Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Jul. 31, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | Desert Hawk Gold Corp. | |
Entity Central Index Key | 1,168,081 | |
Trading Symbol | DHGC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 20,581,603 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash | $ 153,328 | $ 657,944 |
Inventories, current portion (Note 4) | 135,278 | 142,921 |
Prepaid expenses and other current assets | 96,304 | 132,747 |
Total Current Assets | 384,910 | 933,612 |
INVENTORIES, non-current (Note 4) | 3,012,839 | 2,951,011 |
PROPERTY AND EQUIPMENT, net (Note 5) | 3,955,793 | 4,039,887 |
MINERAL PROPERTIES AND INTERESTS, net (Note 6) | 1,114,675 | 1,096,482 |
RECLAMATION BONDS (Note 6) | 752,766 | 752,754 |
TOTAL ASSETS | 9,220,983 | 9,773,746 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 600,730 | 744,943 |
Accrued liabilities-officer and other wages (Note 12) | 539,577 | 495,808 |
Interest payable - related parties (Note 7) | 221,506 | 192,842 |
Interest payable - related party (Note 10) | 7,787,190 | 7,239,610 |
Convertible debt - related parties (Note 7) | 850,000 | 850,000 |
Obligation under capital lease - related party, current portion (Note 8) | 96,066 | 120,461 |
Short-term note payable - related parties (Notes 7 and 12) | 34,500 | |
Notes payable - equipment, current portion (Note 9) | 477,470 | 813,818 |
Notes payable - related party (Note 10) | 15,110,492 | 14,610,492 |
Total Current Liabilities | 25,683,031 | 25,102,474 |
LONG-TERM LIABILITIES | ||
Asset retirement obligation (Note 11) | 992,237 | 974,109 |
Obligation under capital lease - related party (Note 8) | 26,339 | 51,714 |
Notes payable - equipment (Note 9) | 296,591 | 453,276 |
Total Long-Term Liabilities | 1,315,167 | 1,479,099 |
TOTAL LIABILITIES | 26,998,198 | 26,581,573 |
COMMITMENTS AND CONTINGENCIES (Notes 11, 12, 13 and 14) | ||
STOCKHOLDERS' (DEFICIT) (Note 3) | ||
Preferred Stock, $0.001 par value, 10,000,000 shares authorized | ||
Common stock, $0.001 par value, 100,000,000 shares authorized; 13,656,603 and 13,656,603 shares issued and outstanding | 13,528 | 13,528 |
Additional paid-in capital | 9,131,718 | 9,131,718 |
Accumulated deficit | (26,924,043) | (25,954,655) |
Total Stockholders' (Deficit) | (17,777,215) | (16,807,827) |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) | 9,220,983 | 9,773,746 |
Series A Preferred Stock | ||
STOCKHOLDERS' (DEFICIT) (Note 3) | ||
Preferred Stock, $0.001 par value, 10,000,000 shares authorized | 958 | 958 |
Series A-1 Preferred Stock | ||
STOCKHOLDERS' (DEFICIT) (Note 3) | ||
Preferred Stock, $0.001 par value, 10,000,000 shares authorized | ||
Series A-2 Preferred Stock | ||
STOCKHOLDERS' (DEFICIT) (Note 3) | ||
Preferred Stock, $0.001 par value, 10,000,000 shares authorized | 180 | 180 |
Series B Preferred Stock | ||
STOCKHOLDERS' (DEFICIT) (Note 3) | ||
Preferred Stock, $0.001 par value, 10,000,000 shares authorized | $ 444 | $ 444 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 13,656,603 | 13,656,603 |
Common stock, shares outstanding | 13,656,603 | 13,656,603 |
Series A Preferred Stock | ||
Preferred stock, shares issued | 958,033 | 958,033 |
Preferred stock, shares outstanding | 958,033 | 958,033 |
Series A-1 Preferred Stock | ||
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Series A-2 Preferred Stock | ||
Preferred stock, shares issued | 180,000 | 180,000 |
Preferred stock, shares outstanding | 180,000 | 180,000 |
Series B Preferred Stock | ||
Preferred stock, shares issued | 444,530 | 444,530 |
Preferred stock, shares outstanding | 444,530 | 444,530 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUE: | ||
Concentrate sales | $ 11,575 | $ 291,693 |
EXPENSES | ||
General project costs | 141,820 | 387,631 |
Exploration expense | 7,000 | |
Officers and directors fees | 64,537 | 45,000 |
Legal and professional | 8,092 | 25,383 |
General and administrative | 52,282 | 65,069 |
Depreciation and amortization | 96,579 | 147,019 |
Total Expenses | 363,310 | 677,102 |
OPERATING LOSS | (351,735) | (385,409) |
OTHER INCOME (EXPENSE) | ||
Interest and other income | 12 | 477 |
Interest and financing expense | (27,542) | (47,887) |
Interest expense - related parties | (590,123) | (502,067) |
Total Other Income (Expense) | (617,653) | (549,477) |
LOSS BEFORE INCOME TAXES | (969,388) | (934,886) |
INCOME TAXES | ||
NET LOSS | $ (969,388) | $ (934,886) |
BASIC AND DILUTED NET LOSS PER SHARE | $ (0.07) | $ (0.07) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 13,656,603 | 13,656,603 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (969,388) | $ (934,886) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation and amortization | 96,579 | 163,974 |
Accretion of asset retirement obligation | 18,128 | 18,128 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (89,834) | |
Inventories | (54,185) | (112,632) |
Prepaid expenses and other current assets | 36,443 | 8,105 |
Accounts payable and accrued expenses | (174,891) | (2,885) |
Accrued liabilities - officer wages | 43,769 | 45,000 |
Interest payable - related parties | 28,664 | 22,500 |
Interest payable - related party | 547,580 | 502,067 |
Net cash used by operating activities | (427,301) | (380,463) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property and equipment | (157,370) | |
Increase in reclamation bonds | (12) | (477) |
Net cash used by investing activities | (12) | (157,847) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from note payable - related party | 500,000 | 550,000 |
Payment of obligation under capital lease - related party | (49,770) | |
Payment of note payable - equipment | (493,033) | (102,689) |
Payment of short term note payable - related parties | (34,500) | |
Net cash provided (used) by financing activities | (77,303) | 447,311 |
NET INCREASE (DECREASE) IN CASH | (504,616) | (90,999) |
CASH, BEGINNING OF PERIOD | 657,944 | 132,509 |
CASH, END OF PERIOD | 153,328 | 41,510 |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||
Equipment acquired with note payable - equipment | 28,992 | |
Equipment acquired with accounts payable - equipment | $ 30,678 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2017 | |
Organization and Description of Business [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Desert Hawk Gold Corp. (the “Company”) was incorporated on November 5, 1957, in the State of Idaho as Lucky Joe Mining Company. On July 17, 2008, the Company merged with its wholly-owned subsidiary, Lucky Joe Mining Company, a Nevada corporation, for the sole purpose of effecting a change in domicile from the State of Idaho to the State of Nevada. Lucky Joe Mining Company (Nevada) was the continuing and surviving corporation and each outstanding share of Lucky Joe Mining Company (Idaho) was converted into one outstanding share of Lucky Joe Mining Company (Nevada). On April 3, 2009, the Company filed a Certificate of Amendment with the State of Nevada changing the name of the Company to Desert Hawk Gold Corp. On June 30, 2014, the Company dissolved its sole subsidiary, Blue Fin Capital, Inc. As a result, the Company has no subsidiaries. The Company never successfully generated any revenue and eventually abandoned the mining business, remaining dormant until it recommenced its mining activities on May 1, 2009. During the year ended December 31, 2009, the Company entered into Joint Venture Agreements with the Clifton Mining Company, the Woodman Mining Company and the Moeller Family Trust for the lease of certain of their property interests in the Gold Hill Mining District of Utah. In 2011, the Company entered into an agreement with DMRJ Group, a Platinum Partners’ related entity managed by Platinum Partners’ Credit Fund (PPCO), which allowed for long term funding of the Kiewit project and helped to provide cash flow for operations during the period from 2009 until 2014 while the permitting process was ongoing. The final permit needed to begin development of the Kiewit property was received in January 2014 and development began in February 2014. Construction at the site was substantially complete at September 30, 2014. Revenue from the Kiewit heap leach operation began in October 2014 with the first sales of gold and silver. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES In the opinion of management, the accompanying unaudited interim balance sheets and statements of operations and cash flows contain all adjustments, consisting of normal recurring items, necessary to present fairly, in all material respects, the financial position of the Company as of March 31, 2017, and the results of its operations and its cash flows for the three months ended March 31, 2017 and 2016. The operating and financial results for the Company for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017. These unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars. These unaudited interim financial statements do not include all note disclosures required by U.S. GAAP on an annual basis, and therefore should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission on June 29, 2018. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. We are in the process of evaluating the impact of this guidance and our method of adoption. In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this guidance and our method of adoption. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this guidance and our method of adoption. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after the effective date. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. Inventories The recovery of gold from certain oxide ores is achieved through the heap leaching process. Under this method, mineralized material is placed on a leach pad where it is treated with a chemical solution, which dissolves the gold contained in the material. The resulting “pregnant” solution is further processed in a plant where gold is recovered. The Company records ore on leach pad, ore in carbon column in process and gold doré, at average production cost per gold ounce, less provisions required to reduce inventory to net realizable value. Production costs include the cost of mineralized material processed; direct and indirect materials and consumables; direct labor; repairs and maintenance; utilities; depreciation and amortization of property, equipment, and mineral properties; and mine administrative expenses. Revenue from the sale of silver is accounted for as by-product and is deducted from production costs. Costs are removed from ore on leach pads as ounces are recovered based on the average cost per recoverable ounce of gold on the leach pad. Estimates of recoverable gold on the leach pad are calculated from the quantities of material placed on the leach pad (measured tons added to the leach pad), the grade of material placed on the leach pad (based on assay data) and an estimated recovery percentage (based on ore type). The nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, actual gold ounces recovered are regularly monitored and estimates are refined based on actual results over time. As of March 31, 2017, the Company had a limited operating history and actual results only over that short period of time. Due to this, estimates of recoverable gold are based primarily on initial tests and only limited refinements. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. The ultimate recovery of gold from a leach pad will not be known until the leaching process is concluded. The quantification of material inventory on the leach pad is based on estimates of the quantities of gold at each balance sheet date that the Company expects to recover during the next 12-18 months. Revenue Recognition Revenue is recognized when title and risk of ownership of metals or metal bearing concentrate have passed and collection is reasonably assured. Revenue from the sale of metals may be subject to adjustment upon final settlement of estimated metal prices, weights and assays, and are recorded as adjustments to revenue in the period of final settlement of prices, weights and assays; such adjustments are typically not material in relation to the initial invoice amounts. Earnings (loss) Per Share Basic earnings (loss) per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution of securities that could share in the earnings of the Company. At March 31, 2017 and 2016, common stock equivalents outstanding are as follows: March 31, March 31, Convertible debt 2,203,158 1,028,574 Convertible preferred stock 47,211,002 47,211,002 Total 49,414,160 48,239,576 However, the diluted earnings (loss) per share are not presented because its effect would be anti-dilutive due to the Company’s recurring losses. Going Concern As shown in the accompanying financial statements, the Company has an accumulated deficit and negative working capital through March 31, 2017, which raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. The Company will need significant funding to continue operations and increase development through the next fiscal year. This funding is expected to come via sales revenues and loan funds, but the timing and amount of capital requirements will depend on a number of factors, including demand for products and services, metals pricing and the availability of opportunities for expansion through affiliations and other business relationships. If the going concern assumption were not appropriate for these financial statements, then adjustments would be necessary to the carrying values of the assets and liabilities, the reported revenues and expenses, and the balance sheet classifications used. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2017 | |
Capital Stock [Abstract] | |
CAPITAL STOCK | NOTE 3 – CAPITAL STOCK Common Stock 2017 Activity No shares of common stock were issued during the first three months of 2017. 2016 Activity No shares of common stock were issued during the first three months of 2016. Preferred Stock 2017 Activity No shares of preferred stock were issued during the first three months of 2017. See Note 14 – Subsequent Events, regarding the return of DMRJ Group’s equity shares as part of a reorganization with court appointed trustees. 2016 Activity No shares of preferred stock were issued during the first three months of 2017. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 4 – INVENTORIES The following table provides the components of inventories: March 31, December 31, Ore on leach pad $ 3,116,252 $ 3,051,766 Carbon column in process 31,865 31,214 Dore finished goods -0- 10,952 Total 3,148,117 3,093,932 Less: current portion (135,278 ) (142,921 ) Non-current inventories $ 3,012,839 $ 2,951,011 Inventories are valued at the lower of cost or net realizable value which at March 31, 2017 is cost. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5 - PROPERTY AND EQUIPMENT The following is a summary of property, equipment, and accumulated depreciation at March 31, 2017 and December 31, 2016: March 31, December 31, 2017 2016 Equipment $ 3,077,482 $ 3,046,803 Furniture and fixtures, temporary housing 6,981 6,981 Electronic and computerized equipment 52,874 52,874 Vehicles 67,115 67,115 3,204,452 3,173,773 Less accumulated depreciation (1,258,880 ) (1,144,108 ) 1,945,572 2,029,665 Kiewit property facilities 2,497,435 2,497,436 Less accumulated amortization (487,214 ) (487,214 ) 2,010,221 2,010,222 Total $ 3,955,793 $ 4,039,887 In November 2016, five pieces of mining equipment financed by CAT Financial were returned to CAT. See Note 9. |
Mineral Properties and Reclamat
Mineral Properties and Reclamation Bonds | 3 Months Ended |
Mar. 31, 2017 | |
Mineral Properties and Reclamation Bonds [Abstract] | |
