• Filing Date: 2017-03-31
  • Form Type: 10-K
  • Description: Annual report
v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities:    
Net income (loss) $ (1,309,200) $ (838,531)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:    
Depreciation and amortization 999,737 932,786
Amortization of debt discount 70,590 0
Gain on sale of equipment 0 (5,200)
Bad debt expense 0 18,668
Hillgrove advance earned credit (120,329) (142,170)
Accretion of asset retirement obligation 5,455 5,137
Common stock issued for services 54,000 57,950
Common stock payable for directors fees 168,750 137,500
Non-cash miscellaneous income (1,595) 0
Change in:    
Accounts receivable (129,446) 13,333
Inventories 238,601 339,301
Other current assets 212,356 (194,357)
Other assets (296,673) 49,382
Accounts payable 167,280 (191,701)
Accrued payroll, taxes and interest (7,751) 86,201
Other accrued liabilities (18,577) 66,115
Income taxes payable 410,510 0
Payables to related parties (17,871) 24,039
Net cash provided (used) by operating activities 425,837 358,453
Cash Flows From Investing Activities:    
Redemption of reclamation bonds 12,810 0
Proceeds from sale of equipment 0 5,200
Purchase of properties, plants and equipment (595,839) (1,709,237)
Net cash used by investing activities (583,029) (1,704,037)
Cash Flows From Financing Activities:    
Net proceeds from factor 136,617 468
Proceeds from Hillgrove advances 0 1,198,445
Proceeds from notes payable to bank 36,645 130,672
Principal paid notes to bank   0
Principal payments of long-term debt (175,238) (94,141)
Proceeds from long term debt   0
Proceeds from related party loans   0
Payments on related party loans   0
Checks issued and payable 35,682 0
Received on notes receivable for stock 0 120,000
Net cash provided by financing activities 33,706 1,355,444
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (123,486) 9,860
Cash and cash equivalents at beginning of year 133,543 123,683
Cash and cash equivalents at end of year 10,057 133,543
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid in cash (net of amount capitailzed) 14,694  
Income taxes paid in cash 13,090  
Noncash investing and financing activities:    
Properties, plants & equipment acquired with long-term debt 42,735 1,061,479
Properties, plants & equipment acquired with accrued liability 0 36,619
Imputed interest included in property, plant and equipment 26,796 57,088
Properties, plants & equipment acquired with other long term assets 0 586,893
Common stock payable issued to directors 137,500 125,000
Forgiveness of note receivable-stock $ 0 $ 30,000