Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 14, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | UNITED STATES ANTIMONY CORP | |
Entity Central Index Key | 101,538 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 67,488,153 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 27,576 | $ 10,057 |
Certificates of deposit | 252,298 | 251,641 |
Accounts receivable, net | 496,397 | 552,119 |
Inventories | 939,880 | 855,637 |
Other current assets | 23,890 | 23,101 |
Total current assets | 1,740,041 | 1,692,555 |
Properties, plants and equipment, net | 15,338,206 | 15,695,966 |
Restricted cash for reclamation bonds | 63,275 | 63,274 |
Foreign value added tax refund receivable | 365,120 | 276,500 |
Other assets | 32,520 | 37,703 |
Total assets | 17,539,162 | 17,765,998 |
Current liabilities: | ||
Checks issued and payable | 48,408 | 35,682 |
Accounts payable | 2,199,458 | 1,797,251 |
Due to factor | 163,737 | 150,399 |
Accrued payroll, taxes and interest | 162,833 | 213,695 |
Other accrued liabilities | 153,273 | 122,968 |
Payables to related parties | 16,322 | 14,525 |
Deferred revenue | 78,730 | 78,730 |
Notes payable to bank | 103,026 | 167,317 |
Income taxes payable (Note 11) | 459,510 | 410,510 |
Long-term debt, current portion, net of discount | 495,134 | 391,046 |
Total current liabilities | 3,880,431 | 3,382,123 |
Long-term debt, net of discount and current portion | 1,282,981 | 1,472,869 |
Hillgrove advances payable (Note 8) | 1,134,196 | 1,134,221 |
Common stock payable to directors for services | 131,250 | 168,750 |
Asset retirement obligations and accrued reclamation costs | 270,124 | 265,782 |
Total liabilities | 6,698,982 | 6,423,745 |
Commitments and contingencies (Note 5 and 11) | ||
Stockholders' equity: | ||
Preferred stock $0.01 par value, 10,000,000 shares authorized: Series A: -0- shares issued and outstanding | 0 | 0 |
Series B: 750,000 shares issued and outstanding (liquidation preference $909,375 and $907,500 respectively) | 7,500 | 7,500 |
Series C: 177,904 shares issued and outstanding (liquidation preference $97,847) | 1,779 | 1,779 |
Series D: 1,751,005 shares issued and outstanding (liquidation preference $5,014,692 and $4,920,178 respectively) | 17,509 | 17,509 |
Common stock, $0.01 par value, 90,000,000 shares authorized; 67,488,153 and 67,066,278 shares issued and outstanding, respectively | 674,881 | 670,662 |
Additional paid-in capital | 36,239,264 | 36,074,733 |
Accumulated deficit | (26,100,753) | (25,429,930) |
Total stockholders' equity | 10,840,180 | 11,342,253 |
Total liabilities and stockholders' equity | $ 17,539,162 | $ 17,765,998 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Stockholders' equity: | ||
Series A Preferred stock, par value | $ 0.01 | $ 0.01 |
Series A Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series A Preferred stock, issued shares | 0 | 0 |
Series A Preferred stock, outstanding shares | 0 | 0 |
Series B Preferred stock, par value | $ 0.01 | $ 0.01 |
Series B Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series B Preferred stock, issued shares | 750,000 | 750,000 |
Series B Preferred stock, outstanding shares | 750,000 | 750,000 |
Series B liquidation preference | $ 909,375 | $ 907,500 |
Series C Preferred stock, par value | $ 0.01 | $ 0.01 |
Series C Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series C Preferred stock, issued shares | 177,904 | 177,904 |
Series C Preferred stock, outstanding shares | 177,904 | 177,904 |
Series C liquidation preference | $ 97,847 | $ 97,847 |
Series D Preferred stock, par value | $ 0.01 | $ 0.01 |
Series D Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Series D Preferred stock, issued shares | 1,751,005 | 1,751,005 |
Series D Preferred stock, outstanding shares | 1,751,005 | 1,751,005 |
Series D liquidation preference | $ 5,014,692 | $ 4,920,178 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 90,000,000 | 90,000,000 |
Common stock, issued shares | 67,488,153 | 67,066,278 |
Common stock, outstanding shares | 67,488,153 | 67,066,278 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
REVENUES | $ 2,369,714 | $ 2,846,699 | $ 7,827,525 | $ 9,166,628 |
COST OF REVENUES | 2,315,646 | 2,888,660 | 7,381,020 | 8,811,663 |
GROSS PROFIT | 54,068 | (41,961) | 446,505 | 354,965 |
OPERATING EXPENSES: | ||||
General and administrative | 228,185 | 309,832 | 762,745 | 850,255 |
Professional fees | 53,045 | 29,004 | 190,965 | 252,469 |
Hillgrove advance - earned credit (Note 8) | 0 | (32,813) | 0 | (109,392) |
TOTAL OPERATING EXPENSES | 281,230 | 306,023 | 953,710 | 993,332 |
INCOME (LOSS) FROM OPERATIONS | (227,162) | (347,984) | (507,205) | (638,367) |
OTHER INCOME (EXPENSE): | ||||
Interest income | 19 | 19 | 857 | 1,421 |
Interest expense | (25,960) | (28,343) | (80,764) | (57,203) |
Foreign exchange gain (loss) | 2,642 | 0 | (49,000) | 0 |
Factoring expense | (12,104) | (9,259) | (34,711) | (24,694) |
TOTAL OTHER INCOME (EXPENSE) | (35,403) | (37,583) | (163,618) | (80,476) |
INCOME (LOSS) BEFORE INCOME TAXES | (262,565) | (385,567) | (670,823) | (718,843) |
Provision for income tax (Note 12) | 0 | (411,490) | 0 | (423,490) |
NET INCOME (LOSS) | $ (262,565) | $ (797,057) | $ (670,823) | $ (1,412,333) |
Preferred dividends | $ (12,162) | $ (12,162) | $ (36,487) | $ (36,487) |
Net income (loss) available to common stockholders | $ (274,727) | $ (809,219) | $ (707,310) | $ (1,178,820) |
Net income (loss) per share of common stock: | ||||
Basic | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average shares outstanding: | ||||
Basic | 67,488,153 | 66,866,278 | 67,387,337 | 66,687,981 |
Diluted | 67,488,153 | 66,866,278 | 67,387,337 | 66,687,981 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (670,823) | $ (1,412,333) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||
Depreciation and amortization expense | 637,225 | 652,375 |
Hillgrove advance earned credit | 0 | (109,392) |
Amortization of loan discount | 70,242 | 73,058 |
Accretion of asset retirement obligation | 4,342 | 4,091 |
Common stock payable for directors fees | 131,250 | 112,500 |
Foreign exchange loss | 49,000 | 0 |
Other non-cash items | (682) | 0 |
Change in: | ||
Accounts receivable, net | 55,722 | (97,444) |
Inventories | (84,243) | 356,120 |
Other current assets | (790) | 70,774 |
Other assets | (83,437) | (14,990) |
Accounts payable | 402,207 | 26,728 |
Accrued payroll, taxes and interest | (50,862) | 4,016 |
Other accrued liabilities | 30,305 | 42,889 |
Foreign income tax payable | 0 | 423,490 |
Payables to related parties | 1,797 | 10,280 |
Net cash provided by operating activities | 491,253 | 412,162 |
Cash Flows From Investing Activities: | ||
Purchase of properties, plants and equipment | (279,465) | (459,969) |
Net cash used by investing activities | (279,465) | (459,969) |
Cash Flows From Financing Activities: | ||
Net proceeds from (payments to) factor | 13,338 | 119,111 |
Change in checks issued and payable | 12,726 | 0 |
Principal payments on notes payable to bank (see Note 7) | (64,291) | (30,672) |
Principal payments on long-term debt | (156,042) | (130,857) |
Net cash provided (used) by financing activities | (194,269) | (42,418) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 17,519 | (90,225) |
Cash and cash equivalents at beginning of period | 10,057 | 133,543 |
Cash and cash equivalents at end of period | 27,576 | 43,318 |
Noncash investing and financing activities: | ||
Properties, plants and equipment acquired with long-term debt | 0 | 41,648 |
Common stock payable issued to directors | $ 168,750 | $ 137,500 |
1. Basis of Presentation
1. Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The unaudited consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, as well as the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the interim financial statements have been included. Operating results for the three and nine month periods ended September 30, 2017 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017. For further information refer to the financial statements and footnotes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Certain consolidated financial statement amounts for the three and nine month periods ended September 30, 2016, have been reclassified to conform to the 2017 presentation. These reclassifications had no effect on the net income (loss) or cash flows or accumulated deficit as previously reported. Going Concern Consideration At September 30, 2017, our financial statements show that we have a negative working capital of approximately $2.14 million and an accumulated deficit of approximately $26.1 million. In addition, we have incurred losses for the prior three years. These factors indicate that there may be doubt regarding our ability to continue as a going concern for the next twelve months. During the past twelve months, the price of antimony has increased from a low of $3.07 per pound for the third quarter of 2016 to an average price of $4.25 for the third quarter of 2017. We have gross profit and a positive cash flow from our U.S. operations at this price. Our operations in Mexico are still in a transitional phase since the loss of our raw material supply from Hillgrove of Australia. We are focusing our production at our Wadley mine to increase grade and output, and we have recently seen ore from there assaying 50% antimony. We are also trying new production techniques, and have found that we can process direct shipping ore successfully at our Madero smelter which will result in a reduction in our operating costs in Mexico going forward. We have reduced costs at our Mexico locations, most notably a reduced monthly lease payment of $11,600 for the Wadley mine from $23,200 for June 2016, and we have also reduced the cost for labor at the same mine. We have reduced administrative costs by approximately $81,000 from the prior year third quarter at the corporate level. Our capital outlay should be minimal in the near future; and we completed paying for the Los Juarez mining concessions in 2016 which were a major outlay in prior years. Our zeolite operations continue to operate profitably and provide cash to our operations. We are aggressively seeking new markets for our zeolite products, and we now have an outside sales staff that is working to obtain new customers and have had some success. We believe that the combination of the above will enable us to stay in operation and meet our financial obligations for the next twelve months and further. |
2. Income (Loss) Per Common Sha
2. Income (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Net income (loss) per share of common stock: | |
Income (Loss) Per Common Share | Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including warrants to purchase the Company's common stock and convertible preferred stock. Management has determined that the calculation of diluted earnings per share for the three and nine month periods ended September 30, 2017 and September 30, 2016, is not applicable since any additions to outstanding shares related to common stock equivalents would be anti-dilutive. As of September 30, 2017 and 2016, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows: September 30, 2017 September 30, 2016 Warrants 250,000 250,000 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,001,005 |
3. Inventories
3. Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories at September 30, 2017 and December 31, 2016 consisted primarily of finished antimony products, antimony metal, antimony ore, and finished zeolite products that are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products, antimony metal and finished zeolite products costs include raw materials, direct labor and processing facility overhead costs and freight. Inventory at September 30, 2017 and December 31, 2016, is as follows: September 30, December 31, 2017 2016 Antimony Metal $ - $ 112,300 Antimony Oxide 452,871 326,126 Antimony Concentrates 19,017 30,815 Antimony Ore 151,841 181,815 Total antimony 623,729 651,056 Zeolite 316,151 204,581 $ 939,880 $ 855,637 |
4. Accounts Receivable and Due
4. Accounts Receivable and Due to Factor | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Accounts Receivable and Due to Factor | The Company factors designated trade receivables pursuant to a factoring agreement with LSQ Funding Group L.C., an unrelated factor (the “Factor”). The agreement specifies that eligible trade receivables are factored with recourse. We submit selected trade receivables to the factor, and receive 83% of the face value of the receivable by wire transfer. The Factor withholds 15% as retainage and 2% as a servicing fee. Upon payment by the customer, we receive the remainder of the amount due from the factor. The 2% servicing fee is recorded on the consolidated statement of operations in the period of sale to the factor. John Lawrence, CEO, is a personal guarantor of the amount due to Factor. Trade receivables assigned to the Factor are carried at the original invoice amount less an estimate made for doubtful accounts. Under the terms of the recourse provision, the Company is required to reimburse the Factor, upon demand, for factored receivables that are not paid on time. Accordingly, these receivables are accounted for as a secured financing arrangement and not as a sale of financial assets. The allowance for doubtful accounts is based on management’s regular evaluation of individual customer’s receivables and consideration of a customer’s financial condition and credit history. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded when received. Interest is not charged on past due accounts. We present the receivables, net of allowances, as current assets and we present the amount potentially due to the Factor as a secured financing in current liabilities. Accounts Receivble September 30, 2017 December 31, 2016 Accounts receivable - non factored $ 332,660 $ 401,720 Accounts receivable - factored with recourse 163,737 150,399 Accounts receivable - net $ 496,397 $ 552,119 |
5. Commitments and Contingencie
5. Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | In June of 2013, the Company entered into a lease to mine antimony ore from concessions located in the Wadley Mining district in Mexico. The lease calls for a mandatory term of one year and, as of September 30, 2017, requires payments of $10,000 plus a tax of $1,600 per month. The lease is renewable each year with a 15 day notice to the lessor, and agreement of terms. The lease is scheduled for renewal in June 2018. |
6. Note Payable to Bank
6. Note Payable to Bank | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Note Payable to Bank | At September 30, 2017 and December 31, 2016, the Company had the following notes payable to bank: September 30, December 31, 2017 2016 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, payable on demand, collateralized by a lien on Certificate of Deposit $ 3,027 $ 76,350 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, payable on demand, collateralized by a lien on Certificate of Deposit 99,999 90,967 Total notes payable to the bank $ 103,026 $ 167,317 These notes are personally guaranteed by John C. Lawrence the Company’s President and Chairman of the Board of Directors. The maximum amount available for borrowing under each note is $99,999. |
7. Long-Term Debt
7. Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | Long-Term debt at September 30, 2017 and December 31, 2016, is as follows: September 30, December 31, 2017 2016 Note payable to First Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. $ 10,660 $ 18,246 Note payable to Cat Financial Services, bearing interest at 6%; payable in monthly installments of $1,300; maturing August 2019; collateralized by equipment. 30,545 40,556 Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. - 473 Note payable to De Lage Landen Financial Services, bearing interest at 3.51%; payable in monthly installments of $655; maturing September 2019; collateralized by equipment. 14,567 20,581 Note payable to De Lage Landen Financial Services, bearing interest at 3.51%; payable in monthly installments of $655; maturing December 2019; collateralized by equipment. 16,985 22,944 Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; maturing March 2015; collateralized by equipment. 14,146 14,146 Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 through 2019, net of discount. 731,862 776,319 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 959,350 970,651 1,778,115 1,863,916 Less current portion (495,134 ) (391,046 ) Long-term portion $ 1,282,981 $ 1,472,870 Year Ending September 30, 2018 495,134 2019 307,810 2020 215,795 2021 128,742 2022 111,467 Thereafter 519,167 $ 1,778,115 |
