$IMII
INCEPTION MINING INC.

2024 Q3 Form 10-Q Financial Statement

#000109690624002155 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $109.9K
YoY Change -77.1%
Operating Profit -$109.9K
YoY Change -77.1%
Interest Expense $17.51K
YoY Change -94.51%
% of Operating Profit
Other Income/Expense, Net -$170.0K
YoY Change 214.73%
Pretax Income -$279.9K
YoY Change -47.58%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$279.9K
YoY Change -47.58%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 2.652B shares
Diluted Shares Outstanding 2.652B shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $0.00
YoY Change -100.0%
LONG-TERM ASSETS
Property, Plant & Equipment $2.713K
YoY Change -21.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $531.00
YoY Change 0.0%
Total Long-Term Assets $3.244K
YoY Change -99.65%
TOTAL ASSETS
Total Short-Term Assets $0.00
Total Long-Term Assets $3.244K
Total Assets $3.244K
YoY Change -99.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $442.9K
YoY Change 8.73%
Accrued Expenses $1.012M
YoY Change 372.7%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.439M
YoY Change 117.86%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.439M
Total Long-Term Liabilities
Total Liabilities $3.439M
YoY Change 37.17%
SHAREHOLDERS EQUITY
Retained Earnings -$29.95M
YoY Change 12.28%
Common Stock $26.60K
YoY Change 0.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.436M
YoY Change
Total Liabilities & Shareholders Equity $3.244K
YoY Change -99.86%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$279.9K
YoY Change -47.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CommonStockSharesAuthorized
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2012Q4 us-gaap Stockholders Equity Reverse Stock Split
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us-gaap Business Acquisition Equity Interest Issued Or Issuable Description
BusinessAcquisitionEquityInterestIssuedOrIssuableDescription
Inception Resources, LLC, a Utah corporation (“Inception Resources”), pursuant to which Inception purchased the U.P. and Burlington Gold Mine in consideration of 16,000,000 shares of common stock of Inception, the assumption of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty
CY2016Q1 us-gaap Stockholders Equity Reverse Stock Split
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us-gaap Stockholders Equity Reverse Stock Split
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us-gaap Net Income Loss
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CY2024Q3 us-gaap Cash Fdic Insured Amount
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CY2024Q3 us-gaap Fair Value Net Asset Liability
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CY2023Q4 us-gaap Derivative Liabilities
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CY2023Q4 us-gaap Fair Value Net Asset Liability
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CY2023Q4 us-gaap Operating Lease Liability
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Payments For Rent
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us-gaap Payments For Rent
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2024Q3 us-gaap Accrued Employee Benefits Current
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CY2023Q4 us-gaap Accrued Employee Benefits Current
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NotesPayable
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CY2024Q3 us-gaap Long Term Notes Payable
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us-gaap Litigation Settlement Expense
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us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Use of Estimates –</strong> In preparing financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenditures during the reported periods. Actual results could differ materially from those estimates. Estimates may include those pertaining to valuation of inventories and mineralized material on leach pads, the estimated useful lives and valuation of properties, plant and equipment, mineral rights and properties, deferred tax assets, convertible preferred stock, derivative assets and liabilities, reclamation liabilities, stock-based compensation and payments, and contingent liabilities.</p>
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CY2023Q4 imii Notes Receivables Net Of Reserves
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q3 imii Basic Weighted Average Number Of Shares Outstanding During Period
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CY2023Q3 imii Basic Weighted Average Number Of Shares Outstanding During Period
BasicWeightedAverageNumberOfSharesOutstandingDuringPeriod
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CY2024Q3 imii Diluted Weighted Average Number Of Shares Outstanding During Period
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CY2023Q3 imii Diluted Weighted Average Number Of Shares Outstanding During Period
DilutedWeightedAverageNumberOfSharesOutstandingDuringPeriod
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CY2024Q3 imii Diluted Net Income Loss Per Share
DilutedNetIncomeLossPerShare
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CY2023Q3 imii Diluted Net Income Loss Per Share
DilutedNetIncomeLossPerShare
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imii Basic Weighted Average Number Of Shares Outstanding During Period
BasicWeightedAverageNumberOfSharesOutstandingDuringPeriod
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imii Diluted Net Income Loss Per Share
DilutedNetIncomeLossPerShare
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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TotalAccruedLiabilities
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CY2023Q4 imii Total Accrued Liabilities
TotalAccruedLiabilities
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CY2024Q3 imii Less Shortterm Notes Payable
LessShorttermNotesPayable
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CY2023Q4 imii Less Shortterm Notes Payable
LessShorttermNotesPayable
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CY2023Q3 imii Consulting Fees
ConsultingFees
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dei Entity Central Index Key
EntityCentralIndexKey
0001416090
dei Amendment Flag
AmendmentFlag
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
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dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
000-55219
dei Entity Registrant Name
EntityRegistrantName
Inception Mining Inc.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
35-2302128
dei Entity Address Address Line1
EntityAddressAddressLine1
5330 South 900 East
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 280
dei Entity Address City Or Town
EntityAddressCityOrTown
Murray
dei Entity Address State Or Province
EntityAddressStateOrProvince
UT
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
84117
dei City Area Code
CityAreaCode
801
dei Local Phone Number
LocalPhoneNumber
312-8113
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Filer Category
EntityFilerCategory
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dei Entity Small Business
EntitySmallBusiness
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dei Entity Shell Company
EntityShellCompany
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imii Gain On Sale Of Mine Property In Discontinued Operations
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>1. Nature of Business</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Inception Mining, Inc. (formerly known as Gold American Mining Corp.) was incorporated under the name of Golf Alliance Corporation and under the laws of the State of Nevada on July 2, 2007. Inception Mining, Inc. is a precious metal mineral acquisition, exploration and development company. Inception Development, Inc., its wholly owned subsidiary, was incorporated under the laws of the State of Idaho on January 28, 2013.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Golf Alliance Corporation pursued its original business plan to provide opportunities for golfers to play on private golf courses normally closed to them due to the membership requirements of the private clubs. During the year ended July 31, 2010, the Company decided to redirect its business focus toward precious metal mineral acquisition and exploration.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On March 5, 2010, the Company amended its articles of incorporation to (1) change its name to Silver America, Inc. and (2) increase its authorized common stock from 100,000,000 to 500,000,000. In 2020, the Company increased its authorized common stock from 500,000,000 to 800,000,000. In 2022, the Company increased its authorized common stock from 800,000,000 to 10,300,000,000.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On June 23, 2010, the Company amended its articles of incorporation to change its name to Gold American Mining Corp.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On November 21, 2012, the Company implemented a 200 to 1 reverse stock split. Upon effectiveness of the stock split, each shareholder canceled 200 shares of common stock for every share of common stock owned as of November 21, 2012. This reverse stock split was effective on February 13, 2013. All share and per share references have been retroactively adjusted to reflect this 200 to 1 reverse stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On February 25, 2013, Gold American Mining Corp. and its majority shareholder (the “Majority Shareholder”), and its wholly owned subsidiary, Inception Development Inc. (the “Subsidiary”), entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Inception Resources, LLC, a Utah corporation (“Inception Resources”), pursuant to which Inception purchased the U.P. and Burlington Gold Mine in consideration of 16,000,000 shares of common stock of Inception, the assumption of promissory notes in the amount of $950,000 and the assignment of a 3% net royalty. Inception Resources was an entity owned by and under the control of the majority shareholder. This transaction was deemed an asset purchase by entities under common control. The Asset Purchase Agreement closed on February 25, 2013 (the “Closing”). Inception was a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended) immediately prior to our acquisition of the gold mine pursuant to the terms of the Asset Purchase Agreement. As a result of such acquisition, the Company’s operations were then focused on the ownership and operation of the mine acquired from Inception Resources and the Company then ceased to be a shell company as it no longer has nominal operations. On February 21, 2020, the Company sold the Up &amp; Burlington property and mineral rights to Ounces High Exploration, Inc. in exchange for $250,000 in cash consideration and 66,974,252 shares of common stock of Hawkstone Mining Limited, a publicly-trade Australian company.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On May 17, 2013, the Company amended its articles of incorporation to change its name to Inception Mining, Inc. (“Inception” or the “Company”).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On October 2, 2015, the Company consummated a merger with Clavo Rico Ltd. (“Clavo Rico”). Clavo Rico is a privately held Turks and Caicos company with principal operations in Honduras, Central America. Clavo Rico operates the Clavo Rico mining concession through its subsidiaries Compañía Minera Cerros del Sur, S.A de C.V. and Compañía Minera Clavo Rico, S.A. de C.V. and holds other mining concessions. Pursuant to the agreement, the Company issued 240,225,901 shares of common stock of Inception and assumed promissory notes in the amount of $5,488,980 and accrued interest of $3,434,426. Under this merger agreement, there was a change in control, and it was treated for accounting purposes as a reverse recapitalization with Clavo Rico, Ltd. being the surviving entity. Its workings include several historical underground operations dating back to the early Mayan and Spanish occupation.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On January 11, 2016, the Company implemented a 5.5 to 1 reverse stock split. This reverse stock split was effective on May 26, 2016. All share and per share references have been retroactively adjusted to reflect this 5.5 to 1 reverse stock split in the financial statements and in the notes to financial statements for all periods presented, to reflect the stock split as if it occurred on the first day of the first period presented. Immediately before the Reverse Split, the Company had 266,669,980 shares of common stock outstanding. Immediately after the Reverse Split, the Company had 48,485,451 shares of common stock outstanding, pending fractional-share rounding-up calculations to adjust for the Reverse Split.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On January 12, 2023, Inception Mining, Inc. (the “<span style="text-decoration:underline">Company</span>”) entered into a non-binding Letter of Intent (the “LOI”) with Mother Lode Mining, Inc. (“MLM”). The LOI became binding on January 24, 2023. Pursuant to the terms of the LOI, the Company agreed to sell all of the shares of its wholly-owned subsidiary, Compañía Minera Cerros Del Sur, S.A. de C.V. (“CMCS”), to MLM. CMCS is the Honduran-based company that owns the Clavo Rico mine.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Since the divestiture of the Clavo Rico Mine, the Company has been operating as a consultant and advisor to the mining industry, including to Mother Lode Mining, the new owner of the Clavo Rico mine. It also has an ongoing financial interest in the Clavo Rico Mine under the LOI, with monthly payments due through February 2025 that are secured by a net smelter royalty.</p>
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0.00
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9595 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9595 usd
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
473299 usd
imii Gain Loss From Change In Fair Value Of Debt Derivatives
GainLossFromChangeInFairValueOfDebtDerivatives
90436 usd
imii Dividend Yield Fair Value Percentage
DividendYieldFairValuePercentage
0 pure
CY2024Q3 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
1627 usd
CY2023Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
1627 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26995 usd
CY2024Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
442896 usd

Files In Submission

Name View Source Status
Financial_Report.xlsx Edgar Link pending
imii-20240930.xsd Edgar Link pending
imii_10q.htm Edgar Link pending
imii_ex311.htm Edgar Link pending
imii_ex312.htm Edgar Link pending
imii_ex321.htm Edgar Link pending
imii_ex322.htm Edgar Link pending
MetaLinks.json Edgar Link pending
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imii-20240930_cal.xml Edgar Link unprocessable
imii-20240930_def.xml Edgar Link unprocessable
imii-20240930_lab.xml Edgar Link unprocessable
imii-20240930_pre.xml Edgar Link unprocessable
imii_10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
Show.js Edgar Link pending
0001096906-24-002155-index-headers.html Edgar Link pending
0001096906-24-002155-index.html Edgar Link pending
0001096906-24-002155.txt Edgar Link pending
0001096906-24-002155-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable