Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 01, 2021 | |
Registrant CIK | 0001030192 | |
Fiscal Year End | --12-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-28837 | |
Entity Registrant Name | NEW JERSEY MINING CO | |
Entity Incorporation, State or Country Code | ID | |
Entity Tax Identification Number | 82-0490295 | |
Entity Address, Address Line One | 201 N. Third Street | |
Entity Address, City or Town | Coeur d’Alene | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83814 | |
City Area Code | 208 | |
Local Phone Number | 625-9001 | |
Title of 12(g) Security | Common Stock, no par value | |
Trading Symbol | NJMC | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 137,978,046 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
OTCQB | ||
Security Exchange Name | NONE |
New Jersey Mining Company Conso
New Jersey Mining Company Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 3,112,376 | $ 2,539,945 | |
Gold sales receivable | 109,157 | 264,779 | |
Inventories | 305,576 | 402,537 | |
Joint venture receivable | 2,469 | 4,177 | |
Other current assets | 197,709 | 224,063 | |
Total current assets | 3,727,287 | 3,435,501 | |
Property, plant and equipment, net of accumulated depreciation | 7,865,741 | 7,227,144 | |
Mineral properties, net of accumulated amortization | 3,592,741 | 3,455,233 | |
Investment in joint venture | 435,000 | 435,000 | |
Reclamation bond | 103,320 | 103,320 | |
Deposits | 4,910 | 12,863 | |
Total assets | 15,728,999 | 14,669,061 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Asset retirement obligation | 175,499 | 173,001 | |
Notes payable related parties, long term | 107,612 | 117,234 | |
Convertible debt | 2,610,000 | 1,010,000 | |
Convertible debt-related party | 25,000 | 25,000 | |
Notes payable, long term | 1,175,282 | 709,072 | |
Small Business Administration loan, long term | 162,120 | 161,251 | |
Total long-term liabilities | 4,255,513 | 2,195,558 | |
Total liabilities | 5,508,039 | 3,404,897 | |
Stockholders' equity: | |||
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding | 0 | 0 | |
Common stock, no par value, 200,000,000 shares authorized; March 31, 2021-137,978,046 and December 31, 2020-137,573,309 shares issued and outstanding | 21,602,793 | 20,986,062 | |
Accumulated deficit | (14,319,273) | (12,672,786) | |
Total New Jersey Mining Company stockholders' equity | 7,283,520 | 8,313,276 | |
Non-controlling interest | 2,937,440 | 2,950,888 | |
Total stockholders' equity | 10,220,960 | 11,264,164 | |
Total liabilities and stockholders' equity | 15,728,999 | 14,669,061 | |
Current liabilities: | |||
Accounts payable and other accrued liabilities | 542,843 | 687,331 | |
Accrued payroll and related payroll expenses | 147,008 | 143,485 | |
Notes payable related parties, current portion | 37,637 | 37,078 | |
Notes payable, current portion | 522,633 | 339,704 | |
Small Business Administration loan, current portion | 2,405 | 1,741 | |
Total current liabilities | 1,252,526 | 1,209,339 | |
Commitments (Note 10) | [1] | $ 0 | $ 0 |
[1] | BS1 |
New Jersey Mining Company Con_2
New Jersey Mining Company Consolidated Balance Sheets (Unaudited) - Parenthetical - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 137,978,046 | 137,573,309 |
Common Stock, Shares, Outstanding | 137,978,046 | 137,573,309 |
New Jersey Mining Company Con_3
New Jersey Mining Company Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Sales of products | $ 1,586,627 | $ 1,400,834 |
Total revenue | 1,586,627 | 1,400,834 |
Costs of Sales: | ||
Cost of sales and other direct production costs | 1,475,235 | 1,167,390 |
Depreciation and amortization | 182,795 | 135,533 |
Total costs of sales | 1,658,030 | 1,302,923 |
Gross profit (loss) | (71,403) | 97,911 |
Other operating expenses: | ||
Exploration | 717,707 | 41,678 |
Loss on write off of equipment | 0 | 9,537 |
Management | 201,059 | 37,329 |
Professional services | 122,651 | 72,411 |
General and administrative | 513,835 | 86,488 |
Total other operating expenses | 1,555,252 | 247,443 |
Operating income (loss) | (1,626,655) | (149,532) |
Other income (expense): | ||
Timber revenue net of costs | 3,603 | 18,305 |
Interest income | 92 | 1,577 |
Interest expense | (39,444) | (32,539) |
Total other income (expense) | (35,749) | (12,657) |
Net income (loss) | (1,662,404) | (162,189) |
Net income (loss) attributable to non-controlling interest | (15,917) | (15,921) |
Net income (loss) attributable to New Jersey Mining Company | $ (1,646,487) | $ (146,268) |
Net income (loss) per common share-basic and diluted | $ (0.01) | $ 0 |
Weighted average common shares outstanding-basic and diluted | 137,667,917 | 123,812,144 |
New Jersey Mining Company Con_4
New Jersey Mining Company Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Retained Earnings | Noncontrolling Interest | Total |
Equity balance at Dec. 31, 2019 | $ 17,682,999 | $ (12,029,910) | $ 3,003,888 | $ 8,656,977 |
Contribution from non-controlling interest | 0 | 0 | 2,659 | 2,659 |
Net income (loss) | 0 | (146,268) | (15,921) | (162,189) |
Equity balance at Mar. 31, 2020 | 17,682,999 | (12,176,178) | 2,990,626 | 8,497,447 |
Equity balance at Dec. 31, 2020 | 20,986,062 | (12,672,786) | 2,950,888 | 11,264,164 |
Contribution from non-controlling interest | 0 | 0 | 2,469 | 2,469 |
Issuance of common stock for services | 2,300 | 0 | 0 | 2,300 |
Options issued to management, directors, and employees | $ 604,571 | 0 | 0 | $ 604,571 |
Options issued for services | 9,860 | 9,860 | ||
Issuance of common stock for cashless warrant exercise | $ 0 | 0 | 0 | $ 0 |
Net income (loss) | 0 | (1,646,487) | (15,917) | (1,662,404) |
Equity balance at Mar. 31, 2021 | $ 21,602,793 | $ (14,319,273) | $ 2,937,440 | $ 10,220,960 |
New Jersey Mining Company Con_5
New Jersey Mining Company Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,662,404) | $ (162,189) |
Depreciation and amortization | 182,795 | 135,533 |
Loss on write off of equipment | 0 | 9,537 |
Accretion of asset retirement obligation | 2,498 | 2,355 |
Stock based compensation | 614,431 | 0 |
Issuance of commons stock for services | 2,300 | 0 |
Change in operating assets and liabilities: | ||
Gold sales receivable | 155,622 | 29,433 |
Inventories | 96,961 | 6,292 |
Joint venture receivable | 1,708 | (249) |
Other current assets | 26,353 | 40,550 |
Accounts payable and other accrued liabilities | (142,954) | (38,467) |
Accrued payroll and related payroll expenses | 3,523 | 1,388 |
Net cash provided (used) by operating activities | (719,167) | 24,183 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (57,111) | (11,549) |
Refund of deposits on equipment | 7,953 | 0 |
Purchase of mineral property | (140,716) | (726,101) |
Net cash used by investing activities | (189,874) | (737,650) |
Cash flows from financing activities: | ||
Principal payments on notes payable | (111,934) | (74,096) |
Principal payments on notes payable, related parties | (9,063) | (17,964) |
Issuance of convertible debt | 1,600,000 | 885,000 |
Contributions from non-controlling interest | 2,469 | 2,659 |
Net cash provided by financing activities | 1,481,472 | 795,599 |
Net change in cash and cash equivalents | 572,431 | 82,132 |
Cash and cash equivalents, beginning of period | 2,539,945 | 217,796 |
Cash and cash equivalents, end of period | 3,112,376 | 299,928 |
Non-cash investing and financing activities: | ||
Deposit on property applied to purchase of mineral property | 0 | 25,000 |
Note payable for equipment purchase | $ 761,073 | $ 0 |
1. The Company and Significant
1. The Company and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
1. The Company and Significant Accounting Policies | 1. The Company and Significant Accounting Policies These unaudited interim consolidated financial statements have been prepared by the management of New Jersey Mining Company (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated 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 consolidated financial statements have been included. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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 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 financial position and results of operations. Operating results for the three-month period ended March 31, 2021 is not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. For further information refer to the financial statements and footnotes thereto in the Company’s audited consolidated financial statements for the year ended December 31, 2020 as filed with the Securities and Exchange Commission. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations. Revenue Recognition Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition- Inventories Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value. 1. The Company and Significant Accounting Policies, Continued Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At March 31, 2021 and December 31, 2020, the Company determined they had no assets or liabilities that required measurement at fair value on a recurring basis. Reclassifications Certain prior period amounts have been reclassified to conform to the 2021 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported. New Accounting Pronouncement Accounting Standards Updates Adopted In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The update contains a number of provisions intended to simplify the accounting for income taxes. The update is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The update was adopted as of January 1, 2021, and its adoption did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Updates to Become Effective in Future Periods In August 2020, the FASB issued ASU No. 2020-06 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. Management is evaluating the impact of this update on the Company’s consolidated financial statements. |
2. Going Concern
2. Going Concern | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
2. Going Concern | 2. Going Concern The Company is currently producing from both the open-pit and underground at the Golden Chest Mine. In the past, the Company has been successful in raising required capital from sale of common stock, forward gold contracts, and debt. As a result of its planned production, equity sales and potential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months. |
3. Inventories
3. Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
3. Inventories | 3. Inventories At March 31, 2021 and December 31, 2020, the CompanyÂ’s inventories consisted of the following: March 31, 2021 December 31, 2020 Concentrate inventory In process $ - $ 90,743 Finished goods 211,414 230,318 Total concentrate inventory 211,414 321,061 Supplies inventory Mine parts and supplies 62,370 52,600 Mill parts and supplies 31,792 28,876 Total supplies inventory 94,162 81,476 Total $ 305,576 $ 402,537 The carrying value of inventory is determined each period based on the lower of cost or net realizable value. At March 31, 2021 and December 31, 2020 gold concentrate is carried at cost. |
4. Sales of Products
4. Sales of Products | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
4. Sales of Products | 4. Sales of Products Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metal), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At March 31, 2021, metals that had been sold but not final settled thus exposed to future price changes totaled 1,412 ounces of gold. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales of products by metal for the three-month periods ended March 31, 2021 and 2020 were as follows: March 31, 2021 2020 Gold $ 1,716,616 $ 1,520,699 Silver 5,080 3,896 Less: Smelter and refining charges (135,069) (123,761) Total $ 1,586,627 1,400,834 Sales by significant product type for the three-month periods ended March 31, 2021 and 2020 were as follows: March 31, 2021 2020 Concentrate sales to H&H Metal $ 1,510,119 $ 1,400,834 Dore sales to refinery 76,508 - Total $ 1,586,627 $ 1,400,834 At March 31, 2021 and December 31, 2020, our gold sales receivable balance related to contracts with customers of $109,157 and $264,779, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts. |
5. Related Party Transactions
5. Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
5. Related Party Transactions | 5. Related Party Transactions At March 31, 2021 and December 31, 2020, the Company had the following note and interest payable to related parties: March 31, 2021 December 31, 2020 Ophir Holdings LLC, a company owned by two officers of the Company, 6% interest, monthly payments of $3,777 with a balloon payment of $71,075 in February 2023 $ 145,249 $ 154,312 Total 145,249 154,312 Current portion (37,637) (37,078) Long term portion $ 107,612 $ 117,234 As of March 31, 2021 and December 31, 2020, there was no accrued interest payable to related parties. Related party interest expense for the three months ended March 31, 2021 and 2020 is as follows. 2021 2020 $ 3,181 $ 2,270 In February 2020, the CompanyÂ’s corporate secretary, Monique Hayes, participated in the CompanyÂ’s convertible debt offering for $25,000. During the three-month periods ended March 31, 2021 and 2020, interest expense on her note was $493 and $236, respectively. See Note 15. The Company leases office space from certain related parties on a month-to-month basis. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and are as follows: 2021 2020 $ 6,210 $ 6,210 |
6. Joint Ventures
6. Joint Ventures | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
6. Joint Ventures | 6. Joint Ventures New Jersey Mill Joint Venture Agreement The Company owns 65% of the New Jersey Mill Joint Venture and has significant influence in its operations. Thus, the venture is included in the consolidated financial statements along with presentation of the non-controlling interest. At March 31, 2021 and December 31, 2020, an account receivable existed with Crescent Silver, LLC, the other joint venture participant (“Crescent”), for $2,469 and $4,177, respectively, for shared operating costs as defined in the JV agreement. Butte Highlands JV, LLC (“BHJV”) On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) from Timberline Resources Corporation for $225,000 in cash and 3,000,000 restricted shares of the Company’s common stock valued at $210,000 for a total consideration of $435,000. Highland Mining, LLC (“Highland”) is the other 50% owner and manager of the joint venture. Under the agreement, Highland will fund all future project exploration and mine development costs. The agreement stipulates that Highland is manager of BHJV and will manage BHJV until such time as all mine development costs, less $2 million are distributed to Highland out of the proceeds from future mine production. The Company has determined that because it does not currently have significant influence over the joint venture’s activities, it accounts for its investment on a cost basis. |
7. Earnings per Share
7. Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
7. Earnings per Share | 7. Earnings per Share For the three-month periods ended March 31, 2021 and 2020, potentially dilutive shares including outstanding stock options (Note 13) and warrants (Note 12) and convertible debt (Note 15) were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods. For the periods ended March 31, 2021 and 2020, potentially dilutive common stock equivalents excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows: March 31, 2021 March 31, 2020 Stock options 5,625,000 5,012,500 Stock purchase warrants 5,975,027 6,333,334 Convertible debt 9,710,318 4,916,667 Total 21,310,345 16,262,501 |
8. Property, Plant and Equipmen
8. Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
8. Property, Plant and Equipment | 8. Property, Plant, and Equipment Property, plant and equipment at March 31, 2021 and December 31, 2020 consisted of the following: March 31, 2021 December 31, 2020 Mill Land $ 225,289 $ 225,289 Building 536,193 536,193 Equipment 4,192,940 4,192,940 4,954,422 4,954,422 Less accumulated depreciation (953,291) (914,095) Total mill 4,001,131 4,040,327 Building and equipment Buildings 314,528 297,932 Equipment 4,043,455 3,250,551 4,357,983 3,548,483 Less accumulated depreciation (1,360,843) (1,229,136) Total building and equipment 2,997,140 2,319,347 Land Bear Creek 266,934 266,934 BOW 230,449 230,449 Eastern Star 250,817 250,817 Gillig 79,137 79,137 Highwater 40,133 40,133 Total land 867,470 867,470 Total $ 7,865,741 $ 7,227,144 |
