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These terms and conditions govern your use of the website alphaminr.com and its related services.
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þ
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QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Montana
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81-0305822
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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P.O. Box 643, Thompson Falls, Montana
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59873
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(Address of principal executive offices)
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(Zip code)
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YES
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þ
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No
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o |
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YES
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þ
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No
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o |
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YES
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o
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No
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þ |
| Large accelerated filer | o | Accelerated filer | þ |
| Non-accelerated filer | o |
Smaller reporting company
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o |
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(Do not check if a smaller reporting company)
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| Page | |
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PART I – FINANCIAL INFORMATION
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3-16
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17-21
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21
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22
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PART II – OTHER INFORMATION
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23
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23
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23
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23
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23
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23
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24
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CERTIFICATIONS
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25-30
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(Unaudited)
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September 30,
2014
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December 31,
2013
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|||||||
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ASSETS
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||||||||
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Current assets:
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||||||||
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Cash and cash equivalents
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$ | 538,174 | $ | 20,343 | ||||
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Certificates of deposit
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249,147 | 246,565 | ||||||
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Accounts receivable, net
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985,546 | 576,021 | ||||||
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Inventories
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1,132,915 | 1,034,770 | ||||||
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Other current assets
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50,012 | 32,865 | ||||||
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Total current assets
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2,955,794 | 1,910,564 | ||||||
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Properties, plants and equipment, net
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13,198,165 | 12,395,645 | ||||||
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Restricted cash for reclamation bonds
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75,502 | 75,501 | ||||||
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Other assets
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574,420 | 509,281 | ||||||
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Total assets
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$ | 16,803,881 | $ | 14,890,991 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
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Current liabilities:
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||||||||
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Accounts payable
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$ | 1,875,028 | $ | 1,734,767 | ||||
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Due to factor
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326,272 | 177,701 | ||||||
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Accrued payroll, taxes and interest
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110,060 | 124,937 | ||||||
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Other accrued liabilities
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35,990 | 50,745 | ||||||
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Payables to related parties
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28,608 | 15,549 | ||||||
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Deferred revenue
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41,515 | 110,138 | ||||||
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Notes payable to bank
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- | 138,520 | ||||||
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Long-term debt, current
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169,903 | 126,984 | ||||||
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Total current liabilities
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2,587,376 | 2,479,341 | ||||||
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Long-term debt, net of discount and current portion
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713,306 | 1,002,215 | ||||||
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Stock payable to directors for services
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- | 150,000 | ||||||
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Asset retirement obligations and accrued reclamation costs
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253,980 | 257,580 | ||||||
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Total liabilities
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3,554,662 | 3,889,136 | ||||||
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Commitments and contingencies (Note 4, and 6)
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Stockholders' equity:
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||||||||
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Preferred stock $0.01 par value, 10,000,000 shares authorized:
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||||||||
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Series A: -0- shares issued and outstanding
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- | - | ||||||
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Series B: 750,000 shares issued and outstanding
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||||||||
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(liquidation preference $892,500 at December 31, 2013)
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7,500 | 7,500 | ||||||
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Series C: 177,904 shares issued and outstanding
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||||||||
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(liquidation preference $97,847 at December 31, 2013)
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1,779 | 1,779 | ||||||
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Series D: 1,751,005 shares issued and outstanding
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||||||||
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(liquidation preference $4,796,731 at December 31, 2013)
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17,509 | 17,509 | ||||||
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Common stock, $0.01 par value, 90,000,000 shares authorized;
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||||||||
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66,027,453 and 63,156,206 shares issued and outstanding, respectively
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660,274 | 631,562 | ||||||
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Additional paid-in capital
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35,740,672 | 32,030,249 | ||||||
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Notes receivable from stock sales
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(150,000 | ) | - | |||||
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Accumulated deficit
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(23,028,515 | ) | (21,686,744 | ) | ||||
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Total stockholders' equity
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13,249,219 | 11,001,855 | ||||||
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Total liabilities and stockholders' equity
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$ | 16,803,881 | $ | 14,890,991 | ||||
| For the three months ended |
For the nine months ended
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|||||||||||||||
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September 30,
2014
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September 30,
2013
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September 30,
2014
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September 30,
2013
|
|||||||||||||
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REVENUES
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$ | 2,951,457 | $ | 2,558,356 | $ | 8,173,914 | $ | 8,479,808 | ||||||||
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COST OF REVENUES
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(3,221,717 | ) | (2,441,862 | ) | (8,635,571 | ) | (8,427,360 | ) | ||||||||
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GROSS PROFIT (LOSS)
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(270,260 | ) | 116,494 | (461,657 | ) | 52,448 | ||||||||||
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OPERATING EXPENSES:
|
||||||||||||||||
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General and administrative
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220,150 | 206,467 | 672,373 | 667,988 | ||||||||||||
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Professional fees
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51,595 | 58,827 | 169,918 | 187,880 | ||||||||||||
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Gain on sale of equpment
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- | - | (5,450 | ) | - | |||||||||||
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TOTAL OPERATING EXPENSES
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271,745 | 265,294 | 836,841 | 855,868 | ||||||||||||
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LOSS FROM OPERATIONS
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(542,005 | ) | (148,800 | ) | (1,298,498 | ) | (803,420 | ) | ||||||||
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OTHER INCOME (EXPENSE):
|
||||||||||||||||
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Interest income
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3,038 | 674 | 5,827 | 3,892 | ||||||||||||
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Interest expense
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(348 | ) | (922 | ) | (1,110 | ) | (3,664 | ) | ||||||||
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Factoring expense
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(20,014 | ) | (9,765 | ) | (47,990 | ) | (52,945 | ) | ||||||||
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TOTAL OTHER EXPENSE
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(17,324 | ) | (10,013 | ) | (43,273 | ) | (52,717 | ) | ||||||||
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LOSS BEFORE INCOME TAXES
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(559,329 | ) | (158,813 | ) | (1,341,771 | ) | (856,137 | ) | ||||||||
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INCOME TAX EXPENSE
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- | - | - | (229,451 | ) | |||||||||||
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NET LOSS
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$ | (559,329 | ) | $ | (158,813 | ) | $ | (1,341,771 | ) | $ | (1,085,588 | ) | ||||
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Net loss per share of
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||||||||||||||||
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common stock:
|
||||||||||||||||
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Basic
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$ Nil
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$ Nil
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$ | (0.02 | ) | $ | (0.02 | ) | ||||||||
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Diluted
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$ Nil
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$ Nil
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$ | (0.02 | ) | $ | (0.02 | ) | ||||||||
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Weighted average shares outstanding:
|
||||||||||||||||
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Basic
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65,689,496 | 62,621,726 | 64,125,977 | 62,146,360 | ||||||||||||
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Diluted
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65,689,496 | 62,621,726 | 64,125,977 | 62,146,360 | ||||||||||||
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For the nine months ended
|
||||||||
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September 30,
2014
|
September 30,
2013
|
|||||||
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Cash Flows From Operating Activities:
|
||||||||
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Net loss
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$ | (1,341,771 | ) | $ | (1,085,588 | ) | ||
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Adjustments to reconcile net loss to net cash
|
||||||||
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provided by operating activities:
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||||||||
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Depreciation and amortization expense
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562,130 | 503,016 | ||||||
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Gain on sale of asset
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(5,450 | ) | - | |||||
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Accretion of asset retirement obligation
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(3,600 | ) | 6,030 | |||||
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Common stock issued to directors for services
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- | 2,628 | ||||||
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Common stock issued for services
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39,000 | - | ||||||
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Deferred income tax expense
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- | 229,451 | ||||||
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Change in:
|
||||||||
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Accounts receivable, net
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(409,525 | ) | (207,261 | ) | ||||
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Inventories
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(98,145 | ) | 312,584 | |||||
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Other current assets
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(19,729 | ) | (33,118 | ) | ||||
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Other assets
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(55,139 | ) | (165,438 | ) | ||||
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Accounts payable
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140,261 | 348,121 | ||||||
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Due to factor
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148,571 | 157,482 | ||||||
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Accrued payroll, taxes and interest
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(14,877 | ) | 10,835 | |||||