MINERAL PROPERTIES AND RECLAMATION BONDS | NOTE 6 – MINERAL PROPERTIES AND RECLAMATION BONDS Mineral properties and interests as of March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, Initial lease fee Kiewit, Cactus Mill and all other sites $ 600,000 $ 600,000 Asset retirement obligation Kiewit Site 789,026 789,026 Kiewit Exploration 10,780 10,780 Cactus Mill 16,133 16,133 Total 815,939 815,939 Accumulated amortization (301,264 ) (319,457 ) 514,675 496,482 Total $ 1,114,675 $ 1,096,482 The Company holds operating interests within the Gold Hill Mining District in Tooele County, Utah, consisting of 247 unpatented claims, including the unpatented mill site claim, and two Utah state mineral leases located on state trust lands. Annual claims fees are currently $155 per claim plus administrative fees. On January 6, 2014, we obtained the final permit necessary to commence construction of the heap leach pad and process facility. On February 20, 2014, the Kiewit reclamation bond in the amount of $1,348,000 was posted with the State of Utah, Division of Oil, Gas and Mining. The bond amount includes bonding for the Yellow Hammer Small Mine and the Yellow Hammer Exploration sites along with the Herat Exploration site. Funds of $92,705 were received in April 2014 by the Company for these refunded reclamation bonds. On July 7, 2016, the Company replaced the $1,348,000 cash reclamation bond with a surety bond in the same amount. A condition of the surety bond was the deposit of 50% of the bond amount into an escrow account with the bonding company. An escrow account was established with the bonding company and $674,000 (50% of the original cash bond) was deposited by the Company. The surety bond carries an annual bonding fee of $40,400. Total reclamation bonds posted are $752,766 and $752,754 at March 31, 2017 and December 31, 2016, respectively. On September 12, 2016, the Yellow Hammer mineral property was returned to the lessor, Moeller Family Trust, and the Company recognized a loss on abandonment in the amount of $175,000 less the accumulated amortization of $37,234, for a net loss of $137,766. |
Convertible Debt
Convertible Debt | 3 Months Ended |
Mar. 31, 2017 | |
Convertible Debt [Abstract] | |
CONVERTIBLE DEBT | NOTE 7 – CONVERTIBLE DEBT On November 18, 2009, the Company issued convertible promissory notes, to two of its minority shareholders, for a total of $600,000. The notes bear interest at 15% per annum. Interest-only is payable in equal monthly installments of $7,500. The notes are convertible at a rate of $0.70 per share. On July 5, 2011, the Company entered into an agreement with the two holders of the convertible debt to begin paying their monthly interest in stock rather than cash. The Company failed to repay the loan in full on the November 30, 2012, 2013, 2014, 2015 and 2016 maturity dates, so the Company was required to issue an additional 300,000 shares of common stock to these debt holders in each of those years. In 2014, 2015 and 2016, the stock was valued at an estimated $0.04 (total $12,000) and was accounted for as financing expense. As part of this agreement, the due date of the notes was extended each year and has now been extended to November 30, 2018. Interest was paid with shares of common stock through November 30, 2014 and is to be paid in cash thereafter. Interest has not been paid since November 2014 and accrued interest payable on these notes at March 31, 2017 and December 31, 2016 is $210,000 and $187,500 respectively. Per the terms of these notes, interest is not convertible to common stock. On October 14, 2016, the Company issued convertible promissory notes, convertible at $.25 per share, to its two convertible debt holders in the amount of $125,000 each (Senior Note), at 10% interest, due in full on September 30, 2018. Interest is payable on September 30, 2017 and is payable quarterly thereafter. Accrued interest payable on these notes at March 31, 2017 and December 31, 2016 is $11,506 and $5,342, respectively. Interest on these notes is convertible to common stock. As a part of this note, DMRJ Group and its related entity, Platinum Partners (Note 10), have agreed to subordinate to these debtholders DMRJ’s collateral interest in the Senior Note, the principal and accrued but unpaid interest on the existing convertible debt and the amounts due to the convertible debtholders under the provisions of the gold loan redemption program. On November 15, 2016, a short-term loan in the amount of $25,000 was obtained from West C Street, one of the Company’s convertible debt holders. Funds were used for operating capital. This amount was repaid to West C Street on January 18, 2017 along with accrued interest of $438. |
Obligation under Capital Lease
Obligation under Capital Lease - Related Party | 3 Months Ended |
Mar. 31, 2017 | |
Obligation Under Capital Lease - Related Party [Abstract] | |
OBLIGATION UNDER CAPITAL LEASE - RELATED PARTY | NOTE 8 – OBLIGATION UNDER CAPITAL LEASE - RELATED PARTY A capital lease was entered into on June 20, 2016 with RMH Overhead, LLC for the purchase of mining and crushing equipment. RMH Overhead, LLC is an entity owned by the Company’s President, Rick Havenstrite. For the periods ended March 31, 2017 and December 31, 2016, equipment includes assets under capital lease amounting to $165,730 and $172,360, respectively. The lease is being amortized over the estimated useful life of the equipment. Accumulated amortization at March 31, 2017 and December 31, 2016 was $19,888 and $13,258. At March 31, 2017, the estimated future minimum lease payments under the capital lease was as follows: Year ending March 31, 2018 $ 108,000 2019 27,000 Total 135,000 Less: Implied interest (12,595 ) Net present value 122,405 Less: Capital lease obligation-current portion (96,066 ) Long-term capital lease obligation $ 26,339 |
Notes Payable - Equipment
Notes Payable - Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Notes Payable - Equipment [Abstract] | |
NOTES PAYABLE - EQUIPMENT | NOTE 9 – NOTES PAYABLE – EQUIPMENT The following is a summary of the equipment notes payable: March 31, December 31, Note payable to Komatsu Financial, collateralized by a Komatsu Telehandler lift, due in 48 monthly installments of $2,441 including interest at 4.99%. $ 66,728 $ 73,203 Note payable to Komatsu Financial, uncollateralized, due in 12 monthly installments of $3,223, beginning in April 2016, including interest at 1.16%. -0- 9,668 Note payable to CAT Financial, collateralized by five pieces of used mining equipment due in 36 monthly installments of varying amounts including interest at 4.68%. The equipment has since been returned to CAT. See note below. 440,473 881,894 Note payable to Komatsu Financial, collateralized by a Komatsu D275 dozer, due in one monthly installment of $21,000 and 47 monthly installments of $11,674 including interest at 2.99%. 249,670 282,675 Note payable to Star Capital, LLC, collateralized by a 2009 Multiquip generator, due in 24 monthly installments of $1,412, beginning in March 2016, including interest at 11.4%. 17,190 19,654 774,061 1,267,094 Current portion (477,470 ) (813,818 ) Long term portion $ 296,591 $ 453,276 Principal payments are as follows for the twelve months ended March 31, 2018 $ 477,470 2019 286,924 2020 9,667 Total $ 774,061 In November 2016, five pieces of mining equipment financed by CAT Financial were returned to CAT. The equipment had an original cost of $1,500,888 and accumulated depreciation of $372,129, for a net carrying value of $1,128,759. The note payable due to CAT at the time of disposition was $960,585. The CAT contract did not legally release the Company from liability in the case of a repossession thus an extinguishment has not occurred and the debt and assets were not derecognized. On July 31, 2017, a new agreement was made as disclosed in Note 14 – Subsequent Events. |
Note Payable - Related Party
Note Payable - Related Party | 3 Months Ended |
Mar. 31, 2017 | |
Note Payable - Related Party [Abstract] | |
NOTE PAYABLE - RELATED PARTY | NOTE 10 – NOTE PAYABLE - RELATED PARTY DMRJ Group beneficially owns approximately 75% of the Company (on a fully-diluted basis) with Series A, A-2 and B preferred shares convertible to 47,211,002 shares of common stock (See Note 3). They are considered a related party. In July 2010, the Company entered into an Investment Agreement with DMRJ Group. The Agreement has been modified numerous times and at March 31, 2017 operated under the Fourteenth Amendment to the Investment Agreement dated December 22, 2016. The Amendments have provided for extensions of payment dates, increased funding capacity and other modifications to the debt agreement. The total due to DMRJ Group at March 31, 2017 and December 31, 2016 is as follows: March 31, December 31, 2017 2016 Principal, due within one year $ 15,110,492 $ 14,610,492 Interest payable, current 7,787,190 7,239,610 $ 22,897,682 $ 21,850,102 The Investment Agreement contains certain negative covenants which prohibit us from the following actions or activities: · Incurring any indebtedness except in limited circumstances; · Creating any significant liens on any of our properties or assets; · Enter into any sale and lease-back transaction involving any of our properties; · Make any investments in or loans or advances to other parties; · Engage in any merger, consolidation, sale of assets or acquisition transaction, except for the purchase or sale of inventory or certain limited investments; · Declare or pay any dividends, except for dividends to DMRJ Group; · Engage in any business transactions with affiliates; · Make capital expenditures except as permitted in the agreement pertaining to our current mining business; · Create any lease obligations; · Amend, supplement or modify any existing indebtedness; · Enter into any swap, forward, future or derivative transaction; · Make any change in our accounting policies or reporting practices; · Form additional subsidiaries; or · Modify or grant a waiver or release under or terminate any principal lease agreement or other material contract. At March 31, 2017, the Company has failed to pay certain obligations in violation of these covenants. DMRJ Group has been informed of the default and has indicated it has no present intent to declare an event of default under the Investment Agreement, as amended. 