2016 Q3 Form 10-Q Financial Statement

#000114420416119595 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $60.00K $140.0K -$1.510M
YoY Change -93.33% -97.52% -198.69%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $60.00K $140.0K -$1.510M
YoY Change -96.48% -99.66% -198.69%
Operating Profit -$142.4K
YoY Change -99.65%
Interest Expense -$200.0K $76.07K -$150.0K
YoY Change -356.1% 18.04% 200.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$94.19K -$30.00K
YoY Change -100.0% -16.95%
Pretax Income -$260.0K -$236.6K $710.0K
YoY Change -87.17% -99.42% -144.94%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$260.0K -$236.6K $710.0K
YoY Change -87.17% -99.42% -144.94%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$0.12 -$0.11 $0.34
COMMON SHARES
Basic Shares Outstanding 118.0M shares 104.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash & Equivalents $2.125K $1.747K
Short-Term Investments
Other Short-Term Assets $50.00K $60.00K $100.0K
YoY Change -94.9% 200.0% 66.67%
Inventory
Prepaid Expenses $48.88K $30.04K
Receivables
Other Receivables
Total Short-Term Assets $60.00K $63.01K $100.3K
YoY Change -93.88% 287.75% 5.45%
LONG-TERM ASSETS
Property, Plant & Equipment $3.880M $1.775M $1.775M
YoY Change -6.95% -53.23% -49.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.880M $3.887M $3.884M
YoY Change -6.95% -34.16% -89.96%
TOTAL ASSETS
Total Short-Term Assets $60.00K $63.01K $100.3K
Total Long-Term Assets $3.880M $3.887M $3.884M
Total Assets $3.940M $3.950M $3.984M
YoY Change -23.5% -33.28% -89.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.190M $2.178M $2.053M
YoY Change -25.51% 18.72% -4.69%
Accrued Expenses $4.110M $870.1K $907.9K
YoY Change 193.57% 9.14% 27.82%
Deferred Revenue
YoY Change
Short-Term Debt $2.880M $2.880M $2.870M
YoY Change 2.49% -16.76%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.180M $9.151M $9.038M
YoY Change -2.44% 4.58% 64.82%
LONG-TERM LIABILITIES
Long-Term Debt $20.00K $30.00K $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $20.00K $30.00K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.180M $9.151M $9.038M
Total Long-Term Liabilities $20.00K $30.00K $0.00
Total Liabilities $9.200M $9.180M $9.040M
YoY Change -2.23% 4.91% 64.96%
SHAREHOLDERS EQUITY
Retained Earnings -$102.0M -$101.6M
YoY Change 1.71% 95.2%
Common Stock $108.1K $104.1K
YoY Change 4.02% 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.260M -$5.230M -$15.05M
YoY Change
Total Liabilities & Shareholders Equity $3.940M $3.947M $3.984M
YoY Change -23.5% -33.34% -89.73%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q4
OPERATING ACTIVITIES
Net Income -$260.0K -$236.6K $710.0K
YoY Change -87.17% -99.42% -144.94%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$80.00K -$40.00K -$80.00K
YoY Change -42.86% -81.82% -94.52%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 0.000 70.00K
YoY Change -46.67% -100.0% -90.28%
NET CHANGE
Cash From Operating Activities -80.00K -40.00K -80.00K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 80.00K 0.000 70.00K
Net Change In Cash 0.000 -40.00K -10.00K
YoY Change -100.0% -68719476736000110.0% -125.0%
FREE CASH FLOW
Cash From Operating Activities -$80.00K -$40.00K -$80.00K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$80.00K -$40.00K -$80.00K
YoY Change -42.86% -55.56% -88.24%

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dei Entity Registrant Name
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Standard Metals Processing, Inc.
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us-gaap Nature Of Operations
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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;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></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"><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. (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Standard Metals,&#8221; the &#8220;Company&#8221; or the &#8220;Corporation&#8221;) (a.k.a. Cambrian Minerals Group, Inc.) is an exploration stage company having offices in Gadsden, Alabama and through its subsidiary, a property in Tonopah, Nevada. Our business plan is to purchase equipment and build a facility on our Tonopah property to serve as a permitted custom processing toll milling facility (which includes an analytical lab, pyrometallugircal plant, and hydrometallurgical recovery plant).</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">The Company plans to perform permitted custom processing toll milling which 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 minerals in the gold, silver and platinum metal groups. Custom milling and refining can include many different processes that are designed specifically for each ore load and to maximize the extraction of precious metals from carbon or concentrates. These toll-processing services also distill, dry, mix, or mill chemicals and bulk materials on a contractual basis and provide a chemical production outsourcing option for industrial companies, which lack the expertise, capacity, or regulatory permits for in-house production.</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">We are required to obtain several permits before we can begin construction of a small scale mineral processing facility to conduct permitted processing toll milling activities and construction of the required additional buildings and well relocation necessary for us to commence operations.</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">Any reference herein to &#8220;Standard Metals,&#8221; &#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; or &#8220;us&#8221; is intended to mean Standard Metals Processing, Inc. a Nevada corporation, and all of our subsidiaries unless otherwise indicated.</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;&#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"><u>Going Concern</u></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">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, assuming we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the six months ended June 30, 2016, the Company incurred losses from operations of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">398,714</font>. At June 30, 2016, the Company had an accumulated deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">102,035,894</font> and a working capital deficit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9,088,172</font>. These conditions raise substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent on our ability to raise the required additional capital or debt financing to meet short and long-term operating requirements. During the six months ended June 30, 2016, the Company received net cash proceeds of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">160,000</font> from the convertible promissory notes payable. Management believes that private placements of equity capital and/or additional debt financing will be needed to fund our long-term operating requirements. The Company may also encounter business endeavors that require significant cash commitments or unanticipated problems or expenses that could result in a requirement for additional cash. If the Company raises additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our current shareholders could be reduced, and such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, the Company may not be able to take advantage of prospective business endeavors or opportunities, which could significantly and materially restrict our operations. We are continuing to pursue external financing alternatives to improve our working capital position. If the Company is unable to obtain the necessary capital, the Company may have to cease operations.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
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us-gaap Proceeds From Convertible Debt
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