Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Nov. 14, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'MINES MANAGEMENT INC | ' |
Entity Central Index Key | '0000066649 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 29,814,040 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $5,426,539 | $4,145,092 |
Interest receivable | 3,344 | 6,988 |
Prepaid expenses and deposits | 336,655 | 237,286 |
Certificates of deposit | ' | 1,559,361 |
Total current assets | 5,766,538 | 5,948,727 |
PROPERTY AND EQUIPMENT: | ' | ' |
Buildings and leasehold improvements | 836,454 | 836,454 |
Equipment | 6,361,318 | 6,419,066 |
Office equipment | 343,897 | 344,939 |
Total property and equipment, gross | 7,541,669 | 7,600,459 |
Less accumulated depreciation | 6,850,764 | 6,294,700 |
Total property and equipment, net | 690,905 | 1,305,759 |
OTHER ASSETS: | ' | ' |
Available-for-sale securities | 5,649 | 14,174 |
Reclamation deposits | 1,184,966 | 1,191,182 |
Total other assets | 1,190,615 | 1,205,356 |
Total assets | 7,648,058 | 8,459,842 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 550,571 | 381,305 |
Payroll and payroll taxes payable | 21,977 | 23,358 |
Dividends payable | 35,848 | ' |
Total current liabilities | 608,396 | 404,663 |
LONG-TERM LIABILITIES: | ' | ' |
Asset retirement obligation | 497,174 | 479,488 |
Total liabilities | 1,105,570 | 884,151 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred shares - no par value, 10,000,000 shares authorized; -0- shares issued and outstanding | 3,526,000 | ' |
Common shares - $0.001 par value, 100,000,000 shares authorized;29,814,040 and 28,999,752 shares issued and outstanding, respectively | 29,814 | 29,000 |
Additional paid-in capital | 87,591,786 | 87,230,381 |
Accumulated deficit | -1,117,306 | -1,117,306 |
Deficit accumulated during the exploration stage | -83,482,290 | -78,569,393 |
Accumulated other comprehensive income | -5,516 | 3,009 |
Total stockholders' equity | 6,542,488 | 7,575,691 |
Total liabilities and stockholders' equity | $7,648,058 | $8,459,842 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, dividend rate (as a percent) | 6.00% | 6.00% |
Preferred stock, shares issued | 3,526 | 3,526 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 29,814,040 | 28,999,752 |
Common stock, shares outstanding | 29,211,488 | 28,999,752 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | 146 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
REVENUE: | ' | ' | ' | ' | ' |
Royalties | $4,622 | $9,049 | $19,540 | $24,294 | $201,016 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' |
General and administrative | 544,983 | 561,647 | 1,836,846 | 2,295,501 | 37,662,924 |
Technical services and exploration | 480,274 | 616,415 | 1,566,613 | 2,037,329 | 34,990,289 |
Depreciation | 201,749 | 232,746 | 614,541 | 700,394 | 6,972,317 |
Legal, accounting, and consulting | 261,529 | 259,540 | 796,441 | 565,425 | 6,223,297 |
Fees, filing, and licenses | 139,983 | 128,552 | 213,149 | 211,794 | 3,217,322 |
Impairment of mineral properties | ' | ' | ' | ' | 504,492 |
Total operating expenses | 1,628,518 | 1,798,900 | 5,027,590 | 5,810,443 | 89,570,641 |
LOSS FROM OPERATIONS | -1,623,896 | -1,789,851 | -5,008,050 | -5,786,149 | -89,369,625 |
OTHER INCOME: | ' | ' | ' | ' | ' |
Gain from warrant derivatives | ' | ' | ' | ' | 476,381 |
Gain from sale of property and equipment | 110,700 | ' | 122,600 | ' | 145,600 |
Gain on sale of available-for-sale securities | ' | ' | ' | ' | 2,005,904 |
Interest income, net | 2,912 | 5,495 | 9,118 | 19,172 | 3,296,015 |
Total other income | 113,612 | 5,495 | 131,718 | 19,172 | 5,923,900 |
NET LOSS | -1,510,284 | -1,784,356 | -4,876,332 | -5,766,977 | -83,445,725 |
CUMULATIVE PREFERRED STOCK DIVIDENDS | -36,565 | ' | -36,565 | ' | -36,565 |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | ($1,546,849) | ($1,784,356) | ($4,912,897) | ($5,766,977) | ($83,482,290) |
NET LOSS PER SHARE (basic and diluted) (in dollars per share) | ($0.05) | ($0.06) | ($0.17) | ($0.20) | ' |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (basic and diluted) | 29,554,227 | 28,999,752 | 29,258,644 | 28,999,752 | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | 146 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ' | ' | ' | ' | ' |
Net loss | ($1,510,284) | ($1,784,356) | ($4,876,332) | ($5,766,977) | ($83,445,725) |
Reclassification to realized gain upon sale of marketable securities | ' | ' | ' | ' | -2,005,904 |
Adjustment to net unrealized gain (loss) on marketable securities | -1,548 | -3,703 | -8,525 | -1,918 | 2,000,388 |
COMPREHENSIVE LOSS | ($1,511,832) | ($1,788,059) | ($4,884,857) | ($5,768,895) | ($83,451,241) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 146 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($4,876,332) | ($5,766,977) | ($83,445,725) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Stock-based compensation | 216,393 | 327,030 | 11,546,904 |
Stock received for services | ' | ' | -11,165 |
Depreciation | 614,541 | 700,394 | 6,972,317 |
Initial measurement of asset retirement obligation | ' | ' | 344,187 |
Accretion of asset retirement obligation | 17,686 | 16,849 | 152,987 |
Gain on sale of available-for-sale securities | ' | ' | -2,005,904 |
Gain from warrant derivatives | ' | ' | -476,381 |
Gain on sale of property and equipment | -122,600 | ' | -145,600 |
Impairment of mineral properties | ' | ' | 504,492 |
Changes in assets and liabilities: | ' | ' | ' |
Interest receivable | 3,644 | 3,505 | -3,344 |
Prepaid expenses and deposits | -99,369 | -30,172 | -397,066 |
Accounts payable | 169,266 | -57,204 | 550,407 |
Payroll and payroll taxes payable | -1,381 | 4,731 | 18,797 |
Net cash used in operating activities | -4,078,152 | -4,801,844 | -66,395,094 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property and equipment | ' | ' | -7,697,121 |