9. Mineral Properties
9. Mineral Properties | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
9. Mineral Properties | 9. Mineral Properties Mineral properties at March 31, 2021 and December 31, 2020 consisted of the following: March 31, 2021 December 31, 2020 Golden Chest Mineral Property $ 1,549,188 $ 1,539,001 Infrastructure 589,199 468,669 Total Golden Chest 2,138,387 2,007,670 New Jersey 248,289 248,289 McKinley-Monarch 200,000 200,000 Butte Potosi 274,440 274,440 Alder Gulch 783,101 773,101 Less accumulated amortization (51,476) (48,267) Total $ 3,592,741 $ 3,455,233 In the first quarter of 2021 $10,187 of interest expense was capitalized in association with the ramp access project at the Golden Chest which is reflected within the purchase of mineral property within the cash flows from investing activities in the statement of cash flows at March 31, 2021. No interest was capitalized in 2020. |
10. Notes Payable
10. Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
10. Notes Payable | 10. Notes Payable At March 31, 2021 and December 31, 2020, notes payable are as follows: March 31, 2021 December 31, 2020 Paus 2 yrd. LHD, 48 month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 $ 204,357 $ 217,354 Paus 2 yrd. LHD, 60 month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 182,881 195,768 Compressor, 48 month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813 7,618 9,958 CarryAll transport, 36 month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 9,933 - Atlas Copco loader, 60 month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 85,001 93,265 Caterpillar 306 excavator, 48 month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 61,093 64,896 Caterpillar 938 loader, 60 month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 100,047 109,492 Caterpillar R1600 LHD, 48 month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 722,212 - Caterpillar AD22 underground truck, 48 month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 324,773 358,043 Total notes payable 1,697,915 1,048,776 Due within one year 522,633 339,704 Due after one year $ 1,175,282 $ 709,072 All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at March 31, 2021 are as follows: 12 months ended March 31, 2022 $ 522,633 2023 544,371 2024 396,336 2025 234,575 Total $ 1,697,915 |
11. Small Business Administrati
11. Small Business Administration Loans and Grant | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
11. Small Business Administration Loans and Grant | 11. Small Business Administration Loans and Grant On April 10, 2020, the Company received a loan of $358,346 pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The loan, which was in the form of a Note dated April 10, 2020 matures on April 9, 2022 and bears interest at a rate of 1% per annum, payable monthly commencing on October 9, 2020. The Note could be prepaid by the Company at any time prior to maturity with no prepayment penalties. This loan was forgiven after being used for qualifying expenses under the provisions of the CARES Act prior to the filing of this quarterly financial statement. Qualifying expenses included payroll costs, costs used to continue group health care benefits, rent, and utilities. The amount of the PPP loan was recognized as gain on forgiveness of the CARES Act loan in the Company’s consolidated income statement for the year ended December 31, 2020. In April 2020, the Company received $10,000 under Division A, Title I, Section 1110 of the CARES Act. Additionally, in May 2020, the Company received a loan of $149,900 pursuant to the Small Business Act Section 7(b). The May loan which was in the form of a Note dated May 16, 2020, matures May 16, 2050 and bears interest at a rate of 3.75% per annum. Payments of $731 are due monthly and will begin in May 2021. At March 31, 2021, total accrued interest on the remaining loan is $4,625 of which $1,533 was accrued in the first quarter of 2021 and is included in the Small Business Administration loan balance on the consolidated balance sheet. |
12. Stockholders' Equity
12. Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
12. Stockholders' Equity | 12. Stockholders’ Equity The Company did not sell any shares of its common stock for cash in the first quarter of 2020. Common stock activity in the first quarter of 2021 consists of the following · · Stock Purchase Warrants Outstanding The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices Balance December 31, 2019 12,900,123 $0.18-0.22 Issued 5,600,027 $0.18-0.40 Expired (10,816,789) $0.20-0.22 Exercised (1,708,334) 0.20 Balance December 31, 2020 and March 31, 2021 5,975,027 $0.18-0.40 These warrants expire as follows: Shares Exercise Price Expiration Date 375,000 $0.18 December 14, 2023 740,741 $0.18 April 21, 2022 4,859,286 $0.40 August 28, 2022 5,975,027 |
13. Stock Options
13. Stock Options | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
