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Share Name | Share Symbol | Market | Type |
---|---|---|---|
United States Antimony Corp | AMEX:UAMY | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.014 | 6.48% | 0.23 | 0.238 | 0.2205 | 0.221 | 224,194 | 23:07:30 |
For the
transition period
|
|
to
|
|
Montana
|
|
81-0305822
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification No.)
|
P.O. Box 643, Thompson Falls, Montana
|
59873
|
(Address
of principal executive offices)
|
(Zip
code)
|
YES
|
X
|
|
No
|
|
YES
|
X
|
|
No
|
|
YES
|
|
|
No
|
X
|
Large
accelerated filer ☐
|
Accelerated
filer ☐
|
Non-accelerated
filer ☐
(Do not
check if a smaller reporting company)
|
Smaller
reporting company ☒
|
|
Page
|
|
|
PART I
– FINANCIAL INFORMATION
|
|
|
|
Item 1:
Financial Statements (unaudited)
|
1-12
|
|
|
Item 2:
Management’s Discussion and Analysis of Results of Operations
and Financial Condition
|
13-16
|
|
|
Item 3:
Quantitative and Qualitative Disclosure about Market
Risk
|
16
|
|
|
Item 4:
Controls and Procedures
|
17
|
|
|
|
|
PART II
– OTHER INFORMATION
|
|
|
|
Item 1:
Legal Proceedings
|
18
|
|
|
Item
2
:
Unregistered Sales of
Equity Securities and Use of Proceeds
|
18
|
|
|
Item 3:
Defaults upon Senior Securities
|
18
|
|
|
Item 4:
Mine Safety Disclosures
|
18
|
|
|
Item 5:
Other Information
|
18
|
|
|
Item 6:
Exhibits and Reports on Form 8-K
|
18
|
|
|
|
|
SIGNATURE
|
18
|
|
|
CERTIFICATIONS
|
|
United States Antimony Corporation and Subsidiaries
|
|
|
Consolidated Statements of Cash Flows - Unaudited
|
|
|
|
For the three months ended
|
|
Cash Flows
From Operating Activities:
|
March 31, 2017
|
March 31, 2016
|
Net
income (loss)
|
$
(391,303
)
|
$
(188,640
)
|
Adjustments
to reconcile net income (loss) to net cash
|
|
|
provided
(used) by operating activities:
|
|
|
Depreciation
and amortization
|
215,675
|
261,150
|
Amortization
of debt discount
|
23,413
|
-
|
Hillgrove
advance earned credit
|
-
|
(23,991
)
|
Accretion
of asset retirement obligation
|
1,447
|
1,364
|
Common
stock payable for directors fees
|
43,750
|
37,500
|
Foreign
exchange loss
|
41,451
|
-
|
Other,
net
|
(426
)
|
-
|
Change
in:
|
|
|
Accounts
receivable
|
(2,261
)
|
(445,351
)
|
Inventories
|
(55,386
)
|
144,154
|
Other
current assets
|
17,918
|
114,555
|
Other
assets
|
(48,167
)
|
1,000
|
Accounts
payable
|
324,508
|
330,057
|
Accrued
payroll, taxes and interest
|
(20,415
)
|
(30,766
)
|
Other
accrued liabilities
|
5,886
|
51,213
|
Payables
to related parties
|
(12,477
)
|
231
|
Net
cash provided (used) by operating activities
|
143,613
|
252,476
|
|
|
|
Cash
Flows From Investing Activities:
|
|
|
Purchase
of properties, plants and equipment
|
(79,599
)
|
(245,702
)
|
Net
cash used by investing activities
|
(79,599
)
|
(245,702
)
|
|
|
|
Cash
Flows From Financing Activities:
