Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 01, 2014 | |
Document and Entity Information | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Entity Registrant Name | 'New Jersey Mining Company | ' |
Entity Central Index Key | '0001030192 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 91,760,148 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
New_Jersey_Mining_Company_Cons
New Jersey Mining Company Consolidated Balance Sheets (Interim period unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Current assets: | ' | ' | ||
Cash and cash equivalents | $726,267 | $636,127 | ||
Investment in marketable equity security at fair value (cost-September 30-$2,045, December 31 $3,869) | 15,335 | 9,672 | ||
Joint venture receivables | 88,761 | 61,143 | ||
Other current assets | 59,377 | 45,970 | ||
Total current assets | 889,740 | 752,912 | ||
Property, plant and equipment, net of accumulated depreciation | 5,453,513 | 4,908,724 | ||
Mineral properties, net of accumulated amortization | 540,433 | 540,433 | ||
Total assets | 6,883,686 | 6,202,069 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 141,271 | 40,208 | ||
Accrued payroll and related payroll expenses | 32,607 | 22,016 | ||
Note payable related party, current | 43,184 | 36,701 | ||
Obligations under capital lease, current | ' | 26,367 | ||
Notes payable, current | 5,299 | 55,663 | ||
Total current liabilities | 222,361 | 180,955 | ||
Asset retirement obligation | 11,813 | 10,949 | ||
Note payable related party, non-current | 151,324 | 180,417 | ||
Notes payable, non-current | 149,667 | 193,880 | ||
Total non-current liabilities | 312,804 | 385,246 | ||
Total liabilities | 535,165 | 566,201 | ||
Commitments | 0 | [1] | 0 | [1] |
Stockholders' equity: | ' | ' | ||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | ||
Common stock, no par value, 200,000,000 shares authorized; 2014-91,760,148 and 2013-73,760,148 shares issued and outstanding | 13,322,282 | 11,755,469 | ||
Accumulated deficit | -10,236,658 | -9,302,024 | ||
Unrealized gain on marketable equity security | 13,290 | 5,803 | ||
Total New Jersey Mining Company stockholders' equity | 3,098,914 | 2,459,248 | ||
Non-controlling interest in New Jersey Mill Joint Venture and GF&H Company | 3,249,607 | 3,176,620 | ||
Total stockholders' equity | 6,348,521 | 5,635,868 | ||
Total liabilities and stockholders' equity | $6,883,686 | $6,202,069 | ||
[1] | Note 2 |
Statement_of_Financial_Positio
Statement of Financial Position - Parenthetical (USD $) | Sep. 30, 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 | 91,760,148 | 73,760,148 |
Common Stock, Shares Outstanding | 91,760,148 | 73,760,148 |
New_Jersey_Mining_Company_Cons1
New Jersey Mining Company Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenue: | ' | ' | ' | ' |
Sales of gold | ' | $10,602 | ' | $21,049 |
Joint venture management fee income | 229 | 2,003 | 368 | 8,569 |
Contract milling and maintenance income | 6,000 | 2,040 | 6,000 | 27,358 |
Total revenue | 6,229 | 14,645 | 6,368 | 56,976 |
Costs and expenses: | ' | ' | ' | ' |
Milling | 57,039 | 10,469 | 108,576 | 28,749 |
Exploration | 146,516 | 35,823 | 307,052 | 36,053 |
Net loss (gain) on sale of equipment | 34,878 | ' | 34,878 | -108,208 |
Write down of mineral property | ' | 324,142 | ' | 324,142 |
Depreciation and amortization | 3,671 | 18,727 | 33,705 | 76,379 |
General and administrative expenses | 147,666 | 48,079 | 476,355 | 127,097 |
Total operating expenses | 389,770 | 437,240 | 960,566 | 484,212 |
Operating income (loss) | -383,541 | -422,595 | -954,198 | -427,236 |
Other (income) expense: | ' | ' | ' | ' |
Royalties and other income | ' | -29,352 | -19,809 | -38,037 |
Gain on sale of marketable equity security | -11,661 | ' | -11,661 | ' |
Interest income | -248 | -118 | -526 | -167 |
Interest expense | ' | 15,800 | 12,430 | 44,491 |
Equity in loss of Golden Chest LLC | ' | ' | ' | 99,500 |
Total other (income) expense | -11,909 | -13,670 | -19,566 | 105,787 |
Income tax (provision) benefit | 0 | 0 | 0 | 0 |
Net loss | -371,632 | -408,925 | -934,632 | -533,023 |
Net loss attributable to non-controlling interest | ' | 209 | -3,379 | 5,716 |
Net loss attributable to New Jersey Mining Company | -371,632 | -408,716 | -934,632 | -527,307 |