Proceeds from disposition of property and equipment | 122,913 | ' | 181,336 |
Proceeds (purchase) of certificates of deposit | 1,565,577 | -6,216 | -1,124,054 |
Net proceeds from sale of available-for-sale securities | ' | ' | 2,005,904 |
Increase in mineral properties | ' | ' | -144,312 |
Net cash provided by (used in) investing activities | 1,688,490 | -6,216 | -6,778,247 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds from sale of preferred stock | 3,494,076 | ' | 3,494,076 |
Net proceeds from sale of common stock | 177,750 | ' | 75,059,186 |
Cumulative preferred stock dividends | -717 | ' | -717 |
Net cash provided by financing activities | 3,671,109 | ' | 78,552,545 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,281,447 | -4,808,060 | 5,379,204 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 4,145,092 | 10,246,073 | 47,335 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 5,426,539 | 5,438,013 | 5,426,539 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for interest | ' | ' | 65,768 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES: | ' | ' | ' |
Unrealized gains on available-for-sale securities | -8,525 | 1,918 | -5,516 |
Dividends payable | $35,848 | ' | $35,848 |
Preferred shares converted to common shares | 474,000 | ' | 474,000 |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 9 Months Ended |
Sep. 30, 2014 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ' |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ' |
NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |
Organization: | |
Mines Management, Inc. (the Company) is an Idaho corporation incorporated in 1947. The Company acquires, explores, and develops mineral properties in North and South America. | |
Summary of Significant Accounting Policies: | |
These unaudited interim financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting solely of normal recurring adjustments) considered necessary for a fair presentation of the interim financial statements have been included. | |
The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s condensed consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s consolidated financial position and results of operations. Operating results for the three and nine month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2014. | |
For further information, refer to the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
(a)Going concern | |
The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern and do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. The Company is an exploration stage company and has incurred losses since the inception of its exploration stage. The Company currently does not have a recurring source of revenue sufficient to fund normal operations and its ability to continue as a going concern is dependent on the Company’s ability to secure sufficient funding for its future exploration and working capital requirements, which may include the sale of its equity or debt securities, and the eventual profitable exploitation of its mining properties. | |
On July 30, 2014, the Company sold 4,000 units consisting of one share of the Company’s Series B 6% convertible preferred stock, and a warrant to purchase approximately 636 shares of the Company’s common stock, at a price of $1,000 per unit as described further in Note 6. The offering yielded gross proceeds, before offering expenses, of $4.0 million. However, the Company still needs additional funding to continue normal operations. The Company’s plans for the long-term return to and continuation as a going concern include securing additional funding and the eventual profitable operation of its mining property. There can be no assurance that the Company will succeed in securing additional funding on terms acceptable to the Company or at all, or in generating future profitable operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
(b)Exploration Stage Enterprise | |
Since the Company is in the exploration stage of operation, the Company’s financial statements are prepared in accordance with the provisions of Accounting Standards Codification (“ASC”) 915, Development Stage Enterprises, as it devotes substantially all of its efforts to acquiring and exploring mining interests that management believes should eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in commercial production, the Company will continue to prepare its consolidated financial statements and related disclosures in accordance with this standard. | |
(c)Mining properties, exploration and development costs | |
All exploration expenditures are expensed as incurred. Significant property acquisition payments for active exploration properties are capitalized, including payments to acquire mineral rights. Once a feasibility study has been completed, approved by management, and a decision is made to put the ore body into production, expenditures to develop new mines, to define further mineralization in existing ore bodies, and to expand the capacity of operating mines, are capitalized and amortized on the units of production basis over proven and probable reserves. The Company charges to operations the allocable portion of capitalized costs attributable to properties sold. Capitalized costs are allocated to properties sold based on the proportion of claims sold to the claims remaining within the project area. | |
(d)Fair value measurements | |
The Company discloses the inputs used to develop the fair value measurements for the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as well as the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The three levels of the fair value hierarchy are as follows: | |
Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |
Level 2: Quoted prices in inactive markets for identical assets or liabilities, quoted prices for similar assets or liabilities in active markets, or other observable inputs either directly related to the asset or liability or derived principally from corroborated observable market data. | |
Level 3: Unobservable inputs due to the fact that there is little or no market activity. | |
(e)Stock compensation | |
The Company measures and records the costs of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award, recognized over the period during which an employee is required to provide services in exchange for such award. Compensation cost is recognized for awards granted and for awards modified, repurchased or cancelled. | |
(f)Net loss per share | |
Basic earnings or loss per share is computed on the basis of the weighted average number of shares outstanding during the period. Diluted earnings or loss per share is calculated on the basis of the weighted average number of shares outstanding during the period plus the effect of potential dilutive shares during the period. Potential dilutive shares include outstanding stock options and warrants. For periods in which a net loss is reported, potential dilutive shares are excluded because they are antidilutive. Therefore, basic loss per share is the same as diluted loss per share for the periods ended September 30, 2014 and 2013. | |
(f)Recent Accounting Pronouncements | |
During 2013, the Financial Accounting Standards Board issued guidance related to unrecognized tax benefits related to a net operating loss carryforward, similar tax loss or a tax credit carryforward. The new standard requires an unrecognized tax benefit that is not available under the tax law or not intended to be used at the reporting date to be presented as a separate liability, rather than netted against a deferred tax asset in the financial statements. The Company adopted the provisions of this guidance effective January 1, 2014. This guidance did not have a significant impact on the Company’s consolidated financial position, results of operations or cash flows. | |
(g)Subsequent events | |
The Company evaluated events and transactions subsequent to the balance sheet date of September 30, 2014 for potential recognition or disclosure in the condensed consolidated financial statements. | |
CERTIFICATES_OF_DEPOSIT
CERTIFICATES OF DEPOSIT: | 9 Months Ended |
Sep. 30, 2014 | |
CERTIFICATES OF DEPOSIT: | ' |
CERTIFICATES OF DEPOSIT: | ' |
NOTE 2 — CERTIFICATES OF DEPOSIT: | |
The Company owned two certificates of deposit for a total of $1,559,361 at December 31, 2013. These investments matured in February 2014 and were not renewed. | |
The Company also has a certificate of deposit pledged as security for a Letter of Credit to the Montana Department of Environmental Quality as a reclamation guarantee for the Montanore expansion evaluation program. This certificate matures on January 3, 2015, bears interest at the rate of 0.40% and renews automatically each year. This certificate of deposit ($1,124,055 and $1,130,271 as of September 30, 2014 and December 31, 2013, respectively) is included with reclamation deposits on the Condensed Consolidated Balance Sheets. | |
AVAILABLEFORSALE_SECURITIES
AVAILABLE-FOR-SALE SECURITIES: | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
AVAILABLE-FOR-SALE SECURITIES: | ' | |||||||
AVAILABLE-FOR-SALE SECURITIES: | ' | |||||||
NOTE 3 — AVAILABLE-FOR-SALE SECURITIES: | ||||||||
Available-for-sale securities are comprised of common stocks which have been valued using quoted market prices in active markets. The following table summarizes the Company’s available-for-sale securities: | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Cost | $ | 11,165 | $ | 11,165 | ||||
Unrealized Gains (Losses) | (5,516 | ) | 3,009 | |||||
Fair Market Value | $ | 5,649 | $ | 14,174 | ||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS: | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
FAIR VALUE MEASUREMENTS: | ' | |||||||||
FAIR VALUE MEASUREMENTS: | ' | |||||||||
NOTE 4 — FAIR VALUE MEASUREMENTS: | ||||||||||
The following table summarizes the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 30, 2014, and the fair value calculation input hierarchy level determined to apply to each asset and liability category. Quoted market prices were used to determine the fair value of available-for-sale securities. The Company has no financial assets or liabilities that are measured at fair value on a nonrecurring basis. | ||||||||||
September 30, | December 31, | Input | ||||||||
2014 | 2013 | Hierarchy | ||||||||
Level | ||||||||||
Assets: | ||||||||||
Available-for-sale securities | $ | 5,649 | $ | 14,174 | Level 1 | |||||
Liabilities: | ||||||||||
Asset retirement obligation | $ | 497,174 | $ | 479,488 | Level 3 | |||||
The following table presents the fair value reconciliation of Level 3 liabilities measured at fair value during the nine months ended September 30, 2014 and 2013: | ||||||||||
Asset Retirement Obligation | ||||||||||
2014 | 2013 | |||||||||
Balance January 1 | $ | 479,488 | $ | 456,823 | ||||||
Accretion expense | 5,760 | 5,488 | ||||||||
Balance March 31 | 485,248 | 462,311 | ||||||||
Accretion expense | 5,894 | 5,615 | ||||||||
Balance June 30 | 491,142 | 467,926 | ||||||||
Accretion expense | 6,032 | 5,746 | ||||||||
Balance September 30 | $ | 497,174 | $ | 473,672 | ||||||
CONCENTRATION_OF_CREDIT_RISK
CONCENTRATION OF CREDIT RISK: | 9 Months Ended |
Sep. 30, 2014 | |
CONCENTRATION OF CREDIT RISK: | ' |
CONCENTRATION OF CREDIT RISK: | ' |
NOTE 5 — CONCENTRATION OF CREDIT RISK: | |
The Company maintains most of its cash and cash equivalents in one financial institution. To date, the Company has not experienced a material loss or lack of access to its invested cash or cash equivalents; however, no assurance can be provided that access to the Company’s invested cash and cash equivalents will not be impacted by adverse conditions in the financial markets. The total uninsured bank deposit balance on the Company’s bank statements was approximately $6,355,000 as of September 30, 2014. | |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY: | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
STOCKHOLDERS' EQUITY: | ' | ||||||
STOCKHOLDERS' EQUITY: | ' | ||||||
NOTE 6 — STOCKHOLDERS’ EQUITY: | |||||||
Common Shares: | |||||||
For a description of the public offerings and sales of common stock that occurred prior to 2014, refer to the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||
Preferred Shares: | |||||||
During July 2014, the Company sold to one investor 4,000 units consisting of one share of the Company’s Series B 6% convertible preferred stock, no par value, and a warrant to purchase the Company’s common stock, par value $0.001 per share, at a stated value of $1,000 per unit. Each share of Series B convertible preferred stock is immediately convertible into shares of common stock at a conversion rate of approximately 1,271 shares of common stock for each share of Series B convertible preferred stock (equivalent to a conversion price of $0.7866 per share of common stock). The offering yielded gross proceeds, before offering expenses, of $4.0 million (net proceeds of $3.5 million after deducting placement agent and investor fees and expenses and other offering expenses). The preferred stock has no voting rights but will entitle the holders to receive cumulative dividends at the rate of 6% per annum per share, payable quarterly. The dividends are payable in either cash or common stock at the Company’s discretion. As of September 30, 2014, 474 shares of the Series B 6% convertible preferred stock had been converted into 602,592 shares of common stock. | |||||||
Liquidation: Upon any dissolution, liquidation or winding up, whether voluntary or involuntary, holders of the preferred stock are entitled to receive distributions out of the Company’s assets, whether capital or surplus, before any distributions may be made on any other outstanding classes of stock. The amount received by holders of the preferred stock will be equal to the stated value of $1,000 per share of preferred stock plus any accrued and unpaid dividends thereon, and any other fees or liquidated damages then due and owing. | |||||||
Warrants: Each warrant allows the holder to purchase approximately 636 shares of the Company’s common stock and is immediately exercisable. The warrants are not listed on a national securities exchange and do not have the rights or privileges of a holder of common stock, including any voting rights, until the holder exercises the warrant. The following table summarizes exercise prices and expiration dates of outstanding common stock purchase warrants as of September 30, 2014. | |||||||
Number of Warrants | Exercise Price Per Share | Expiration Date | |||||
4,000 | $ | 1.0816 | November 30, 2018 | ||||
STOCK_OPTIONS
STOCK OPTIONS: | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
STOCK OPTIONS: | ' | |||||||||||||
STOCK OPTIONS: | ' | |||||||||||||
NOTE 7 — STOCK OPTIONS: | ||||||||||||||
The Company had four equity incentive plans as of December 31, 2013. Two of these plans, the 2003 Stock Option Plan and the 2003 Consultant Stock Compensation Plan, expired in February 2014. There has been no change to the Company’s 2007 and 2012 Equity Incentive Plans during 2014, other than the items summarized below. For a description of these Equity Incentive Plans, refer to the consolidated financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||
A summary of the option activity under the Company’s Equity Incentive Plans as of September 30, 2014, and changes during the period then ended, is presented below: | ||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||||
Options | Average | Average | Intrinsic Value | |||||||||||
Exercise | Remaining | |||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
Outstanding at January 1, 2014 | 4,663,000 | $ | 1.53 | |||||||||||
Exercised | (187,000 | ) | 0.87 | |||||||||||
Forfeited or expired | (535,000 | ) | 1.96 | |||||||||||
Outstanding at March 31, 2014 | 3,941,000 | 1.5 | ||||||||||||
Granted | 530,000 | 0.91 | ||||||||||||
Exercised | (50,000 | ) | 0.99 | |||||||||||
Forfeited or expired | (200,000 | ) | 0.99 | |||||||||||
Outstanding at June 30, 2014 | 4,221,000 | 1.46 | ||||||||||||
Forfeited or expired | (10,000 | ) | 1.81 | |||||||||||
Outstanding at September 30, 2014 | 4,211,000 | $ | 1.46 | 2.7 | $ | 33,520 | ||||||||
Exercisable at September 30, 2014 | 3,811,000 | $ | 1.52 | 2.46 | $ | 33,520 | ||||||||
The fair value for each option award is estimated at the date of grant using the Black-Scholes option-pricing model using the assumptions noted in the following table. Volatility for the periods presented is based on the historical volatility of the Company’s common shares over the expected life of the option. The risk-free rate for periods within the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The Company does not foresee the payment of dividends in the near term. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014(1) | 2013 | 2014 | 2013 | |||||||||||
Weighted average risk-free interest rate | — | 0.59 | % | 0.91 | % | 0.54 | % | |||||||
Weighted average volatility | — | 71.52 | % | 73.08 | % | 70.56 | % | |||||||
Expected dividend yield | — | — | — | — | ||||||||||
Weighted average expected life (in years) | — | 3.0 | 3.0 | 3.0 | ||||||||||
Weighted average grant-date fair value | $ | — | $ | 0.27 | $ | 0.44 | $ | 0.38 | ||||||
-1 | No options were granted during the three months ended September 30, 2014. | |||||||||||||