|
|
|
Change
in checks issued and payable
|
(21,519
)
|
-
|
Net
borrowing from factor
|
(4,388
)
|
84,083
|
Proceeds
from notes payable to bank
|
15,985
|
-
|
Principal
paid notes payable to bank
|
-
|
(44,912
)
|
Principal
payments of long-term debt
|
(53,020
)
|
(41,824
)
|
Net
cash provided (used) by financing activities
|
(62,942
)
|
(2,653
)
|
NET
INCREASE IN CASH
|
|
|
AND
CASH EQUIVALENTS
|
1,072
|
4,121
|
Cash
and cash equivalents at beginning of period
|
10,057
|
133,543
|
Cash
and cash equivalents at end of period
|
$
11,129
|
$
137,664
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
Noncash
investing and financing activities:
|
|
|
Imputed
interest capitalized as property, plant and equipment
|
-
|
$
24,353
|
Common
stock payable issued to directors
|
$
168,750
|
137,500
|
|
March 31, 2017
|
March 31, 2016
|
Warrants
|
250,000
|
250,000
|
Convertible
preferred stock
|
1,751,005
|
1,751,005
|
Total
possible dilution
|
2,001,005
|
2,001,005
|
|
March 31,
|
December 31,
|
|
2017
|
2016
|
Antimony
Metal
|
$
235,741
|
$
112,300
|
Antimony
Oxide
|
252,553
|
326,126
|
Antimony
Concentrates
|
28,317
|
30,815
|
Antimony
Ore
|
172,347
|
181,815
|
Total
antimony
|
688,958
|
651,056
|
Zeolite
|
222,065
|
204,581
|
|
$
911,023
|
$
855,637
|
Accounts Receivble
|
March 31,
2017
|
December 31,
2016
|
Accounts
receivable - non factored
|
$
408,369
|
$
401,720
|
Accounts
receivable - factored with recourse
|
146,011
|
150,399
|
Accounts
receivable - net
|
$
554,380
|
$
552,119
|
|
March
31,
|
December
31,
|
|
2017
|
2016
|
Promissory note
payable to First Security Bank of Missoula,
|
|
|
bearing interest at
5.0%, maturing February 27, 2018,
|
|
|
payable on demand,
collateralized by a lien on Certificate of
|
|
|
Deposit number
48614
|
$
83,303
|
$
76,350
|
|
|
|
Promissory note
payable to First Security Bank of Missoula,
|
|
|
bearing interest at
5.0%, maturing February 27, 2018,
|
|
|
payable on demand,
collateralized by a lien on Certificate of
|
|
|
Deposit number
48615
|
99,999
|
90,967
|
|
|
|
Total notes payable
to bank
|
$
183,302
|
$
167,317
|
Year Ending March 31,
|
|
2018
|
433,993
|
2019
|
272,496
|
2020
|
275,467
|
2021
|
172,936
|
2022
|
108,312
|
Thereafter
|
571,104
|
|
$
1,834,308
|
Sales to Three
|
For the Period Ended
|
|
Largest Customers
|
March 31, 2017
|
March 31, 2016
|
Kohler
Corporation
|
$
445,178
|
$
432,283
|
East
Penn Manufacturing
|
148,643
|
536,413
|
Mexichem
Speciality Compounds
|
786,425
|
590,423
|
|
$
1,380,246
|
$
1,559,119
|
% of Total Revenues
|
52.70
%
|
46.90
%
|
|
|
|
Three Largest
|
|
|
Accounts Receivable
|
March 31, 2017
|
March 31, 2016
|
Kohler
Corporation
|
$
149,124
|
$
211,295
|
Accupowder
International
|
|
110,000
|
Mexichem
Speciality Compounds
|
135,680
|
95,062
|
Nutreco
Canada Inc.
|
28,139
|
-
|
|
$
312,943
|
$
416,357
|
% of Total Receivables
|
56.50
%
|
48.00
%
|
Properties,
plants
and equipment, net:
|
March 31,
2017
|
December 31,
2016
|
Antimony
|
|
|
United
States
|
$
1,674,831
|
$
1,694,331
|
Mexico
|
11,866,975
|
11,984,467
|
Subtotal
Antimony
|
13,541,806
|
13,678,798
|
Precious
metals
|
587,615
|
544,615
|
Zeolite
|
1,430,469
|
1,472,553
|
Total
|
$
15,559,890
|
$
15,695,966
|
|
|
|
Total Assets:
|
March 31,
2017
|
December 31,
2016
|
Antimony
|
|
|
United
States
|
$
2,360,482
|
$
2,495,842
|
Mexico
|
12,749,939
|
12,681,109
|
Subtotal
Antimony
|
15,110,421
|
15,176,951
|
Precious
metals
|
587,615
|
544,615
|
Zeolite
|
2,021,275
|
2,044,432
|
Total
|
$
17,719,311
|
$
17,765,998
|
Segment Operations for the three
|
Antimony
|
Antimony
|
Precious
|
Bear River
|
|
months ended March 31, 2017
|
USAC
|
Mexico
|
Metals
|
Zeolite
|
Totals
|
|
|
|
|
|
|
Total
revenues
|
$
1,968,725
|
$
17,782
|
$
20,811
|
$
612,012
|
$
2,619,330
|
|
|
|
|
|
|
Depreciation
and amortization
|
19,500
|
146,175
|
-
|
50,000
|
215,675
|
|
|
|
|
|
|
Income
(loss) from operations
|
328,900
|
(751,176
)
|
20,811
|
89,592
|
(311,873
)
|
|
|
|
|
|
|
Other
income (expense):
|
(11,078
)
|
(64,965
)
|
-
|
(3,387
)
|
(79,430
)
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
$
317,822
|
$
(816,141
)
|
$
20,811
|
$
86,205
|
$
(391,303
)
|
Segment Operations for the three
|
Antimony
|
Antimony
|
Precious
|
Bear River
|
|
months ended March 31, 2016
|
USAC
|
Mexico
|
Metals
|
Zeolite
|
Totals
|
|
|
|
|
|
|
Total
revenues
|
$
2,504,564
|
$
16,668
|
$
217,617
|
$
583,354
|
$
3,322,203
|
|
|
|
|
|
|
Depreciation
and amortization
|
15,500
|
188,650
|
|
57,000
|
261,150
|
|
|
|
|
|
|
Income
(loss) from operations
|
884,197
|
(1,279,512
)
|
182,848
|
30,170
|
(182,297
)
|
|
|
|
|
|
|
Other
income (expense):
|
(5,975
)
|
-
|
-
|
(368
)
|
(6,343
)
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
$
878,222
|
$
(1,279,512
)
|
$
182,848
|
$
29,802
|
$
(188,640
)
|
Results of Operations by Division
|
|
|
Antimony and Precious Metals
|
1st Qtr
|
1st Qtr
|
Combined USA and Mexico
|
2017
|
2016
|
Lbs
of Antimony Metal Canada
|
459,666
|
486,752
|
Lbs
of Antimony Metal Mexico
|
88,184
|
426,089
|
Total Lbs of Antimony Metal Sold
|
547,850
|
912,841
|
Sales
Price/Lb Metal
|
$
3.63
|
$
2.76
|
Net income (loss)/Lb Metal
|
$
(0.87
)
|
$
(0.24
)
|
|
|
|
Gross
antimony revenue - net of discount
|
1,986,507
|
2,521,232
|
Precious
metals revenue
|
20,811
|
217,617
|
Production
and shipping costs
|
(1,780,410
)
|
(2,210,291
)
|
Mexico
non-production costs
|
(126,707
)
|
(195,642
)
|
General
and administrative - non-production
|
(386,468
)
|
(347,871
)
|
Net
interest and gain on sale of asset
|
(25,566
)
|
663
|
EBITDA
|
(311,833
)
|
(14,292
)
|
Depreciation
& amortization
|
(165,675
)
|
(204,150
)
|
Net income (loss) - antimony and precious metals
|
$
(477,508
)
|
$
(218,442
)
|
|
|
|
Zeolite
|
|
|
Tons sold
|
3,353
|
3,097
|
Sales
Price/Ton
|
$
182.53
|
$
188.36
|
Net income (Loss)/Ton
|
$
25.71
|
$
9.62
|
|
|
|
Gross
zeolite revenue
|
612,012
|
583,354
|
Production
costs, royalties and shipping costs
|
(448,446
)
|
(479,061
)
|
General
and administrative - non-production
|
(25,849
)
|
(18,010
)
|
Net
interest
|
(1,512
)
|
519
|
EBITDA
|
136,205
|
86,802
|
Depreciation
|
(50,000
)
|
(57,000
)
|
Net income (loss) - zeolite
|
$
86,205
|
$
29,802
|
|
|
|
Company-wide
|
|
|
Gross
revenue
|
$
2,619,330
|
$
3,322,203
|
Production
costs
|
(2,228,856
)
|
(2,689,352
)
|
Mexico
non-production costs
|
(126,707
)
|
(195,642
)
|
General
and administrative - non-production
|
(412,317
)
|
(365,881
)
|
Net
interest
|
(27,078
)
|
1,182
|
EBITDA
|
(175,628
)
|
72,510
|
Depreciation
& amortization
|
(215,675
)
|
(261,150
)
|
Net income (loss)
|
$
(391,303
)
|
$
(188,640
)
|
Precious Metals Sales
|
|
|
|
|
Silver/Gold
|
|
|
|
|
Montana
|
2014
|
2015
|
2016
|
2017
|
Ounces
Gold Shipped (Au)
|
64.77
|
89.12
|
108.10
|
24.60
|
Ounces
Silver Shipped (Ag)
|
29,480.22
|
30,420.75
|
38,123.46
|
8,639.39
|
Revenues
|
$
461,083
|
$
491,426
|
$
556,650
|
$
133,506
|
Australian - Hillgrove
|
|
|
|
|
Ounces
Gold Shipped (Au)
|
|
|
496.65
|
57.25
|
Revenues
- Gross
|
|
|
$
597,309
|
$
53,971
|
Revenues
to Hillgrove
|
|
|
(481,088
)
|
(166,666
)
|
Revenues
to USAC
|
|
|
$
116,221
|
$
(112,695
)
|
|
|
|
|
|
Total Revenues
|
$
461,083
|
$
491,426
|
$
672,871
|
$
20,811
|
Financial Condition and Liquidity
|
March 31,
|
March 31,
|
|
2017
|
2016
|
Current
Assets
|
$
1,733,777
|
$
2,326,089
|
Current
liabilities
|
(3,754,101
)
|
(2,948,379
)
|
Net
Working Capital
|
$
(2,020,324
)
|
$
(622,290
)
|
|
|
|
Cash
provided (used) by operations
|
$
143,613
|
$
252,476
|
Cash
used for capital outlay
|
(79,599
)
|
(245,702
)
|
Cash
provided (used) by financing:
|
|
|
Net
proceeds (payments to) factor
|
(4,388
)
|
84,083
|
Proceeds
from notes payable to bank
|
15,985
|
-
|
Change
in check issued and payable
|
(21,519
)
|
-
|
Payment
of notes payable to bank
|
-
|
(44,912
)
|
Principal
paid on long-term debt
|
(53,020
)
|
(41,824
)
|
Net
change in cash
|
$
1,072
|
$
4,121
|
By: /s/ John C.
Lawrence
|
|
Date:
|
May 15,
2017
|
|
John C. Lawrence, Director and President (Principal Executive) |
|
|
|
|
|
|
|
|
|
By: /s/ Daniel L. Parks |
|
Date: | May 15, 2017 |
|
Daniel L. Parks, Chief Financial Officer |
|
|
|
|
1 Year United States Antimony Chart |
1 Month United States Antimony Chart |
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