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Share Name | Share Symbol | Market | Type |
---|---|---|---|
International Silver Inc (CE) | USOTC:ISLV | 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% | 0.0001 | 0.00 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
INTERNATIONAL SILVER, INC.
|
(Exact name of registrant as specified in its charter)
|
Arizona
|
(State or other jurisdiction of incorporation or organization)
|
333-147712
|
86-0715596
|
|
(Commission File Number)
|
(IRS Employer Identification Number)
|
5210 E. Williams Circle, Suite 700
Tucson, Arizona 85711
|
(Address of principal executive offices including zip code)
|
(520) 889-2040
|
(Registrant's telephone number, including area code)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non–Accelerated filer
|
o
|
Smaller reporting company
|
x
|
Class
|
Shares Outstanding at November August 9, 2012
|
|
Common Stock, $0.0001 Par Value
|
36,780,828
|
Page
|
|||||
PART 1 – FINANCIAL INFORMATION | |||||
Item 1
|
FINANCIAL STATEMENTS
|
||||
Consolidated Financial Statements:
|
4
|
||||
Balance Sheets
|
5
|
||||
Statement of Operations
|
6
|
||||
Statement of Cash Flows
|
7
|
||||
Supplemental Disclosures of Non-cash Financing Activities:
|
8
|
||||
Unaudited Interim Condensed Consolidated Statement of Shareholders' Equity
|
|
||||
Notes To The Financial Statements
|
9
|
||||
Item 2
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF OPERATIONS
|
30
|
|||
Item 3
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
36
|
|||
Item 4
|
CONTROLS AND PROCEDURES
|
37
|
|||
PART II – OTHER INFORMATION | |||||
Item 1
|
LEGAL PROCEEDINGS
|
38
|
|||
Item 1A
|
RISK FACTORS
|
38
|
|||
Item 2
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
38
|
|||
Item 3
|
DEFAULTS UPON SENIOR SECURITIES
|
38
|
|||
Item 4
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
38
|
|||
Item 5
|
OTHER INFORMATION
|
38
|
|||
Item 6
|
EXHIBITS
|
|
International Silver, Inc.
|
||
(An Exploration Stage Enterprise)
|
||
Unaudited Interim Condensed Consolidated Balance Sheets
|
As At
|
||||||||
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash
|
$ | 1,582,651 | $ | 1,913 | ||||
Due from related parties - Note K
|
63 | 299 | ||||||
Prepaid rent - related party - Note C
|
9,500 | - | ||||||
Prepaid expenses - Note C
|
54,381 | 43,762 | ||||||
Total Current Assets
|
$ | 1,646,595 | $ | 45,974 | ||||
PROPERTY, PLANT AND EQUIPMENT- Note E
|
||||||||
Mineral properties - Note D
|
$ | 47,500 | $ | - | ||||
Equipment
|
3,357 | - | ||||||
Computer equipment
|
790 | 790 | ||||||
$ | 51,647 | $ | 790 | |||||
Accumulated depreciation
|
(151 | ) | (72 | ) | ||||
$ | 51,496 | $ | 718 | |||||
Other Assets
|
||||||||
Deposit toward investment - Note N
|
$ | 110,000 | $ | - | ||||
Refundable deposit
|
14,406 | |||||||
|
$ | 124,406 | $ | - | ||||
TOTAL ASSETS
|
$ | 1,822,497 | $ | 46,692 | ||||
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$ | 20,434 | $ | 17,311 | ||||
Payroll taxes payable
|
59,903 | 28,264 | ||||||
Accrued expenses
|
162,982 | 68,775 | ||||||
Due to related parties - Note K
|
23,551 | 25,566 | ||||||
Note payable - Note G
|
- | 27,337 | ||||||
