2024 Q1 Form 10-K Financial Statement

#000155837024003526 Filed on March 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $300.0K $12.00M
YoY Change -100.0% -93.46% -48.46%
Cost Of Revenue $0.00 $1.133M $12.36M
YoY Change -100.0% -73.04% -29.54%
Gross Profit $0.00 -$833.0K -$356.0K
YoY Change -100.0% -318.06% -106.19%
Gross Profit Margin -277.67% -2.97%
Selling, General & Admin $1.258M $1.529M $6.851M
YoY Change -17.24% 24.21% 30.74%
% of Gross Profit
Research & Development $467.0K $503.0K $3.401M
YoY Change -73.11% -84.73% -70.74%
% of Gross Profit
Depreciation & Amortization $23.00K $150.0K $530.0K
YoY Change -76.77% 17.19% 43.63%
% of Gross Profit
Operating Expenses $1.737M $502.0K $8.764M
YoY Change -49.0% -88.53% -44.86%
Operating Profit -$1.737M -$1.335M -$9.120M
YoY Change -46.31% -66.58% -10.11%
Interest Expense $15.00K $49.00K $32.00K
YoY Change 650.0% -47.31% -390.91%
% of Operating Profit
Other Income/Expense, Net -$10.00K -$97.00K
YoY Change -150.0% -129.57%
Pretax Income -$1.747M -$1.286M -$9.217M
YoY Change -45.66% -67.04% -6.12%
Income Tax $11.00K $11.00K
% Of Pretax Income
Net Earnings -$4.565M -$1.297M -$9.228M
YoY Change 39.77% -68.21% -6.84%
Net Earnings / Revenue -432.33% -76.89%
Basic Earnings Per Share -$0.32 -$1.08
Diluted Earnings Per Share -$0.32 -$0.11 -$1.08
COMMON SHARES
Basic Shares Outstanding 14.57M 14.08M 8.540M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.435M $3.777M $3.777M
YoY Change 20.96% -5.39% -5.39%
Cash & Equivalents $2.400M $3.800M $3.766M
Short-Term Investments $0.00 $11.00K $11.00K
Other Short-Term Assets $1.376M $972.0K $972.0K
YoY Change 38.15% -14.89% -14.89%
Inventory $830.0K $830.0K
Prepaid Expenses
Receivables $388.0K $51.00K
Other Receivables $1.132M
Total Short-Term Assets $5.300M $8.700M $8.714M
YoY Change -22.54% 9.16% 9.34%
LONG-TERM ASSETS
Property, Plant & Equipment $2.758M $5.821M $5.931M
YoY Change -56.1% -9.27% -12.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $265.0K $265.0K $265.0K
YoY Change 17.78% 17.78% 17.78%
Other Assets $86.00K $110.0K
YoY Change -62.93% -66.97%
Total Long-Term Assets $6.055M $6.210M $6.196M
YoY Change -10.16% -10.95% -11.16%
TOTAL ASSETS
Total Short-Term Assets $5.300M $8.700M $8.714M
Total Long-Term Assets $6.055M $6.210M $6.196M
Total Assets $11.36M $14.91M $14.91M
YoY Change -16.4% -0.23% -0.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.843M $3.586M $3.586M
YoY Change 15.54% 62.56% 62.56%
Accrued Expenses $2.253M $286.0K $286.0K
YoY Change 127.35% -78.2% -78.2%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $153.0K $269.0K $269.0K
YoY Change -38.31% -33.74% -33.74%
Total Short-Term Liabilities $6.500M $5.700M $5.673M
YoY Change 21.7% 31.06% 30.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $19.00K $28.00K $4.124M
YoY Change -81.0% -77.05% 0.68%
Total Long-Term Liabilities $19.00K $28.00K $4.124M
YoY Change -81.0% -77.05% 0.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.500M $5.700M $5.673M
Total Long-Term Liabilities $19.00K $28.00K $4.124M
Total Liabilities $10.73M $9.797M $9.797M
YoY Change 12.98% 15.75% 15.75%
SHAREHOLDERS EQUITY
Retained Earnings -$551.8M -$547.2M
YoY Change 1.95% 1.72%
Common Stock $552.4M $552.3M
YoY Change 1.3% 1.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $621.0K $5.113M $5.113M
YoY Change
Total Liabilities & Shareholders Equity $11.36M $14.91M $14.91M
YoY Change -16.4% -0.23% -0.23%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$4.565M -$1.297M -$9.228M
YoY Change 39.77% -68.21% -6.84%
Depreciation, Depletion And Amortization $23.00K $150.0K $530.0K
YoY Change -76.77% 17.19% 43.63%
Cash From Operating Activities -$1.442M -$3.355M -$9.912M
YoY Change -46.17% 3.04% 2.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $111.0K $1.732M $2.206M
YoY Change 825.0% -2306.0%
Cash From Investing Activities $111.0K $1.732M $2.206M
YoY Change 1485.71% -28966.67% -1551.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.500M
YoY Change 321.35%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 3.806M 7.500M
YoY Change -100.0% 421.37% 383.25%
NET CHANGE
Cash From Operating Activities -1.442M -3.355M -9.912M
Cash From Investing Activities 111.0K 1.732M 2.206M
Cash From Financing Activities 0.000 3.806M 7.500M
Net Change In Cash -1.331M 2.183M -206.0K
YoY Change -32.47% -186.22% -97.51%
FREE CASH FLOW
Cash From Operating Activities -$1.442M -$3.355M -$9.912M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$3.355M -$9.912M
YoY Change 2.85% 2.09%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:22.5pt;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:13.5pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">e.</i></span><i style="font-style:italic;"> Mining Properties, Exploration and Development Costs</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Company expenses general prospecting costs and the costs of acquiring and exploring unevaluated mining properties. When and if a mining property is determined to have proven and probable mineral reserves, subsequent development costs will be capitalized to mineral properties. For acquired mining properties with proven and probable mineral reserves, the Company will capitalize acquisition costs and subsequent development costs. When and if mining properties with proven and probable reserves are developed and operations commence, capitalized costs will be charged to operations using the units-of-production method over proven and probable reserves. Upon abandonment or sale of a mining property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized in the accompanying Consolidated Statements of Operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">As discussed in Note 1, the Company is considered an exploration stage company under the criteria set forth by the SEC since it has not yet demonstrated the existence of mineral reserves at any of the Company’s properties. As the Company does not have proven and probable mineral reserves, substantially all expenditures at the Company’s Rodeo Property and the Velardeña Properties for mine construction activity, as well as operating costs associated with the mill facilities, and for items that do not have a readily identifiable market value apart from the mineral resources, have been expensed as incurred. Such costs are charged to cost of metals sold or project expense during the period depending on the nature of the costs. Certain costs may be reflected in inventories prior to the sale of the product.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">On a quarterly basis the Company evaluates its exploration properties to determine if they meet the Company’s minimum requirements for continued evaluation. The rights to the properties that do not meet the minimum requirements are relinquished and the carrying values, if any, are written off and reflected in <i style="font-style:italic;">“Exploration expense”</i> on the accompanying Consolidated Statements of Operations.</p>
