Notes
to Consolidated Financial Statements (Unaudited)
1.
Basis
of Presentation:
The unaudited
consolidated financial statements have been prepared by the Company
in accordance with accounting principles generally accepted in the
United States of America for interim financial information, as well
as the instructions to Form 10-Q. Accordingly, they do
not include all of the information and footnotes required for
complete financial statements. In the opinion of the
Company’s management, all adjustments (consisting of only
normal recurring accruals) considered necessary for a fair
presentation of the interim financial statements have been
included. Operating results for the three and nine month periods
ended September 30, 2016, are not necessarily indicative of the
results that may be expected for the full year ending December 31,
2016.
Certain
consolidated financial statement amounts for the three and nine
month periods ended June 30, 2015, have been reclassified to
conform to the 2016 presentation. These
reclassifications had no effect on the net income (loss) or cash
flows or accumulated deficit as previously reported.
For further
information refer to the financial statements and footnotes thereto
in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2015.
During the nine
months ended September 30, 2016 and 2015, the Company incurred
interest expense of $96,479 and $25,295, respectively, of which
$39,276, and $25,113, respectively, has been capitalized as part of
the cost of construction projects in Mexico.
2.
Income (Loss) Per Common Share:
Basic earnings per
share is calculated by dividing net income (loss) available to
common stockholders by the weighted average number of common shares
outstanding during the period. Diluted earnings per
share is calculated based on the weighted average number of common
shares outstanding during the period plus the effect of potentially
dilutive common stock equivalents, including warrants to purchase
the Company's common stock and convertible preferred
stock. Warrants equal to common stock equivalents of
169,872 shares have been added to the weighted average shares of
outstanding common stock of 66,130,650 at September 30, 2015, to
determine the diluted income per share for the nine months ended
September 30, 2015. Management has determined that the
calculation of diluted earnings per share for the nine months ended
September 30, 2016, is not applicable since any additions to
outstanding shares related to common stock equivalents would be
anti-dilutive.
As of September 30,
2016 and 2015, the potentially dilutive common stock equivalents
not included in the calculation of diluted earnings per share as
their effect would have been anti-dilutive are as
follows:
|
|
|
Warrants
|
250,000
|
-
|
Convertible
preferred stock
|
1,751,005
|
1,751,005
|
Total
possible dilution
|
2,001,005
|
1,751,005
|
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
3.
Inventories:
Inventories at
September 30, 2016 and December 31, 2015, consisted primarily of
finished antimony products, antimony metal, antimony ore, and
finished zeolite products that are stated at the lower of first-in,
first-out cost or estimated net realizable value. Finished antimony
products, antimony metal and finished zeolite products costs
include raw materials, direct labor and processing facility
overhead costs and freight. Inventory at September 30, 2016 and
December 31, 2015, is as follows:
|
|
|
Antimony
Metal
|
$
60,491
|
$
102,207
|
Antimony
Oxide
|
253,110
|
332,068
|
Antimony
Concentrates
|
48,785
|
133,954
|
Antimony
Ore
|
151,841
|
319,631
|
Total
antimony
|
514,227
|
887,860
|
Zeolite
|
223,891
|
206,378
|
|
$
738,118
|
$
1,094,238
|
|
|
|
During the first
quarter of 2015 the Company discovered it had been overcharged for
raw material purchases from a vendor. The Company
brought the matter to the vendor’s attention and received a
$914,967 credit to accounts payable due the vendor that was
recorded as a gain on liability adjustment during the nine months
ended September 30, 2015.
4.
Accounts
Receivable and Due to Factor:
The Company factors
designated trade receivables pursuant to a factoring agreement with
LSQ Funding Group L.C., an unrelated factor (the
“Factor”). The agreement specifies that
eligible trade receivables are factored with recourse. We submit
selected trade receivables to the factor, and receive 83% of the
face value of the receivable by wire transfer. The Factor withholds
15% as retainage, and 2% as a servicing fee. Upon
payment by the customer, we receive the remainder of the amount due
from the factor. The 2% servicing fee is recorded on the
consolidated statement of operations in the period of sale to the
factor. John Lawrence, CEO, is a personal guarantor of the
amount due to Factor.
Trade receivables
assigned to the Factor are carried at the original invoice amount
less an estimate made for doubtful accounts. Under the
terms of the recourse provision, the Company is required to
reimburse the Factor, upon demand, for factored receivables that
are not paid on time. Accordingly, these receivables are
accounted for as a secured financing arrangement and not as a sale
of financial assets. The allowance for doubtful accounts is
based on management’s regular evaluation of individual
customer’s receivables and consideration of a
customer’s financial condition and credit
history. Trade receivables are written off when deemed
uncollectible. Recoveries of trade receivables
previously written off are recorded when
received. Interest is not charged on past due
accounts.
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
4.
Accounts
Receivable and Due to Factor, Continued:
We present the
receivables, net of allowances, as current assets and we present
the amount potentially due to the Factor as a secured financing in
current liabilities.
Accounts Receivble
|
|
|
Accounts
receivable - non factored
|
$
391,255
|
$
412,922
|
Accounts
receivable - factored with recourse
|
132,893
|
13,782
|
less
allowance for doubtful accounts
|
(4,031
)
|
(4,031
)
|
Accounts
receivable - net
|
$
520,117
|
$
422,673
|
5.
Properties,
Plants, and Equipment - Mineral Properties:
Guadalupe
On March 7, 2012
and on April 4, 2012 the Company entered into a supply agreement
and a loan agreement, respectively, (“the Agreements”)
with several individuals collectively referred to as ‘Grupo
Roga’ or ‘Guadalupe.’ During the term
of the supply agreement the Company funded certain of
Guadalupe’s equipment purchases, tax payments, labor costs,
milling and trucking costs, and other expenses incurred in the
Guadalupe mining operations for approximately $112,000. In addition
to the advances for mining costs, the Company purchased antimony
ore from Guadalupe that failed to meet agreed upon antimony metal
recoveries and resulted in approximately $475,000 of excess
advances paid to Guadalupe.
The Agreements with
Guadalupe (Grupo Roga) granted the Company an option to purchase
the concessions outright for $2,000,000. On September
29, 2015, the Company notified the owners of Guadalupe that it was
exercising the option to purchase the Guadalupe property. The
option exercise agreement allowed the Company to apply all amounts
previously due the Company by Grupo Roga of $586,892 to the
purchase price consideration, resulting in a net obligation for the
purchase of the Guadalupe mine of $1,413,107. The Company is
obligated to make annual payments that vary from $60,000 to
$149,077 annually through 2026. The debt payments are
non-interest bearing. The Company recorded $972,722 as the cost of
the concessions and the debt payable equal to total payments due of
$1,413,107 less a discount of $440,385. The discount is
being amortized to interest expense using the effective interest
method over the life of the debt. During the nine months
ended September 30, 2016, the Company made $45,000 in payments
toward this debt and amortized $43,735 of discount as interest
expense. The net balance of the debt at September
30, 2016 was $971,085.
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
6.
Commitments
and Contingencies:
In 2005, Antimonio
de Mexico S.A. de C.V. (“AM”) signed an option
agreement that gives AM the exclusive right to explore and develop
the San Miguel I and San Miguel II concessions for annual
payments. Total payments will not exceed $1,430,344,
reduced by taxes paid. During the year ended December
31, 2015, and the nine months ended September 30, 2016, $100,000
and $67,608, respectively, was paid and capitalized as mineral
rights in accordance with the Company’s accounting
policies. At March 31, 2016, a final payment of $11,739
was made.
In June of 2013,
the Company entered into a lease to mine antimony ore from
concessions located in the Wadley Mining district in
Mexico. The lease calls for a mandatory term of one year
and, as of September 30, 2016, requires payments of $10,000 plus a
tax of $1,600, per month. The lease is renewable each
year with a 15 day notice to the lessor, and agreement of
terms. The lease was renewed in June of
2016.
From time to time,
the Company is assessed fines and penalties by the Mine Safety and
Health Administration (“MSHA”). As of
September 30, 2016, and December 31, 2015, respectively, the
Company had no liabilities due to MSHA.
During the first
quarter of 2015, the Company discovered that we did not have IMMEX
certification and that the Company would be required to obtain
it. Without the IMMEX certification, the Company was
required to pay the national sales tax of 16% on all items that the
Company imports into Mexico, including capital items and the
concentrates from Hillgrove of Australia. IMMEX requires
that the Company export a minimum of 60% of everything that is
imported into Mexico. The Company has met this
requirement at this time. At September 30, 2016, and
December 31, 2015, the Company had approximately $146,500 and
$167,000, respectively, included in other current assets, on
deposit with the Mexican tax authorities. The Company believes that
this will either ultimately be refunded, or applied to reduce other
tax liabilities.
In prior years, the
Company utilized Providence Capital, Inc., a Delaware corporation
(“Providence”), and Herbert A. Denton to
provide investor relations services. On April 1, 2015, we
entered into an agreement with Providence to provide us services as
our Investor Relations Representative. We terminated this
agreement in May 2015, and signed a Settlement Agreement dated July
27, 2015, and a Supplemental Settlement Agreement dated August 1,
2015. These agreements provided for a payment to Mr. Denton
of 100,000 shares of the Company’s common stock and $25,000
to be paid in five equal installments. On August 31, 2015, we
issued 100,000 shares of common stock valued at $0.55 per share or
$55,000 to Mr. Denton. On October 12, 2015, we served Mr.
Denton with a notice of material breach of the termination
agreements and suspended the remaining payments of $15,000. We have
subsequently filed an action in federal court to force Mr. Denton
to comply with the terms of the termination agreements and for
damages related to his non-compliance. Subsequent to the
Company’s filing, Mr. Denton filed a counterclaim against the
Company seeking an award for damages for breach of contract,
conversion, defamation of character, failure to exercise business
judgement and intentional infliction of emotional duress and damage
to reputation. During the second quarter 2016, the Company settled
with Mr. Denton with a payment of $10,000. All claims
and counterclaims have been dismissed.
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
7.
Notes Payable to Bank:
At September 30, 2016 and
December 31, 2015, the Company had the following notes payable to
the bank:
|
|
|
|
|
|
Promissory note
payable to First Security Bank of Missoula,
|
|
|
bearing interest at
5.0%, maturing February 27, 2017,
|
|
|
payable on demand,
collateralized by a lien on Certificate of
|
|
|
Deposit number
48614
|
$
0
|
$
36,881
|
|
|
|
Promissory note
payable to First Security Bank of Missoula,
|
|
|
bearing interest at
5.0%, maturing February 27, 2017,
|
|
|
payable on demand,
collateralized by a lien on Certificate of
|
|
|
Deposit number
48615
|
100,000
|
93,791
|
Total notes payable
to bank
|
$
100,000
|
$
130,672
|
These notes are
personally guaranteed by John C. Lawrence the Company’s
President and Chairman of the Board of Directors.
8.
Long – Term Debt:
Long-Term
debt at September 30, 2016, and December 31, 2015, is as
follows:
|
|
|
|
|
|
Note
payable to First Security Bank, bearing interest at
6%;
|
|
|
payable
in monthly installments of $917; maturing
|
|
|
September
2018; collateralized by equipment.
|
$
20,700
|
$
27,845
|
Note
payable to Cat Financial Services, bearing interest at
6%;
|
|
|
payable
in monthly installments of $1,300; maturing
|
|
|
August
2019; collateralized by equipment.
|
41,647
|
|
Note
payable to Wells Fargo Bank, bearing interest at 4%;
|
|
|
payable
in monthly installments of $477; maturing
|
|
|
December
2016; collateralized by equipment.
|
1,865
|
5,399
|
Note
payable toDe Lage Landen Financial Services,
|
|
|
bearing
interest at 5.30%; payable in monthly installments of
$549;
|
|
|
maturing
March 2016; collateralized by equipment.
|
|
2,171
|
Note
payable to De Lage Landen Financial Services,
|
|
|
bearing
interest at 3.51%; payable in monthly installments of
$655;
|
|
|
maturing
September 2019; collateralized by equipment.
|
21,766
|
27,587
|
Note
payable to De Lage Landen Financial Services,
|
|
|
bearing
interest at 3.51%; payable in monthly installments of
$655;
|
|
|
maturing
December 2019; collateralized by equipment.
|
24,115
|
29,300
|
Note
payable to Phyllis Rice, bearing interest
|
|
|
at
1%; payable in monthly installments of $2,000;
maturing
|
|
|
March
2015; collateralized by equipment.
|
14,146
|
14,146
|
Obligation
payable for Soyatal Mine, non-interest bearing,
|
|
|
annual
payments of $100,000 or $200,000 through 2019, net of
discount.
|
787,557
|
820,272
|
Obligation
payable for Guadalupe Mine, non-interest bearing,
|
|
|
annual
payments from $60,000 to $149,078 through 2026, net of
discount.
|
971,085
|
972,312
|
|
1,882,881
|
1,899,032
|
Less
current portion
|
(368,563
)
|
(181,287
)
|
Long-term
portion
|
$
1,514,318
|
$
1,717,745
|
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
8.
Long – Term Debt, Continued:
At September 30,
2016, principal payments on debt are due as follows:
Year Ending June 30,
|
|
2017
|
$
368,563
|
2018
|
236,822
|
2019
|
304,169
|
2020
|
217,748
|
2021
|
128,742
|
2022
|
111,467
|
2023
|
118,155
|
2024
|
125,244
|
2025
|
132,759
|
2026
|
139,212
|
|
$
1,882,881
|
9.
Hillgrove Advances Payable
On November 7,
2014, the Company entered into a loan and processing agreement with
Hillgrove Mines Pty Ltd of Australia (Hillgrove) by which Hillgrove
will advance the Company funds to be used to expand their smelter
in Madero, Mexico, and in Thompson Falls, Montana, so that they may
process antimony and gold concentrates produced by Hillgroveís
mine in Australia. The agreement requires that the Company
construct equipment so that it can process approximately 200 metric
tons of concentrate per month, with a provision so that the Company
may expand to process more than that. The parties agreed that the
equipment will be owned by USAC and USAMSA. The final terms of when
the repayment takes place have not yet been agreed on. The
agreement called for the Company to sell the final product for
Hillgrove, and Hillgrove to have approval rights of the customers
for their products. The agreement allows the Company to recover its
operating costs as approved by Hillgrove, and to charge a 7.5%
processing fee and a 2.0% sales commission. The initial term of the
agreement was five years, and that agreement was amended later to
be eight years; however, Hillgrove may suspend or terminate the
agreement at its discretion. The Company may terminate the
agreement and begin using the furnaces for their own production if
Hillgrove fails to recommence shipments within 365 days of a
suspension notice. If a stop notice is issued between one year and
two years, there is a formula to prorate the repayment amount from
50% to 81.25%. If a stop order is issued after two years, the
repayment obligation is 81.25% of the funds advanced at that point.
At December 31, 2015, management determined that it is likely that
the Company's repayment obligation will be 81.25% of the total
amounts advanced. As of September 30, 2016, Hillgrove had advanced
the Company approximately $1.4 million. Of this amount, $262,500
was recorded as deferred earned credit and is being recognized
ratably through the period ending November 7, 2016 which is when
the 81.25% repayment terms of the agreement is applicable. During
the nine months ended September 30, 2016 and 2015, $109,392 and
$58,139, respectively, of the deferred earned credit was recognized
with $10,937 to be recognized in the remainder of 2016. At
September 30, 2016, the amount due to Hillgrove for advances was
$1,134,221 which is approximately 81.25% of the total amount
advanced.
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
10.
Concentrations of Risk:
|
For the Three Months Ended
|
For the Nine Months Ended
|
Sales to Three
|
|
|
|
|
Largest Customers
|
|
|
|
|
Alpha
Gary Corporation
|
|
$
691,363
|
|
$
2,541,838
|
Mexichem
Specialty Compounds Inc.
|
414,157
|
|
1,524,253
|
|
Kohler
Corporation
|
362,770
|
637,838
|
972,083
|
1,462,570
|
East
Penn Corporation
|
245,514
|
631,277
|
965,564
|
963,301
|
|
$
1,022,441
|
$
1,960,478
|
$
3,461,900
|
$
4,967,709
|
% of Total Revenues
|
36.00
%
|
54.90
%
|
37.80
%
|
45.60
%
|
|
|
|
|
|
Three Largest
|
|
|
|
|
Accounts Receivable
|
|
|
|
|
Kohler
Corporation
|
$
133,705
|
$
-
|
|
|
EaRTH
Innovations Inc.
|
$
33,150
|
|
|
|
Wildfire
Construction
|
|
43,327
|
|
|
Teck
American, Inc.
|
|
80,946
|
|
|
Gopher
Resources
|
|
141,570
|
|
|
East
Penn Corporation
|
135,828
|
-
|
|
|
|
$
302,683
|
$
265,843
|
|
|
% of Total Receivables
|
58.20
%
|
62.90
%
|
|
|
11.
Related Party Transactions:
During the three
and nine months ended September 30, 2016 and 2015, the Chairman of
the audit and compensation committee received $9,000 and $27,000,
respectively, for services performed.
During the three
and nine months ended September 30, 2016 and 2015, the Company paid
$6,387 and $9,443, and $12,099 and $28,865, respectively, to John
Lawrence, our President and Chief Executive Officer, as
reimbursement for equipment used by the Company.
12.
Income Taxes:
United States
During the nine
months ended September 30, 2016, it was determined that, after
utilization of the Company’s net operating loss carry
forwards, a tax liability of $12,979 was due for income taxes in
the United States.
Management
estimates the effective tax rate in the United States at 0% for the
current year.
Mexico
On October 25,
2016, the national tax authority (“SAT”) in Mexico
notified us that they had completed its audit of our 2013 tax
filing and have determined that we owe $781,947 in income taxes and
penalties. We are required to respond to SAT of our
intentions by December 6, 2016. We plan to enter
into negotiation with the authorities and have engaged legal and
tax counsel in Mexico to guide us through our options.
Based on preliminary discussions, we believe that it is
probable that we will pay at least some type of assessment and have
determined a most likely estimate of our ultimate liability will be
$410,510. Accordingly, we have recorded a tax provision
and a corresponding liability for this amount as of September 30,
2016. We hope to be able to pay the amount over a
period of 24 months. At this time, however, there can
be no assurance as to whether SAT will accept this settlement and
we may need to pay the entire assessed amount.
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
12.
Income Taxes, Continued:
We anticipate that
our assessment can be partially settled by applying our IVA tax (a
national sales type tax) refund against the settlement
amount. At September 30, 2016, we have approximately $140,000
of IVA tax on deposit with the SAT which is currently a current
asset as of September 30, 2016.
The assessment
relates to our 2013 tax filing in Mexico. SAT has not
notified us whether other tax filings for the year 2011, 2012, 2014
or 2015 will also be examined. We could be assessed
additional amounts if this occurs. Because
of taxable operating losses in early years and the potential for
offset of operating income in later years, management has not yet
determined the impact of these open years as of September 30, 2016
and has not recorded any liability that may result if there are
additional audits by SAT. Management will
continue to assess the situation.
13.
Stockholder’s Equity:
Issuance of Common Stock for Payable
to Board of Directors
During the nine
months ended September 30, 2016, the Board of Directors was issued
a total of 550,000 shares of common stock for $137,500 in
directors’ fees that were payable at December 31,
2015. In addition, during the nine months ended
September 30, 2016, the Company accrued $112,500 in
directors’ fees payable that will be paid in common
stock.
During the nine
months ended September 30, 2015, the Board of
Directors was issued a total of 183,825 shares of common stock for
$125,000 in director’s fees that were payable at December 31,
2014. In addition, during the nine months ended
September 30, 2015, the Company accrued $112,500 in
directors’ fees that was paid in common stock.
Issuance of Common Stock for
Services
During the
nine months ended September 30, 2015, 105,000 shares
were issued to for investor relation services totaling
$57,950.
14.
Business Segments:
The Company is
currently organized by four segments which represent our operating
units: United States antimony operations, Mexican antimony
operations, precious metals recovery and United States zeolite
operations.
The Madero smelter
and Puerto Blanco mill at the Company’s Mexico operation
brings antimony up to an intermediate stage, which can be sold
directly or shipped to the United States operation for finishing
and sales at the Thompson Falls, Montana plant. The
precious metals recovery plant is operated in conjunction with the
antimony processing plant at Thompson Falls, Montana. The Zeolite
operation produces Zeolite near Preston, Idaho. Almost all of the
sales of products from the United States antimony and Zeolite
operations are to customers in the United States.
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
14.
Business Segments, Continued:
Disclosure of the
activity relating to our precious metals recovery requires that it
be reported as a separate business segment. The prior
period comparative information has been reclassified to reflect
this change.
Segment disclosure
regarding sales to major customers is located in Note
10.
Properties, plants
|
|
|
and equipment, net:
|
|
|
Antimony
|
|
|
United
States
|
$
1,732,997
|
$
1,766,328
|
Mexico
|
12,159,308
|
12,539,805
|
Subtotal
Antimony
|
13,892,305
|
14,306,133
|
Precious
metals
|
471,069
|
171,074
|
Zeolite
|
1,516,201
|
1,553,126
|
Total
|
$
15,879,575
|
$
16,030,333
|
Total Assets:
|
|
|
Antimony
|
|
|
United
States
|
$
2,442,746
|
$
2,505,189
|
Mexico
|
12,731,914
|
13,367,960
|
Subtotal
Antimony
|
15,174,660
|
15,873,149
|
Precious
metals
|
471,069
|
171,074
|
Zeolite
|
2,060,258
|
2,215,978
|
Total
|
$
17,705,987
|
$
18,260,201
|
|
For the three months ended
|
For the nine months ended
|
|
|
|
|
|
Capital expenditures:
|
|
|
|
|
Antimony
|
|
|
|
|
United
States
|
$
7,308
|
$
31,802
|
$
33,291
|
$
31,802
|
Mexico
|
104,626
|
2,008,945
|
417,131
|
2,869,629
|
Subtotal
Antimony
|
111,934
|
2,040,747
|
450,422
|
2,901,431
|
Zeolite
|
61,284
|
101,895
|
123,075
|
135,369
|
Total
|
$
173,218
|
$
2,142,642
|
$
573,497
|
$
3,036,800
|
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
14.
Business Segments, Continued:
Segment Operations for the three
|
|
|
|
|
|
months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
2,025,755
|
|
$
240,238
|
$
577,149
|
$
2,843,142
|
|
|
|
|
|
|
Depreciation
and amortization
|
20,000
|
136,875
|
|
53,400
|
210,275
|
|
|
|
|
|
|
Income
(loss) from operations
|
723,627
|
(1,421,013
)
|
240,238
|
109,163
|
(347,985
)
|
|
|
|
|
|
|
Income
tax expense
|
(411,490
)
|
|
|
|
(411,490
)
|
|
|
|
|
|
|
Other
income (expense):
|
(9,406
)
|
(24,617
)
|
|
(3,559
)
|
(37,582
)
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
$
302,731
|
$
(1,445,630
)
|
$
240,238
|
$
105,605
|
$
(797,057
)
|
Segment Operations for the three
|
|
|
|
|
|
months ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
2,741,846
|
$
-
|
$
169,087
|
$
613,508
|
$
3,524,441
|
|
|
|
|
|
|
Depreciation
and amortization
|
14,500
|
151,875
|
|
56,000
|
222,375
|
|
|
|
|
|
|
Income
(loss) from operations
|
1,252,016
|
(1,318,887
)
|
169,087
|
148,902
|
251,118
|
|
|
|
|
|
|
Other
income (expense):
|
(363,269
)
|
(6,895
)
|
-
|
(16,844
)
|
(387,008
)
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
$
888,747
|
$
(1,325,782
)
|
$
169,087
|
$
132,058
|
$
(135,890
)
|
PART
I - FINANCIAL INFORMATION, CONTINUED:
United
States Antimony Corporation and Subsidiaries
Notes
to Consolidated Financial Statements (Unaudited),
Continued:
14.
Business Segments, Continued:
Segment Operations for the nine
|
|
|
|
|
|
months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
6,621,732
|
$
3,557
|
$
564,581
|
$
1,976,758
|
$
9,166,628
|
|
|
|
|
|
|
Depreciation
and amortization
|
60,400
|
431,975
|
|
160,000
|
652,375
|
|
|
|
|
|
|
Income
(loss) from operations
|
2,582,390
|
(4,028,767
)
|
564,581
|
243,429
|
(638,367
)
|
|
|
|
|
|
|
Income
tax expense
|
(423,490
)
|
|
|
|
(423,490
)
|
|
|
|
|
|
|
Other
income (expense):
|
(23,837
)
|
(49,122
)
|
|
(7,517
)
|
(80,476
)
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
$
2,135,063
|
$
(4,077,889
)
|
$
564,581
|
$
235,912
|
$
(1,142,333
)
|
Segment Operations for the nine
|
|
|
|
|
|
months ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
7,695,372
|
$
12,248
|
$
365,388
|
$
1,780,119
|
$
9,853,127
|
|
|
|
|
|
|
Depreciation
and amortization
|
44,150
|
452,625
|
|
168,000
|
664,775
|
|
|
|
|
|
|
Income
(loss) from operations
|
3,732,820
|
(4,188,719
)
|
365,388
|
311,023
|
220,512
|
|
|
|
|
|
|
Other
income (expense):
|
(60,341
)
|
(10,081
)
|
-
|
(43,714
)
|
(114,136
)
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
$
3,672,479
|
$
(4,198,800
)
|
$
365,388
|
$
267,309
|
$
106,376
|
PART
I - FINANCIAL INFORMATION, CONTINUED: