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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 May 8, 2013
|
|
Common Stock, $0.0001 Par Value
|
37,052,280
|
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Unaudited Interim Condensed Consolidated Balance Sheets
|
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Unaudited Interim Condensed Consolidated Statement of Income
|
Three Months Ended | Inception (June 16, 2006) of Exploration Stage through | |||||||||||
March 31,
2013
|
March 31,
2012
|
(March 31,
2013)
|
||||||||||
REVENUES
|
||||||||||||
Mineral lease income
|
$ | 12,329 | $ | - | $ | 112,329 | ||||||
Consulting-third parties
|
85,154 | - | 279,097 | |||||||||
Consulting-related parties
|
- | - | 397,090 | |||||||||
Total Revenues
|
$ | 97,483 | $ | - | $ | 788,516 | ||||||
|
||||||||||||
Operating Expenses
|
||||||||||||
Exploration costs
|
$ | 117,085 | $ | 34,053 | $ | 1,354,385 | ||||||
General and administration
|
||||||||||||
Rent expense - related party
|
30,839 | 28,500 | 320,136 | |||||||||
Rent expense - third party
|
7,500 | - | 7,500 | |||||||||
Bad debt expense
|
- | - | 41,860 | |||||||||
All other general & administrative
|
445,251 | 312,842 | 3,818,484 | |||||||||
Depreciation and depletion
|
1,194 | 39 | 2,644 | |||||||||
Total operating expenses
|
$ | 601,869 | $ | 375,434 | $ | 5,545,009 | ||||||
Operating Income/(Loss)
|
$ | (504,386 | ) | $ | (375,434 | ) | $ | (4,756,493 | ) | |||
Other Income/(Expense)
|
||||||||||||
Gain on settlement of debt
|
$ | - | $ | - | $ | 1,678,634 | ||||||
Impairment loss
|
- | - | (1,733,456 | ) | ||||||||
Interest expense
|
(965,058 | ) | (60,536 | ) | (1,663,695 | ) | ||||||
Total other income/(expense)
|
$ | (965,058 | ) | $ | (60,536 | ) | $ | (1,718,517 | ) | |||
Net Income/(Loss)
|
$ | (1,469,444 | ) | $ | (435,970 | ) | $ | (6,475,010 | ) | |||
Basic Earnings per Share
|
||||||||||||
Income/(Loss) per Share
|
$ | ( 0.04 | ) | $ | ( 0.01 | ) | ||||||
Weighted Average Shares
|
||||||||||||
Outstanding
|
37,052,280 | 36,780,828 |
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Unaudited Interim Condensed Consolidated Statement of Cash Flows
|
Inception (June 16,
|
||||||||||||
Three Months Ended
|
2006) of Exploration Stage through
|
|||||||||||
|
March 31,
|
March 31,
|
(March 31,
|
|||||||||
2013
|
2012
|
2013)
|
||||||||||
|
|
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net Income/(Loss)
|
$ | (1,469,444 | ) | $ | (435,970 | ) | $ | (6,475,010 | ) | |||
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
|
1,194 | 39 | 2,644 | |||||||||
Impairment loss
|
- | - | 1,733,456 | |||||||||
Gain on settlement on debt
|
- | - | (1,678,634 | ) | ||||||||
Financing cost
|
873,512 | 9,232 | 1,287,614 | |||||||||
Stock compensation expense
|
- | - | 424,000 | |||||||||
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 | |||||||||
Changes in operating assets and liabilities
|
||||||||||||
Decrease/(Increase) in receivables
|
(25,923 | ) | 236 | 162,415 | ||||||||
Decrease/(Increase) in employee receivable
|
- | - | 2,317 | |||||||||
Decrease/(Increase) in prepaid expenses
|
23,665 | (8,762 | ) | (85,460 | ) | |||||||
(Decrease)/Increase in payables
|
(163,265 | ) | 30,268 | 119,187 | ||||||||
(Decrease)/Increase in accrued expenses
|
48,867 | 39,599 | 267,370 | |||||||||
(Decrease)/Increase in deferred income
|
37,671 | 37,671 | ||||||||||
Net Cash Flows (used by) Operating Activities
|
$ | (673,723 | ) | $ | (365,358 | ) | $ | (3,910,045 | ) | |||
CASH FLOW FROM INVESTMENT ACTIVITIES
|
||||||||||||
Lease/purchase option on land
|
$ | - | $ | - | $ | (90,000 | ) | |||||
Purchase of land
|
- | - | (90,000 | ) | ||||||||
Leasheold Improvements
|
- | - | (26,812 | ) | ||||||||
Purchase of equipment, furniture & fixtures
|
(11,800 | ) | - | (24,253 | ) | |||||||
Building improvements
|
- | - | (14,822 | ) | ||||||||
Deposits towards investment
|
(10,000 | ) | (10,000 | ) | (160,000 | ) | ||||||
Nonrefundable deposit - Option payment
|
- | - | (35,000 | ) | ||||||||
Refundable deposit - reclamation bond
|
- | - | (14,406 | ) | ||||||||
Purchase of mineral land
|
- | (47,500 | ) | (103,388 | ) | |||||||
Net Cash Flows from Investment Activities
|
$ | (21,800 | ) | $ | (57,500 | ) | $ | (558,681 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Issuance of common stock:
|
||||||||||||
Net proceeds from stock issuance
|
$ | - | $ | - | $ | 1,329,290 | ||||||
Less: Stock issuance costs
|
- | - | (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
|
1,000,000 | 600,000 | 3,675,000 | |||||||||
Debt service payments
|
- | - | (100,000 | ) | ||||||||
Borrowings from related parties
|
- | - | 152,980 | |||||||||
Net Cash Flows from Financing Activities
|
$ | 1,000,000 | $ | 600,000 | $ | 4,952,761 | ||||||
Net Increase/(Decrease) in Cash
|
$ | 304,477 | $ | 177,142 | $ | 484,035 | ||||||
Beginning Cash Balance
|
$ | 211,188 | $ | 1,913 | $ | 31,630 | ||||||
Ending Cash Balance
|
$ | 515,665 | $ | 179,055 | $ | 515,665 |
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Supplemental Disclosures of Non-Cash Financing Activities
|
|
Exploration Stage
|
|||||||||||
Three Months Ended
|
(June 16, 2006 through
|
|||||||||||
March 31,
|
March 31,
|
March 31,
|
||||||||||
2013
|
2012
|
2013)
|
||||||||||
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
|
- | - | 156,651 | |||||||||
For contributed capital
|
- | - | 315,072 | |||||||||
Total non-cash issuances of stock
|
$ | - | $ | - | $ | 729,108 | ||||||
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
|
$ | - | $ | - | $ | 424,000 | ||||||
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 |
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Consolidated Statement of Shareholders' Equity
|
Accumulated Deficit
|
||||||||||||||||||||||||||||||||||||
|
Common Stock
|
Additional
|
Treasury Stock/
|
Prior
|
During
|
|||||||||||||||||||||||||||||||
Share
|
No. of
|
$ 0.0001 |
Paid-In
|
Shares Issuable
|
Exploration
|
Exploration
|
||||||||||||||||||||||||||||||
Price
|
Shares
|
Par Value
|
Capital
|
Shares
|
Amount
|
Stage
|
Stage
|
Total
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
At January 1, 2011
|
28,581,753 | $ | 2,859 | $ | 1,389,121 | 0 | $ | 0 | $ | (176,034 | ) | $ | (1,151,140 | ) | $ | 64,806 | ||||||||||||||||||||
Shares issuable
|
||||||||||||||||||||||||||||||||||||
March 31, 2011
|
$ | 0.650 | 0 | 25,000 | 16,250 | 16,250 | ||||||||||||||||||||||||||||||
Retirement of convertible note
|
||||||||||||||||||||||||||||||||||||
April 21, 2011
|
$ | 0.205 | 499,077 | 50 | 102,309 | (25,000 | ) | (16,250 | ) | 86,109 | ||||||||||||||||||||||||||
Private placement:
|
||||||||||||||||||||||||||||||||||||
May 18, 2011
|
$ | 0.150 | 2,666,667 | 266 | 399,734 | 400,000 | ||||||||||||||||||||||||||||||
May 25, 2011
|
$ | 0.150 | 1,333,334 | 133 | 199,867 | 200,000 | ||||||||||||||||||||||||||||||
May 27, 2011
|
$ | 0.150 | 1,500,001 | 150 | 224,850 | 225,000 | ||||||||||||||||||||||||||||||
May 31, 2011
|
$ | 0.150 | 533,331 | 53 | 79,947 | 80,000 | ||||||||||||||||||||||||||||||
June 1, 2011
|
$ | 0.150 | 333,333 | 33 | 49,967 | 50,000 | ||||||||||||||||||||||||||||||
June 15, 2011
|
$ | 0.150 | 1,000,000 | 100 | 149,900 | 150,000 | ||||||||||||||||||||||||||||||
June 23, 2011
|
$ | 0.150 | 333,332 | 34 | 49,966 | 50,000 | ||||||||||||||||||||||||||||||
Stock issuance costs
|
(139,725 | ) | (139,725 | ) | ||||||||||||||||||||||||||||||||
Net Income/(Loss)
|
(1,303,000 | ) | (1,303,000 | ) | ||||||||||||||||||||||||||||||||
At December 31, 2011
|
36,780,828 | $ | 3,678 | $ | 2,505,935 | 0 | $ | 0 | $ | (176,034 | ) | $ | (2,454,140 | ) | $ | ( 120,561 | ) | |||||||||||||||||||
Convertible Debt
|
||||||||||||||||||||||||||||||||||||
Issuance of Warrants
|
||||||||||||||||||||||||||||||||||||
February 6, 2012
|
133,334 | 133,334 | ||||||||||||||||||||||||||||||||||
Convertible Debt
|
||||||||||||||||||||||||||||||||||||
Issuance of Warrants
|
||||||||||||||||||||||||||||||||||||
May 25, 2012
|
444,444 | 444,444 | ||||||||||||||||||||||||||||||||||
Shares exchanged for debt
|
||||||||||||||||||||||||||||||||||||
August 28, 2012
|
$ | 0.200 | 271,452 | 27 | 54,263 | 54,290 | ||||||||||||||||||||||||||||||
Cost of Discounted Shares
|
||||||||||||||||||||||||||||||||||||
August 28, 2012
|
95,008 | 95,008 | ||||||||||||||||||||||||||||||||||
Stock option - grants issued
|
||||||||||||||||||||||||||||||||||||
November 7, 2012
|
$ | 0.070 | 28,000 | 28,000 | ||||||||||||||||||||||||||||||||
Net Income/(Loss)
|
(2,551,426 | ) | (2,551,426 | ) | ||||||||||||||||||||||||||||||||
At December 31, 2012
|
37,052,280 | $ | 3,705 | $ | 3,260,984 | 0 | $ | 0 | $ | (176,034 | ) | $ | (5,005,566 | ) | $ | (1,916,911 | ) | |||||||||||||||||||
Convertible Debt
|
||||||||||||||||||||||||||||||||||||
Issuance of Warrants
|
||||||||||||||||||||||||||||||||||||
February 21, 2013
|
917,542 | 917,542 | ||||||||||||||||||||||||||||||||||
Net Income/(Loss)
|
(1,469,444 | ) | (1,469,444 | ) | ||||||||||||||||||||||||||||||||
At March 31, 2013
|
37,052,280 | $ | 3,705 | $ | 4,178,526 | 0 | $ | 0 | $ | (176,034 | ) | $ | (6,475,010 | ) | $ | (2,468,813 | ) |
1)
|
available for sale
|
2)
|
held to maturity
|
3)
|
trading securities
|
Leasehold Improvements
|
15 years
|
Equipment
|
5 years
|
Office furniture and equipment
|
5 years
|
March 31,
2013
|
December 31,
2012
|
|||||||
Prepaid mine leases
|
$
|
42,561
|
$
|
49,096
|
||||
Prepaid commercial insurance
|
4,091
|
5,603
|
||||||
Prepaid director & officer insurance
|
18,091
|
35,413
|
||||||
Prepaid expense – metallurgical services
|
3,191
|
14,321
|
||||||
Prepaid rent
|
2,500
|
0
|
||||||
Prepaid expense – other
|
1,272
|
1,218
|
||||||
Sub-total
|
$
|
71,706
|
$
|
105,651
|
||||
Prepaid rent – related party
|
|
10,280
|
0
|
|||||
Total prepaid expenses | $ | 81,986 | $ | 105,651 |
November 6, 2013
|
$
|
50,000
|
||
November 6, 2014
|
$
|
50,000
|
||
Total
|
$
|
100,000
|
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, 2014 - $15,000 annually
|
$
|
15,000
|
||
January 15, 2015 - $15,000 annually
|
$
|
15,000
|
||
Each January 15th - $20,000 annually - Years 2016 – 2020
|
$
|
100,000
|
||
Each January 15th - $25,000 annually - Years 2021 – 2030
|
$
|
250,000
|
||
Each January 15th - $50,000 annually - Years 2031 – 2060
|
$
|
1,500,000
|
||
Each January 15th - $75,000 annually - Years 2061 – 2062
|
$
|
150,000
|
||
Total
|
$
|
2,030,000
|
April 23, 2013 - $25,000 annually - Year 2013
|
$
|
25,000
|
||
Each April 23rd - $25,000 annually - Years 2014– 2024
|
$
|
250,000
|
||
Each April 23rd - $25,000 annually - Years 2015 – 2112, as adjusted by US Producer Price Index
|
$
|
2,175,000
|
||
Total
|
$
|
2,450,000
|
Land – Mining Properties
|
$
|
103,388
|
||
Leasehold Improvements
|
26,812
|
|||
Equipment
|
5,399
|
|||
Furniture and Fixtures
|
11,877
|
|||
Computer Equipment
|
5,854
|
|||
$
|
153,330
|
|||
Accumulated Depreciation
|
(7,433
|
)
|
||
$
|
145,897
|
At March 31, 2013, the Company held the following securities:
|
No of Shares
|
Share Price
|
Fair Value
|
|||||||||
Common Stock
|
||||||||||||
Available for Sale securities:
|
||||||||||||
Continental Mining and Smelting Limited
|
6,000,000
|
$
|
0.000
|
$
|
0
|
March 31,
2013
|
December 31,
2012
|
|||||||
Convertible Notes Payable – ISLV Partners, LLC:
|
||||||||
Issued February 6, 2012
|
$
|
600,000
|
$
|
600,000
|
||||
Issued May 17, 2012
|
130,000
|
130,000
|
||||||
Issued May 25, 2012
|
1,870,000
|
1,870,000
|
||||||
Issued February 21, 2013
|
|
1,000,000
|
0
|
|||||
Total
|
$
|
3,600,000
|
$
|
2,600,000
|
||||
Discount on Notes Payable
|
(504,762
|
)
|
(460,734)
|
|||||
Net Carrying Value
|
$
|
3,095,238
|
$
|
2,139,266
|
Allocation
|
Relative
|
|||||||
of Proceeds
|
Value
|
|||||||
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
|
||||||
Market price of stock
|
$
|
0.200000
|
||||||
Intrinsic Conversion price/share
|
$
|
0.177778
|
||||||
Difference in price/share
|
$
|
0.022222
|
||||||
Number of shares convertible
|
3,000,000
|
|||||||
Beneficial Conversion Option for fully converted note
|
$
|
66,667
|
Allocation
|
Relative
|
|||||||
of Proceeds
|
Value
|
|||||||
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
|
||||||
Market value of stock
|
$
|
0.200000
|
||||||
Intrinsic conversion price/share
|
$
|
0.177778
|
||||||
Difference in price/share
|
$
|
0.022222
|
||||||
Number of shares convertible
|
10,000,000
|
|||||||
Beneficial Conversion Option for fully converted note
|
$
|
222,222
|
Allocation
|
Relative
|
|||||||
of Proceeds
|
Value
|
|||||||
Face Value of Convertible Notes
|
$
|
1,000,000
|
||||||
No. of Common Shares
|
5,000,000
|
|||||||
Current Market Value
|
||||||||
Market Share price at February 21, 2013
|
$
|
0.35
|
||||||
Market Value of Stock, if converted
|
$
|
1,750,000
|
$
|
916,230
|
||||
Fair Value - Warrants - At Time of Issuance – February 21, 2013
|
||||||||
No. of Warrants Issued
|
5,000,000
|
|||||||
Exercise Price
|
$
|
0.400
|
||||||
Fair Value - Based on Black-Scholes Method
|
||||||||
Black-Scholes Value
|
$
|
0.032
|
||||||
Fair Value of Warrants
|
$
|
160,000
|
$
|
83,770
|
||||
Total/Relative Value
|
$
|
1,910,000
|
$
|
1,000,000
|
||||
Beneficial Conversion Option Calculation
|
||||||||
Relative Note Value
|
$
|
916,230
|
||||||
Face value of Note
|
$
|
1,000,000
|
||||||
Market value of stock
|
$
|
0.200
|
||||||
Intrinsic conversion price/share
|
$
|
0.183
|
||||||
Beneficial Conversion Option for fully converted note
|
$
|
833,770
|
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
|
1,061,616
|
|||
Net Operating Loss carry-forward to Year 2012
|
$
|
1,623,490
|
||
Net Operating Loss - Year 2012
|
1,468,831
|
|||
Net Operating Loss carry-forward to Year 2013
|
$
|
3,092,321
|
Net deferred tax assets consist of the following components:
|
March
31,
|
December 31,
|
||||||
2013
|
2012
|
|||||||
Deferred Tax Asset
|
$ | 1,223,959 | $ | 1,105,626 | ||||
Valuation Account
|
(1,223,959 | ) | (1,105,626 | ) | ||||
Net Deferred Tax Asset
|
$ | 0 | $ | 0 |
Weighted
|
(in years)
|
|||||||||||||||||||
Weighted
|
Average
|
Average
|
||||||||||||||||||
Number of
|
Average
|
Options
|
Exercise
|
Contractual
|
||||||||||||||||
Stock Options
|
Exercise Price
|
Exercisable
|
Price
|
Life
|
||||||||||||||||
Outstanding-January 1, 2010
|
0 |
|
0 | |||||||||||||||||
Granted - November 1, 2010
|
3,300,000 | $ | 0.20 | 3,300,000 | $ | 0.20 | 5.00 | |||||||||||||
Exercised
|
0 | 0 | ||||||||||||||||||
Outstanding-December 31, 2011
|
3,300,000 | $ | 0.20 | 3,300,000 | $ | 0.20 | ||||||||||||||
Granted - November 5, 2012
|
400,000 | $ | 0.34 | 150,000 | $ | 0.34 | 5.00 | |||||||||||||
Exercised
|
0 | 0 | ||||||||||||||||||
Outstanding-December 31, 2012
|
3,700,000 | $ | 0.22 | 3,450,000 | $ | 0.22 | 3.00 | |||||||||||||
Granted
|
0 | 0 | 0 | |||||||||||||||||
Exercised
|
0 | 0 | 0 | |||||||||||||||||
Outstanding-March 31, 2013
|
3,700,000 | $ | 0.22 | 3,450,000 | $ | 0.22 | 2.68 |
Weighted
|
Weighted
|
|||||||||||||||
Average
|
Average
|
|||||||||||||||
Number of
|
Exercise
|
Warrants
|
Exercise
|
|||||||||||||
Warrants
|
Price
|
Exercisable
|
Price
|
|||||||||||||
Outstanding, January 1, 2012
|
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 | $ | 0.42 | 11,238,998 | $ | 0.42 | ||||||||||
Granted
|
10,000,000 | $ | 0.40 | 10,000,000 | $ | 0.40 | ||||||||||
Exercised
|
0 | 0 | ||||||||||||||
Outstanding, June 30, 2012
|
21,238,998 | $ | 0.42 | 21,238,998 | $ | 0.42 | ||||||||||
Granted
|
271,452 | $ | 0.40 | 271,452 | $ | 0.40 | ||||||||||
Exercised
|
0 | 0 | ||||||||||||||
Outstanding, September 30, 2012
|
21,510,450 | $ | 0.42 | 21,510,450 | $ | 0.42 | ||||||||||
Granted
|
0 | $ | 0.40 | 0 | $ | 0.40 | ||||||||||
Exercised
|
0 | 0 | ||||||||||||||
Outstanding, December 31, 2012
|
21,510,450 | $ | 0.42 | 21,510,450 | $ | 0.42 | ||||||||||
Granted
|
5,000,000 | $ | 0.40 | 5,000,000 | $ | 0.40 | ||||||||||
Exercised
|
0 | 0 | ||||||||||||||
Outstanding, March 31, 2013
|
26,510,450 | $ | 0.42 | 26,510,450 | $ | 0.42 |
Warrants Exercisable
|
||||||||||||||||||||||
Warrants Outstanding
|
|
|||||||||||||||||||||
Range of
Warrant Exercise
|
Weighted- Average Remaining
|
Number of |
Weighted Average
|
Number of |
Weighted
Average
|
|||||||||||||||||
Price
|
Contractual Life
|
Warrants
|
Exercise
Price
|
Warrants
|
Exercise
Price
|
|||||||||||||||||
|
||||||||||||||||||||||
$ | 0.20 | 1.14 | 7,699,998 | $ | 0.20 | 7,699,998 | $ | 0.20 | ||||||||||||||
$ | 0.20 | 1.21 | 539,000 | $ | 0.20 | 539,000 | $ | 0.20 | ||||||||||||||
$ | 0.40 | 1.85 | 3,000,000 | $ | 0.40 | 3,000,000 | $ | 0.40 | ||||||||||||||
$ | 0.40 | 2.15 | 10,000,000 | $ | 0.40 | 10,000,000 | $ | 0.40 | ||||||||||||||
$ | 0.40 | 2.41 | 271,452 | $ | 0.40 | 271,452 | $ | 0.40 | ||||||||||||||
$ | 0.40 | 2.90 | 5,000,000 | $ | 0.40 | 5,000,000 | $ | 0.40 | ||||||||||||||
26,510,450 | 26,510,450 |
March 31,
|
December 31,
|
|||||||
2012
|
2012
|
|||||||
Due To Related Parties
|
||||||||
Harold R. Shipes - Shareholder/Officer
|
$
|
0
|
$
|
1,608
|
||||
Clinton W. Walker – Director
|
12,500
|
12,500
|
||||||
John P. Kennedy - Director
|
12,500
|
0
|
||||||
H. Eugene Dunham – Director
|
12,500
|
12,500
|
||||||
Michael Harrington – Director
|
12,500
|
12,500
|
||||||
Russell D. Alley – Director
|
12,500
|
12,500
|
||||||
John McKinney - Officer
|
914
|
0
|
||||||
Matthew J. Lang - Officer
|
1,730
|
0
|
||||||
Total
|
$
|
65,144
|
$
|
52,218
|
Capital Acquisitions:
|
||||
A) Purchase of Tecoma Mine - 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 | |||
D) Purchase of Chattel property - Silver Bow County, Montana
|
55,888 | |||
Total Capital Acquisitions
|
$ | 103,388 | ||
Exploration Costs:
|
||||
A) Acquistion of 98% interest in Metals Preciosos, S.A. de C.V., a
|
||||
Mexican company
|
||||
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 payments
|
100,000 | |||
2) Exploration costs
|
21,075 | |||
C) Calico Mining District - San Bernadino County, California
|
||||
1) Silverado mining claims - acquisition of BLM mineral claims
|
4,250 | |||
2) Leviathon mining claims - acquisition of BLM mineral claims
|
47,609 | |||
D) Pioche Mining District - Lincoln County, Nevada
|
||||
1) Prince Mine lease
|
728,256 | |||
2) Caselton Tailings exploration costs
|
202,846 | |||
3) Caselton Mine/Mill exploration costs
|
31,517 | |||
E) Silver Bow County, Montana
|
||||
1) New Butte property lease
|
58,880 | |||
2) Continental Public Land Trust lease
|
18,740 | |||
3) Silver Bar property (option) - abandoned
|
6,819 | |||
4) Butte properties - General exploration costs
|
37,501 | |||
F) Other Exploration Sites ( evaluated)
|
||||
1) Anaconda
|
7,500 | |||
2) Oro Blanco
|
8,840 | |||
3) SE Arizona Silver
|
4,829 | |||
4) Mohave Gold
|
1,050 | |||
5) Zonia Mine
|
6,650 | |||
6) General Administrative costs
|
13,763 | |||
Total Exploration Costs
|
$ | 1,354,385 |
·
|
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) currency exchange rates; (e) inflation or deflation; (f) speculation; and (g) fluctuating prices in worldwide and local commodities for petroleum-related products, chemicals, and solvents, which will affect our ability to obtain additional and continuing funding;
|
·
|
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 2013 is uncertain.
|
1)
|
Surface and underground drilling.
All accumulated data from the 2012 Phase I Drill Program, geochemical and geophysical studies will be evaluated to confirm the highest priority targets for Phase II 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 continued 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)
|
Metallurgical testing
The initial Phase I bench scale test work has been completed and the metallurgical lab is working on optimizing metal recoveries before commencing Phase II pilot scale test work using a continuous-feed fluidized-bed system.
|
2)
|
Feasibility and Permitting.
This phase of the Operations Plan will commence once all the metallurgical test work is completed. Aerial surveying of the entire site will be completed during the first half of 2013. The permitting will be done ‘in- house' by our 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 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 due to lack of independence. 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: May 8, 2013
|
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
|
May 8, 2013
|
||
Harold R. Shipes
|
Chief Executive Officer
|
|||
(Principal Executive Officer)
|
||||
/s/ John A. McKinney
|
Chief Financial Officer
|
May 8, 2013
|
||
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
|
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