þ |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o |
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Montana
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81-0305822
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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P.O. Box 643, Thompson Falls, Montana
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59873
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(Address of principal executive offices)
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(Zip code)
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Large accelerated filer o
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Accelerated filer þ
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Non-accelerated filer o
(Do not check if a smaller reporting company)
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Smaller reporting company o
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Page | |||||
PART I – FINANCIAL INFORMATION | |||||
Item 1: | Financial Statements (unaudited) | 3 | |||
Item 2: | Management’s Discussion and Analysis of Results of Operations and Financial Condition | 13 | |||
Item 3: | Quantitative and Qualitative Disclosure about Market Risk | 15 | |||
Item 4: | Controls and Procedures | 15 | |||
PART II – OTHER INFORMATION | |||||
Item 1: | Legal Proceedings | 16 | |||
Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | 16 | |||
Item 3: | Defaults upon Senior Securities | 16 | |||
Item 4: | Mine Safety Disclosures | 16 | |||
Item 5: | Other Information | 17 | |||
Item 6: | Exhibits and Reports on Form 8-K | 17 | |||
SIGNATURE | 18 | ||||
CERTIFICATIONS |
(Unaudited)
|
||||||||
September 30, 2012
|
December 31, 2011
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 2,376,701 | $ | 5,427 | ||||
Certificates of deposit (Note 4)
|
242,800 | - | ||||||
Accounts receivable, less allowance for doubtful accounts of $4,031 and $7,600, respectively
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491,735 | 1,438,564 | ||||||
Inventories
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1,454,633 | 1,066,813 | ||||||
Other current assets
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57,659 | 56,208 | ||||||
Deferred tax asset
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470,869 | 396,558 | ||||||
Total current assets
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5,094,397 | 2,963,570 | ||||||
Properties, plants and equipment, net
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8,342,025 | 6,047,004 | ||||||
Restricted cash for reclamation bonds
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74,782 | 74,777 | ||||||
Other assets
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155,036 | 54,766 | ||||||
Total assets
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$ | 13,666,240 | $ | 9,140,117 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Checks issued and payable
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$ | - | $ | 113,908 | ||||
Deferred revenue
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31,668 | 43,760 | ||||||
Accounts payable
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970,845 | 994,940 | ||||||
Due to factor
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240,446 | 146,589 | ||||||
Accrued payroll, taxes and interest
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93,105 | 141,928 | ||||||
Other accrued liabilities
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32,434 | 119,292 | ||||||
Payables to related parties
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13,382 | 331,978 | ||||||
Long-term debt, current
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305,911 | 79,631 | ||||||
Total current liabilities
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1,687,791 | 1,972,026 | ||||||
Long-term debt, noncurrent
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136,993 | 158,218 | ||||||
Asset retirement and accrued reclamation costs
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247,530 | 241,500 | ||||||
Total liabilities
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2,072,314 | 2,371,744 | ||||||
Commitments and contingencies (Note 5)
|
||||||||
Stockholders' equity:
|
||||||||
Preferred stock $0.01 par value, 10,000,000 shares authorized:
|
||||||||
Series A: no shares issued and outstanding
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- | - | ||||||
Series B: 750,000 shares issued and outstanding
|
||||||||
(liquidation preference $877,500)
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7,500 | 7,500 | ||||||
Series C: 177,904 shares issued and outstanding
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||||||||
(liquidation preference $97,847)
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1,779 | 1,779 | ||||||
Series D: 1,751,005 shares issued and outstanding
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||||||||
(liquidation preference and cumulative dividends of $4,714,433)
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17,509 | 17,509 | ||||||
Common stock, $0.01 par vaue, 90,000,000 shares authorized;
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||||||||
61,786,822 and 59,349,300 shares issued and outstanding, respectively
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617,868 | 593,492 | ||||||
Additional paid-in capital
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30,723,895 | 25,635,129 | ||||||
Accumulated deficit
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(19,774,625 | ) | (19,487,036 | ) | ||||
Total stockholders' equity
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11,593,926 | 6,768,373 | ||||||
Total liabilities and stockholders' equity
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$ | 13,666,240 | $ | 9,140,117 |
United States Antimony Corporation and Subsidiaries