13. Stock Options | 13. Stock Options No options were granted in the first three months of 2020. In February 2021, the board granted 4,100,000 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $0.40 for 3 years. Total stock-based compensation recognized on these options during the three-month period ended March 31, 2021 was $604,571. The weighted average fair value of stock option awards granted and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows: volatility of 97.9%, risk-free interest rate of 0.19%, an expected term of three years, dividend rate of 0.00% and forfeiture rate of 0.00%. In March 2021, the Company granted 50,000 stock options to an individual for services rendered to the Company. These options vested immediately and are exercisable at $0.40 for 3 years. Total stock-based compensation recognized on these options was $9,860 during the three-month period ended March 31, 2021. The weighted average fair value of stock option awards granted and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows: volatility of 99.3%, risk-free interest rate of 0.33%, expected term of three years, dividend rate of 0.00% and forfeiture rate of 0.00%. In the 1 st Activity in the CompanyÂ’s stock options is as follows: Number of Options Exercise Prices Balance December 31, 2019 5,262,500 $ 0.10-0.18 Exercised (1,150,000) 0.10-0.18 Expired (2,012,500) 0.10-0.18 Balance December 31, 2020 2,100,000 0.10-0.14 Exercised (625,000) 0.14 Issued 4,150,000 0.40 Balance March 31, 2021 5,625,000 0.10-0.40 Exercisable at March 31, 2021 5,625,000 $ 0.10-0.40 At March 31, 2021, outstanding stock options have a weighted average remaining term of approximately 2.39 years and an intrinsic value of approximately $240,000. |
14. Asset Retirement Obligation
14. Asset Retirement Obligation | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
14. Asset Retirement Obligation | 14. Asset Retirement Obligation The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties where there has been or currently are operations. Activity for the three months ended March 31, 2021 and 2020 is as follows: Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 173,001 $ 163,369 Accretion expense 2,498 2,355 Balance at end of period $ 175,499 $ 165,724 |
15. Convertible Debt
15. Convertible Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
15. Convertible Debt | 15. Convertible Debt In February 2020, the Company issued convertible promissory notes with an aggregate principal value of $885,000 from which funds were utilized for the purchase of the Alder Gulch property (Note 9). The notes are collateralized by the Alder Gulch property as well as other unencumbered real property that the Company currently owns. The outstanding principal amount of the notes bears interest at an annual rate of 8.0% with interest payments due monthly and the principal due in February 2023. The principal amount of the notes is convertible at the option of the note holders into shares of the CompanyÂ’s common stock at a price of $0.18 per share (4,916,667 shares) prior to the maturity date of the notes. In July 2020, one of the participants converted $50,000 in debt for 277,778 shares of the CompanyÂ’s common stock. In July 2020, a current participant was issued a new promissory note for a principal balance of $200,000 which funds were utilized for the purchase of a new jumbo underground drill. The note is collateralized by the drill. The outstanding principal amount of the note bears interest at an annual rate of 6.0% with interest payments due monthly and the unpaid principal due in June 2023. The principal amount of the note is convertible at the option of the note holder into shares of the CompanyÂ’s common stock at a price of $0.40 per share (500,000 shares) prior to the maturity date of the note. In February 2021, the Company issued convertible promissory notes with an aggregate principal value of $1,600,000 from which funds will be utilized for the purchase of an addition to the Alder Gulch property (Note 9 and 16). The notes are collateralized by the Alder Gulch property as well as other unencumbered real property that the Company currently owns. The outstanding principal amount of the notes bears interest at an annual rate of 8.0% with interest payments due monthly and the principal due in March 2024. The principal amount of the notes is convertible at the option of the note holders into shares of the CompanyÂ’s common stock at a price of $0.35 per share (4,571,429 shares) prior to the maturity date of the notes. |
16. Subsequent Events
16. Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes | |
16. Subsequent Events | 16. Subsequent Events In April 2021 the Company closed on the purchase of approximately 508 acres of land adjacent to the Alder Gulch property for $1,699,000 in cash. |
1. The Company and Significan_2
1. The Company and Significant Accounting Policies: Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations. |
1. The Company and Significan_3
1. The Company and Significant Accounting Policies: Revenue Recognition (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Policies | |
Revenue Recognition | Revenue Recognition Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition- |
1. The Company and Significan_4
1. The Company and Significant Accounting Policies: Inventories (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Policies | |
Inventories | Inventories Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value. |
1. The Company and Significan_5
1. The Company and Significant Accounting Policies: Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Policies | |
Fair Value Measurements | Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At March 31, 2021 and December 31, 2020, the Company determined they had no assets or liabilities that required measurement at fair value on a recurring basis. |
1. The Company and Significan_6
1. The Company and Significant Accounting Policies: Reclassifications (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Policies | |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the 2021 financial statement presentation. Reclassifications had no effect on net loss, stockholdersÂ’ equity, or cash flows as previously reported. |
1. The Company and Significan_7
1. The Company and Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Policies | |
Recent Accounting Pronouncements | New Accounting Pronouncement Accounting Standards Updates Adopted In December 2019, the FASB issued ASU No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The update contains a number of provisions intended to simplify the accounting for income taxes. The update is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The update was adopted as of January 1, 2021, and its adoption did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Updates to Become Effective in Future Periods In August 2020, the FASB issued ASU No. 2020-06 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. Management is evaluating the impact of this update on the Company’s consolidated financial statements. |
3. Inventories_ Schedule of Inv
3. Inventories: Schedule of Inventory, Current (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of Inventory, Current | March 31, 2021 December 31, 2020 Concentrate inventory In process $ - $ 90,743 Finished goods 211,414 230,318 Total concentrate inventory 211,414 321,061 Supplies inventory Mine parts and supplies 62,370 52,600 Mill parts and supplies 31,792 28,876 Total supplies inventory 94,162 81,476 Total $ 305,576 $ 402,537 |
4. Sales of Products_ Schedule
4. Sales of Products: Schedule of sales of products by metal (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of sales of products by metal | March 31, 2021 2020 Gold $ 1,716,616 $ 1,520,699 Silver 5,080 3,896 Less: Smelter and refining charges (135,069) (123,761) Total $ 1,586,627 1,400,834 |
4. Sales of Products_ Schedul_2
4. Sales of Products: Schedule of sales by significant product type (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of sales by significant product type | March 31, 2021 2020 Concentrate sales to H&H Metal $ 1,510,119 $ 1,400,834 Dore sales to refinery 76,508 - Total $ 1,586,627 $ 1,400,834 |
5. Related Party Transactions_
5. Related Party Transactions: Related Party Notes and Interest Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Related Party Notes and Interest Payable | March 31, 2021 December 31, 2020 Ophir Holdings LLC, a company owned by two officers of the Company, 6% interest, monthly payments of $3,777 with a balloon payment of $71,075 in February 2023 $ 145,249 $ 154,312 Total 145,249 154,312 Current portion (37,637) (37,078) Long term portion $ 107,612 $ 117,234 |
5. Related Party Transactions_2
5. Related Party Transactions: Related Party interest expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Related Party interest expense | 2021 2020 $ 3,181 $ 2,270 |
5. Related Party Transactions_3
5. Related Party Transactions: Related Party Lease Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Related Party Lease Expense | 2021 2020 $ 6,210 $ 6,210 |
7. Earnings per Share_ Schedule
7. Earnings per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | March 31, 2021 March 31, 2020 Stock options 5,625,000 5,012,500 Stock purchase warrants 5,975,027 6,333,334 Convertible debt 9,710,318 4,916,667 Total 21,310,345 16,262,501 |
8. Property, Plant and Equipm_2
8. Property, Plant and Equipment: Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Property, Plant and Equipment | March 31, 2021 December 31, 2020 Mill Land $ 225,289 $ 225,289 Building 536,193 536,193 Equipment 4,192,940 4,192,940 4,954,422 4,954,422 Less accumulated depreciation (953,291) (914,095) Total mill 4,001,131 4,040,327 Building and equipment Buildings 314,528 297,932 Equipment 4,043,455 3,250,551 4,357,983 3,548,483 Less accumulated depreciation (1,360,843) (1,229,136) Total building and equipment 2,997,140 2,319,347 Land Bear Creek 266,934 266,934 BOW 230,449 230,449 Eastern Star 250,817 250,817 Gillig 79,137 79,137 Highwater 40,133 40,133 Total land 867,470 867,470 Total $ 7,865,741 $ 7,227,144 |
9. Mineral Properties_ Schedule
9. Mineral Properties: Schedule of mineral properties (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of mineral properties | March 31, 2021 December 31, 2020 Golden Chest Mineral Property $ 1,549,188 $ 1,539,001 Infrastructure 589,199 468,669 Total Golden Chest 2,138,387 2,007,670 New Jersey 248,289 248,289 McKinley-Monarch 200,000 200,000 Butte Potosi 274,440 274,440 Alder Gulch 783,101 773,101 Less accumulated amortization (51,476) (48,267) Total $ 3,592,741 $ 3,455,233 |
10. Notes Payable_ Schedule of
10. Notes Payable: Schedule of Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of Debt | March 31, 2021 December 31, 2020 Paus 2 yrd. LHD, 48 month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 $ 204,357 $ 217,354 Paus 2 yrd. LHD, 60 month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 182,881 195,768 Compressor, 48 month note payable, 5.25% interest rate payable monthly through November 2021, monthly payments of $813 7,618 9,958 CarryAll transport, 36 month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 9,933 - Atlas Copco loader, 60 month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 85,001 93,265 Caterpillar 306 excavator, 48 month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 61,093 64,896 Caterpillar 938 loader, 60 month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 100,047 109,492 Caterpillar R1600 LHD, 48 month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 722,212 - Caterpillar AD22 underground truck, 48 month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 324,773 358,043 Total notes payable 1,697,915 1,048,776 Due within one year 522,633 339,704 Due after one year $ 1,175,282 $ 709,072 |
10. Notes Payable_ Schedule o_2
10. Notes Payable: Schedule of Maturities of Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of Maturities of Long-term Debt | 12 months ended March 31, 2022 $ 522,633 2023 544,371 2024 396,336 2025 234,575 Total $ 1,697,915 |
12. Stockholders' Equity_ Commo
12. Stockholders' Equity: Common Stock Purchase Warrant Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Common Stock Purchase Warrant Transactions | Number of Warrants Exercise Prices Balance December 31, 2019 12,900,123 $0.18-0.22 Issued 5,600,027 $0.18-0.40 Expired (10,816,789) $0.20-0.22 Exercised (1,708,334) 0.20 Balance December 31, 2020 and March 31, 2021 5,975,027 $0.18-0.40 |
12. Stockholders' Equity_ Com_2
12. Stockholders' Equity: Common Stock Purchase Warrant Expirations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Common Stock Purchase Warrant Expirations | Shares Exercise Price Expiration Date 375,000 $0.18 December 14, 2023 740,741 $0.18 April 21, 2022 4,859,286 $0.40 August 28, 2022 5,975,027 |
13. Stock Options_ Share-based
13. Stock Options: Share-based Compensation, Stock Options, Activity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Share-based Compensation, Stock Options, Activity | Number of Options Exercise Prices Balance December 31, 2019 5,262,500 $ 0.10-0.18 Exercised (1,150,000) 0.10-0.18 Expired (2,012,500) 0.10-0.18 Balance December 31, 2020 2,100,000 0.10-0.14 Exercised (625,000) 0.14 Issued 4,150,000 0.40 Balance March 31, 2021 5,625,000 0.10-0.40 Exercisable at March 31, 2021 5,625,000 $ 0.10-0.40 |
14. Asset Retirement Obligati_2
14. Asset Retirement Obligation: Schedule of Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Tables/Schedules | |
Schedule of Asset Retirement Obligations | Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 173,001 $ 163,369 Accretion expense 2,498 2,355 Balance at end of period $ 175,499 $ 165,724 |
3. Inventories_ Schedule of I_2
3. Inventories: Schedule of Inventory, Current (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Total | $ 305,576 | $ 402,537 |
In process | ||
Inventory, Parts and Components, Net of Reserves | 0 | 90,743 |
Finished goods | ||
Finished goods | 211,414 | 230,318 |
Concentrate inventory | ||
Total concentrate inventory | 211,414 | 321,061 |
Mine parts and supplies | ||
Inventory, Parts and Components, Net of Reserves | 62,370 | 52,600 |
Mill parts and supplies | ||
Inventory, Parts and Components, Net of Reserves | 31,792 | 28,876 |
Supplies inventory | ||
Total supplies inventory | $ 94,162 | $ 81,476 |
4. Sales of Products_ Schedul_3
4. Sales of Products: Schedule of sales of products by metal (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Details | ||
Gold sales | $ 1,716,616 | $ 1,520,699 |
Silver sales | 5,080 | 3,896 |
Smelter and refining charges | (135,069) | (123,761) |
Total | $ 1,586,627 | $ 1,400,834 |
4. Sales of Products_ Schedul_4
4. Sales of Products: Schedule of sales by significant product type (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Details | ||
Concentrate sales | $ 1,510,119 | $ 1,400,834 |
Dore sales | 76,508 | 0 |
Total | $ 1,586,627 | $ 1,400,834 |
4. Sales of Products (Details)
4. Sales of Products (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Details | ||
Gold sales receivable | $ 109,157 | $ 264,779 |
5. Related Party Transactions_4
5. Related Party Transactions: Related Party Notes and Interest Payable (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Notes payable related parties, long term | $ 107,612 | $ 117,234 |
Total | 145,249 | 154,312 |
Current portion | (37,637) | (37,078) |
Notes payable related parties, long term | 107,612 | 117,234 |
Ophir Holdings LLC | ||
Notes payable related parties, long term | 145,249 | 154,312 |
Notes payable related parties, long term | $ 145,249 | $ 154,312 |
5. Related Party Transactions_5
5. Related Party Transactions: Related Party interest expense (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Details | |
$ 3,181 | $ 2,270 |
5. Related Party Transactions (
5. Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Expense | $ 39,444 | $ 32,539 |
Hayes | ||
Convertible Debt | 25,000 | |
Interest Expense | $ 493 | $ 236 |
5. Related Party Transactions_6
5. Related Party Transactions: Related Party Lease Expense (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Details | |
6,210 | $ 6,210 |
6. Joint Ventures (Details)
6. Joint Ventures (Details) | 3 Months Ended |
Mar. 31, 2021 | |
New Jersey Mill | |
Equity Method Investment, Additional Information | The Company owns 65% of the New Jersey Mill Joint Venture and has significant influence in its operations. |
Butte Highlands JV, LLC | |
Equity Method Investment, Additional Information | On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) from Timberline Resources Corporation for $225,000 in cash and 3,000,000 restricted shares of the Company’s common stock valued at $210,000 for a total consideration of $435,000. |
7. Earnings per Share_ Schedu_2
7. Earnings per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Details | ||
Stock options | 5,625,000 | 5,012,500 |
Stock purchase warrants | 5,975,027 | 6,333,334 |
Convertible debt | 9,710,318 | 4,916,667 |
Total | 21,310,345 | 16,262,501 |
8. Property, Plant and Equipm_3
8. Property, Plant and Equipment: Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Details | ||
Mill land | $ 225,289 | $ 225,289 |
Building | 536,193 | 536,193 |
Equipment | 4,192,940 | 4,192,940 |
Less accumulated depreciation | (953,291) | (914,095) |
Mill Buildings and Improvements, Net | 4,001,131 | 4,040,327 |
Buildings and Improvements, Gross | 314,528 | 297,932 |
Equipment | 4,043,455 | 3,250,551 |
Less accumulated depreciation | (1,360,843) | (1,229,136) |
Total building and equipment | 2,997,140 | 2,319,347 |
Bear Creek Land | 266,934 | 266,934 |
BOW | 230,449 | 230,449 |
Eastern Star Land | 250,817 | 250,817 |
Gillig Land | 79,137 | 79,137 |
Highwater Land | 40,133 | 40,133 |
Land | 867,470 | 867,470 |
Total | $ 7,865,741 | $ 7,227,144 |
9. Mineral Properties_ Schedu_2
9. Mineral Properties: Schedule of mineral properties (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Details | ||
Mineral Properties 3 | $ 2,138,387 | $ 2,007,670 |
Mineral Properties 1 | 248,289 | 248,289 |
Mineral Properties 2 | 200,000 | 200,000 |
Mineral Properties 6 | 274,440 | 274,440 |
Mineral Properties 7 | 783,101 | 773,101 |
Accumulated Amortization of Other Deferred Costs | (51,476) | (48,267) |
Mineral properties net | $ 3,592,741 | $ 3,455,233 |
9. Mineral Properties (Details)
9. Mineral Properties (Details) | Mar. 31, 2021USD ($) |
Details | |
Capitalized Costs, Proved Properties | $ 10,187 |
10. Notes Payable_ Schedule o_3
10. Notes Payable: Schedule of Debt (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Details | ||
Notes Payable Current and Noncurrent | $ 1,697,915 | $ 1,048,776 |
Due within one year | 522,633 | 339,704 |
Due after one year | $ 1,175,282 | $ 709,072 |
10. Notes Payable_ Schedule o_4
10. Notes Payable: Schedule of Maturities of Long-term Debt (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Details | ||
Notes Payable Current and Noncurrent | $ 1,697,915 | $ 1,048,776 |
11. Small Business Administra_2
11. Small Business Administration Loans and Grant (Details) - USD ($) | May 16, 2020 | Apr. 10, 2020 | Mar. 31, 2021 | Mar. 31, 2021 |
Grant income | $ 10,000 | |||
PPP loan | ||||
Proceeds from Loans | $ 358,346 | |||
SBA loan | ||||
Proceeds from Loans | $ 149,900 | |||
Debt Instrument, Increase, Accrued Interest | $ 1,533 | $ 4,625 |
12. Stockholders' Equity (Detai
12. Stockholders' Equity (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Details | |
Issuance of common stock for services | 10,000 |
Issuance of common stock for services | $ | $ 2,300 |
Issuance of common stock for cashless warrant exercise | 394,737 |
Issuance of common stock for cashless warrant exercise | 625,000 |
Issuance of common stock for cashless warrant exercise | $ | $ 150,000 |
12. Stockholders' Equity_ Com_3
12. Stockholders' Equity: Common Stock Purchase Warrant Transactions (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2019 | |
Details | ||
Class of Warrant or Right, Outstanding | 5,975,027 | 12,900,123 |
Warrants issued | 5,600,027 | |
Warrants Expired | (10,816,789) | |
Warrants excised | (1,708,334) |
12. Stockholders' Equity_ Com_4
12. Stockholders' Equity: Common Stock Purchase Warrant Expirations (Details) - shares | Mar. 31, 2021 | Dec. 31, 2019 |
Details | ||
Class of Warrant or Right, Outstanding | 5,975,027 | 12,900,123 |
13. Stock Options (Details)
13. Stock Options (Details) | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Details | |
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture | shares | 4,100,000 |
Options issued to management, directors, and employees | $ | $ 604,571 |
Issuance of common stock for cashless warrant exercise | shares | 625,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 240,000 |
13. Stock Options_ Share-base_2
13. Stock Options: Share-based Compensation, Stock Options, Activity (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Details | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,262,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ (625,000) | $ (1,150,000) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (2,012,500) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,625,000 | 2,100,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 4,150,000 |
14. Asset Retirement Obligati_3
14. Asset Retirement Obligation: Schedule of Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Details | ||
Balance at beginning of period | $ 173,001 | $ 163,369 |
Asset Retirement Obligation, Period Increase (Decrease) | 2,498 | 2,355 |
Asset Retirement Obligation | $ 175,499 | $ 165,724 |
15. Convertible Debt (Details)
15. Convertible Debt (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Issuance of convertible debt | $ 1,600,000 | $ 885,000 | |
Notes Payable | 1,175,282 | $ 709,072 | |
Promissory note 1 | |||
Notes Payable | $ 200,000 | ||
Shares contingently issuable | 500,000 | ||
Promissory note 2 | |||
Notes Payable | $ 1,600,000 | ||
Shares contingently issuable | 4,571,429 | ||
Alder Gulch | |||
Issuance of convertible debt | $ 885,000 | ||
Conversion of convertible debt to common stock | $ 277,778 |
16. Subsequent Events (Details)
16. Subsequent Events (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Details | |
Subsequent Event, Description | In April 2021 the Company closed on the purchase of approximately 508 acres of land adjacent to the Alder Gulch property for $1,699,000 in cash. |