2023 Q1 Form 10-Q Financial Statement

#000149315223018498 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $0.00 $895.2K
YoY Change -100.0% -41.47%
Cost Of Revenue $0.00 $728.9K
YoY Change -100.0% -41.3%
Gross Profit $0.00 $166.3K
YoY Change -100.0% -42.2%
Gross Profit Margin 18.58%
Selling, General & Admin $291.8K $745.1K $328.6K
YoY Change -11.2% 175.26% 13.27%
% of Gross Profit 197.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $179.00 $730.00 $11.53K
YoY Change -98.45% -93.99% -5.18%
% of Gross Profit 6.93%
Operating Expenses $292.0K $745.9K $330.1K
YoY Change -11.53% 173.89% 12.98%
Operating Profit -$292.0K -$745.9K -$163.8K
YoY Change 78.29% 191.72% 3580.22%
Interest Expense $184.0K -$2.047M -$604.5K
YoY Change -130.44% 7743.91% -85.47%
% of Operating Profit
Other Income/Expense, Net $8.919M $0.00 $5.890K
YoY Change 151320.22% -100.0% -52.5%
Pretax Income $8.627M -$3.033M -$854.8K
YoY Change -1109.17% 83.53% -83.71%
Income Tax $0.00 $27.38K
% Of Pretax Income
Net Earnings $15.27M -$4.147M -$882.2K
YoY Change -1830.88% 105.1% -83.68%
Net Earnings / Revenue -98.55%
Basic Earnings Per Share $0.01 -$0.01
Diluted Earnings Per Share $0.00 -$0.01 -$5.166K
COMMON SHARES
Basic Shares Outstanding 1.695B shares 244.6M shares 170.7M shares
Diluted Shares Outstanding 432.0B shares 170.7M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.15K $0.00 $95.92K
YoY Change -72.74% -100.0% 15.11%
Cash & Equivalents $26.15K $95.92K
Short-Term Investments
Other Short-Term Assets $1.730K $302.9K $33.67K
YoY Change -94.86% 1394.08% 87.47%
Inventory $445.7K
Prepaid Expenses
Receivables $1.050M $17.85K
Other Receivables $0.00
Total Short-Term Assets $1.078M $302.8K $593.2K
YoY Change 81.72% -44.23% 49.99%
LONG-TERM ASSETS
Property, Plant & Equipment $3.804K $3.983K $456.7K
YoY Change -99.17% -99.08% 7.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $531.00 $531.00 $161.6K
YoY Change -99.67% -99.67% -1.28%
Total Long-Term Assets $1.569M $850.6K $618.3K
YoY Change 153.78% 35.22% 5.2%
TOTAL ASSETS
Total Short-Term Assets $1.078M $302.8K $593.2K
Total Long-Term Assets $1.569M $850.6K $618.3K
Total Assets $2.647M $1.153M $1.211M
YoY Change 118.5% -1.59% 23.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $226.1K $127.6K $718.8K
YoY Change -68.54% -80.52% 5.17%
Accrued Expenses $331.1K $4.222M $15.28M
YoY Change -97.83% -4.69% 34.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.696M $2.227M
YoY Change -100.0% -63.85% -68.61%
Long-Term Debt Due $447.8K $3.802M $3.758M
YoY Change -88.08% 0.43% 12.97%
Total Short-Term Liabilities $1.763M $29.07M $26.09M
YoY Change -93.24% 14.99% -22.34%
LONG-TERM LIABILITIES
Long-Term Debt $928.6K $5.439M $5.439M
YoY Change -82.93% 5833.22% 1136.3%
Other Long-Term Liabilities $6.170K $777.3K $713.3K
YoY Change -99.14% 11.49% 18.0%
Total Long-Term Liabilities $934.8K $6.216M $6.152M
YoY Change -84.81% 688.01% 489.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.763M $29.07M $26.09M
Total Long-Term Liabilities $934.8K $6.216M $6.152M
Total Liabilities $2.698M $35.28M $32.24M
YoY Change -91.63% 12.2% -6.93%
SHAREHOLDERS EQUITY
Retained Earnings -$26.39M -$41.66M
YoY Change 11.06%
Common Stock $24.82K $2.446K
YoY Change 50.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$50.65K -$34.12M -$31.02M
YoY Change
Total Liabilities & Shareholders Equity $2.647M $1.153M $1.211M
YoY Change 118.5% -1.59% 23.22%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income $15.27M -$4.147M -$882.2K
YoY Change -1830.88% 105.1% -83.68%
Depreciation, Depletion And Amortization $179.00 $730.00 $11.53K
YoY Change -98.45% -93.99% -5.18%
Cash From Operating Activities $1.305M -$537.8K -$46.01K
YoY Change -2935.84% 69.32% -168.92%
INVESTING ACTIVITIES
Capital Expenditures -$3.980K
YoY Change -83.05%
Acquisitions
YoY Change
Other Investing Activities -$650.00 -$49.67K $0.00
YoY Change -100.0%
Cash From Investing Activities -$652.00 $110.00 -$3.980K
YoY Change -83.62% -100.42% -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 -$1.279M 537.8K 90.59K
YoY Change -1511.94% 106.71% -120.51%
NET CHANGE
Cash From Operating Activities $1.305M -537.8K -46.01K
Cash From Investing Activities -$652.00 110.0 -3.980K
Cash From Financing Activities -$1.279M 537.8K 90.59K
Net Change In Cash $26.15K 130.0 40.60K
YoY Change -35.58% -100.16% -16.87%
FREE CASH FLOW
Cash From Operating Activities $1.305M -$537.8K -$46.01K
Capital Expenditures -$3.980K
Free Cash Flow -$42.03K
YoY Change -146.58%

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CY2022Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Comprehensive Income Net Of Tax
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CY2023Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Profit Loss
ProfitLoss
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CY2022Q1 us-gaap Profit Loss
ProfitLoss
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Profit Loss
ProfitLoss
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CY2022Q1 us-gaap Discontinued Operation Provision For Loss Gain On Disposal Net Of Tax
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CY2023Q1 IMII Gain On Sale Of Mine Property In Discontinued Operations
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2022Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 IMII Common Stock Issued For Services
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CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
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CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
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CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2022Q1 IMII Gain On Forgiveness Of Ppp Loan
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2023Q1 us-gaap Amortization Of Debt Discount Premium
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CY2022Q1 us-gaap Amortization Of Debt Discount Premium
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CY2023Q1 us-gaap Increase Decrease In Other Receivables
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023Q1 IMII Increase Decrease Accounts Payable And Accrued Liabilities Related Parties
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CY2022Q1 IMII Increase Decrease Accounts Payable And Accrued Liabilities Related Parties
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2023Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2022Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Repayments Of Notes Payable
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CY2023Q1 us-gaap Repayments Of Related Party Debt
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CY2022Q1 us-gaap Repayments Of Related Party Debt
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CY2023Q1 us-gaap Repayments Of Convertible Debt
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CY2023Q1 us-gaap Proceeds From Related Party Debt
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CY2022Q1 us-gaap Proceeds From Related Party Debt
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1105 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
44 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
26153 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
55273 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26153 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26153 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
60598 usd
CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Notes Issued1
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CY2022Q1 IMII Common Stock Issued For Conversion Of Debt
CommonStockIssuedForConversionOfDebt
124299 usd
CY2023Q1 IMII Common Stock Issued For Settlement Of Notes Payable Related Parties
CommonStockIssuedForSettlementOfNotesPayableRelatedParties
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CY2023Q1 us-gaap Nature Of Operations
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<p id="xdx_80C_eus-gaap--NatureOfOperations_zCCWtXHzJoNj" 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_826_zeChLSPyFh43">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_90F_eus-gaap--CommonStockSharesAuthorized_iI_c20100304_zsEYdubLyhra" title="Common stock shares authorized">100,000,000</span> to <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_c20100305_zaR4vEmDdail" title="Common stock shares authorized">500,000,000</span>. In 2020, the Company increased its authorized common stock from <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20201230_zVVJxjNF7dM3" title="Common stock shares authorized">500,000,000</span> to <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20201231_zRUSvrw78Grc" title="Common stock, shares authorized">800,000,000</span>. In 2022, the Company increased its authorized common stock from <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20201231_zwuSEI1p0xXe" title="Common stock, shares authorized">800,000,000</span> to <span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_iI_c20221231_zwBI8gHHVBQh" title="Common stock, shares authorized">10,300,000,000</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_900_eus-gaap--StockholdersEquityReverseStockSplit_c20121120__20121121_zeUnCGauzDs1" title="Reverse stock split description">200 to 1 reverse stock split</span>. <span id="xdx_90B_eus-gaap--StockholdersEquityNoteStockSplit_c20121120__20121121_zOTc91BPZvI9" 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_90A_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableDescription_c20130220__20130225__us-gaap--BusinessAcquisitionAxis__custom--GoldAmericanMiningCorpMember_z8SRFR2ljRRc" 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_904_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20130220__20130225__us-gaap--BusinessAcquisitionAxis__custom--GoldAmericanMiningCorpMember_ziv2riupZrd4" 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--NotesPayable_iI_pp0p0_c20130225__us-gaap--BusinessAcquisitionAxis__custom--GoldAmericanMiningCorpMember__us-gaap--RelatedAndNonrelatedPartyStatusAxis__us-gaap--RelatedPartyMember_zF929wsGlPo" 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__us-gaap--BusinessAcquisitionAxis__custom--GoldAmericanMiningCorpMember_zVXAfmZCU5rb" 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_90B_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_c20200221__20200221__dei--LegalEntityAxis__custom--OuncesHighExplorationIncMember_z3FxqofrwxJ2" title="Cash consideration received in exchange of properties">250,000</span> in cash consideration and <span id="xdx_90F_ecustom--NumberOfSharesSoldInExchangeOfProperties_pid_c20200221__20200221__dei--LegalEntityAxis__custom--OuncesHighExplorationIncMember_zTg4mY3YZVa7" 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_zhmC95ipmHv7" 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_90D_eus-gaap--DebtConversionConvertedInstrumentAmount1_pp0p0_c20150929__20151002__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ClavoRicoLtdMember_z7OCvxECBf4e" title="Shares issued for conversion of debt">5,488,980</span> and accrued interest of $<span id="xdx_908_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pp0p0_c20151002__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ClavoRicoLtdMember_z9SSYElmzxah" 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"/></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"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 11, 2016, the Company implemented a <span id="xdx_900_eus-gaap--StockholdersEquityReverseStockSplit_c20160110__20160111_zmmz89WPo48c" title="Reverse stock split">5.5 to 1 reverse stock split</span>. This reverse stock split was effective on May 26, 2016. All share and per share references have been retroactively adjusted to reflect this <span id="xdx_908_eus-gaap--StockholdersEquityReverseStockSplit_c20230101__20230331_z5FGyS3LEC0e" title="Reverse stock split description">5.5 to 1 reverse stock split</span> 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 <span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_c20160111__srt--StatementScenarioAxis__custom--ImmediatelyBeforeReverseSplitMember_zGkKspWSm8ca" title="Common stock, shares outstanding">266,669,980</span> shares of common stock outstanding. Immediately after the Reverse Split, the Company had <span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_c20160111__srt--StatementScenarioAxis__custom--ImmediatelyAfterReverseSplitMember_zcFL5xjmJIRk" title="Common stock, shares outstanding">48,485,451</span> shares of common stock outstanding, pending fractional-share rounding-up calculations to adjust for the Reverse Split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt">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</span><span style="font-size: 8pt"/><span style="font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </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"/></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"/></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 <span style="background-color: white">March 31</span>, 2023, 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>
CY2023Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
2595000 usd
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
0 usd
CY2023Q1 IMII Notes Receivables Net Of Reserves
NotesReceivablesNetOfReserves
0 usd
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
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10300000000 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
CY2016Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
5.5 to 1 reverse stock split
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
5.5 to 1 reverse stock split
CY2023Q1 us-gaap Profit Loss
ProfitLoss
15283733 usd
CY2023Q1 IMII Working Capital Deficit
WorkingCapitalDeficit
684988 usd
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
170736437 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
430295011920 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
431989839251 shares
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_z1Ew4Bmz18w1" 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_86B_zCltRr35ac8k">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>
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
57410 usd
CY2023Q1 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
57410 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
3262612 usd
CY2022Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
3262612 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24205782 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
430367923880 shares
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
15270062 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-882057 usd
CY2023Q1 IMII Gains Losses On Extinguishment Of Debts
GainsLossesOnExtinguishmentOfDebts
-5897425 usd
CY2023Q1 IMII Interest Expenses
InterestExpenses
66166 usd
CY2023Q1 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-3220312 usd
CY2023Q1 IMII Adjusted Net Loss Controlling Interest
AdjustedNetLossControllingInterest
6232162 usd
CY2022Q1 IMII Adjusted Net Loss Controlling Interest
AdjustedNetLossControllingInterest
-882057 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1694827331 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
170736437 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2023Q1 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p id="xdx_84D_eus-gaap--DerivativesReportingOfDerivativeActivity_zIACcnetABj9" 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_zexYehwfBbVg">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>
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_84C_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zYjdR1fCBRBe" 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_zqw2VqykX7pl">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>
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
19792 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
23106 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13621 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13511 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6171 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9595 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19792 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
23106 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
11221 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
10504 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21725 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1933 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19792 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3987 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3870 usd
CY2023Q1 us-gaap Payments For Rent
PaymentsForRent
3700 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
3700 usd
CY2023Q1 IMII Warrant Liability
WarrantLiability
0 usd
CY2023Q1 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
Outstanding balances and missed Monthly Payments will be secured by a 10% NSR on the Clavo Rico mine production until the Monthly Payments are delivered and the purchase price is paid in full. In addition to the Monthly Payments, the Company will receive a carried forward net profits interest royalty (“NPI”) of 5% on the Clavo Rico mine production until the total NPI paid to the Company is $1,000,000, subject to limited conditions.
CY2023Q1 us-gaap Accounts Receivable Gross Noncurrent
AccountsReceivableGrossNoncurrent
2595000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Noncurrent
AllowanceForDoubtfulAccountsReceivableNoncurrent
1050000 usd
CY2023Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
1545000 usd
CY2023Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
25368 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
25368 usd
CY2023Q1 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
1627 usd
CY2022Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
1627 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26995 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26995 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23191 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
23012 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3804 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3983 usd
CY2023Q1 us-gaap Depreciation
Depreciation
179 usd
CY2022Q1 us-gaap Depreciation
Depreciation
179 usd
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
226102 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
127612 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
331131 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4221586 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
686788 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
732346 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1244021 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5081544 usd
CY2023Q1 us-gaap Notes Payable
NotesPayable
135000 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
60000 usd
CY2023Q1 IMII Less Shortterm Notes Payable
LessShorttermNotesPayable
75000 usd
CY2023Q1 IMII Notes Payable Noncurrent
NotesPayableNoncurrent
868618 usd
CY2023Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1200000 usd
CY2020Q4 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
120000 usd
CY2022Q4 IMII Tax Obligations Due In Amount
TaxObligationsDueInAmount
9245637.70 usd
CY2022Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
385234.90 usd

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