2017 Activity At March 31, 2017, DMRJ continued to operate through the direction of its court appointed trustees (see 2016 Activity below). Funds in the amount of $500,000 were drawn from the trustees during the quarter ending March 31, 2017 to help fund ongoing expenses. See Note 14. 2016 Activity At December 31, 2016, the Company has failed to pay certain obligations in violation of these covenants. DMRJ Group has been informed of the default and has indicated it has no present intent to declare an event of default under the Investment Agreement, as amended. Several term loan advances were received from DMRJ Group by the Company between February 9, 2016 and December 29, 2016 totaling $2,470,000. A loan payment of $900,000 was made to DMRJ on July 8, 2016. The advances bear interest at 15% per annum and become due on October 31, 2016 with the remainder of the note due to DMRJ Group. These funds were used for working capital and equipment debt repayment. A Fourteenth Amendment to the Investment Agreement was entered into on December 22, 2016 which allowed for additional funding in the amount of up to $600,000 from DMRJ Group and its affiliated fund managers. This $600,000 was drawn on December 29, 2016 which brought the total funds drawn from DMRJ Group and its affiliates for 2016 to $2,470,000. In the third quarter of 2016, control of the management of DMRJ Group, (a Platinum Partners related entity), was given to court appointed trustees of the two major funds of Platinum Partners. On December 19th, 2016, the Securities and Exchange Commission (“SEC”) filed a Complaint (the “Complaint”) against Defendants Platinum Management, LLC (“Platinum Management”), Platinum Credit Management, L.P. (“Platinum Credit”), and management of the DMRJ Group, charging Defendants with a complex, multi-pronged, fraudulent scheme to inflate returns to investors, and cover up massive losses and liquidity problems. DMRJ Group effectively owns 75% of stock of the Company (on a fully diluted basis). See Note 14 – Subsequent Events. |
Remediation Liability and Asset
Remediation Liability and Asset Retirement Obligation | 3 Months Ended |
Mar. 31, 2017 | |
Remediation Liability and Asset Retirement Obligation [Abstract] | |
REMEDIATION LIABILITY AND ASSET RETIREMENT OBLIGATION | NOTE 11 – REMEDIATION LIABILITY AND ASSET RETIREMENT OBLIGATION Remediation, reclamation and mine closure costs are based principally on legal and regulatory requirements. Management estimates costs associated with reclamation of mining properties as well as remediation costs for inactive properties. The Company uses assumptions about future costs, capital costs and reclamation costs. Such assumptions are based on the Company’s current mining plan and the best available information for making such estimates. In calculating the present value of the asset retirement obligation the Company used a credit adjusted risk free interest rate of 8% to 10% and projected mine lives of five to 12 years, depending on the site. On an ongoing basis, management evaluates its estimates and assumptions; however, actual amounts could differ from those based on such estimates and assumptions. Changes in the reclamation liability for the periods ended March 31, 2017 and December 31, 2016 are as follows: Three months Year ended Reclamation and remediation liability, beginning of period $ 974,109 $ 901,597 Obligation incurred - - Accretion expense 18,128 72,512 Reclamation and remediation liability, end of period $ 992,237 $ 974,109 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 12 – RELATED PARTY TRANSACTIONS In addition to transactions disclosed in Notes 7, 8 and 10, the Company had the following related party transactions. The Company recognized rent expense for rental of office space of $3,000 for the three months ended March 31, 2017 and 2016, respectively, paid to RMH Overhead, LLC, a company owned by Rick Havenstrite, the Company’s President and a director. Of the amounts recognized as expense, RMH Overhead, LLC was paid $3,000 during the three months ended March 31, 2017 and 2016, respectively, leaving a total of $13,750 and $17,750 remaining in accounts payable at March 31, 2017 and December 31, 2016, respectively, which represents amounts due from prior years. In addition, a short-term loan totaling $9,500, also for working capital, was obtained from our President, Rick Havenstrite, with draws on multiple dates in November and December 2016. This loan was repaid in full on January 3, 2017 with no interest paid. As of March 31, 2017 and December 31, 2016, accrued compensation of $539,577 and $486,577 were due to directors and officers. Of the amounts accrued at March 31, 2017 and December 31, 2016, accrued compensation of $402,692 and $372,692 respectively, is due to Rick Havenstrite. During the three months ended March 31, 2017 and 2016, the Company recognized general project cost expense of $0 and $6,667, respectively, for geological services provided by Stuart Havenstrite, the father of Rick Havenstrite. $39,367 remains unpaid to Mr. Havenstrite at both March 31, 2017 and December 31, 2016. These amounts are included in accounts payable at those dates. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13 – COMMITMENTS AND CONTINGENCIES Mineral property payments During the year ended December 31, 2009, the Company entered into a Joint Venture Agreement with the Clifton Mining Company and the Woodman Mining Company for the lease of their property interests in the Gold Hill Mining District of Utah. Under the terms of the Joint Venture Agreement, the Company is required to pay a 4% net smelter royalty on base metals in all other areas except for production from the Kiewit gold property and a net smelter royalty on gold and silver, except for production from the Kiewit gold property, based on a sliding scale of between 2% and 15% based on the price of gold or silver, as applicable. The Company is also required to pay a 6% net smelter return on any production from the Kiewit gold property. Additionally, if the Company does not place the Kiewit property, the Clifton Shears-Smelter Tunnel property, and the Cane Springs property into commercial production within a three year period, it will be required to make annual penalty payments to Clifton Mining in the amount of $50,000 per location. In 2014, the Company had not begun commercial production and the payments due on July 24, 2014 were paid and accepted by Clifton Mining for the Clifton Shears and Kiewit properties. The Cane Springs property penalty payment was not made in 2013 and this claim was released back to Clifton Mining at that time. Production at the Kiewit property has since begun. Royalty expense of $702 and $17,160 was recognized during the three months ended March 31, 2017 and 2016, respectively, with these amounts fully paid at March 31, 2017. See Note 14. A letter of default on the Clifton Shears properties dated September 19, 2016 was received by the Company with a 30 day period for curing the default. On October 17, 2016, past due royalties and the $50,000 penalty payments for each of 2015 and 2016 were paid to Clifton Mining, who then acknowledged the cure of default. Mining severance tax in the amount of $92, based on production, was accrued at March 31, 2017. Personal property tax due to Tooele County, Utah in the amount of $155,232 including interest and penalties, was accrued and past due at March 31, 2017. This amount due has not yet been paid. Employment Agreements In September 2010, the Company entered into an employment agreement with Mr. Havenstrite as President of the Company, which is ongoing. The agreement requires Mr. Havenstrite to meet certain time requirements and limits the number of other board member obligations in which he can participate. The agreement allows for a base annual salary of $120,000 plus certain performance compensation upon fulfillment of established goals. The agreement allows the Board to terminate Mr. Havenstrite’s employment at any time, providing for a severance payment upon termination without cause. As of March 31, 2017, and December 31, 2016, accrued compensation of $534,577 and $486,577, were due to officers. Of the amounts accrued at March 31, 2017 and December 31, 2016, accrued compensation of $402,692 and $372,692 is due to Rick Havenstrite and $131,884 and $113,884 is due to Marianne Havenstrite, Treasurer and Principle Financial Officer. In addition, $5,000 and $-0- was due to directors at March 31, 2017 and December 31, 2016, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 – SUBSEQUENT EVENTS Note payable – CAT equipment In November 2016, five pieces of mining equipment financed by CAT Financial were repossessed by CAT. The equipment had an original cost of $1,500,888 and accumulated depreciation of $339,487, for a net carrying value of $1,161,402. The note payable due to CAT at the time of disposition was $960,585. On July 31, 2017, a new agreement was made with Wheeler Machinery and CAT financial for the return of four pieces of this equipment. While the equipment will temporarily remain in the possession of Wheeler Machinery, a new payment schedule was agreed upon which requires 10 equal payments of $39,934 beginning in October 2017. As of July 10, 2018, six of those payments have been made. The loss on impairment of equipment in the amount of $147,214 was recognized in the 4 th Note payable – Wheeler Machinery In November 2015, a rental agreement for crushing equipment was entered into with Wheeler Machinery. Effective June 6, 2018, an agreement to convert the rental equipment to a purchase contract in the amount of $273,067 was finalized and the first of 7 equal monthly payments of $39,009 were to be made. As of July 24, 2018, three of the seven monthly payments had been made. At the conclusion of the seven payments, the crushing equipment will be owned by the Company. Convertible debt The Company failed to make interest payments required under the convertible notes (see Note 7) for all quarters beginning April 2016 through the current date. As a result, the Company was in default of the convertible notes. As per the terms of the Investment Agreement (Note 10), DMRJ Group was informed of this default and it stated that it had no intent to declare an event of default under the Investment Agreement, as amended. In addition, as per the terms of the notes, 300,000 penalty shares for both 2017 and 2016 were issued to the convertible debt holders for failure to pay the convertible notes in November of 2017 and 2016. On February 28, 2018, the terms were changed for the 15% convertible promissory notes, convertible at $.70 per share, to two of the Company’s minority shareholders. The notes, for a total due of $600,000 were amended changing the interest rate from 15% to 10% effective March 1, 2018 and allowing for accrued interest to be payable in full on May 31, 2019. The amendment further waives the default provision in the notes for past due interest. On August 7, 2017, the convertible debt holders agreed to fund an additional aggregate of $500,000 under similar terms. These funds were to be used to sustain minimum operations of the Company until resolution of the DMRJ Group debt with the trustees. On February 28, 2018, both of these notes were amended to allow for the maturity date and the payment date for accrued interest to be changed to May 31, 2019. On July 3, 2018, a short term loan of $100,000 was received from one of the two convertible debt holders. Terms are 10% interest and a 2% loan initiation fee. This loan has not yet been paid. Note payable – related party Revenue On July 6, 2018, the Company negotiated an arrangement for a one time sale of gold and silver byproduct to H & H Metals. On July 6, 2018, proceeds of $68,785 were received which represents an advance against a future sale of metals, estimated at 90% of the value of the gold, and silver byproduct. Stock Offering On February 28, 2018, the Company entered into a Stock Purchase Agreement with each of the two convertible debt holders pursuant to which the Company received $312,500 from each holder in exchange for the issuance to each of the convertible debt holders 2,250,000 shares of the Company's Common Stock and various loan concessions on existing convertible debt. A stock offering was initiated on February 23, 2018 for sale of common stock shares at $0.40 per share, to raise up to $1,600,000. The offering expired on June 30, 20 I 8. At June 30, 2018 a total of 2,125,000 shares of stock have been issued and funds of $850,000 have been raised through this offering, with proceeds used for working capital in a limited re-opening of the mining operations. Stock plan Effective February 23, 2018, the Board approved and adopted the 2018 Stock Incentive Plan (the “2018 Plan”) pursuant to which 2,400,000 shares of the Company’s Common Stock were authorized. Shares issued under this plan will fully vest upon issuance. The aggregate Fair Market Value of the Common stock becoming exercisable for the first time during any calendar year shall not exceed $100,000 per optionee. On February 23, 2018, the Board approved the grant of an aggregate of 2,400,000 options under the 2018 Plan exercisable at $0.40 per share which expire February 23, 2023 in the amounts and to the following: ● Rick Havenstrite – 1,000,000 options; ● Howard Crosby – 1,000,000 options; ● John Ryan – 200,000 options; and ● Linde Havenstrite – 200,000 options. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. We are in the process of evaluating the impact of this guidance and our method of adoption. In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this guidance and our method of adoption. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this guidance and our method of adoption. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after the effective date. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Inventories | Inventories The recovery of gold from certain oxide ores is achieved through the heap leaching process. Under this method, mineralized material is placed on a leach pad where it is treated with a chemical solution, which dissolves the gold contained in the material. The resulting “pregnant” solution is further processed in a plant where gold is recovered. The Company records ore on leach pad, ore in carbon column in process and gold doré, at average production cost per gold ounce, less provisions required to reduce inventory to net realizable value. Production costs include the cost of mineralized material processed; direct and indirect materials and consumables; direct labor; repairs and maintenance; utilities; depreciation and amortization of property, equipment, and mineral properties; and mine administrative expenses. Revenue from the sale of silver is accounted for as by-product and is deducted from production costs. Costs are removed from ore on leach pads as ounces are recovered based on the average cost per recoverable ounce of gold on the leach pad. Estimates of recoverable gold on the leach pad are calculated from the quantities of material placed on the leach pad (measured tons added to the leach pad), the grade of material placed on the leach pad (based on assay data) and an estimated recovery percentage (based on ore type). The nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, actual gold ounces recovered are regularly monitored and estimates are refined based on actual results over time. As of March 31, 2017, the Company had a limited operating history and actual results only over that short period of time. Due to this, estimates of recoverable gold are based primarily on initial tests and only limited refinements. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis. The ultimate recovery of gold from a leach pad will not be known until the leaching process is concluded. The quantification of material inventory on the leach pad is based on estimates of the quantities of gold at each balance sheet date that the Company expects to recover during the next 12-18 months. |
Revenue Recognition | Revenue Recognition Revenue is recognized when title and risk of ownership of metals or metal bearing concentrate have passed and collection is reasonably assured. Revenue from the sale of metals may be subject to adjustment upon final settlement of estimated metal prices, weights and assays, and are recorded as adjustments to revenue in the period of final settlement of prices, weights and assays; such adjustments are typically not material in relation to the initial invoice amounts. |
Earnings (loss) Per Share | Earnings (loss) Per Share Basic earnings (loss) per share includes no dilution and is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution of securities that could share in the earnings of the Company. At March 31, 2017 and 2016, common stock equivalents outstanding are as follows: March 31, March 31, Convertible debt 2,203,158 1,028,574 Convertible preferred stock 47,211,002 47,211,002 Total 49,414,160 48,239,576 However, the diluted earnings (loss) per share are not presented because its effect would be anti-dilutive due to the Company’s recurring losses. |
Going Concern | Going Concern As shown in the accompanying financial statements, the Company has an accumulated deficit and negative working capital through March 31, 2017, which raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. The Company will need significant funding to continue operations and increase development through the next fiscal year. This funding is expected to come via sales revenues and loan funds, but the timing and amount of capital requirements will depend on a number of factors, including demand for products and services, metals pricing and the availability of opportunities for expansion through affiliations and other business relationships. If the going concern assumption were not appropriate for these financial statements, then adjustments would be necessary to the carrying values of the assets and liabilities, the reported revenues and expenses, and the balance sheet classifications used. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of common stock equivalents outstanding | March 31, March 31, Convertible debt 2,203,158 1,028,574 Convertible preferred stock 47,211,002 47,211,002 Total 49,414,160 48,239,576 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventories [Abstract] | |
Schedule of components of inventories | March 31, December 31, Ore on leach pad $ 3,116,252 $ 3,051,766 Carbon column in process 31,865 31,214 Dore finished goods -0- 10,952 Total 3,148,117 3,093,932 Less: current portion (135,278 ) (142,921 ) Non-current inventories $ 3,012,839 $ 2,951,011 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property and Equipment [Abstract] | |
Summary of property, equipment, and accumulated depreciation | March 31, December 31, 2017 2016 Equipment $ 3,077,482 $ 3,046,803 Furniture and fixtures, temporary housing 6,981 6,981 Electronic and computerized equipment 52,874 52,874 Vehicles 67,115 67,115 3,204,452 3,173,773 Less accumulated depreciation (1,258,880 ) (1,144,108 ) 1,945,572 2,029,665 Kiewit property facilities 2,497,435 2,497,436 Less accumulated amortization (487,214 ) (487,214 ) 2,010,221 2,010,222 Total $ 3,955,793 $ 4,039,887 |
Mineral Properties and Reclam24
Mineral Properties and Reclamation Bonds (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Mineral Properties and Reclamation Bonds [Abstract] | |
Schedule of mineral properties and interests | March 31, December 31, Initial lease fee Kiewit, Cactus Mill and all other sites $ 600,000 $ 600,000 Asset retirement obligation Kiewit Site 789,026 789,026 Kiewit Exploration 10,780 10,780 Cactus Mill 16,133 16,133 Total 815,939 815,939 Accumulated amortization (301,264 ) (319,457 ) 514,675 496,482 Total $ 1,114,675 $ 1,096,482 |
Obligation under Capital Leas25
Obligation under Capital Lease - Related Party (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Obligation Under Capital Lease - Related Party [Abstract] | |
Schedule of estimated future minimum lease payments under the capital lease | Year ending March 31, 2018 $ 108,000 2019 27,000 Total 135,000 Less: Implied interest (12,595 ) Net present value 122,405 Less: Capital lease obligation-current portion (96,066 ) Long-term capital lease obligation $ 26,339 |
Notes Payable - Equipment (Tabl
Notes Payable - Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Payable - Equipment [Abstract] | |
Schedule of the equipment notes payable | March 31, December 31, Note payable to Komatsu Financial, collateralized by a Komatsu Telehandler lift, due in 48 monthly installments of $2,441 including interest at 4.99%. $ 66,728 $ 73,203 Note payable to Komatsu Financial, uncollateralized, due in 12 monthly installments of $3,223, beginning in April 2016, including interest at 1.16%. -0- 9,668 Note payable to CAT Financial, collateralized by five pieces of used mining equipment due in 36 monthly installments of varying amounts including interest at 4.68%. The equipment has since been returned to CAT. See note below. 440,473 881,894 Note payable to Komatsu Financial, collateralized by a Komatsu D275 dozer, due in one monthly installment of $21,000 and 47 monthly installments of $11,674 including interest at 2.99%. 249,670 282,675 Note payable to Star Capital, LLC, collateralized by a 2009 Multiquip generator, due in 24 monthly installments of $1,412, beginning in March 2016, including interest at 11.4%. 17,190 19,654 774,061 1,267,094 Current portion (477,470 ) (813,818 ) Long term portion $ 296,591 $ 453,276 |
Schedule of principal payments | 2018 $ 477,470 2019 286,924 2020 9,667 Total $ 774,061 |
Note Payable - Related Party (T
Note Payable - Related Party (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Note Payable - Related Party [Abstract] | |
Schedule of due to DMRJ | March 31, December 31, 2017 2016 Principal, due within one year $ 15,110,492 $ 14,610,492 Interest payable, current 7,787,190 7,239,610 $ 22,897,682 $ 21,850,102 |
Remediation Liability and Ass28
Remediation Liability and Asset Retirement Obligation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Remediation Liability and Asset Retirement Obligation [Abstract] | |
Schedule of asset retirement obligations | Three months Year ended Reclamation and remediation liability, beginning of period $ 974,109 $ 901,597 Obligation incurred - - Accretion expense 18,128 72,512 Reclamation and remediation liability, end of period $ 992,237 $ 974,109 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | ||
Convertible debt | 2,203,158 | 1,028,574 |
Convertible preferred stock | 47,211,002 | 47,211,002 |
Total | 49,414,160 | 48,239,576 |
Capital Stock (Details)
Capital Stock (Details) - shares | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Capital Stock [Line Items] | |||
Common stock, shares issued | 13,656,603 | 13,656,603 | |
2016 Activity [Member] | |||
Capital Stock [Line Items] | |||
Common stock, shares issued | |||
Preferred stock, shares issued | |||
2017 Activity [Member] | |||
Capital Stock [Line Items] | |||
Common stock, shares issued | |||
Preferred stock, shares issued |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Ore on leach pad | $ 3,116,252 | $ 3,051,766 |
Carbon column in process | 31,865 | 31,214 |
Dore finished goods | 0 | 10,952 |
Total | 3,148,117 | 3,093,932 |
Less: current portion | (135,278) | (142,921) |
Non-current inventories | $ 3,012,839 | $ 2,951,011 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of property, equipment, and accumulated depreciation | ||
Property and equipment, Total | $ 3,955,793 | $ 4,039,887 |
Property, Plant and Equipment [Member] | ||
Summary of property, equipment, and accumulated depreciation | ||
Property and equipment, Gross | 3,204,452 | 3,173,773 |
Less accumulated depreciation | (1,258,880) | (1,144,108) |
Property and equipment, Total | 1,945,572 | 2,029,665 |
Property, Plant and Equipment [Member] | Equipment [Member] | ||
Summary of property, equipment, and accumulated depreciation | ||
Property and equipment, Gross | 3,077,482 | 3,046,803 |
Property, Plant and Equipment [Member] | Furniture and fixtures, temporary housing [Member] | ||
Summary of property, equipment, and accumulated depreciation | ||
Property and equipment, Gross | 6,981 | 6,981 |
Property, Plant and Equipment [Member] | Electronic and computerized equipment [Member] | ||
Summary of property, equipment, and accumulated depreciation | ||
Property and equipment, Gross | 52,874 | 52,874 |
Property, Plant and Equipment [Member] | Vehicles [Member] | ||
Summary of property, equipment, and accumulated depreciation | ||
Property and equipment, Gross | 67,115 | 67,115 |
Finite-Lived Intangible Assets [Member] | Kiewit property facilities [Member] | ||
Summary of property, equipment, and accumulated depreciation | ||
Property and equipment, Gross | 2,497,435 | 2,497,436 |
Less accumulated depreciation | (487,214) | (487,214) |
Property and equipment, Total | $ 2,010,221 | $ 2,010,222 |
Mineral Properties and Reclam33
Mineral Properties and Reclamation Bonds (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Initial lease fee | ||
Kiewit, Cactus Mill and all other sites | $ 600,000 | $ 600,000 |
Asset retirement obligation | ||
Kiewit Site | 789,026 | 789,026 |
Kiewit Exploration | 10,780 | 10,780 |
Cactus Mill | 16,133 | 16,133 |
Total | 815,939 | 815,939 |
Accumulated amortization | (301,264) | (319,457) |
Mineral properties after accumulated depletion | 514,675 | 496,482 |
Total | $ 1,114,675 | $ 1,096,482 |
Mineral Properties and Reclam34
Mineral Properties and Reclamation Bonds (Details Textual) - USD ($) | Sep. 12, 2016 | Jul. 07, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2014 | Feb. 20, 2014 |
Mineral Properties and Interests (Textual) | ||||||
Claims fees (per claim) | $ 155 | |||||
Kiewit reclamation bond, Amount | $ 1,348,000 | |||||
Refunded reclamation bonds | $ 92,705 | |||||
Total reclamation bonds posted amount | 752,766 | $ 752,754 | ||||
Accumulated amortization | $ 301,264 | $ 319,457 | ||||
Bond deposit | $ 674,000 | |||||
Annual bonding fee | $ 40,400 | |||||
Percentage of deposit bond into escrow account | 50.00% | |||||
Yellow Hammer mineral property [Member] | ||||||
Mineral Properties and Interests (Textual) | ||||||
Recognized loss on abandonment amount | $ 175,000 | |||||
Accumulated amortization | 37,234 | |||||
Net loss | $ 137,766 |
Convertible Debt (Details)
Convertible Debt (Details) - USD ($) | Oct. 14, 2016 | Nov. 18, 2009 | Dec. 31, 2016 | Mar. 31, 2017 | Jan. 18, 2017 | Nov. 30, 2016 | Nov. 15, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 |
Convertible Debt (Textual) | |||||||||||||
Convertible debt | $ 600,000 | $ 850,000 | $ 850,000 | ||||||||||
Interest payable | 15.00% | ||||||||||||
Periodic payment of interest | $ 7,500 | ||||||||||||
Conversion price (per shares) | $ 0.70 | ||||||||||||
Additional shares of common stock issued to debt holders | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||
Accrued interest payable | 187,500 | 210,000 | |||||||||||
Short-term loan | $ 34,500 | ||||||||||||
Share price per share | $ 0.04 | $ 0.04 | $ 0.04 | ||||||||||
Loan maturity date | Nov. 30, 2018 | ||||||||||||
Financing expense | $ 12,000 | ||||||||||||
Convertible Debt [Member] | |||||||||||||
Convertible Debt (Textual) | |||||||||||||
Convertible debt | $ 125,000 | ||||||||||||
Interest payable | 10.00% | ||||||||||||
Conversion price (per shares) | $ 0.25 | ||||||||||||
Accrued interest payable | $ 5,342 | $ 11,506 | |||||||||||
Common stock and principal and interest were initially due date | Sep. 30, 2018 | ||||||||||||
West C Street [Member] | |||||||||||||
Convertible Debt (Textual) | |||||||||||||
Accrued interest payable | $ 438 | ||||||||||||
Short-term loan | $ 25,000 |
Obligation under Capital Leas36
Obligation under Capital Lease - Related Party (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Year ending March 31, | ||
2,018 | $ 108,000 | |
2,019 | 27,000 | |
Total | 135,000 | |
Less: Implied interest | (12,595) | |
Net present value | 122,405 | |
Less: Capital lease obligation-current portion | (96,066) | $ (120,461) |
Long-term capital lease obligation | $ 26,339 | $ 51,714 |
Obligation under Capital Leas37
Obligation under Capital Lease - Related Party (Details Textual) - RMH Overhead, LLC [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Obligation Under Capital Lease - Related Party (Textual) | ||
Equipment includes assets under capital lease amount | $ 165,730 | $ 172,360 |
Accumulated amortization | $ 19,888 | $ 13,258 |
Notes Payable - Equipment (Deta
Notes Payable - Equipment (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Note payable | $ 774,061 | $ 1,267,094 |
Current portion | (477,470) | (813,818) |
Long term portion | 296,591 | 453,276 |
Komatsu Financial, collateralized by a Komatsu Telehandler lift [Member] | ||
Debt Instrument [Line Items] | ||
Note payable | 66,728 | 73,203 |
Komatsu Financial, uncollateralized [Member] | ||
Debt Instrument [Line Items] | ||
Note payable | 0 | 9,668 |
CAT Financial, Collateralized by Five Pieces of used Mining Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Note payable | 440,473 | 881,894 |
Komatsu Financial, Collateralized by a Komatsu D275 Dozer [Member] | ||
Debt Instrument [Line Items] | ||
Note payable | 249,670 | 282,675 |
Star Capital, LLC, Collateralized by a 2009 Multiquip Generator [Member] | ||
Debt Instrument [Line Items] | ||
Note payable | $ 17,190 | $ 19,654 |
Notes Payable - Equipment (De39
Notes Payable - Equipment (Details 1) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of principal payments | ||
2,018 | $ 477,470 | |
2,019 | 286,924 | |
2,020 | 9,667 | |
Total | $ 774,061 | $ 1,267,094 |
Notes Payable - Equipment (De40
Notes Payable - Equipment (Details Textual) | 3 Months Ended | |||
Mar. 31, 2017USD ($)Installments | Dec. 31, 2016USD ($) | Nov. 30, 2016USD ($) | Nov. 18, 2009 | |
Notes Payable - Equipment (Textual) | ||||
Interest rate | 15.00% | |||
Net carrying value | $ 3,955,793 | $ 4,039,887 | ||
Komatsu Financial, collateralized by a Komatsu Telehandler lift [Member] | ||||
Notes Payable - Equipment (Textual) | ||||
Number of installment (in monthly) | Installments | 48 | |||
Note payable amount (remaining installments) | $ 2,441 | |||
Interest rate | 4.99% | |||
Komatsu Financial, uncollateralized [Member] | ||||
Notes Payable - Equipment (Textual) | ||||
Note payable amount (first installment) | $ 3,223 | |||
Number of installment (in monthly) | Installments | 12 | |||
Interest rate | 1.16% | |||
CAT Financial, Collateralized by Five Pieces of used Mining Equipment [Member] | ||||
Notes Payable - Equipment (Textual) | ||||
Number of installment (in monthly) | Installments | 36 | |||
Note payable amount (remaining installments) | $ 960,585 | |||
Interest rate | 4.68% | |||
Equipment original cost | $ 1,500,888 | |||
Accumulated depreciation | 372,129 | |||
Net carrying value | $ 1,128,759 | |||
Komatsu Financial, Collateralized by a Komatsu D275 Dozer [Member] | ||||
Notes Payable - Equipment (Textual) | ||||
Note payable amount (first installment) | $ 21,000 | |||
Number of installment (in monthly) | Installments | 47 | |||
Note payable amount (remaining installments) | $ 11,674 | |||
Interest rate | 2.99% | |||
Star Capital, LLC, Collateralized by a 2009 Multiquip Generator [Member] | ||||
Notes Payable - Equipment (Textual) | ||||
Note payable amount (first installment) | $ 1,412 | |||
Number of installment (in monthly) | Installments | 24 | |||
Interest rate | 11.40% |
Note Payable - Related Party (D
Note Payable - Related Party (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Principal, due within one year | $ 15,110,492 | $ 14,610,492 |
Interest payable, current | 7,787,190 | 7,239,610 |
Total | $ 22,897,682 | $ 21,850,102 |
Note Payable - Related Party 42
Note Payable - Related Party (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||
Dec. 29, 2016 | Dec. 22, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 29, 2016 | Dec. 31, 2016 | |
Note Payable - Related Party (Textual) | ||||||
Proceeds from notes payable | $ 500,000 | $ 550,000 | $ 2,470,000 | |||
Notes payable due date | Nov. 30, 2018 | |||||
DMRJ [Member] | ||||||
Note Payable - Related Party (Textual) | ||||||
Convertible shares of common stock | 47,211,002 | |||||