Total Current Liabilities
|
$ | 266,870 | $ | 167,253 | ||||
LONG-TERM LIABILITIES
|
||||||||
Convertible notes payable - Note H
|
$ | 2,053,668 | $ | - | ||||
|
$ | 2,053,668 | $ | - | ||||
Total Liabilities
|
$ | 2,320,538 | $ | 167,253 | ||||
SHAREHOLDERS' EQUITY - Note J
|
||||||||
Common stock
|
||||||||
authorized shares - 500,000,000
|
||||||||
par value $0.0001 per share
|
||||||||
issued & o/s at 12/31/11 - 36,780,828
|
||||||||
issued & o/s at 06/30/12 - 36,780,828
|
$ | 3,678 | $ | 3,678 | ||||
Additional paid-in capital
|
3,083,713 | 2,505,935 | ||||||
Accumulated deficit prior to exploration stage
|
(176,034 | ) | (176,034 | ) | ||||
Accumulated deficit during exploration stage
|
(3,409,398 | ) | (2,454,140 | ) | ||||
Total Shareholders' Equity
|
$ | (498,041 | ) | $ | (120,561 | ) | ||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
$ | 1,822,497 | $ | 46,692 |
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Unaudited Interim Condensed Consolidated Statement of Income
|
Three Months Ended
|
Six Months Ended
|
Inception
(June 16, 2006)
of Exploration
Stage through
|
||||||||||||||||||
June 30,
2012
|
June 30,
2011
|
June 30,
2012
|
June 30,
2011
|
(June 30, 2012)
|
||||||||||||||||
REVENUES
|
||||||||||||||||||||
Consulting-third parties
|
$ | - | $ | - | $ | - | $ | - | $ | 44,199 | ||||||||||
Consulting-related parties
|
- | 5,500 | - | 5,500 | 397,090 | |||||||||||||||
Total Revenues
|
$ | - | $ | 5,500 | $ | - | $ | 5,500 | $ | 441,289 | ||||||||||
|
||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||
Exploration costs
|
$ | 43,635 | $ | 30,682 | $ | 94,279 | $ | 43,604 | $ | 461,036 | ||||||||||
General and administration
|
||||||||||||||||||||
Rent expense - related party
|
28,500 | 25,500 | 57,000 | 27,000 | 229,958 | |||||||||||||||
Bad debt expense
|
- | - | - | - | 41,860 | |||||||||||||||
All other general & administrative
|
358,306 | 218,974 | 654,556 | 285,180 | 2,677,876 | |||||||||||||||
Depreciation and depletion
|
39 | - | 79 | - | 906 | |||||||||||||||
Total operating expenses
|
$ | 430,480 | $ | 275,156 | $ | 805,914 | $ | 355,784 | $ | 3,411,636 | ||||||||||
Operating Income/(Loss)
|
$ | (430,480 | ) | $ | (269,656 | ) | $ | (805,914 | ) | $ | (350,284 | ) | $ | (2,970,347 | ) | |||||
Other Income/(Expense)
|
||||||||||||||||||||
Gain on Settlement of Debt
|
$ | - | $ | - | $ | - | $ | - | $ | 1,678,634 | ||||||||||
Impairment loss
|
- | (1,564,900 | ) | - | (1,564,900 | ) | (1,733,456 | ) | ||||||||||||
Interest expense
|
(88,808 | ) | (22,333 | ) | (149,344 | ) | (115,250 | ) | (384,229 | ) | ||||||||||
Total other income/(expense)
|
$ | (88,808 | ) | $ | (1,587,233 | ) | $ | (149,344 | ) | $ | (1,680,150 | ) | $ | (439,051 | ) | |||||
Net Income/(Loss)
|
$ | (519,288 | ) | $ | (1,856,889 | ) | $ | (955,258 | ) | $ | (2,030,434 | ) | $ | (3,409,398 | ) | |||||
Basic Earnings per Share
|
||||||||||||||||||||
Income/(Loss) per Share
|
$ | (0.01 | ) | $ | (0.06 | ) | $ | (0.03 | ) | $ | (0.07 | ) | ||||||||
Weighted Average Shares
Outstanding
|
36,780,828 | 28,581,753 | 36,780,828 | 28,581,783 |
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Unaudited Interim Condensed Consolidated Statement of Cash Flows
|
Six Months Ended
|
Inception
(June 16,
2006)
of Exploration
Stage through
|
|||||||||||
June 30,
2012
|
June 30,
2011
|
(June 30, 2012)
|
||||||||||
|
|
(Restated)
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net Income/(Loss)
|
$ | (955,258 | ) | $ | (2,030,434 | ) | $ | (3,409,398 | ) | |||
Adjustments used to reconcile net (loss)
to net cash (used) by operating activities:
|
||||||||||||
Non-controlling interest in subsidiary
|
- | - | (3,530 | ) | ||||||||
Dissolution of subsidiary
|
- | - | 3,530 | |||||||||
Depreciation and depletion
|
79 | - | 906 | |||||||||
Impairment loss
|
- | 1,564,900 | 1,733,456 | |||||||||
Gain on Settlement on Debt
|
- | - | (1,678,634 | ) | ||||||||
Financing cost
|
34,109 | 115,250 | 233,496 | |||||||||
Issuance of common stock
|
||||||||||||
In exchange for land
|
- | - | 30,000 | |||||||||
In exchange for services
|
- | - | 157,000 | |||||||||
In exchange for exploration costs
|
- | - | 55,385 | |||||||||
In exchange for debt
|
- | - | 50,000 | |||||||||
Issuance of incentive stock option grants
|
- | - | 396,000 | |||||||||
Changes in operating assets and liabilities
|
||||||||||||
Decrease/(Increase) in receivables
|
236 | 14,989 | 249,598 | |||||||||
Decrease/(Increase) in employee receivable
|
- | - | 2,317 | |||||||||
Decrease/(Increase) in prepaid expenses
|
(20,119 | ) | (12,077 | ) | (67,355 | ) | ||||||
(Decrease)/Increase in payables
|
32,747 | (44,270 | ) | 90,719 | ||||||||
(Decrease)/Increase in accrued expenses
|
94,207 | 7,993 | 186,603 | |||||||||
Net Cash Flows (used by) Operating Activities
|
$ | (813,999 | ) | $ | (383,649 | ) | $ | (1,969,907 | ) | |||
CASH FLOW FROM INVESTMENT ACTIVITIES
|
||||||||||||
Lease/purchase option on land
|
$ | - | $ | - | $ | (90,000 | ) | |||||
Purchase of land
|
- | - | (90,000 | ) | ||||||||
Purchase of equipment
|
(3,357 | ) | - | (10,815 | ) | |||||||
Building improvements
|
- | - | (14,822 | ) | ||||||||
Deposits towards investment
|
(110,000 | ) | - | (110,000 | ) | |||||||
Refundable deposit - reclamation bond
|
(14,406 | ) | - | (14,406 | ) | |||||||
Purchase of mineral land
|
(47,500 | ) | - | (47,500 | ) | |||||||
Net Cash Flows from Investment Activities
|
$ | (175,263 | ) | $ | - | $ | (377,543 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Issuance of common stock:
|
||||||||||||
Net proceeds from stock issuance
|
$ | - | $ | 1,155,000 | $ | 1,275,000 | ||||||
Less: Stock issuance costs
|
- | (139,724 | ) | (139,724 | ) | |||||||
Sale of mining property
|
||||||||||||
For treasury stock
|
- | - | (30,000 | ) | ||||||||
Exchange for securities
|
- | - | (25,000 | ) | ||||||||
Return of deed of trust - mining property
|
- | - | 90,000 | |||||||||
Disposal of vehicle
|
- | - | 215 | |||||||||
Third-party loan
|
2,600,000 | - | 2,675,000 | |||||||||
Debt service payments
|
(30,000 | ) | (20,000 | ) | (100,000 | ) | ||||||
Borrowings from related parties
|
- | - | 152,980 | |||||||||
Net Cash Flows from Financing Activities
|
$ | 2,570,000 | $ | 995,276 | $ | 3,898,471 | ||||||
Net Increase/(Decrease) in Cash
|
$ | 1,580,738 | $ | 611,627 | $ | 1,551,021 | ||||||
