolidated financial statements are prepared in accordance with accounting guidance for development stage entities as it devotes substantially all of its efforts to acquiring and developing mining interests that will eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in major commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the development stage. | |
Principles of Consolidation | |
At March 31, 2014, the consolidated financial statements include the accounts of the Company and the accounts of our majority owned New Jersey Mill Joint Venture. Intercompany items and transactions between companies included in the consolidation are eliminated. | |
2_Related_Parties
2. Related Parties | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
2. Related Parties | ' |
2. Related Parties | |
In August 2012 the Company was extended a note by MSD to purchase property for $223,807 at 12% interest to be paid in 60 monthly payments. At March 31, 2014 the remaining amount due was $207,017 and $40,274 has been paid in interest to date. |
3_Joint_Ventures
3. Joint Ventures | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Notes | ' | ||||||
3. Joint Ventures | ' | ||||||
3. Joint Ventures | |||||||
The Company jointly owns with Marathon Gold USA (MUSA) and acts as the operator of the Golden Chest LLC (GC). United Silver Corp. (USC) holds the non-controlling interest in the Company's New Jersey Mill Joint Venture. For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of non-controlling interest. For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. For those joint ventures in which there is joint control between the parties, and the Company has significant influence, the equity method is utilized. | |||||||
At March 31, 2014 and December 31, 2013, the Company’s percentage ownership and method of accounting for each joint venture is as follows: | |||||||
31-Mar-14 | 31-Dec-13 | ||||||
Joint Venture | % Ownership | Significant Influence? | Accounting Method | % Ownership | Significant Influence? | Accounting Method | |
New Jersey Mill Joint Venture | 65% | Yes | Consolidated | 65% | Yes | Consolidated | |
Golden Chest LLC Joint Venture | 48% | No | Cost | 48% | No | Cost | |
New Jersey Mill Joint Venture Agreement | |||||||
In June of 2012 USC completed its buy-in for 35% of the Mill JV with a cumulative $3.2 million contribution to bring the capacity of the mill to 15 tonnes/hr. As of March 31, 2014, an account receivable existed with USC for $72,696. | |||||||
Golden Chest LLC Joint Venture | |||||||
On September 3, 2013 the GC signed a lease agreement with Juniper Resources, LLC (Juniper) of Boise, Idaho for a defined portion of the Golden Chest mine property known as the Skookum Shoot (a 400 meter strike length along the Idaho vein below the No. 3 Level). The lease with Juniper calls for an initial payment of $50,000 to GC, which was received in 2013, and a work requirement of 1,500 to 3,000 meters of core drilling which has also been completed. Juniper signed the lease and made a payment of $200,000 to GC at the end of November 2013. Juniper is required to make land payments of $125,000 per quarter on the promissory note on behalf of GC which it also has done. Additionally, Juniper will pay a 2% net smelter royalty to GC on all gold production from the leased area with the $250,000 initial payments treated as an advance on this royalty. The lease has a term of 39 months. | |||||||
4_Earnings_Per_Share
4. Earnings Per Share | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
4. Earnings Per Share | ' |
4. Earnings per Share | |
For the three month period ended March 31, 2014, the effect of the Company's potential issuance of shares from the exercise of 14,100,000 outstanding warrants would have been anti-dilutive. Accordingly, only basic net loss per share has been presented. |
5_Property_Plant_and_Equipment
5. Property, Plant, and Equipment | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Notes | ' | ||||
5. Property, Plant, and Equipment | ' | ||||
5. Property, Plant, and Equipment | |||||
Property, plant and equipment at March 31, 2014 and December 31, 2013, consisted of the following: | |||||
31-Mar-14 | 31-Dec-13 | ||||
Mill land | $ | 225,289 | $ | 225,289 | |
Mill building | 522,786 | 522,786 | |||
Milling equipment | 3,721,645 | 3,716,011 | |||
Total Mill building and equipment | 4,469,720 | 4,464,086 | |||
Less accumulated depreciation | (144,236) | -144,236 | |||
Total mill | 4,325,484 | 4,319,850 | |||
Building and equipment at cost | 489,107 | 495,037 | |||