Ownership percentage of stock on a fully-diluted basis | 75.00% | 75.00% | ||||
Additional funding amount | $ 500,000 | |||||
Total amount drawn | $ 600,000 | |||||
Additional Funding Agreement Terms [Member] | ||||||
Note Payable - Related Party (Textual) | ||||||
Additional funding amount | $ 600,000 | |||||
Convertible Notes Payable [Member] | DMRJ [Member] | ||||||
Note Payable - Related Party (Textual) | ||||||
Percentage of interest rate | 15.00% | |||||
Total amount drawn | $ 2,470,000 | |||||
Notes payable due date | Oct. 31, 2016 | |||||
Loan payment | $ 900,000 |
Remediation Liability and Ass43
Remediation Liability and Asset Retirement Obligation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Remediation Liability and Asset Retirement Obligation [Abstract] | |||
Reclamation and remediation liability, beginning of period | $ 974,109 | $ 901,597 | $ 901,597 |
Obligation incurred | |||
Accretion expense | 18,128 | $ 18,128 | 72,512 |
Reclamation and remediation liability, end of period | $ 992,237 | $ 974,109 |
Remediation Liability and Ass44
Remediation Liability and Asset Retirement Obligation (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Maximum [Member] | |
Remediation Liability and Asset Retirement Obligation (Textual) | |
Risk free interest rate | 10.00% |
Estimated useful lives of mine property | 12 years |
Minimum [Member] | |
Remediation Liability and Asset Retirement Obligation (Textual) | |
Risk free interest rate | 8.00% |
Estimated useful lives of mine property | 5 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Related Party Transactions (Textual) | |||
Accrued compensation | $ 539,577 | $ 486,577 | |
Rick Havenstrite [Member] | |||
Related Party Transactions (Textual) | |||
Accounts payable | 39,367 | 39,367 | |
Additional, short-term loan totaling | 9,500 | ||
Accrued compensation | 402,692 | 372,692 | |
RMH Overhead, LLC [Member] | |||
Related Party Transactions (Textual) | |||
Rent expense for rental of office space | 3,000 | $ 3,000 | |
Accounts payable | 13,750 | $ 17,750 | |
Stuart Havenstrite [Member] | |||
Related Party Transactions (Textual) | |||
Recognized general project cost expense | $ 0 | $ 6,667 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2010 | Dec. 31, 2009 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies (Textual) | ||||||
Percentage of royalty payments | 4.00% | |||||
Royalty expense | $ 702 | $ 17,160 | $ 50,000 | $ 50,000 | ||
Mining severance amount | 92 | |||||
Base annual salary | $ 120,000 | |||||
Interest and penalties | 155,232 | |||||
Rick Havenstrite [Member] | ||||||
Commitments and Contingencies (Textual) | ||||||
Accrued compensation | 402,692 | 372,692 | ||||
Marianne Havenstrite [Member] | ||||||
Commitments and Contingencies (Textual) | ||||||
Accrued compensation | 131,884 | 113,884 | ||||
Officers [Member] | ||||||
Commitments and Contingencies (Textual) | ||||||
Accrued compensation | 534,577 | 486,577 | ||||
Directors [Member] | ||||||
Commitments and Contingencies (Textual) | ||||||
Accrued compensation | $ 5,000 | $ 0 | ||||
Moeller Family Trust [Member] | Mineral property payments [Member] | ||||||
Commitments and Contingencies (Textual) | ||||||
Annual payments to trust amount | $ 50,000 | |||||
Percentage of royalty payments | 6.00% | |||||
Moeller Family Trust [Member] | Minimum [Member] | Mineral property payments [Member] | ||||||
Commitments and Contingencies (Textual) | ||||||
Percentage of royalty payments | 2.00% | |||||
Moeller Family Trust [Member] | Maximum [Member] | Mineral property payments [Member] | ||||||
Commitments and Contingencies (Textual) | ||||||
Percentage of royalty payments | 15.00% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jul. 06, 2018 | Mar. 08, 2018 | Jul. 24, 2018 | Jul. 03, 2018 | Jun. 30, 2018 | Jun. 06, 2018 | Feb. 28, 2018 | Feb. 23, 2018 | Nov. 30, 2017 | Jul. 31, 2017 | Nov. 30, 2016 | Dec. 31, 2016 | Aug. 07, 2017 | Mar. 31, 2017 |
Subsequent Events (Textual) | ||||||||||||||
Net carrying value | $ 4,039,887 | $ 3,955,793 | ||||||||||||
Short term loan | $ 34,500 | |||||||||||||
Expired date | Nov. 30, 2018 | |||||||||||||
Convertible debt [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Penalty shares issued to convertible debt | 300,000 | |||||||||||||
Note payable - CAT equipment [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Equipment original cost | $ 1,500,888 | |||||||||||||
Accumulated depreciation | 339,487 | |||||||||||||
Net carrying value | 1,161,402 | |||||||||||||
Note payable due to CAT | $ 960,585 | |||||||||||||
Loss on impairment of equipment | $ 147,214 | |||||||||||||
Forecast [Member] | Stock Offering [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Convertible debt holders shares | 2,250,000 | |||||||||||||
Convertible debt received | $ 312,500 | |||||||||||||
Sale of common stock per share | $ 0.40 | |||||||||||||
Sale of common stock shares raised | $ 1,600,000 | |||||||||||||
Expired date | Jun. 30, 2018 | |||||||||||||
Shares of stock issued offering | 2,125,000 | |||||||||||||
Funds raised through offering stock | $ 850,000 | |||||||||||||
Forecast [Member] | 2018 Stock Incentive Plan [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Option authorized | 2,400,000 | |||||||||||||
Aggregate fair market value of the common stock becoming exercisable | $ 100,000 | |||||||||||||
Grant of an aggregate options | 2,400,000 | |||||||||||||
Exercisable per share | $ 0.40 | |||||||||||||
Expired date | Feb. 23, 2023 | |||||||||||||
Forecast [Member] | Revenue [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Proceeds received an advance | $ 68,785 | |||||||||||||
Percentage of revenue product | 90.00% | |||||||||||||
Forecast [Member] | Convertible debt [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Convertible debt holders shares | 4,500,000 | |||||||||||||
Convertible promissory notes, description | The terms were changed for the 15% convertible promissory notes, convertible at $.70 per share, to two of the Company's minority shareholders. The notes, for a total due of $600,000 were amended changing the interest rate from 15% to 10% effective March 1, 2018 and allowing for accrued interest to be payable in full on May 31, 2019. | |||||||||||||
Convertible debt received | $ 625,000 | |||||||||||||
Additional aggregate convertible debt | $ 500,000 | |||||||||||||
Penalty shares issued to convertible debt | 300,000 | |||||||||||||
Short term loan | $ 100,000 | |||||||||||||
Short term loan terms | A short term loan of $100,000 was received from one of the two convertible debt holders. Terms are 10% interest and a 2% loan initiation fee. This loan has not yet been paid. | |||||||||||||
Forecast [Member] | Note payable - CAT equipment [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Mining equipment financed, description | A new agreement was made with Wheeler Machinery and CAT financial for the return of four pieces of this equipment. While the equipment will temporarily remain in the possession of Wheeler Machinery, a new payment schedule was agreed upon which requires 10 equal payments of $39,934 beginning in October 2017. | |||||||||||||
Forecast [Member] | Note payable - Wheeler Machinery [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Payment of first seven month rental equipment | $ 39,009 | |||||||||||||
Rental equipment to a purchase contract | $ 273,067 | |||||||||||||
Note payable payments terms | Three of the seven monthly payments had been made. At the conclusion of the seven payments, the crushing equipment will be owned by the Company. | |||||||||||||
Forecast [Member] | Rick Havenstrite [Member] | 2018 Stock Incentive Plan [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Grant of an aggregate options | 1,000,000 | |||||||||||||
Forecast [Member] | Howard Crosby [Member] | 2018 Stock Incentive Plan [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Grant of an aggregate options | 1,000,000 | |||||||||||||
Forecast [Member] | John Ryan [Member] | 2018 Stock Incentive Plan [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Grant of an aggregate options | 200,000 | |||||||||||||
Forecast [Member] | Linde Havenstrite [Member] | 2018 Stock Incentive Plan [Member] | ||||||||||||||
Subsequent Events (Textual) | ||||||||||||||
Grant of an aggregate options | 200,000 |