Beginning Cash Balance
|
$ | 1,913 | $ | 35,983 | $ | 31,630 | ||||||
Ending Cash Balance
|
$ | 1,582,651 | $ | 647,610 | $ | 1,582,651 |
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Supplemental Disclosures of Non-Cash Financing Activities
|
Six Months Ended
|
Exploration Stage
(June 16, 2006
|
|||||||||||
June 30,
2012
|
June 30,
2011
|
June 30, 2012)
|
||||||||||
|
|
|||||||||||
The Company issued shares of its common stock in exchange for the following: | ||||||||||||
For services rendered:
|
|
|
|
|||||||||
Director services
|
$ | - | $ | - | $ | 21,000 | ||||||
Legal and professional services
|
- | - | 116,350 | |||||||||
Stock transfer agent services
|
- | - | 5,500 | |||||||||
Accounting services
|
- | - | 6,150 | |||||||||
Geology and engineering
|
- | - | 8,000 | |||||||||
Sub-total
|
$ | - | $ | - | $ | 157,000 | ||||||
For land/mining property
|
- | - | 42,000 | |||||||||
For equipment
|
- | - | 3,000 | |||||||||
For exploration costs
|
- | - | 55,385 | |||||||||
For debt retirement
|
- | 102,361 | 102,361 | |||||||||
For contributed capital
|
- | - | 315,072 | |||||||||
Total non-cash issuances of stock
|
$ | - | $ | 102,361 | $ | 674,818 | ||||||
Shares of common stock issuable
|
||||||||||||
For debt interest
|
$ | - | $ | - | $ | 16,250 | ||||||
$ | - | $ | - | $ | 16,250 | |||||||
Shares of common stock cancelled
|
||||||||||||
Repurchase of its common stock
|
$ | - | $ | - | $ | 30,000 | ||||||
Issuance of incentive stock option grants
|
||||||||||||
Grants issued
|
$ | - | $ | - | $ | 396,000 | ||||||
The Company relinquished its mining property in exchange for the following: | ||||||||||||
For repurchase of its common stock
|
$ | - | $ | - | $ | (30,000 | ) | |||||
For marketable securities in another
company
|
$ | - | $ | - | $ | (25,000 | ) | |||||
For deed of trust in the mining property
|
$ | - | $ | - | $ | 90,000 |
1)
|
available for sale
|
2)
|
held to maturity
|
3)
|
trading securities
|
Equipment | 5 years |
Office furnishings & equipment
|
5 years
|
June
30,
2012
|
December 31,
2011
|
|||||||
Prepaid – Related Party
|
$ | 9,500 | $ | 0 | ||||
Prepaid Lease - Prince Mine
|
$ | 17,534 | $ | 42,465 | ||||
Prepaid Lease – New Butte
|
8,137 | 0 | ||||||
Prepaid Lease – Continental Public Land Trust
|
16,274 | $ | 0 | |||||
Prepaid – Other
|
12,436 | 1,297 | ||||||
$ | 54,381 | $ | 43,762 | |||||
Total Prepaid Expense
|
$ | 63,881 | $ | 43,762 |
November 6, 2012 -
|
$
|
50,000
|
||
November 6, 2013 -
|
$
|
50,000
|
||
November 6, 2014 -
|
$
|
50,000
|
||
Total
|
$
|
150,000
|
No. 1 - Initial payment
|
$
|
687,500
|
||
No. 2 - 1st anniversary of exercise
|
$
|
687,500
|
||
No. 3 - 2nd anniversary of exercise
|
$
|
687,500
|
||
No. 4 - 3rd anniversary of exercise
|
$
|
687,500
|
January 15, 2013 - $15,000 annually
|
$
|
15,000
|
||
January 15, 2014 - $15,000 annually
|
$
|
15,000
|
||
January 15, 2015 - $15,000 annually
|
$
|
15,000
|
||
Each January 15
th
- $20,000 annually - Years 2016 – 2020
|
$
|
100,000
|
||
Each January 15
th
- $25,000 annually - Years 2021 – 2030
|
$
|
250,000
|
||
Each January 15
th
- $50,000 annually - Years 2031 – 2060
|
$
|
1,500,000
|
||
Each January 15
th
- $75,000 annually - Years 2061 – 2062
|
$
|
150,000
|
||
Total
|
$
|
2,045,000
|
April 23, 2013 - $25,000 annually - Year 2013
|
$ | 25,000 | ||
Each April 23
rd
- $25,000 annually - Years 2014– 2024
|
$ | 250,000 | ||
Each April 23
rd
- $25,000 annually - Years 2015 – 2112, as adjusted by US Producer Price Index
|
$ | 2,175,000 | ||
Total
|
$ | 2,450,000 |
Land
|
$ | 47,500 | ||
Equipment
|
3,357 | |||
Computer Equipment
|
790 | |||
$ | 51,647 | |||
Accumulated Depreciation
|
(151 | ) | ||
$ | 51,496 |
No of
Shares
|
Share
Price
|
Fair
Value
|
||||||||||
Common Stock
|
||||||||||||
Available for Sale securities:
|
||||||||||||
Continental Mining and Smelting Limited
|
6,000,000
|
$
|
0.000
|
$
|
0
|
At
March 31,
2012
|
At
December 31,
2011
|
|||||||
Promissory note – Atkinson Trust
|
$ | 0 | $ | 30,000 | ||||
$ | 0 | $ | 30,000 | |||||
Less: Discount on note
|
0 | ( 2,663 | ) | |||||
Net Carrying Basis
|
$ | 0 | $ | 27,337 |
June 30,
2012
|
December 31,
2011
|
|||||||
Convertible Notes Payable – ISLV Partners, LLC:
|
||||||||
Issued February 6, 2012
|
$ | 600,000 | $ | 0 | ||||
Issued May 17, 2012
|
$ | 130,000 | $ | 0 | ||||
Issued May 25, 2012
|
$ | 1,870,000 | $ | 0 | ||||
Total
|
$ | 2,600,000 | $ | 0 | ||||
Discount on Notes Payable | (546,322 | ) | $ | 0 | ||||
Net Carrying Value | $ | 2,053,668 | $ | 0 |
(
Allocation)
|
||||||||
Allocation
|
Relative
|
|||||||
of Proceeds
|
Value
|
|||||||
Convertible Note – Issued on February 6, 2012 | ||||||||
Face Value of Convertible Note
|
$ | 600,000 |
|
|||||
No. of Common Shares
|
3,000,000 | |||||||
Current Market Value
|
||||||||
Market Share price at Feb. 6, 2012
|
$ | 0.200 | ||||||
Market Value of Stock, if converted
|
$ | 600,000 | $ | 533,333 | ||||
Fair Value - Warrants - At Time of Issuance - Feb 6, 2012
|
||||||||
No. of Warrants Issued
|
3,000,000 | |||||||
Exercise Price
|
$ | 0.400 | ||||||
Fair Value - Based on Black-Scholes Method
|
||||||||
Black-Scholes Value
|
$ | 0.025 | ||||||
Fair Value of Warrants
|
$ | 75,000 | $ | 66,667 | ||||
Total/Relative Value
|
$ | 675,000 | $ | 600,000 | ||||
|
||||||||
Beneficial Conversion Option Calculation
|
||||||||
Relative Note Value
|
$ | 533,333 | ||||||
Face value of Note
|
$ | 600,000 | ||||||
Conversion price
|
$ | 0.200 | ||||||
Intrinsic Conversion price/share
|
$ | 0.178 | ||||||
Beneficial Conversion Option for fully converted note
|
$ | 66,667 |
Allocation
|
Relative
|
|||||||
of Proceeds
|
Value
|
|||||||
Convertible Notes – Issued on May 17 and May 25, 2012 | ||||||||
Face Value of Convertible Notes
|
$ | 2,000,000 |
|
|||||
No. of Common Shares
|
10,000,000 | |||||||
Current Market Value
|
||||||||
Market Share price at May 25, 2012
|
$ | 0.200 | ||||||
Market Value of Stock, if converted
|
$ | 2,000,000 | $ | 1,777,778 | ||||
Fair Value - Warrants - At Time of Issuance – May 25, 2012
|
||||||||
No. of Warrants Issued
|
10,000,000 | |||||||
Exercise Price
|
$ | 0.400 | ||||||
Fair Value - Based on Black-Scholes Method
|
||||||||
Black-Scholes Value
|
$ | 0.0250 | ||||||
Fair Value of Warrants
|
$ | 250,000 | $ | 222,222 | ||||
Total/Relative Value
|
$ | 2,250,000 | $ | 2,000,000 | ||||
|
||||||||
Beneficial Conversion Option Calculation
|
||||||||
Relative Note Value
|
$ | 1,777,778 | ||||||
Face value of Note
|
$ | 2,000,000 | ||||||
Conversion price
|
$ | 0.200 | ||||||
Intrinsic Conversion price/share
|
$ | 0.178 | ||||||
Beneficial Conversion Option for fully converted note
|
$ | 222,222 |
Net Operating Loss carry-forward to Year 2006
|
$
|
106,508
|
||
Net Operating Income - Year 2006 (Applied)
|
(4,693
|
)
|
||
Net Operating Loss carry-forward to Year 2007
|
$
|
101,815
|
||
Net Operating Loss - Year 2007
|
111,921
|
|||
Net Operating Loss carry-forward to Year 2008
|
$
|
213,736
|
||
Net Operating Loss - Year 2008
|
237,958
|
|||
Net Operating Loss carry-forward to Year 2009
|
$
|
451,694
|
||
Net Operating Loss - Year 2009
|
62,811
|
|||
Net Operating Loss carry-forward to Year 2010
|
$
|
514,505
|
||
Net Operating Loss - Year 2010
|
47,369
|
|||
Net Operating Loss carry-forward to Year 2011
|
$
|
561,874
|
||
Net Operating Loss - Year 2011
|
1,195,343
|
|||
Net Operating Loss carry-forward to Year 2012
|
$
|
1,767,216
|
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Deferred Tax Asset
|
$
|
915,568
|
$
|
203,503
|
||||
Valuation Account
|
(915,568
|
)
|
(203,503
|
)
|
||||
Net Deferred Tax Asset
|
$
|
0
|
$
|
0
|
No. of
shares
|
Weighted Average
Exercise Price
|
Contractual
Life Remaining
|
|||||||
Outstanding – January 1, 2012
|
3,300,000
|
$
|
0.20
|
8.6 years
|
|||||
Granted
|
0
|
-
|
|||||||
Exercised
|
0
|
-
|
|||||||
Forfeited
|
0
|
-
|
|||||||
Outstanding – June 30, 2012
|
3,300,000
|
$
|
0.20
|
8.3 years
|
Weighted
|
||||||||||||||||
Weighted
|
Average
|
|||||||||||||||
Number of
|
Average
|
Warrants
|
Exercise
|
|||||||||||||
Warrants
|
Exercise Price
|
Exercisable
|
Price
|
|||||||||||||
Outstanding, January 1, 2010
|
0 |
|
0 | |||||||||||||
Granted
|
8,238,998 | $ | 0.20 | 8,238,998 | $ | 0.20 | ||||||||||
Exercised
|
0 | 0 | ||||||||||||||
Outstanding, December 31, 2011
|
8,238,998 | $ | 0.20 | 8,238,998 | $ | 0.20 | ||||||||||
Granted
|
3,000,000 | $ | 0.40 | 3,000,000 | $ | 0.40 | ||||||||||
Exercised
|
0 | 0 | ||||||||||||||
Outstanding, March 31, 2012
|
11,238,998 | $ | 0.32 | 11,238,998 | $ | 0.32 | ||||||||||
Granted
|
10,000,000 | $ | 0.40 | 10,000,000 | $ | 0.40 | ||||||||||
Exercised
|
0 | 0 | ||||||||||||||
Outstanding, June 30, 2012
|
21,238,998 | $ | 0.32 | 21,238,998 | $ | 0.32 |
Warrants Outstanding
|
Warrants Exercisable | |||||||||||||||||||||
Range of
|
Weighted-Average
|
Weighted
|
Weighted
Average
|
|||||||||||||||||||
Warrant Exercise
|
Remaining
|
Number of
|
Average
|
Number of
|
Exercise
|
|||||||||||||||||
Price
|
Contractual Life
|
Warrants
|
Exercise Price
|
Warrants
|
Price
|
|||||||||||||||||
|
||||||||||||||||||||||
$ | 0.20 | 1.89 | 7,699,998 | $ | 0.20 | 7,699,998 | $ | 0.20 | ||||||||||||||
$ | 0.20 | 1.96 | 539,000 | $ | 0.20 | 539,000 | $ | 0.20 | ||||||||||||||
$ | 0.40 | 2.61 | 3,000,000 | $ | 0.40 | 3,000,000 | $ | 0.40 | ||||||||||||||
$ | 0.40 | 2.99 | 10,000,000 | $ | 0.40 | 10,000,000 | $ | 0.40 | ||||||||||||||
21,238,998 | 21,238,998 |
June 30,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
Due From Related Parties
|
||||||||
Atlas Precious Metals, Inc.
|
$
|
0
|
$
|
236
|
||||
Arimetco International, Inc.
|
63
|
36
|
||||||
Total
|
$
|
63
|
$
|
299
|
||||
Due To Related Parties
|
||||||||
Harold R. Shipes - Shareholder/Officer
|
$
|
23,551
|
$
|
15,443
|
||||
Atlas Precious Metals, Inc.
|
0
|
10,123
|
||||||
Total
|
$
|
23,551
|
$
|
25,566
|
Capitalized Acquisitions
|
||||
A) Purchase of the Tecoma Mine (fee simple) – Year 2007
|
$
|
90,000
|
||
B) Sale of Tecoma Mine – Year 2008
|
(90,000
|
)
|
||
C) Purchase of Magna Charta property – Silver Bow County, Montana
|
47,500
|
|||
Total Acquisitions
|
$
|
47,500
|
||
Exploration Costs
:
|
||||
A) Acquired a 98% interest in Metales Preciosos, S.A. de C.V., a Mexican company, later abandoned
|
||||
1) El Cumbro property
|
$
|
14,260
|
||
2) El Cusito property
|
15,000
|
|||
3) Canada de Oro property
|
15,000
|
|||
4) La Moneda property
|
10,000
|
|||
B) Langtry property (options expired – exploration abandoned)
|
||||
1) Option payment
|
10,000
|
|||
2) Option payment
|
90,000
|
|||
3) Exploration
|
21,075
|
|||
C) Acquisition of BLM mineral claims - Calico District
|
||||
1) Silverado mining claims
|
4,250
|
|||
2) Leviathon mining claims
|
38,224
|
|||
D) Pioche Mining District – Lincoln County, Nevada
|
||||
1) Prince Mine lease
|
143,306
|
|||
2) Caselton Tailings
|
13,238
|
|||
3) Caselton Mine
|
3,348
|
|||
E) Silver Bow County, Montana
|
||||
1) New Butte Property lease
|
28,940
|
|||
2) Continental Public Land Trust
|
3,726
|
|||
F) Other Exploration Sites (evaluation)
|
||||
1) Anaconda
|
7,500
|
|||
2) Oro Blanco
|
8,840
|
|||
4) SE Arizona Silver
|
4,829
|
|||
5) Mohave Gold
|
1,050
|
|||
6) Zonia Mine
|
6,650
|
|||
e) General Administrative Costs
|
21,800
|
|||
Total Exploration Costs
|
$
|
461,036
|
Price volatility in worldwide commodity prices, including silver, gold, and other minerals, which is affected by: (a) sale or purchase of silver by central banks and financial institutions; (b) interest rates; (c) currency exchange rates; (d) inflation or deflation; (e) speculation; and (f) fluctuating prices in worldwide and local commodities for petroleum-related products, chemicals, and solvents,
|
Global and regional supply and demand of silver, gold, and other minerals, including investment, industrial and jewelry demand;
|
Political and economic conditions of major silver, gold or other mineral-producing countries;
|
Threatened changes to the U.S. Mining Law that may cause increasing federal land royalties, or other unanticipated consequences and related increased costs of conduct in mining operations in the United States;
and
Global economic conditions may affect pricing and availability of materials and supplies.
|
an obligation under a guarantee contract,
|
a retained or contingent interest in assets transferred to the unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to such entity for such assets,
|
any obligation, including a contingent obligation, under a contract that would be accounted for as a derivative instrument, or
|
any obligation, including a contingent obligation, arising out of a variable interest in an unconsolidated entity that is held by us and material to us where such entity provides financing, liquidity, market risk or credit risk support to, or engages in leasing, hedging or research and development services with us.
|
1)
|
Data and property acquisition.
Our staff will continue to compile the exploration records from these historic Anaconda Company mines. While much data is in our possession, other sources will be utilized in order to make the records as complete as possible. Once acquired, the exploration and development data will be compiled using mine planning software to regenerate resource estimates. Underground levels will be plotted as will drift sampling records and exploration drill holes. Selected mineral and surface interests ancillary to our properties are also slated for acquisition.
|
2)
|
Development Planning.
Based on the presently known historic resources and proposed AMC underground mine plans, we expect to be able to create new preliminary mine development plans for the Project. This will require underground mapping, surveying and confirmation sampling. As the condition of much of the existing underground development headings is presently unknown, the extent of this work to be conducted in 2012 is uncertain.
|
1)
|
Surface and underground drilling.
All accumulated data from underground and surface sampling, geochemical and geophysical studies will be evaluated to confirm the highest priority targets for exploration on the Prince Mine. A drilling contractor will be hired to conduct the drilling program using the dual tube reverse circulation air rotary method of drilling and sample collection under the supervision of our registered Geologist. This drilling method is widely accepted as providing high quality sample integrity. Industry standard chain of custody and quality assurance and control procedures will be followed. This will include the use of duplicate samples and sample standards. Accurate geologic logs of the drill holes will be created and the drill hole locations surveyed. Geologic samples will be continuously collected and delivered to an independent certified analytical laboratory for assaying. It is estimated that this program will require up to four months for completion.
|
2)
|
Mine planning.
As assays come back from drilling programs, the corporate engineering department will enter them into a data base with mine planning software to produce a preliminary scoping study. Assuming the exploration is successful, an independent engineering firm will be hired to produce a deposit model using computerized mine planning software. This phase will require approximately three months and will most probably commence at approximately month twelve.
|
1)
|
Geotechnical drilling.
Drilling using split spoon sampling and hollow stem auger drill methods will be conducted. All hole locations will be surveyed. Sample collection will be conducted under the supervision of a registered professional geologist. Samples will be split and the duplicates stored for reference. The first split will be shipped for chemical analysis and metallurgical testing. Industry standard chain of custody and quality control procedures will be followed.
|
2)
|
Feasibility and Permitting.
This phase of the Operations Plan will commence providing the results of the drill testing and metallurgical work has been positive. The study will be done in 'house' by the Western States Engineering division with assistance from an established and reputable independent mining engineering firm. Permit applications for the combined metal recovery and site remediation project will be prepared by a reputable independent environmental firm for submittal in conjunction with the process design work.
|
●
|
The small size of our Company limits our ability to achieve the desired level of separation our internal controls and financial reporting. We do have a separate CEO and CFO; however we do not have an Audit Committee to review and oversee the financial policies and procedures of the Company. Until such time as we are able to install an audit committee, we do not meet the full requirement for separation. In the interim, we will continue to strengthen the role of our CEO and CFO and their review of our internal control procedures.
|
●
|
We have not achieved the desired level of documentation of our internal controls and procedures. This documentation will be strengthened to limit the possibility of any lapse in controls occurring.
|
INTERNATIONAL SILVER, INC.
|
|||
Dated: August 9, 2012
|
By:
|
/s/ Harold R Shipes
|
|
Harold R. Shipes,
|
|||
Chief Executive Officer/Chairman of the Board
|
Signature
|
Title
|
Date
|
||
/s/ Harold R. Shipes
|
Chairman of the Board/Director
|
August 9, 2012
|
||
Harold R. Shipes
|
Chief Executive Officer
|
|||
(Principal Executive Officer)
|
||||
/s/John A. McKinney
|
Chief Financial Officer
|
August 9, 2012
|
||
John A. McKinney
|
Executive Vice President
|
|||
(Principal Financial Officer)
|
Exhibit 31.1
|
Certification by the Principal Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002
|
Exhibit 31.2
|
Certification by the Principal Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002
|
Exhibit 32.1
|
Certification by the Principal Executive Officer pursuant to Section 1350 as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
|
Exhibit 32.2
|
Certification by the Principal Financial Officer pursuant to Section 1350 as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
|
|
101.INS **
|
XBRL Instance Document
|
|
101.SCH **
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL **
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF **
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB **
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE **
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
1 Year International Silver (CE) Chart |
1 Month International Silver (CE) Chart |
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