Less accumulated depreciation | -356,618 | -348,021 | |||
Total building and equipment | 132,489 | 147,016 | |||
Land | 441,858 | 441,858 | |||
Total | $ | 4,899,831 | $ | 4,908,724 | |
6_Mineral_Properties
6. Mineral Properties | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Notes | ' | ||||
6. Mineral Properties | ' | ||||
6. Mineral Properties | |||||
Mineral properties at March 31, 2014 and December 31, 2013 consisted of the following: | |||||
31-Mar-14 | 31-Dec-13 | ||||
New Jersey Mine | $ | 271,340 | $ | 271,340 | |
McKinley | 250,000 | 250,000 | |||
Silver Button/Roughwater | 25,500 | 25,500 | |||
Toboggan | 5,000 | 5,000 | |||
Less Accumulated Amortization | -11,407 | -11,407 | |||
Total | $ | 540,433 | $ | 540,433 | |
7_Equity
7. Equity | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Notes | ' | ||||
7. Equity | ' | ||||
7. Equity | |||||
Common Stock issued for Cash | |||||
A private placement was completed by the Company in the first quarter of 2014. Each unit consist of two shares of the Company’s common stock and one purchase warrant, each warrant exercisable for one share of the Company’s stock at $0.15 through March 2017. At closing of the private placement in March 2014, 3,000,000 units consisting of 6,000,000 shares and 3,000,000 warrants were sold for net proceeds of $405,000 after deducting the 10% commission. | |||||
Stock Purchase Warrants Outstanding | |||||
Transactions in common stock purchase warrants for the quarter ended March 31, 2014 are as follows: | |||||
Number of Warrants | Exercise Prices | ||||
Balance December 31, 2013 | 11,100,000 | $ | 0.15 | ||
Issued in connection with private placement | 3,000,000 | 0.15 | |||
Balance March 31, 2014 | 14,100,000 | 0.15 | |||
These warrants expire as follows: | |||||
Shares | Exercise Price | Expiration Date | |||
11,100,000 | $0.15 | 31-May-15 | |||
3,000,000 | $0.15 | 4-Mar-17 | |||
1_The_Company_and_Significant_1
1. The Company and Significant Accounting Policies: Use of Estimates, Policy (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Use of Estimates, Policy | ' |
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 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 financial position and results of operations. Operating results for the three month period ended March 31, 2014, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. |
1_The_Company_and_Significant_2
1. The Company and Significant Accounting Policies: Development Stage Enterprise General Disclosures (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Development Stage Enterprise General Disclosures | ' |
The Company's consolidated financial statements are prepared in accordance with accounting guidance for development stage entities as it devotes substantially all of its efforts to acquiring and developing mining interests that will eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in major commercial production, the Company will continue to prepare its financial statements and related disclosures in accordance with entities in the development stage. |
1_The_Company_and_Significant_3
1. The Company and Significant Accounting Policies: Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
At March 31, 2014, the consolidated financial statements include the accounts of the Company and the accounts of our majority owned New Jersey Mill Joint Venture. Intercompany items and transactions between companies included in the consolidation are eliminated. |
3_Joint_Ventures_Schedule_of_p
3. Joint Ventures: Schedule of percentage ownership and method of accounting (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of percentage ownership and method of accounting | ' | ||||||
31-Mar-14 | 31-Dec-13 | ||||||
Joint Venture | % Ownership | Significant Influence? | Accounting Method | % Ownership | Significant Influence? | Accounting Method | |
New Jersey Mill Joint Venture | 65% | Yes | Consolidated | 65% | Yes | Consolidated | |
Golden Chest LLC Joint Venture | 48% | No | Cost | 48% | No | Cost |
5_Property_Plant_and_Equipment1
5. Property, Plant, and Equipment: Property, Plant and Equipment (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Tables/Schedules | ' | ||||
Property, Plant and Equipment | ' | ||||
31-Mar-14 | 31-Dec-13 | ||||
Mill land | $ | 225,289 | $ | 225,289 | |
Mill building | 522,786 | 522,786 | |||
Milling equipment | 3,721,645 | 3,716,011 | |||
Total Mill building and equipment | 4,469,720 | 4,464,086 | |||
Less accumulated depreciation | (144,236) | -144,236 | |||
Total mill | 4,325,484 | 4,319,850 | |||