Other comprehensive loss: | ' | ' | ' | ' |
Net loss | -371,632 | -408,925 | -934,632 | -533,023 |
Unrealized gain (loss) on marketable equity security | 2,651 | -22,245 | 7,487 | -10,589 |
Comprehensive loss | -368,981 | -431,170 | -927,145 | -543,612 |
Comprehensive loss attributable to non-controlling interest | ' | 209 | ' | 5,716 |
Comprehensive loss attributable to New Jersey Mining Company | ($368,981) | ($430,961) | ($927,145) | ($537,896) |
Net loss per common share-basic and diluted | $0 | $0.01 | $0.01 | $0.01 |
Weighted average common shares outstanding-basic and diluted | 86,412,322 | 46,206,317 | 80,683,225 | 45,706,540 |
New_Jersey_Mining_Company_Cons2
New Jersey Mining Company Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($934,632) | ($533,023) |
Adjustments to reconcile net loss to net cash (used) by operating activities | ' | ' |
Depreciation and amortization | 33,705 | 76,379 |
(Gain) loss on sale of equipment | 34,878 | -108,208 |
Gain on sale of marketable equity security | -11,661 | ' |
Write-down of mineral property | ' | 324,142 |
Accretion of asset retirement obligation | 864 | 864 |
Equity in loss of Golden Chest LLC | ' | 99,500 |
Stock based compensation | 81,813 | ' |
Common stock issued for management and directors fees | ' | 5,000 |
Change in: | ' | ' |
Joint venture receivables | -27,618 | -21,892 |
Other current assets | -13,408 | -46,229 |
Inventory | ' | 19,464 |
Accounts payable | 101,063 | 107,810 |
Accrued payroll and related payroll expense | 10,591 | 9,436 |
Accounts payable joint venture | ' | 35,696 |
Account payable Marathon Gold | ' | -62,500 |
Net cash (used) by operating activities | -724,405 | -93,561 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment | -550,048 | ' |
Purchase of controlling interest in GF&H | -100,000 | ' |
Purchase of mineral property | ' | -4,500 |
Proceeds from sale of mineral property | 10,000 | 24,000 |
Contributions to Golden Chest LLC | ' | -99,500 |
Proceeds from sale of marketable equity security | 13,485 | ' |
Proceeds from sale of equipment | 76,676 | 112,000 |
Net cash provided (used) by investing activities | -549,887 | 32,000 |
Cash flows from financing activities: | ' | ' |
Sales of common stock and warrants, net of issuance costs | 1,485,000 | 285,400 |
Principal payments on notes payable | -94,578 | -38,832 |
Principal payments on capital lease | -26,367 | -23,682 |
Principal payments on note and other payables, related party, net | -22,610 | 113,340 |
Proceeds from noncontrolling interest | 22,987 | 23,682 |
Net cash provided by financing activities | 1,364,432 | 359,907 |
Net change in cash and cash equivalents | 90,140 | -298,346 |
Cash and cash equivalents, beginning of period | 636,127 | 9,950 |
Cash and cash equivalents, end of period | 726,267 | 308,296 |
Supplemental disclosure of cash flow information | ' | ' |
Interest paid in cash, net of amount capitalized | 12,430 | 44,491 |
Non-cash investing and financing activities: | ' | ' |
Common stock issued for Mineral properties agreement | ' | 9,000 |
Debt relieved from sale of equipment | ' | 10,636 |
Noncontrolling interest in company acquired | $50,000 | ' |
1_The_Company_and_Significant_
1. The Company and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 and nine month periods ended September 30, 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 Amended Form 10 as filed with the Securities and Exchange Commission on July 2, 2014. | |
Principles of Consolidation | |
At September 30, 2014, the consolidated financial statements include the accounts of the Company, the accounts of our majority owned New Jersey Mill Joint Venture, and the accounts of GF&H, an entity in which New Jersey Mining has two thirds of the ownership. Intercompany items and transactions between companies included in the consolidation are eliminated. | |
New Accounting Pronouncements | |
In June 2014 the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-10 (“the ASU”). This update changes the requirements for disclosures as it relates to exploration stage entities. The ASU specifies that the ‘inception–to-date’ information is no longer required to be presented in the financial statements of an exploration stage entity. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein, with early application permitted for any financial statements that have not yet been issued. The Company has elected to apply the amendments as of June 30, 2014. | |