During the three months ended September 30, 2014 there were no stock options exercised. During the nine months ended September 30, 2014, there were 237,000 stock options exercised with a weighted average exercise price of $0.90 and a total intrinsic value of $88,724. During the nine months ended September 30, 2013, there were no stock options exercised. | ||||||||||||||
A summary of the status of the Company’s nonvested options as of September 30, 2014 and changes during the period then ended is presented below: | ||||||||||||||
Number of | Weighted- | |||||||||||||
Options | Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at January 1, 2014 | 588,000 | $ | 0.27 | |||||||||||
Vested | (18,000 | ) | 0.27 | |||||||||||
Nonvested at March 31, 2014 | 570,000 | 0.27 | ||||||||||||
Granted | 400,000 | 0.44 | ||||||||||||
Vested | (570,000 | ) | 0.27 | |||||||||||
Nonvested at June 30, 2014 and September 30, 2014 | 400,000 | 0.44 | ||||||||||||
As of September 30, 2014, there was $87,495 of unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plans. The cost is expected to be recognized over a weighted-average period of less than one year. | ||||||||||||||
Total compensation costs recognized for stock-based employee compensation awards was $73,355 and $77,430 for the three months ended September 30, 2014 and 2013, respectively. Total compensation costs recognized for stock-based employee compensation awards was $216,393 and $327,030 for the nine months ended September 30, 2014 and 2013, respectively. These costs were included in general and administrative expenses and technical services and exploration expenses on the Condensed Consolidated Statements of Operations. There were no costs recognized for stock-based compensation awards for services performed by outside parties during the three months ended September 30, 2014 and 2013. Total costs recognized for stock-based compensation awards for services performed by outside parties were $9,196 and $0 for the nine months ended September 30, 2014 and 2013, respectively. Cash received from options exercised under all share-based payment arrangements during the nine months ended September 30, 2014 and 2013 was $177,750 and $0, respectively. | ||||||||||||||
COMMITMENTS
COMMITMENTS: | 9 Months Ended |
Sep. 30, 2014 | |
COMMITMENTS: | ' |
COMMITMENTS: | ' |
NOTE 8 — COMMITMENTS: | |
The Company entered into an Exploration Earn-In Agreement with Estrella Gold Corp. on April 5, 2012, pursuant to which the Company could acquire 75% of the Estrella gold and silver exploration property located in central Peru by expending $5,000,000 on exploration activities. Under the terms of the agreement, the Company was required to make annual cash payments to Estrella of $100,000 prior to the end of the first agreement year ending on February 28, 2013, and $200,000 prior to the end of each subsequent agreement year until the earn-in had been completed. The Company was also required to expend a minimum of $500,000 in exploration and development expenditures in each of the first and second agreement years. The Company was able to terminate this agreement at any time during the earn-in period. The Company met the first year’s exploration and development expenditure requirements during 2012. During February 2013, the Company made the required $100,000 cash payment prior to the end of the first agreement year and continued the Exploration Earn-In Agreement into the second year. During January 2014, the Company terminated the Exploration Earn-In Agreement. | |
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | ' |
Going concern | ' |
(a)Going concern | |
The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern and do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. The Company is an exploration stage company and has incurred losses since the inception of its exploration stage. The Company currently does not have a recurring source of revenue sufficient to fund normal operations and its ability to continue as a going concern is dependent on the Company’s ability to secure sufficient funding for its future exploration and working capital requirements, which may include the sale of its equity or debt securities, and the eventual profitable exploitation of its mining properties. | |
On July 30, 2014, the Company sold 4,000 units consisting of one share of the Company’s Series B 6% convertible preferred stock, and a warrant to purchase approximately 636 shares of the Company’s common stock, at a price of $1,000 per unit as described further in Note 6. The offering yielded gross proceeds, before offering expenses, of $4.0 million. However, the Company still needs additional funding to continue normal operations. The Company’s plans for the long-term return to and continuation as a going concern include securing additional funding and the eventual profitable operation of its mining property. There can be no assurance that the Company will succeed in securing additional funding on terms acceptable to the Company or at all, or in generating future profitable operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
Exploration Stage Enterprise | ' |
(b)Exploration Stage Enterprise | |
Since the Company is in the exploration stage of operation, the Company’s financial statements are prepared in accordance with the provisions of Accounting Standards Codification (“ASC”) 915, Development Stage Enterprises, as it devotes substantially all of its efforts to acquiring and exploring mining interests that management believes should eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in commercial production, the Company will continue to prepare its consolidated financial statements and related disclosures in accordance with this standard. | |
Mining properties, exploration and development costs | ' |
(c)Mining properties, exploration and development costs | |
All exploration expenditures are expensed as incurred. Significant property acquisition payments for active exploration properties are capitalized, including payments to acquire mineral rights. Once a feasibility study has been completed, approved by management, and a decision is made to put the ore body into production, expenditures to develop new mines, to define further mineralization in existing ore bodies, and to expand the capacity of operating mines, are capitalized and amortized on the units of production basis over proven and probable reserves. The Company charges to operations the allocable portion of capitalized costs attributable to properties sold. Capitalized costs are allocated to properties sold based on the proportion of claims sold to the claims remaining within the project area. | |
Fair value measurements | ' |
(d)Fair value measurements | |
The Company discloses the inputs used to develop the fair value measurements for the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as well as the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The three levels of the fair value hierarchy are as follows: | |
Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |
Level 2: Quoted prices in inactive markets for identical assets or liabilities, quoted prices for similar assets or liabilities in active markets, or other observable inputs either directly related to the asset or liability or derived principally from corroborated observable market data. | |
Level 3: Unobservable inputs due to the fact that there is little or no market activity. | |
Stock compensation | ' |
(e)Stock compensation | |
The Company measures and records the costs of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award, recognized over the period during which an employee is required to provide services in exchange for such award. Compensation cost is recognized for awards granted and for awards modified, repurchased or cancelled. | |
Net loss per share | ' |
(f)Net loss per share | |
Basic earnings or loss per share is computed on the basis of the weighted average number of shares outstanding during the period. Diluted earnings or loss per share is calculated on the basis of the weighted average number of shares outstanding during the period plus the effect of potential dilutive shares during the period. Potential dilutive shares include outstanding stock options and warrants. For periods in which a net loss is reported, potential dilutive shares are excluded because they are antidilutive. Therefore, basic loss per share is the same as diluted loss per share for the periods ended September 30, 2014 and 2013. | |
Recent Accounting Pronouncements | ' |
(f)Recent Accounting Pronouncements | |
During 2013, the Financial Accounting Standards Board issued guidance related to unrecognized tax benefits related to a net operating loss carryforward, similar tax loss or a tax credit carryforward. The new standard requires an unrecognized tax benefit that is not available under the tax law or not intended to be used at the reporting date to be presented as a separate liability, rather than netted against a deferred tax asset in the financial statements. The Company adopted the provisions of this guidance effective January 1, 2014. This guidance did not have a significant impact on the Company’s consolidated financial position, results of operations or cash flows. | |
Subsequent events | ' |
(g)Subsequent events | |
The Company evaluated events and transactions subsequent to the balance sheet date of September 30, 2014 for potential recognition or disclosure in the condensed consolidated financial statements. | |
AVAILABLEFORSALE_SECURITIES_Ta
AVAILABLE-FOR-SALE SECURITIES: (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
AVAILABLE-FOR-SALE SECURITIES: | ' | |||||||
Schedule of the Company's available-for-sale securities | ' | |||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Cost | $ | 11,165 | $ | 11,165 | ||||
Unrealized Gains (Losses) | (5,516 | ) | 3,009 | |||||
Fair Market Value | $ | 5,649 | $ | 14,174 | ||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS: (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
FAIR VALUE MEASUREMENTS: | ' | |||||||||
Schedule of financial assets and liabilities accounted for at fair value on a recurring basis | ' | |||||||||
September 30, | December 31, | Input | ||||||||
2014 | 2013 | Hierarchy | ||||||||
Level | ||||||||||
Assets: | ||||||||||
Available-for-sale securities | $ | 5,649 | $ | 14,174 | Level 1 | |||||
Liabilities: | ||||||||||
Asset retirement obligation | $ | 497,174 | $ | 479,488 | Level 3 | |||||
Schedule of fair value reconciliation of level 3 liabilities measured at fair value | ' | |||||||||
Asset Retirement Obligation | ||||||||||
2014 | 2013 | |||||||||
Balance January 1 | $ | 479,488 | $ | 456,823 | ||||||
Accretion expense | 5,760 | 5,488 | ||||||||
Balance March 31 | 485,248 | 462,311 | ||||||||
Accretion expense | 5,894 | 5,615 | ||||||||
Balance June 30 | 491,142 | 467,926 | ||||||||
Accretion expense | 6,032 | 5,746 | ||||||||
Balance September 30 | $ | 497,174 | $ | 473,672 | ||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY: (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
STOCKHOLDERS' EQUITY: | ' | ||||||
Schedule of exercise prices and expiration dates of the Company's outstanding common share purchase warrants | ' | ||||||
Number of Warrants | Exercise Price Per Share | Expiration Date | |||||
4,000 | $ | 1.0816 | November 30, 2018 | ||||
STOCK_OPTIONS_Tables
STOCK OPTIONS: (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
STOCK OPTIONS: | ' | |||||||||||||
Summary of stock option activity | ' | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||||
Options | Average | Average | Intrinsic Value | |||||||||||
Exercise | Remaining | |||||||||||||
Price | Contractual | |||||||||||||
Term | ||||||||||||||
Outstanding at January 1, 2014 | 4,663,000 | $ | 1.53 | |||||||||||
Exercised | (187,000 | ) | 0.87 | |||||||||||
Forfeited or expired | (535,000 | ) | 1.96 | |||||||||||
Outstanding at March 31, 2014 | 3,941,000 | 1.5 | ||||||||||||
Granted | 530,000 | 0.91 | ||||||||||||
Exercised | (50,000 | ) | 0.99 | |||||||||||
Forfeited or expired | (200,000 | ) | 0.99 | |||||||||||
Outstanding at June 30, 2014 | 4,221,000 | 1.46 | ||||||||||||
Forfeited or expired | (10,000 | ) | 1.81 | |||||||||||
Outstanding at September 30, 2014 | 4,211,000 | $ | 1.46 | 2.7 | $ | 33,520 | ||||||||
Exercisable at September 30, 2014 | 3,811,000 | $ | 1.52 | 2.46 | $ | 33,520 | ||||||||
Schedule of assumptions used to estimate the fair value of stock options | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2014(1) | 2013 | 2014 | 2013 | |||||||||||
Weighted average risk-free interest rate | — | 0.59 | % | 0.91 | % | 0.54 | % | |||||||
Weighted average volatility | — | 71.52 | % | 73.08 | % | 70.56 | % | |||||||
Expected dividend yield | — | — | — | — | ||||||||||
Weighted average expected life (in years) | — | 3.0 | 3.0 | 3.0 | ||||||||||
Weighted average grant-date fair value | $ | — | $ | 0.27 | $ | 0.44 | $ | 0.38 | ||||||
(1) No options were granted during the three months ended September 30, 2014. | ||||||||||||||
Summary of nonvested options | ' | |||||||||||||
Number of | Weighted- | |||||||||||||
Options | Average | |||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Nonvested at January 1, 2014 | 588,000 | $ | 0.27 | |||||||||||
Vested | (18,000 | ) | 0.27 | |||||||||||
Nonvested at March 31, 2014 | 570,000 | 0.27 | ||||||||||||
Granted | 400,000 | 0.44 | ||||||||||||
Vested | (570,000 | ) | 0.27 | |||||||||||
Nonvested at June 30, 2014 and September 30, 2014 | 400,000 | 0.44 | ||||||||||||
ORGANIZATION_AND_SUMMARY_OF_SI2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIE: (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 30, 2014 | Jul. 30, 2014 | Jul. 31, 2014 | Jul. 30, 2014 |
In Millions, except Share data, unless otherwise specified | Warrant Derivatives | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Prefereed Stock and Common Shares: | ' | ' | ' | ' | ' | ' |
Number of units sold | 3,526 | 3,526 | ' | ' | ' | 4,000 |
Number of shares of common stock that can be purchased on exercise of warrants | ' | ' | 636 | ' | ' | ' |
Issue price (in dollars per share) | ' | ' | ' | ' | ' | $1,000 |
Gross proceeds before offering expenses | ' | ' | ' | $4 | $4 | ' |
CERTIFICATES_OF_DEPOSIT_Detail
CERTIFICATES OF DEPOSIT: (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
CERTIFICATES OF DEPOSIT: | ' | ' |
Number of certificates of deposit owned | ' | 2 |
Certificate of deposit value | ' | $1,559,361 |
Reclamation deposits | 1,184,966 | 1,191,182 |
Certificates of deposit maturing in February 2014 | ' | ' |
CERTIFICATES OF DEPOSIT: | ' | ' |
Certificate of deposit value | ' | 1,559,361 |
Certificates of deposit renewed and maturing on January 3, 2015 | ' | ' |
CERTIFICATES OF DEPOSIT: | ' | ' |
Reclamation deposits | $1,124,055 | $1,130,271 |
Interest rate (as a percent) | 0.40% | ' |
AVAILABLEFORSALE_SECURITIES_De
AVAILABLE-FOR-SALE SECURITIES: (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
AVAILABLE-FOR-SALE SECURITIES: | ' | ' |
Cost | $11,165 | $11,165 |
Unrealized Gains (Losses) | -5,516 | 3,009 |
Fair Market Value | $5,649 | $14,174 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS: (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
FAIR VALUE MEASUREMENTS: | ' | ' |
Financial assets that are measured at fair value on a nonrecurring basis | $0 | ' |
Financial liabilities that are measured at fair value on a nonrecurring basis | 0 | ' |
Assets: | ' | ' |
Available-for-sale securities | 5,649 | 14,174 |
Liabilities: | ' | ' |
Asset retirement obligation | 497,174 | 479,488 |
Recurring basis | Level 1 | ' | ' |
Assets: | ' | ' |
Available-for-sale securities | 5,649 | 14,174 |
Recurring basis | Level 3 | ' | ' |
Liabilities: | ' | ' |
Asset retirement obligation | $497,174 | $479,488 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS: (Details 2) (Asset Retirement Obligation, USD $) | 3 Months Ended | |||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Asset Retirement Obligation | ' | ' | ' | ' | ' | ' |
Fair value reconciliation of level 3 liabilities measured at fair value | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $491,142 | $485,248 | $479,488 | $467,926 | $462,311 | $456,823 |
Accretion expense | 6,032 | 5,894 | 5,760 | 5,746 | 5,615 | 5,488 |
Balance at the end of the period | $497,174 | $491,142 | $485,248 | $473,672 | $467,926 | $462,311 |
CONCENTRATION_OF_CREDIT_RISK_D
CONCENTRATION OF CREDIT RISK: (Details) (Cash and cash equivalents, Concentration of credit risk, USD $) | 9 Months Ended |
Sep. 30, 2014 | |
item | |
Cash and cash equivalents | Concentration of credit risk | ' |
CONCENTRATION OF CREDIT RISK: | ' |
Number of financial institutions | 1 |
Uninsured bank deposit balance | $6,355,000 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY: (Details) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Jul. 30, 2014 | Jul. 30, 2014 | Sep. 30, 2014 | Jul. 30, 2014 |
Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Warrant Derivatives | Common Stock | Common Stock | |||
item | |||||||||
Prefereed Stock and Common Shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | $0.00 |
Common stock issued at conversion of preferred stock, shares | 474,000 | ' | ' | ' | 474 | ' | ' | 602,592 | 1,271 |
Conversion price per share of common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.79 |
Warrants exercised (in shares) | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock that can be purchased on exercise of warrants | ' | ' | ' | ' | ' | ' | 636 | ' | ' |
