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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Silver Bull Resources Inc (QB) | USOTC:SVBL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0084 | 8.12% | 0.1119 | 0.0865 | 0.116 | 0.1119 | 0.10 | 0.10005 | 1,903 | 21:00:01 |
R
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED
April 30, 2018.
|
£
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _________ TO _________.
|
Nevada
|
91-1766677
|
State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization
|
Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
|
Non-accelerated filer
☐
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
R
|
Emerging growth company
☐
|
|
|
Page
|
PART I – FINANCIAL INFORMATION
|
2
|
|
ITEM 1.
|
FINANCIAL STATEMENTS. | 2 |
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
19
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
28
|
ITEM 4.
|
CONTROLS AND PROCEDURES.
|
28
|
PART II – OTHER INFORMATION
|
28
|
|
ITEM 1.
|
LEGAL PROCEEDINGS.
|
28
|
ITEM 1A.
|
RISK FACTORS.
|
28
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|
29
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES.
|
29
|
ITEM 4.
|
MINE SAFETY DISCLOSURES.
|
29
|
ITEM 5.
|
OTHER INFORMATION.
|
29
|
ITEM 6.
|
EXHIBITS.
|
30
|
|
|
|
|
SIGNATURES
|
31
|
Common Stock |
Additional
|
Other
|
||||||||||||||||||||||
Number of
Shares
|
Amount |
Paid-in
Capital
|
Accumulated
Deficit
|
Comprehensive
Income
|
Total | |||||||||||||||||||
Balance, October 31, 2017
|
199,259,967
|
$
|
1,992,599
|
$
|
127,679,664
|
$
|
(122,335,364
|
)
|
$
|
92,248
|
$
|
7,429,147
|
||||||||||||
Issuance of common stock as follows:
- exercise of warrants at a price of Canadian dollar (“$CDN”) 0.13 per share less costs of $750 (Note 10)
|
5,440,000
|
54,400
|
497,352
|
—
|
—
|
551,752
|
||||||||||||||||||
- exercise of agent warrants at a price of $CDN 0.10 per share less costs of $165 (Note 10)
|
39,375
|
394
|
2,586
|
—
|
—
|
2,980
|
||||||||||||||||||
Reclassification to additional paid-in capital upon exercise of warrants at price of $CDN 0.13 (Note 12)
|
—
|
—
|
379,908
|
—
|
—
|
379,908
|
||||||||||||||||||
Reclassification to additional paid-up capital upon exercise of warrants at price of $CDN 0.10 (Note 12)
|
—
|
—
|
3,615
|
—
|
—
|
3,615
|
||||||||||||||||||
Stock option activity as follows:
- Stock-based compensation for options issued to officers, employees and consultants
|
—
|
—
|
51,634
|
—
|
—
|
51,634
|
||||||||||||||||||
Net loss for the six month period ended April 30, 2018
|
—
|
—
|
—
|
(2,330,325
|
)
|
—
|
(2,330,325
|
)
|
||||||||||||||||
Balance, April 30, 2018
|
204,739,342
|
$
|
2,047,393
|
$
|
128,614,759
|
$
|
(124,665,689
|
)
|
$
|
92,248
|
$
|
6,088,711
|
Six Months Ended
April 30,
|
||||||||
2018
|
2017
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(2,330,325
|
)
|
$
|
(1,182,561
|
)
|
||
Adjustments to reconcile net loss to net cash used by operating activities:
|
||||||||
Depreciation
|
13,880
|
20,663
|
||||||
Provision for (recovery of) uncollectible value-added taxes
|
25,202
|
(49,966
|
)
|
|||||
Foreign currency transaction (gain) loss
|
(2,411
|
)
|
8,348
|
|||||
Change in fair value of warrant derivative liability (Note 12)
|
1,305,119
|
—
|
||||||
Change in fair value of stock option liability (Note 11)
|
5,792
|
—
|
||||||
Stock options issued for compensation
|
72,565
|
98,758
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Value-added tax receivable
|
(28,986
|
)
|
(44,766
|
)
|
||||
Other receivables
|
(7,401
|
)
|
(8,326
|
)
|
||||
Prepaid expenses and deposits
|
30,848
|
51,506
|
||||||
Accounts payable
|
37,135
|
115,135
|
||||||
Accrued liabilities and expenses
|
(95,273
|
)
|
(119,990
|
)
|
||||
Income tax payable
|
(2,780
|
)
|
(8,024
|
)
|
||||
Net cash used in operating activities
|
(976,635
|
)
|
(1,119,223
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Acquisition of property concessions
|
(15,541
|
)
|
—
|
|||||
Net cash used in investing activities
|
(15,541
|
)
|
—
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from exercise of warrants, net of costs (Note 10)
|
555,207
|
—
|
||||||
Net cash provided by financing activities
|
555,207
|
—
|
||||||
Effect of exchange rates on cash and cash equivalents
|
1,766
|
(2,022
|
)
|
|||||
Net decrease in cash and cash equivalents
|
(435,203
|
)
|
(1,121,245
|
)
|
||||
Cash and cash equivalents beginning of period
|
681,776
|
1,467,328
|
||||||
Cash and cash equivalents end of period
|
$
|
246,573
|
$
|
346,083
|
Six Months Ended
April 30,
|
||||||||
2018
|
2017
|
|||||||
SUPPLEMENTAL CASH FLOW DISCLOSURES:
|
||||||||
Income taxes paid
|
$
|
4,599
|
$
|
8,009
|
||||
Interest paid
|
1,639
|
$
|
1,588
|
|||||
NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Common stock issuance costs included in accounts payable and accrued liability
|
475
|
—
|
Allowance for uncollectible VAT – October 31, 2017
|
$
|
67,729
|
||
Provision for VAT receivable allowance
|
25,202
|
|||
Foreign currency translation adjustment
|
1,851
|
|||
Write-off of VAT receivable
|
(26
|
)
|
||
Allowance for uncollectible VAT – April 30, 2018
|
$
|
94,756
|
April 30,
|
October 31,
|
|||||||
2018
|
2017
|
|||||||
Mining equipment
|
$
|
358,513
|
$
|
358,513
|
||||
Vehicles
|
53,451
|
53,451
|
||||||
Buildings and structures
|
185,724
|
185,724
|
||||||
Computer equipment and software
|
74,236
|
74,236
|
||||||
Well equipment
|
39,637
|
39,637
|
||||||
Office equipment
|
47,597
|
47,597
|
||||||
759,158
|
759,158
|
|||||||
Less: Accumulated depreciation
|
(564,283
|
)
|
(550,403
|
)
|
||||
Office and mining equipment, net
|
$
|
194,875
|
$
|
208,755
|
Property concessions – October 31, 2017
|
$
|
5,004,386
|
||
Acquisitions
|
15,541
|
|||
Property concessions – April 30, 2018
|
$
|
5,019,927
|
Goodwill – April 30, 2018 and October 31, 2017
|
|
$
|
2,058,031
|
Six Months Ended
April 30,
|
||||
Options
|
2018
|
2017
|
||
Expected volatility
|
40%
|
78% – 87%
|
||
Risk-free interest rate
|
1.94%
|
1.35% – 1.56%
|
||
Dividend yield
|
—
|
—
|
||
Expected term (in years)
|
5.0
|
2.50 – 3.50
|
Options
|
Shares
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life (Years)
|
Aggregate Intrinsic Value
|
||||||||||||
Outstanding at October 31, 2017
|
12,794,286
|
$
|
0.16
|
2.98
|
$
|
110,622
|
||||||||||
Granted
|
350,000
|
0.17
|
||||||||||||||
Expired
|
(314,286
|
)
|
0.58
|
|||||||||||||
Outstanding at April 30, 2018
|
12,830,000
|
$
|
0.15
|
2.62
|
$
|
634,933
|
||||||||||
Exercisable at April 30, 2018
|
11,471,666
|
$
|
0.16
|
2.46
|
$
|
555,566
|
Options Outstanding
|
Options Exercisable
|
|||||||||||||||||||||
Exercise Price
|
Number
Outstanding
|
Weighted Average Remaining Contractual Life (Years)
|
Weighted Average Exercise Price
|
Number Exercisable
|
Weighted Average Exercise
Price
|
|||||||||||||||||
$
|
0.06
|
4,075,000
|
2.82
|
$
|
0.06
|
4,075,000
|
$
|
0.06
|
||||||||||||||
0.10 – 0.17
|
4,425,000
|
4.00
|
0.10
|
3,066,666
|
0.11
|
|||||||||||||||||
0.20 – 0.26
|
2,625,000
|
1.56
|
0.25
|
2,625,000
|
0.25
|
|||||||||||||||||
0.37
|
1,705,000
|
0.15
|
0.37
|
1,705,000
|
0.37
|
|||||||||||||||||
$
|
0.06 – 0.37
|
12,830,000
|
2.62
|
$
|
0.15
|
11,471,666
|
$
|
0.16
|
Stock option liability at October 31, 2017:
|
$
|
5,194
|
||
Grant of vested $CDN stock option to consultant
|
20,931
|
|||
Change in fair value of stock option liability
|
5,792
|
|||
Stock option liability at April 30, 2018
|
$
|
31,917
|
Warrants
|
Shares
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Life (Years)
|
Aggregate
Intrinsic
Value
|
||||||||||||
Outstanding and exercisable at October 31, 2017
|
27,164,700
|
$
|
0.10
|
1.70
|
$
|
9,769
|
||||||||||
Exercised
|
(5,479,375
|
)
|
$
|
0.10
|
||||||||||||
Outstanding and exercisable at April 30, 2018
|
21,685,325
|
$
|
0.10
|
1.20
|
$
|
1,098,739
|
||||||||||
Warrants Outstanding and Exercisable
|
||||||||||||||
Exercise Price
|
Number
Outstanding
|
Weighted Average Remaining Contractual Life (Years)
|
Weighted Average Exercise Price
|
|||||||||||
$
|
0.08
|
1,219,925
|
1.19
|
$
|
0.08
|
|||||||||
0.10
|
15,925,000
|
1.20
|
0.10
|
|||||||||||
0.12
|
4,340,000
|
1.22
|
0.12
|
|||||||||||
0.16
|
200,400
|
0.22
|
0.16
|
|||||||||||
$
|
0.08 – 0.16
|
21,685,325
|
1.20
|
$
|
0.10
|
Warrant derivative liability at October 31, 2017:
|
$
|
341,717
|
||
Change in fair value of warrant derivative liability
|
1,305,119
|
|||
Reclassification to additional paid-in capital upon exercise of warrants
|
(383,523
|
)
|
||
Warrant derivative liability at April 30, 2018
|
$
|
1,263,313
|
|
Level 1
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
|
Level 2
|
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
|
|
Level 3
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
|
April 30, 2018
|
||||||||||||
Liability
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
Stock option liability
|
$
|
—
|
$
|
—
|
$
|
31,917
|
||||||
Warrant derivative liability
|
$
|
—
|
$
|
—
|
$
|
1,263,313
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
April 30,
|
April 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Mexico
|
$
|
(117,000
|
)
|
$
|
(198,000
|
)
|
$
|
(318,000
|
)
|
$
|
(606,000
|
)
|
||||
Canada
|
(77,000
|
)
|
(401,000
|
)
|
(2,012,000
|
)
|
(663,000
|
)
|
||||||||
Gabon
|
-
|
-
|
-
|
86,000
|
||||||||||||
Net Loss
|
$
|
(194,000
|
)
|
$
|
(599,000
|
)
|
$
|
(2,330,000
|
)
|
$
|
(1,183,000
|
)
|
|
Canada
|
Mexico
|
Total
|
|||||||||
Cash and cash equivalents
|
$
|
235,000
|
$
|
11,000
|
$
|
246,000
|
||||||
Value-added tax receivable, net
|
-
|
165,000
|
165,000
|
|||||||||
Other receivables
|
11,000
|
2,000
|
13,000
|
|||||||||
Prepaid expenses and deposits
|
72,000
|
14,000
|
86,000
|
|||||||||
Office and mining equipment, net
|
-
|
195,000
|
195,000
|
|||||||||
Property concessions
|
-
|
5,020,000
|
5,020,000
|
|||||||||
Goodwill
|
-
|
2,058,000
|
2,058,000
|
|||||||||
|
$
|
318,000
|
$
|
7,465,000
|
$
|
7,783,000
|
|
Canada
|
Mexico
|
Total
|
|
|||||||||
Cash and cash equivalents
|
$
|
657,000
|
$
|
25,000
|
$
|
682,000
|
|||||||
Value-added tax receivable, net
|
-
|
157,000
|
157,000
|
||||||||||
Other receivables
|
4,000
|
1,000
|
5,000
|
||||||||||
Prepaid expenses and deposits
|
102,000
|
15,000
|
117,000
|
||||||||||
Office and mining equipment, net
|
-
|
209,000
|
209,000
|
||||||||||
Property concessions
|
-
|
5,004,000
|
5,004,000
|
||||||||||
Goodwill
|
-
|
2,058,000
|
2,058,000
|
||||||||||
|
$
|
763,000
|
$
|
7,469,000
|
$
|
8,232,000
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
April 30,
|
April 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Exploration and property holding (costs) recovery for the period
|
||||||||||||||||
Mexico Sierra Mojada
|
$
|
(109,000
|
)
|
$
|
(210,000
|
)
|
$
|
(291,000
|
)
|
$
|
(611,000
|
)
|
||||
Gabon Mitzic
|
-
|
-
|
-
|
34,000
|
||||||||||||
$
|
(109,000
|
)
|
$
|
(210,000
|
)
|
$
|
(291,000
|
)
|
$
|
(577,000
|
)
|
· |
The sufficiency of our existing cash resources to enable us to continue our operations for the next 12 months as a going concern;
|
· |
Our ability to undertake a strategic transaction, such as a joint venture, asset divestiture, sale or merger of Silver Bull, or other strategic transaction;
|
· |
Prospects of entering the development or production stage with respect to any of our projects;
|
· |
Whether any part of the Sierra Mojada project will ever be confirmed or converted into SEC Industry Guide 7-compliant “reserves”;
|
· |
The impact of the fine bubble flotation test work on the recovery of minerals and initial rough concentrate grade;
|
· |
The possible advantages of zinc mineralization at the Sierra Mojada Property;
|
· |
The impact of recent accounting pronouncements on our financial position, results of operations or cash flows and disclosures;
|
· |
The impact of changes to current state or federal laws and regulations on estimated capital expenditures, the economics of a particular project and/or our activities;
|
· |
Our ability to raise additional capital and/or pursue additional strategic options, and the potential impact on our business, financial condition and results of operations of doing so or not;
|
· |
The impact of changing foreign currency exchange rates on our financial condition;
|
· |
Our expectations regarding future recovery of value-added taxes (“VAT”) paid in Mexico; and
|
· |
The merits of any claims in connection with, and the expected timing of any, ongoing legal proceedings.
|
· |
Our ability to obtain additional financial resources on acceptable terms to (i) conduct our exploration activities and (ii) maintain our general and administrative expenditures at acceptable levels;
|
· |
Results of future exploration at our Sierra Mojada project;
|
· |
Worldwide economic and political events affecting (i) the market prices for silver, zinc, lead, copper and other minerals that may be found on our exploration properties (ii) interest rates and (iii) foreign currency exchange rates;
|
· |
The amount and nature of future capital and exploration expenditures;
|
· |
Volatility in our stock price;
|
· |
Our inability to obtain required permits;
|
· |
Competitive factors, including exploration-related competition;
|
· |
Timing of receipt and maintenance of government approvals;
|
· |
Unanticipated title issues;
|
· |
Changes in tax laws;
|
· |
Changes in regulatory frameworks or regulations affecting our activities;
|
· |
Our ability to retain key management and consultants and experts necessary to successfully operate and grow our business; and
|
· |
Political and economic instability in Mexico and other countries in which we conduct our business, and future potential actions of the governments in such countries with respect to nationalization of natural resources or other changes in mining or taxation policies.
|
(a) |
Evaluation of Disclosure Controls and Procedures.
|
(b) |
Changes in
Internal Control over Financial Reporting
|
Incorporated by Reference
|
||||||||
Exhibit Number
|
Exhibit Description
|
Form
|
Date
|
Exhibit
|
Filed Herewith
|
|||
|
||||||||
X
|
||||||||
X
|
||||||||
|
|
|
||||||
|
X
|
|||||||
|
|
|
||||||
X
|
||||||||
101.INS*
|
XBRL Instance Document
|
X
|
||||||
101.SCH*
|
XBRL Schema Document
|
X
|
||||||
101.CAL*
|
XBRL Calculation Linkbase Document
|
X
|
||||||
101.DEF*
|
XBRL Definition Linkbase Document
|
X
|
101.LAB*
|
XBRL Labels Linkbase Document
|
X
|
101.PRE*
|
XBRL Presentation Linkbase Document
|
X
|
Dated: June 13, 2018
|
By:
|
/s/ Timothy Barry
|
|
Timothy Barry
|
|
President and Chief Executive Officer
|
||
(Principal Executive Officer)
|
||
Dated: June 13, 2018
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By:
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/s/ Sean Fallis
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Sean Fallis
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Chief Financial Officer
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||
(Principal Financial Officer and Principal Accounting Officer)
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1 Year Silver Bull Resources (QB) Chart |
1 Month Silver Bull Resources (QB) Chart |
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