8. Hillgrove Advances Payable
8. Hillgrove Advances Payable | 9 Months Ended |
Sep. 30, 2017 | |
Hillgrove Advances Payable | |
Hillgrove Advances Payable | On November 7, 2014, the Company entered into a loan and processing agreement with Hillgrove Mines Pty Ltd of Australia (Hillgrove) by which Hillgrove will advance the Company funds to be used to expand their smelter in Madero, Mexico, and in Thompson Falls, Montana, so that they may process antimony and gold concentrates produced by Hillgrove’s mine in Australia. The agreement requires that the Company construct equipment so that it can process approximately 200 metric tons of concentrate initially shipped by Hillgrove, with a provision so that the Company may expand to process more than that. The parties agreed that the equipment will be owned by USAC and USAMSA. The final terms of when the repayment takes place have not yet been agreed on. The agreement called for the Company to sell the final product for Hillgrove, and Hillgrove to have approval rights of the customers for their products. The agreement allows the Company to recover its operating costs as approved by Hillgrove, and to charge a 7.5% processing fee and a 2.0% sales commission. The initial term of the agreement is five years; however, Hillgrove may suspend or terminate the agreement at its discretion. The Company may terminate the agreement and begin using the furnaces for their own production if Hillgrove fails to recommence shipments within 365 days of a suspension notice. At September 30, 2017, the net amount due to Hillgrove for advances was $1,134,196. As of September 30, 2107, repayment of the advances is not expected to occur within the next twelve months so the balance is classified as a long term liability. |
9. Concentrations of Risk
9. Concentrations of Risk | 9 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | For the Three Months Ended For the Nine Months Ended Sales to Three September 30, September 30, September 30, September 30, Largest Customers 2017 2016 2017 2016 Ampacet Corporation $ 150,234 $ - $ - $ - Mexichem Specialty Compounds Inc. 909,965 414,157 2,466,388 1,524,253 Kohler Corporation 512,451 362,770 1,458,949 972,083 East Penn Corporation - 245,514 512,641 965,564 $ 1,572,650 $ 1,022,441 $ 4,437,978 $ 3,461,900 % of Total Revenues 66 % 36 % 57 % 38 % Three Largest Accounts Receivable September 30, 2017 September 30, 2016 Kohler Corporation $ 169,991 $ 133,705 Earth Innovations Inc. 31,522 33,150 Axens North America, Inc. 31,237 - East Penn Corporation - 135,828 $ 232,750 $ 302,683 % of Total Receivables 47.00 % 58.20 % |
10. Related Party Transactions
10. Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | During the three and nine months ended September 30, 2017 and 2016, the Chairman of the audit committee and compensation committee received $4,500 and $9,000, and $4,500 and $18,000, respectively, for services performed. See Note 12 for shares of common stock issued to directors. During the three and nine months ended September 30, 2017 and 2016, the Company paid $2,715 and $8,989, and $2,480 and $11,310, respectively, to John Lawrence, President and Chief Executive Officer, as reimbursement for equipment used by the Company. |
11. Income Taxes
11. Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Income Taxes | During the nine months ended September 30, 2017 and the year ended December 31, 2016, the Company determined that a valuation allowance equal to 100% of any deferred tax asset was appropriate, as management of the Company cannot determine that it is more likely than not the Company will realize the benefit of a net deferred tax asset. The net effect is that the deferred tax asset as of December 31, 2016, and any deferred tax assets that may have been incurred since then, are fully reserved for at September 30, 2017. Management estimates the effective tax rate at 0% for the current year. In 2015, the Mexican tax authority (“SAT”) initiated an audit of the USAMSA’s 2013 income tax return. In October 2016, as a result of its audit, SAT assessed the Company $13.8 million pesos, which was approximately $666,400 in U.S. Dollars (“USD”) as of December 31, 2016. Approximately $285,000 USD of the total assessment is interest and penalties. SAT’s assessment is based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return. These disallowed costs were incurred by the Company for USAMSA’s business operations. SAT claims that the costs were not deductible or were not supported by appropriate documentation. At September 30, 2017, the assessed amount is $746,000 in U.S dollars. Management has reviewed the assessment notice from SAT and believes numerous findings have no merit. The Company has engaged accountants and tax attorneys in Mexico to defend its position. An appeal has been filed. At December 31, 2016, management estimated possible outcomes for this assessment and believes it will ultimately pay an amount ranging from 30% of the total assessment to the total assessed amount. The Company’s agreement with the tax professionals is that the professionals will receive 30% of the amount of tax relief they are able to achieve. At December 31, 2016, the Company accrued a potential liability of $410,510 USD of which $285,048 was for unpaid income taxes, $75,510 was for interest expense, and $49,952 was for penalties. The amount accrued represents management’s best estimate of the amount that will ultimately be paid. The outcome could vary from this estimate. At September 30, 2017, the Company recognized a $49,000 increase due to the change in exchange rate. Fluctuation in exchange rates has an ongoing impact on the amount the Company will pay in U.S. dollars. If an issue addressed during the SAT audit is resolved in a manner inconsistent with management expectations, the Company will adjust its net operating loss carryforward, or accrue any additional penalties, interest, and tax associated with the audit. The Company’s tax professionals in Mexico have reviewed and filed tax returns with the SAT for 2014, 2015, and 2016, and have advised the Company that they do not expect the Company to have a tax liability for those years relating to similar issues. |
12. Stockholder's Equity
12. Stockholder's Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholder's Equity | Issuance of Common Stock for Payable to Board of Directors During the nine months ended September 30, 2017, the Board of Directors was issued a total of 421,875 shares of common stock for $168,750 in directors’ fees that were payable at December 31, 2016. In addition, the Company accrued $131,250 in directors’ fees payable as of September 30, 2017, that will be paid in common stock. During the nine months ended September 30, 2016, the Board of Directors was issued a total of 550,000 shares of common stock for $137,500 in directors’ fees that were payable at December 31, 2015. In addition, the Company accrued $112,500 in directors’ fees payable as of September 30, 2016, that will be paid in common stock. |
13. Business Segments
13. Business Segments | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | The Company is currently organized and managed by four segments, which represent our operating units: United States antimony operations, Mexican antimony operations, precious metals recovery and United States zeolite operations. The Madero smelter and Puerto Blanco mill at the Company’s Mexico operation brings antimony up to an intermediate stage, which is typically sold directly or shipped to the United States operation for finishing and sales at the Thompson Falls, Montana plant. The precious metals recovery plant is operated in conjunction with the antimony processing plant at Thompson Falls, Montana. The Zeolite operation produces Zeolite near Preston, Idaho. Almost all of the sales of products from the United States antimony and Zeolite operations are to customers in the United States. Disclosure of the activity relating to our precious metals recovery requires that it be reported as a separate business segment. The prior period comparative information has been reclassified to reflect this change. Segment disclosure regarding sales to major customers is located in Note 9. For the three months ended For the nine months ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Capital expenditures: Antimony United States $ 22,241 $ - $ 22,241 $ 1,040 Mexico 45,326 26,130 121,042 201,882 Subtotal Antimony 67,567 26,130 143,283 202,922 Precious Metals 24,798 85,804 84,379 247,500 Zeolite 35,856 61,284 51,803 123,075 Total $ 128,221 $ 173,218 $ 279,465 $ 573,497 Properties, plants and equipment, net: September 30, 2017 December 31, 2016 Antimony United States $ 1,697,360 $ 1,694,331 Mexico 11,677,840 11,984,467 Subtotal Antimony 13,375,200 13,678,798 Precious metals 588,650 544,615 Zeolite 1,374,356 1,472,553 Total $ 15,338,206 $ 15,695,966 Total Assets: September 30, 2017 December 31, 2016 Antimony United States $ 2,543,350 $ 2,495,842 Mexico 12,338,179 12,681,109 Subtotal Antimony 14,881,529 15,176,951 Precious metals 588,650 544,615 Zeolite 2,020,575 2,044,432 Total $ 17,490,754 $ 17,765,998 Segment Operations for the three Antimony Antimony Precious months ended September 30, 2017 USA Mexico Metals Zeolite Totals Total revenues $ 1,796,775 $ - $ 78,245 $ 494,694 $ 2,369,714 Depreciation and amortization 14,200 127,675 15,100 50,200 207,175 Income (loss) from operations 435,497 (861,683 ) 63,145 135,879 (227,162 ) Other income (expense): (11,611 ) (20,772 ) - (3,020 ) (35,403 ) NET INCOME (LOSS) $ 423,886 $ (882,455 ) $ 63,145 $ 132,859 $ (262,565 ) Segment Operations for the three Antimony Antimony Precious months ended September 30, 2016 USA Mexico Metals Zeolite Totals Total revenues $ 2,025,755 $ 3,557 $ 240,238 $ 577,149 $ 2,846,699 Depreciation and amortization 20,000 136,875 - 53,400 210,275 Income (loss) from operations 723,628 (1,421,013 ) 240,238 109,163 (347,984 ) Income tax expense - (411,490 ) - - (411,490 ) Other income (expense): (9,406 ) (24,617 ) - (3,560 ) (37,583 ) NET INCOME (LOSS) $ 714,222 $ (1,857,120 ) $ 240,238 $ 105,604 $ (797,057 ) Segment Operations for the nine Antimony