Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 13, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | IDAHO STRATEGIC RESOURCES, INC | |
Entity Central Index Key | 0001030192 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 11,777,935 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-28837 | |
Entity Incorporation State Country Code | ID | |
Entity Tax Identification Number | 82-0490295 | |
Entity Address Address Line 1 | 201 N. Third Street | |
Entity Address City Or Town | Coeur d’Alene | |
Entity Address Postal Zip Code | 83814 | |
City Area Code | 208 | |
Local Phone Number | 625-9001 | |
Security 12b Title | Common Stock, $0.00 par value | |
Trading Symbol | IDR | |
Security Exchange Name | NYSEAMER | |
Entity Interactive Data Current | Yes | |
Entity Address State Or Province | ID |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 3,409,188 | $ 1,976,518 |
Gold sales receivable | 806,417 | 408,187 |
Inventories | 606,073 | 213,722 |
Joint venture receivable | 2,828 | 4,442 |
Other current assets | 297,728 | 334,443 |
Total current assets | 5,122,234 | 2,937,312 |
Property, plant and equipment, net of accumulated depreciation | 8,243,066 | 8,255,961 |
Mineral properties, net of accumulated amortization | 6,030,664 | 5,843,186 |
Investment in Buckskin | 333,059 | 332,728 |
Investment in joint venture | 435,000 | 435,000 |
Reclamation bond | 103,320 | 103,320 |
Deposits | 137,585 | 11,694 |
Total assets | 20,404,928 | 17,919,201 |
Current liabilities: | ||
Accounts payable and accrued expenses | 710,534 | 647,218 |
Accrued payroll and related payroll expenses | 221,719 | 174,110 |
Notes payable related parties, current portion | 10,957 | 10,543 |
Notes payable, current portion | 714,401 | 664,153 |
Small Business Administration loan and interest, current portion | 2,408 | 2,469 |
Total current liabilities | 1,660,019 | 1,498,493 |
Asset retirement obligation | 174,864 | 172,348 |
Notes payable related parties, long term | 95,451 | 106,068 |
Convertible debt | 0 | 1,950,000 |
Notes payable, long term | 961,307 | 961,748 |
Small Business Administration loan and interest, long term | 168,394 | 166,742 |
Total long-term liabilities | 1,400,016 | 3,356,906 |
Total liabilities | 3,060,035 | 4,855,399 |
Commitments (Note 11) | 0 | 0 |
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; March 31, 2022-11,749,579 and December 31, 2021- 10,940,969 shares issued and outstanding | 30,756,088 | 26,004,756 |
Accumulated deficit | (16,288,557) | (15,832,955) |
Total Idaho Strategic Resources, Inc stockholders' equity | 14,467,531 | 10,171,801 |
Non-controlling interest | 2,877,362 | 2,892,001 |
Total stockholders' equity | 17,344,893 | 13,063,802 |
Total liabilities and stockholders' equity | $ 20,404,928 | $ 17,919,201 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets | ||
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 | 11,749,579 | 10,940,969 |
Common Stock, Shares outstanding | 11,749,579 | 10,940,969 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
Sales of products | $ 2,044,417 | $ 1,586,627 |
Total revenue | 2,044,417 | 1,586,627 |
Costs of Sales: | ||
Cost of sales and other direct production costs | 1,508,066 | 1,475,235 |
Depreciation and amortization | 230,208 | 182,795 |
Total costs of sales | 1,738,274 | 1,658,030 |
Gross profit (loss) | 306,143 | (71,403) |
Other operating expenses: | ||
Exploration | 396,124 | 717,707 |
Management | 54,890 | 201,059 |
Professional services | 79,983 | 122,651 |
General and administrative | 201,312 | 513,835 |
Total other operating expenses | 732,309 | 1,555,252 |
Operating loss | (426,166) | (1,626,655) |
Other (income) expense: | ||
Equity income on investment in Buckskin | 331 | 0 |
Timber revenue net of costs | (3,603) | |
Interest income | (526) | (92) |
Interest expense | 47,760 | 39,444 |
Total other expense | 46,903 | 35,749 |
Net loss | (473,069) | (1,662,404) |
Net loss attributable to non-controlling interest | (17,467) | (15,917) |
Net loss attributable to Idaho Strategic Resources, Inc | $ (455,602) | $ (1,646,487) |
Net loss per common share-basic and diluted | $ (0.04) | $ (0.17) |
Weighted average common shares outstanding-basic and diluted | 11,187,648 | 9,833,423 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (473,069) | $ (1,662,404) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation and amortization | 230,208 | 182,795 |
Accretion of asset retirement obligation | 2,516 | 2,498 |
Stock based compensation | $ 0 | $ 614,431 |
Issuance of common stock for services | 32,326 | 2,300 |
Equity income on investment in Buckskin | $ (331) | $ 0 |
Change in operating assets and liabilities: | ||
Gold sales receivable | (398,230) | 155,622 |
Inventories | (392,351) | 96,961 |
Joint venture receivable | 1,614 | 1,708 |
Other current assets | 36,715 | 26,353 |
Accounts payable and accrued expenses | 64,907 | (142,954) |
Accrued payroll and related payroll expenses | 47,609 | 3,523 |
Net cash used by operating activities | (848,086) | (719,167) |
Cash flows from investing activities: | ||
Purchases of property, plant, and equipment | 66,818 | 57,111 |
Deposits on equipment | 29,891 | 7,953 |
Additions to mineral property | 192,112 | 140,716 |
Net cash used by investing activities | (288,821) | (189,874) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock net of issuance cost | (2,701,000) | 0 |
Proceeds from exercise of common stock warrants | 68,006 | 0 |
Principal payments on notes payable | (192,054) | (111,934) |
Principal payments on notes payable, related parties | 10,203 | 9,063 |
Issuance of convertible debt | 0 | 1,600,000 |
Contributions from non-controlling interest | 2,828 | 2,469 |
Net cash provided by financing activities | 2,569,577 | 1,481,472 |
Net change in cash and cash equivalents | 1,432,670 | 572,431 |
Cash and cash equivalents, beginning of period | 1,976,518 | 2,539,945 |
Cash and cash equivalents, end of period | 3,409,188 | 3,112,376 |
Notes payable for equipment purchase | 241,861 | $ 761,073 |
Deposit on equipment paid by lender | 96,000 | |
Conversion of convertible debt to common stock | $ 1,950,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders Equity - USD ($) | Total | Common Stock Share (Member) | Common Stock Amoun (Member) | Accumulated Deficit Attributable to Idaho Strategic Resources, Inc. [Member] | Non-Controlling Interest [Member] |
Balance, shares at Dec. 31, 2020 | 9,826,665 | ||||
Balance, amount at Dec. 31, 2020 | $ 20,986,062 | $ (12,672,786) | $ 2,950,888 | $ 11,264,164 | |
Contribution from non-controlling interest in Mill JV | $ 0 | 0 | 2,469 | 2,469 | |
Issuance of common stock for services, shares | 2,300 | 714 | |||
Issuance of common stock for services, amount | $ 2,300 | 0 | 0 | 2,300 | |
Options issued to management, directors, and employees | 604,571 | 0 | 0 | 604,571 | |
Options issued for services | $ 9,860 | 0 | 0 | 9,860 | |
Issuance of common stock for cashless option exercise, shares | 28,196 | ||||
Issuance of common stock for cashless option exercise, amount | $ 0 | 0 | 0 | 0 | |
Net loss | $ (1,662,404) | $ 0 | (1,646,487) | (15,917) | (1,662,404) |
Balance, shares at Mar. 31, 2021 | 9,855,575 | ||||
Balance, amount at Mar. 31, 2021 | $ 21,602,793 | (14,319,273) | 2,937,440 | 10,220,960 | |
Balance, shares at Dec. 31, 2021 | 10,940,969 | ||||
Balance, amount at Dec. 31, 2021 | $ 10,171,801 | $ 26,004,756 | (15,832,955) | 2,892,001 | 13,063,802 |
Contribution from non-controlling interest in Mill JV | $ 0 | 0 | 2,828 | 2,828 | |
Issuance of common stock for services, shares | 32,326 | 3,572 | |||
Issuance of common stock for services, amount | $ 32,326 | 0 | 0 | 32,326 | |
Issuance of common stock for cashless option exercise, shares | 28,981 | ||||
Issuance of common stock for cashless option exercise, amount | $ 0 | 0 | 0 | 0 | |
Net loss | $ (473,069) | $ 0 | (455,602) | (17,467) | (473,069) |
Issuance of common stock for cash net of offering costs, shares | 360,134 | ||||
Issuance of common stock for cash net of offering costs, amount | $ 2,701,000 | 0 | 0 | 2,701,000 | |
Issuance of common stock for warrants exercised, shares | 23,057 | ||||
Issuance of common stock for warrants exercised, amount | $ 68,006 | 0 | 0 | 68,006 | |
Conversion of convertible debt to common stock, shares | 392,866 | ||||
Conversion of convertible debt to common stock, amount | $ 1,950,000 | 0 | 0 | 1,950,000 | |
Balance, shares at Mar. 31, 2022 | 11,749,579 | ||||
Balance, amount at Mar. 31, 2022 | $ 14,467,531 | $ 30,756,088 | $ (16,288,557) | $ 2,877,362 | $ 17,344,893 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 1. The Company and Significant Accounting Policies These unaudited interim consolidated financial statements have been prepared by the management of Idaho Strategic Resources, Inc (IDR) (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 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 statement 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, 2022, is not necessarily indicative of the results that may be expected for the full year ending December 31, 2022. On December 6, 2021, New Jersey Mining Company changed its name to Idaho Strategic Resources Inc. and also finalized a 1 for 14 reverse stock split of its common stock as previously approved by shareholders at a Special Meeting of the Shareholders held on October 6, 2021. On the date of the reverse stock split, every fourteen (14) shares of New Jersey Mining Company were automatically converted into one issued and outstanding share of Idaho Strategic Resources, Inc. common stock without any change in the par value per share. For further information refer to the financial statements and footnotes thereto in the Company’s audited consolidated financial statements for the year ended December 31, 2021, as filed with the Securities and Exchange Commission. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations. Revenue Recognition Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition- Inventories Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value. 1. The Company and Significant Accounting Policies (continued) Mine Exploration and Development Costs The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, and infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves (as defined by the SEC) begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At March 31, 2022, and December 31, 2021, the Company had no assets or liabilities that required measurement at fair value on a recurring basis. Accounting for Investments in Joint Ventures and Equity Method Investments Investment in 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. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. 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, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. Equity Method Investments Investments in companies and joint ventures in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and representation on governing bodies. Under the equity method of accounting, our share of the net earnings or losses of the investee are included in net income (loss) in the consolidated statements of operations. We evaluate equity method investments whenever events or changes in circumstance indicate the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. At March 31, 2022, and December 31, 2021, the Company’s 37% common stock holding of Buckskin Gold and Silver, Inc. is accounted for using the equity method (Note 10). At March 31, 2022 and December 31, 2021, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: March 31, 2022 December 31, 2021 Joint Venture % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65% Yes Consolidated 65% Yes Consolidated Butte Highlands Joint Venture (“BHJV”) 50% No Cost 50% No Cost Buckskin Gold and Silver 37% Yes Equity 37% Yes Equity 1. The Company and Significant Accounting Policies (continued) Reclassifications Certain prior period amounts have been reclassified to conform to the 2022 financial statement presentation. Reclassifications had no effect on net income (loss), stockholders’ equity, or cash flows as previously reported. New Accounting Pronouncement Accounting Standards Updates Adopted August 2020, No. 2020 06 470 20 815 40 December 15, 2021, |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Going Concern | 2. Going Concern The Company is currently producing from both the open-pit and underground at the Golden Chest Mine. In the past, the Company has been successful in raising required capital from sale of common stock, forward gold contracts, and debt. As a result of its planned production, equity sales and potential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventories | |
Inventories | 3. Inventories At March 31, 2022 and December 31, 2021, the Company’s inventories consisted of the following: March 31, 2022 December 31, 2021 Concentrate inventory In process $ 26,437 $ 41,082 Finished goods 341,626 97,074 Total concentrate inventory 368,063 138,156 Supplies inventory Mine parts and supplies 184,919 54,998 Mill parts and supplies 53,091 20,568 Total supplies inventory 238,010 75,566 Total $ 606,073 $ 213,722 The carrying value of inventory is determined each period based on the lower of cost or net realizable value. At March 31, 2022 and December 31, 2021 gold concentrate is carried at cost. |
Sales of Products
Sales of Products | 3 Months Ended |
Mar. 31, 2022 | |
Inventories | |
Sales of Products | 4. Sales of Products Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metal), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At March 31, 2022, metals that had been sold but not final settled thus exposed to future price changes totaled 1,205 ounces of gold. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales of products by metal type for the three-month periods ended March 31, 2022, and 2021 were as follows: March 31, 2022 2021 Gold $ 2,183,024 $ 1,716,616 Silver 3,440 5,080 Less: Smelter and refining charges (142,047 ) (135,069 ) Total $ 2,044,417 $ 1,586,627 Sales by significant product type for the three-month periods ended March 31, 2022, and 2021 were as follows: March 31, 2022 2021 Concentrate sales to H&H Metal $ 2,044,417 $ 1,510,119 Dore sales to refinery - 76,508 Total $ 2,044,417 $ 1,586,627 At March 31, 2022 and December 31, 2021, our gold sales receivable balance related to contracts with customers of $806,417 and $408,187, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions | |
Related Party Transactions | 5. Related Party Transactions At March 31, 2022 and December 31, 2021, the Company had the following note payable to related parties: March 31, 2022 December 31, 2021 Ophir Holdings LLC, a company owned by two officers of the Company, 3.99% interest, monthly payments of $1,250 with a balloon payment of $85,016 in February 2024 $ 106,408 $ 116,611 Total 106,408 116,611 Current portion (10,957 ) (10,543 ) Long term portion $ 95,451 $ 106,068 As of March 31, 2022 and December 31, 2021, there was no accrued interest payable to related parties. Related party interest expense for the three-months ended March 31, 2022 and 2021 is $1,129 and $3,181, respectively. The Company leases office space from certain related parties on a month-to-month basis. $1,500 per month is paid to NP Depot, a company owned by the Company’s president, John Swallow. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and are as follows: March 31, 2022 $ 6,217 $ 6,210 |
Joint Venture Arrangements
Joint Venture Arrangements | 3 Months Ended |
Mar. 31, 2022 | |
Joint Venture Arrangements | |
Joint Venture Arrangements | 6. Joint Ventures New Jersey Mill Joint Venture Agreement The Company owns 65% of the New Jersey Mill Joint Venture (JV) and has significant influence in its operations. Thus, the venture is included in the consolidated financial statements along with presentation of the non-controlling interest. At March 31, 2022 and December 31, 2021, an account receivable existed with Crescent Silver, LLC, the other joint venture participant (“Crescent”), for $2,828 and $4,442, respectively, for shared operating costs as defined in the JV agreement. Butte Highlands JV, LLC (“BHJV”) On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) from Timberline Resources Corporation for $225,000 in cash and 3,000,000 restricted shares of the Company’s common stock valued at $210,000 for a total consideration of $435,000. Highland Mining, LLC (“Highland”) is the other 50% owner and manager of the joint venture. Under the agreement, Highland will fund all future project exploration and mine development costs. The agreement stipulates that Highland is manager of BHJV and will manage BHJV until such time as all mine development costs, less $2 million are distributed to Highland out of the proceeds from future mine production. The Company has determined that because it does not currently have significant influence over the joint venture’s activities, it accounts for its investment on a cost basis. |
Earing Per Share
Earing Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Joint Venture Arrangements | |
Earnings per Share | 7. Earnings per Share For the three-month periods ended March 31, 2022, and 2021, potentially dilutive shares including outstanding stock options (Note 14), warrants (Note 13), and convertible debt (Note 15) were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods. For the three-month periods ended March 31, 2022, and 2021, potentially dilutive common stock equivalents excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows: March 31, 2022 March 31, 2021 Stock options $ 455,386 $ 401,786 Stock purchase warrants 646,410 426,788 Convertible debt - 693,595 Total $ 1,101,796 $ 1,522,169 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | 8. Property, Plant, and Equipment Property, plant and equipment at March 31, 2022 and December 31, 2021 consisted of the following: March 31, 2022 December 31, 2021 Mill Land $ 225,289 $ 225,289 Building 536,193 536,193 Equipment 4,192,940 4,192,940 4,954,422 4,954,422 Less accumulated depreciation (1,128,397 ) (1,085,730 ) Total mill 3,826,025 3,868,692 Building and equipment Buildings 337,859 324,075 Equipment 5,241,810 5,042,915 5,579,669 5,366,990 Less accumulated depreciation (2,030,098 ) (1,847,191 ) Total building and equipment 3,549,571 3,519,799 Land Bear Creek 266,934 266,934 BOW 230,449 230,449 Eastern Star 250,817 250,817 Gillig 79,137 79,137 Highwater 40,133 40,133 Total land 867,470 867,470 Total $ 8,243,066 $ 8,255,961 |
