2014 Q1 Form 10-Q Financial Statement

#000114420414030734 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1 2012
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.530M $430.0K $1.470M
YoY Change 488.37% -18.87% -85.56%
% of Gross Profit
Research & Development $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $2.535M $428.2K $1.510M
YoY Change 491.95% -19.52% -85.28%
Operating Profit -$2.535M -$428.2K -$1.510M
YoY Change 491.95% -19.52% -85.28%
Interest Expense $44.95K $109.8K $1.262M
YoY Change -59.05% -67.75% -69.47%
% of Operating Profit
Other Income/Expense, Net -$969.5K -$129.7K -$1.252M
YoY Change 647.23% -61.89% -71.95%
Pretax Income -$3.504M -$558.0K -$2.762M
YoY Change 528.06% -36.05% -81.24%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.504M -$558.0K -$2.762M
YoY Change 528.06% -36.05% -81.24%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04 -$0.06
Diluted Earnings Per Share -$1.86 -$0.50 -$0.06
COMMON SHARES
Basic Shares Outstanding 94.18M shares 45.20M shares
Diluted Shares Outstanding 45.20M shares

Balance Sheet

Concept 2014 Q1 2013 Q1 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $20.00K $0.00
YoY Change 400.0%
Cash & Equivalents $104.3K $15.97K
Short-Term Investments
Other Short-Term Assets $20.00K $10.00K $10.00K
YoY Change 100.0% -75.0% -75.0%
Inventory
Prepaid Expenses $24.17K
Receivables
Other Receivables
Total Short-Term Assets $128.5K $20.00K $10.00K
YoY Change 542.35% -47.91% -75.0%
LONG-TERM ASSETS
Property, Plant & Equipment $262.2K $35.16M $35.16M
YoY Change -99.25% 85813.26% -0.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $266.6K $35.16M $35.16M
YoY Change -99.24% -0.11% -0.11%
TOTAL ASSETS
Total Short-Term Assets $128.5K $20.00K $10.00K
Total Long-Term Assets $266.6K $35.16M $35.16M
Total Assets $35.55M $35.18M $35.17M
YoY Change 1.05% -0.17% -0.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $724.2K $970.0K $850.0K
YoY Change -25.34% 77.14% -15.0%
Accrued Expenses $575.9K $2.090M $2.230M
YoY Change -72.45% 63.33% 76.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $4.400M $4.280M
YoY Change -100.0% 97.31% -2.06%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.600M $7.460M $7.360M
YoY Change -78.55% 3.58% 11.01%
LONG-TERM LIABILITIES
Long-Term Debt $2.090M $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.090M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.600M $7.460M $7.360M
Total Long-Term Liabilities $2.090M $0.00 $0.00
Total Liabilities $3.690M $7.460M $7.360M
YoY Change -50.54% 3.61% 11.01%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $95.57K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.86M $27.73M $27.81M
YoY Change
Total Liabilities & Shareholders Equity $35.55M $35.18M $35.17M
YoY Change 1.05% -0.17% -0.2%

Cashflow Statement

Concept 2014 Q1 2013 Q1 2012
OPERATING ACTIVITIES
Net Income -$3.504M -$558.0K -$2.762M
YoY Change 528.06% -36.05% -81.24%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$569.3K -$143.7K -$359.1K
YoY Change 296.26% -8.81% -75.74%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$177.3K $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $0.00 $0.00
YoY Change
Cash From Financing Activities $707.7K $159.5K $358.6K
YoY Change 343.61% -0.29% -85.9%
NET CHANGE
Cash From Operating Activities -$569.3K -$143.7K -$359.1K
Cash From Investing Activities -$177.3K $0.00 $0.00
Cash From Financing Activities $707.7K $159.5K $358.6K
Net Change In Cash -$38.80K $15.88K -$526.00
YoY Change -344.36% 546.76% -212.88%
FREE CASH FLOW
Cash From Operating Activities -$569.3K -$143.7K -$359.1K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$569.3K -$143.7K -$359.1K
YoY Change 296.26% -8.81% -76.4%

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Standard Metals Processing, Inc.
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><u>NOTE 1 - OVERVIEW</u></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Standard Metals Processing, Inc. (formerly Standard Gold Holdings, Inc., Standard Gold, Inc. and Princeton Acquisitions, Inc.) (the &#8220;Company&#8221;) was incorporated in the State of Colorado on July 10, 1985 as a blind pool or blank check company. On September 29, 2009, we completed a share exchange agreement with Hunter Bates Mining Corporation, a Minnesota corporation (&#8220;Hunter Bates&#8221;) and certain of its shareholders, in which Hunter Bates&#8217; shareholders exchanged all of their capital securities into similar capital securities of ours (the &#8220;Hunter Bates Share Exchange&#8221;) and we adopted the business model of Hunter Bates of mineral exploration and mining. Accordingly, the Hunter Bates Share Exchange represented a change in control and Hunter Bates became a wholly owned subsidiary of the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Prior to September 29, 2009, Wits Basin Precious Minerals Inc., a Minnesota corporation and public reporting company quoted on the Pink Sheets under the symbol &#8220;WITM&#8221; (&#8220;Wits Basin&#8221;) was the majority shareholder of Hunter Bates. Hunter Bates was formed in April 2008 to acquire the prior producing gold mine properties (consisting of land, buildings, equipment, mining claims and permits) located in Central City, Colorado, known as the &#8220;Bates-Hunter Mine.&#8221; We had not engaged in any exploration or mining activities at the Bates-Hunter Mine properties and on April 29, 2011, we transferred all of our interests of Hunter Bates back to Wits Basin in order to develop the toll milling business as described below.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On March 15, 2011, we closed a series of transactions, whereby we acquired certain assets of Shea Mining &amp; Milling, LLC (&#8220;Shea Mining&#8221;). The exchange agreement was by and between us, Shea Mining, Afignis, LLC, Leslie Lucas Partners, LLC, Wits Basin and Alfred A. Rapetti (the &#8220;Shea Exchange Agreement&#8221;) whereby we acquired certain assets from Shea Mining, which assets include those located in Tonopah, Nevada, of land, buildings, a dormant milling facility, abandoned milling equipment, water permits and mine tailings (financed through a note payable assigned to us), mine dumps, a property lease and a contract agreement in exchange for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 35,000,000</font> shares of our unregistered shares. The Shea Exchange Agreement did not include any operable toll milling equipment, employees or operational processes and therefore has been accounted for as a purchase of a group of assets. We completed the Shea Exchange Agreement to acquire the Shea Mining assets and develop a toll milling services business of precious minerals. Toll milling is a process whereby mined material is crushed and ground into fine particles to ease the extraction of any precious minerals contained therein, such as gold, silver, lead, zinc and copper, and rare earth metals. See Note 4 &#150; Acquisition of Shea Milling and Mining Assets for a detailed discussion.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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