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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Firma Holdings Corporation (CE) | USOTC:FRMA | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Nevada
|
20-5000381
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification No.)
|
|
375 N. Stephanie St. Bldg. 2 Ste. #211
|
||
Henderson, NV
|
89014
|
|
(Address of principal executive offices)
|
(Zip code)
|
|
(888) 901-4550
|
||
(Registrant's telephone number, including area code)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
þ
|
PART I - FINANCIAL INFORMATION
|
Page
|
3
|
|
15
|
|
19
|
|
19
|
|
PART II - OTHER INFORMATION
|
|
20
|
|
20
|
|
20
|
|
20
|
|
20
|
|
20
|
|
21
|
March 31, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash
|
$
|
82,055
|
$
|
76,758
|
||||
Other receivables, net
|
120,766
|
73,106
|
||||||
Prepaid assets
|
100,146
|
114,425
|
||||||
Assets held for disposal, net
|
|
29,262
|
29,262
|
|||||
Other current assets
|
21,653
|
21,684
|
||||||
Total current assets
|
353,882
|
315,235
|
||||||
Property, plant, equipment, mine development and land, net
|
7,068,015
|
7,344,419
|
||||||
Total assets
|
$
|
7,421,897
|
$
|
7,659,654
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
1,689,095
|
$
|
1,410,281
|
||||
Notes payable, current portion
|
118,784
|
38,614
|
||||||
Convertible notes payable, net
|
205,108
|
75,652
|
||||||
Due to related parties, net of due from
|
1,467,583
|
1,517,615
|
||||||
Total current liabilities
|
3,480,570
|
3,042,162
|
||||||
Notes payable, non-current portion
|
23,739
|
28,005
|
||||||
Total liabilities
|
3,504,309
|
3,070,167
|
||||||
Stockholders’ equity:
|
||||||||
Common stock: $0.001 par value; authorized 200,000,000 shares; issued and
outstanding 81,082,278 shares
|
81,082
|
81,082
|
||||||
Additional paid-in capital
|
37,286,709
|
37,191,859
|
||||||
Common stock payable
|
47,466
|
47,466
|
||||||
Accumulated deficit during exploration stage
|
(36,515,483
|
)
|
(35,757,123
|
)
|
||||
Accumulated other comprehensive loss
|
(171,310
|
)
|
(167,584
|
)
|
||||
Total Tara Minerals stockholders’ equity
|
728,464
|
1,395,700
|
||||||
Non-controlling interest
|
3,189,124
|
3,193,787
|
||||||
Total stockholders’ equity
|
3,917,588
|
4,589,487
|
||||||
Total liabilities and stockholders’ equity
|
$
|
7,421,897
|
$
|
7,659,654
|
For the Three Months Ended
March 31,
|
From Inception
May 12, 2006 to
March 31,
|
|||||||||||
2014
|
2013
|
2014
|
||||||||||
Mining revenues
|
$ | 105,316 | $ | - | $ | 265,737 | ||||||
Cost of revenue
|
- | - | 658,007 | |||||||||
Gross margin
|
105,316 | - | (392,270 | ) | ||||||||
Exploration expenses
|
163,393 | 241,563 | 8,711,664 | |||||||||
Operating, general and administrative expenses
|
553,259 | 790,591 | 32,223,707 | |||||||||
Net operating loss
|
(611,336 | ) | (1,032,154 | ) | (41,327,641 | ) | ||||||
Non-operating income (loss):
|
||||||||||||
Interest income
|
12,454 | 12,652 | 257,872 | |||||||||
Interest expense
|
(126,344 | ) | (202,015 | ) | (2,464,715 | ) | ||||||
Gain (loss) on debt due to extinguishment and conversion
|
5,000 | - | (778,952 | ) | ||||||||
Loss on disposal or sale of assets
|
(54,558 | ) | - | (86,088 | ) | |||||||
Gain on dissolution of joint venture
|
- | - | 100,000 | |||||||||
Settlement loss, net
|
- | (861,996 | ) | (1,814,996 | ) | |||||||
Gain on bargain acquisition of ACM
|
- | - | 3,489,971 | |||||||||
Impairment of long lived assets
|
- | - | (28,001 | ) | ||||||||
Other income
|
11,761 | 144 | 1,539,188 | |||||||||
Total non-operating income (loss)
|
(151,687 | ) | (1,051,215 | ) | 214,279 | |||||||
Loss before income taxes
|
(763,023 | ) | (2,083,369 | ) | (41,113,362 | ) | ||||||
Income tax benefit
|
- | - | 959,000 | |||||||||
Loss from continuing operations
|
(763,023 | ) | (2,083,369 | ) | (40,154,362 | ) | ||||||
Discontinued operations:
|
||||||||||||
Gain from discontinued operations, net of tax
|
- | - | 3,618,402 | |||||||||
Net loss
|
(763,023 | ) | (2,083,369 | ) | (36,535,960 | ) | ||||||
Net loss attributable to non-controlling interest
|
4,663 | 870 | 20,477 | |||||||||
Net loss attributable to Tara Minerals’ shareholders
|
(758,360 | ) | (2,082,499 | ) | (36,515,483 | ) | ||||||
Other comprehensive loss:
|
||||||||||||
Foreign currency translation loss
|
(3,726 | ) | (51,311 | ) | (171,310 | ) | ||||||
Total comprehensive loss
|
$ | (762,086 | ) | $ | (2,133,810 | ) | $ | (36,686,793 | ) | |||
Net loss per share, basic and diluted
|
$ | (0.01 | ) | $ | (0.03 | ) | ||||||
Weighted average number of shares, basic and diluted
|
81,082,278 | 69,090,834 |
For the Three Months Ended
March 31,
|
From Inception
May 12, 2006 to
March 31,
|
|||||||||||
2014
|
2013
|
2014
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net loss attributable to Tara Minerals’ shareholders
|
$ | (758,360 | ) | $ | (2,082,499 | ) | $ | (36,515,483 | ) | |||
Adjustments to reconcile net loss to net cash:
|
||||||||||||
Depreciation and amortization
|
73,557 | 72,912 | 1,246,607 | |||||||||
Allowance for doubtful accounts
|
2,517 | 118,235 | 2,747,237 | |||||||||
Stock based compensation and stock bonuses
|
- | - | 9,199,375 | |||||||||
Common stock issued for services and other expenses
|
- | 18,000 | 6,173,500 | |||||||||
Settlement loss, net
|
- | 861,996 | 314,996 | |||||||||
Non-controlling interest in net (loss) income of consolidated subsidiaries
|
(4,663 | ) | (870 | ) | (20,487 | ) | ||||||
Non-controlling interest - stock issued to third parties of subsidiaries
|
- | - | 671,028 | |||||||||
Accretion of beneficial conversion feature and debt discount
|
114,306 | 200,000 | 2,343,533 | |||||||||
Exploration expenses paid with parent and subsidiary common stock
|
- | - | 4,146,365 | |||||||||
Loss on debt due to extinguishment and conversion
|
(5,000 | ) | - | 778,952 | ||||||||
Accrued interest converted to common stock
|
- | - | 84,438 | |||||||||
Deferred tax asset, net
|
- | - | (959,000 | ) | ||||||||
Gain from discontinued operations, net of tax
|
- | - | (3,618,402 | ) | ||||||||
Gain on dissolution of joint venture
|
- | - | (100,000 | ) | ||||||||
Gain on bargain purchase of ACM
|
- | - | (3,489,971 | ) | ||||||||
Other
|
54,558 | - | 175,431 | |||||||||
Changes in current operating assets and liabilities:
|
||||||||||||
Other receivables, net
|
1,948 | (110,573 | ) | (1,700,687 | ) | |||||||
Prepaid expenses
|
14,279 | 354 | (152,266 | ) | ||||||||
Other assets
|
31 | (1,255 | ) | (90,613 | ) | |||||||
Accounts payable and accrued expenses
|
459,977 | 133,460 | 1,939,557 | |||||||||
Net cash used in operating activities
|
(46,850 | ) | (790,240 | ) | (16,825,890 | ) | ||||||
Cash flows from investing activities
:
|
||||||||||||
Acquisition of property, plant, equipment, land and construction in progress
|
- | (221,386 | ) | (3,424,246 | ) | |||||||
Purchase of mining concession including mining deposits
|
- | - | (1,719,907 | ) | ||||||||
Proceeds from the sale or disposal of assets
|
- | - | 29,128 | |||||||||
Proceeds from the sale of ACM
|
- | - | 7,500,000 | |||||||||
Investment in ACM
|
- | - | (224,521 | ) | ||||||||
Other
|
- | - | (1,721 | ) | ||||||||
Net cash (used in) provided by investing activities
|
- | (221,386 | ) | 2,158,733 | ||||||||
Cash flows from financing activities:
|
||||||||||||
Cash from the sale of common stock
|
- | 700,000 | 12,124,588 | |||||||||
Proceeds from notes payable, related party
|
- | - | 150,000 | |||||||||
Proceeds from notes payable
|
110,000 | - | 1,540,000 | |||||||||
Payments towards notes payable
|
(4,095 | ) | (11,013 | ) | (2,087,256 | ) | ||||||
Payments towards notes payable, related party
|
- | - | (100,000 | ) | ||||||||
Payment towards equipment financing
|
- | - | (201,438 | ) | ||||||||
Change in due to/from related parties, net
|
(50,032 | ) | (82,486 | ) | 1,025,983 | |||||||
Payments from joint venture partners
|
- | - | 100,000 | |||||||||
Non-controlling interest – cash from the sale of common stock of
subsidiaries |
- | - | 2,368,645 | |||||||||
Net cash provided by financing activities
|
55,873 | 606,501 | 14,920,522 |
For the Three Months Ended
March 31,
|
From Inception
May 12, 2006 to
March 31, 2014
|
|||||||||||
2014
|
2013
|
2014
|
||||||||||
Effect of exchange rate changes on cash
|
(3,726 | ) | (51,311 | ) | (171,310 | ) | ||||||
Net (decrease) increase in cash
|
5,297 | (456,436 | ) | 82,055 | ||||||||
Beginning of period cash balance
|
76,758 | 906,663 | - | |||||||||
End of period cash balance
|
$ | 82,055 | $ | 450,227 | $ | 82,055 | ||||||
Supplemental Information:
|
||||||||||||
Interest paid
|
$ | 663 | $ | 2,011 | $ | 308,104 | ||||||
Income taxes paid
|
$ | - | $ | - | $ | 10,565 | ||||||
Non-cash Investing and Financing Transactions:
|
||||||||||||
Purchase of mining concession paid by debt to related party plus capitalized
interest |
$ | - | $ | - | $ | 1,445,448 | ||||||
Purchase of concession paid with notes payable or mining deposit plus
capitalized interest |
$ | - | $ | - | $ | 3,400,837 | ||||||
Recoverable value-added taxes incurred through additional debt and due to
related party, net of mining concession modification |
$ | - | $ | - | $ | 2,101,293 | ||||||
Beneficial conversion value for convertible debt and financial instruments
|
$ | 94,850 | $ | - | $ | 2,109,850 | ||||||
Conversion of debt and Iron Ore Financial instrument to common stock, plus
accrued interest |
$ | - | $ | 800,000 | $ | 3,109,438 | ||||||
Purchase of property and equipment through debt and common stock
|
$ | - | $ | - | $ | 1,327,089 | ||||||
Issuance of common stock payable for services
|
$ | - | $ | 50,400 | $ | 50,400 | ||||||
Other
|
$ | - | $ | - | $ | 319,480 |
Note 1.
|
Nature of Business and Significant Accounting Policies
|
March 31, 2014
|
||
Current exchange rate
|
Ps.
|
13.0841
|
Weighted average exchange rate for the three months ended
|
Ps.
|
13.2339
|
March 31, 2013
|
||
Current exchange rate
|
Ps.
|
12.3546
|
Weighted average exchange rate for the three months ended
|
Ps.
|
12.6468
|
March 31, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Allowance – recoverable value-added taxes
|
$ | 1,599,620 | $ | 1,597,407 | ||||
Allowance – other receivables
|
348,737 | 348,433 | ||||||
Total
|
$ | 1,948,357 | $ | 1,945,840 |
Level 1
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
Level 2
|
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;
|
Level 3
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
|
Note 2.
|
Property, plant, equipment, mine development and land, net
|
March 31, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Land
|
$ | 19,590 | $ | 19,590 | ||||
Mining concessions:
|
||||||||
Pilar (a)
|
710,172 | 710,172 | ||||||
Don Roman (See Note 4)
|
521,739 | 521,739 | ||||||
Las Nuvias
|
100,000 | 100,000 | ||||||
Centenario
|
635,571 | 635,571 | ||||||
La Palma
|
80,000 | 80,000 | ||||||
La Verde
|
60,000 | 60,000 | ||||||
Dixie Mining District
|
650,000 | 650,000 | ||||||
Picacho Groupings
|
1,571,093 | 1,571,093 | ||||||
Mining concessions
|
4,328,575 | 4,328,575 | ||||||
Property, plant and equipment
|
3,897,097 | 4,142,245 | ||||||
8,245,262 | 8,490,410 | |||||||
Less – accumulated depreciation
|
(1,177,247 | ) | (1,145,991 | ) | ||||
$ | 7,068,015 | $ | 7,344,419 |
|
a.
|
In January 2007, the Company acquired the Pilar de Mocoribo Prospect (“Pilar”) from Tara Gold for $739,130 plus $115,737 of value-added tax (as amended). The Company owes $535,659 for this mining concession (including the applicable value-added tax).
|
Debt
|
IVA
|
Total
|
||||||||||
Total remaining debt
|
$ | 486,739 | $ | 77,878 | $ | 564,617 | ||||||
Imputed interest
|
(28,958 | ) | - | (28,958 | ) | |||||||
Present value of debt
|
$ | 457,781 | $ | 77,878 | $ | 535,659 |
Note 3.
|
Notes Payable and Convertible Notes Payable, net
|
March 31, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Auto loans
|
$ | 62,523 | $ | 66,619 | ||||
Notes payable
|
80,000 | - | ||||||
Convertible notes payable, net
|
205,108 | 75,652 | ||||||
347,631 | 142,271 | |||||||
Less – current portion
|
(118,784 | ) | (38,614 | ) | ||||
Less – current portion convertible notes payable, net
|
(205,108 | ) | (75,652 | ) | ||||
Total – non-current portion
|
$ | 23,739 | $ | 28,005 |
2014
|
2015
|
2016
|
2017
|
2018
|
Total
|
|||||||||||||||||||
Auto loans
|
$
|
38,784
|
$
|
9,501
|
$
|
5,948
|
$
|
6,178
|
$
|
2,112
|
$
|
62,523
|
||||||||||||
Note payables
|
80,000
|
-
|
-
|
-
|
-
|
80,000
|
||||||||||||||||||
Convertible note payable, net
|
205,108
|
-
|
-
|
-
|
-
|
205,108
|
||||||||||||||||||
Total
|
$
|
323,892
|
$
|
9,501
|
$
|
5,948
|
$
|
6,178
|
$
|
2,112
|
$
|
347,631
|
Note 4.
|
Related Party Transactions
|
March 31, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Due from related parties
|
$
|
119,920
|
$
|
221,592
|
||||
Due to related parties
|
(1,587,503
|
) |
(1,739,207
|
) | ||||
$
|
(1,467,583
|
) |
$
|
(1,517,615
|
) |
Note 5.
|
Stockholders’ Equity
|
Note 6.
|
Options
|
March 31, 2014
|
December 31, 2013
|
|||||
Expected volatility
|
0.00%
|
218.84%
|
||||
Weighted-average volatility
|
0.00%
|
218.84%
|
||||
Expected dividends
|
0
|
0
|
||||
Expected term (in years)
|
0
|
2.00
|
||||
Risk-free rate
|
0.00%
|
0.22%
|
Options
|
Shares
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contractual Term
|
Aggregate
Intrinsic
Value
|
||||||||||||
Outstanding at December 31, 2013
|
2,750,000
|
$
|
0.24
|
|||||||||||||
Granted
|
-
|
-
|
||||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Forfeited, expired or cancelled
|
-
|
-
|
||||||||||||||
Outstanding at March 31, 2014
|
2,750,000
|
$
|
0.24
|
1.5
|
$
|
167,440
|
||||||||||
Exercisable at March 31, 2014
|
2,340,000
|
$
|
0.24
|
1.5
|
$
|
167,440
|
Non-vested Options
|
Options
|
Weighted-Average
Grant-Date Fair Value
|
||||||
Non-vested at December 31, 2013
|
410,000
|
$
|
0.48
|
|||||
Granted
|
-
|
-
|
||||||
Vested
|
-
|
-
|
||||||
Forfeited, expired or cancelled
|
-
|
-
|
||||||
Non-vested at March 31, 2014
|
410,000
|
$
|
0.48
|
Note 7.
|
Non-controlling Interest
|
March 31, 2014
|
December 31, 2013
|
|||||||
(Unaudited)
|
||||||||
Common stock for cash
|
$ | 1,999,501 | $ | 1,999,501 | ||||
Common stock for services
|
95,215 | 95,215 | ||||||
Exploration expenses paid for in subsidiary common stock
|
240,000 | 240,000 | ||||||
Stock based compensation
|
1,374,880 | 1,374,880 | ||||||
Cumulative net loss attributable to non-controlling interest
|
(20,478 | ) | (15,815 | ) | ||||
Treasury stock
|
(500,000 | ) | (500,000 | ) | ||||
Other
|
6 | 6 | ||||||
Total non-controlling interest
|
$ | 3,189,124 | $ | 3,193,787 |
Non-controlling interest at December 31, 2013
|
$ | 3,193,787 | ||
Net income attributable to non-controlling interest
|
(4,663 | ) | ||
Non-controlling interest at March 31, 2014
|
$ | 3,189,124 |
Note 8.
|
Fair Value
|
Fair Value at March 31, 2014
(Unaudited)
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Assets:
|
||||||||||||||||
None
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Liabilities:
|
||||||||||||||||
Beneficial conversion feature of note payable (See Note 3)
|
$
|
54,892
|
$
|
54,892
|
$
|
-
|
$
|
-
|
Fair Value at December 31, 2013
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Assets:
|
||||||||||||||||
Fair market value of ACM’s net identifiable assets acquired
|
$
|
1,589,000
|
$
|
-
|
$
|
-
|
$
|
1,589,000
|
||||||||
Liabilities:
|
||||||||||||||||
Beneficial conversion feature of note payable (See Note 3)
|
$
|
74,348
|
$
|
74,348
|
$
|
-
|
$
|
-
|
Note 9.
|
Subsequent Events
|
Three Months Ended
|
March 31, 2014
|
March 31, 2013
|
||||||
(In thousands of U.S. Dollars)
|
||||||||
Revenue
|
$ | 105 | $ | - | ||||
Cost of revenue
|
- | - | ||||||
Exploration expenses
|
163 | 242 | ||||||
Operating, general and administrative expenses
|
553 | 791 | ||||||
Net operating loss
|
$ | (611 | ) | $ | (1,032 | ) |
Three Months Ended
|
March 31, 2014
|
March 31, 2013
|
||||||
(In thousands of U.S. Dollars)
|
||||||||
Investment banking and investor relations expense
|
$ | 22 | $ | 109 | ||||
Professional fees
|
121 | 238 |
March 31, 2014
|
March 31, 2013
|
|||||||
(In thousands of U.S. Dollars)
|
||||||||
Net cash used in operating activities
|
$ | (47 | ) | $ | (790 | ) | ||
Acquisition of property, plant, equipment, land and construction in progress
|
- | (221 | ) | |||||
Cash from the sale of common stock
|
- | 700 | ||||||
Proceeds from notes payable
|
110 | - | ||||||
Payments towards notes payable
|
(4 | ) | (11 | ) | ||||
Change in due to/from related parties, net
|
(50 | ) | (82 | ) | ||||
Cash, beginning of period
|
77 | 907 |
Exploration and Development – Don Roman Groupings
|
$ | 200,000 | ||
Exploration and Development – Picacho Groupings
|
160,000 | |||
Exploration and Development - Dixie Mining District Groupings
|
60,000 | |||
Property taxes
|
125,000 | |||
General and administrative expenses
|
1,000,000 | |||
Total
|
$ | 1,545,000 |
Exhibit No.
|
Description of Exhibit
|
|
31.1
|
Rule 13a-14(a) Certifications – CEO
|
(1)
|
31.2
|
Rule 13a-14(a) Certifications - CFO
|
(1)
|
32.1
|
Section 1350 Certifications
|
(1)
|
95.1
|
Mine Safety Disclosures
|
(1)
|
101.INS
|
XBRL Instance Document
|
(1)
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
(1)
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase Document
|
(1)
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
(1)
|
101.LAB
|
XBRL Taxonomy Label Linkbase Document
|
(1)
|
101.PRE
|
XBRL Taxonomy Presentation Linkbase Document
|
(1)
|
(1)
|
Filed with this report.
|
Dated: May 19, 2014
|
By:
|
/s/ Francis Richard Biscan, Jr.
|
|
Francis R. Biscan, Jr., President,
|
|||
Chief Executive Officer
|
|||
Dated: May 19, 2014
|
By:
|
/s/ Lynda R. Keeton-Cardno
|
|
Lynda R. Keeton-Cardno, CPA
|
|||
Principal Financial and Accounting Officer
|
|||
1 Year Firma (CE) Chart |
1 Month Firma (CE) Chart |
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