Mineral Properties
Mineral Properties | 3 Months Ended |
Mar. 31, 2022 | |
Mineral Properties | |
Mineral Properties | 9. Mineral Properties Mineral properties at March 31, 2022 and December 31, 2021 consisted of the following: March 31, 2022 December 31, 2021 Golden Chest Mineral Property $ 1,590,672 $ 1,577,669 Infrastructure 1,235,146 1,056,037 Total Golden Chest 2,825,818 2,633,706 New Jersey 248,289 248,289 McKinley-Monarch 200,000 200,000 Butte Potosi 274,440 274,440 Alder Gulch 2,473,066 2,473,066 Park Copper 78,000 78,000 Less accumulated amortization (68,949 ) (64,315 ) Total $ 6,030,664 $ 5,843,186 For the three-month periods ended March 31, 2022, and 2021 $13,003 and $10,186, respectively of interest expense was capitalized in association with the ramp access project at the Golden Chest. |
Investment in Buckskin
Investment in Buckskin | 3 Months Ended |
Mar. 31, 2022 | |
Investment in Buckskin | |
Investment in Buckskin | 10. Investment in Buckskin In August 2021, the Company exchanged 45,940 shares of the Company’s common stock for 22% of Buckskin Gold and Silver Inc. The Company’s closing share price on the date of the agreement (August 18, 2021) was recorded as the cost basis for the property. In October 2021 the Company exchanged an additional 30,358 shares of the Company’s common stock for an additional 15% of Buckskin. The Company’s closing share price on the date of the exchange (October 15, 2021) was recorded as the cost basis for the investment addition. This investment in Buckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $331 during the first quarter of 2022. The Company makes an annual payment of $12,000 to Buckskin per a lease covering 218 acres of patented mining claims. As of March 31, 2022, the Company holds 37% of Buckskin’s outstanding shares. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2022 | |
Notes Payable | |
Notes Payable | 11. Notes Payable At March 31, 2022 and December 31, 2021, notes payable are as follows: March 31, 2022 December 31, 2021 Resimin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $2,176 $ 66,942 $ - Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 150,790 164,422 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 130,232 143,547 Compressor, 48-month note payable, 5.25% interest rate payable monthly through January 2022, monthly payments of $813 - 410 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 16,066 17,752 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 6,673 7,501 Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 49,687 58,866 Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2027, monthly payments of $10,352 255,989 283,955 Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 15,544 17,064 Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 45,438 49,421 Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 60,626 70,734 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 545,646 590,535 Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 186,215 221,694 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 71,759 - 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 74,101 - Total notes payable 1,675,708 1,625,901 Due within one year 714,401 664,153 Due after one year $ 961,307 $ 961,748 All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at March 31, 2022 are as follows: 12 months ended March 31, 2023 $ 714,401 2024 575,588 2025 302,911 2026 23,788 2027 25,254 2028 26,809 2029 6,957 Total $ 1,675,708 |
Small Business Administration L
Small Business Administration Loans | 3 Months Ended |
Mar. 31, 2022 | |
Small Business Administration Loans | |
Small Business Administration Loans | 12. Small Business Administration Loans and Grant In the second quarter of 2020 the Company received loans of $159,900 pursuant to the Small Business Act Section 7(b). The loan which was in the form of a Note dated May 16, 2020, matures May 16, 2050, and bears interest at a rate of 3.75% per annum. Payments of $731 are due monthly and will begin in April 2022. At March 31, 2022, and December 31, 2021 accrued interest on the loan was $10,902 and $9,311, respectively and is included in the Small Business Administration Loan balance on the consolidated balance sheet. |
Stockholders Equity
Stockholders Equity | 3 Months Ended |
Mar. 31, 2022 | |
Small Business Administration Loans | |
Stockholders' Equity | 13. Stockholders’ Equity Stock issuance activity The Company closed a private placement in February 2022. Under the private placement, the Company sold 360,134 units at $7.50 per unit for net proceeds of $2,701,000. Each unit consisted of one share of the Company’s common stock. In the first quarter of 2022 the Company issued 3,572 shares of common stock at $9.05 per share for services provided for a total value of $32,326. Stock Purchase Warrants Outstanding In the first quarter of 2022, 23,057 shares were issued in exchange for outstanding warrants for net proceeds of $68,006. The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices Balance December 31, 2020 426,788 $2.52-5.60 Issued 289,294 $5.60-7.00 Exercised (46,615 ) $2.52 Balance December 31, 2021 669,467 $2.52-7.00 Exercised (23,057 ) $2.52-5.60 Balance March 31, 2022 646,410 $2.52-7.00 These warrants expire as follows: Shares Exercise Price Expiration Date 13,228 $ 2.52 April 21, 2022 343,888 $ 5.60 August 28, 2022 235,722 $ 5.60 October 14, 2023 53,572 $ 7.00 November 12, 2023 646,410 |
Stock Options
Stock Options | 3 Months Ended |
Mar. 31, 2022 | |
Small Business Administration Loans | |
Stock Options | 14. Stock Options In February 2021, the board granted 283,936 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $604,571. In March 2021, the Company granted 3,572 stock options to an individual for services rendered to the Company. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $9,860. No options were granted in the first quarter of 2022. The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows: February 11, 2021 March 15, 2021 Fair value $ 604,572 $ 9,860 Options issued 283,936 3,572 Exercise price $ 5.60 $ 5.60 Expected term (in years) 3.0 3.0 Risk-free rate 0.19 % 0.33 % Volatility 97.9 % 99.3 % In the first quarter of 2022, 51,789 options were exercised in exchange for 28,981 shares at an average price of $9.72 per share in a cashless warrant exercise. Activity in the Company’s stock options is as follows: Number of Options Exercise Prices Balance December 31, 2020 150,000 $ 1.40-1.96 Granted 469,674 $ 5.60 Exercised (101,786 ) $ 1.40-1.96 Forfeited (10,713 ) $ 1.96-5.60 Balance December 31, 2021 507,175 $ 1.96-5.60 Exercised (51,789 ) $ 1.96-5.60 Balance March 31, 2022 455,386 $ 1.96-5.60 Outstanding and exercisable at March 31, 2022 455,386 $ 1.96-5.60 At March 31, 2022, outstanding stock options have a weighted average remaining term of approximately 2.02 years and an intrinsic value of approximately $2,317,000. Intrinsic value of the options exercised for the three-month period ended March 31, 2022, was $134,360. |
Convertible Debt
Convertible Debt | 3 Months Ended |
Mar. 31, 2022 | |
Convertible Debt | |
Convertible Debt | 15. Convertible Debt The balance of convertible debt at December 31, 2021 consisted of $200,000 convertible to Common shares at a price of $5.60 per share (35,715 shares) and $1,750,000 convertible to Common shares at a price of $4.90 per share (357,151 shares). All of this debt was converted to Common shares as provided in the respective agreements in March 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies (Policies) | |
Principles of Consolidation | The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations. |
Revenue Recognition | Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition- |
Inventories | Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value. |
Mine Exploration and Development Costs | The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, and infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves (as defined by the SEC) begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces. |
Financial Instruments | When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At March 31, 2022, and December 31, 2021, the Company had no assets or liabilities that required measurement at fair value on a recurring basis. |
Accounting for Investments in Joint Ventures and Equity Method Investments | 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. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. 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, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. Investments in companies and joint ventures in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and representation on governing bodies. Under the equity method of accounting, our share of the net earnings or losses of the investee are included in net income (loss) in the consolidated statements of operations. We evaluate equity method investments whenever events or changes in circumstance indicate the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. At March 31, 2022, and December 31, 2021, the Company’s 37% common stock holding of Buckskin Gold and Silver, Inc. is accounted for using the equity method (Note 10). At March 31, 2022 and December 31, 2021, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: March 31, 2022 December 31, 2021 Joint Venture % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65% Yes Consolidated 65% Yes Consolidated Butte Highlands Joint Venture (“BHJV”) 50% No Cost 50% No Cost Buckskin Gold and Silver 37% Yes Equity 37% Yes Equity |
Reclassifications | Certain prior period amounts have been reclassified to conform to the 2022 financial statement presentation. Reclassifications had no effect on net income (loss), stockholders’ equity, or cash flows as previously reported. |
Recent Accounting Pronouncements | Accounting Standards Updates Adopted August 2020, No. 2020 06 470 20 815 40 December 15, 2021, |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of Cost Method Investments | March 31, 2022 December 31, 2021 Joint Venture % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65% Yes Consolidated 65% Yes Consolidated Butte Highlands Joint Venture (“BHJV”) 50% No Cost 50% No Cost Buckskin Gold and Silver 37% Yes Equity 37% Yes Equity |
Investment (Table)
Investment (Table) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Significant Accounting Policies | |
Investment (Table) | March 31, 2022 December 31, 2021 Concentrate inventory In process $ 26,437 $ 41,082 Finished goods 341,626 97,074 Total concentrate inventory 368,063 138,156 Supplies inventory Mine parts and supplies 184,919 54,998 Mill parts and supplies 53,091 20,568 Total supplies inventory 238,010 75,566 Total $ 606,073 $ 213,722 |
Sales of Products (Tables)
Sales of Products (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Sales of Products (Tables) | |
Schedule of sales of products by metal | March 31, 2022 2021 Gold $ 2,183,024 $ 1,716,616 Silver 3,440 5,080 Less: Smelter and refining charges (142,047 ) (135,069 ) Total $ 2,044,417 $ 1,586,627 |
Schedule of sales by significant product type | March 31, 2022 2021 Concentrate sales to H&H Metal $ 2,044,417 $ 1,510,119 Dore sales to refinery - 76,508 Total $ 2,044,417 $ 1,586,627 |