2_Related_Parties
2. Related Parties | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
2. Related Parties | ' |
2. Related Parties | |
In August 2012 the Company entered into a note by Mine Systems Design (MSD) to purchase property for $223,807 at 12% interest to be paid in 60 monthly payments. At September 30, 2014 the remaining amount due was $189,549 and $18,367 has been paid in interest during the nine months ended September 30, 2014. | |
3_Joint_Ventures
3. Joint Ventures | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Notes | ' | ||||||
3. Joint Ventures | ' | ||||||
3. Joint Ventures | |||||||
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 September 30, 2014 and December 31, 2013, the Company’s percentage ownership and method of accounting for each joint venture is as follows: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Joint Venture | % Ownership | Significant Influence? | Accounting Method | % Ownership | Significant Influence? | Accounting Method | |
New Jersey Mill Joint Venture(“NJMJV”) | 66% | Yes | Consolidated | 66% | Yes | Consolidated | |
Golden Chest LLC Joint Venture (“GC”) | 48% | No | Cost | 48% | No | Cost | |
GF&H Company (“GF&H”) | 66.66% | Yes | Consolidated | ||||
New Jersey Mill Joint Venture Agreement | |||||||
In June of 2012 Crescent Silver (holds noncontrolling interest in NJMJV) 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 September 30, 2014, an account receivable existed with Crescent for $68,591 for monthly operating costs and lease payments. | |||||||
GF&H Company | |||||||
In July the Company purchased 66 2/3% of the outstanding stock in GF&H Company which owns 347 acres in the vicinity of the Company’s Golden Chest property in Murray. | |||||||
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. | |||||||
Other_Comprehensive_Income_Non
Other Comprehensive Income, Noncontrolling Interest | 9 Months Ended | ||
Sep. 30, 2014 | |||
Notes | ' | ||
Other Comprehensive Income, Noncontrolling Interest | ' | ||
4. Non-Controlling Interest in Mill JV | |||
Crescent's non-controlling interest in NJMJV represents its investment in the Joint Venture less any losses associated with their share. Its investment changed as follows from December 31, 2013 to September 30, 2014: | |||
Balance January 1, 2014 | $ | 3,176,620 | |
Disposal of ball mill | -3,379 | ||
Capital lease paid by non-controlling interest | 26,365 | ||
Balance September 30, 2014 | $ | 3,199,606 | |
5_Earnings_Per_Share
5. Earnings Per Share | 9 Months Ended |
Sep. 30, 2014 | |
Notes | ' |
5. Earnings Per Share | ' |
5. Earnings per Share | |
For the three and nine month periods ended September 30, 2014, the effect of the Company's potential issuance of shares from the exercise of21,200,000 outstanding warrants and 2,250,000 options to purchase common stock would have been anti-dilutive. No warrants or options were outstanding at September 30, 2013. Accordingly, only basic net loss per share has been presented for both periods presented. | |
6_Property_Plant_and_Equipment
6. Property, Plant, and Equipment | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Notes | ' | ||||
6. Property, Plant, and Equipment | ' | ||||
6. Property, Plant, and Equipment | |||||
Property, plant and equipment at September 30, 2014 and December 31, 2013, consisted of the following: | |||||
30-Sep-14 | 31-Dec-13 | ||||
Mill land | $ | 225,289 | $ | 225,289 | |
Mill building | 529,336 | 522,786 | |||
Milling equipment | 3,974,561 | 3,716,011 | |||
Total mill buildings and equipment | 4,729,186 | 4,464,086 | |||
Less accumulated depreciation | -144,236 | -144,236 | |||
Total mill | 4,584,950 | 4,319,850 | |||
Building and equipment at cost | 248,072 | 495,037 | |||
Less accumulated depreciation | -212,185 | -348,021 | |||
Total building and equipment | 35,887 | 147,016 | |||
Land | 832,675 | 441,858 | |||
Total | $ | 5,453,513 | $ | 4,908,724 | |
During the nine months ended September 30, 2014 and 2013, $20,790 and $0 respectively in interest expense was capitalized to the mill. | |||||
7_Mineral_Properties
7. Mineral Properties | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Notes | ' | ||||
7. Mineral Properties | ' | ||||
7. Mineral Properties | |||||
Mineral properties at September 30, 2014 and December 31, 2013 consisted of the following: | |||||
30-Sep-14 | 31-Dec-13 | ||||
New Jersey | $ | 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 | |
8_Equity
8. Equity | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Notes | ' | ||||
8. Equity | ' | ||||
8. 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. | |||||
A private placement was completed by the Company in the third quarter of 2014. Each unit consist of two shares of the Company’s common stock and one purchase warrant for $0.20; each warrant is exercisable for one share of the Company’s stock at $0.20 through August 2017; 6,000,000 units were sold for net proceeds of $1,080,000 after deducting the 10% commission. In addition to the 10% cash commission 1,200,000 warrants were issued to the placing broker. These warrants are exercisable at $0.10 through August 11, 2019. | |||||
Stock Purchase Warrants Outstanding | |||||
Transactions in common stock purchase warrants for the period ended September 30, 2014 are as follows: | |||||
Number of Warrants | Exercise Prices | ||||
Balance December 31, 2013 | 11,000,000 | $ | 0.15 | ||
Issued in connection with private placement | 10,200,000 | 0.10-0.20 | |||
Balance September 30, 2014 | 21,200,000 | 0.10-0.20 | |||
These warrants expire as follows: | |||||
Shares | Exercise Price | Expiration Date | |||
11,000,000 | $0.15 | 31-May-15 | |||
3,000,000 | $0.15 | 4-Mar-17 | |||
6,000,000 | $0.20 | 11-Aug-17 | |||
1,200,000 | $0.10 | 11-Aug-19 | |||
10_Acquisition_Gfh_Company
10. Acquisition Gf&h Company | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Notes | ' | |||
10. Acquisition Gf&h Company | ' | |||
10. Acquisition GF&H Company | ||||
During the quarter ended September 30, 2014, the Company completed its acquisition of two thirds of the issued and outstanding common shares of GF&H Company. NJMC acquired GF&H to further its land holdings in the area of its Golden Chest Property. | ||||
This transaction was accounted for as a business combination. The Company acquired two thirds of the issued and outstanding common shares of GF&H for $100,000 in cash. GF&H sole asset was 347 acres of land near Murray Idaho, it had no liabilities. | ||||
A summary of the acquisition is as follows: | ||||
New Jersey Mining | Non-controlling | |||
Company | Interest | |||
Consideration | -66.67% | -33.33% | Total | |
Cash | $100,000 | $100,000 | ||
Fair value of non-controlling interest | 50,000 | 50,000 | ||
$100,000 | $50,000 | $150,000 | ||
Assets acquired | ||||
Land and mineral interest | $150,000 | |||
The consolidated statement of operations of the Company for the quarter ended September 30, 2014 includes expenses incurred by GF&H of $1,731 and no revenue since the acquisition date. GF&H has had minimal operating activity over the past several years. | ||||
1_The_Company_and_Significant_1
1. The Company and Significant Accounting Policies: Use of Estimates, Policy (Policies) | 9 Months Ended |
Sep. 30, 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 and nine month periods ended September 30, 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: Principles of Consolidation (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
At September 30, 2014, the consolidated financial statements include the accounts of the Company, the accounts of our majority owned New Jersey Mill Joint Venture, and the accounts of GF&H, an entity in which New Jersey Mining has two thirds of the ownership. Intercompany items and transactions between companies included in the consolidation are eliminated. |
1_The_Company_and_Significant_3
1. The Company and Significant Accounting Policies: New Accounting Pronouncements and Changes in Accounting Principles (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Policies | ' |
New Accounting Pronouncements and Changes in Accounting Principles | ' |
New Accounting Pronouncements | |
In June 2014 the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-10 (“the ASU”). This update changes the requirements for disclosures as it relates to exploration stage entities. The ASU specifies that the ‘inception–to-date’ information is no longer required to be presented in the financial statements of an exploration stage entity. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2014 and interim periods therein, with early application permitted for any financial statements that have not yet been issued. The Company has elected to apply the amendments as of June 30, 2014. |
3_Joint_Ventures_Schedule_of_p
3. Joint Ventures: Schedule of percentage ownership and method of accounting (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of percentage ownership and method of accounting | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
Joint Venture | % Ownership | Significant Influence? | Accounting Method | % Ownership | Significant Influence? | Accounting Method | |
New Jersey Mill Joint Venture(“NJMJV”) | 66% | Yes | Consolidated | 66% | Yes | Consolidated | |
Golden Chest LLC Joint Venture (“GC”) | 48% | No | Cost | 48% | No | Cost | |
GF&H Company (“GF&H”) | 66.66% | Yes | Consolidated |
Other_Comprehensive_Income_Non1
Other Comprehensive Income, Noncontrolling Interest: Changes in non controlling interest during period (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Tables/Schedules | ' | ||
Changes in non controlling interest during period | ' | ||
Balance January 1, 2014 | $ | 3,176,620 | |
Disposal of ball mill | -3,379 | ||
Capital lease paid by non-controlling interest | 26,365 | ||
Balance September 30, 2014 | $ | 3,199,606 |
6_Property_Plant_and_Equipment1
6. Property, Plant, and Equipment: Property, Plant and Equipment (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Property, Plant and Equipment | ' | ||||
30-Sep-14 | 31-Dec-13 | ||||
Mill land | $ | 225,289 | $ | 225,289 | |
Mill building | 529,336 | 522,786 | |||
Milling equipment | 3,974,561 | 3,716,011 | |||
Total mill buildings and equipment | 4,729,186 | 4,464,086 | |||
Less accumulated depreciation | -144,236 | -144,236 | |||
Total mill | 4,584,950 | 4,319,850 | |||
Building and equipment at cost | 248,072 | 495,037 | |||
Less accumulated depreciation | -212,185 | -348,021 | |||
Total building and equipment | 35,887 | 147,016 | |||
Land | 832,675 | 441,858 | |||
Total | $ | 5,453,513 | $ | 4,908,724 |
7_Mineral_Properties_Schedule_
7. Mineral Properties: Schedule of mineral properties (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of mineral properties | ' | ||||
30-Sep-14 | 31-Dec-13 | ||||
New Jersey | $ | 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 |
8_Equity_Schedule_of_Stockhold
8. Equity: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Stockholders' Equity Note, Warrants or Rights | ' | ||||
Number of Warrants | Exercise Prices | ||||
Balance December 31, 2013 | 11,000,000 | $ | 0.15 | ||
Issued in connection with private placement | 10,200,000 | 0.10-0.20 | |||
Balance September 30, 2014 | 21,200,000 | 0.10-0.20 |
8_Equity_Warrant_expiration_Ta
8. Equity: Warrant expiration (Tables) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Tables/Schedules | ' | ||
Warrant expiration | ' | ||
Shares | Exercise Price | Expiration Date | |
11,000,000 | $0.15 | 31-May-15 | |
3,000,000 | $0.15 | 4-Mar-17 | |
6,000,000 | $0.20 | 11-Aug-17 | |
1,200,000 | $0.10 | 11-Aug-19 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||
Number of Options | Exercise Prices | ||||
Balance January 1, 2014 | 0 | 0 | |||
Issued | 2,250,000 | $ | 0.1 | ||
Balance September 30, 2014 | 2,250,000 | $ | 0.1 | ||
Exercisable at September 30, 2014 | 750,000 | $ | 0.1 |
10_Acquisition_Gfh_Company_Sum
10. Acquisition Gf&h Company: Summary of Acquistion (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Tables/Schedules | ' | |||
Summary of Acquistion | ' | |||
New Jersey Mining | Non-controlling | |||
Company | Interest | |||
Consideration | -66.67% | -33.33% | Total | |
Cash | $100,000 | $100,000 | ||
Fair value of non-controlling interest | 50,000 | 50,000 | ||
$100,000 | $50,000 | $150,000 | ||
Assets acquired | ||||
Land and mineral interest | $150,000 |
1_The_Company_and_Significant_4
1. The Company and Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 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 $) | 9 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Due to Affiliate | $189,549 |
Interest Expense, Related Party | $18,367 |
3_Joint_Ventures_Schedule_of_p1
3. Joint Ventures: Schedule of percentage ownership and method of accounting (Details) | Sep. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Investment Owned, Percent of Net Assets | 66.00% | 66.00% |
investment owned percentage of net assets 2 | 48.00% | 48.00% |
investment owned percentage of net assets 3 | 66.66% | ' |
3_Joint_Ventures_Details
3. Joint Ventures (Details) (USD $) | Sep. 30, 2014 |
Details | ' |
Joint venture receivables, detail of accounts receivable | $68,591 |
Other_Comprehensive_Income_Non2
Other Comprehensive Income, Noncontrolling Interest: Changes in non controlling interest during period (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Details | ' | ' | ' | ' |
Nonredeemable Noncontrolling Interest | ' | $3,199,606 | ' | $3,176,620 |
Net loss attributable to non-controlling interest | 209 | -3,379 | 5,716 | ' |
Contributions from Noncontrolling Interests | ' | $26,365 | ' | ' |
5_Earnings_Per_Share_Details
5. Earnings Per Share (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Warrants | 21,200,000 |
Stock options | 2,250,000 |
6_Property_Plant_and_Equipment2
6. Property, Plant, and Equipment: Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Mill land | $225,289 | $225,289 |
Mill building | 529,336 | 522,786 |
Milling equipment | 3,974,561 | 3,716,011 |
Mill Buildings and Improvements, Gross | 4,729,186 | 4,464,086 |
Mill buildings and improvements, accumulated depreciation | -144,236 | -144,236 |
Mill Buildings and Improvements, Net | 4,584,950 | 4,319,850 |
Buildings and Improvements, Gross | 248,072 | 495,037 |
Buildings and improvements, accumulated depreciation | -212,185 | -348,021 |
Buildings and improvements net | 35,887 | 147,016 |
Land | 832,675 | 441,858 |
Property, plant and equipment, net of accumulated depreciation | $5,453,513 | $4,908,724 |
6_Property_Plant_and_Equipment3
6. Property, Plant, and Equipment (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Details | ' | ' |
Interest expense, mill | $20,790 | $0 |
7_Mineral_Properties_Schedule_1
7. Mineral Properties: Schedule of mineral properties (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 |
8_Equity_Details
8. Equity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Private placement net proceeds | $1,080,000 |
8_Equity_Schedule_of_Stockhold1
8. Equity: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Class of Warrant or Right, Outstanding | 21,200,000 | 11,000,000 |
Warrants Issued in connection with private placement | $10,200,000 | ' |
8_Equity_Warrant_expiration_De
8. Equity: Warrant expiration (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Warrants Issued in connection with private placement | $11,000,000 |
Exercise price, private placement warrants | $0.15 |
Warrant Expiration Date | 'May 31, 2015 |
Warrants Issued in connection with private placement | 3,000,000 |
Exercise price, private placement warrants | $0.15 |
Warrant Expiration Date | 'March 4, 2017 |
Warrants Issued in connection with private placement | 6,000,000 |
Exercise price, private placement warrants | $0.20 |
Warrant Expiration Date | 'August 11, 2017 |
Warrants Issued in connection with private placement, broker | $1,200,000 |
Exercise price, private placement warrants, Broker | $0.10 |
Warrant Expiration Date Broker | 'August 11, 2019 |
Schedule_of_Sharebased_Compens1
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2012 | |
Details | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,250,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 2,250,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0.10 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $0.10 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 750,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $0.10 | ' |
10_Acquisition_Gfh_Company_Sum1
10. Acquisition Gf&h Company: Summary of Acquistion (Details) (USD $) | Sep. 30, 2014 |
Details | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $100,000 |
Non-controlling interest, fair value | 50,000 |
Business combination assets acquired | $150,000 |
10_Acquisition_Gfh_Company_Det
10. Acquisition Gf&h Company (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Details | ' |
Subsidiary expenses, detail | $1,731 |