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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2229 | 0 | 01:00:00 |
(Mark
One)
|
|
☒
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
|
For the quarterly period ended March 31, 2021
|
|
OR
|
☐
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
|
For the
transition period from to
|
Montana
|
|
81-0305822
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification No.)
|
Title of Each Class
|
Trading Symbol(s)
|
Name of Each Exchange on Which Registered
|
Common
Stock, $0.01 par value
|
UAMY
|
NYSE
American
|
Large
Accelerated Filer ☐
|
Accelerated Filer
☐
|
Non-Accelerated
Filer ☐
|
Small
Reporting Company ☒
Emerging Growth
Company ☐
|
|
Page
|
PART I
– FINANCIAL INFORMATION
|
|
|
|
Item
1: Financial Statements (unaudited)
|
1-15
|
|
|
Item
2: Management’s Discussion and Analysis of Results of
Operations and Financial Condition
|
16-20
|
|
|
Item
3: Quantitative and Qualitative Disclosure about Market
Risk
|
20
|
|
|
Item
4: Controls and Procedures
|
20
|
|
|
PART
II – OTHER INFORMATION
|
|
|
|
Item
1: Legal Proceedings
|
21
|
|
|
Item
2: Unregistered Sales of
Equity Securities and Use of Proceeds
|
21
|
|
|
Item
3: Defaults upon Senior Securities
|
21
|
|
|
Item
4: Mine Safety Disclosures
|
21
|
|
|
Item
5: Other Information
|
21
|
|
|
Item
6: Exhibits and Reports on Form 8-K
|
21
|
|
|
SIGNATURE
|
22
|
|
|
CERTIFICATIONS
|
|
|
For the three
months ended
|
|
|
March
31,
2021
|
March
31,
2020
|
|
|
|
REVENUES
|
$1,253,287
|
$1,742,991
|
|
|
|
COST
OF REVENUES
|
1,041,130
|
1,641,814
|
|
|
|
GROSS
PROFIT
|
212,157
|
101,177
|
|
|
|
OPERATING
EXPENSES:
|
|
|
General
and administrative
|
170,050
|
199,971
|
Salaries
and benefits
|
76,659
|
94,969
|
Other
operating expenses
|
184,037
|
26,217
|
Professional
fees
|
123,137
|
84,958
|
TOTAL
OPERATING EXPENSES
|
553,883
|
406,115
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS
|
(341,726)
|
(304,938)
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
Interest
income
|
8,493
|
804
|
Interest
expense
|
(2,255)
|
(4,748)
|
TOTAL
OTHER INCOME (EXPENSE)
|
6,238
|
(3,944)
|
|
|
|
NET
LOSS
|
(335,488)
|
(308,882)
|
Preferred
dividends
|
(12,162)
|
(12,162)
|
|
|
|
Net loss available
to common stockholders
|
$(347,650)
|
$(321,044)
|
|
|
|
Net loss per share
of
|
|
|
common
stock:
|
|
|
Basic and
diluted
|
Nil
|
Nil
|
|
|
|
Weighted average
shares outstanding:
|
|
|
Basic
|
92,711,336
|
69,697,150
|
Diluted
|
92,711,336
|
69,697,150
|
|
Total Preferred
Stock
|
Common
Stock
|
Additional
|
|
Total
|
||
|
|
|
|
|
Paid
|
Accumulated
|
Stockholders'
|
Quarter ended
March 31, 2021
|
Shares
|
Amount
|
Shares
|
Amount
|
In
Capital
|
Deficit
|
Equity
|
|
|
|
|
|
|
|
|
Balances, December 31,
2020
|
2,678,909
|
$26,788
|
75,949,757
|
$759,496
|
$39,050,899
|
$(32,650,794)
|
$7,186,389
|
Issuance of common stock for
cash
|
-
|
-
|
26,290,000
|
262,900
|
24,734,100
|
-
|
24,997,000
|
Common stock issuance
costs
|
-
|
-
|
-
|
-
|
(1,654,820)
|
-
|
(1,654,820)
|
Common stock issued upon exercise
of warrants
|
-
|
-
|
3,723,810
|
37,238
|
1,726,381
|
-
|
1,763,619
|
Net loss
|
-
|
-
|
-
|
-
|
-
|
(335,488)
|
(335,488)
|
Balances, March 31,
2021
|
2,678,909
|
$26,788
|
105,963,567
|
$1,059,634
|
$63,856,560
|
$(32,986,282)
|
$31,956,700
|
|
Total Preferred
Stock
|
Common
Stock
|
Additional
|
|
Total
|
||
|
|
|
|
|
Paid
|
Accumulated
|
Stockholders'
