2022 Q3 Form 10-Q Financial Statement

#000149315222023693 Filed on August 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $470.2K $895.2K
YoY Change -53.56% -41.47%
Cost Of Revenue $173.9K $510.7K $728.9K
YoY Change -80.8% 17.27% -41.3%
Gross Profit -$173.9K -$40.48K $166.3K
YoY Change -131.15% -107.01% -42.2%
Gross Profit Margin -8.61% 18.58%
Selling, General & Admin $226.4K $236.2K $328.6K
YoY Change -11.52% -32.77% 13.27%
% of Gross Profit 197.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.06K $10.85K $11.53K
YoY Change 84.65% -22.0% -5.18%
% of Gross Profit 6.93%
Operating Expenses $227.6K $237.4K $330.1K
YoY Change -11.79% -32.92% 12.98%
Operating Profit -$401.5K -$277.8K -$163.8K
YoY Change -233.65% -224.44% 3580.22%
Interest Expense $760.1K $682.6K -$604.5K
YoY Change -438.25% -38.31% -85.47%
% of Operating Profit
Other Income/Expense, Net -$737.6K -$214.1K $5.890K
YoY Change -25447.49% -104.86% -52.5%
Pretax Income -$1.139M -$491.9K -$854.8K
YoY Change 3185.49% -110.64% -83.71%
Income Tax $54.72K $32.00 $27.38K
% Of Pretax Income
Net Earnings -$1.193M -$491.7K -$882.2K
YoY Change 3290.34% -110.63% -83.68%
Net Earnings / Revenue -104.57% -98.55%
Basic Earnings Per Share $0.00 $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 -$5.166K
COMMON SHARES
Basic Shares Outstanding 244.6M shares 200.0M shares 170.7M shares
Diluted Shares Outstanding 243.8M shares 200.0M shares 170.7M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.490K $33.50K $95.92K
YoY Change -98.21% -80.35% 15.11%
Cash & Equivalents $2.488K $33.50K $95.92K
Short-Term Investments
Other Short-Term Assets $14.16K $48.94K $33.67K
YoY Change -73.56% 171.89% 87.47%
Inventory $738.5K $527.1K $445.7K
Prepaid Expenses
Receivables $20.49K $21.91K $17.85K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $775.6K $631.5K $593.2K
YoY Change 21.51% -26.48% 49.99%
LONG-TERM ASSETS
Property, Plant & Equipment $702.9K $451.9K $456.7K
YoY Change 52.35% -1.28% 7.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $159.6K $160.7K $161.6K
YoY Change -2.28% -2.46% -1.28%
Total Long-Term Assets $888.9K $642.3K $618.3K
YoY Change 42.29% 3.17% 5.2%
TOTAL ASSETS
Total Short-Term Assets $775.6K $631.5K $593.2K
Total Long-Term Assets $888.9K $642.3K $618.3K
Total Assets $1.665M $1.274M $1.211M
YoY Change 31.79% -14.02% 23.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.054M $884.3K $718.8K
YoY Change 75.45% 39.32% 5.17%
Accrued Expenses $5.445M $5.027M $15.28M
YoY Change -56.77% -58.65% 34.79%
Deferred Revenue
YoY Change
Short-Term Debt $2.615M $2.543M $2.227M
YoY Change -63.28% -64.71% -68.61%
Long-Term Debt Due $3.885M $3.748M $3.758M
YoY Change 1.47% -3.08% 12.97%
Total Short-Term Liabilities $27.98M $26.50M $26.09M
YoY Change -3.41% -9.48% -22.34%
LONG-TERM LIABILITIES
Long-Term Debt $5.498M $5.439M $5.439M
YoY Change 5897.85% 5833.22% 1136.3%
Other Long-Term Liabilities $736.5K $727.2K $713.3K
YoY Change 10.14% 7.24% 18.0%
Total Long-Term Liabilities $6.235M $6.166M $6.152M
YoY Change 719.97% 701.01% 489.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.98M $26.50M $26.09M
Total Long-Term Liabilities $6.235M $6.166M $6.152M
Total Liabilities $34.21M $32.66M $32.24M
YoY Change 15.12% 8.75% -6.93%
SHAREHOLDERS EQUITY
Retained Earnings -$40.08M -$38.88M
YoY Change
Common Stock $2.446K $2.352K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$32.54M -$31.38M -$31.02M
YoY Change
Total Liabilities & Shareholders Equity $1.665M $1.274M $1.211M
YoY Change 31.79% -14.02% 23.22%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.193M -$491.7K -$882.2K
YoY Change 3290.34% -110.63% -83.68%
Depreciation, Depletion And Amortization $24.06K $10.85K $11.53K
YoY Change 84.65% -22.0% -5.18%
Cash From Operating Activities -$10.55K -$308.1K -$46.01K
YoY Change -107.56% -996.02% -168.92%
INVESTING ACTIVITIES
Capital Expenditures -$5.610K -$40.19K -$3.980K
YoY Change -76.25% -11920.59% -83.05%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.610K -$40.19K -$3.980K
YoY Change -76.24% -12278.79% -100.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.80K 285.9K 90.59K
YoY Change -89.94% 445.86% -120.51%
NET CHANGE
Cash From Operating Activities -10.55K -308.1K -46.01K
Cash From Investing Activities -5.610K -40.19K -3.980K
Cash From Financing Activities -14.80K 285.9K 90.59K
Net Change In Cash -30.96K -62.32K 40.60K
YoY Change -0.71% -171.56% -16.87%
FREE CASH FLOW
Cash From Operating Activities -$10.55K -$308.1K -$46.01K
Capital Expenditures -$5.610K -$40.19K -$3.980K
Free Cash Flow -$4.940K -$267.9K -$42.03K
YoY Change -103.03% -886.9% -146.58%

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us-gaap Proceeds From Related Party Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Interest Paid Net
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IMII Common Stock Issued For Conversion Of Debt
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IMII Common Stock Issued For Conversion Of Debt
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us-gaap Nature Of Operations
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<p id="xdx_80C_eus-gaap--NatureOfOperations_z30frYEbV4B3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>1. <span id="xdx_822_ztjJ14CCVxUj">Nature of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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 <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_c20100304_pdd">100,000,000</span> to <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_c20100305_pdd">500,000,000</span>. In 2020 the Company increased its authorized common stock from <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_c20201230_zPuTq3p5h8ge">500,000,000</span> to <span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_c20201231_zE3LyYeRWJSc" title="Common stock, shares authorized">800,000,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On June 23, 2010, the Company amended its articles of incorporation to change its name to Gold American Mining Corp.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On November 21, 2012, the Company implemented a <span id="xdx_907_eus-gaap--StockholdersEquityReverseStockSplit_c20121120__20121121_zW9At57Q4GXd" title="Reverse stock split description">200 to 1 reverse stock split.</span> <span id="xdx_906_eus-gaap--StockholdersEquityNoteStockSplit_c20121120__20121121_z2XnRp2wPwP9" title="Cancellation of stock split shares, description">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On February 25, 2013, Gold American Mining Corp. and its majority shareholder (the “Majority Shareholder”), and its wholly owned subsidiary, <span id="xdx_907_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableDescription_c20130220__20130225__us-gaap--BusinessAcquisitionAxis__custom--GoldAmericanMiningCorpMember_zfOv059vOAH4" title="Description of equity interests issued or issuable to acquire the entity">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 <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20130220__20130225_zyQlm546j7Be" title="Stock issued during period for consideration of acquisition, shares">16,000,000</span> shares of common stock of Inception, the assumption of promissory notes in the amount of $<span id="xdx_90E_eus-gaap--NotesPayableRelatedPartiesCurrentAndNoncurrent_iI_pp0p0_c20130225_ztz1hPm2xtCc" title="Promissory note issued to related party">950,000</span> and the assignment of a <span id="xdx_90A_ecustom--PercentageOfNetRoyalty_pid_dp_uPure_c20130220__20130225_zF2twv6zsGV4" title="Percentage of net royalty">3</span>% net royalty.</span> Inception Resources was an entity owned by and under the control of the majority shareholder. This transaction is 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 $<span id="xdx_903_ecustom--CashConsiderationValueReceivedInExchangeOfProperties_c20200221__20200221__dei--LegalEntityAxis__custom--OuncesHighExplorationIncMember_zqihf1JvkcP1" title="Cash consideration received in exchange of properties">250,000</span> in cash consideration and <span id="xdx_90C_ecustom--NumberOfSharesSoldInExchangeOfProperties_pid_c20200221__20200221__dei--LegalEntityAxis__custom--OuncesHighExplorationIncMember_zfeIvy3ulc0f" title="Number of shares sold in exchange of properties">66,974,252</span> shares of common stock of Hawkstone Mining Limited, a publicly-trade Australian company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On May 17, 2013, the Company amended its articles of incorporation to change its name to Inception Mining, Inc. (“Inception” or the “Company”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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 <span id="xdx_90A_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20150929__20151002__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ClavoRicoLtdMember_z313vJyGatli" title="Shares issued for conversion of debt, shares">240,225,901</span> shares of common stock of Inception and assumed promissory notes in the amount of $<span id="xdx_907_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20150929__20151002__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ClavoRicoLtdMember_zJET5kUFYVi2" title="Shares issued for conversion of debt">5,488,980</span> and accrued interest of $<span id="xdx_902_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20151002__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ClavoRicoLtdMember_z6UzDxMWzsr2" title="Accrued interest">3,434,426</span>. Under this merger agreement, there was a change in control, and it has been 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company’s primary mine is located on the 200-hectare Clavo Rico Concession, located in southern Honduras. This mine was originally explored and exploited in the 16th century by the Spanish, and more recently has been operated by Compañía Minera Cerros del Sur, S.A. de C.V. as a small family business. In 2003, Clavo Rico’s predecessor purchased a <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20031231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ClavoRicoLtdMember_zHlbKVdAF0Ok" title="Percentage of equity ownership interest rate">20</span>% interest and later increased its ownership to <span id="xdx_908_ecustom--EquityMethodInvestmentOwnershipPercentageIncreased_iI_pid_dp_uPure_c20031231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ClavoRicoLtdMember_zd7V55VhxCOl" title="Percentage of equity ownership interest rate">99.9</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>COVID-19 </b>- The challenges posed by the COVID-19 pandemic on the global economy increased significantly as the first quarter of 2020 progressed. COVID-19 has spread across the globe during 2020 and is impacting economic activity worldwide. In response to COVID-19, national and local governments around the world have instituted certain measures, including travel bans, prohibitions on group events and gatherings, shutdowns of certain businesses, curfews, shelter-in-place orders and recommendations to practice social distancing. Based on management’s assessment as of June 30, 2022, the ultimate impact of COVID-19 on the Company’s business, results of operations, financial condition and cash flows is dependent on future developments, including the duration of the pandemic and the related length of its impact on the global economy, which are uncertain and cannot be predicted at this time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2010Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2010Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000 shares
CY2012Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
200 to 1 reverse stock split.
CY2012Q4 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
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.
CY2013Q1 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
16000000 shares
CY2013Q1 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
950000 usd
CY2013Q1 IMII Percentage Of Net Royalty
PercentageOfNetRoyalty
0.03 pure
us-gaap Profit Loss
ProfitLoss
-1374176 usd
CY2022Q2 IMII Working Capital Deficit
WorkingCapitalDeficit
25865147 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_zMRCjBmEUrtg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_861_zXDFstGRpsN7">Use of Estimates</span> –</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
4048650 usd
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-491664 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
4623562 usd
CY2021Q2 IMII Amortization Of Debt Discounts
AmortizationOfDebtDiscounts
260293 usd
CY2021Q2 IMII Interest Expenses
InterestExpenses
-496837 usd
CY2021Q2 IMII Loss On Conversion Of Debt
LossOnConversionOfDebt
394722 usd
CY2021Q2 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-5899008 usd
us-gaap Property Plant And Equipment Preproduction Design And Development Costs
PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts
<p id="xdx_848_eus-gaap--PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts_zQFuxAZxhmS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_86A_zCJrLQQxR3pl">Exploration and Development Costs</span> -</b> Costs of acquiring mining properties and any exploration and development costs are expensed as incurred unless proven and probable reserves exist and the property is a commercially mineable property in accordance with FASB ASC 930, <i>Extractive Activities- Mining</i>. Mine development costs incurred either to develop new gold and silver deposits, expand the capacity of operating mines, or to develop mine areas substantially in advance of current production are capitalized. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates, at least quarterly, the carrying value of capitalized mining costs and related property, plant and equipment costs, if any, to determine if these costs are in excess of their net realizable value and if a permanent impairment needs to be recorded. The periodic evaluation of carrying value of capitalized costs and any related property, plant and equipment costs are based upon expected future cash flows and/or estimated salvage value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company capitalizes costs for mining properties by individual property and defers such costs for later amortization only if the prospects for economic productions are reasonably certain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Capitalized costs are expensed in the period when the determination has been made that economic production does not appear reasonably certain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
3402949 usd
CY2022Q2 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
3402949 usd
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
4048650 usd
CY2022Q2 IMII Adjusted Net Loss Controlling Interest
AdjustedNetLossControllingInterest
-491664 usd
CY2021Q2 IMII Adjusted Net Loss Controlling Interest
AdjustedNetLossControllingInterest
-1117268 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200018099 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124823312 shares
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2215430430 shares
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7310 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
14876 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10505 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32691 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
430305633122 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
200018099 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2340253742 shares
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
us-gaap Net Income Loss
NetIncomeLoss
-1373721 usd
us-gaap Net Income Loss
NetIncomeLoss
-782417 usd
IMII Adjusted Net Loss Controlling Interest
AdjustedNetLossControllingInterest
-1373721 usd
IMII Adjusted Net Loss Controlling Interest
AdjustedNetLossControllingInterest
-782417 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
185458156 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109255630 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
185458156 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
109255630 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p id="xdx_840_eus-gaap--DerivativesReportingOfDerivativeActivity_zxYiUJnGEali" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_865_ztP7iC77tw42">Derivative Liabilities</span> -</b> Derivative liabilities are recorded at fair value when issued and the subsequent change in fair value each period is recorded in other income (expense) in the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z3UrXPnx5l44" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_868_zZw907toF6sc">Financial Statement Reclassification</span> </b>– Certain account balances from prior periods have been reclassified in these consolidated financial statements to conform to current period classifications. Some related party notes payable were reclassified from current to long-term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
29644 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
36182 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13293 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13076 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16351 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
23106 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
29644 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
36182 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3047 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
29644 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
6934 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
8638 usd
CY2022Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
88968 usd
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
85068 usd
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
48790 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
164281 usd
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
88276 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
113046 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
301081 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
93043 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
527115 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
455438 usd
CY2022Q2 us-gaap Inventory Ore Stockpiles On Leach Pads
InventoryOreStockpilesOnLeachPads
0 usd
CY2021Q4 us-gaap Inventory Ore Stockpiles On Leach Pads
InventoryOreStockpilesOnLeachPads
0 usd
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
235250345 shares
CY2022Q2 us-gaap Share Price
SharePrice
0.0014
CY2022Q2 IMII Warrant Liability
WarrantLiability
0 usd
CY2022Q2 us-gaap Land
Land
335497 usd
CY2021Q4 us-gaap Land
Land
305134 usd
CY2022Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
2359092 usd
CY2021Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
2365584 usd
CY2022Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
960715 usd
CY2021Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
963289 usd
CY2022Q2 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
50197 usd
CY2021Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
50331 usd
CY2022Q2 IMII Vehicles Gross
VehiclesGross
101789 usd
CY2021Q4 IMII Vehicles Gross
VehiclesGross
102070 usd
CY2022Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
39402 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
26529 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3846692 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3812937 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3394812 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3381666 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
451880 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
431271 usd
us-gaap Depreciation
Depreciation
22377 usd
us-gaap Depreciation
Depreciation
26065 usd
us-gaap Depreciation
Depreciation
22377 usd
us-gaap Depreciation
Depreciation
26065 usd
CY2022Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
710848 usd
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
674074 usd
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
674074 usd
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
602337 usd
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
36774 usd
CY2021 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
71737 usd
CY2022Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
710848 usd
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
674074 usd
CY2021Q4 us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
5324206 usd
CY2022Q2 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1500000 usd
CY2021Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
19408 usd
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
256674 usd
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
884273 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
655048 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5026915 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4429339 usd
CY2022Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
786772 usd
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
644207 usd
CY2021Q4 IMII Advances Payable Current
AdvancesPayableCurrent
106222 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
6697960 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5834816 usd
CY2022Q2 us-gaap Notes Payable
NotesPayable
60000 usd
CY2021Q4 us-gaap Notes Payable
NotesPayable
129558 usd
CY2021Q4 us-gaap Notes Payable Current
NotesPayableCurrent
37891 usd
CY2022Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
60000 usd
CY2021Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
91667 usd
CY2022Q2 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
7921531 usd
CY2021Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
7456791 usd
CY2022Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
2542551 usd
CY2021Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
2077811 usd
CY2022Q2 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
5378980 usd
CY2021Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
5378980 usd
CY2022Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
27382 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 usd

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