Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 19, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Entity Registrant Name | 'Tara Minerals Corp. | ' |
Entity Central Index Key | '0001387054 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 80,132,278 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash | $102,748 | $906,663 |
Other receivables, net | 46,050 | 259,548 |
Deferred tax asset, current portion | ' | 3,323,000 |
Prepaid assets | 122,381 | 54,020 |
Assets held for sale, net | 29,262 | 29,262 |
Other current asset | 29,164 | ' |
Total current assets | 329,605 | 4,572,493 |
Property, plant, equipment, mine development, land and construction in progress, net | 7,445,504 | 7,500,772 |
Deferred tax asset, non-current portion | ' | 2,961,000 |
Other assets | 26,721 | 51,625 |
Total assets | 7,801,830 | 15,085,890 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 857,274 | 2,560,579 |
Notes payable, current portion | 39,277 | 964,288 |
Due to related parties, net of due from | 1,437,120 | 771,382 |
Total current liabilities | 2,333,671 | 4,296,249 |
Notes payable, non-current portion | 31,664 | 721,531 |
Total liabilities | 2,365,335 | 5,017,780 |
Iron Ore Properties financial instrument, net | ' | 600,000 |
Stockholders' equity: | ' | ' |
Common stock: $0.001 par value; authorized 200,000,000 shares; issued and outstanding 78,092,278 and 68,752,278 shares | 78,092 | 68,752 |
Additional paid-in capital | 36,144,949 | 33,577,244 |
Common stock payable | 820,267 | 50,400 |
Accumulated deficit during exploration stage | -34,592,113 | -27,282,680 |
Accumulated other comprehensive loss | -178,800 | -187,146 |
Total Tara Minerals stockholders' equity | 2,272,395 | 6,226,570 |
Non-controlling interest | 3,164,100 | 3,241,540 |
Total stockholders' equity | 5,436,495 | 9,468,110 |
Total liabilities and stockholders' equity | $7,801,830 | $15,085,890 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 78,092,278 | 68,752,278 |
Common stock, shares outstanding | 78,092,278 | 68,752,278 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | 89 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract] | ' | ' | ' | ' | ' |
Mining revenues | ' | ' | ' | ' | $160,421 |
Cost of revenue | ' | ' | ' | ' | 658,007 |
Gross margin | ' | ' | ' | ' | -497,586 |
Exploration expenses | 662,883 | 344,761 | 1,217,071 | 1,204,884 | 8,030,947 |
Operating, general, and administrative expenses | 354,628 | 752,172 | 2,142,706 | 2,825,126 | 31,123,256 |
Net operating loss | -1,017,511 | -1,096,933 | -3,359,777 | -4,030,010 | -39,651,789 |
Non-operating income (loss): | ' | ' | ' | ' | ' |
Interest income | 12,590 | 6,609 | 38,077 | 20,629 | 232,062 |
Interest expense | -2,413 | -2,762 | -206,292 | -11,577 | -2,290,659 |
Loss on debt due to extinguishment and conversion | ' | ' | ' | ' | -776,952 |
Loss on disposal or sale of assets | ' | -8,950 | ' | -8,950 | -30,073 |
Gain on dissolution of joint venture | ' | ' | ' | ' | 100,000 |
Settlement loss, net | -203,000 | ' | -1,064,996 | ' | -314,996 |
(Loss) gain on bargain acquisition of ACM | -6,886 | ' | 3,489,971 | ' | 3,489,971 |
Other income | ' | 1,500 | 145 | 1,500 | 27,419 |
Total non-operating income (loss) | -199,709 | -3,603 | 2,256,905 | 1,602 | 436,772 |
Loss before income taxes | -1,217,220 | -1,100,536 | -1,102,872 | -4,028,408 | -39,215,017 |
Income tax (provision) benefit | -1,359,000 | ' | -6,284,000 | ' | 959,000 |
Loss from continuing operations | -2,576,220 | -1,100,536 | -7,386,872 | -4,028,408 | -38,256,017 |
Discontinued operations: | ' | ' | ' | ' | ' |
Gain from discontinued operations, net of tax | ' | ' | ' | 3,618,402 | 3,618,402 |
Net loss | -2,576,220 | -1,100,536 | -7,386,872 | -410,006 | -34,637,615 |
Net loss (income) attributable to non-controlling interest | 486 | 1,602 | 77,440 | -507,617 | 45,502 |
Net loss attributable to Tara Minerals' shareholders | -2,575,734 | -1,098,934 | -7,309,432 | -917,623 | -34,592,113 |
Other comprehensive income (loss): | ' | ' | ' | ' | ' |
Foreign currency translation income (loss) | 6,235 | -31,770 | 8,346 | -18,504 | -178,800 |
Total comprehensive loss | ($2,569,499) | ($1,130,704) | ($7,301,086) | ($936,127) | ($34,770,913) |
Net loss per share, basic and diluted | ($0.03) | ($0.02) | ($0.10) | ($0.01) | ' |
Weighted average number of shares, basic and diluted | 78,092,278 | 68,752,278 | 72,830,813 | 67,651,533 | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 89 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss attributable to Tara Minerals' shareholders | ($7,309,432) | ($917,623) | ($34,592,113) |
Adjustments to reconcile net loss to net cash: | ' | ' | ' |
Depreciation and amortization | 230,223 | 213,429 | 1,092,922 |
Allowance for doubtful accounts | 35,394 | 367,270 | 2,734,830 |
Stock based compensation and stock bonuses | 59,645 | 354,864 | 9,199,375 |
Common stock issued for services and other expenses | 187,267 | 54,000 | 6,140,401 |
Settlement loss, net | 1,064,996 | ' | 314,996 |
Non-controlling interest in net (loss) income of consolidated subsidiaries | -77,440 | 507,617 | -45,502 |
Non-controlling interest - stock issued to third parties of subsidiaries | ' | ' | 671,028 |
Accretion of beneficial conversion feature and debt discount | 200,000 | ' | 2,183,575 |
Exploration expenses paid with parent and subsidiary common stock | ' | 430,000 | 4,146,365 |
Loss on debt due to extinguishment and conversion | ' | ' | 776,952 |
Accrued interest converted to common stock | ' | ' | 84,438 |
Deferred tax asset, net | 6,284,000 | ' | -959,000 |
Gain from discontinued operations, net of tax | ' | -3,618,402 | -3,618,402 |
Gain on dissolution of joint venture | ' | ' | -100,000 |
Gain on bargain purchase of ACM | -3,489,971 | ' | -3,489,971 |
Other | ' | 19,596 | 92,371 |
Changes in current operating assets and liabilities: | ' | ' | ' |
Other receivables, net | -48,562 | -324,864 | -1,665,689 |
Prepaid expenses | -68,361 | -26,336 | -174,504 |
Other assets | -4,583 | -3,567 | -98,124 |
Accounts payable and accrued expenses | 197,457 | -486,386 | 914,066 |
Net cash used in operating activities | -2,739,367 | -3,430,402 | -16,391,986 |
Cash flows from investing activities: | ' | ' | ' |
Acquisition of property, plant, equipment, land and construction in progress | -217,066 | -551,057 | -3,424,246 |
Purchase of mining concession including mining deposits | -649,677 | 1,550 | -1,719,583 |
Proceeds from the sale or disposal of assets | ' | ' | 29,128 |
Proceeds from the sale of ACM | ' | 7,500,000 | 7,500,000 |
Investment in ACM in 2012 | ' | -224,521 | -224,521 |
Other | ' | ' | -1,721 |
Net cash (used in) provided by investing activities | -866,743 | 6,725,972 | 2,159,057 |
Cash flows from financing activities: | ' | ' | ' |
Cash from the sale of common stock | 2,150,000 | 357,000 | 12,000,588 |
Proceeds from notes payable, related party | ' | ' | 150,000 |
Proceeds from notes payable | ' | ' | 480,000 |
Payments towards notes payable | -21,889 | -734,910 | -2,078,838 |
Payments towards notes payable, related party | ' | -100,000 | -100,000 |
Payment towards equipment financing | ' | ' | -201,438 |
Change in due to/from related parties, net | 665,738 | -1,247,289 | 995,520 |
Payments from joint venture partners | ' | ' | 100,000 |
Non-controlling interest - cash from sale of sale of common stock of subsidiaries | ' | ' | 2,368,645 |
Iron Ore Properties financial instrument | ' | 50,000 | 800,000 |
Net cash provided by (used in) financing activities | 2,793,849 | -1,675,199 | 14,514,477 |
Effect of exchange rate changes on cash | 8,346 | -18,504 | -178,800 |
Net (decrease) increase in cash | -803,915 | 1,601,867 | 102,748 |
Beginning of period cash balance | 906,663 | 365,587 | ' |
End of period cash balance | 102,748 | 1,967,454 | 102,748 |
Supplemental Information: | ' | ' | ' |
Interest paid | 6,757 | 15,972 | 307,819 |
Income taxes paid | ' | ' | 10,565 |
Non-cash Investing and Financing Transactions: | ' | ' | ' |
Purchase of mining concession paid by debt to related party plus capitalized interest | ' | ' | 1,445,448 |
Purchase of concession paid with notes payable or mining deposits plus capitalized interest | ' | 2,153,693 | 3,400,837 |
Recoverable value-added taxes incurred through additional debt and due to related party, net of mining concession modification | ' | 348,000 | 2,101,293 |
Beneficial conversion value for convertible debt and financial instruments | ' | 20,000 | 1,895,000 |
Conversion of debt and Iron Ore Financial instrument to common stock, plus accrued interest | 800,000 | ' | 3,109,438 |
Purchase of property and equipment through debt and common stock | 29,038 | ' | 1,327,089 |
Issuance of common stock for Tara Gold Payable | ' | ' | 100,000 |
Reclassification of assets held for disposal, net | ' | ' | 29,262 |
Receivable reclassified to mining deposit | ' | 1,768 | 58,368 |
Construction in progress or mining deposit reclassified to property, plant and equipment | 112,582 | -175,000 | 112,582 |
Issuance of common stock payable for services | 50,400 | ' | 50,400 |
Other | ' | ' | $31,768 |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Nature of Business and Significant Accounting Policies [Abstract] | ' | ||||||||
Nature of Business and Significant Accounting Policies | ' | ||||||||
Note 1. | Nature of Business and Significant Accounting Policies | ||||||||
Nature of business and principles of consolidation: | |||||||||
The accompanying Condensed Consolidated Financial Statements of Tara Minerals Corp. (the "Company") should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2012. Significant accounting policies disclosed therein have not changed, except as noted below. | |||||||||
Tara Minerals owns 99.9% of the common stock of American Metal Mining S.A. de C.V. ("AMM"), a Mexican corporation, and owns 87% of the common stock of Adit Resources Corp. ("Adit"). Adit in turns owns 99.99% of American Copper Mining, S.A. de C.V. ("ACM") (See Note 11). Tara Minerals' operations in Mexico are conducted through AMM and ACM since Mexican law provides that only Mexican corporations are allowed to own mining properties. | |||||||||
The Company is a mining company in the exploration stage and presents inception to date information, in accordance with the Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Development Stage Entities Topic. | |||||||||
In these financial statements, references to "Company," "we," "our," and/or "us," refer to Tara Minerals Corp. and, unless the context indicates otherwise, its consolidated subsidiaries. | |||||||||
Tara Minerals is a subsidiary of Tara Gold Resources Corp. ("Tara Gold" or "the Company's Parent"). | |||||||||
The accompanying condensed consolidated financial statements and the related footnote information are unaudited. In the opinion of management, they include all normal recurring adjustments necessary for a fair presentation of the condensed consolidated balance sheets of the Company as of September 30, 2013 and December 31, 2012, the condensed consolidated results of its operations for the three and nine months ended September 30, 2013 and 2012 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2012. Results of operations reported for interim periods are not necessarily indicative of results for the entire year. | |||||||||
The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All amounts are in U.S. dollars unless otherwise indicated. All significant inter-company balances and transactions have been eliminated in consolidation. | |||||||||
The reporting currency of the Company and Adit is the U.S. dollar. The functional currency of AMM and ACM is the Mexican Peso. As a result, the financial statements of these subsidiaries have been re-measured from Mexican pesos into U.S. dollars using (i) current exchange rates for monetary asset and liability accounts, (ii) historical exchange rates for non-monetary asset and liability accounts, (iii) historical exchange rates for revenues and expenses associated with non-monetary assets and liabilities, and (iv) the weighted average exchange rate of the reporting period for all other revenues and expenses. In addition, foreign currency transaction gains and losses resulting from U.S. dollar denominated transactions are eliminated. The resulting re-measurement gain (loss) is recorded to other comprehensive gain (loss). | |||||||||
Current and historical exchange rates are not indicative of what future exchange rates will be and should not be construed as such. | |||||||||
Relevant exchange rates used in the preparation of the financial statements for AMM and ACM are as follows for the nine months ended September 30, 2013 and 2012. Mexican pesos per one U.S. dollar: | |||||||||
30-Sep-13 | |||||||||
Current exchange rate | Ps. | 13.1450 | |||||||
Weighted average exchange rate for the nine months ended | Ps. | 12.6796 | |||||||
30-Sep-12 | |||||||||
Current exchange rate | Ps. | 12.8521 | |||||||
Weighted average exchange rate for the nine months ended | Ps. | 13.2391 | |||||||
Reclassifications | |||||||||
Certain reclassifications, which have no effect on net loss, have been made in the prior period financial statements to conform to the current year presentation. | |||||||||
Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management routinely makes judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. | |||||||||
Recoverable Value-Added Taxes (IVA) and Allowance for Doubtful Accounts | |||||||||
Impuesto al Valor Agregado taxes (IVA) are recoverable value-added taxes charged by the Mexican government on goods sold and services rendered at a rate of 16%. Under certain circumstances, these taxes are recoverable by filing a tax return and as determined by the Mexican taxing authority. | |||||||||
Each period, receivables are reviewed for collectability. When a receivable has doubtful collectability we allow for the receivable until we are either assured of collection (and reverse the allowance) or assured that a write-off is necessary. Our allowance in association with our receivable from IVA from our Mexico subsidiary is based on our determination that the Mexican government may not allow the complete refund of these taxes. | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Unaudited) | |||||||||
Allowance - recoverable value-added taxes | $ | 1,618,362 | $ | 1,579,129 | |||||
Allowance - other receivables | 317,589 | 321,428 | |||||||
Total | $ | 1,935,951 | $ | 1,900,557 | |||||
Reclamation and remediation costs (asset retirement obligations) | |||||||||
Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and abandonment costs. | |||||||||
Future remediation costs for reprocessing plant and buildings are accrued based on management's best estimate, at the end of each period, of the undiscounted costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing remediation, maintenance and monitoring costs. Changes in estimates are reflected in earnings in the period an estimate is revised. | |||||||||
Income taxes | |||||||||
Income taxes are provided for using the asset and liability method of accounting in accordance with the Income Taxes Topic of the FASB ASC. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The computation of limitations relating to the amount of such tax assets, and the determination of appropriate valuation allowances relating to the realization of such assets, are inherently complex and require the exercise of judgment. As additional information becomes available, we continually assess the carrying value of our net deferred tax assets. | |||||||||
Fair Value Accounting | |||||||||
As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||
The three levels of the fair value hierarchy are described below: | |||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||
Level 2 | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | ||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||
Recently Adopted and Recently Issued Accounting Guidance | |||||||||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income, which is included in ASC 220, Comprehensive Income. This update improves the reporting of reclassification out of accumulated other comprehensive income. The adoption of this accounting standard update became effective for the Company's interim and annual reporting periods beginning January 1, 2013 The adoption of this guidance did not have a material impact on the Company's financial position, results of operations or cash flows. | |||||||||
In March 2013, the FASB issued ASU No. 2013-05, Liabilities (Topic 830): Parent's Accounting for Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This ASU is effective for interim and annual periods beginning after December 15, 2013 and requires the release of any cumulative translation adjustment into net income upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in foreign entity. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. | |||||||||
In July 2013, FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU is effective for interim and annual periods beginning after December 15, 2013. This update standardizes the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. | |||||||||
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC, did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows. |
Property_plant_equipment_mine_
Property, plant, equipment, mine development, land and construction in progress, net | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Property, plant, equipment, mine development, land and construction in progress, net [Abstract] | ' | ||||||||||||
Property, plant, equipment, mine development, land and construction in progress, net | ' | ||||||||||||
Note 2. | Property, plant, equipment, mine development, land and construction in progress, net | ||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
(Unaudited) | |||||||||||||
Land | $ | 19,590 | $ | 19,590 | |||||||||
Mining concessions: | |||||||||||||
Pilar (a) | 710,172 | 710,172 | |||||||||||
Don Roman | 521,739 | 521,739 | |||||||||||
Las Nuvias | 100,000 | 100,000 | |||||||||||
Centenario | 635,571 | 635,571 | |||||||||||
La Palma | 80,000 | 80,000 | |||||||||||
La Verde | 60,000 | 60,000 | |||||||||||
Champinon (b) | - | 2,153,693 | |||||||||||
Dixie Mining District (c) | 650,000 | - | |||||||||||
Picacho Groupings (See Note 11) | 1,571,093 | - | |||||||||||
Mining concessions | 4,328,575 | 4,261,175 | |||||||||||
Construction in progress | - | 269,244 | |||||||||||
Property, plant and equipment | 4,163,745 | 3,786,947 | |||||||||||
8,511,910 | 8,336,956 | ||||||||||||
Less - accumulated depreciation | (1,066,406 | ) | (836,184 | ) | |||||||||
$ | 7,445,504 | $ | 7,500,772 | ||||||||||
Pilar, Don Roman, Las Nuvias, Centenario, La Palma and La Verde properties are geographically located in Mexico and are known as the Don Roman Groupings. | |||||||||||||
a. | In January 2007, the Company acquired the Pilar de Mocoribo Prospect ("Pilar") from Tara Gold Resources Corp. for $739,130 plus $115,737 of value-added tax (as amended). The Company owes $535,659 for this mining concession (including the applicable value-added tax). | ||||||||||||
In accordance with the Interest Topic of FASB ASC, the future payments of the total payment amount of $739,130 have been discounted using the incremental borrowing rate of 5.01%. As of September 30, 2013, the present value of future payments is as follows: | |||||||||||||
Debt | IVA | Total | |||||||||||
Total remaining debt | $ | 486,739 | $ | 77,878 | $ | 564,617 | |||||||
Imputed interest | (28,959 | ) | - | (28,959 | ) | ||||||||
Present value of debt | $ | 457,780 | $ | 77,878 | $ | 535,658 | |||||||
b. | In September 2011, the Company leased the Mina El Champinon Iron Ore Project ("Champinon") in exchange for royalty payments based on production. From September 2011 to April 2012, the Company paid $235,000, plus $38,000 in value-added taxes in advances against royalty payments. | ||||||||||||
In May, 2012, the Company terminated the lease agreement for Champinon and entered into a new agreement to acquire the Iron Ore Project for an effective purchase price of $2,175,000, plus $348,000 in value-added taxes. The advances against royalty payments made before the lease agreement was terminated were applied against the effective purchase of the Iron Ore Project. | |||||||||||||
In May 2012, the Company purchased technical data pertaining to Champinon from the former owner for 500,000 shares of Tara Minerals' common stock, valued at $430,000. | |||||||||||||
On March 15, 2013, a Settlement Agreement and Release ("Agreement") was entered into by and among the Company, AMM, Jeffrey Holt, Tom Claridge, Steve Eady, Carnegie Mining and Exploration, Inc. ("CMEI"), CME Operations, LLC ("CME")(CMEI and CME, referred to as "Carnegie"), Harsco Corporation, and Pittsburgh Mineral & Environmental Technology, Inc. In exchange for Carnegie's acknowledgement that it has no rights under a previously granted option on the Don Roman property further described below, AMM assigned its Champinon mining rights purchase contract, including all related obligations and acquisition payments, to Plathio Trading Mexico, SA de CV, Carnegie's Mexican subsidiary, and the Company agreed to issue to Carnegie 500,000 restricted shares of the Company's common stock, which may not be sold until the earlier of: (i) the Company's shares reaching a minimum trading price of $1.00 per share; or (ii) two years from the date of the Agreement. Under the transfer agreement for the Champinon property, AMM retains mining and beneficial rights to known silver, zinc, and led vein structure present on the Champinon concession. On March 22, 2013, the 500,000 restricted shares were issued. The Agreement confirms Carnegie's acknowledgement of the Company's 100% ownership of the Don Roman property. | |||||||||||||
Per the Agreement dated March 15, 2013, the Company retained ownership of 14 hectares of the Champinon mining concession which the Company valued at $203,000. As of September 2013, the Company was notified of a default of the purchase contract by non-performance of Carnegie; the Company concluded that at this time the probability of retaining claim on the 14 hectares of the Champinon mining concession is remote and therefore removed the mining concession from its books and recognized it as an additional loss on the Agreement. | |||||||||||||
The Company recognized a total loss of $1,064,996 on the Agreement mentioned above. | |||||||||||||
c. | In May 2013, the Company acquired the Dixie Mining District, located in Idaho, from an independent third party for an effective purchase price of $400,000. The purchase price was paid in full in 2013. In September 2013 the Company exercised its option to acquire 20 additional acres of unpatented mining claims to add to the Dixie Mining District, for an effective purchase price of $250,000. To date, the land package consists of 6,741 acres consisting of both patented and unpatented mining claims. | ||||||||||||
The independent third party shall receive royalties upon all ores, mineral-bearing rock and other deposits extracted and shipped or milled, treated, and sold from the property in the amount of 3% of the net smelter or mill returns earned from the property prior to December 31, 2014. The royalty agreement provides that the payment of the royalty shall terminate upon the independent third party receiving $558,160. If that amount is not paid as of December 31, 2014, the Company is required to pay the difference. No royalty shall be owed to the independent third party if mining on the property is not economically feasible. As of September 30, 2013, no royalty payments have been paid. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 3. | Income Taxes | ||||||||||||
The Company files income tax returns in the United States ("U.S.") and Mexican jurisdictions. In the U.S., Tara Minerals and Adit file a consolidated tax return, which was filed on June 27, 2013. In Mexico, AMM files a standalone tax return, which was filed on March 27, 2013. No tax returns for the Company or any subsidiary of the Company are currently under examination by any tax authorities in their respective countries, except for routine tax reviews for AMM for January - December 2011. | |||||||||||||
The provision for federal and state income taxes for the nine months ended September 30, 2013 includes elements of the Tara Minerals and Adit as one filing entity; and AMM as a separate filing entity. | |||||||||||||
The September 30, 2013, and since inception income tax benefit, net of tax associated with discontinued operations, is as follows: | |||||||||||||
U.S. Companies | Mexico Companies | Total | |||||||||||
Current asset (liability) - total | $ | - | $ | - | $ | - | |||||||
Deferred asset (liability) - total | 7,367,000 | 2,433,000 | 9,800,000 | ||||||||||
Valuation allowance | (7,367,000 | ) | (2,433,000 | ) | (9,800,000 | ) | |||||||
Income tax benefit, since inception | $ | - | $ | - | $ | - | |||||||
As further discussed in Note 11, the Company sold 100% of its interest in ACM in April 2012 and re-acquired it on May 9, 2013. | |||||||||||||
A valuation allowance is recorded when it is more likely than not that the deferred tax assets will be realized. The future use of deferred tax assets is dependent on the future taxable profits which arise from taxable temporary timing differences such as: | |||||||||||||
· | Differences in expensed stock based compensation and stock for investor relation services and corporate officers. | ||||||||||||
· | The capitalization of foreign mining exploration expenses for U.S. federal income tax purposes. | ||||||||||||
· | A carry forward of a net operating loss. | ||||||||||||
At September 30, 2013, total deferred tax assets and deferred tax liabilities are as follows: | |||||||||||||
U.S. Companies | Mexico Companies | Total | |||||||||||
Deferred tax asset - current | $ | 276,000 | $ | - | $ | 276,000 | |||||||
Deferred tax asset - non-current portion | 7,091,000 | 2,433,000 | 9,524,000 | ||||||||||
Total deferred tax asset | 7,367,000 | 2,433,000 | 9,800,000 | ||||||||||
Deferred tax liability - current | - | - | - | ||||||||||
Deferred tax liability - non current | - | - | - | ||||||||||
Total deferred tax liability | - | - | - | ||||||||||
Valuation allowance | (7,367,000 | ) | (2,433,000 | ) | (9,800,000 | ) | |||||||
Net deferred tax asset (liability) | $ | - | $ | - | $ | - | |||||||
Net operating losses generated in the U.S. may only be used to offset income generated in the U.S. The U.S. deferred tax asset has been reduced from approximately $6,284,000 to zero due to management's forecast on the ability to utilize the related deferred tax assets as of 2013 or in 2014. | |||||||||||||
Net operating losses generated in Mexico may only be used to offset income generated in Mexico. AMM has a net operating loss in Mexico of approximately $1,055,000 with an estimated deferred tax benefit of $317,000. The net operating loss and estimated tax benefit has been added to net operating losses and tax benefits from previous years. | |||||||||||||
Per the Income Tax topic of the FASB ASC, when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We have fully allowed for the entire deferred tax asset for the Company and all subsidiaries as of September 30, 2013. | |||||||||||||
Net operating losses expire as follows: | |||||||||||||
U.S. Companies | Mexico Companies | Total | |||||||||||
31-Dec-29 | $ | - | $ | - | $ | - | |||||||
31-Dec-30 | 6,810,000 | 3,722,000 | 10,532,000 | ||||||||||
31-Dec-31 | 2,330,000 | 1,864,000 | 4,194,000 | ||||||||||
31-Dec-32 | - | 1,468,000 | 1,468,000 | ||||||||||
31-Dec-33 | - | 1,055,000 | 1,055,000 | ||||||||||
Total net operating loss | $ | 9,140,000 | $ | 8,109,000 | $ | 17,249,000 | |||||||
Per U.S. Internal Revenue Code Section 382, in the event of a change of ownership, the availability of the Company's net operating losses carry forwards may be subject to an annual limitation against taxable income in future periods, which could substantially limit the eventual utilization of this net operating loss carry forwards. This limitation may not apply pursuant to an ownership change as described in Section 1262 of P.L. 111-5. | |||||||||||||
Reconciliation of the differences between the statuary tax rate and the effective income tax rate is as follows: | |||||||||||||
2013 | |||||||||||||
Amount | Percentage | ||||||||||||
Tax at statutory federal rate | $ | (386,000 | ) | (35.0 | %) | ||||||||
Temporary differences | |||||||||||||
Exploration cost - current | 9,000 | 0.8 | % | ||||||||||
Exploration cost - non-current | 333,000 | 30.2 | % | ||||||||||
Stock based compensation | 21,000 | 1.9 | % | ||||||||||
Decrease in deferred tax asset due to net operating losses reduced by profits | (1,377,000 | ) | (124.9 | %) | |||||||||
Valuation allowance for U.S. Companies | 7,367,000 | 668 | % | ||||||||||
Valuation allowance for Mexico | 317,000 | 28.7 | % | ||||||||||
Tax benefit at effective rate | $ | 6,284,000 | 569.7 | % |
Notes_Payable
Notes Payable | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Notes payable [Abstract] | ' | ||||||||||||||||||||||||
Notes payable | ' | ||||||||||||||||||||||||
Note 4. | Notes Payable | ||||||||||||||||||||||||
The following table represents the outstanding balance of notes payable. | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Mining concession | $ | - | $ | 1,622,027 | |||||||||||||||||||||
Auto loans | 70,941 | 63,792 | |||||||||||||||||||||||
70,941 | 1,685,819 | ||||||||||||||||||||||||
Less - current portion | (39,277 | )) | (964,288 | ) | |||||||||||||||||||||
Total - non-current portion | $ | 31,664 | $ | 721,531 | |||||||||||||||||||||
During the quarter ended September 30, 2013, Tara Minerals purchased a vehicle to be used in operations for $31,038. Tara Minerals paid $2,000 as a down payment and financed the remainder amount of $29,038 by issuing a note payable. The note carries interest at 3.74% and matures in August 2018. As of September 30, 2013 the outstanding balance on the loan was $28,157. | |||||||||||||||||||||||||
The five year maturity schedule for notes payable is presented below: | |||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | Total | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
Auto Loans | $ | 39,277 | $ | 14,536 | $ | 5,836 | $ | 6,062 | $ | 5,230 | $ | 70,941 |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
Note 5. | Related Party Transactions | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Unaudited) | |||||||||
Due from related parties | $ | 299,560 | $ | 970,300 | |||||
Due to related parties | (1,736,680 | ) | (1,741,682 | ) | |||||
$ | (1,437,120 | ) | $ | (771,382 | ) | ||||
All transactions with related parties have occurred in the normal course of operations. Mexico based related party transactions are measured at the foreign exchange amount. | |||||||||
In January 2007, Corporacion Amermin S.A. de C.V. ("Amermin"), a subsidiary of Tara Gold, made arrangements to purchase the Pilar; Don Roman and Las Nuvias properties listed in Note 2 (part of the Don Roman Groupings) and subsequently sold the concessions to AMM. At September 30, 2013, Amermin has paid the original note holder in full and AMM owes Amermin $535,659 for the Pilar mining concession and $211,826 for the Don Roman mining concession. | |||||||||
As of September 30, 2013, Amermin has loaned a total of $989,195 to AMM at 0% interest, due on demand. | |||||||||
As of September 30, 2013, Tara Gold owed the Company a total of $190,148 at 0% interest, due on demand. During the nine months ended September 30, 2013, Tara Gold made a payment in the amount of $995,976 to the Company for amounts previously borrowed. | |||||||||
The following are intercompany transactions that were eliminated during the consolidation of these financial statements: | |||||||||
During 2012, Tara Minerals issued Adit six promissory notes for $4,286,663. During 2013, Tara Minerals issued Adit one promissory note for $610,000. Notes due May 2013 and August 2013 were extended for one year. These notes are unsecured, bear interest at U.S. prime rate plus 3.25% per year and are due and payable between October 2013 (see Note 12) and August 2014. As of September 30, 2013 Tara Minerals owed Adit $5,254,709 in interest and principal. |
Iron_Ore_Properties_and_Relate
Iron Ore Properties and Related Financial Instrument | 9 Months Ended | |
Sep. 30, 2013 | ||
Iron Ore Properties and Related Financial Instrument [Abstract] | ' | |
Iron Ore Properties and Related Financial Instrument | ' | |
Note 6. | Iron Ore Properties and Related Financial Instrument | |
The Company raised $750,000 (2011) and $50,000 (2012), for a total of $800,000 through a financial instrument to fund potential Iron Ore Properties. The financial instrument has no repayment requirement, except if the Iron Ore Properties generate revenue. As the Company's common stock had not been issued and this is not a debt instrument, the amount raised was treated as a temporary financing instrument until such time as changes that require debt or permanent equity treatment. The beneficial conversion feature of this instrument was determined to be $180,000 (2011) and $20,000 (2012), for a total of $200,000. | ||
In January 2013, Tara Minerals entered into conversion agreements on the above referenced financial instruments of the Iron Ore instruments to convert their instrument to a total of 1,600,000 shares of common stock. In February 2013, the Company issued 300,000 shares of common stock and 1,300,000 additional shares were issued October 2013 (see Note 7 and 12). |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |
Sep. 30, 2013 | ||
Stockholders' Equity [Abstract] | ' | |
Stockholders' Equity | ' | |
Note 7. | Stockholders' Equity | |
In January 2013, Tara Minerals entered into conversion agreements to convert the financial instrument (See Note 6) to a total of 1,600,000 shares of common stock. In February 2013, the Company issued 300,000 shares of the Company's common stock and 1,300,000 additional shares were issued October 2013 (see Note 12). | ||
In February 2013, the Company issued 190,000 shares of the Company's common stock, valued at $68,400, or $0.36 a share for investor relations services over a six month period that commenced on December 2012. | ||
In March 2013, the Company issued 500,000 shares of the Company's common stock, valued at $150,000, or $0.30 a share per the Champinon settlement agreement (see Note 2). | ||
In January and March 2013, the Company sold 3,500,000 shares of common stock subscribed to under a private placement with independent parties for $700,000, or $0.20 per share; shares were issued in June 2013. | ||
In June 2013, the Company issued 4,500,000 shares of the Company's common stock, valued at $1,350,000, or $0.30 a share for cash to its parent, Tara Gold Resources Inc. | ||
In June 2013, the Company issued 250,000 shares of the Company's common stock, valued at $70,000, or $0.28 a share for services incurred during the period. | ||
In June 2013, the Company issued 100,000 shares of the Company's common stock, valued at $29,000, or $0.29 a share for services incurred during the period. | ||
In July 2013, the Company entered into investor relations consulting agreements for six month periods and the Company shall issue a total of 190,000 shares, valued at $30,400. The shares were issued in October 2013 (see Note 12). | ||
In September 2013, the Company sold 500,000 shares of the Company's common stock subscribed to under a private placement with independent parties for $100,000, or $0.20 per share. The shares were issued in October 2013 (see Note 12). | ||
The Company received services valued at $39,867 for services performed during the quarter ended September 30, 2013 to be paid with 160,449 shares. 50,000 shares valued at $13,500 were issued in October 2013 (see Note 12), the rest remain outstanding as of the date of this filing. |
Options_and_Warrants
Options and Warrants | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Options and Warrants [Abstract] | ' | ||||||||||||||||
Options and Warrants | ' | ||||||||||||||||
Note 8. | Options and Warrants | ||||||||||||||||
The Company has the following incentive plans which are registered under a Form S-8: | |||||||||||||||||
· Incentive Stock Option Plan | |||||||||||||||||
· Nonqualified Stock Option Plan | |||||||||||||||||
· Stock Bonus Plan | |||||||||||||||||
In May 2011, under its Incentive Stock Option Plan the Company granted two of its officers options for the purchase of 750,000 shares of common stock. In April 2013, the options were cancelled and the Company concurrently granted new Incentive Stock Options to the officers; under this new grant the officers have the option to purchase 750,000 shares of common stock, exercisable at a price of $0.25 per share and vest at various dates until April 2015. The options expire at various dates beginning April 2020. In accordance with the Stock Compensation Topic, FASB ASC 718-20-35, the Company has analyzed the cancellation of the award accompanied by the concurrent grant of a replacement award and determined that there was no further incremental compensation cost. The options that vested during the nine months ended September 30, 2013 associated with this transaction were valued at $59,645. | |||||||||||||||||
On October 28, 2009, Adit, the Company's subsidiary, adopted the following incentive plans which have not been registered: | |||||||||||||||||
· Incentive Stock Option Plan | |||||||||||||||||
· Nonqualified Stock Option Plan | |||||||||||||||||
· Stock Bonus Plan | |||||||||||||||||
There have been no issuances under the Adit plans in 2013. | |||||||||||||||||
The fair value of awards issued is estimated on the date of grant using the Black-Scholes valuation model that uses the assumptions noted in the following table. Expected volatilities are based on volatilities from the Company's traded common stock. The expected term of the award granted is usually estimated at half of the contractual term as noted in the individual agreements, unless the life is one year or less based upon management's assessment of known factors, and represents the period of time that management anticipates awards granted to be outstanding. The risk-free rate for the periods within the contractual life of the option is based on the U.S. Treasury bond rate in effect at the time of the grant for bonds with maturity dates at the estimated term of the options. Historically the Company has had no forfeitures of options or warrants; therefore, the Company uses a zero forfeiture rate. | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Expected volatility | 218.84% | 104.82% - 131.10% | |||||||||||||||
Weighted-average volatility | 0% | 117.96% | |||||||||||||||
Expected dividends | 0 | 0 | |||||||||||||||
Expected term (in years) | 2 | 1 | |||||||||||||||
Risk-free rate | 0.22% | 0.05% - 0.14% | |||||||||||||||
A summary of option activity under the Plans as of September 30, 2013 (unaudited) and changes during the period then ended is presented below: | |||||||||||||||||
Options | Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||
Exercise Price | Remaining Contractual Term | Intrinsic Value | |||||||||||||||
Outstanding at December 31, 2012 | 2,750,000 | $ | 0.34 | ||||||||||||||
Granted | 750,000 | 0.25 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited, expired or cancelled | (750,000 | ) | 0.48 | ||||||||||||||
Outstanding at September 30, 2013 | 2,750,000 | $ | 0.24 | 3 | $ | 273,000 | |||||||||||
Exercisable at September 30, 2013 | 2,340,000 | $ | 0.3 | 3 | $ | 273,000 | |||||||||||
Non-vested Options | Options | Weighted-Average | |||||||||||||||
Grant-Date Fair Value | |||||||||||||||||
Non-vested at December 31, 2012 | 160,000 | $ | 0.48 | ||||||||||||||
Granted | 750,000 | 0.25 | |||||||||||||||
Vested | (340,000 | ) | 0.25 | ||||||||||||||
Forfeited, expired or cancelled | (160,000 | ) | 0.48 | ||||||||||||||
Non-vested at September 30, 2013 | 410,000 | $ | 0.25 | ||||||||||||||
A summary of warrant activity as of September 30, 2013 (unaudited) and changes during the period then ended is presented below: | |||||||||||||||||
Warrants | Shares | Weighted-Average | Weighted-Average Remaining | Aggregate | |||||||||||||
Exercise Price | Contractual Term | Intrinsic Value | |||||||||||||||
Outstanding at December 31, 2012 | 2,788,333 | $ | 1.38 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited, cancelled or expired | (2,788,333 | ) | (1.38 | ) | |||||||||||||
Outstanding at September 30, 2013 | - | $ | - | 0 | $ | - | |||||||||||
Exercisable at September 30, 2013 | - | $ | - | 0 | $ | - | |||||||||||
All warrants vest upon issuance. |
Noncontrolling_Interest
Non-controlling Interest | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Non-controlling Interest [Abstract] | ' | ||||||||
Non-controlling Interest | ' | ||||||||
Note 9. | Non-controlling Interest | ||||||||
Cumulative results of these activities results in: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Unaudited) | |||||||||
Common stock for cash | $ | 1,999,501 | $ | 1,999,501 | |||||
Common stock for services | 95,215 | 95,215 | |||||||
Exploration expenses paid for in subsidiary common stock | 240,000 | 240,000 | |||||||
Stock based compensation | 1,374,880 | 1,374,880 | |||||||
Cumulative net income (loss) attributable to non-controlling interest | (45,502 | ) | 31,938 | ||||||
Treasury stock | (500,000 | ) | (500,000 | ) | |||||
Other | 6 | 6 | |||||||
Total non-controlling interest | $ | 3,164,100 | $ | 3,241,540 | |||||
A summary of activity as of September 30, 2013 and changes during the period then ended is presented below: | |||||||||
Non-controlling interest at December 31, 2012 | $ | 3,241,540 | |||||||
Net loss attributable to non-controlling interest | (77,440 | ) | |||||||
Non-controlling interest at September 30, 2013 | $ | 3,164,100 |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
Note 10. | Fair Value | ||||||||||||||||
In accordance with authoritative guidance, the table below sets forth the Company's financial assets and liabilities measured at fair value by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Fair Value at September 30, 2013 | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Fair market value of ACM's net identifiable assets acquired | $ | 1,589,208 | $ | - | $ | - | $ | 1,589,208 | |||||||||
(See Note 11) | |||||||||||||||||
Liabilities: | |||||||||||||||||
None | $ | - | $ | - | $ | - | $ | - | |||||||||
Fair Value at December 31, 2012 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
None | $ | - | $ | - | $ | - | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Iron Ore Properties financial instrument, net | $ | 600,000 | $ | - | $ | -200,000 | $ | 800,000 | |||||||||
The following is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2013: | |||||||||||||||||
Beginning balance | $ | 800,000 | |||||||||||||||
Additions | 1,596,095 | ||||||||||||||||
Reductions (conversion of Iron Ore Instrument) | (806,885 | ) | |||||||||||||||
Ending balance | $ | 1,589,208 | |||||||||||||||
The amount of total gains or losses for the year included in earnings attributable to the | $ | - | |||||||||||||||
change in unrealized gains or losses relating to liabilities still held at reporting date | |||||||||||||||||
Reacquisition_of_American_Copp
Re-acquisition of American Copper Mining, S.A. de C.V. | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Re-acquisition of American Copper Mining, S.A. de C.V. [Abstract] | ' | ||||
Re-acquisition of American Copper Mining, S.A. de C.V. | ' | ||||
Note 11. | Re-acquisition of American Copper Mining, S.A. de C.V. | ||||
On April 4, 2012 Adit, sold its 99.99% owned subsidiary, ACM to Yamana. ACM's primary asset is the Picacho group of concessions (the "Property") located in Sonora, Mexico. The Property does not have any proven reserves. | |||||
Yamana had the option to terminate the Agreement within ten business days prior to the first year anniversary date of escrow release for any reason. If the Agreement was terminated, Yamana would be required to return ownership of ACM and the underlying Property to the Company in good standing. If this occurred, the first cash payment would be retained by the Company. | |||||
On May 7, 2013, Adit received notice that Yamana was terminating the purchase agreement for the sale of Adit's subsidiary, ACM. Under the terms of Yamana's notice to Adit, the termination became effective May 9, 2013. At this time, per the amended agreement, the cancellation resulted in reverting ACM to Adit "as if the sale of ACM never took place". | |||||
The Company has initially calculated the fair value of the assets purchased and liabilities assumed as follows: | |||||
Assets: | 8-May-13 | ||||
Picacho Groupings | $ | 1,571,093 | |||
Improvements (Mine site warehouse) | 18,115 | ||||
Liabilities: | |||||
None | - | ||||
Fair market value of net identifiable assets acquired | 1,589,208 | ||||
Less: Fair value of the consideration transferred for ACM | - | ||||
Add: Release of Adit's tax liability due to the termination of the purchase | 1,900,763 | ||||
Value of assigned gain on bargain acquisition of ACM | $ | 3,489,971 | |||
The Company is finalizing this transaction but did not identify any intangible items which qualify for separate disclosure or accounting apart from goodwill. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
Note 12. | Subsequent Events | |
a) | In October 2013, Tara Gold loaned the Company $120,000 at 0% interest, due on demand. | |
b) | In October 2013, the Company issued 190,000 shares of the Company's common stock, valued at $30,400, or $0.16 a share for investor relations services over a six month period that commenced on July 2013. | |
In October 2013, the Company issued the remaining 1,300,000 shares in relation to the conversion agreements to convert the financial instrument entered into in January 2013 (See Note 6). | ||
In October 2013, the Company issued 500,000 shares of the Company's common stock subscribed to under a private placement with an independent party in September 2013 for $100,000, or $0.20 per share. | ||
In October 2013, the Company issued 50,000 shares of the Company's common stock, valued at $13,500, or $0.27 a share for services incurred in September 2013. | ||
c) | In October 2013, three promissory notes for $775,000 plus interest due, in October 2013 between Adit and the Company were extended one year, bearing interest at U.S. prime rate plus 3.25% per year (see Note 5). This is an intercompany transaction that eliminates during the consolidation of financial statements. | |
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Nature of Business and Significant Accounting Policies [Abstract] | ' | ||||||||
Nature of business and principles of consolidation | ' | ||||||||
Nature of business and principles of consolidation: | |||||||||
The accompanying Condensed Consolidated Financial Statements of Tara Minerals Corp. (the "Company") should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2012. Significant accounting policies disclosed therein have not changed, except as noted below. | |||||||||
Tara Minerals owns 99.9% of the common stock of American Metal Mining S.A. de C.V. ("AMM"), a Mexican corporation, and owns 87% of the common stock of Adit Resources Corp. ("Adit"). Adit in turns owns 99.99% of American Copper Mining, S.A. de C.V. ("ACM") (See Note 11). Tara Minerals' operations in Mexico are conducted through AMM and ACM since Mexican law provides that only Mexican corporations are allowed to own mining properties. | |||||||||
The Company is a mining company in the exploration stage and presents inception to date information, in accordance with the Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Development Stage Entities Topic. | |||||||||
In these financial statements, references to "Company," "we," "our," and/or "us," refer to Tara Minerals Corp. and, unless the context indicates otherwise, its consolidated subsidiaries. | |||||||||
Tara Minerals is a subsidiary of Tara Gold Resources Corp. ("Tara Gold" or "the Company's Parent"). | |||||||||
The accompanying condensed consolidated financial statements and the related footnote information are unaudited. In the opinion of management, they include all normal recurring adjustments necessary for a fair presentation of the condensed consolidated balance sheets of the Company as of September 30, 2013 and December 31, 2012, the condensed consolidated results of its operations for the three and nine months ended September 30, 2013 and 2012 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2013 and 2012. Results of operations reported for interim periods are not necessarily indicative of results for the entire year. | |||||||||
The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All amounts are in U.S. dollars unless otherwise indicated. All significant inter-company balances and transactions have been eliminated in consolidation. | |||||||||
The reporting currency of the Company and Adit is the U.S. dollar. The functional currency of AMM and ACM is the Mexican Peso. As a result, the financial statements of these subsidiaries have been re-measured from Mexican pesos into U.S. dollars using (i) current exchange rates for monetary asset and liability accounts, (ii) historical exchange rates for non-monetary asset and liability accounts, (iii) historical exchange rates for revenues and expenses associated with non-monetary assets and liabilities, and (iv) the weighted average exchange rate of the reporting period for all other revenues and expenses. In addition, foreign currency transaction gains and losses resulting from U.S. dollar denominated transactions are eliminated. The resulting re-measurement gain (loss) is recorded to other comprehensive gain (loss). | |||||||||
Current and historical exchange rates are not indicative of what future exchange rates will be and should not be construed as such. | |||||||||
Relevant exchange rates used in the preparation of the financial statements for AMM and ACM are as follows for the nine months ended September 30, 2013 and 2012. Mexican pesos per one U.S. dollar: | |||||||||
30-Sep-13 | |||||||||
Current exchange rate | Ps. | 13.1450 | |||||||
Weighted average exchange rate for the nine months ended | Ps. | 12.6796 | |||||||
30-Sep-12 | |||||||||
Current exchange rate | Ps. | 12.8521 | |||||||
Weighted average exchange rate for the nine months ended | Ps. | 13.2391 | |||||||
Reclassifications | ' | ||||||||
Reclassifications | |||||||||
Certain reclassifications, which have no effect on net loss, have been made in the prior period financial statements to conform to the current year presentation. | |||||||||
Estimates | ' | ||||||||
Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management routinely makes judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. | |||||||||
Recoverable Value-Added Taxes (IVA) and Allowance for Doubtful Accounts | ' | ||||||||
Recoverable Value-Added Taxes (IVA) and Allowance for Doubtful Accounts | |||||||||
Impuesto al Valor Agregado taxes (IVA) are recoverable value-added taxes charged by the Mexican government on goods sold and services rendered at a rate of 16%. Under certain circumstances, these taxes are recoverable by filing a tax return and as determined by the Mexican taxing authority. | |||||||||
Each period, receivables are reviewed for collectability. When a receivable has doubtful collectability we allow for the receivable until we are either assured of collection (and reverse the allowance) or assured that a write-off is necessary. Our allowance in association with our receivable from IVA from our Mexico subsidiary is based on our determination that the Mexican government may not allow the complete refund of these taxes. | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Unaudited) | |||||||||
Allowance - recoverable value-added taxes | $ | 1,618,362 | $ | 1,579,129 | |||||
Allowance - other receivables | 317,589 | 321,428 | |||||||
Total | $ | 1,935,951 | $ | 1,900,557 | |||||
Reclamation and remediation costs (asset retirement obligations) | ' | ||||||||
Reclamation and remediation costs (asset retirement obligations) | |||||||||
Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and abandonment costs. | |||||||||
Future remediation costs for reprocessing plant and buildings are accrued based on management's best estimate, at the end of each period, of the undiscounted costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing remediation, maintenance and monitoring costs. Changes in estimates are reflected in earnings in the period an estimate is revised. | |||||||||
Income taxes | ' | ||||||||
Income taxes | |||||||||
Income taxes are provided for using the asset and liability method of accounting in accordance with the Income Taxes Topic of the FASB ASC. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The computation of limitations relating to the amount of such tax assets, and the determination of appropriate valuation allowances relating to the realization of such assets, are inherently complex and require the exercise of judgment. As additional information becomes available, we continually assess the carrying value of our net deferred tax assets. | |||||||||
Fair Value Accounting | ' | ||||||||
Fair Value Accounting | |||||||||
As required by the Fair Value Measurements and Disclosures Topic of the FASB ASC, fair value is measured based on a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||
The three levels of the fair value hierarchy are described below: | |||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||
Level 2 | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; | ||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||
Recently Adopted and Recently Issued Accounting Guidance | ' | ||||||||
Recently Adopted and Recently Issued Accounting Guidance | |||||||||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income, which is included in ASC 220, Comprehensive Income. This update improves the reporting of reclassification out of accumulated other comprehensive income. The adoption of this accounting standard update became effective for the Company's interim and annual reporting periods beginning January 1, 2013 The adoption of this guidance did not have a material impact on the Company's financial position, results of operations or cash flows. | |||||||||
In March 2013, the FASB issued ASU No. 2013-05, Liabilities (Topic 830): Parent's Accounting for Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This ASU is effective for interim and annual periods beginning after December 15, 2013 and requires the release of any cumulative translation adjustment into net income upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in foreign entity. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. | |||||||||
In July 2013, FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU is effective for interim and annual periods beginning after December 15, 2013. This update standardizes the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. | |||||||||
Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC, did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows. |
Nature_of_Business_and_Signifi2
Nature of Business and Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Nature of Business and Significant Accounting Policies [Abstract] | ' | ||||||||
Summary of Exchange Rates | ' | ||||||||
Relevant exchange rates used in the preparation of the financial statements for AMM and ACM are as follows for the nine months ended September 30, 2013 and 2012. Mexican pesos per one U.S. dollar: | |||||||||
30-Sep-13 | |||||||||
Current exchange rate | Ps. | 13.1450 | |||||||
Weighted average exchange rate for the nine months ended | Ps. | 12.6796 | |||||||
30-Sep-12 | |||||||||
Current exchange rate | Ps. | 12.8521 | |||||||
Weighted average exchange rate for the nine months ended | Ps. | 13.2391 | |||||||
Schedule of Allowances of Receivables | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Unaudited) | |||||||||
Allowance - recoverable value-added taxes | $ | 1,618,362 | $ | 1,579,129 | |||||
Allowance - other receivables | 317,589 | 321,428 | |||||||
Total | $ | 1,935,951 | $ | 1,900,557 |
Property_plant_equipment_mine_1
Property, plant, equipment, mine development, land and construction in progress, net (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||||||
Schedule of Property, Plant, Equipment, Mine Development, Land and Construction in Progress | ' | ||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
(Unaudited) | |||||||||||||
Land | $ | 19,590 | $ | 19,590 | |||||||||
Mining concessions: | |||||||||||||
Pilar (a) | 710,172 | 710,172 | |||||||||||
Don Roman | 521,739 | 521,739 | |||||||||||
Las Nuvias | 100,000 | 100,000 | |||||||||||
Centenario | 635,571 | 635,571 | |||||||||||
La Palma | 80,000 | 80,000 | |||||||||||
La Verde | 60,000 | 60,000 | |||||||||||
Champinon (b) | - | 2,153,693 | |||||||||||
Dixie Mining District (c) | 650,000 | - | |||||||||||
Picacho Groupings (See Note 11) | 1,571,093 | - | |||||||||||
Mining concessions | 4,328,575 | 4,261,175 | |||||||||||
Construction in progress | - | 269,244 | |||||||||||
Property, plant and equipment | 4,163,745 | 3,786,947 | |||||||||||
8,511,910 | 8,336,956 | ||||||||||||
Less - accumulated depreciation | (1,066,406 | ) | (836,184 | ) | |||||||||
$ | 7,445,504 | $ | 7,500,772 | ||||||||||
Pilar, Don Roman, Las Nuvias, Centenario, La Palma and La Verde properties are geographically located in Mexico and are known as the Don Roman Groupings. | |||||||||||||
a. | In January 2007, the Company acquired the Pilar de Mocoribo Prospect ("Pilar") from Tara Gold Resources Corp. for $739,130 plus $115,737 of value-added tax (as amended). The Company owes $535,659 for this mining concession (including the applicable value-added tax). | ||||||||||||
In accordance with the Interest Topic of FASB ASC, the future payments of the total payment amount of $739,130 have been discounted using the incremental borrowing rate of 5.01%. As of September 30, 2013, the present value of future payments is as follows: | |||||||||||||
Debt | IVA | Total | |||||||||||
Total remaining debt | $ | 486,739 | $ | 77,878 | $ | 564,617 | |||||||
Imputed interest | (28,959 | ) | - | (28,959 | ) | ||||||||
Present value of debt | $ | 457,780 | $ | 77,878 | $ | 535,658 | |||||||
b. | In September 2011, the Company leased the Mina El Champinon Iron Ore Project ("Champinon") in exchange for royalty payments based on production. From September 2011 to April 2012, the Company paid $235,000, plus $38,000 in value-added taxes in advances against royalty payments. | ||||||||||||
In May, 2012, the Company terminated the lease agreement for Champinon and entered into a new agreement to acquire the Iron Ore Project for an effective purchase price of $2,175,000, plus $348,000 in value-added taxes. The advances against royalty payments made before the lease agreement was terminated were applied against the effective purchase of the Iron Ore Project. | |||||||||||||
In May 2012, the Company purchased technical data pertaining to Champinon from the former owner for 500,000 shares of Tara Minerals' common stock, valued at $430,000. | |||||||||||||
On March 15, 2013, a Settlement Agreement and Release ("Agreement") was entered into by and among the Company, AMM, Jeffrey Holt, Tom Claridge, Steve Eady, Carnegie Mining and Exploration, Inc. ("CMEI"), CME Operations, LLC ("CME")(CMEI and CME, referred to as "Carnegie"), Harsco Corporation, and Pittsburgh Mineral & Environmental Technology, Inc. In exchange for Carnegie's acknowledgement that it has no rights under a previously granted option on the Don Roman property further described below, AMM assigned its Champinon mining rights purchase contract, including all related obligations and acquisition payments, to Plathio Trading Mexico, SA de CV, Carnegie's Mexican subsidiary, and the Company agreed to issue to Carnegie 500,000 restricted shares of the Company's common stock, which may not be sold until the earlier of: (i) the Company's shares reaching a minimum trading price of $1.00 per share; or (ii) two years from the date of the Agreement. Under the transfer agreement for the Champinon property, AMM retains mining and beneficial rights to known silver, zinc, and led vein structure present on the Champinon concession. On March 22, 2013, the 500,000 restricted shares were issued. The Agreement confirms Carnegie's acknowledgement of the Company's 100% ownership of the Don Roman property. | |||||||||||||
Per the Agreement dated March 15, 2013, the Company retained ownership of 14 hectares of the Champinon mining concession which the Company valued at $203,000. As of September 2013, the Company was notified of a default of the purchase contract by non-performance of Carnegie; the Company concluded that at this time the probability of retaining claim on the 14 hectares of the Champinon mining concession is remote and therefore removed the mining concession from its books and recognized it as an additional loss on the Agreement. | |||||||||||||
The Company recognized a total loss of $1,064,996 on the Agreement mentioned above. | |||||||||||||
c. | In May 2013, the Company acquired the Dixie Mining District, located in Idaho, from an independent third party for an effective purchase price of $400,000. The purchase price was paid in full in 2013. In September 2013 the Company exercised its option to acquire 20 additional acres of unpatented mining claims to add to the Dixie Mining District, for an effective purchase price of $250,000. To date, the land package consists of 6,741 acres consisting of both patented and unpatented mining claims. | ||||||||||||
The independent third party shall receive royalties upon all ores, mineral-bearing rock and other deposits extracted and shipped or milled, treated, and sold from the property in the amount of 3% of the net smelter or mill returns earned from the property prior to December 31, 2014. The royalty agreement provides that the payment of the royalty shall terminate upon the independent third party receiving $558,160. If that amount is not paid as of December 31, 2014, the Company is required to pay the difference. No royalty shall be owed to the independent third party if mining on the property is not economically feasible. As of September 30, 2013, no royalty payments have been paid. | |||||||||||||
Schedule of Note Payable Instruments | ' | ||||||||||||
As of September 30, 2013, the present value of future payments is as follows: | |||||||||||||
Debt | IVA | Total | |||||||||||
Total remaining debt | $ | 486,739 | $ | 77,878 | $ | 564,617 | |||||||
Imputed interest | (28,959 | ) | - | (28,959 | ) | ||||||||
Present value of debt | $ | 457,780 | $ | 77,878 | $ | 535,658 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of Income Tax Benefit | ' | ||||||||||||
The September 30, 2013, and since inception income tax benefit, net of tax associated with discontinued operations, is as follows: | |||||||||||||
U.S. Companies | Mexico Companies | Total | |||||||||||
Current asset (liability) - total | $ | - | $ | - | $ | - | |||||||
Deferred asset (liability) - total | 7,367,000 | 2,433,000 | 9,800,000 | ||||||||||
Valuation allowance | (7,367,000 | ) | (2,433,000 | ) | (9,800,000 | ) | |||||||
Income tax benefit, since inception | $ | - | $ | - | $ | - | |||||||
Summary of Deferred Tax Assets and Liabilities | ' | ||||||||||||
At September 30, 2013, total deferred tax assets and deferred tax liabilities are as follows: | |||||||||||||
U.S. Companies | Mexico Companies | Total | |||||||||||
Deferred tax asset - current | $ | 276,000 | $ | - | $ | 276,000 | |||||||
Deferred tax asset - non-current portion | 7,091,000 | 2,433,000 | 9,524,000 | ||||||||||
Total deferred tax asset | 7,367,000 | 2,433,000 | 9,800,000 | ||||||||||
Deferred tax liability - current | - | - | - | ||||||||||
Deferred tax liability - non current | - | - | - | ||||||||||
Total deferred tax liability | - | - | - | ||||||||||
Valuation allowance | (7,367,000 | ) | (2,433,000 | ) | (9,800,000 | ) | |||||||
Net deferred tax asset (liability) | $ | - | $ | - | $ | - | |||||||
Schedule of Net Operating Losses | ' | ||||||||||||
Net operating losses expire as follows: | |||||||||||||
U.S. Companies | Mexico Companies | Total | |||||||||||
31-Dec-29 | $ | - | $ | - | $ | - | |||||||
31-Dec-30 | 6,810,000 | 3,722,000 | 10,532,000 | ||||||||||
31-Dec-31 | 2,330,000 | 1,864,000 | 4,194,000 | ||||||||||
31-Dec-32 | - | 1,468,000 | 1,468,000 | ||||||||||
31-Dec-33 | - | 1,055,000 | 1,055,000 | ||||||||||
Total net operating loss | $ | 9,140,000 | $ | 8,109,000 | $ | 17,249,000 | |||||||
Reconciliation of Effective Income Tax Rate | ' | ||||||||||||
Reconciliation of the differences between the statuary tax rate and the effective income tax rate is as follows: | |||||||||||||
2013 | |||||||||||||
Amount | Percentage | ||||||||||||
Tax at statutory federal rate | $ | (386,000 | ) | (35.0 | %) | ||||||||
Temporary differences | |||||||||||||
Exploration cost - current | 9,000 | 0.8 | % | ||||||||||
Exploration cost - non-current | 333,000 | 30.2 | % | ||||||||||
Stock based compensation | 21,000 | 1.9 | % | ||||||||||
Decrease in deferred tax asset due to net operating losses reduced by profits | (1,377,000 | ) | (124.9 | %) | |||||||||
Valuation allowance for U.S. Companies | 7,367,000 | 668 | % | ||||||||||
Valuation allowance for Mexico | 317,000 | 28.7 | % | ||||||||||
Tax benefit at effective rate | $ | 6,284,000 | 569.7 | % |
Notes_Payable_Tables
Notes Payable (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Notes payable [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Notes Payable | ' | ||||||||||||||||||||||||
The following table represents the outstanding balance of notes payable. | |||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Mining concession | $ | - | $ | 1,622,027 | |||||||||||||||||||||
Auto loans | 70,941 | 63,792 | |||||||||||||||||||||||
70,941 | 1,685,819 | ||||||||||||||||||||||||
Less - current portion | (39,277 | )) | (964,288 | ) | |||||||||||||||||||||
Total - non-current portion | $ | 31,664 | $ | 721,531 | |||||||||||||||||||||
Five Year Maturity Schedule for Notes Payable | ' | ||||||||||||||||||||||||
The five year maturity schedule for notes payable is presented below: | |||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | Total | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
Auto Loans | $ | 39,277 | $ | 14,536 | $ | 5,836 | $ | 6,062 | $ | 5,230 | $ | 70,941 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions | ' | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Unaudited) | |||||||||
Due from related parties | $ | 299,560 | $ | 970,300 | |||||
Due to related parties | (1,736,680 | ) | (1,741,682 | ) | |||||
$ | (1,437,120 | ) | $ | (771,382 | ) |
Options_and_Warrants_Tables
Options and Warrants (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Options and Warrants [Abstract] | ' | ||||||||||||||||
Summary of Fair Value Assumptions | ' | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
Expected volatility | 218.84% | 104.82% - 131.10% | |||||||||||||||
Weighted-average volatility | 0% | 117.96% | |||||||||||||||
Expected dividends | 0 | 0 | |||||||||||||||
Expected term (in years) | 2 | 1 | |||||||||||||||
Risk-free rate | 0.22% | 0.05% - 0.14% | |||||||||||||||
Summary of Option Activity | ' | ||||||||||||||||
A summary of option activity under the Plans as of September 30, 2013 (unaudited) and changes during the period then ended is presented below: | |||||||||||||||||
Options | Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||||
Exercise Price | Remaining Contractual Term | Intrinsic Value | |||||||||||||||
Outstanding at December 31, 2012 | 2,750,000 | $ | 0.34 | ||||||||||||||
Granted | 750,000 | 0.25 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited, expired or cancelled | (750,000 | ) | 0.48 | ||||||||||||||
Outstanding at September 30, 2013 | 2,750,000 | $ | 0.24 | 3 | $ | 273,000 | |||||||||||
Exercisable at September 30, 2013 | 2,340,000 | $ | 0.3 | 3 | $ | 273,000 | |||||||||||
Non-vested Options | Options | Weighted-Average | |||||||||||||||
Grant-Date Fair Value | |||||||||||||||||
Non-vested at December 31, 2012 | 160,000 | $ | 0.48 | ||||||||||||||
Granted | 750,000 | 0.25 | |||||||||||||||
Vested | (340,000 | ) | 0.25 | ||||||||||||||
Forfeited, expired or cancelled | (160,000 | ) | 0.48 | ||||||||||||||
Non-vested at September 30, 2013 | 410,000 | $ | 0.25 | ||||||||||||||
Summary of Warrant Activity | ' | ||||||||||||||||
A summary of warrant activity as of September 30, 2013 (unaudited) and changes during the period then ended is presented below: | |||||||||||||||||
Warrants | Shares | Weighted-Average | Weighted-Average Remaining | Aggregate | |||||||||||||
Exercise Price | Contractual Term | Intrinsic Value | |||||||||||||||
Outstanding at December 31, 2012 | 2,788,333 | $ | 1.38 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited, cancelled or expired | (2,788,333 | ) | (1.38 | ) | |||||||||||||
Outstanding at September 30, 2013 | - | $ | - | 0 | $ | - | |||||||||||
Exercisable at September 30, 2013 | - | $ | - | 0 | $ | - | |||||||||||
Noncontrolling_Interest_Tables
Non-controlling Interest (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Non-controlling Interest [Abstract] | ' | ||||||||
Summary of Non-controlling Interests | ' | ||||||||
Cumulative results of these activities results in: | |||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
(Unaudited) | |||||||||
Common stock for cash | $ | 1,999,501 | $ | 1,999,501 | |||||
Common stock for services | 95,215 | 95,215 | |||||||
Exploration expenses paid for in subsidiary common stock | 240,000 | 240,000 | |||||||
Stock based compensation | 1,374,880 | 1,374,880 | |||||||
Cumulative net income (loss) attributable to non-controlling interest | (45,502 | ) | 31,938 | ||||||
Treasury stock | (500,000 | ) | (500,000 | ) | |||||
Other | 6 | 6 | |||||||
Total non-controlling interest | $ | 3,164,100 | $ | 3,241,540 | |||||
Summary of Non-controlling Interest Activity | ' | ||||||||
A summary of activity as of September 30, 2013 and changes during the period then ended is presented below: | |||||||||
Non-controlling interest at December 31, 2012 | $ | 3,241,540 | |||||||
Net loss attributable to non-controlling interest | (77,440 | ) | |||||||
Non-controlling interest at September 30, 2013 | $ | 3,164,100 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||
Fair Value at September 30, 2013 | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Fair market value of ACM's net identifiable assets acquired | $ | 1,589,208 | $ | - | $ | - | $ | 1,589,208 | |||||||||
(See Note 11) | |||||||||||||||||
Liabilities: | |||||||||||||||||
None | $ | - | $ | - | $ | - | $ | - | |||||||||
Fair Value at December 31, 2012 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
None | $ | - | $ | - | $ | - | $ | - | |||||||||
Liabilities: | |||||||||||||||||
Iron Ore Properties financial instrument, net | $ | 600,000 | $ | - | $ | -200,000 | $ | 800,000 | |||||||||
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs | ' | ||||||||||||||||
The following is a reconciliation of the beginning and ending balances for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended September 30, 2013: | |||||||||||||||||
Beginning balance | $ | 800,000 | |||||||||||||||
Additions | 1,596,095 | ||||||||||||||||
Reductions (conversion of Iron Ore Instrument) | (806,885 | ) | |||||||||||||||
Ending balance | $ | 1,589,208 | |||||||||||||||
The amount of total gains or losses for the year included in earnings attributable to the | $ | - | |||||||||||||||
change in unrealized gains or losses relating to liabilities still held at reporting date | |||||||||||||||||
Reacquisition_of_American_Copp1
Re-acquisition of American Copper Mining, S.A. de C.V. (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Re-acquisition of American Copper Mining, S.A. de C.V. [Abstract] | ' | ||||
Schedule of Fair Value Assets Acquired and Liabilities Assumed | ' | ||||
The Company has initially calculated the fair value of the assets purchased and liabilities assumed as follows: | |||||
Assets: | 8-May-13 | ||||
Picacho Groupings | $ | 1,571,093 | |||
Improvements (Mine site warehouse) | 18,115 | ||||
Liabilities: | |||||
None | - | ||||
Fair market value of net identifiable assets acquired | 1,589,208 | ||||
Less: Fair value of the consideration transferred for ACM | - | ||||
Add: Release of Adit's tax liability due to the termination of the purchase | 1,900,763 | ||||
Value of assigned gain on bargain acquisition of ACM | $ | 3,489,971 |
Nature_of_Business_and_Signifi3
Nature of Business and Significant Accounting Policies (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Current exchange rate | 13.145 | 12.8521 | ' |
Weighted average exchange rate for the three months ended | 12.6796 | 13.2391 | ' |
Foreign value-added tax rate | 16.00% | ' | ' |
Allowance | $1,935,951 | ' | $1,900,557 |
Allowance-Recoverable Value-Added Taxes [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Allowance | 1,618,362 | ' | 1,579,129 |
Allowance-Other Receivables [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Allowance | $317,589 | ' | $321,428 |
American Metal Mining S.A. de C.V. [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Interest in subsidiaries | 99.90% | ' | ' |
Adit Resources Corp [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Interest in subsidiaries | 87.00% | ' | ' |
Adit Resources Corp [Member] | American Copper Mining S.A. de C.V. [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Interest in subsidiaries | 99.99% | ' | ' |
Property_plant_equipment_mine_2
Property, plant, equipment, mine development, land and construction in progress, net (Schedule of Property, Plant, Equipment, Mine Development, Land and Construction in Progress) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Construction in progress | ' | $269,244 | ||
Property, plant, equipment, mine development, land and construction in progress | 8,511,910 | 8,336,956 | ||
Less - accumulated depreciation | -1,066,406 | -836,184 | ||
Property, plant, equipment, mine development, land and construction in progress, net, total | 7,445,504 | 7,500,772 | ||
Land [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 19,590 | 19,590 | ||
Pilar [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 710,172 | [1] | 710,172 | [1] |
Don Roman [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 521,739 | 521,739 | ||
Las Nuvias [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 100,000 | 100,000 | ||
Centenario [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 635,571 | 635,571 | ||
La Palma [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 80,000 | 80,000 | ||
La Verde [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 60,000 | 60,000 | ||
Champinon [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | ' | [2] | 2,153,693 | [2] |
Dixie Mining District [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 650,000 | [3] | ' | |
Picacho Groupings [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 1,571,093 | ' | ||
Mining Concessions [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | 4,328,575 | 4,261,175 | ||
Property, Plant and Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property, plant, equipment, mine development, land and construction in progress | $4,163,745 | $3,786,947 | ||
[1] | In January 2007, the Company acquired the Pilar de Mocoribo Prospect ("Pilar") from Tara Gold Resources Corp. for $739,130 plus $115,737 of value-added tax (as amended). The Company owes $535,659 for this mining concession (including the applicable value-added tax). In accordance with the Interest Topic of FASB ASC, the future payments of the total payment amount of $739,130 have been discounted using the incremental borrowing rate of 5.01%. As of September 30, 2013, the present value of future payments is as follows: Debt IVA Total Total remaining debt $ 486,739 $ 77,878 $ 564,617 Imputed interest (28,959 ) - (28,959 ) Present value of debt $ 457,780 $ 77,878 $ 535,658 | |||
[2] | In September 2011, the Company leased the Mina El Champinon Iron Ore Project ("Champinon") in exchange for royalty payments based on production. From September 2011 to April 2012, the Company paid $235,000, plus $38,000 in value-added taxes in advances against royalty payments. In May, 2012, the Company terminated the lease agreement for Champinon and entered into a new agreement to acquire the Iron Ore Project for an effective purchase price of $2,175,000, plus $348,000 in value-added taxes. The advances against royalty payments made before the lease agreement was terminated were applied against the effective purchase of the Iron Ore Project.In May 2012, the Company purchased technical data pertaining to Champinon from the former owner for 500,000 shares of Tara Minerals' common stock, valued at $430,000.On March 15, 2013, a Settlement Agreement and Release ("Agreement") was entered into by and among the Company, AMM, Jeffrey Holt, Tom Claridge, Steve Eady, Carnegie Mining and Exploration, Inc. ("CMEI"), CME Operations, LLC ("CME")(CMEI and CME, referred to as "Carnegie"), Harsco Corporation, and Pittsburgh Mineral & Environmental Technology, Inc. In exchange for Carnegie's acknowledgement that it has no rights under a previously granted option on the Don Roman property further described below, AMM assigned its Champinon mining rights purchase contract, including all related obligations and acquisition payments, to Plathio Trading Mexico, SA de CV, Carnegie's Mexican subsidiary, and the Company agreed to issue to Carnegie 500,000 restricted shares of the Company's common stock, which may not be sold until the earlier of: (i) the Company's shares reaching a minimum trading price of $1.00 per share; or (ii) two years from the date of the Agreement. Under the transfer agreement for the Champinon property, AMM retains mining and beneficial rights to known silver, zinc, and led vein structure present on the Champinon concession. On March 22, 2013, the 500,000 restricted shares were issued. The Agreement confirms Carnegie's acknowledgement of the Company's 100% ownership of the Don Roman property.Per the Agreement dated March 15, 2013, the Company retained ownership of 14 hectares of the Champinon mining concession which the Company valued at $203,000. As of September 2013, the Company was notified of a default of the purchase contract by non-performance of Carnegie; the Company concluded that at this time the probability of retaining claim on the 14 hectares of the Champinon mining concession is remote and therefore removed the mining concession from its books and recognized it as an additional loss on the Agreement. The Company recognized a total loss of $1,064,996 on the Agreement mentioned above. | |||
[3] | In May 2013, the Company acquired the Dixie Mining District, located in Idaho, from an independent third party for an effective purchase price of $400,000. The purchase price was paid in full in 2013. In September 2013 the Company exercised its option to acquire 20 additional acres of unpatented mining claims to add to the Dixie Mining District, for an effective purchase price of $250,000. To date, the land package consists of 6,741 acres consisting of both patented and unpatented mining claims. The independent third party shall receive royalties upon all ores, mineral-bearing rock and other deposits extracted and shipped or milled, treated, and sold from the property in the amount of 3% of the net smelter or mill returns earned from the property prior to December 31, 2014. The royalty agreement provides that the payment of the royalty shall terminate upon the independent third party receiving $558,160. If that amount is not paid as of December 31, 2014, the Company is required to pay the difference. No royalty shall be owed to the independent third party if mining on the property is not economically feasible. As of September 30, 2013, no royalty payments have been paid. |
Property_plant_equipment_mine_3
Property, plant, equipment, mine development, land and construction in progress, net (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 89 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 8 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-12 | Apr. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Sep. 30, 2013 | |
Carnegie [Member] | Debt [Member] | IVA [Member] | Pilar [Member] | Mina El Champinon [Member] | Mina El Champinon [Member] | Mina El Champinon [Member] | Don Roman [Member] | Dixie Mining District [Member] | Dixie Mining District [Member] | Dixie Mining District [Member] | |||||||
Restricted Stock [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | $739,130 | $2,175,000 | ' | ' | ' | $250,000 | $400,000 | ' |
Amount paid for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,000 | ' | ' | ' | ' | ' |
Value added tax consideration at acquisition of entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,737 | 348,000 | 38,000 | ' | ' | ' | ' | ' |
Notes payable | 70,941 | ' | 70,941 | ' | 70,941 | 1,685,819 | ' | 457,780 | 77,878 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, total future payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 535,659 | ' | ' | ' | ' | ' | ' | ' |
Incremental borrowing rate used to calculate discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.01% | ' | ' | ' | ' | ' | ' | ' |
Shares issued for technical data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Common stock issued for technical data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430,000 | ' | ' | ' | ' | ' | ' |
Shares issued in consideration of transfer agreement | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum market stock price triggering option to sell stock | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Fair value of concession | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,000 | ' | ' | ' | ' |
Loss on settlement | 203,000 | ' | 1,064,996 | ' | 314,996 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalties payable, percent of net smelter or mill returns | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% |
Minimum royalty amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $558,160 |
Property_plant_equipment_mine_4
Property, plant, equipment, mine development, land and construction in progress, net (Schedule of Note Payable Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Present value of future payments: | ' | ' |
Present value of debt | $70,941 | $1,685,819 |
Debt [Member] | ' | ' |
Present value of future payments: | ' | ' |
Total remaining debt | 486,739 | ' |
Imputed interest | -28,959 | ' |
Present value of debt | 457,780 | ' |
IVA [Member] | ' | ' |
Present value of future payments: | ' | ' |
Total remaining debt | 77,878 | ' |
Imputed interest | ' | ' |
Present value of debt | 77,878 | ' |
Total [Member] | ' | ' |
Present value of future payments: | ' | ' |
Total remaining debt | 564,617 | ' |
Imputed interest | -28,959 | ' |
Present value of debt | $535,658 | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Benefit) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Income Tax Assets And Liabilities [Line Items] | ' | ' |
Current asset (liability) - total | ' | ' |
Deferred asset (liability) - total | 9,800,000 | ' |
Valuation allowance | -9,800,000 | ' |
Income tax benefit, since inception | ' | ' |
U.S. Companies [Member] | ' | ' |
Income Tax Assets And Liabilities [Line Items] | ' | ' |
Current asset (liability) - total | ' | ' |
Deferred asset (liability) - total | 7,367,000 | ' |
Valuation allowance | -7,367,000 | ' |
Income tax benefit, since inception | ' | 6,284,000 |
Mexico Companies [Member] | ' | ' |
Income Tax Assets And Liabilities [Line Items] | ' | ' |
Current asset (liability) - total | ' | ' |
Deferred asset (liability) - total | 2,433,000 | ' |
Valuation allowance | -2,433,000 | ' |
Income tax benefit, since inception | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 |
American Metal Mining S.A. de C.V. [Member] | Mexico [Member] | U.S. [Member] | U.S. [Member] | American Copper Mining S.A. de C.V. [Member] | American Copper Mining S.A. de C.V. [Member] | ||
Mexico [Member] | |||||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Interest sold | ' | ' | ' | ' | ' | 100.00% | ' |
Operating loss carryforward | $17,249,000 | $1,055,000 | $8,109,000 | $9,140,000 | ' | ' | $729,000 |
Income tax benefit, since inception | ' | $317,000 | ' | ' | $6,284,000 | ' | $219,000 |
Income_Taxes_Summary_of_Deferr
Income Taxes (Summary of Deferred Tax Assets and Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Income Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred tax asset - current | $276,000 | ' |
Deferred tax asset - non-current portion | 9,524,000 | ' |
Total deferred tax asset | 9,800,000 | ' |
Deferred tax liability - current | ' | ' |
Deferred tax liability - non current | ' | ' |
Total deferred tax liability | ' | ' |
Valuation allowance | -9,800,000 | ' |
Net deferred tax asset (liability) | ' | ' |
U.S. Companies [Member] | ' | ' |
Income Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred tax asset - current | 276,000 | ' |
Deferred tax asset - non-current portion | 7,091,000 | ' |
Total deferred tax asset | 7,367,000 | ' |
Deferred tax liability - current | ' | ' |
Deferred tax liability - non current | ' | ' |
Total deferred tax liability | ' | ' |
Valuation allowance | -7,367,000 | ' |
Net deferred tax asset (liability) | ' | 6,284,000 |
Mexico Companies [Member] | ' | ' |
Income Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred tax asset - current | ' | ' |
Deferred tax asset - non-current portion | 2,433,000 | ' |
Total deferred tax asset | 2,433,000 | ' |
Deferred tax liability - current | ' | ' |
Deferred tax liability - non current | ' | ' |
Total deferred tax liability | ' | ' |
Valuation allowance | -2,433,000 | ' |
Net deferred tax asset (liability) | ' | ' |
Income_Taxes_Schedule_of_Net_O
Income Taxes (Schedule of Net Operating Losses) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | $17,249,000 |
December 31, 2029 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Expiration date | 31-Dec-29 |
Operating loss carryforward | ' |
December 31, 2030 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Expiration date | 31-Dec-30 |
Operating loss carryforward | 10,532,000 |
December 31, 2031 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Expiration date | 31-Dec-31 |
Operating loss carryforward | 4,194,000 |
December 31, 2032 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Expiration date | 31-Dec-32 |
Operating loss carryforward | 1,468,000 |
December 31, 2033 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Expiration date | 31-Dec-33 |
Operating loss carryforward | 1,055,000 |
U.S. Companies [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | 9,140,000 |
U.S. Companies [Member] | December 31, 2029 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | ' |
U.S. Companies [Member] | December 31, 2030 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | 6,810,000 |
U.S. Companies [Member] | December 31, 2031 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | 2,330,000 |
U.S. Companies [Member] | December 31, 2032 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | ' |
U.S. Companies [Member] | December 31, 2033 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | ' |
Mexico Companies [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | 8,109,000 |
Mexico Companies [Member] | December 31, 2029 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | ' |
Mexico Companies [Member] | December 31, 2030 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | 3,722,000 |
Mexico Companies [Member] | December 31, 2031 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | 1,864,000 |
Mexico Companies [Member] | December 31, 2032 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | 1,468,000 |
Mexico Companies [Member] | December 31, 2033 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforward | $1,055,000 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Effective Income Tax Rate) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 89 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Amount | ' | ' | ' | ' | ' |
Tax at statutory federal rate | ' | ' | ($386,000) | ' | ' |
Temporary differences | ' | ' | ' | ' | ' |
Exploration cost short term | ' | ' | 9,000 | ' | ' |
Exploration cost long term | ' | ' | 333,000 | ' | ' |
Stock based compensation | ' | ' | 21,000 | ' | ' |
Decrease in deferred tax asset due to net operating losses reduced by profits | ' | ' | -1,377,000 | ' | ' |
Valuation allowance for U.S. Companies | ' | ' | 7,367,000 | ' | ' |
Valuation allowance for Mexico | ' | ' | 317,000 | ' | ' |
Tax benefit at effective rate | $1,359,000 | ' | $6,284,000 | ' | ($959,000) |
Percentage | ' | ' | ' | ' | ' |
Tax at statutory federal rate | ' | ' | -35.00% | ' | ' |
Temporary differences | ' | ' | ' | ' | ' |
Exploration cost short term | ' | ' | 0.80% | ' | ' |
Exploration cost long term | ' | ' | 30.20% | ' | ' |
Stock based compensation | ' | ' | 1.90% | ' | ' |
Decrease in deferred tax asset due to net operating losses reduced by profits | ' | ' | -124.90% | ' | ' |
Valuation allowance for U.S. Companies | ' | ' | 668.00% | ' | ' |
Valuation allowance for Mexico | ' | ' | 28.70% | ' | ' |
Tax benefit at effective rate | ' | ' | 569.70% | ' | ' |
Notes_Payable_Schedule_of_Note
Notes Payable (Schedule of Notes Payable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Present value of debt | $70,941 | $1,685,819 |
Less-current portion | -39,277 | -964,288 |
Total - non-current portion | 31,664 | 721,531 |
Mining Concessions [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Present value of debt | ' | 1,622,027 |
Auto Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Present value of debt | $70,941 | $63,792 |
Notes_Payable_Five_Year_Maturi
Notes Payable (Five Year Maturity Schedule for Notes Payable) (Details) (Auto Loans [Member], USD $) | Sep. 30, 2013 |
Auto Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
30-Sep-14 | $39,277 |
30-Sep-15 | 14,536 |
30-Sep-16 | 5,836 |
30-Sep-17 | 6,062 |
30-Sep-18 | 5,230 |
Total | $70,941 |
Notes_Payable_Narrative_Detail
Notes Payable (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Truck [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' |
Notes payable | $70,941 | $1,685,819 | $29,038 |
Note payable amount | ' | ' | 31,038 |
Interest rate | ' | ' | 3.74% |
Debt instrument, maturity date | ' | ' | 31-Aug-18 |
Note payable, outstanding balance | 39,277 | 964,288 | 28,157 |
Down payment | ' | ' | $2,000 |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule of Related Party Transactions) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Due from related parties | $299,560 | $970,300 |
Due to related parties | -1,736,680 | -1,741,682 |
Amounts due from (to) related parties | ($1,437,120) | ($771,382) |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 9 Months Ended | 89 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Due from related parties | $299,560 | ' | $299,560 | $970,300 |
Due to related parties | 1,736,680 | ' | 1,736,680 | 1,741,682 |
Repayment of related party debt | ' | 100,000 | 100,000 | ' |
Adit Resources Corp [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Debt instrument, face amount | 5,254,709 | ' | 5,254,709 | 4,286,663 |
Due from related parties | 610,000 | ' | 610,000 | ' |
Debt instrument, variable interest reference rate | ' | ' | ' | ' |
U.S. prime | ||||
Interest spread on variable rate | 3.25% | ' | ' | ' |
American Metal Mining S.A. de C.V. [Member] | Amermin [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Due to related parties | 989,195 | ' | 989,195 | ' |
Interest rate | 0.00% | ' | 0.00% | ' |
American Metal Mining S.A. de C.V. [Member] | Amermin [Member] | Pilar [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Due from related parties | 535,659 | ' | 535,659 | ' |
American Metal Mining S.A. de C.V. [Member] | Amermin [Member] | Don Roman [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Due from related parties | 211,826 | ' | 211,826 | ' |
Tara Gold [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Due from related parties | 190,148 | ' | 190,148 | ' |
Interest rate | 0.00% | ' | 0.00% | ' |
Repayment of related party debt | $995,976 | ' | ' | ' |
Iron_Ore_Properties_and_Relate1
Iron Ore Properties and Related Financial Instrument (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | 89 Months Ended | |||
Feb. 28, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | |
Iron Ore Properties and Related Financial Instrument [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Iron Ore Properties financial instrument | ' | ' | ' | $50,000 | $50,000 | $750,000 | $800,000 | $800,000 |
Beneficial conversion feature, financial instrument | ' | ' | ' | ' | $20,000 | $180,000 | $200,000 | ' |
Financial instrument conversion, aggregate number of shares to be issued | ' | 1,600,000 | ' | ' | ' | ' | ' | ' |
Financial instrument conversion, shares issued | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Financial instrument conversion, shares remaining to be issued | ' | ' | 1,300,000 | ' | ' | ' | ' | 1,300,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 89 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Oct. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 15, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 15, 2013 | |
Independent Parties [Member] | Independent Parties [Member] | Independent Parties [Member] | Restricted Stock [Member] | Issued for services, first issuance [Member] | Issued for services, second issuance [Member] | Champinon [Member] | ||||||||||
Carnegie [Member] | Restricted Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial instrument conversion, aggregate number of shares to be issued | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial instrument conversion, shares issued | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial instrument conversion, shares remaining to be issued | ' | ' | ' | ' | ' | 1,300,000 | 1,300,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' |
Shares issued for services, shares | 50,000 | ' | ' | 190,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | 100,000 | ' |
Shares issued for services, value | $13,500 | ' | ' | $68,400 | ' | $39,867 | $50,400 | ' | $50,400 | ' | ' | ' | ' | $70,000 | $29,000 | $150,000 |
Shares issued in consideration of transfer agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | 500,000 |
shares subscribed, but unissued | ' | 190,000 | ' | ' | ' | 160,449 | 160,449 | ' | 160,449 | 500,000 | ' | 3,500,000 | ' | ' | ' | ' |
Proceeds from issuance of private placement | ' | 30,400 | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 700,000 | ' | ' | ' | ' |
Shares issued for cash, shares | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' |
Shares issued for cash, value | ' | ' | $1,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, price per share | ' | ' | $0.30 | $0.36 | ' | ' | ' | ' | ' | $0.20 | ' | $0.20 | ' | $0.28 | $0.29 | $0.30 |
Options_and_Warrants_Narrative
Options and Warrants (Narrative) (Details) (USD $) | 9 Months Ended | 89 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Options and Warrants [Abstract] | ' | ' | ' |
Options granted during the period | 750,000 | ' | ' |
Options granted during the period, exercise price | $0.25 | ' | ' |
Value of options vested during the period | $59,645 | $354,864 | $9,199,375 |
Options_and_Warrants_Summary_o
Options and Warrants (Summary of Fair Value Assumptions) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Options and Warrants [Abstract] | ' | ' |
Expected volatility | 218.84% | ' |
Expected volatility, minimum | ' | 104.82% |
Expected volatility, maximum | ' | 131.10% |
Weighted-average volatility | 0.00% | 117.96% |
Expected dividends | $0 | $0 |
Expected term (in years) | '2 years | '1 year |
Risk-free rate | 0.22% | ' |
Risk-free rate, minimum | ' | 0.05% |
Risk-free rate, maximum | ' | 0.14% |
Options_and_Warrants_Summary_o1
Options and Warrants (Summary of Option Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Shares | ' |
Outstanding at December 31, 2012 | 2,750,000 |
Granted | 750,000 |
Exercised | ' |
Forfeited, expired or cancelled | -750,000 |
Outstanding at September 30, 2013 | 2,750,000 |
Exercisable at September 30, 2013 | 2,340,000 |
Weighted-Average Exercise Price | ' |
Outstanding at December 31, 2012 | $0.34 |
Granted | $0.25 |
Exercised | ' |
Forfeited, expired or cancelled | $0.48 |
Outstanding at September 30, 2013 | $0.24 |
Exercisable at September 30, 2013 | $0.30 |
Weighted-Average Remaining Contractual Term | ' |
Outstanding at September 30, 2013 | '3 years |
Exercisable at September 30, 2013 | '3 years |
Aggregate Intrinsic Value | ' |
Outstanding at September 30, 2013 | $273,000 |
Exercisable at September 30, 2013 | $273,000 |
Non-vested Options | ' |
Non-vested at December 31, 2012 | 160,000 |
Granted | 750,000 |
Vested | -340,000 |
Forfeited, expired or cancelled | -160,000 |
Non-vested at September 30, 2013 | 410,000 |
Weighted -Average Grant-Date Fair Value | ' |
Non-vested at December 31, 2012 | $0.48 |
Granted | $0.25 |
Vested | $0.25 |
Forfeited, expired or cancelled | $0.48 |
Non-vested at September 30, 2013 | $0.25 |
Options_and_Warrants_Summary_o2
Options and Warrants (Summary of Warrant Activity) (Details) (Warrants [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Warrants [Member] | ' |
Shares | ' |
Outstanding at December 31, 2012 | 2,788,333 |
Granted | ' |
Exercised | ' |
Forfeited, cancelled or expired | -2,788,333 |
Outstanding at September 30, 2013 | ' |
Exercisable at September 30, 2013 | ' |
Weighted-Average Exercise Price | ' |
Outstanding at December 31, 2012 | 1.38 |
Granted | ' |
Exercised | ' |
Forfeited, cancelled or expired | ($1.38) |
Outstanding at September 30, 2013 | ' |
Exercisable at September 30, 2013 | ' |
Weighted-Average Remaining Contractual Term | ' |
Outstanding at September 30, 2013 | '0 years |
Exercisable at September 30, 2013 | '0 years |
Aggregate Intrinsic Value | ' |
Outstanding at September 30, 2013 | ' |
Exercisable at September 30, 2013 | ' |
Noncontrolling_Interest_Summar
Non-controlling Interest (Summary of Cumulative Results) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 89 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | |
Non-controlling Interest [Line Items] | ' | ' | ' | ' |
Common stock for cash | ' | ' | $1,999,501 | $1,999,501 |
Common stock for services | ' | ' | 95,215 | 95,215 |
Exploration expenses paid for in subsidiary common stock | ' | ' | 240,000 | 240,000 |
Stock based compensation | ' | ' | 1,374,880 | 1,374,880 |
Cumulative net income (loss) attributable to non-controlling interest | -77,440 | 507,617 | 31,938 | -45,502 |
Treasury stock | ' | ' | -500,000 | -500,000 |
Other | ' | ' | 6 | 6 |
Total non-controlling interest | $3,164,100 | ' | $3,241,540 | $3,164,100 |
Noncontrolling_Interest_Summar1
Non-controlling Interest (Summary of Activity) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 89 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | |
Non-controlling Interest [Abstract] | ' | ' | ' | ' |
Non-controlling interest at December 31, 2012 | $3,241,540 | ' | ' | ' |
Net loss attributable to non-controlling interest | -77,440 | 507,617 | 31,938 | -45,502 |
Non-controlling interest at June 30, 2013 | $3,164,100 | ' | $3,241,540 | $3,164,100 |
Fair_Value_Schedule_of_Assets_
Fair Value (Schedule of Assets and Liabilities Measured at Fair Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets: | ' | ' |
Fair market value of ACM's net identifiable assets acquired (See Note 11) | $1,589,208 | ' |
None | ' | ' |
Liabilities: | ' | ' |
None | ' | 600,000 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Fair market value of ACM's net identifiable assets acquired (See Note 11) | ' | ' |
None | ' | ' |
Liabilities: | ' | ' |
Iron Ore Properties financial instrument, net | ' | ' |
None | ' | ' |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Fair market value of ACM's net identifiable assets acquired (See Note 11) | ' | ' |
None | ' | ' |
Liabilities: | ' | ' |
Iron Ore Properties financial instrument, net | ' | -200,000 |
None | ' | ' |
Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Fair market value of ACM's net identifiable assets acquired (See Note 11) | 1,589,208 | ' |
None | ' | ' |
Liabilities: | ' | ' |
Iron Ore Properties financial instrument, net | ' | 800,000 |
None | ' | ' |
Fair_Value_Summary_of_Assets_a
Fair Value (Summary of Assets and Liabilites Measured at Fair Value on a Recurring Basis Using Unobservable Inputs) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Iron Ore Properties Financial Instrument | ' |
Beginning balance | $800,000 |
Additions | 1,596,095 |
Reductions (conversion of Iron Ore Instrument) | -806,885 |
Ending balance | 1,589,208 |
The amount of total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to liabilities still held at reporting date | ' |
Reacquisition_of_American_Copp2
Re-acquisition of American Copper Mining, S.A. de C.V. (Details) (USD $) | 3 Months Ended | 9 Months Ended | 89 Months Ended | 0 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | 8-May-13 | Apr. 04, 2012 | |
American Copper Mining S.A. de C.V. [Member] | American Copper Mining S.A. de C.V. [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percent of interest sold to Yamana | ' | ' | ' | ' | ' | ' | 99.99% |
Assets | ' | ' | ' | ' | ' | ' | ' |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Mining Concessions | ' | ' | ' | ' | ' | $1,571,093 | ' |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings | ' | ' | ' | ' | ' | 18,115 | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' |
None | ' | ' | ' | ' | ' | ' | ' |
Fair market value of net identifiable assets acquired | ' | ' | ' | ' | ' | 1,589,208 | ' |
Less: Fair value of the consideration transferred for ACM | ' | ' | ' | ' | ' | ' | ' |
Add: Released Adit's tax liability due to re-acquisition of ACM | ' | ' | ' | ' | ' | 1,900,763 | ' |
(Loss) gain on bargain acquisition of ACM | ($6,886) | ' | $3,489,971 | ' | $3,489,971 | $3,489,971 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 89 Months Ended | 9 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | |||||
Oct. 31, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Oct. 31, 2013 | |
Adit [Member] | Adit [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||
Adit [Member] | |||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' |
Related party, debt | ' | ' | $1,736,680 | $1,736,680 | ' | $1,736,680 | $1,741,682 | ' | ' | $120,000 | ' | ' | ' |
Shares issued for services, shares | 50,000 | 190,000 | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 190,000 | ' |
Shares issued for services, value | 13,500 | 68,400 | 39,867 | 50,400 | ' | 50,400 | ' | ' | ' | ' | 13,500 | 30,400 | ' |
Debt instrument, conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | $0.27 | $0.16 | ' |
Shares issued in conversion agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' |
Stock subscribed in private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Amount of stock subscribed in private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' |
Interest spread on variable rate | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | 3.25% |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | $5,254,709 | $4,286,663 | ' | ' | ' | $775,000 |
Number of promissory notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |