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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
|
333-147712
|
86-0715596
|
|
(Commission File Number)
|
(IRS Employer Identification Number)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non–Accelerated filer
|
o
|
Smaller reporting company
|
x
|
Class
|
Shares Outstanding at May 12, 2014
|
|
Common Stock, $0.0001 Par Value
|
37,092,095
|
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,
2014
|
March 31,
2013
|
(March 31,
2014)
|
||||||||||
Revenues
|
||||||||||||
Mineral lease income
|
$ | 12,192 | $ | 12,329 | $ | 162,192 | ||||||
Consulting-third parties
|
196,810 | 85,154 | 473,414 | |||||||||
Consulting-related parties
|
- | - | 650,855 | |||||||||
Total Revenues
|
$ | 209,002 | $ | 97,483 | $ | 1,286,461 | ||||||
|
||||||||||||
Operating Expenses
|
||||||||||||
Exploration costs
|
$ | 128,099 | $ | 117,085 | $ | 1,980,248 | ||||||
General and administration
|
||||||||||||
Rent expense - related party
|
35,354 | 30,839 | 406,049 | |||||||||
Rent expense - third party
|
- | 7,500 | 67,772 | |||||||||
Bad debt expense
|
- | - | 41,860 | |||||||||
All other general & administrative
|
374,944 | 445,251 | 5,389,117 | |||||||||
Depreciation and depletion
|
2,970 | 1,194 | 12,881 | |||||||||
Total operating expenses
|
$ | 541,367 | $ | 601,869 | $ | 7,897,927 | ||||||
Operating Income/(Loss)
|
$ | (332,365 | ) | $ | (504,386 | ) | $ | (6,611,466 | ) | |||
Other Income/(Expense)
|
||||||||||||
Gain on settlement of debt
|
$ | - | $ | - | $ | 1,678,634 | ||||||
Impairment loss
|
- | - | (1,733,456 | ) | ||||||||
Interest expense
|
(426,175 | ) | (965,058 | ) | (2,791,977 | ) | ||||||
Total other income/(expense)
|
$ | (426,175 | ) | $ | (965,058 | ) | $ | (2,846,799 | ) | |||
Net Income/(Loss)
|
$ | (758,540 | ) | $ | (1,469,444 | ) | $ | (9,458,265 | ) | |||
Basic Earnings per Share
|
||||||||||||
Income/(Loss) per Share
|
$ | (0.02 | ) | $ | (0.04 | ) | ||||||
Weighted Average Shares
|
||||||||||||
Outstanding
|
37,090,409 | 37,052,280 |
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Unaudited Interim Condensed Consolidated Statement of Cash Flows
|
Three Months Ended
|
Inception (June 16,
2006) of Exploration
Stage through
|
|||||||||||
|
March 31,
|
March 31,
|
(March 31,
|
|||||||||
2014
|
2013
|
2014)
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net Income/(Loss)
|
$ | (758,540 | ) | $ | (1,469,444 | ) | $ | (9,458,265 | ) | |||
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
|
2,970 | 1,194 | 12,881 | |||||||||
Impairment loss
|
- | - | 1,733,456 | |||||||||
Gain on settlement on debt
|
- | - | (1,678,634 | ) | ||||||||
Financing cost
|
317,814 | 873,512 | 1,969,237 | |||||||||
Purchase options cancelled
|
- | - | 91,000 | |||||||||
Reclamation bond
|
- | - | 14,406 | |||||||||
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
|
(82,338 | ) | (25,923 | ) | 128,604 | |||||||
Decrease/(Increase) in employee receivable
|
- | - | 2,317 | |||||||||
Decrease/(Increase) in prepaid expenses
|
82,674 | 23,665 | (50,813 | ) | ||||||||
(Decrease)/Increase in payables
|
105,583 | (163,265 | ) | 265,225 | ||||||||
(Decrease)/Increase in accrued expenses
|
210,126 | 48,867 | 777,066 | |||||||||
(Decrease)/Increase in deferred income
|
(12,192 | ) | 37,671 | 87,808 | ||||||||
Net Cash Flows (used by) Operating Activities
|
$ | (133,903 | ) | $ | (673,723 | ) | $ | (5,389,327 | ) | |||
CASH FLOW FROM INVESTMENT ACTIVITIES
|
||||||||||||
Lease/purchase option on land
|
$ | - | $ | - | $ | (90,000 | ) | |||||
Purchase of land
|
- | - | (137,500 | ) | ||||||||
Leasehold Improvements
|
- | - | (26,812 | ) | ||||||||
Purchase of equipment, furniture & fixtures
|
- | (11,800 | ) | (57,938 | ) | |||||||
Building improvements
|
- | - | (14,822 | ) | ||||||||
Deposits towards investment
|
- | (10,000 | ) | (191,142 | ) | |||||||
Nonrefundable deposit - Option payment
|
- | - | (91,000 | ) | ||||||||
Refundable deposits
|
- | - | (16,906 | ) | ||||||||
Purchase of mineral land - Deposit method
|
- | - | (105,888 | ) | ||||||||
Net Cash Flows from Investment Activities
|
$ | - | $ | (21,800 | ) | $ | (732,008 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Issuance of common stock:
|
||||||||||||
Net proceeds from stock issuance
|
$ | 2,603 | $ | - | $ | 1,333,345 | ||||||
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
|
34,556 | 1,000,000 | 4,809,556 | |||||||||
Debt service payments
|
- | - | (100,000 | ) | ||||||||
Borrowings from related parties
|
- | - | 152,980 | |||||||||
Net Cash Flows from Financing Activities
|
$ | 37,159 | $ | 1,000,000 | $ | 6,091,372 | ||||||
Net Increase/(Decrease) in Cash
|
$ | (96,744 | ) | $ | 304,477 | $ | (29,963 | ) | ||||
Beginning Cash Balance
|
$ | 98,411 | $ | 211,188 | $ | 31,630 | ||||||
Ending Cash Balance
|
$ | 1,667 | $ | 515,665 | $ | 1,667 |
International Silver, Inc.
|
(An Exploration Stage Enterprise)
|
Supplemental Disclosures of Non-Cash Financing Activities
|
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 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 | |||||||||||||||||||||||||||||||||
Convertible Debt
|
|||||||||||||||||||||||||||||||||||
Issuance of Warrants
|
|||||||||||||||||||||||||||||||||||
May 22, 2013
|
500,000 | 500,000 | |||||||||||||||||||||||||||||||||
Convertible Debt
|
|||||||||||||||||||||||||||||||||||
Issuance of Warrants
|
|||||||||||||||||||||||||||||||||||
July 31, 2013
|
500,000 | 500,000 | |||||||||||||||||||||||||||||||||
Exercise of Warrants
|
|||||||||||||||||||||||||||||||||||
December 2, 2013
|
14,519 | 1 | 1,451 | 1,452 | |||||||||||||||||||||||||||||||
Convertible Debt
|
|||||||||||||||||||||||||||||||||||
December 20, 2013
|
100,000 | 100,000 | |||||||||||||||||||||||||||||||||
Net Income/(Loss)
|
(3,694,159 | ) | (3,694,159 | ) | |||||||||||||||||||||||||||||||
At December 31, 2013
|
37,066,799 | 3,706 | 5,279,977 | 0 | 0 | (176,034 | ) | (8,699,725 | ) | (3,592,076 | ) | ||||||||||||||||||||||||
Exercise of Warrants
|
|||||||||||||||||||||||||||||||||||
January 21, 2014
|
25,296 | 3 | 2,600 | 2,603 | |||||||||||||||||||||||||||||||
Issuance of Warrants
|
|||||||||||||||||||||||||||||||||||
Convertible Debt
January 7, 2014
|
34,556 | 34,556 | |||||||||||||||||||||||||||||||||
Net Income/(Loss)
|
(758,540 | ) | (758,540 | ) | |||||||||||||||||||||||||||||||
At March 31, 2014
|
37,092,095 | 3,709 | 5,317,133 | 0 | 0 | (176,034 | ) | (9,458,265 | ) | (4,313,457 | ) |
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,
2014
|
|
|
December 31,
2013
|
|
|||
|
|
|
|
|
||||
Prepaid mine leases
|
|
$
|
13,493
|
|
|
$
|
91,097
|
|
Prepaid commercial insurance
|
|
|
4,122
|
|
|
|
9,063
|
|
Prepaid director & officer insurance
|
|
|
3,063
|
|
|
|
3,063
|
|
Prepaid expense – metallurgical services
|
|
|
841
|
|
|
|
841
|
|
Prepaid expense – economic assessment study
|
|
|
25,000
|
|
|
|
25,000
|
|
Prepaid expense – other
|
|
|
820
|
|
|
|
949
|
|
|
|
|
|
|
|
|
|
|
Total prepaid expenses
|
|
$
|
47,339
|
|
|
$
|
130,013
|
|
November 6, 2013 (Extended to June 4, 2014)
|
|
$
|
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 – timely paid
|
|
$
|
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
|
|
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
|
|
$
|
2,425,000
|
|
December 17, 2013 - $100,000 – initial payment - timely paid
|
|
$
|
100,000
|
|
February 1, 2014 - $350,000 – additional initial payment
|
|
$
|
350,000
|
|
December 15, 2014 - $200,000 – First anniversary payment
|
|
$
|
200,000
|
|
December 15, 2015 - $300,000 – Second anniversary payment
|
|
$
|
300,000
|
|
December 15, 2016 - $400,000 – Third anniversary payment and thereafter annually
|
|
$
|
6.800,000
|
|
Total
|
|
$
|
7,750,000
|
|
Land – Mining Properties
|
|
$
|
153,388
|
|
Leasehold Improvements
|
|
|
26,812
|
|
Equipment
|
|
|
7,485
|
|
Furniture and Fixtures
|
|
|
14,637
|
|
Computer Software and Equipment
|
|
|
34,694
|
|
|
|
$
|
237,016
|
|
Accumulated Depreciation
|
|
|
(17,671
|
)
|
|
|
$
|
219,345
|
|
|
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,
2014
|
December 31,
2013
|
|||||||
Convertible Notes Payable issued to 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
|
1,000,000
|
||||||
Issued May 22, 2013
|
500,000
|
500,000
|
||||||
Issued July 31, 2013
|
500,000
|
500,000
|
||||||
Issued December 20, 2013
|
|
100,000
|
100,000
|
|
||||
Issued January 7, 2014
|
34,556
|
0
|
||||||
Total
|
$
|
4,734,556
|
$
|
4,700,000
|
||||
Discount on Notes Payable
|
(957,695
|
)
|
(1,240,953
|
)
|
||||
Net Carrying Value
|
$
|
3,776,861
|
$
|
3,459,047
|
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
|
||||||
Conversion Price
|
$
|
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
|
|
|
|
|
|
|
|
|
|
|
Conversion Price
|
|
|
|
|
|
$
|
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
|
|
|
|
|
|
|
|
|
|
|
Conversion Price
|
|
|
|
|
|
$
|
0.200
|
|
Intrinsic conversion price/share
|
|
|
|
|
|
$
|
0.183
|
|
Beneficial Conversion Option for fully converted note
|
|
|
|
|
|
$
|
833,770
|
|
|
|
Allocation
|
|
|
Relative
|
|
||
|
|
of Proceeds
|
|
|
Value
|
|
||
|
|
|
|
|
||||
Face Value of Convertible Notes
|
|
$
|
500,000
|
|
|
|
||
No. of Common Shares
|
|
|
2,500,000
|
|
|
|
||
Current Market Value
|
|
|
|
|
|
|
||
Market Share price at May 22, 2013
|
|
$
|
0.45
|
|
|
|
||
Market Value of Stock, if converted
|
|
$
|
1,125,000
|
|
|
$
|
429,389
|
|
|
|
|
|
|
|
|
|
|
Fair Value - Warrants - At Time of Issuance – May 22, 2013
|
|
|
|
|
|
|
|
|
No. of Warrants Issued
|
|
|
2,500,000
|
|
|
|
|
|
Exercise Price
|
|
$
|
0.400
|
|
|
|
|
|
Fair Value - Based on Black-Scholes Method
|
|
|
|
|
|
|
|
|
Black-Scholes Value
|
|
$
|
0.074
|
|
|
|
|
|
Fair Value of Warrants
|
|
$
|
185,000
|
|
|
$
|
70,611
|
|
|
|
|
|
|
|
|
|
|
Total/Relative Value
|
|
$
|
1,310,000
|
|
|
$
|
500,000
|
|
|
|
|
|
|
|
|
|
|
Beneficial Conversion Option Calculation
|
|
|
|
|
|
|
|
|
Relative Note Value
|
|
|
|
|
|
$
|
429,389
|
|
|
|
|
|
|
|
|
|
|
Face value of Note
|
|
|
|
|
|
$
|
500,000
|
|
|
|
|
|
|
|
|
|
|
Conversion Price
|
|
|
|
|
|
$
|
0.200
|
|
Intrinsic conversion price/share
|
|
|
|
|
|
$
|
0.172
|
|
Beneficial Conversion Option for fully converted note (limited to face value of note)
|
|
|
|
|
|
$
|
429,389
|
|
|
Allocation
|
|
|
Relative
|
|
|||
|
|
of Proceeds
|
|
|
Value
|
|
||
|
|
|
|
|
||||
Face Value of Convertible Notes
|
|
$
|
500,000
|
|
|
|
||
No. of Common Shares
|
|
|
2,500,000
|
|
|
|
||
Current Market Value
|
|
|
|
|
|
|
||
Market Share price at July 31, 2013
|
|
$
|
0.38
|
|
|
|
||
Market Value of Stock, if converted
|
|
$
|
950,000
|
|
|
$
|
451,306
|
|
|
|
|
|
|
|
|
|
|
Fair Value - Warrants - At Time of Issuance – July 31, 2013
|
|
|
|
|
|
|
|
|
No. of Warrants Issued
|
|
|
2,500,000
|
|
|
|
|
|
Exercise Price
|
|
$
|
0.400
|
|
|
|
|
|
Fair Value - Based on Black-Scholes Method
|
|
|
|
|
|
|
|
|
Black-Scholes Value
|
|
$
|
0.041
|
|
|
|
|
|
Fair Value of Warrants
|
|
$
|
102,500
|
|
|
$
|
48,694
|
|
|
|
|
|
|
|
|
|
|
Total/Relative Value
|
|
$
|
1,052,500
|
|
|
$
|
500,000
|
|
|
|
|
|
|
|
|
|
|
Beneficial Conversion Option Calculation
|
|
|
|
|
|
|
|
|
Relative Note Value
|
|
|
|
|
|
$
|
451,306
|
|
|
|
|
|
|
|
|
|
|
Face value of Note
|
|
|
|
|
|
$
|
500,000
|
|
|
|
|
|
|
|
|
|
|
Conversion Price
|
|
|
|
|
|
$
|
0.200
|
|
Intrinsic conversion price/share
|
|
|
|
|
|
$
|
0.181
|
|
Beneficial Conversion Option for fully converted note (limited to face value of note)
|
|
|
|
|
|
$
|
451,306
|
|
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
|
|
|
1,393,549
|
|
Net Operating Loss carry-forward to Year 2013
|
|
$
|
3,017,039
|
|
Net Operating Loss - Year 2013
|
|
|
1,706,747
|
|
Net Operating Loss carry-forward to Year 2014
|
|
$
|
4,723,786
|
|
|
March 31,
|
|
|
December 31,
|
|
|||
|
|
2014
|
|
|
2013
|
|
||
|
|
|
|
|
||||
Deferred Tax Asset
|
|
$
|
1,823,797
|
|
|
$
|
1,706,747
|
|
Valuation Account
|
|
|
(1,823,797
|
)
|
|
|
(1,706,747
|
)
|
Net Deferred Tax Asset
|
|
$
|
0
|
|
|
$
|
0
|
|
Number of
|
Weighted
Average
|
Options
|
Weighted
Average
|
(in years)
Average
|
||||||||||||||||
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 | 5.0 | |||||||||||||
Exercised
|
0 | 0 | ||||||||||||||||||
Outstanding, December 31, 2011
|
3,300,000 | $ | 0.20 | 3,300,000 | $ | 0.20 | 4.8 | |||||||||||||
Granted - November 5, 2012
|
400,000 | $ | 0.34 | 400,000 | $ | 0.34 | ||||||||||||||
Exercised
|
0 | 0 | ||||||||||||||||||
Outstanding, December 31, 2012
|
3,700,000 | $ | 0.22 | 3,700,000 | $ | 0.22 | 3.0 | |||||||||||||
Granted
|
0 | 0 | 0 | |||||||||||||||||
Exercised
|
0 | 0 | 0 | |||||||||||||||||
Outstanding, December 31, 2013
|
3,700,000 | $ | 0.22 | 3,700,000 | $ | 0.22 | 2.3 | |||||||||||||
Granted
|
0 | 0 | 0 | |||||||||||||||||
Exercised
|
0 | 0 | 0 | |||||||||||||||||
Outstanding, March 31, 2014
|
3,700,000 | $ | 0.22 | 3,700,000 | $ | 0.22 | 2.3 |
Number of
|
Weighted
Average
|
Warrants
|
Weighted
Average
|
|||||||||||||
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
|
13,271,452
|
$
|
0.40
|
13,271,452
|
$
|
0.40
|
||||||||||
Exercised
|
0
|
0
|
||||||||||||||
Outstanding, December 31, 2012
|
21,510,450
|
$
|
0.32
|
21,510,450
|
$
|
0.32
|
||||||||||
Granted
|
10,004,840
|
$
|
0.40
|
10,004,840
|
$
|
0.40
|
||||||||||
Exercised
|
14,519
|
14,519
|
||||||||||||||
Outstanding, December 31, 2013
|
31,500,771
|
$
|
0.35
|
31,500,771
|
$
|
0.35
|
||||||||||
Granted
|
8,432
|
8,432
|
||||||||||||||
Exercised
|
25,296
|
25,296
|
||||||||||||||
Outstanding, March 31, 2014
|
31,483,907
|
$
|
0.35
|
31,483,907
|
$
|
0.35
|
Warrants O/S
|
Warrants Exercisable
|
|||||||||||||||||||||
Range of
Warrant Exercise
|
Weighted-Average
Remaining
|
Number of
Warrants
|
Weighted
Average
|
Number of
Warrants
|
Weighted
Average
Exercise
Price
|
|||||||||||||||||
|
||||||||||||||||||||||
$
|
0.20
|
0.38
|
7,699,998
|
$
|
0.20
|
7,699,998
|
$
|
0.20
|
||||||||||||||
$
|
0.20
|
0.45
|
512,457
|
$
|
0.20
|
512,457
|
$
|
0.20
|
||||||||||||||
$
|
0.40
|
1.10
|
3,000,000
|
$
|
0.40
|
3,000,000
|
$
|
0.40
|
||||||||||||||
$
|
0.40
|
1.40
|
10,000,000
|
$
|
0.40
|
10,000,000
|
$
|
0.40
|
||||||||||||||
$
|
0.40
|
1.66
|
271,452
|
$
|
0.40
|
271,452
|
$
|
0.40
|
||||||||||||||
$
|
0.40
|
2.14
|
5,000,000
|
$
|
0.40
|
5,000,000
|
$
|
0.40
|
||||||||||||||
$
|
0.40
|
2.39
|
2,500,000
|
$
|
0.40
|
2,500,000
|
$
|
0.40
|
||||||||||||||
$
|
0.40
|
2.58
|
2,500,000
|
$
|
0.40
|
2,500,000
|
$
|
0.40
|
||||||||||||||
1.40
|
31,483,907
|
31,483,907
|
|
|
March 31,
|
|
|
December 31,
|
|
||
|
|
2014
|
|
|
2013
|
|
||
Due To Related Parties
|
|
|
|
|
|
|
||
Harold R. Shipes - Shareholder/Officer
|
|
$
|
43,069
|
|
|
$
|
18,308
|
|
Eileen Shipes
|
|
|
3,048
|
|
|
|
2,683
|
|
Matthew J. Lang
|
|
|
1,385
|
|
|
|
1,102
|
|
Danielle Lang
|
|
|
2,417
|
|
|
|
1,361
|
|
Clarity Management, LP
|
|
|
2,732
|
|
|
|
2,732
|
|
Total
|
$
|
52,651
|
$
|
26,186
|
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
|
|
|
105,888
|
|
Total Capital Acquisitions
|
|
$
|
153,388
|
|
|
|
|
|
|
Exploration Costs:
|
|
|
|
|
A) Acquisition 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
|
|
|
4,760
|
|
2) Leviathon mining claims - acquisition of BLM mineral claims
|
|
|
47,609
|
|
D) Pioche Mining District - Lincoln County, Nevada
|
|
|
|
|
1) Prince Mine lease
|
|
|
792,245
|
|
2) Caselton Tailings exploration costs
|
|
|
514,532
|
|
3) Caselton Mine/Mill exploration costs
|
|
|
53,332
|
|
E) Silver Bow County, Montana
|
|
|
|
|
1) New Butte property lease
|
|
|
84,280
|
|
2) Continental Public Land Trust lease
|
|
|
43,424
|
|
3) Chattel property
|
|
|
1,256
|
|
4) Magna Charta property
|
432
|
|||
4) MG&A
|
|
|
159,330
|
|
3) Silver Bar property (option) – abandoned
|
|
|
6,819
|
|
4) Butte properties - General exploration costs
|
|
|
54,262
|
|
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
|
|
$
|
1,980,248
|
|
·
|
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, 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 associated with 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 increased US mining operations cost; 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.
|
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.
|
We have leased the Calico Silver property to another exploration company and will focus our exploration efforts on the Pioche and Butte Mining Districts.
|
●
|
Our small size limits our ability to achieve the desired level of separation our internal controls and financial reporting. We have a separate CEO, CFO and an Audit Committee to review and oversee the financial policies and procedures of the Company, but due to lack of independence, management considers this a material weakness. Although, we have installed an audit committee, we still 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.
|
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
|
|
|
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Exhibit 32.1
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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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Exhibit 32.2
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Certification by the Principal Financial Officer pursuant to Section 1350 as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
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101.INS **
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XBRL Instance Document
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101.SCH **
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XBRL Taxonomy Extension Schema Document
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101.CAL **
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF **
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB **
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE **
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XBRL Taxonomy Extension Presentation Linkbase Document
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INTERNATIONAL SILVER, INC.
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Dated: May 12, 2014
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By:
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/s/ Harold R. Shipes
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Harold R. Shipes,
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Chief Executive Officer/Chairman of the Board
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Signature
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Title
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Date
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/s/ Harold R. Shipes
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Chairman of the Board/Director
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May 12, 2014
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Harold R. Shipes
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Chief Executive Officer
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(Principal Executive Officer)
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/s/ John A. McKinney
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Chief Financial Officer
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May 12, 2014
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John A. McKinney
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Executive Vice President
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(Principal Financial Officer)
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|
1 Year International Silver (CE) Chart |
1 Month International Silver (CE) Chart |
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