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Other accrued liabilities
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(14,755 | ) | 44,695 | |||||
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Deferred revenue
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(68,623 | ) | 91,692 | |||||
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Payables to related parties
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13,059 | (8,988 | ) | |||||
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Net cash provided by operating activities
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(1,128,593 | ) | 206,141 | |||||
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Cash Flows From Investing Activities:
|
||||||||
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Purchase of properties, plants and equipment
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(1,315,846 | ) | (1,742,783 | ) | ||||
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Net cash used by investing activities
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(1,315,846 | ) | (1,742,783 | ) | ||||
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Cash Flows From Financing Activities:
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||||||||
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Proceeds from issuance of long term debt
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130,000 | 200,000 | ||||||
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Net proceeds from sale of common stock and exercise of warrants
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3,070,134 | 653,604 | ||||||
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Principal payments on notes payable to bank
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(138,520 | ) | - | |||||
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Principal payments on long-term debt
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(99,344 | ) | (232,931 | ) | ||||
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Net cash provided by financing activities
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2,962,270 | 620,673 | ||||||
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
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517,831 | (915,969 | ) | |||||
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Cash and cash equivalents at beginning of period
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20,343 | 1,000,811 | ||||||
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Cash and cash equivalents at end of period
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$ | 538,174 | $ | 84,842 | ||||
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
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Noncash investing and financing activities:
|
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Properties, plants and equipment acquired with long-term debt
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$ | 19,040 | $ | - | ||||
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Properties, plants and equipment acquired with accounts payable
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$ | - | $ | 318,335 | ||||
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Common stock issued for debt payment
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$ | 330,000 | $ | - | ||||
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Fair value of derivative liability
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$ | - | $ | 108,750 | ||||
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Equipment sold for note receivable
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$ | 10,000 | $ | - | ||||
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Common stock issued for notes receivable
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$ | 150,000 | $ | - | ||||
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For the Nine Months Ended
|
||||||||
|
September 30,
2014
|
September 30,
2013
|
|||||||
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Warrants
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831,657 | 2,297,167 | ||||||
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Convertible preferred stock
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1,751,005 | 1,751,005 | ||||||
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Total possible dilution
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2,582,662 | 4,048,172 | ||||||
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3.
|
Inventories:
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|
September 30,
2014
|
December 31,
2013
|
|||||||
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Antimony Metal
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$ | 145,571 | $ | 33,850 | ||||
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Antimony Oxide - finished
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180,850 | 386,514 | ||||||
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Antimony Oxide - Crude
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223,095 | 148,737 | ||||||
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Antimony Concentrate
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53,475 | 93,190 | ||||||
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Antimony Ore
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369,234 | 106,519 | ||||||
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Total antimony
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972,225 | 768,810 | ||||||
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Zeolite
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160,690 | 265,960 | ||||||
| $ | 1,132,915 | $ | 1,034,770 | |||||
|
4.
|
Accounts Receivable and Due to Factor:
|
|
Accounts Receivable
|
September 30,
2014
|
December 31,
2013
|
||||||
|
Accounts receivable - non factored
|
$ | 663,305 | $ | 402,351 | ||||
|
Accounts receivable - factored with recourse
|
326,272 | 177,701 | ||||||
|
less allowance for doubtful accounts
|
(4,031 | ) | (4,031 | ) | ||||
|
Accounts receivable - net
|
$ | 985,546 | $ | 576,021 | ||||
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5.
|
Other Assets:
|
|
6.
|
Commitments and Contingencies:
|
|
7.
|
Notes Payable to Bank:
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| September 30, |
December 31,
|
|||||||
| 2014 | 2013 | |||||||
| Promissory note payable to First Security Bank of Missoula, bearing interest at 5.0%, maturing February 27, 2016, payable on demand, collateralized by a lien on Certificate of Deposit number 48614 | $ | - | $ | 70,952 | ||||
| Promissory note payable to First Security Bank of Missoula, bearing interest at 5.0%, maturing February 27, 2016, payable on demand, collateralized by a lien on Certificate of Deposit number 48615 | 67,568 | |||||||
| Total notes payable to bank | $ | - | $ | 138,520 | ||||
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Long-Term debt at September 30, 2014 and December 31, 2013, is as follows:
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September 30,
|
December 31,
|
||||||
|
2014
|
2013
|
|||||||
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Note payable to BMT Leasing, bearing interest
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at 13.38%; payable in monthly installments of $908; maturing
|
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December 2015; collateralized by equipment.
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$ | 11,588 | $ | - | ||||
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Note payable to Thermo Fisher Financial Co., bearing interest
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at 8.54%; payable in monthly installments of $2,792; maturing
|
||||||||
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December 2013; collateralized by equipment.
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- | 5,583 | ||||||
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Note payable to Stearns Bank, bearing interest
|
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at 6.9%; payable in monthly installments of $3,555; maturing
|
||||||||
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December 2014; collateralized by equipment.
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10,546 | 41,117 | ||||||
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Note payable to Western States Equipment Co., bearing interest
|
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at 6.15%; payable in monthly installments of $2,032; maturing
|
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June 2015; collateralized by equipment.
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17,832 | 34,861 | ||||||
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Note payable to Catepillar Financial, bearing interest at 5.95%;
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payable in monthly installments of $827; maturing September 2015;
|
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collateralized by equipment.
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9,603 | 16,440 | ||||||
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Note payable toDe Lage Landen Financial Services,
|
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bearing interest at 5.30%; payable in monthly installments of $549;
|
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maturing March 2016; collateralized by equipment.
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9,479 | 13,945 | ||||||
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Note payable to Phyllis Rice, bearing interest
|
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at 1%; payable in monthly installments of $2,000; maturing
|
||||||||
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March 2015; collateralized by equipment.
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23,808 | 33,808 | ||||||
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Note payable to De Lage Landen Financial Services,
|
||||||||
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bearing interest at 5.12%; payable in monthly installments of $697;
|
||||||||
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maturing December 2014; collateralized by equipment.
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2,759 | 8,797 | ||||||
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Note payable to Catepillar Financial, bearing interest
|
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at 6.15%; payable in monthly installments of $766; maturing
|
||||||||
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August 2014; collateralized by equipment.
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739 | 5,921 | ||||||
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Note payable to De Lage Landen Financial Services,
|
||||||||
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bearing interest at 5.28%; payable in monthly installments of $709;
|
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maturing June 2014; collateralized by equipment.
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- | 4,186 | ||||||
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Obligation payable for Soyatal Mine, non-interest bearing,
|
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annual payments of $200,000 through 2019, net of discount of $189,172
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796,855 | 762,541 | ||||||
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Note payable to Robert Detwiler, a shareholder, bearing interest at 10.0%,
|
||||||||
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due January 2, 2015; collateralized by equipment.
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- | 82,000 | ||||||
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Note payable to Betsy Detwiler, a shareholder, bearing interest at 10.0%,
|
||||||||
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due January 2, 2015; monthly payments of $1,000;
|
||||||||
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collateralized by equipment.
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- | 120,000 | ||||||
| 883,209 | 1,129,199 | |||||||
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Less current portion
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(169,903 | ) | (126,984 | ) | ||||
|
Long-term portion
|
$ | 713,306 | $ | 1,002,215 | ||||
|
Due by September 30,
|
||||
|
2015
|
$ | 169,903 | ||
|
2016
|
62,514 | |||
|
2017
|
60,952 | |||
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2018
|
139,199 | |||
|
2019
|
172,962 | |||
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2020
|
183,339 | |||
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2021
|
94,340 | |||
| $ | 883,209 | |||
|
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||||
|
Sales to Three
|
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||
|
Largest Customers
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
Alpha Gary Corporation
|
$ | 636,918 | $ | 906,970 | $ | 2,440,019 | $ | 2,949,177 | ||||||||
|
General Electric
|
195,300 | 382,788 | 585,900 | |||||||||||||
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Kohler Corporation
|
936,122 | 592,567 | 2,091,565 | 2,164,997 | ||||||||||||
|
East Penn Corporation
|
366,520 | |||||||||||||||
| $ | 1,939,560 | $ | 1,694,837 | $ | 4,914,372 | $ | 5,700,074 | |||||||||
|
% of Total Revenues
|
65.71 | % | 66.20 | % | 60.12 | % | 67.20 | % | ||||||||
|
Three Largest
|
September 30, | December 31, | ||||||||||||||
|
Accounts Receivable
|
2014
|
2013
|
||||||||||||||
|
Kohler Corporation
|
$ | 374,346 | $ | 202,019 | ||||||||||||
|
Alpha Gary Corporation
|
42,778 | |||||||||||||||
|
Teck American, Inc.
|
88,329 | |||||||||||||||
|
East Penn Corporation
|
183,260 | |||||||||||||||
|
General Electric
|
191,394 | |||||||||||||||
| $ | 749,000 | $ | 333,126 | |||||||||||||
|
% of Total Receivables
|
76.02 | % | 57.80 | % | ||||||||||||
|
Number of Warrants
|
Exercise Prices
|
|||||||
|
Balance, December 31, 2011
|
600,000 | $ | .30 - $.60 | |||||
|
Warrants issued
|
1,734,667 | $ | 2.50 - $4.50 | |||||
|
Warrants exercised
|
(250,000 | ) | $ | .30 - $2.50 | ||||
|
Warrants expired
|
(150,000 | ) | $ | .30 - $.40 | ||||
|
Balance, December 31, 2012
|
1,934,667 | $ | .25 - $4.50 | |||||
|
Warrants issued
|
629,740 | $ | 1.20-$1.60 | |||||
|
Warrants exercised
|
(25,000 | ) | $ | 1.20 | ||||
|
Warrants expired
|
(50,000 | ) | $ | 4.50 | ||||
|
Balance, December 31, 2013
|
2,489,407 | $ | 0.25 - $4.50 | |||||
|
Warrants exercised
|
(320,000 | ) | $ | 1.20-$1.60 | ||||
|
Warrants expired
|
(1,337,750 | ) | ||||||
|
Balance, September 30, 2014
|
831,657 | $ | 0.25 - $4.50 | |||||
|
The above common stock warrants expire as follows:
|
||||||||
|
Year ended December 31:
|
||||||||
|
2014
|
179,740 | |||||||
|
2015
|
401,917 | |||||||
|
Thereafter
|
250,000 | |||||||
| 831,657 | ||||||||
|
As of
September 30,
2014
|
As of
December 31,
2013
|
|||||||
|
Properties, plants and equipment, net:
|
||||||||
|
Antimony
|
||||||||
|
United States
|
$ | 1,951,393 | $ | 1,928,442 | ||||
|
Mexico
|
9,653,683 | 8,792,410 | ||||||
|
Subtotal Antimony
|
11,605,076 | 10,720,852 | ||||||
|
Zeolite
|
1,593,089 | 1,674,793 | ||||||
| $ | 13,198,165 | $ | 12,395,645 | |||||
|
Total Assets:
|
||||||||
|
Antimony
|
||||||||
|
United States
|
$ | 3,885,788 | $ | 3,017,768 | ||||
|
Mexico
|
10,870,955 | 9,668,997 | ||||||
|
Subtotal Antimony
|
14,756,743 | 12,686,765 | ||||||
|
Zeolite
|
2,047,138 | 2,204,226 | ||||||
| $ | 16,803,881 | $ | 14,890,991 | |||||
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
|
September 30,
2014
|
September 30,
2013
|
September 30,
2014
|
September 30,
2013
|
|||||||||||||
|
Capital expenditures:
|
||||||||||||||||
|
Antimony
|
||||||||||||||||
|
United States
|
$ | 3,166 | $ | 4,883 | $ | 77,059 | $ | 79,630 | ||||||||
|
Mexico
|
647,222 | 411,089 | 1,174,225 | 1,834,194 | ||||||||||||
|
Subtotal Antimony
|
650,388 | 415,972 | 1,251,284 | 1,913,824 | ||||||||||||
|
Zeolite
|
33,180 | 50,551 | 83,602 | 156,563 | ||||||||||||
|
Total
|
$ | 683,568 | $ | 466,523 | $ | 1,334,886 | $ | 2,070,387 | ||||||||
|
Segment Operations for the
|
Antimony
|
Antimony
|
Bear River
|
|||||||||||||
|
Three Months ended September 30, 2014
|
USAC
|
Mexico
|
Zeolite
|
Totals
|
||||||||||||
|
Total revenues
|
$ | 2,495,338 | $ | 456,119 | $ | 2,951,457 | ||||||||||
|
Production costs
|
1,692,970 | 766,122 | 275,440 | 2,734,532 | ||||||||||||
|
Depreciation and amortization
|
15,868 | 118,341 | 55,102 | 189,311 | ||||||||||||
|
Other operating costs
|
150,653 | 44,773 | 102,449 | 297,875 | ||||||||||||
|
Total operating expenses
|
1,859,491 | 929,236 | 432,991 | 3,221,718 | ||||||||||||
|
Gross profit (loss)
|
635,847 | (929,236 | ) | 23,128 | (270,261 | ) | ||||||||||
|
Other income (expense):
|
(251,077 | ) | (21,054 | ) | (16,937 | ) | (289,068 | ) | ||||||||
|
Income (loss) before income taxes
|
384,770 | (950,290 | ) | 6,191 | (559,329 | ) | ||||||||||
|