Building and equipment at cost | 489,107 | 495,037 | |||
Less accumulated depreciation | -356,618 | -348,021 | |||
Total building and equipment | 132,489 | 147,016 | |||
Land | 441,858 | 441,858 | |||
Total | $ | 4,899,831 | $ | 4,908,724 |
6_Mineral_Properties_Schedule_
6. Mineral Properties: Schedule of mineral properties (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of mineral properties | ' | ||||
31-Mar-14 | 31-Dec-13 | ||||
New Jersey Mine | $ | 271,340 | $ | 271,340 | |
McKinley | 250,000 | 250,000 | |||
Silver Button/Roughwater | 25,500 | 25,500 | |||
Toboggan | 5,000 | 5,000 | |||
Less Accumulated Amortization | -11,407 | -11,407 | |||
Total | $ | 540,433 | $ | 540,433 |
7_Equity_Schedule_of_Stockhold
7. Equity: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Stockholders' Equity Note, Warrants or Rights | ' | ||||
Number of Warrants | Exercise Prices | ||||
Balance December 31, 2013 | 11,100,000 | $ | 0.15 | ||
Issued in connection with private placement | 3,000,000 | 0.15 | |||
Balance March 31, 2014 | 14,100,000 | 0.15 |
7_Equity_Warrant_expiration_Ta
7. Equity: Warrant expiration (Tables) | 3 Months Ended | ||
Mar. 31, 2014 | |||
Tables/Schedules | ' | ||
Warrant expiration | ' | ||
Shares | Exercise Price | Expiration Date | |
11,100,000 | $0.15 | 31-May-15 | |
3,000,000 | $0.15 | 4-Mar-17 |
1_The_Company_and_Significant_4
1. The Company and Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Details | ' |
Basis of Accounting | 'These unaudited interim consolidated financial statements have been prepared by the management of New Jersey Mining Company (the Company) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim consolidated financial statements have been included. |
2_Related_Parties_Details
2. Related Parties (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Details | ' |
Due to Affiliate | $207,017 |
Interest Expense, Related Party | $40,274 |
3_Joint_Ventures_Schedule_of_p1
3. Joint Ventures: Schedule of percentage ownership and method of accounting (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Investment Owned, Percent of Net Assets | 65.00% | 65.00% |
investment owned percentage of net assets 2 | 48.00% | 48.00% |
3_Joint_Ventures_Details
3. Joint Ventures (Details) (USD $) | Mar. 31, 2014 |
Details | ' |
Due from Affiliates | $72,696 |
5_Property_Plant_and_Equipment2
5. Property, Plant, and Equipment: Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Mill land | $225,289 | $225,289 |
Mill building | 522,786 | 522,786 |
Milling equipment | 3,721,645 | 3,716,011 |
Mill Buildings and Improvements, Gross | 4,469,720 | 4,464,086 |
Mill buildings and improvements, accumulated depreciation | -144,236 | -144,236 |
Mill Buildings and Improvements, Net | 4,325,484 | 4,319,850 |
Buildings and Improvements, Gross | 132,489 | 147,016 |
Buildings and improvements, accumulated depreciation | -356,618 | -348,021 |
Land | 441,858 | 441,858 |
Property, plant and equipment, net of accumulated depreciation | $4,899,831 | $4,908,724 |
6_Mineral_Properties_Schedule_1
6. Mineral Properties: Schedule of mineral properties (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Mineral Properties 1 | $271,340 | $271,340 |
Mineral Properties 2 | 250,000 | 250,000 |
Mineral Properties 3 | 25,500 | 25,500 |
Mineral Properties 4 | 5,000 | 5,000 |
Mineral properties amortization | -11,407 | -11,407 |
Mineral properties net | $540,433 | $540,433 |
7_Equity_Details
7. Equity (Details) | Mar. 31, 2014 |
Details | ' |
Description of private placement | 'A private placement was completed by the Company in the first quarter of 2014. Each unit consist of two shares of the Company’s common stock and one purchase warrant, each warrant exercisable for one share of the Company’s stock at $0.15 through March 2017. At closing of the private placement in March 2014, 3,000,000 units consisting of 6,000,000 shares and 3,000,000 warrants were sold for net proceeds of $405,000 after deducting the 10% commission. |
7_Equity_Schedule_of_Stockhold1
7. Equity: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Class of Warrant or Right, Outstanding | 11,100,000 | 11,100,000 |
Warrants Issued in connection with private placement | $3,000,000 | ' |
7_Equity_Warrant_expiration_De
7. Equity: Warrant expiration (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Details | ' | ' |
Class of Warrant or Right, Outstanding | 11,100,000 | 11,100,000 |
Warrant Expiration Date 1 | 'May 31, 2015 | ' |
Warrants Issued in connection with private placement1 | $3,000,000 | ' |
Warrant Expiration Date 2 | 'March 4, 2017 | ' |