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Consolidated Statements of Operations (Unaudited)
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For the three months ended |
For the nine months ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
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September 30, 2012
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September 30, 2011
|
|||||||||||||
REVENUES
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$ | 2,655,123 | $ | 3,332,008 | $ | 9,206,978 | $ | 9,262,039 | ||||||||
COST OF REVENUES
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(2,517,497 | ) | (2,505,682 | ) | (8,659,703 | ) | (7,913,079 | ) | ||||||||
GROSS PROFIT
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137,626 | 826,326 | 547,275 | 1,348,960 | ||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
General and administrative
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239,093 | 28,582 | 655,077 | 198,186 | ||||||||||||
Professional fees
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54,722 | 34,764 | 187,366 | 160,604 | ||||||||||||
TOTAL OPERATING EXPENSES
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293,815 | 63,346 | 842,443 | 358,790 | ||||||||||||
INCOME (LOSS) FROM OPERATIONS
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(156,189 | ) | 762,980 | (295,168 | ) | 990,170 | ||||||||||
OTHER INCOME (EXPENSE):
|
||||||||||||||||
Interest income
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2,789 | 248 | 6,337 | 4,326 | ||||||||||||
Interest expense
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(2,162 | ) | (2,569 | ) | (2,162 | ) | (4,204 | ) | ||||||||
Factoring expense
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(19,563 | ) | (52,586 | ) | (70,907 | ) | (126,000 | ) | ||||||||
TOTAL OTHER INCOME (EXPENSE)
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(18,936 | ) | (54,907 | ) | (66,732 | ) | (125,878 | ) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES
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(175,125 | ) | 708,073 | (361,900 | ) | 864,292 | ||||||||||
INCOME TAX (EXPENSE) BENEFIT
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- | - | 74,311 | (24,426 | ) | |||||||||||
NET INCOME (LOSS)
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$ | (175,125 | ) | $ | 708,073 | $ | (287,589 | ) | $ | 839,866 | ||||||
Net income (loss) per share of
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||||||||||||||||
common stock:
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||||||||||||||||
Basic
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$ |
Nil
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$ | 0.01 | $ |
Nil
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$ | 0.01 | ||||||||
Diluted
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$ |
Nil
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$ | 0.01 | $ |
Nil
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$ | 0.01 | ||||||||
Weighted average shares outstanding:
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||||||||||||||||
Basic
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61,786,822 | 59,150,784 | 61,051,943 | 58,157,638 | ||||||||||||
Diluted
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61,786,822 | 59,692,102 | 61,051,943 | 58,662,586 |
United States Antimony Corporation and Subsidiaries
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Consolidated Statements of Cash Flows (Unaudited)
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For the nine months ended
|
||||||||
September 30, 2012
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September 30, 2011
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|||||||
Cash Flows From Operating Activities:
|
||||||||
Net income (loss)
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$ | (287,589 | ) | $ | 839,866 | |||
Adjustments to reconcile net income (loss) to net cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation and amortization expense
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349,375 | 297,866 | ||||||
Accretion of asset retirement obligation
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6,030 | - | ||||||
Common stock issued to directors for services
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176,191 | - | ||||||
Deferred income tax expense (benefit)
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(74,311 | ) | 21,926 | |||||
Change in:
|
||||||||
Accounts receivable, net
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946,829 | (123,002 | ) | |||||
Inventories
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(387,820 | ) | (1,099,035 | ) | ||||
Other current assets
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250,737 | (279,193 | ) | |||||
Other assets
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(100,275 | ) | (88,196 | ) | ||||
Accounts payable
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(24,095 | ) | 627,752 | |||||
Accrued payroll, taxes and interest
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(48,823 | ) | (12,302 | ) | ||||
Other accrued liabilities
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(86,858 | ) | (36,324 | ) | ||||
Deferred revenue
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(12,092 | ) | - | |||||
Payables to related parties
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(318,596 | ) | 28,158 | |||||
Net cash provided by operating activities
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388,703 | 177,516 | ||||||
Cash Flows From Investing Activities:
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||||||||
Purchase of certificates of deposit
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(242,800 | ) | (9 | ) | ||||
Purchase of properties, plants and equipment
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(2,292,246 | ) | (1,744,892 | ) | ||||
Net cash used by investing activities
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(2,535,046 | ) | (1,744,901 | ) | ||||
Cash Flows From Financing Activities:
|
||||||||
Net proceeds from (payments to) factor
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93,857 | 497,300 | ||||||
Proceeds from sale of common stock, net of offering costs
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4,624,763 | 1,160,218 | ||||||
Issuance of common stock pursuant to exercise of warrants
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60,000 | - | ||||||
Principal payments on long-term debt
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(147,095 | ) | (110,487 | ) | ||||
Payments received on stock subscription agreements
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- | 82,563 | ||||||
Change in checks issued and payable
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(113,908 | ) | - | |||||
Net cash provided by financing activities
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4,517,617 | 1,629,594 | ||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
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2,371,274 | 62,209 | ||||||
Cash and cash equivalents at beginning of period
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5,427 | 448,861 | ||||||
Cash and cash equivalents at end of period
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$ | 2,376,701 | $ | 511,070 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
||||||||
Noncash investing and financing activities:
|
||||||||
Properties, plants and equipment acquired with long-term debt
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$ | 352,150 | $ | 239,900 | ||||
Properties, plants and equipment acquired with accounts payable
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- | 89,654 | ||||||
Common stock issued for prepaid directors fees
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$ | 426,819 | - | |||||
Common stock issued pursuant to cashless exercise of warrants
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$ | 253 | - |
For the Three Months Ended
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For the NineMonths Ended
|
|||||||||||||||
September 30, 2012
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September 30, 2011
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September 30, 2012
|
September 30, 2011
|
|||||||||||||
Warrants
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1,776,917 | 1,776,917 | ||||||||||||||
Convertible preferred stock
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1,751,005 | 1,751,005 | 1,751,005 | 1,751,005 | ||||||||||||
Total possible dilution
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3,527,922 | 1,751,005 | 3,527,922 | 1,751,005 | ||||||||||||
Basic weighted shares
|
||||||||||||||||
outstanding
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61,786,822 | 59,150,784 | 61,051,943 | 58,157,638 | ||||||||||||
Warrants
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- | 541,318 | - | 504,948 | ||||||||||||
Basic and diluted weighted shares outstanding
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61,786,822 | 59,692,102 | 61,051,943 | 58,662,586 |
September 30, 2012
|
December 31, 2011
|
|||||||
Antimony Metal
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$ | 176,139 | $ | 152,026 | ||||
Antimony Oxide
|
175,982 | 180,404 | ||||||
Antimony Ore
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878,467 | 644,113 | ||||||
Total antimony
|
1,230,588 | 976,543 | ||||||
Zeolite
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224,045 | 90,270 | ||||||
$ | 1,454,633 | $ | 1,066,813 |
Accounts Receivable
|
September 30, 2012
|
December 31, 2011
|
||||||
Accounts receivable - non factored
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$ | 255,320 | $ | 1,299,575 | ||||
Accounts receivable - factored with recourse
|
240,446 | 146,589 | ||||||
Less allowance for doubtful accounts
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(4,031 | ) | (7,600 | ) | ||||
Accounts receivable - net
|
$ | 491,735 | $ | 1,438,564 |
2012
|
2011
|
|||||||
Note payable toThermoFisher financial Services, bearing interest
|
||||||||
at 5.67%; payable in monthly installments of $3522; maturing
|
||||||||
September 2013; collateralized by equipment.
|
$ | 41,000 | $ | - | ||||
Note payable to De Lage Landen financial Services, bearing interest
|
||||||||
at 5.3%; payable in monthly installments of $549; maturing
|
||||||||
March 2016; collateralized by equipment.
|
21,004 | - | ||||||
Note payable to Catepillar Finance, bearing interest
|
||||||||
at 6.15%; payable in monthly installments of $2,032; maturing
|
||||||||
June 2015; collateralized by equipment.
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59,851 | 77,040 | ||||||
Note payable to CNH Capital America, LLC, bearing interest
|
||||||||
at 4.5%; payable in monthly installments of $505; maturing
|
||||||||
June 2013; collateralized by equipment.
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4,454 | 8,648 | ||||||
Note payable to GE Capital, bearing interest at 2.25%; payable in
|
||||||||
monthly installments of $359; maturing July 2013; collateralized by
|
||||||||
equipment.
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3,552 | 6,531 | ||||||
Note payable to Robert and Phyllis Rice, bearing interest
|
||||||||
at 1%; payable in monthly installments of $2,000; maturing
|
||||||||
March 2015; collateralized by equipment.
|
63,206 | 80,882 | ||||||
Note payable to De Lage Landen Financial Services
|
||||||||
at 5.2%; payable in monthly installments of $709; maturing
|
||||||||
July 2014; collateralized by equipment.
|
14,183 | 19,229 | ||||||
Note payable to Catepillar Finance, bearing interest
|
||||||||
at 6.15%; payable in monthly installments of $766; maturing
|
||||||||
August 2014; collateralized by equipment.
|
16,590 | 21,990 | ||||||
Note payable to De Lage Landen Financial Services
|
||||||||
at 5.2%; payable in monthly installments of $697; maturing
|
||||||||
January 2015; collateralized by equipment.
|
18,360 | 23,529 | ||||||
Note payable to Catepillar Finance, bearing interest
|
||||||||
at 5.95%; payable in monthly installments of $827; maturing
|
||||||||
September 2015; collateralized by equipment.
|
27,210 | - | ||||||
Note payable for Corral Blanco land, bearing interest
|
||||||||
at 6%; payable in three installments; maturing
|
||||||||
May 1, 2013; collateralized by land.
|
173,494 | - | ||||||
Total debt
|
442,904 | 237,849 | ||||||
Less current portion
|
(305,911 | ) | (79,631 | ) | ||||
Noncurrent portion
|
$ | 136,993 | $ | 158,218 |
Debt outstanding will mature as follows:
|
Twelve months ending
|
September 30,
|
|||
2013
|
$ | 305,911 | ||
2014
|
83,928 | |||
2015
|
49,821 | |||
2016
|
3,244 | |||
$ | 442,904 |
For the Nine Months Ended
|
||||||||
Largest Customers
|
September 30, 2012
|
September 30, 2011
|
||||||
Customer A
|
$ | 2,038,378 | $ | 1,074,963 | ||||
Customer B
|
2,033,470 | 1,932,345 | ||||||
Customer C
|
1,091,079 | 1,856,991 | ||||||
$ | 5,162,927 | $ | 4,864,299 | |||||
% of total revenues
|
56.10 | % | 52.50 | % |
Number of
|
Exercise
|
|||||||
Warrants
|
Prices
|
|||||||
Balance, December 31, 2010
|
725,000 | $ | 0.20-$0.75 | |||||
Warrants exercised
|
(125,000 | ) | $ | 0.30-$0.40 | ||||
Balance, December 31, 2011
|
600,000 | $ | 0.30-$0.60 | |||||
Warrants granted
|
1,684,667 | $ | 2.50-$4.50 | |||||
Warrants exercised
|
(250,000 | ) | $ | 0.30-$2.50 | ||||
Warrants expired
|
(150,000 | ) | $ | 0.40 | ||||
Balance, September 30, 2012
|
1,884,667 | $ | 0.25-$4.50 |
The above common stock warrants expire as follows:
|
||||||||
Year Ended December 31:
|
||||||||
2014
|
1,157,750 | |||||||
2015
|
476,917 | |||||||
Thereafter
|
250,000 | |||||||
1,884,667 |
September 30,
2012 |
As of
December 31, 2011 |
|||||||
Properties, plants and equipment, net:
|
||||||||
Antimony
|
||||||||
United States
|
$ | 1,774,326 | $ | 1,657,473 | ||||
Mexico
|
4,861,559 | 2,791,233 | ||||||
Subtotal Antimony
|
6,635,885 | 4,448,706 | ||||||
Zeolite
|
1,706,140 | 1,598,298 | ||||||
Total
|
$ | 8,342,025 | $ | 6,047,004 | ||||
Total Assets:
|
||||||||
Antimony
|
||||||||
United States
|
$ | 5,432,421 | $ | 2,387,425 | ||||
Mexico
|
5,960,744 | 4,291,187 | ||||||
Subtotal Antimony
|
11,393,165 | 6,678,612 | ||||||
Zeolite
|
2,273,075 | 2,461,505 | ||||||
Total
|
$ | 13,666,240 | $ | 9,140,117 |
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Capital expenditures:
|
||||||||||||||||
Antimony
|
||||||||||||||||
United States
|
$ | 96,206 | $ | 16,501 | $ | 158,644 | $ | 95,790 | ||||||||
Mexico
|
786,086 | 579,525 | 2,220,913 | 1,668,761 | ||||||||||||
Subtotal Antimony
|
882,292 | 596,026 | 2,379,557 | 1,764,551 | ||||||||||||
Zeolite
|
107,467 | 121,756 | 264,839 | 309,896 | ||||||||||||
Total
|
$ | 989,759 | $ | 717,782 | $ | 2,644,396 | $ | 2,074,447 |
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Revenues:
|
||||||||||||||||
Antimony
|
$ | 1,974,535 | $ | 2,649,889 | $ | 6,678,725 | $ | 7,337,484 | ||||||||
Precious metals
|
144,082 | 142,421 | 525,707 | 480,003 | ||||||||||||
Zeolite
|
536,506 | 539,698 | 2,002,546 | 1,444,552 | ||||||||||||
Total
|
$ | 2,655,123 | $ | 3,332,008 | $ | 9,206,978 | $ | 9,262,039 | ||||||||
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Gross profit:
|
||||||||||||||||
Antimony
|
$ | 156,059 | $ | 732,748 | $ | 421,037 | $ | 1,260,228 | ||||||||
Zeolite
|
(18,433 | ) | 93,578 | 126,238 | 88,732 | |||||||||||
Total
|
$ | 137,626 | $ | 826,326 | $ | 547,275 | $ | 1,348,960 | ||||||||
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2011
|
September 30, 2012
|
September 30, 2011
|
|||||||||||||
Depreciation and amortization:
|
||||||||||||||||
Antimony
|
$ | 76,914 | $ | 51,746 | $ | 192,020 | $ | 148,612 | ||||||||
Zeolite
|
55,077 | 53,617 | 157,355 | 149,254 | ||||||||||||
Total
|
$ | 131,991 | $ | 105,363 | $ | 349,375 | $ | 297,866 |
Results of Operations by Division
|
||||||||||||||||
Antimony - Combined USA and Mexico
|
3rd Qtr
|
3rd Qtr
|
Nine Months
|
Nine Months
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Lbs of Antimony Metal USA
|
314,053 | 385,279 | 1,020,085 | 1,037,237 | ||||||||||||
Lbs of Antimony Metal Mexico:
|
57,545 | 45,918 | 233,163 | 166,789 | ||||||||||||
Total Lbs of Antimony Metal Sold
|
371,598 | 431,197 | 1,253,248 | 1,204,026 | ||||||||||||
Sales Price/Lb Metal
|
$ | 5.31 | $ | 6.15 | $ | 5.33 | $ | 6.09 | ||||||||
EBITDA/Lb Metal
|
$ | 0.62 | $ | 1.82 | $ | 0.49 | $ | 1.17 | ||||||||
Operating Income/Lb Metal
|
$ | 0.42 | $ | 1.70 | $ | 0.34 | $ | 1.05 | ||||||||
Gross antimony revenue - net of discount
|
$ | 1,974,535 | $ | 2,649,889 | $ | 6,678,725 | $ | 7,337,484 | ||||||||
Precious metals revenue
|
144,082 | 142,421 | 525,707 | 480,003 | ||||||||||||
Production costs - USA
|
(1,173,827 | ) | (1,639,741 | ) | (4,200,298 | ) | (5,128,984 | ) | ||||||||
Product cost - Mexico
|
(268,735 | ) | (214,437 | ) | (1,088,871 | ) | (778,905 | ) | ||||||||
Direct sales and freight
|
(63,225 | ) | (87,500 | ) | (277,204 | ) | (200,612 | ) | ||||||||
General and administrative
|
(246,148 | ) | (56,487 | ) | (702,626 | ) | (171,702 | ) | ||||||||
Mexico non-production costs
|
(135,049 | ) | (9,651 | ) | (316,346 | ) | (128,444 | ) | ||||||||
EBITDA
|
231,633 | 784,494 | 619,087 | 1,408,840 | ||||||||||||
Depreciation & amortization
|
(75,574 | ) | (51,746 | ) | (198,050 | ) | (148,612 | ) | ||||||||
Operating income - antimony
|
$ | 156,059 | $ | 732,748 | $ | 421,037 | $ | 1,260,228 | ||||||||
Zeolite
|
||||||||||||||||
Tons sold
|
2,260 | 2,819 | 8,960 | 8,662 | ||||||||||||
Sales Price/Ton
|
$ | 237.39 | $ | 191.45 | $ | 223.50 | $ | 166.77 | ||||||||
EBITDA/Ton
|
$ | 237.39 | $ | 191.45 | $ | 223.50 | $ | 166.77 | ||||||||
Operating Income (Loss)/Ton
|
$ | (8.16 | ) | $ | 33.20 | $ | 14.09 | $ | 10.24 | |||||||
Gross zeolite revenue
|
$ | 536,506 | $ | 539,698 | $ | 2,002,546 | $ | 1,444,552 | ||||||||
Production costs
|
(402,165 | ) | (262,645 | ) | (1,380,675 | ) | (835,758 | ) | ||||||||
Direct sales and freight
|
(39,659 | ) | (42,610 | ) | (129,378 | ) | (129,691 | ) | ||||||||
Royalties
|
(47,945 | ) | (24,266 | ) | (176,992 | ) | (121,317 | ) | ||||||||
General and administrative
|
(10,093 | ) | (62,982 | ) | (31,908 | ) | (119,800 | ) | ||||||||
EBITDA
|
36,644 | 147,195 | 283,593 | 237,986 | ||||||||||||
Depreciation
|
(55,077 | ) | (53,617 | ) | (157,355 | ) | (149,254 | ) | ||||||||
Operating income (Loss) - zeolite
|
$ | (18,433 | ) | $ | 93,578 | $ | 126,238 | $ | 88,732 | |||||||
Company-wide
|
||||||||||||||||
Gross revenue
|
$ | 2,655,123 | $ | 3,332,008 | $ | 9,206,978 | $ | 9,262,039 | ||||||||
Production costs
|
(1,844,727 | ) | (2,116,823 | ) | (6,669,844 | ) | (6,743,647 | ) | ||||||||
Other operating costs
|
(542,119 | ) | (283,496 | ) | (1,634,454 | ) | (871,566 | ) | ||||||||
EBITDA
|
268,277 | 931,689 | 902,680 | 1,646,826 | ||||||||||||
Depreciation & amortization
|
(130,651 | ) | (105,363 | ) | (355,405 | ) | (297,866 | ) | ||||||||
Operating income
|
137,626 | 826,326 | 547,275 | 1,348,960 | ||||||||||||
Net interest
|
627 | (2,321 | ) | 4,175 | 122 | |||||||||||
General and administrative costs
|
(239,093 | ) | (28,582 | ) | (443,059 | ) | (198,186 | ) | ||||||||
Board of Directors compensation
|
(212,018 | ) | ||||||||||||||
Professional fees
|
(54,722 | ) | (34,764 | ) | (187,366 | ) | (160,604 | ) | ||||||||
Factoring expense
|
(19,563 | ) | (52,586 | ) | (70,907 | ) | (126,000 | ) | ||||||||
Income tax benefit (expense)
|
74,311 | (24,426 | ) | |||||||||||||
Net income (loss)
|
$ | (175,125 | ) | $ | 708,073 | $ | (287,589 | ) | $ | 839,866 |
Silver/Gold
|
2009
|
2010
|
2011
|
2012 YTD
|
||||||||||||
Ounces Gold Shipped
|
31.797 | 101.127 | 161.711 | 72.609 | ||||||||||||
Ounces Silver Shipped
|
6,870.10 | 31,545.22 | 17,472.99 | 16,370.15 |
Financial Condition and Liquidity
|
||||||||
September 30, 2012
|
December 31, 2011
|
|||||||
Current Assets
|
$ | 5,094,397 | $ | 2,963,570 | ||||
Current liabilities
|
(1,687,791 | ) | (1,972,026 | ) | ||||
Net Working Capital
|
$ | 3,406,606 | $ | 991,544 | ||||
Cash provided (used) by operations
|
$ | 482,560 | $ | 564,041 | ||||
Cash (used) by investing
|
(2,535,046 | ) | (2,239,441 | ) | ||||
Cash provided (used) by financing:
|
||||||||
Principal paid on long-term debt
|
(147,095 | ) | (124,722 | ) | ||||
Sale of Stock
|
4,684,763 | 1,242,780 | ||||||
Other
|
(113,908 | ) | 113,908 | |||||
Net change in cash
|
$ | 2,371,274 | $ | (443,434 | ) |
●
|
The Company lacks proper segregation of duties. As with any company the size of ours, this lack of segregation of duties is due to limited resources. The president authorizes the majority of the expenditures and signs checks.
|
●
|
During its year-end audit, our independent registered accountants discovered material misstatements in our financial statements that required audit adjustments.
|
Mine
|
Mine Act §104 Violations (1)
|
Mine Act §104(b) Orders (2)
|
Mine Act §104(d) Citations and Orders (3)
|
Mine Act §(b)(2) Violations (4)
|
Mine Act §107(a) Orders (5)
|
Proposed Assessments from MSHA (In dollars$)
|
Mining Related Fatalities
|
Mine Act §104(e) Notice (yes/no) (6)
|
Pending Legal Action before Federal Mine Saftey and Health Review Commission (yes/no)
|
||||||||||||||||||||||
Bear River Zeolite
|
0 | 0 | 0 | 0 | 0 | $ | 2,282.00 | 0 |
No
|
No
|
By: | /s/ John C. Lawrence | Date: | |||
John C. Lawrence, Director and President | |||||
(Principal Executive) | |||||
By: | /s/ Daniel L. Parks | Date: | |||
Daniel L. Parks, Chief Financial Officer |