10-Q Filing

Idaho Strategic Resources, Inc. CIK: 1030192 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001052918-18-000177`
Period End Date	20180331
Filing Date	20180515
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	njmc-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 85 Income Statement 44 Cash Flow Statement 62

Balance Sheet 85 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par Value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred Stock, Par Value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$154.83K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$379.20K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$627.30K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$124.62K	USD	Point-in-time
Gold sales receivable	`OtherReceivables`	$307.80K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Gold sales receivable	`OtherReceivables`	$95.81K	USD	Point-in-time
Inventories	`InventoryNet`	$245.15K	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Inventories	`InventoryNet`	$186.99K	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Joint venture receivables	`DueFromJointVenturesCurrent`	$4.68K	USD	Point-in-time
Joint venture receivables	`DueFromJointVenturesCurrent`	$5.40K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$102.36K	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	112.31M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$130.17K	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	118.66M	shares	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	112.31M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$784.61K	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	118.66M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$797.58K	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$6.16M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$5.89M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`MineralPropertiesNet`	$2.98M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`MineralPropertiesNet`	$2.14M	USD	Point-in-time
Investment in joint venture	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$435.00K	USD	Point-in-time
Investment in joint venture	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$435.00K	USD	Point-in-time
Reclamation bond	`ReclamationBond`	$103.32K	USD	Point-in-time
Reclamation bond	`ReclamationBond`	$103.32K	USD	Point-in-time
Deposit on equipment	`DepositsAssetsNoncurrent`	$30.00K	USD	Point-in-time
Total assets	`Assets`	$9.38M	USD	Point-in-time
Total assets	`Assets`	$10.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$363.81K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$353.14K	USD	Point-in-time
Accrued payroll and related payroll expenses	`AccruedPayrollTaxesCurrent`	$40.71K	USD	Point-in-time
Accrued payroll and related payroll expenses	`AccruedPayrollTaxesCurrent`	$42.49K	USD	Point-in-time
Notes and interest payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$232.76K	USD	Point-in-time
Notes and interest payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$211.83K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$193.51K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$95.99K	USD	Point-in-time
Payable mineral property purchase, current portion, net of discount	`OtherNotesPayableCurrent`	$89.98K	USD	Point-in-time
Payable mineral property purchase, current portion, net of discount	`OtherNotesPayableCurrent`	-	USD	Point-in-time
Forward gold contracts, current portion	`ForwardGoldContractsCurrentPortion`	$290.70K	USD	Point-in-time
Forward gold contracts, current portion	`ForwardGoldContractsCurrentPortion`	$568.61K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.28M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligation`	$136.34K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligation`	$74.02K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligation`	$121.56K	USD	Point-in-time
Notes and interest payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$1.03M	USD	Point-in-time
Notes and interest payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$601.08K	USD	Point-in-time
Notes payable, long term	`LongTermNotesPayable`	$155.41K	USD	Point-in-time
Notes payable, long term	`LongTermNotesPayable`	$176.80K	USD	Point-in-time
Payable-mineral property purchase, long term, net of discount	`OtherNotesPayable`	$503.27K	USD	Point-in-time
Payable-mineral property purchase, long term, net of discount	`OtherNotesPayable`	-	USD	Point-in-time
Forward gold contracts, long term	`ForwardGoldContractsLongTerm`	$35.20K	USD	Point-in-time
Forward gold contracts, long term	`ForwardGoldContractsLongTerm`	-	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$1.83M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$1.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.03M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, no par value, 200,000,000 shares authorized; March 31, 2018-118,656,128 shares and December 31, 2017-112,310,372 shares issued and outstanding	`CommonStockValue`	$16.84M	USD	Point-in-time
Common stock, no par value, 200,000,000 shares authorized; March 31, 2018-118,656,128 shares and December 31, 2017-112,310,372 shares issued and outstanding	`CommonStockValue`	$15.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.25M	USD	Point-in-time
Total New Jersey Mining Company stockholders' equity	`StockholdersEquity`	$4.34M	USD	Point-in-time
Total New Jersey Mining Company stockholders' equity	`StockholdersEquity`	$3.74M	USD	Point-in-time
Non-controlling interests	`NonredeemableNoncontrollingInterest`	$3.11M	USD	Point-in-time
Non-controlling interests	`NonredeemableNoncontrollingInterest`	$3.11M	USD	Point-in-time
Non-controlling interests	`NonredeemableNoncontrollingInterest`	$3.14M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.85M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.44M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.38M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.48M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Gold sales	`RevenueMineralSales`	$1.10M	USD	1 Quarter
Gold sales	`RevenueMineralSales`	$689.32K	USD	1 Quarter
Total revenue	`Revenues`	$689.32K	USD	1 Quarter
Total revenue	`Revenues`	$1.10M	USD	1 Quarter
Cost of sales and other direct production costs	`ProductionCosts`	$527.77K	USD	1 Quarter
Cost of sales and other direct production costs	`ProductionCosts`	$1.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$27.28K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$69.06K	USD	1 Quarter
Total costs of sales	`CostsAndExpenses`	$1.09M	USD	1 Quarter
Total costs of sales	`CostsAndExpenses`	$555.05K	USD	1 Quarter
Gross profit	`GrossProfit`	$134.27K	USD	1 Quarter
Gross profit	`GrossProfit`	$6.61K	USD	1 Quarter
Exploration	`ExplorationExpenseMining`	$99.23K	USD	1 Quarter
Exploration	`ExplorationExpenseMining`	$18.65K	USD	1 Quarter
Management	`LaborAndRelatedExpense`	$42.56K	USD	1 Quarter
Management	`LaborAndRelatedExpense`	$21.80K	USD	1 Quarter
Professional services	`ProfessionalAndContractServicesExpense`	$66.58K	USD	1 Quarter
Professional services	`ProfessionalAndContractServicesExpense`	$65.63K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$92.29K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$51.08K	USD	1 Quarter
Total other operating expenses	`OperatingCostsAndExpenses`	$238.69K	USD	1 Quarter
Total other operating expenses	`OperatingCostsAndExpenses`	$239.13K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-84.86K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-232.08K	USD	1 Quarter
Royalties and other (income) expense	`RoyaltyIncomeNonoperating`	$12.12K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$-1.60K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$-757.00	USD	1 Quarter
Interest expense	`InterestExpense`	$25.34K	USD	1 Quarter
Interest expense	`InterestExpense`	$20.23K	USD	1 Quarter
Change in fair value of forward gold contracts	`UnrealizedGainLossOnDerivatives`	$143.21K	USD	1 Quarter
Change in fair value of forward gold contracts	`UnrealizedGainLossOnDerivatives`	$10.02K	USD	1 Quarter
Amortization of discount on note payable	`AmortizationOfDebtDiscountPremium`	$14.52K	USD	1 Quarter
Total other (income) expense	`OtherOperatingIncomeExpenseNet`	$189.32K	USD	1 Quarter
Total other (income) expense	`OtherOperatingIncomeExpenseNet`	$33.76K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-265.85K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-274.18K	USD	1 Quarter
Net loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-12.61K	USD	1 Quarter
Net loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-11.03K	USD	1 Quarter
Net loss attributable to New Jersey Mining Company	`NetIncomeLossAttributableToParent`	$-253.24K	USD	1 Quarter
Net loss attributable to New Jersey Mining Company	`NetIncomeLossAttributableToParent`	$-263.14K	USD	1 Quarter
Net loss per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Net loss per common share-basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	113.02M	shares	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	99.23M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-265.85K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-274.18K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$27.28K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$69.06K	USD	1 Quarter
Amortization of discount on note payable	`AmortizationOfDebtDiscountPremium`	$14.52K	USD	1 Quarter
Accretion of asset retirement obligation	`AccretionExpenseIncludingAssetRetirementObligations`	$4.01K	USD	1 Quarter
Accretion of asset retirement obligation	`AccretionExpenseIncludingAssetRetirementObligations`	$1.80K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$16.64K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$33.50K	USD	1 Quarter
Change in fair value of forward gold contracts	`UnrealizedGainLossOnDerivatives`	$143.21K	USD	1 Quarter
Change in fair value of forward gold contracts	`UnrealizedGainLossOnDerivatives`	$10.02K	USD	1 Quarter
Gold sales receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$211.98K	USD	1 Quarter
Gold sales receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-79.17K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$58.16K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.97K	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInOtherReceivables`	$-5.65K	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInOtherReceivables`	$-718.00	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-27.81K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$20.82K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.67K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.13K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$869.00	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$1.78K	USD	1 Quarter
Interest payable related parties	`IncreaseDecreaseInOtherAccruedLiabilities`	$5.52K	USD	1 Quarter
Interest payable related parties	`IncreaseDecreaseInOtherAccruedLiabilities`	$3.66K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-97.38K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$70.27K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-23.86K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$-182.63K	USD	1 Quarter
Purchase of mineral property	`PaymentsToAcquireMineralRights`	$-5.12K	USD	1 Quarter
Purchase of mineral property	`PaymentsToAcquireMineralRights`	$-7.18K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-189.81K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-28.98K	USD	1 Quarter
Sales of common stock and warrants, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$607.57K	USD	1 Quarter
Sales of common stock and warrants, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$1.04M	USD	1 Quarter
Payments on forward gold contracts in cash	`PaymentsForProceedsFromInvestments`	$-81.72K	USD	1 Quarter
Payments on forward gold contracts in cash	`PaymentsForProceedsFromInvestments`	$-62.90K	USD	1 Quarter
Gold purchased for payments on forward gold contracts	`GoldPurchasedForPaymentsOnForwardGoldContracts`	$-83.52K	USD	1 Quarter
Gold purchased for payments on forward gold contracts	`GoldPurchasedForPaymentsOnForwardGoldContracts`	$-84.21K	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$-48.87K	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$-260.17K	USD	1 Quarter
Principal payments on notes payable, related parties	`PrincipalPaymentsOnNotesAndOtherPayablesRelatedParties`	$-42.85K	USD	1 Quarter
Principal payments on notes payable, related parties	`PrincipalPaymentsOnNotesAndOtherPayablesRelatedParties`	$-22.41K	USD	1 Quarter
Contributions from non-controlling interest	`ProceedsFromMinorityShareholders`	$5.65K	USD	1 Quarter
Contributions from non-controlling interest	`ProceedsFromMinorityShareholders`	$5.40K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$374.13K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$598.83K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$472.47K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$254.59K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$154.83K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$379.20K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$627.30K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$124.62K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$154.83K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$379.20K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$627.30K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$124.62K	USD	Point-in-time
Deposit on equipment applied to purchase of equipment	`DepositOnEquipmentAppliedToPurchaseOfEquipment`	$30.00K	USD	1 Quarter
Note payable for equipment purchase	`NotePayableForEquipmentPurchase`	$125.00K	USD	1 Quarter
Forward gold contract exchanged for note payable, related party	`ForwardGoldContractExchangedForNotePayableRelatedParty`	$492.78K	USD	1 Quarter
Mineral property acquired with payable and shares of common stock	`MineralPropertyAcquiredWithPayableAndSharesOfCommonStock`	$826.59K	USD	1 Quarter
Mineral property acquired with payable and shares of common stock	`MineralPropertyAcquiredWithPayableAndSharesOfCommonStock`	$100.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.