NET INCOME (LOSS)
|
$ | 384,770 | $ | (950,290 | ) | $ | 6,191 | $ | (559,329 | ) | ||||||
|
Segment Operations for the
|
Antimony
|
Antimony
|
Bear River
|
|||||||||||||
|
Three Months ended September 30, 2013
|
USAC
|
Mexico
|
Zeolite
|
Totals
|
||||||||||||
|
Total revenues
|
$ | 2,030,852 | $ | 26,000 | $ | 501,504 | $ | 2,558,356 | ||||||||
|
Production costs
|
1,083,957 | 778,545 | 262,798 | 2,125,300 | ||||||||||||
|
Depreciation and amortization
|
15,365 | 55,082 | 67,246 | 137,693 | ||||||||||||
|
Other operating costs
|
124,712 | 47,412 | 6,745 | 178,869 | ||||||||||||
|
Total operating expenses
|
1,224,034 | 881,039 | 336,789 | 2,441,862 | ||||||||||||
|
Gross profit (loss)
|
806,818 | (855,039 | ) | 164,715 | 116,494 | |||||||||||
|
Other income (expense):
|
(255,350 | ) | (11,029 | ) | (8,928 | ) | (275,307 | ) | ||||||||
|
Income (loss) before income taxes
|
551,468 | (866,068 | ) | 155,787 | (158,813 | ) | ||||||||||
|
NET INCOME (LOSS)
|
$ | 551,468 | $ | (866,068 | ) | $ | 155,787 | $ | (158,813 | ) | ||||||
|
Segment Operations for the
|
Antimony
|
Antimony
|
Bear River
|
|||||||||||||
|
Nine Months ended September 30, 2014
|
USAC
|
Mexico
|
Zeolite
|
Totals
|
||||||||||||
|
Total revenues
|
$ | 6,563,452 | $ | 1,610,462 | $ | 8,173,914 | ||||||||||
|
Production costs
|
4,148,964 | 2,401,700 | 1,162,646 | 7,713,310 | ||||||||||||
|
Depreciation and amortization
|
47,618 | 349,206 | 165,305 | 562,129 | ||||||||||||
|
Other operating costs
|
208,878 | 95,602 | 55,654 | 360,134 | ||||||||||||
|
Total operating expenses
|
4,405,460 | 2,846,508 | 1,383,605 | 8,635,573 | ||||||||||||
|
Gross profit (loss)
|
2,157,992 | (2,846,508 | ) | 226,857 | (461,659 | ) | ||||||||||
|
Other income (expense):
|
(779,090 | ) | (52,324 | ) | (48,701 | ) | (880,112 | ) | ||||||||
|
Income (loss) before income taxes
|
1,378,902 | (2,898,832 | ) | 178,156 | (1,341,771 | ) | ||||||||||
|
Income tax provision
|
- | - | - | - | ||||||||||||
|
NET INCOME (LOSS)
|
$ | 1,378,902 | $ | (2,898,832 | ) | $ | 178,156 | $ | (1,341,771 | ) | ||||||
|
Segment Operations for the
|
Antimony
|
Antimony
|
Bear River
|
|||||||||||||
|
Nine Months ended September 30, 2013
|
USAC
|
Mexico
|
Zeolite
|
Totals
|
||||||||||||
|
Total revenues
|
$ | 6,853,912 | $ | 32,000 | $ | 1,593,896 | $ | 8,479,808 | ||||||||
|
Production costs
|
3,636,369 | 2,581,293 | 1,085,648 | 7,303,310.00 | ||||||||||||
|
Depreciation and amortization
|
45,965 | 163,767 | 299,314 | 509,046.00 | ||||||||||||
|
Other operating costs
|
423,355 | 36,397 | 155,252 | 615,004.00 | ||||||||||||
|
Total operating expenses
|
4,105,689 | 2,781,457 | 1,540,214 | 8,427,360.00 | ||||||||||||
|
Gross profit (loss)
|
2,748,223 | (2,749,457 | ) | 53,682 | 52,448 | |||||||||||
|
Other income (expense):
|
(768,800 | ) | (107,847 | ) | (31,936 | ) | (908,583 | ) | ||||||||
|
Income (loss) before income taxes
|
1,979,423 | (2,857,304 | ) | 21,746 | (856,135 | ) | ||||||||||
|
Income tax provision
|
(229,451 | ) | - | - | (229,451 | ) | ||||||||||
|
NET INCOME (LOSS)
|
$ | 1,749,972 | $ | (2,857,304 | ) | $ | 21,746 | $ | (1,085,586 | ) | ||||||
|
Precious Metals Sales
|
Nine Months
|
|||||||||||||||||||
|
Silver/Gold
|
2010
|
2011
|
2012
|
2013
|
2014
|
|||||||||||||||
|
Montana
|
||||||||||||||||||||
|
Ounces Gold Shipped (Au)
|
101.13 | 161.71 | 102.32 | 59.74 | 40.07 | |||||||||||||||
|
Ounces Silver Shipped (Ag)
|
31,545.22 | 17,472.99 | 20,237.70 | 22,042.46 | 18,430.22 | |||||||||||||||
|
Revenues
|
$ | 483,307 | $ | 667,813 | $ | 647,554 | $ | 347,016 | $ | 288,346 | ||||||||||
|
Mexico
|
||||||||||||||||||||
|
Ounces Gold Shipped (Au)
|
1.780 | |||||||||||||||||||
|
Ounces Silver Shipped (Ag)
|
1,053.240 | |||||||||||||||||||
|
Revenues
|
$ | 22,690 | ||||||||||||||||||
|
Total Revenues
|
$ | 483,307 | $ | 667,813 | $ | 647,554 | $ | 369,706 | $ | 288,346 | ||||||||||
|
Antimony - Combined USA
|
3rd Qtr
|
3rd Qtr
|
Nine Months
|
Nine Months
|
||||||||||||
|
and Mexico
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
|
Lbs of Antimony Metal USA
|
372,781 | 248,268 | 897,455 | 740,495 | ||||||||||||
|
Lbs of Antimony Metal Mexico:
|
156,348 | 133,586 | 404,998 | 482,980 | ||||||||||||
|
Total Lbs of Antimony Metal Sold
|
529,129 | 381,854 | 1,302,453 | 1,223,475 | ||||||||||||
|
Sales Price/Lb Metal
|
$ | 4.72 | $ | 5.17 | $ | 4.82 | $ | 5.38 | ||||||||
|
Net income (loss)/Lb Metal
|
$ | (1.07 | ) | $ | (0.86 | ) | $ | (1.17 | ) | $ | (1.11 | ) | ||||
|
Gross antimony revenue - net of discount
|
$ | 2,495,338 | $ | 1,973,620 | $ | 6,275,106 | $ | 6,581,861 | ||||||||
|
Precious metals revenue
|
83,232 | 288,346 | 304,052 | |||||||||||||
|
Production costs - USA
|
(1,692,970 | ) | (1,083,957 | ) | (3,940,342 | ) | (3,636,369 | ) | ||||||||
|
Product cost - Mexico
|
(695,749 | ) | (602,473 | ) | (1,802,241 | ) | (2,178,240 | ) | ||||||||
|
Direct sales and freight
|
(71,536 | ) | (67,517 | ) | (208,620 | ) | (214,957 | ) | ||||||||
|
General and administrative - operating
|
(123,889 | ) | (104,108 | ) | (304,480 | ) | (363,650 | ) | ||||||||
|
Mexico non-production costs
|
(70,373 | ) | (178,082 | ) | (599,459 | ) | (409,083 | ) | ||||||||
|
General and administrative - non-operating
|
(274,942 | ) | (266,809 | ) | (841,269 | ) | (876,643 | ) | ||||||||
|
Net interest & gain on sale of asset
|
2,810 | (70 | ) | 9,857 | (5 | ) | ||||||||||
|
EBITDA
|
(431,311 | ) | (246,164 | ) | (1,123,102 | ) | (793,034 | ) | ||||||||
|
Depreciation & amortization
|
(134,209 | ) | (80,600 | ) | (396,825 | ) | (339,250 | ) | ||||||||
|
Provision for income taxes
|
(229,451 | ) | ||||||||||||||
|
Net income (Loss) - antimony
|
$ | (565,520 | ) | $ | (326,764 | ) | $ | (1,519,927 | ) | $ | (1,361,735 | ) | ||||
|
Zeolite
|
||||||||||||||||
|
Tons sold
|
2,251 | 2,516 | 8,016 | 7,808 | ||||||||||||
|
Sales Price/Ton
|
$ | 202.63 | $ | 199.33 | $ | 200.91 | $ | 204.14 | ||||||||
|
Net income (Loss)/Ton
|
$ | 2.75 | $ | 66.75 | $ | 22.23 | $ | 35.37 | ||||||||
|
Gross zeolite revenue
|
$ | 456,119 | $ | 501,504 | $ | 1,610,462 | $ | 1,593,896 | ||||||||
|
Production costs
|
(290,814 | ) | (183,960 | ) | (921,939 | ) | (846,649 | ) | ||||||||
|
Direct sales and freight
|
(45,069 | ) | (40,102 | ) | (129,725 | ) | (123,798 | ) | ||||||||
|
Royalties
|
(42,005 | ) | (45,481 | ) | (166,636 | ) | (151,597 | ) | ||||||||
|
General and administrative
|
(16,818 | ) | (8,250 | ) | (49,011 | ) | (32,168 | ) | ||||||||
|
Net interest
|
(120 | ) | (678 | ) | 310 | 232 | ||||||||||
|
EBITDA
|
61,293 | 223,033 | 343,461 | 439,916 | ||||||||||||
|
Depreciation
|
(55,102 | ) | (55,082 | ) | (165,305 | ) | (163,767 | ) | ||||||||
|
Net income (Loss) - zeolite
|
$ | 6,191 | $ | 167,951 | $ | 178,156 | $ | 276,149 | ||||||||
|
Company-wide
|
||||||||||||||||
|
Gross revenue
|
$ | 2,951,457 | $ | 2,558,356 | $ | 8,173,914 | $ | 8,479,809 | ||||||||
|
Production costs
|
(2,679,533 | ) | (1,870,390 | ) | (6,664,522 | ) | (6,661,258 | ) | ||||||||
|
Other operating costs
|
(352,872 | ) | (435,290 | ) | (1,408,920 | ) | (1,263,085 | ) | ||||||||
|
General and administrative - non-operating
|
(291,760 | ) | (275,059 | ) | (890,280 | ) | (908,811 | ) | ||||||||
|
Net interest
|
2,690 | (748 | ) | 10,167 | 227 | |||||||||||
|
EBITDA
|
(370,018 | ) | (23,131 | ) | (779,641 | ) | (353,118 | ) | ||||||||
|
Income tax benefit (expense)
|
(229,451 | ) | ||||||||||||||
|
Depreciation & amortization
|
(189,311 | ) | (135,682 | ) | (562,130 | ) | (503,017 | ) | ||||||||
|
Net income (Loss)
|
$ | (559,329 | ) | $ | (158,813 | ) | $ | (1,341,771 | ) | $ | (1,085,586 | ) | ||||
|
Financial Condition and Liquidity
|
||||||||
|
September 30,
2014
|
December 31,
2013
|
|||||||
|
Current Assets
|
$ | 2,955,794 | $ | 1,910,564 | ||||
|
Current liabilities
|
(2,587,376 | ) | (2,479,341 | ) | ||||
|
Net Working Capital
|
$ | 368,418 | $ | (568,777 | ) | |||
|
Cash provided (used) by operations
|
$ | (1,128,593 | ) | $ | 234,820 | |||
|
Cash used for capital outlay and investment
|
(1,315,846 | ) | (2,733,762 | ) | ||||
|
Cash provided (used) by financing:
|
||||||||
|
Proceeds (payments) notes payable to bank
|
(138,520 | ) | 138,520 | |||||
|
Proceeds from related party
|
||||||||
|
Principal paid on long-term debt
|
(99,344 | ) | (273,405 | ) | ||||
|
Proceeds from long-term debt
|
130,000 | 352,000 | ||||||
|
Sale of Stock
|
3,070,134 | 1,147,194 | ||||||
|
Other
|
154,165 | |||||||
|
Net change in cash
|
$ | 517,831 | $ | (980,468 | ) | |||
|
●
|
The Company lacks proper segregation of duties. As with any company the size of ours, this lack of segregation of duties is due to limited resources. The president authorizes the majority of the expenditures and signs checks.
|
|
●
|
During our year-end audit, our independent registered accountants discovered material misstatements in our financial statements that required audit adjustments.
|
|
●
|
The CFO reviews all bank reconciliations
|
|
●
|
The CFO reviews all material transactions for capital expenditures
|
|
●
|
The CFO reviews all period ending entries for preparation of financial statements, including the calculation of inventory, depreciation, and amortization
|
|
●
|
The CFO review all material entries for compliance with generally accepted accounting principles prior to the annual audit and 10Q filings
|
|
●
|
The Company has a formal capitalization policy
|
|
●
|
In addition, we consult with independent experts when complex transactions are entered into.
|
|
UNITED STATES ANTIMONY CORPORATION
|
|||
|
(Registrant)
|
|||
|
Date:
November 10, 2014
|
By:
|
/s/ John C. Lawrence | |
| John C. Lawrence, Director and President | |||
| (Principal Executive) | |||
| Date: November 10, 2014 |
By:
|
/s/ Daniel L. Parks | |
| Daniel L. Parks, Chief Financial Officer | |||
| Date: November 10, 2014 |
By:
|
/s/ Alicia Hill | |
| Alicia Hill, Controller | |||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|