Antimony Precious months ended September 30, 2017 USA Mexico Metals Zeolite Totals Total revenues $ 5,842,801 $ 17,782 $ 243,822 $ 1,723,120 $ 7,827,525 Depreciation and amortization 42,900 397,325 47,000 150,000 637,225 Income (loss) from operations 1,618,156 (2,680,293 ) 196,821 358,110 (507,206 ) Other income (expense): (34,654 ) (119,341 ) - (9,622 ) (163,617 ) NET INCOME (LOSS) $ 1,583,502 $ (2,799,634 ) $ 196,821 $ 348,488 $ (670,823 ) Segment Operations for the nine Antimony Antimony Precious months ended September 30, 2016 USA Mexico Metals Zeolite Totals Total revenues $ 6,621,732 $ 3,557 $ 564,581 $ 1,976,758 $ 9,166,628 Depreciation and amortization 60,400 431,975 160,000 652,375 Income (loss) from operations 2,582,390 (4,028,767 ) 564,581 243,429 (638,367 ) Income tax expense - (423,490 ) - - (423,490 ) Other income (expense): (23,837 ) (49,122 ) - (7,517 ) (80,476 ) NET INCOME (LOSS) $ 2,558,553 $ (4,501,379 ) $ 564,581 $ 235,912 $ (1,142,333 ) |
2. Income (Loss) Per Common S19
2. Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Net income (loss) per share of common stock: | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | September 30, 2017 September 30, 2016 Warrants 250,000 250,000 Convertible preferred stock 1,751,005 1,751,005 Total possible dilution 2,001,005 2,001,005 |
3. Inventories (Tables)
3. Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | September 30, December 31, 2017 2016 Antimony Metal $ - $ 112,300 Antimony Oxide 452,871 326,126 Antimony Concentrates 19,017 30,815 Antimony Ore 151,841 181,815 Total antimony 623,729 651,056 Zeolite 316,151 204,581 $ 939,880 $ 855,637 |
4. Accounts Receivable and Du21
4. Accounts Receivable and Due to Factor (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounts Receivable And Due To Factor Tables | |
Account Receivables | Accounts Receivble September 30, 2017 December 31, 2016 Accounts receivable - non factored $ 332,660 $ 401,720 Accounts receivable - factored with recourse 163,737 150,399 Accounts receivable - net $ 496,397 $ 552,119 |
6. Note Payable to Bank (Tables
6. Note Payable to Bank (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of notes payable to bank | September 30, December 31, 2017 2016 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, payable on demand, collateralized by a lien on Certificate of Deposit $ 3,027 $ 76,350 Promissory note payable to First Security Bank of Missoula, bearing interest at 3.150%, payable on demand, collateralized by a lien on Certificate of Deposit 99,999 90,967 Total notes payable to the bank $ 103,026 $ 167,317 |
7. Long-Term Debt (Tables)
7. Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | Long-Term debt at September 30, 2017 and December 31, 2016, is as follows: September 30, December 31, 2017 2016 Note payable to First Security Bank, bearing interest at 6%; payable in monthly installments of $917; maturing September 2018; collateralized by equipment. $ 10,660 $ 18,246 Note payable to Cat Financial Services, bearing interest at 6%; payable in monthly installments of $1,300; maturing August 2019; collateralized by equipment. 30,545 40,556 Note payable to Wells Fargo Bank, bearing interest at 4%; payable in monthly installments of $477; maturing December 2016; collateralized by equipment. - 473 Note payable to De Lage Landen Financial Services, bearing interest at 3.51%; payable in monthly installments of $655; maturing September 2019; collateralized by equipment. 14,567 20,581 Note payable to De Lage Landen Financial Services, bearing interest at 3.51%; payable in monthly installments of $655; maturing December 2019; collateralized by equipment. 16,985 22,944 Note payable to Phyllis Rice, bearing interest at 1%; payable in monthly installments of $2,000; maturing March 2015; collateralized by equipment. 14,146 14,146 Obligation payable for Soyatal Mine, non-interest bearing, annual payments of $100,000 or $200,000 through 2019, net of discount. 731,862 776,319 Obligation payable for Guadalupe Mine, non-interest bearing, annual payments from $60,000 to $149,078 through 2026, net of discount. 959,350 970,651 1,778,115 1,863,916 Less current portion (495,134 ) (391,046 ) Long-term portion $ 1,282,981 $ 1,472,870 |
Debt Outstanding | Year Ending September 30, 2018 495,134 2019 307,810 2020 215,795 2021 128,742 2022 111,467 Thereafter 519,167 $ 1,778,115 |
9. Concentration of Risk (Table
9. Concentration of Risk (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Concentration Of Risk Tables | |
Major Customers Revenue Details | For the Three Months Ended For the Nine Months Ended Sales to Three September 30, September 30, September 30, September 30, Largest Customers 2017 2016 2017 2016 Ampacet Corporation $ 150,234 $ - $ - $ - Mexichem Specialty Compounds Inc. 909,965 414,157 2,466,388 1,524,253 Kohler Corporation 512,451 362,770 1,458,949 972,083 East Penn Corporation - 245,514 512,641 965,564 $ 1,572,650 $ 1,022,441 $ 4,437,978 $ 3,461,900 % of Total Revenues 66 % 36 % 57 % 38 % Three Largest Accounts Receivable September 30, 2017 September 30, 2016 Kohler Corporation $ 169,991 $ 133,705 Earth Innovations Inc. 31,522 33,150 Axens North America, Inc. 31,237 - East Penn Corporation - 135,828 $ 232,750 $ 302,683 % of Total Receivables 47.00 % 58.20 % |
13. Business Segments (Tables)
13. Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Capital Expenditure Information | For the three months ended For the nine months ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Capital expenditures: Antimony United States $ 22,241 $ - $ 22,241 $ 1,040 Mexico 45,326 26,130 121,042 201,882 Subtotal Antimony 67,567 26,130 143,283 202,922 Precious Metals 24,798 85,804 84,379 247,500 Zeolite 35,856 61,284 51,803 123,075 Total $ 128,221 $ 173,218 $ 279,465 $ 573,497 |
Segment Information | Properties, plants and equipment, net: September 30, 2017 December 31, 2016 Antimony United States $ 1,697,360 $ 1,694,331 Mexico 11,677,840 11,984,467 Subtotal Antimony 13,375,200 13,678,798 Precious metals 588,650 544,615 Zeolite 1,374,356 1,472,553 Total $ 15,338,206 $ 15,695,966 Total Assets: September 30, 2017 December 31, 2016 Antimony United States $ 2,543,350 $ 2,495,842 Mexico 12,338,179 12,681,109 Subtotal Antimony 14,881,529 15,176,951 Precious metals 588,650 544,615 Zeolite 2,020,575 2,044,432 Total $ 17,490,754 $ 17,765,998 |
Segment Revenue Information | Segment Operations for the three Antimony Antimony Precious months ended September 30, 2017 USA Mexico Metals Zeolite Totals Total revenues $ 1,796,775 $ - $ 78,245 $ 494,694 $ 2,369,714 Depreciation and amortization 14,200 127,675 15,100 50,200 207,175 Income (loss) from operations 435,497 (861,683 ) 63,145 135,879 (227,162 ) Other income (expense): (11,611 ) (20,772 ) - (3,020 ) (35,403 ) NET INCOME (LOSS) $ 423,886 $ (882,455 ) $ 63,145 $ 132,859 $ (262,565 ) Segment Operations for the three Antimony Antimony Precious months ended September 30, 2016 USA Mexico Metals Zeolite Totals Total revenues $ 2,025,755 $ 3,557 $ 240,238 $ 577,149 $ 2,846,699 Depreciation and amortization 20,000 136,875 - 53,400 210,275 Income (loss) from operations 723,628 (1,421,013 ) 240,238 109,163 (347,984 ) Income tax expense - (411,490 ) - - (411,490 ) Other income (expense): (9,406 ) (24,617 ) - (3,560 ) (37,583 ) NET INCOME (LOSS) $ 714,222 $ (1,857,120 ) $ 240,238 $ 105,604 $ (797,057 ) Segment Operations for the nine Antimony Antimony Precious months ended September 30, 2017 USA Mexico Metals Zeolite Totals Total revenues $ 5,842,801 $ 17,782 $ 243,822 $ 1,723,120 $ 7,827,525 Depreciation and amortization 42,900 397,325 47,000 150,000 637,225 Income (loss) from operations 1,618,156 (2,680,293 ) 196,821 358,110 (507,206 ) Other income (expense): (34,654 ) (119,341 ) - (9,622 ) (163,617 ) NET INCOME (LOSS) $ 1,583,502 $ (2,799,634 ) $ 196,821 $ 348,488 $ (670,823 ) Segment Operations for the nine Antimony Antimony Precious months ended September 30, 2016 USA Mexico Metals Zeolite Totals Total revenues $ 6,621,732 $ 3,557 $ 564,581 $ 1,976,758 $ 9,166,628 Depreciation and amortization 60,400 431,975 160,000 652,375 Income (loss) from operations 2,582,390 (4,028,767 ) 564,581 243,429 (638,367 ) Income tax expense - (423,490 ) - - (423,490 ) Other income (expense): (23,837 ) (49,122 ) - (7,517 ) (80,476 ) NET INCOME (LOSS) $ 2,558,553 $ (4,501,379 ) $ 564,581 $ 235,912 $ (1,142,333 ) |
2. Income (Loss) Per Common S26
2. Income (Loss) Per Common Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net income (loss) per share of common stock: | ||
Warrants | 250,000 | 250,000 |
Convertible preferred stock | 1,751,005 | 1,751,005 |
Total possible dilution | 2,001,005 | 2,001,005 |
3. Inventories (Details)
3. Inventories (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Inventories | $ 939,880 | $ 855,637 |
Antimony Oxide - Finished | ||
Inventories | 452,871 | 326,126 |
Antimony Metal [Member] | ||
Inventories | 0 | 112,300 |
Antimony Concentrates | ||
Inventories | 19,017 | 30,815 |
Antimony Ore [Member] | ||
Inventories | 151,841 | 181,815 |
Antimony [Member] | ||
Inventories | 623,729 | 651,056 |
Zeolite [Member] | ||
Inventories | $ 316,151 | $ 204,581 |
4. Accounts Receivable and Du28
4. Accounts Receivable and Due to Factor (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts Receivable And Due To Factor Tables | ||
Accounts receivable - non factored | $ 332,660 | $ 401,720 |
Accounts receivable - factored with recourse | 163,737 | 150,399 |
Accounts receivable - net | $ 496,397 | $ 552,119 |
5. Commitments and Contingenc29
5. Commitments and Contingencies (Details Narrative) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Payments paid for capitalized mineral rights | $ 10,000 |
6. Note Payable to Bank (Detail
6. Note Payable to Bank (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Note payable to bank | $ 103,026 | $ 167,317 |
Promissory note payable CD 48614 | ||
Note payable to bank | 3,027 | 76,350 |
Promissory note payable CD 48615 | ||
Note payable to bank | $ 99,999 | $ 90,967 |
7. Long - Term Debt (Details)
7. Long - Term Debt (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Total debt | $ 1,778,115 | $ 1,863,916 |
Less current portion | (495,134) | (391,046) |
Noncurrent portion | 1,282,981 | 1,472,870 |
First Security | ||
Total debt | 10,660 | 18,246 |
Cat Financial Services | ||
Total debt | 30,545 | 40,556 |
Wells fargo bank | ||
Total debt | 0 | 473 |
De Lage Landen Financial Services | ||
Total debt | 14,567 | 20,581 |
De Lage Landen Financial Services 1 | ||
Total debt | 16,985 | 22,944 |
Phyllis Rice | ||
Total debt | 14,146 | 14,146 |
Soyatal Mine | ||
Total debt | 731,862 | 776,319 |
Guadalupe Mine | ||
Total debt | $ 959,350 | $ 970,651 |
7. Long - Term Debt (Details 1)
7. Long - Term Debt (Details 1) | Sep. 30, 2017USD ($) |
Long Term Debt Details 1 | |
2,018 | $ 495,134 |
2,019 | 307,810 |
2,020 | 215,795 |
2,021 | 128,742 |
2,022 | 111,467 |
Thereafter | 519,167 |
Total | $ 1,778,115 |
9. Concentrations of Risk (Deta
9. Concentrations of Risk (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Sales to Three Largest Customers | $ 1,572,650 | $ 1,022,441 | $ 4,437,978 | $ 3,461,900 |
Total percentage of revenue | 66.00% | 36.00% | 57.00% | 38.00% |
Ampacet | ||||
Sales to Three Largest Customers | $ 150,234 | $ 0 | $ 0 | $ 0 |
Mexichem Speciality Compounds | ||||
Sales to Three Largest Customers | 909,965 | 414,157 | 2,466,388 | 1,524,253 |
Kohler Corporation [Member] | ||||
Sales to Three Largest Customers | 512,451 | 362,770 | 512,641 | 972,083 |
East Penn Manufacturing Inc. | ||||
Sales to Three Largest Customers | $ 0 | $ 245,514 | $ 1,458,949 | $ 965,564 |
9. Concentrations of Risk (De34
9. Concentrations of Risk (Details 1) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Accounts Receivable | $ 232,750 | $ 302,683 |
Total percentage of receivables | 47.00% | 58.20% |
Kohler Corporation [Member] | ||
Accounts Receivable | $ 169,991 | $ 133,705 |
Earth Innovations [Member] | ||
Accounts Receivable | 31,522 | 33,150 |
Axens North America [Member] | ||
Accounts Receivable | 31,237 | 0 |
East Penn Manufacturing Inc. | ||
Accounts Receivable | $ 0 | $ 135,828 |
10. Related Party Transactions
10. Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Chairman of the audit committee and compensation committee | ||||
Related Party Transactions | $ 4,500 | $ 4,500 | $ 9,000 | $ 18,000 |
Chief Executive Officer | ||||
Related Party Transactions | $ 2,715 | $ 2,480 | $ 8,989 | $ 11,310 |
13. Business Segments (Details)
13. Business Segments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Capital Expenditure | $ 128,221 | $ 173,218 | $ 279,465 | $ 573,497 |
United States Antimony [Member] | ||||
Capital Expenditure | 22,241 | 0 | 22,241 | 1,040 |
Mexico Antimony [Member] | ||||
Capital Expenditure | 45,326 | 26,130 | 121,042 | 201,882 |
Subtotal Antimony [Member] | ||||
Capital Expenditure | 67,567 | 26,130 | 143,283 | 202,922 |
Precious Metals [Member] | ||||
Capital Expenditure | 24,798 | 85,804 | 84,379 | 247,500 |
Zeolite [Member] | ||||
Capital Expenditure | $ 35,856 | $ 61,284 | $ 51,803 | $ 123,075 |
13. Business Segments (Details
13. Business Segments (Details 1) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Properties, plants and equipment, net | $ 15,338,206 | $ 15,695,966 |
Total Assets | 17,539,162 | 17,765,998 |
United States Antimony [Member] | ||
Properties, plants and equipment, net | 1,697,360 | 1,694,331 |
Total Assets | 2,543,350 | 2,495,842 |
Mexico Antimony [Member] | ||
Properties, plants and equipment, net | 11,677,840 | 11,984,467 |
Total Assets | 12,338,179 | 12,681,109 |
Subtotal Antimony [Member] | ||
Properties, plants and equipment, net | 13,375,200 | 13,678,798 |
Total Assets | 14,881,529 | 15,176,951 |
Precious Metals [Member] | ||
Properties, plants and equipment, net | 588,650 | 544,615 |
Total Assets | 588,650 | 544,615 |
Zeolite [Member] | ||
Properties, plants and equipment, net | 1,374,356 | 1,472,553 |
Total Assets | $ 2,020,575 | $ 2,044,432 |
13. Business Segments (Detail38
13. Business Segments (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Total revenues | $ 2,369,714 | $ 2,846,699 | $ 7,827,525 | $ 9,166,628 |
Depreciation and amortization | 207,175 | 210,275 | 637,225 | 652,375 |
Income (loss) from operations | (227,162) | (347,984) | (507,206) | (638,367) |
Income tax expense | (411,490) | (423,490) | ||
Other income (expense) | (35,403) | (37,583) | (163,617) | (80,476) |
NET INCOME (LOSS) | (262,565) | (797,057) | (670,823) | (1,412,333) |
United States Antimony [Member] | ||||
Total revenues | 1,796,775 | 2,025,755 | 5,842,801 | 6,621,732 |
Depreciation and amortization | 14,200 | 20,000 | 42,900 | 60,400 |
Income (loss) from operations | 435,497 | 723,628 | 1,618,156 | 2,582,390 |
Income tax expense | 0 | 0 | ||
Other income (expense) | (11,611) | (9,406) | (34,654) | (23,837) |
NET INCOME (LOSS) | 423,886 | 714,222 | 1,583,502 | 2,558,553 |
Mexico Antimony [Member] | ||||
Total revenues | 0 | 3,557 | 17,782 | 3,557 |
Depreciation and amortization | 127,675 | 136,875 | 397,325 | 431,975 |
Income (loss) from operations | (861,683) | (1,421,013) | (2,680,293) | (4,028,767) |
Income tax expense | (411,490) | (423,490) | ||
Other income (expense) | (20,772) | (24,617) | (119,341) | (49,122) |
NET INCOME (LOSS) | (882,455) | (1,857,120) | (2,799,634) | (4,501,379) |
Precious Metals [Member] | ||||
Total revenues | 78,245 | 240,238 | 243,822 | 564,581 |
Depreciation and amortization | 15,100 | 0 | 47,000 | |
Income (loss) from operations | 63,145 | 240,238 | 196,821 | 564,581 |
Income tax expense | 0 | 0 | ||
Other income (expense) | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | 63,145 | 240,238 | 196,821 | 564,581 |
Zeolite [Member] | ||||
Total revenues | 494,694 | 577,149 | 1,723,120 | 1,976,758 |
Depreciation and amortization | 50,200 | 53,400 | 150,000 | 160,000 |
Income (loss) from operations | 135,879 | 109,163 | 358,110 | 243,429 |
Income tax expense | 0 | 0 | ||
Other income (expense) | (3,020) | (3,560) | (9,622) | (7,517) |
NET INCOME (LOSS) | $ 132,859 | $ 105,604 | $ 348,488 | $ 235,912 |