Exercise Price (in dollars per share) | 1.0816 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Number of investor | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Authorized preferred shares | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units sold | 3,526 | 3,526 | ' | ' | ' | 4,000 | ' | ' | ' |
Preferred stock, par value (in dollars per share) | $0 | $0 | ' | ' | ' | $0 | ' | ' | ' |
Issue price (in dollars per share) | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' |
Gross proceeds before offering expenses | ' | ' | $4 | $4 | ' | ' | ' | ' | ' |
Net proceeds before deducting other offering expenses | ' | ' | ' | $3.50 | ' | ' | ' | ' | ' |
STOCK_OPTIONS_Details
STOCK OPTIONS: (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 28, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
item | item | ||||||||
STOCK OPTIONS: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equity incentive plans | ' | ' | ' | ' | ' | ' | ' | ' | 4 |
Number of equity incentive plans expired | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Options | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | 4,221,000 | 3,941,000 | 4,663,000 | ' | 3,941,000 | 4,663,000 | ' | ' |
Granted (in shares) | ' | 0 | 530,000 | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | ' | 0 | -50,000 | -187,000 | ' | ' | -237,000 | 0 | ' |
Forfeited or expired (in shares) | ' | -10,000 | -200,000 | -535,000 | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | 4,211,000 | 4,221,000 | 3,941,000 | ' | 4,211,000 | 4,211,000 | ' | 4,663,000 |
Exercisable at the end of the period (in shares) | ' | 3,811,000 | ' | ' | ' | 3,811,000 | 3,811,000 | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | $1.46 | $1.50 | $1.53 | ' | $1.50 | $1.53 | ' | ' |
Granted (in dollars per share) | ' | ' | $0.91 | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | ' | $1.52 | ' | ' | ' | $1.52 | $1.52 | ' | ' |
Forfeited or expired (in dollars per share) | ' | $1.81 | $0.99 | $1.96 | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | $1.46 | $1.46 | $1.50 | ' | $1.46 | $1.46 | ' | $1.53 |
Weighted-Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | '2 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period | ' | '2 years 5 months 16 days | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | $33,520 | ' | ' | ' | $33,520 | $33,520 | ' | ' |
Exercisable at the end of the period | ' | 33,520 | ' | ' | ' | 33,520 | 33,520 | ' | ' |
Additional disclosure for stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value | ' | ' | ' | ' | ' | ' | 88,724 | ' | ' |
Assumptions used to estimate the fair value of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average risk-free interest rate (as a percent) | ' | ' | ' | ' | 0.59% | ' | 0.91% | 0.54% | ' |
Weighted average volatility (as a percent) | ' | ' | ' | ' | 71.52% | ' | 73.08% | 70.56% | ' |
Weighted average expected life | ' | ' | ' | ' | '3 years | ' | '3 years | '3 years | ' |
Weighted-average grant-date fair value (in dollars per share) | ' | ' | ' | ' | $0.27 | ' | $0.44 | $0.38 | ' |
Exercised (in shares) | ' | 0 | 50,000 | 187,000 | ' | ' | 237,000 | 0 | ' |
Weighted average exercised (in dollars per share) | ' | ' | $0.99 | $0.87 | ' | ' | $0.90 | ' | ' |
Total intrinsic value | ' | ' | ' | ' | ' | ' | 88,724 | ' | ' |
Number of Options | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested at the beginning of the period (in shares) | ' | ' | 570,000 | 588,000 | ' | 570,000 | 588,000 | ' | ' |
Issued (in shares) | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Vested (in shares) | ' | ' | ' | -18,000 | ' | -570,000 | ' | ' | ' |
Nonvested at the end of the period (in shares) | ' | 400,000 | ' | 570,000 | ' | 400,000 | 400,000 | ' | 588,000 |
Weighted-Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested at the beginning of the period (in dollars per share) | ' | ' | $0.27 | $0.27 | ' | $0.27 | $0.27 | ' | ' |
Vested (in dollars per share) | ' | ' | ' | $0.27 | ' | $0.27 | ' | ' | ' |
Issued (in dollars per share) | ' | ' | ' | ' | ' | $0.44 | ' | ' | ' |
Nonvested at the end of the period (in dollars per share) | ' | $0.44 | ' | $0.27 | ' | $0.44 | $0.44 | ' | $0.27 |
Disclosures for share-based compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to nonvested share-based compensation arrangements | ' | 87,495 | ' | ' | ' | 87,495 | 87,495 | ' | ' |
Expected weighted-average period of recognition of unrecognized compensation cost related to nonvested share-based compensation arrangements | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Total compensation costs recognized for stock-based employee compensation awards | ' | 73,355 | ' | ' | 77,430 | ' | 216,393 | 327,030 | ' |
Costs recognized for stock-based compensation awards for services performed by outside parties | ' | 0 | ' | ' | 0 | ' | 9,196 | 0 | ' |
Cash received from options exercised | ' | ' | ' | ' | ' | ' | $177,750 | $0 | ' |
COMMITMENTS_Details
COMMITMENTS: (Details) (Estrella Gold Corp., USD $) | 1 Months Ended | 9 Months Ended | 0 Months Ended | |||
Feb. 28, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 05, 2012 | |
First agreement year | First agreement year | First agreement year | Second agreement year | Subsequent agreement year | Exploration activities | |
Minimum | Minimum | |||||
COMMITMENTS: | ' | ' | ' | ' | ' | ' |
Percentage of Estrella exploration property located in central Peru that could be acquired by the company | ' | ' | ' | ' | ' | 75.00% |
Exploration activities commitment | ' | ' | ' | ' | ' | $5,000,000 |
Annual cash payments required to be made to Estrella | ' | 100,000 | ' | ' | 200,000 | ' |
Annual cash payments made to Estrella | 100,000 | ' | ' | ' | ' | ' |
Exploration and development expenditures | ' | ' | $500,000 | $500,000 | ' | ' |