|
Quarter ended
March 31, 2020
|
Shares
|
Amount
|
Shares
|
Amount
|
In
Capital
|
Deficit
|
Equity
|
|
|
|
|
|
|
|
|
Balances, December 31,
2019
|
2,678,909
|
$26,788
|
69,661,436
|
$696,614
|
$37,107,730
|
$(29,363,990)
|
$8,467,142
|
Common stock issued upon exercise
of warrants
|
-
|
-
|
250,000
|
2,500
|
60,000
|
-
|
62,500
|
Net loss
|
-
|
-
|
-
|
-
|
-
|
(308,882)
|
(308,882)
|
Balances, March 31,
2020
|
2,678,909
|
$26,788
|
69,911,436
|
$699,114
|
$37,167,730
|
$(29,672,872)
|
$8,220,760
|
United States Antimony Corporation and Subsidiaries
|
|||||
Consolidated Statements of Cash Flows - Unaudited
|
|
For the three
months ended
|
|
Cash Flows From
Operating Activities:
|
March
31,
2021
|
March
31,
2020
|
Net income
(loss)
|
$(335,488)
|
$(308,882)
|
Adjustments to
reconcile net income (loss) to net cash
|
|
|
provided
(used) by operating activities:
|
|
|
Depreciation and
amortization
|
222,464
|
226,281
|
Accretion of asset
retirement obligation
|
1,732
|
2,654
|
Common stock
payable for directors fees
|
28,125
|
28,125
|
Write-down of
inventory to net realizable value
|
57,530
|
22,475
|
Other non-cash
items
|
(661)
|
(660)
|
Change
in:
|
|
|
Accounts
receivable
|
(298,933)
|
54,761
|
Inventories
|
(125,067)
|
(39,124)
|
IVA receivable and
other assets
|
(50,546)
|
2,083
|
Accounts
payable
|
(582,360)
|
(24,528)
|
Accrued
liabilities
|
(80,998)
|
(38,147)
|
Export tax
assessment payable
|
(1,120,730)
|
23,774
|
Payables to related
parties
|
(164,922)
|
14,923
|
Net cash (used) by
operating activities
|
(2,449,854)
|
(36,265)
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
Purchase of
properties, plants and equipment
|
(23,298)
|
(96,271)
|
Net cash (used) by
investing activities
|
(23,298)
|
(96,271)
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
Change in checks
issued and payable
|
(86,685)
|
56,102
|
Net borrowing from
factor
|
-
|
6,347
|
Payments on
advances from related party
|
(56,216)
|
(13,933)
|
Proceeds from
issuance of common stock, net of issuance costs
|
23,342,180
|
-
|
Proceeds from
exercise of warrants
|
1,763,619
|
-
|
Borrowing on notes
payable to bank
|
-
|
2,488
|
Principal paid on
notes payable to bank
|
(100,000)
|
-
|
Principal payments
of long-term debt
|
(12,518)
|
(10,906)
|
Net cash provided
by financing activities
|
24,850,380
|
40,098
|
NET INCREASE
(DECREASE) IN CASH
|
|
|
AND
CASH EQUIVALENTS AND RESTRICTED CASH
|
22,377,228
|
(92,438)
|
Cash and cash
equivalents and restricted cash at beginning of period
|
722,377
|
172,767
|
Cash and cash
equivalents and restricted cash at end of period
|
$23,099,605
|
$80,329
|
|
57,275
|
|
NONCASH INVESTING
AND FINANCING ACTIVITIES:
|
|
|
Common stock issued
for warrants
|
$-
|
$62,500
|
|
March
31,
2021
|
March
31,
2020
|
Warrants
|
2,471,089
|
452,041
|
Convertible
preferred stock
|
1,751,005
|
1,751,005
|
Total possible
dilution
|
4,222,094
|
2,203,046
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2021
|
2020
|
Antimony
|
$657,107
|
$1,121,425
|
Zeolite
|
519,947
|
559,360
|
Precious
metals
|
76,233
|
62,206
|
|
$1,253,287
|
$1,742,991
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2021
|
2020
|
United
States
|
$1,165,513
|
$1,566,237
|
Canada
|
87,774
|
176,754
|
|
$1,253,287
|
$1,742,991
|
Sales
to Three
|
For the
Period Ended
|
|
Largest
Customers
|
March
31,
2021
|
March 31,
2020
|
Zeo
Inc.
|
$152,317
|
$-
|
GE Chaplin,
Inc.
|
298,150
|
114,291
|
Nyacol
Technologies
|
-
|
106,161
|
Mexichem Specialty
Compounds
|
327,670
|
413,993
|
|
$778,137
|
$634,445
|
%
of Total Revenues
|
62.09%
|
36.40%
|
Largest
|
|
|
Accounts
Receivable
|
March
31,
2021
|
December
31,
2020
|
Mexichem Specialty
Compounds
|
$185,804
|
$-
|
GE Chaplin,
Inc.
|
102,408
|
-
|
Earth Innovations
Inc.
|
-
|
68,055
|
|
$288,212
|
$68,055
|
%
of Total Receivables
|
53.61%
|
28.52%
|
|
March
31,
2021
|
December
31,
2020
|
Antimony
Metal
|
$25,238
|
$268,100
|
Antimony
Oxide
|
360,566
|
67,377
|
Antimony
Ore
|
167,945
|
95,880
|
Total
antimony
|
553,749
|
431,357
|
Zeolite
|
164,001
|
218,856
|
|
$717,750
|
$650,213
|
12 Months Ending
March 31,
|
Principal
Payment
|
2022
|
40,770
|
2023
|
33,138
|
|
$73,908
|
|
Number of
Warrants
|
Exercise
Prices
|
Balance December
31, 2019
|
702,041
|
$0.25 - $0.65
|
Issued
|
5,742,858
|
$0.46
|
Exercised
|
(250,000)
|
$0.25
|
Balance December
31, 2020
|
6,194,899
|
$0.46 - $0.65
|
Issued
|
-
|
|
Exercised
|
(3,723,810)
|
$0.46 - $0.65
|
Balance March 31,
2021
|
2,471,089
|
$0.46 - $0.65
|
Shares
|
Exercise
Price
|
Expiration
Date
|
185,374
|
$0.65
|
2022
|
2,285,715
|
$0.46
|
2025
|
2,471,089
|
|
|
Properties,
plants
|
March
31,
|
December
31,
|
and
equipment, net:
|
2021
|
2020
|
Antimony
|
|
|
United
States
|
$1,629,846
|
$1,637,738
|
Mexico
|
7,495,331
|
7,635,410
|
Subtotal
Antimony
|
9,125,177
|
9,273,148
|
Precious
metals
|
924,707
|
933,885
|
Zeolite
|
976,544
|
1,018,561
|
Total
|
$11,026,428
|
$11,225,594
|
Segment
Operations for the three
|
Antimony
|
Antimony
|
Total
|
Precious
|
Bear
River
|
|
months ended
March 31, 2021
|
USAC
|
Mexico
|
Antimony
|
Metals
|
Zeolite
|
Totals
|
|
|
|
|
|
|
|
Total revenues
|
$657,107
|
$-
|
$657,107
|
$76,233
|
$519,947
|
$1,253,287
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
7,891
|
144,952
|
152,843
|
27,604
|
42,017
|
222,464
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
(218,669)
|
(238,568)
|
(457,237)
|
48,630
|
66,881
|
(341,726)
|
|
|
|
|
|
|
|
Other income
(expense):
|
6,635
|
-
|
6,635
|
-
|
(397)
|
6,238
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
$(212,034)
|
$(238,568)
|
$(450,602)
|
$48,630
|
$66,484
|
$(335,488)
|
Segment
Operations for the three
|
Antimony
|
Antimony
|
Total
|
Precious
|
Bear
River
|
|
months ended
March 31, 2020
|
USAC
|
Mexico
|
Antimony
|
Metals
|
Zeolite
|
Totals
|
|
|
|
|
|
|
|
Total revenues
|
$1,121,425
|
$-
|
$1,121,425
|
$62,206
|
$559,360
|
$1,742,991
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
7,395
|
146,098
|
153,493
|
23,598
|
49,190
|
226,281
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
239,352
|
(719,066)
|
(479,714)
|
38,608
|
136,168
|
(304,938)
|
|
|
|
|
|
|
|
Other income
(expense):
|
(2,915)
|
-
|
(2,915)
|
-
|
(1,029)
|
(3,944)
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
$236,437
|
$(719,066)
|
$(482,629)
|
$38,608
|
$135,139
|
$(308,882)
|
|
Three
Months
|
Three
Months
|
|
Ended
|
Ended
|
Antimony
- Combined USA and Mexico
|
March
31,
2021
|
March
31,
2020
|
Lbs of Antimony
Metal USA
|
181,969
|
166,908
|
Lbs of Antimony
Metal Mexico:
|
-
|
128,545
|
Total
Lbs of Antimony Metal Sold
|
181,969
|
295,453
|
Average Sales
Price/Lb Metal
|
$3.61
|
$3.06
|
Net
loss/Lb Metal
|
$(2.48)
|
$(1.63)
|
|
|
|
Gross antimony
revenue - net of discount
|
657,107
|
902,746
|
Tri-sulfide
revenue
|
-
|
218,679
|
Total
revenue
|
$657,107
|
$1,121,425
|
|
|
|
Cost of sales -
domestic
|
(543,322)
|
(533,289)
|
Cost of sales -
Mexico
|
(26,318)
|
(684,061)
|
Operating
expenses
|
(544,704)
|
(383,789)
|
Non-operating
expenses
|
6,635
|
(2,915)
|
|
(1,107,709)
|
(1,604,054)
|
|
|
|
Net
loss - antimony
|
(450,602)
|
(482,629)
|
Depreciation,&
amortization
|
152,843
|
153,493
|
EBITDA
- antimony
|
$(297,759)
|
$(329,136)
|
|
|
|
Precious
Metals
|
|
|
Ounces
sold
|
|
|
Gold
|
7.28
|
15.00
|
Silver
|
3,354
|
5,048
|
|
|
|
Gross precious
metals revenue
|
$76,233
|
$62,206
|
Production costs,
royalties, and shipping costs
|
(27,604)
|
(23,598)
|
Net
income - precious metals
|
48,629
|
38,608
|
Depreciation
|
27,604
|
23,598
|
EBITDA
- precious metals
|
$76,233
|
$62,206
|
|
|
|
Zeolite
|
|
|
Tons
sold
|
2,743
|
2,809
|
Average Sales
Price/Ton
|
$189.55
|
$199.13
|
Net
income (Loss)/Ton
|
$24.24
|
$48.11
|
|
|
|
Gross zeolite
revenue
|
$519,947
|
$559,360
|
Cost of
sales
|
(443,886)
|
(400,866)
|
Operating
expenses
|
(9,179)
|
(22,326)
|
Non-operating
expenses
|
(397)
|
(1,029)
|
Net
income - zeolite
|
66,485
|
135,139
|
Depreciation
|
42,017
|
49,190
|
EBITDA
- zeolite
|
$108,502
|
$184,329
|
|
|
|
Company-wide
|
|
|
Gross
revenue
|
$1,253,287
|
$1,742,991
|
Production
costs
|
(1,041,130)
|
(1,641,814)
|
Operating
expenses
|
(553,883)
|
(406,115)
|
Non-operating
expenses
|
6,238
|
(3,944)
|
Net
income (loss)
|
(335,488)
|
(308,882)
|
Depreciation,&
amortization
|
222,464
|
226,281
|
EBITDA
|
$(113,024)
|
$(82,601)
|
Precious
Metal Sales Silver/Gold
|
For
the three months ended March 31,
|
|
Montana
|
2021
|
2020
|
Ounces Gold Shipped
(Au)
|
7.28
|
15.00
|
Ounces Silver
Shipped (Ag)
|
3,354.00
|
5,048.00
|
Total
Revenues
|
$76,233
|
$62,206
|
Financial
Condition and Liquidity
|
March
31,
2021
|
December
31,
2020
|
|
|
|
Current
assets
|
$24,604,720
|
$1,808,161
|
Current
liabilities
|
(3,030,427)
|
(4,477,543)
|
Net
Working Capital
|
$21,574,293
|
$(2,669,382)
|
|
For the
Three Months Ended
|
|
|
March 31,
2021
|
March 31,
2020
|
Cash provided
(used) by operations
|
$(2,449,854)
|
$(36,265)
|
Cash provided by
collection of note receivable
|
|
|
Cash provided
(used) by investing:
|
|
|
Cash used for
capital outlay
|
(23,298)
|
(96,271)
|
Cash provided
(used) by financing:
|
|
|
Payments on notes
payable to bank
|
(100,000)
|
-
|
Proceeds from notes
payable to bank
|
-
|
2,488
|
Proceeds from
common stock issued, net
|
23,342,180
|
62,500
|
Proceeds from
exercise of warrants
|
1,763,619
|
-
|
Principal paid on
long-term debt
|
(12,518)
|
(10,906)
|
Payments on
advances from related party
|
(56,216)
|
-
|
Checks issued and
payable
|
(86,685)
|
56,102
|
Net
change in cash and restricted cash
|
$22,377,228
|
$(22,352)
|
By: /s/
John C. Gustaven
|
|
|
Date:
May 15, 2021
|
|
John C.
Gustaven, Interim CEO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By: /s/ Russell C.
Lawrence
|
|
|
Date:
May 15, 2021
|
|
Russell
C. Lawrence, Interim President & Director
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year United States Antimony Chart |
1 Month United States Antimony Chart |
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