Notes to Consolidated Financial Statements (Unaudited)
The
unaudited consolidated financial statements have been prepared by
the Company in accordance with accounting principles generally
accepted in the United States of America for interim financial
information, as well as the instructions to Form 10-Q. Accordingly,
they do not include all of the information and footnotes required
by accounting principles generally accepted in the United States of
America for complete financial statements. In the opinion of the
Company’s management, all adjustments (consisting of only
normal recurring accruals) considered necessary for a fair
presentation of the interim financial statements have been
included. Operating results for the three and six month periods
ended June 30, 2019 are not necessarily indicative of the results
that may be expected for the full year ending December 31,
2019.
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, 2018.
Going Concern Consideration
At June
30, 2019, the
Company’s consolidated
financial statements show negative working capital of approximately
$2.7 million and accumulated deficit of approximately $26.9
million. In addition, the Company has a net loss of
$1,193,499 for the six month period ended June 30, 2019, and the
Company has had recurring operating losses for most of the prior
periods. These factors indicate that there may be doubt
regarding the ability to continue as a going concern for the next
twelve months.
The
continuing losses are principally a result of the falling prices of
antimony and the Company’s antimony operations and production
costs incurred in Mexico.
Regarding the
antimony division, prices decreased approximately 13% in the first
six months of 2019 compared to the same period in the prior
year. For the six months ended June 30, 2019, the average
sale price for antimony was approximately $3.73 per pound compared
to a price of $4.28 per pound for the six months ended June 30,
2018. During 2018, we endured supply interruptions from our North
American supplier, but shipments have resumed, although at a lower
level than years prior to 2018. A new supply agreement negotiated
with our North American supplier in 2017 has helped us with cash
flow from our antimony division in 2018, but falling prices for
antimony have caused us to see a need for a better supply agreement
in 2019.
In
2017, we reduced costs for labor at the Mexico locations which has
resulted in a lower overall production costs in Mexico and we
adjusted operating approaches at Madero that resulted in decreased
operating costs for fuel, natural gas, electricity, and reagents
for 2018 and 2019. In June of 2019, we again reached agreement with
our miners in Mexico to reduce labor costs, and we completed
installation of one of the large rotating furnaces (LRFs) we
obtained from the Lanxess transaction, which has resulted in lower
operating costs. The Company’s 2019 plan involves ramping up
production at our antimony properties in Mexico, and installing
additional LRFs obtained from Lanxess. Our expectations are that in
the second half of 2019 we can substantially increase the antimony
output from our Mexican properties from the 2018 production. We are
producing and selling antimony metal directly from Mexico to
customers which will save us approximately $0.38 per pound in
processing costs and freight. In addition, a new leach circuit
expected to come on line during 2019 in Mexico will result in more
extraction of precious metals. The portion of the precious metals
recovery system at the Madero smelter is complete and the cyanide
leach circuit being built at the Puerto Blanco plant is expected to
be completed and tested in the third quarter of 2019. We expect to
be receiving income from the production of precious metals some
time during the fourth quarter of 2019. We believe that with the
lower cost per pound due to increased production and the savings
from shipping metal directly from
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
1.
Basis
of Presentation, Continued:
Going Concern Consideration, continued
Mexico,
we will have positive cash flow for Mexican antimony production by
the end of the year and that we will be selling precious metals
produced from Los Juarez before the end of 2019. Our orders for
antimony were slow during the latter part of the second quarter of
2019, which we believe was caused by the uncertainties of trade
with China.
Over the past several years, the Company has been
able to make required principal payments on its debt from cash
generated from operations without the need for additional
borrowings or selling shares of its common stock. The Company plans
to continue keeping current on its debt payments in 2019 through
cash flows from operations while we continue with the expansion of
our Mexican operation. As of August 14, 2019, we have received
payment and are in the process of completing a common stock private
placement for $444,160 to complete the precious metals circuit at
our Puerto Blanco milling facility, and to make cost saving repairs
at our Montana smelter. Management believes that the actions taken
to increase our capital, and to increase production and revenue
from both antimony and precious metals, along with a reduction in
production costs, will enable the Company to meet its obligations
for the next twelve months
.
2.
Developments
in Accounting Pronouncements
Accounting Standards Updates Adopted
In
February 2016, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update
(“ASU”) No. 2016-02 Leases (Topic 842). The
update modified the classification criteria and requires lessees to
recognize the assets and liabilities on the balance sheet for most
leases. The update was effective for fiscal years beginning
after December 15, 2018, with early adoption permitted.
Adoption of this update as of January 1, 2019 did not have a
material impact on the Company’s consolidated financial
statements.
In June
2018, the FASB issued ASU No. 2018-07 Compensation - Stock
Compensation (Topic 718): Improvements to Nonemployee
Share-Based Payment Accounting. The update involves
simplification of several aspects of accounting for nonemployee
share-based payment transactions by expanding the scope of Topic
718 to include nonemployee awards. The update was effective
for fiscal years beginning after December 15, 2018, and interim
periods within those fiscal years, with early adoption
permitted. Adoption of this update as of January 1, 2019 did
not have a material impact on the Company’s consolidated
financial statements.
Accounting Standards Updates to Become Effective in Future
Periods
In
August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement
(Topic 820): Disclosure Framework - Changes to the Disclosure
Requirements for Fair Value Measurement. The update removes,
modifies and makes additions to the disclosure requirements on fair
value measurements. The update is effective for fiscal years
beginning after December 15, 2019, with early adoption
permitted. Management is evaluating the impact of this update
on the Company’s fair value measurement
disclosures.
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
3.
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.
For the
three and six months ended June 30, 2019 and 2018, 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
|
250,000
|
Convertible
preferred stock
|
1,751,005
|
1,751,005
|
Total possible
dilution
|
2,001,005
|
2,001,005
|
Our
products consist of the following:
●
Antimony: includes
antimony oxide, sodium antimonate,
antimony trisulfide, and antimony metal
●
Zeolite:
includes coarse and fine zeolite crushed in various
sizes
●
Precious Metals: includes unrefined and
refined gold and silver
For our
antimony and zeolite products, revenue is recognized upon the
completion of the performance obligation which is met when the
transaction price can be reasonably estimated and revenue is
recognized generally at the time when risk is transferred. We have
determined the performance obligation is met and title is
transferred either upon shipment from our warehouse locations or
upon receipt by the customer as specified in individual sales
orders. The performance obligation is met because at that time, 1)
legal title is transferred to the customer, 2) the customer has
accepted the product and obtained the ability to realize all of the
benefits from the product, 3) the customer has the significant
risks and rewards of ownership to it, 4) it is very unlikely
product will be rejected by the customer upon physical receipt, and
5) we have the right to payment for the product. Shipping costs
related to the sales of antimony and zeolite products are recorded
to cost of sales as incurred. For zeolite products, royalty expense
due a third party by the Company is also recorded to cost of sales
upon sale in accordance with terms of underlying royalty
agreements.
For
sales of precious metals, the performance obligation is met, the
transaction price is known, and revenue is recognized at the time
of transfer of control of the agreed-upon metal quantities to the
customer. Refining and shipping costs related to sales of precious
metals are recorded to cost of sales as incurred.
Sales
of products for the three and six month periods ended June 30, 2019
and 2018 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Antimony
|
$
1,507,588
|
$
1,492,520
|
$
3,213,411
|
$
3,174,333
|
Zeolite
|
704,172
|
682,534
|
1,430,187
|
1,373,240
|
Precious
metals
|
60,523
|
81,293
|
85,050
|
141,703
|
|
$
2,272,283
|
$
2,256,347
|
$
4,728,648
|
$
4,689,276
|
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
4.
Revenue
Recognition, Continued:
The
following is sales information by geographic area based on the
location of customers for the three and six-month periods ended
June 30, 2019 and 2018
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
1,819,707
|
$
1,878,244
|
$
3,928,276
|
$
4,125,935
|
Canada
|
139,523
|
378,103
|
326,780
|
563,341
|
Mexico
|
313,053
|
-
|
473,592
|
-
|
|
$
2,272,283
|
$
2,256,347
|
$
4,728,648
|
$
4,689,276
|
Sales
of products to significant customers were as follows for the three
and six month periods ended June 30, 2019 and 2018:
|
For the
Three Months Ended
|
|
|
|
|
|
|
Mexichem Speciality
Compounds
|
$
375,514
|
$
669,103
|
$
1,059,525
|
$
1,397,681
|
Nyacol
Nanotechnologies
|
267,638
|
-
|
404,324
|
-
|
Kohler
Corporation
|
454,943
|
334,778
|
913,037
|
651,550
|
Ampacet
Corporation
|
-
|
-
|
-
|
330,260
|
ZEO,
Inc.
|
-
|
185,730
|
-
|
-
|
|
$
1,098,095
|
$
1,189,611
|
$
2,376,886
|
$
2,379,491
|
%
of Total Revenues
|
48.33
%
|
52.70
%
|
50.27
%
|
50.70
%
|
Accounts receivable
from largest customers were as follows for June 30, 2019 and
December 31, 2018:
Accounts
Receivable
|
|
|
DanaMart
|
$
-
|
$
143,890
|
Axens North America
Inc.
|
25,121
|
34,912
|
Earth Innovations
Inc.
|
-
|
35,967
|
Kohler
|
123,106
|
-
|
Nutreco Canada
Inc.
|
27,963
|
-
|
|
$
176,190
|
$
214,769
|
%
of Total Receivables
|
42.25
%
|
49.00
%
|
Our
trade accounts receivable balance related to contracts with
customers was $417,005 at June 30, 2019 and $438,391 at
December 31, 2018. Our products do not involve any warranty
agreements and product returns are not typical.
We have
determined our contracts do not include a significant financing
component. For antimony and zeolite sales contracts, we may factor
certain receivables and receive final payment within 30 days of the
performance obligation being met. For antimony and zeolite
receivables not factored, we typically receive payment within 10
days. For precious metals sales, a provisional payment of 75% is
typically received within 45 days of the date the product is
delivered to the customer. After an exchange of assays, a final
payment is normally received within 90 days of product
delivery.
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Inventories at June
30, 2019 and December 31, 2018 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 June 30, 2019 and December
31, 2018 is as follows:
|
|
|
|
|
|
Antimony
Metal
|
$
-
|
$
8,127
|
Antimony
Oxide
|
252,128
|
255,782
|
Antimony
Concentrates
|
-
|
2,214
|
Antimony
Ore
|
201,543
|
257,067
|
Total
antimony
|
453,671
|
523,190
|
Zeolite
|
270,017
|
232,071
|
|
$
723,688
|
$
755,261
|
6.
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 (if any) is based
on management’s regular evaluation of individual
customer’s receivables and consideration of a
customer’s financial condition and credit
history. Trade receivables are written off when deemed
uncollectible. Recoveries of trade receivables
previously written off are recorded when
received. Interest is not charged on past due
accounts.
We
present the receivables, net of allowances, as current assets and
we present the amount potentially due to the Factor as a secured
financing in current liabilities.
Accounts
Receivble
|
|
|
Accounts receivable
- non factored
|
$
403,201
|
$
421,867
|
Accounts receivable
- factored with recourse
|
13,804
|
16,524
|
Accounts
receivable - net
|
$
417,005
|
$
438,391
|
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited),
Continued:
7.
Commitments
and Contingencies
In June
of 2013, the Company entered into a lease to mine antimony ore from
concessions located in the Wadley Mining district in Mexico. The
lease calls for a term of one year and, as of June 30, 2019,
requires payments of $10,000 plus a tax of $1,700, per month. The
lease is renewable each year with a 15 day notice to the lessor,
and agreement of terms. The next lease is scheduled for renewal in
June 2020.
At June
30, 2019 and December 31, 2018, the Company had the following notes
payable to bank:
|
|
|
|
|
|
Promissory note
payable to First Security Bank of Missoula,
|
|
|
bearing interest at
3.150%, payable on demand, collateralized
|
|
|
by a lien on
Certificate of Deposit
|
$
99,999
|
$
83,918
|
|
|
|
Promissory note
payable to First Security Bank of Missoula,
|
|
|
bearing interest at
3.150%, payable on demand, collateralized
|
|
|
by a lien on
Certificate of Deposit
|
99,999
|
99,999
|
Total notes payable
to the bank
|
$
199,998
|
$
183,917
|
These
notes are personally guaranteed by John C. Lawrence the
Company’s Chief Executive Officer and Chairman of the Board
of Directors. The maximum amount available for borrowing under each
note is $99,999.
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited),
Continued:
Long-Term debt at
Jume 30, 2019 and December 31, 2018 is as follows:
|
|
|
|
|
|
Note payable to Zeo
Inc., non interest bearing,
|
|
|
payable in 11
quarterly installments of $8,300 with a final payment of $8,700;
(1)
|
|
|
maturing December
2022; uncollateralized.
|
$
100,000
|
$
100,000
|
Note payable to Cat
Financial Services, bearing interest at 6%;
|
|
|
payable in monthly
installments of $1,300; maturing
|
|
|
August 2019;
collateralized by equipment.
|
5,321
|
14,022
|
Note payable to Cat
Financial Services, bearing interest at 6%;
|
|
|
payable in monthly
installments of $778; maturing
|
|
|
December 2022;
collateralized by equipment.
|
30,071
|
34,390
|
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.
|
2,005
|
5,851
|
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.
|
4,569
|
8,371
|
Note payable to
Phyllis Rice, bearing interest
|
|
|
at 1%; payable in
monthly installments of $2,000; originally maturing
|
|
|
March 2015;
collateralized by equipment.
|
6,146
|
12,146
|
Obligation payable
for Soyatal Mine, non-interest bearing,
|
|
|
annual
payments of $100,000 or $200,000 through 2020, net of
discount
|
|
|
of $19,156
and $23,321, respectively.
(2)
|
618,078
|
639,747
|
Obligation payable
for Guadalupe Mine, non-interest bearing,
|
|
|
annual
payments from $60,000 to $149,078 through 2026, net of
discount
|
|
|
of $238,572 and
$252,444, respectively.
(3)
|
913,908
|
918,663
|
|
1,680,098
|
1,733,190
|
Less current
portion
|
(761,663
)
|
(705,460
)
|
Long-term
portion
|
$
918,435
|
$
1,027,730
|
(1)
Payments starting
the fourth quarter of 2019.
(2)
At
June 30, 2019, the Company has not made $432,069 of principal
payments due in previous periods on this note. At June 30,
2019, all but $47,619 of the balance is classified as a current
liability. The creditor has agreed to accept payments of
$2,500 USD per month through June 30, 2020, at which time the
parties may agree to an extension of that payment schedule, or
modify the payment schedule. The note holder accepted, and
was paid, $7,500 USD as payment for the months of April, May, and
June of 2019.
(3)
At June
30, 2019, the Company is delinquent in $59,308 of principal
payments on this note. At June 30, 2019, the delinquent balance is
classified as a current liability. The Company is currently
working with the lenders to modify the payment terms to cure the
delinquent status. The Company has not received notice from the
lenders indicating default on the loan.
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited),
Continued:
At June
30, 2019, principal payments on debt are due as
follows:
12
Months Ending June 30,
|
|
|
|
2020
|
$
824,100
|
$
(62,437
)
|
$
761,663
|
2021
|
240,956
|
(48,238
)
|
192,718
|
2022
|
191,009
|
(39,188
)
|
151,821
|
2023
|
179,735
|
(32,594
)
|
147,141
|
2024
|
149,077
|
(25,605
)
|
123,472
|
Thereafter
|
333,912
|
(30,629
)
|
303,283
|
|
$
1,918,789
|
$
(238,691
)
|
$
1,680,098
|
10.
Related
Party Transactions
During
the three and six months ended June 30, 2018, the Chairman of the
audit committee and compensation committee received $4,500, and
$9,000, respectively, for services performed. No compensation was
received during the three and six month periods ended June 30,
2019. See Note 12 for shares of common stock issued to
directors.
For the
three and six months ended June 30, 2019, the Company paid $3,480
and $2,461, respectively, compared to $5,064, and $4,555 for the
three and six months ended June 30, 2018, to John Lawrence, our
President and Chief Executive Officer, as reimbursement for
equipment used by the Company. Mr. Lawrence advanced the Company
$227,200 for ongoing operating expenses during the six months ended
June 30, 2019. In addition to the loan that was owed to Mr.
Lawrence at June 30, 2019, the Company also owed Mr. Lawrence for
payroll and other liabilities equal to $129,702 for a total owed to
Mr. Lawrence at June 30, 2019 of $356,902.
During the three and six months ended June 30,
2019, and the year ended December 31, 2018, the Company determined
that a valuation allowance equal to 100% of any deferred tax asset
was appropriate, as management of the Company cannot determine that
it is more likely than not the Company will realize the benefit of
its net deferred tax asset. The net effect is that the deferred tax
asset is fully reserved for at June 30, 2019 and December 31,
2018.
Management estimates the effective tax rate at 0% for
the current year.
Issuance of Common Stock for Payable to Board of
Directors
During
the six month period ended June 30, 2019, the Board of Directors
was issued a total of 330,183 shares of common stock for $175,000
in directors’ fees that were payable at December 31, 2018. In
addition, during the three and six months ended June 30, 2019, the
Company accrued $31,250 and $62,500, respectively, in
directors’ fees payable that will be paid in common
stock.
In
January 2019, the Company issued Daniel Parks, the Company’s
Chief Financial Officer, 200,000 shares of the Company’s
common stock with a fair value of $136,000 to retain his services.
As part of the agreement, Mr. Parks’ hours worked and
financial compensation were reduced.
On May
3, 2018, the Board of Directors was issued a total of 739,018
shares of common stock for $175,000 in directors’ fees that
were payable at December 31, 2017. In addition during the quarter
and six months ended June 30, 2018, the Company accrued $43,750 and
$87,500, respectively, in directors’ fees payable that will
be paid in common stock.
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited),
Continued:
On
August 31, 2018, the Company closed a Member Interest and Capital
Share Agreement
(the
“Agreement”) with Great Lakes Chemical Corporation and
Lanxess Holding Company US Inc., as the sellers, and the Company as
the buyer. Under the Agreement, the Company acquired a subsidiary
of the sellers which includes an antimony plant, equipment and land
located in Reynosa, Mexico. The Company disassembed,
salvaged and transported the antimony plant and equipment for use
in its existing operations in both Mexico and the United States.
The project involved moving heavy equipment and was completed in
the second quarter of 2019. In addition, the Company was paid
$1,500,000 by the sellers, which was recognized as operating income
in the quarter ended September 30, 2018, to assist in the salvage
and transport costs of the useable equipment. The transaction was
accounted for as an asset acquisition as there was no business
associated with the acquired assets. The real property acquired
with the plant was sold for $700,000 in November 2018, for which
the Company received $300,000 in 2018 and the remaining balance of
$400,000 in the three month period ended March 31,
2019.
The
Company is currently organized and managed by four segments, which
represent our operating units: United States antimony operations,
Mexican antimony operations, precious metals recovery and United
States zeolite operations.
The
Madero smelter and Puerto Blanco mill at the Company’s Mexico
operation produces crude oxide and crude metal that is shipped to
Montana for finishing at the Thompson Falls, Montana, plant, or
finished antimony metal that is sold directly to customers in the
United States. 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.
Segment
disclosure regarding sales to major customers is located in Note
4.
Properties,
plants
|
|
|
and
equipment, net:
|
|
|
Antimony
|
|
|
United
States
|
$
1,616,273
|
$
1,635,315
|
Mexico
|
11,779,305
|
11,660,769
|
Subtotal
Antimony
|
13,395,577
|
13,296,084
|
Precious
metals
|
594,850
|
615,719
|
Zeolite
|
1,263,777
|
1,315,369
|
Total
|
$
15,254,204
|
$
15,227,172
|
Total
Assets:
|
|
|
Antimony
|
|
|
United
States
|
$
2,171,811
|
$
2,199,694
|
Mexico
|
12,453,537
|
12,824,292
|
Subtotal
Antimony
|
14,625,348
|
15,023,986
|
Precious
metals
|
594,850
|
615,719
|
Zeolite
|
1,899,029
|
1,917,418
|
Total
|
$
17,119,227
|
$
17,557,123
|
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited),
Continued:
14.
Business
Segments, Continued:
|
For the Three
Months Ended
|
|
|
|
|
|
|
Capital
expenditures:
|
|
|
|
|
Antimony
|
|
|
|
|
United
States
|
$
1,368
|
$
-
|
$
2,713
|
$
-
|
Mexico
|
141,797
|
70,892
|
416,703
|
110,977
|
Subtotal
Antimony
|
143,165
|
70,892
|
419,416
|
110,977
|
Precious
Metals
|
6,398
|
-
|
13,152
|
40,988
|
Zeolite
|
11,447
|
8,691
|
41,010
|
22,423
|
Total
|
$
161,010
|
$
79,583
|
$
473,578
|
$
174,388
|
Segment
Operations for the three
|
|
|
|
|
|
|
months ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
1,194,535
|
$
313,053
|
$
1,507,588
|
$
60,523
|
$
704,172
|
$
2,272,283
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
10,878
|
$
149,083
|
$
159,961
|
$
17,011
|
$
46,301
|
$
223,273
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
(56,245
)
|
(629,422
)
|
(685,667
)
|
43,513
|
181,736
|
(460,418
)
|
|
|
|
|
|
|
|
Other income
(expense):
|
(4,420
)
|
(18,051
)
|
(22,471
)
|
-
|
(3,150
)
|
(25,621
)
|
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
$
(60,665
)
|
$
(647,473
)
|
$
(708,138
)
|
$
43,513
|
$
178,586
|
$
(486,039
)
|
Segment
Operations for the three
|
|
|
|
|
|
|
months ended
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
1,492,520
|
$
-
|
$
1,492,520
|
$
81,293
|
$
682,534
|
$
2,256,347
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
13,170
|
$
97,844
|
$
111,014
|
$
17,011
|
$
47,072
|
$
175,097
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
391,895
|
(808,575
)
|
(416,680
)
|
114,801
|
141,826
|
(160,053
)
|
|
|
|
|
|
|
|
Other income
(expense):
|
(1,938
)
|
41,630
|
39,692
|
-
|
(2,424
)
|
37,268
|
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
$
389,957
|
$
(766,945
)
|
$
(376,988
)
|
$
114,801
|
$
139,402
|
$
(122,785
)
|
United States Antimony Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited),
Continued:
14.
Business
Segments, Continued:
Segment
Operations for the six
|
|
|
|
|
|
|
months
ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
2,739,819
|
$
473,592
|
$
3,213,411
|
$
85,050
|
$
1,430,187
|
$
4,728,648
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
21,755
|
$
298,168
|
$
319,923
|
$
34,021
|
$
92,602
|
$
446,546
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
(108,341
)
|
(1,432,098
)
|
(1,540,439
)
|
51,029
|
345,225
|
(1,144,185
)
|
|
|
|
|
|
|
|
Other income
(expense):
|
(5,787
)
|
(36,338
)
|
(42,125
)
|
-
|
(7,189
)
|
(49,314
)
|
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
$
(114,128
)
|
$
(1,468,436
)
|
$
(1,582,564
)
|
$
51,029
|
$
338,036
|
$
(1,193,499
)
|
Segment
Operations for the six
|
|
|
|
|
|
|
months
ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
$
3,174,333
|
$
-
|
$
3,174,333
|
$
141,703
|
$
1,373,240
|
$
4,689,276
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
26,380
|
$
297,366
|
$
323,746
|
$
34,021
|
$
94,892
|
$
452,659
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
589,934
|
(1,551,357
)
|
(961,423
)
|
107,682
|
293,919
|
(559,822
)
|
|
|
|
|
|
|
|
Other income
(expense):
|
(2,716
)
|
(29,488
)
|
(32,204
)
|
-
|
(5,199
)
|
(37,403
)
|
|
|
|
|
|
|
|
NET
INCOME (LOSS)
|
$
587,218
|
$
(1,580,845
)
|
$
(993,627
)
|
$
107,682
|
$
288,720
|
$
(597,225
)
|
15.
Subsequent Events
On
August 14, 2019, we have received payment and are in the process of
completing the issuance of approximately 925,333 shares of our
common stock for $444,160. Each share includes one-half warrant to
purchase one share of stock at $0.65 per share for three years from
the date of issuance.