• Filing Date: 2019-02-14
  • Form Type: S-1/A
  • Description: General form for registration of securities under the Securities Act of 1933 (Amendment)
v3.10.0.1
PROPERTY AND EQUIPMENT
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Notes to Financial Statements    
PROPERTY AND EQUIPMENT

At September 30, 2018 and December 31, 2017, property and equipment were comprised of the following:

 

   

September 30,

2018

   

December 31,

2017

 
Processing and rail facility   $ 2,802,855     $ 2,914,422  
Underground equipment     9,346,692       8,887,045  
Surface equipment     4,532,724       3,957,603  
Mining rights (Less: accumulated amortization of $181,385)     2,036,567       -  
Land     -       178,683  
Less: Accumulated depreciation     (6,600,108 )     (4,820,569 )
                 
Total Property and Equipment, Net   $ 12,118,730     $ 11,117,184  

 

Depreciation expense amounted to $649,983 and $697,214 for the three month periods September 30, 2018 and September 30, 2017, respectively. Depreciation expense amounted to $1,779,539 and $1,856,442 for the nine month periods September 30, 2018 and September 30, 2017, respectively.

 

The estimated useful lives are as follows:

 

Processing and Rail Facilities 20 years  
Surface Equipment 7 years  
Underground Equipment 5 years  
Mining Rights 5 years  

At December 31, 2017 and 2016, property and equipment were comprised of the following:

  

    2017     2016  
Processing and rail facility   $ 2,914,422     $ 2,914,422  
Underground equipment     8,887,045       7,500,512  
Surface equipment     3,957,603       3,751,054  
Land     178,683       178,683  
Less: Accumulated depreciation     (4,820,569 )     (2,262,855 )
                 
Total Property and Equipment, Net   $ 11,117,184     $ 12,081,816  

  

Depreciation expense amounted to $2,557,714 and $2,262,855 for the years of December 31, 2017 and 2016, respectively.

 

The estimated useful lives are as follows:

  

Processing and Rail Facilities   20 years
Surface Equipment   7 years
Underground Equipment   5 years