Related Party Transactions (Tab
Related Party Transactions (Table) | 3 Months Ended |
Mar. 31, 2022 | |
Sales of Products (Tables) | |
Related Party Transactions (table) | March 31, 2022 December 31, 2021 Ophir Holdings LLC, a company owned by two officers of the Company, 3.99% interest, monthly payments of $1,250 with a balloon payment of $85,016 in February 2024 $ 106,408 $ 116,611 Total 106,408 116,611 Current portion (10,957 ) (10,543 ) Long term portion $ 95,451 $ 106,068 March 31, 2022 $ 6,217 $ 6,210 |
Earnings per Share (Table)
Earnings per Share (Table) | 3 Months Ended |
Mar. 31, 2022 | |
Sales of Products (Tables) | |
Earnings per Share | March 31, 2022 March 31, 2021 Stock options $ 455,386 $ 401,786 Stock purchase warrants 646,410 426,788 Convertible debt - 693,595 Total $ 1,101,796 $ 1,522,169 |
Property Plant and Equipment (T
Property Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | March 31, 2022 December 31, 2021 Mill Land $ 225,289 $ 225,289 Building 536,193 536,193 Equipment 4,192,940 4,192,940 4,954,422 4,954,422 Less accumulated depreciation (1,128,397 ) (1,085,730 ) Total mill 3,826,025 3,868,692 Building and equipment Buildings 337,859 324,075 Equipment 5,241,810 5,042,915 5,579,669 5,366,990 Less accumulated depreciation (2,030,098 ) (1,847,191 ) Total building and equipment 3,549,571 3,519,799 Land Bear Creek 266,934 266,934 BOW 230,449 230,449 Eastern Star 250,817 250,817 Gillig 79,137 79,137 Highwater 40,133 40,133 Total land 867,470 867,470 Total $ 8,243,066 $ 8,255,961 |
Mineral Properties (Tables)
Mineral Properties (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Mineral Properties | |
Schedule of mineral properties | March 31, 2022 December 31, 2021 Golden Chest Mineral Property $ 1,590,672 $ 1,577,669 Infrastructure 1,235,146 1,056,037 Total Golden Chest 2,825,818 2,633,706 New Jersey 248,289 248,289 McKinley-Monarch 200,000 200,000 Butte Potosi 274,440 274,440 Alder Gulch 2,473,066 2,473,066 Park Copper 78,000 78,000 Less accumulated amortization (68,949 ) (64,315 ) Total $ 6,030,664 $ 5,843,186 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Payable | |
Schedule of Debt | March 31, 2022 December 31, 2021 Resimin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $2,176 $ 66,942 $ - Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 150,790 164,422 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 130,232 143,547 Compressor, 48-month note payable, 5.25% interest rate payable monthly through January 2022, monthly payments of $813 - 410 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 16,066 17,752 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 6,673 7,501 Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 49,687 58,866 Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2027, monthly payments of $10,352 255,989 283,955 Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 15,544 17,064 Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 45,438 49,421 Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 60,626 70,734 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 545,646 590,535 Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 186,215 221,694 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 71,759 - 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 74,101 - Total notes payable 1,675,708 1,625,901 Due within one year 714,401 664,153 Due after one year $ 961,307 $ 961,748 |
Schedule of Maturities of Long-term Debt | All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at March 31, 2022 are as follows: 12 months ended March 31, 2023 $ 714,401 2024 575,588 2025 302,911 2026 23,788 2027 25,254 2028 26,809 2029 6,957 Total $ 1,675,708 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity (Tables) | |
Common Stock Purchase Warrant Transactions | The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices Balance December 31, 2020 426,788 $2.52-5.60 Issued 289,294 $5.60-7.00 Exercised (46,615 ) $2.52 Balance December 31, 2021 669,467 $2.52-7.00 Exercised (23,057 ) $2.52-5.60 Balance March 31, 2022 646,410 $2.52-7.00 |
Warrant Expirations | These warrants expire as follows: Shares Exercise Price Expiration Date 13,228 $ 2.52 April 21, 2022 343,888 $ 5.60 August 28, 2022 235,722 $ 5.60 October 14, 2023 53,572 $ 7.00 November 12, 2023 646,410 |
Stock Options (Table)
Stock Options (Table) | 3 Months Ended |
Mar. 31, 2022 | |
Equity (Tables) | |
Stock Options taqble textblock | February 11, 2021 March 15, 2021 Fair value $ 604,572 $ 9,860 Options issued 283,936 3,572 Exercise price $ 5.60 $ 5.60 Expected term (in years) 3.0 3.0 Risk-free rate 0.19 % 0.33 % Volatility 97.9 % 99.3 % Number of Options Exercise Prices Balance December 31, 2020 150,000 $ 1.40-1.96 Granted 469,674 $ 5.60 Exercised (101,786 ) $ 1.40-1.96 Forfeited (10,713 ) $ 1.96-5.60 Balance December 31, 2021 507,175 $ 1.96-5.60 Exercised (51,789 ) $ 1.96-5.60 Balance March 31, 2022 455,386 $ 1.96-5.60 Outstanding and exercisable at March 31, 2022 455,386 $ 1.96-5.60 |
The Company and Significant Acc
The Company and Significant Accounting Policies (Details) | Mar. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets | ||
Investment Owned, Percent of Net Assets | 65.00% | 65.00% |
Investment owned percentage of net assets 2 | 50.00% | 50.00% |
Investment owned percentage of net assets 3 | 37.00% | 37.00% |
The Company and Significant A_2
The Company and Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Mar. 31, 2022 | |
Consolidated Balance Sheets | |
Significant Accounting Policies description | finalized a 1 for 14 reverse stock split of its common |
Equity Method Investments description | Company’s 37% common stock holding of Buckskin Gold and Silver |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Total concentrate inventory | $ 368,063 | $ 138,156 |
Total supplies inventory | 238,010 | 75,566 |
Total | 606,073 | 213,722 |
Concentrate Inventory | ||
In process | 26,437 | 41,082 |
Finished Goods | ||
Finished goods | 341,626 | 97,074 |
Mine Parts And Supplies | ||
Mine parts and supplies | 184,919 | 54,998 |
Mill Parts And Supplies | ||
Mine parts and supplies | $ 53,091 | $ 20,568 |
Sales of Products (Details)
Sales of Products (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Consolidated Balance Sheets | |||
Gold sales | $ 2,183,024 | $ 1,716,616 | |
Silver sales | 3,440 | 5,080 | |
Smelter and refining charges | (142,047) | (135,069) | |
Total | $ 2,044,417 | $ 1,586,627 | $ 1,586,627 |
Sales of Products (Details1)
Sales of Products (Details1) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Consolidated Balance Sheets | |||
Concentrate sales | $ 2,044,417 | $ 1,510,119 | |
Dore sales | 0 | 76,508 | |
Total | $ 2,044,417 | $ 1,586,627 | $ 1,586,627 |
Sales of Products (Details Narr
Sales of Products (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets | ||
Gold sales receivable | $ 806,417 | $ 408,187 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Notes payable related parties, long term | $ 95,451 | $ 106,068 | |
Ophir Holdings LLC | |||
Notes payable related parties, long term | 106,408 | $ 116,611 | |
Total | 106,408 | 116,611 | |
Current portion | 10,957 | 10,543 | |
Long term portion | $ 95,451 | $ 106,068 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Consolidated Balance Sheets | ||
General and administrative expenses | $ 6,217 | $ 6,210 |
Related Party Transactions (D_3
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Consolidated Balance Sheets | ||
Interest Expense | $ 1,129 | $ 3,181 |
Monthely rent paid | $ 1,500 |
6 Joint Ventures (Details)
6 Joint Ventures (Details) | 3 Months Ended |
Mar. 31, 2022 | |
New Jersey Mill | |
Equity Method Investment, Additional Information | The Company owns 65% of the New Jersey Mill Joint Venture (JV) and has significant influence in its operations. |
Butte Highlands JV, LLC | |
Equity Method Investment, Additional Information | On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) from Timberline Resources Corporation for $225,000 in cash and 3,000,000 restricted shares of the Company’s common stock valued at $210,000 for a total consideration of $435,000. |
Earnings per Share (Details)
Earnings per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Consolidated Balance Sheets | ||
Stock options | 455,386 | 401,786 |
Stock purchase warrants | 646,410 | 426,788 |
Convertible debt | 693,595 | |
Total | 1,101,796 | 1,522,169 |
Property Plant and Equipment (D
Property Plant and Equipment (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment | ||
Mill land | $ 225,289 | $ 225,289 |
Mill building | 536,193 | 536,193 |
Buildings and equipment, equipment | 4,192,940 | 4,192,940 |
Buildings and improvements net | 4,954,422 | 4,954,422 |
Buildings and improvements, accumulated depreciation | (1,128,397) | (1,085,730) |
Total mill | 3,826,025 | 3,868,692 |
Bear Creek Land | 266,934 | 266,934 |
BOW Land | 230,449 | 230,449 |
Eastern Star Land | 250,817 | 250,817 |
Gillig Land | 79,137 | 79,137 |
Highwater Land | 40,133 | 40,133 |
Land | 867,470 | 867,470 |
Total Land | 8,243,066 | 8,255,961 |
Milling equipment | 5,241,810 | 5,042,915 |
Mill property and equipment gross | 4,954,422 | 5,366,990 |
Mill buildings and improvements, accumulated depreciation | (2,030,098) | (1,847,191) |
Mill Buildings and Improvements, Net | 3,549,571 | 3,519,799 |
Buildings and equipment, buildings | $ 337,859 | $ 324,075 |
Mineral Properties (Details)
Mineral Properties (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Mineral Properties | ||
Golden Chest Mineral Property | $ 1,590,672 | $ 1,577,669 |
Infrastructure | 1,056,037 | 1,056,037 |
Total Golden Chest | 2,825,818 | 2,633,706 |
Mineral Properties 1 | 248,289 | 248,289 |
Mineral Properties 2 | 200,000 | 200,000 |
Mineral Properties 3 | 274,440 | 274,440 |
Mineral Properties 4 | 2,473,066 | 2,473,066 |
Mineral Properties 5 | 78,000 | 78,000 |
Mineral properties amortization | (68,949) | (48,267) |
Total | $ 6,030,664 | $ 5,843,186 |
Mineral Properties (Details Nar
Mineral Properties (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Mineral Properties | ||
Interest expense | $ 13,003 | $ 10,186 |
Investment in Buckskin (Details
Investment in Buckskin (Details Narrative) - Buckskin - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Aug. 31, 2011 | |
Additional Paid in Capital, Common Stock | $ 30,358 | |||
Investment Income | $ 331 | |||
Annual payment | $ 12,000 | |||
Percent of common stock | 37.00% | |||
Additional common stock percentage | 15.00% | |||
Ownership interest | 22.00% |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Note Payable through Juune 2028 [Member] | ||
Total notes payable | $ 71,759 | $ 0 |
Monthly payment | $ 1,152 | |
Interest rate | 5.99% | |
Note Payable through Juune 2028 [Member] | ||
Total notes payable | $ 74,101 | 0 |
Monthly payment | $ 1,190 | |
Interest rate | 5.99% | |
Note Payable through July 2024 [Member] | ||
Total notes payable | $ 130,232 | 143,547 |
Monthly payment | $ 4,847 | |
Interest rate | 3.45% | |
Note Payable through September 2024 [Member] | ||
Total notes payable | $ 150,790 | 164,422 |
Monthly payment | $ 5,181 | |
Interest rate | 4.78% | |
Note Payable through January 2022 [Member] | ||
Total notes payable | $ 0 | 410 |
Monthly payment | $ 813 | |
Interest rate | 5.25% | |
Note Payable through June 2024 [Member] | ||
Total notes payable | $ 16,066 | 17,752 |
Monthly payment | $ 627 | |
Interest rate | 4.50% | |
Note Payable through February 2024 [Member] | ||
Total notes payable | $ 6,673 | 7,501 |
Monthly payment | $ 303 | |
Interest rate | 4.50% | |
Note Payable through June 2023 [Member] | ||
Total notes payable | $ 49,687 | 58,866 |
Monthly payment | $ 3,550 | |
Interest rate | 10.50% | |
Note Payable through May 2027 [Member] | ||
Total notes payable | $ 255,989 | 283,955 |
Monthly payment | $ 10,352 | |
Interest rate | 4.50% | |
Note Payable through July 2024 One [Member] | ||
Total notes payable | $ 15,544 | 17,064 |
Monthly payment | $ 602 | |
Interest rate | 6.99% | |
Note Payable through November 2024 [Member] | ||
Total notes payable | $ 45,438 | 49,421 |
Monthly payment | $ 1,512 | |
Interest rate | 4.60% | |
Note Payable through January 2025 [Member] | ||
Total notes payable | $ 66,942 | 0 |
Monthly payment | $ 2,176 | |
Interest rate | 7.00% | |
Note Payable through August 2023 [Member] | ||
Total notes payable | $ 60,626 | 70,734 |
Monthly payment | $ 3,751 | |
Interest rate | 6.80% | |
Note Payable through January 2025 [Member] | ||
Total notes payable | $ 545,646 | 590,535 |
Monthly payment | $ 17,125 | |
Interest rate | 4.50% | |
Note Payable through June 2023 One [Member] | ||
Total notes payable | $ 186,215 | $ 221,694 |
Monthly payment | $ 12,979 | |
Interest rate | 6.00% |
Notes Payable Schedule of Futur
Notes Payable Schedule of Future of Principle Payment of Debt (Details) | Dec. 31, 2021USD ($) |
Consolidated Balance Sheets | |
2023 | $ 714,401 |
2024 | 575,588 |
2025 | 302,911 |
2026 | 23,788 |
2027 | 25,254 |
2028 | 26,809 |
2029 | 6,957 |
Total | $ 1,675,708 |
Small Business Administration_2
Small Business Administration Loans and Grant (Details Narrative) - SBA loan - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
May 16, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | |
Proceeds from Loans | $ 159,900 | ||
Payments | $ 731 | ||
Accrued interest on the remaining | $ 10,902 | $ 9,311 | |
Bears interest | 3.75% |
Stockholders Equity (Details)
Stockholders Equity (Details) - Warrant [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | 669,467 | 426,788 |
Warrants issued | 0 | 289,294 |
Warrants Exercised | 23,057 | 46,615 |
Ending balance | 646,410 | 669,467 |
Warrants exercied | $ 2.52 | $ 2.80 |
Minimum [Member] | ||
Beginning balance | 2.52 | 2.52 |
Warrants issued | 5.60 | 2.52 |
Warrants expired | 0 | 2.52 |
Ending balance | 2.52 | |
Maximum [Member] | ||
Beginning balance | 2.52 | 3.08 |
Warrants issued | 7 | |
Warrants expired | $ 0 | 3.08 |
Ending balance | $ 2.52 | |
Exercise Price 5.60 [Member] | ||
Beginning balance | 343,888 | |
Ending balance | 343,888 | |
Beginning balance | $ 5.60 | |
Ending balance | $ 5.60 | |
Exercise Price One 5.60 [Member] | ||
Beginning balance | 235,722 | |
Ending balance | 235,722 | |
Beginning balance | $ 5.60 | |
Ending balance | $ 5.60 | |
Exercise Price 7.00 [Member] | ||
Beginning balance | 53,572 | |
Ending balance | 53,572 | |
Beginning balance | $ 7 | |
Ending balance | $ 7 | |
Exercise Price 2.52 [Member] | ||
Beginning balance | 13,228 | |
Ending balance | 13,228 | |
Beginning balance | $ 2.52 | |
Ending balance | $ 2.52 |
Stockholders Equity (Details 1)
Stockholders Equity (Details 1) - Warrant [Member] - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Number of shares | 646,410 | 669,467 | 426,788 |
Exercise Price 5.60 [Member] | |||
Number of shares | 343,888 | ||
Exercise price | $ 5.60 | ||
Warrant expiration date | Aug. 28, 2022 | ||
Exercise Price One 5.60 [Member] | |||
Number of shares | 235,722 | ||
Exercise price | $ 5.60 | ||
Warrant expiration date | Oct. 14, 2023 | ||
Exercise Price 7.00 [Member] | |||
Number of shares | 53,572 | ||
Exercise price | $ 7 | ||
Warrant expiration date | Nov. 12, 2023 | ||
Exercise Price 2.52 [Member] | |||
Number of shares | 13,228 | ||
Exercise price | $ 2.52 | ||
Warrant expiration date | Apr. 21, 2022 |
Stock Options (Details)
Stock Options (Details) - $ / shares | Mar. 15, 2021 | Feb. 11, 2021 | Oct. 31, 2021 | Mar. 31, 2021 | Feb. 28, 2021 |
Consolidated Balance Sheets | |||||
Fair value options | 9,860 | 604,572 | |||
Options issued | 3,572 | 283,936 | 3,572 | 3,572 | 283,936 |
Exercise price | $ 5.60 | $ 5.60 | $ 5.60 | $ 5.60 | $ 5.60 |
Expected term (in years) | 3.0 | 3.0 | |||
Risk-free rate | 0.33% | 0.19% | |||
Expected volatility | 99.30% | 97.90% |
Stock Options (Details 1)
Stock Options (Details 1) - $ / shares | Mar. 15, 2021 | Feb. 11, 2021 | Oct. 31, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Stock Options Granted | 3,572 | 283,936 | 3,572 | 3,572 | 283,936 | ||
Equity Option [Member] | |||||||
Beginning balance | 507,175 | 150,000 | |||||
Stock Options Granted | 0 | 469,674 | |||||
Stock Options Exercised | 51,789 | 101,786 | |||||
Stock Options Expired | 0 | 0 | |||||
Stock Options Forfeited | 0 | (10,713) | |||||
Ending balance | 455,386 | 507,175 | |||||
Exercise price granted | $ 5.60 | ||||||
Equity Option [Member] | Minimum [Member] | |||||||
Beginning balance | 1.40 | $ 1.40 | |||||
Exercise price expired | 1.40 | ||||||
Exercise price exercised | 1.40 | 1.40 | |||||
Exercise price forfeited | 1.96 | ||||||
Ending balance | 1.96 | 1.40 | |||||
Excercise price exercisable | 1.96 | ||||||
Equity Option [Member] | Maximum [Member] | |||||||
Beginning balance | 1.96 | 2.52 | |||||
Exercise price expired | 2.52 | ||||||
Exercise price exercised | 1.96 | 2.52 | |||||
Exercise price forfeited | 5.60 | ||||||
Ending balance | 5.60 | $ 1.96 | |||||
Excercise price exercisable | $ 5.60 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) | Mar. 15, 2021 | Feb. 11, 2021 | Oct. 31, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2021 |
Consolidated Balance Sheets | ||||||
Granted Stock Option | 3,572 | 283,936 | 3,572 | 3,572 | 283,936 | |
Exercise price per share | $ 5.60 | $ 5.60 | $ 5.60 | $ 5.60 | $ 5.60 | |
stock-based compensation recognized | $ 604,571 | $ 9,860 | $ 604,571 | |||
Intrinsic Value Outstanding | $ 2,317,000 | |||||
Weighted average remaining term | 2 years 7 days |
Convertible Debt (Details Narra
Convertible Debt (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Promissory note 1 | ||
Notes Payble | $ 200,000 | |
Shares contingently issuable | 35,715 | |
Common stock at a price | $ 5.60 | |
Promissory note 2 | ||
Notes Payble | $ 1,750,000 | |
Shares contingently issuable | 357,151 | |
Common stock at a price | $ 4.90 |