• Filing Date: 2017-03-31
  • Form Type: 10-K
  • Description: Annual report
v3.7.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 10,057 $ 133,543
Certificates of deposit 251,641 250,414
Accounts receivable, net 552,119 422,673
Inventories 855,637 1,094,238
Other current assets 23,101 235,458
Total current assets 1,692,555 2,136,326
Properties, plants and equipment, net 15,695,966 16,030,333
Restricted cash for reclamation bonds 63,274 76,012
Other assets 314,203 17,530
Total assets 17,765,998 18,260,201
Current liabilities:    
Checks issued and payable 35,682 0
Accounts payable 1,797,251 1,629,972
Due to factor 150,399 13,782
Accrued payroll, taxes and interest 213,695 221,446
Other accrued liabilities 122,968 141,545
Payables to related parties 14,525 32,396
Deferred revenue 78,730 78,730
Notes payable to bank 167,317 130,672
Income taxes payable (Note 13) 410,510 0
Long-term debt, current portion, net of discount 391,046 181,287
Total current liabilities 3,382,123 2,429,830
Long-term debt, net of discount and current portion 1,472,869 1,717,745
Hillgrove advances payable (Note 10) 1,134,221 1,254,846
Stock payable to directors for services 168,750 137,500
Asset retirement obligation and accrued reclamation costs 265,782 260,327
Total liabilities 6,423,745 5,800,248
Stockholders' equity:    
Preferred stock $0.01 par value, 10,000,000 shares authorized: Series A: -0- shares issued and outstanding 0 0
Series B: 750,000 shares issued and outstanding (liquidation preference $915,000 and $907,500 respectively) 7,500 7,500
Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both years) 1,779 1,779
Series D: 1,751,005 shares issued and outstanding (liquidation preference $4,920,178 and $4,879,029 respectively) 17,509 17,509
Common stock, $0.01 par value, 90,000,000 shares authorized; 67,066,278 and 66,316,278 shares issued and outstanding, respectively 670,662 663,162
Additional paid-in capital 36,074,733 35,890,733
Accumulated deficit (25,429,930) (24,120,730)
Total stockholders' equity 11,342,253 12,459,953
Total liabilities and stockholders' equity $ 17,765,998 $ 18,260,201