CY2023 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:22.5pt;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:13.5pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">f.</i></span><i style="font-style:italic;">Property, Plant and Equipment and Long-Lived Asset Impairment</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Buildings are depreciated using the straight–line method over the estimated useful lives of the buildings, typically 30 to 40 years, or the estimated life of the mine, whichever is shorter. Mining equipment and machinery, excluding the plant, are depreciated using the straight-line method over useful lives of <span style="-sec-ix-hidden:Hidden_kkQsne4zCkucPTXdSzKGCA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">three</span></span> to eight years or the lease period, whichever is shorter. Other furniture and equipment are depreciated using the straight-line method over estimated useful lives of <span style="-sec-ix-hidden:Hidden_LKX7v7qRhE-Hs-x6K_QpcQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">three</span></span> to five years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">As discussed above, the Company does not have any properties with proven or probable mineral reserves.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Property, plant and equipment are recorded at cost and per the guidance of ASC 360 the Company assesses the recoverability of its property, plant and equipment, whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If the sum of estimated future net cash flows on an undiscounted basis is less than the carrying amount of the related asset, impairment is considered to exist. The related impairment loss is measured by comparing estimated future net cash flows on a discounted basis or by comparing other market indicators to the carrying amount of the asset.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Company evaluated its remaining long-lived assets at December 31, 2023 and 2022, and determined that no impairment was incurred.</p>
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023 us-gaap Revenue Recognition Leases
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:22.5pt;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:13.5pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">k.</i></span><i style="font-style:italic;">Leases</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Effective January 1, 2019 the Company adopted ASU 2016-02 and ASU No. 2018-11, which requires lessees to recognize a right-of-use asset and a lease liability for all leases with terms greater than twelve months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement.</p>
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CY2023 us-gaap Debt Securities Trading Realized Gain Loss
DebtSecuritiesTradingRealizedGainLoss
-9000
CY2022 us-gaap Debt Securities Trading Realized Gain Loss
DebtSecuritiesTradingRealizedGainLoss
-47000
CY2023 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
2150000
CY2022 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
125000
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
405000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
744000
CY2023 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
250000
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-511000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-232000
CY2023 aumn Increase Decrease In Value Added Tax Receivable Net
IncreaseDecreaseInValueAddedTaxReceivableNet
1670000
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-37000
CY2023 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-223000
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-414000
CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1183000
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
198000
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1469000
CY2023 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-109000
CY2022 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-81000
CY2023 aumn Increase Decrease In Reclamation Liability
IncreaseDecreaseInReclamationLiability
-195000
CY2022 aumn Increase Decrease In Reclamation Liability
IncreaseDecreaseInReclamationLiability
41000
CY2023 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-94000
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-231000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-9912000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-9657000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
23000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
9000
CY2023 aumn Deferred Equity Offering Costs Amortized
DeferredEquityOfferingCostsAmortized
45000
CY2022 aumn Deferred Equity Offering Costs Amortized
DeferredEquityOfferingCostsAmortized
25000
CY2023Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
381000
CY2023Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
286000
CY2023Q4 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
276000
CY2023Q4 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
276000
CY2023Q4 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
276000
CY2023Q4 us-gaap Contractual Obligation
ContractualObligation
1495000
CY2023Q4 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
250000
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023 us-gaap Revenues
Revenues
12002000
CY2023 us-gaap Cost Of Revenue
CostOfRevenue
12358000
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
530000
CY2023 aumn Exploration Project And General And Administrative Expense
ExplorationProjectAndGeneralAndAdministrativeExpense
-9847000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9217000
CY2023Q4 us-gaap Assets
Assets
14910000
CY2022 us-gaap Revenues
Revenues
23285000
CY2022 us-gaap Cost Of Revenue
CostOfRevenue
17538000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
369000
CY2022 aumn Exploration Project And General And Administrative Expense
ExplorationProjectAndGeneralAndAdministrativeExpense
-16120000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9818000
CY2022Q4 us-gaap Assets
Assets
14944000
CY2022 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
52000

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