10-Q Filing

Idaho Strategic Resources, Inc. CIK: 1030192 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001052918-19-000136`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	njmc-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 44 Cash Flow Statement 64 Stockholders Equity 16

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, No Par Value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock, No Par Value	`PreferredStockNoParValue`	-	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`	$22.73K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$379.20K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$248.77K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$124.62K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common Stock, No Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Gold sales receivable	`OtherReceivables`	$74.67K	USD	Point-in-time
Gold sales receivable	`OtherReceivables`	$165.40K	USD	Point-in-time
Common Stock, No Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Inventories	`InventoryNet`	$183.07K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Inventories	`InventoryNet`	$203.58K	USD	Point-in-time
Joint venture receivable	`OtherAssetsCurrent`	$2.05K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	123.41M	shares	Point-in-time
Joint venture receivable	`OtherAssetsCurrent`	$2.36K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	123.41M	shares	Point-in-time
Note receivable	`NotesReceivableNet`	$150.00K	USD	Point-in-time
Note receivable	`NotesReceivableNet`	$150.00K	USD	Point-in-time
Other current assets	`AccountsAndOtherReceivablesNetCurrent`	$146.92K	USD	Point-in-time
Other current assets	`AccountsAndOtherReceivablesNetCurrent`	$103.22K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$761.78K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$690.98K	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$6.49M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$6.57M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`CostMethodInvestments`	$2.76M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`CostMethodInvestments`	$2.76M	USD	Point-in-time
Investment in joint venture	`EquityMethodInvestments`	$435.00K	USD	Point-in-time
Investment in joint venture	`EquityMethodInvestments`	$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	`OtherRestrictedAssetsNoncurrent`	-	USD	Point-in-time
Deposit on equipment	`OtherRestrictedAssetsNoncurrent`	$11.96K	USD	Point-in-time
Total assets	`Assets`	$10.48M	USD	Point-in-time
Total assets	`Assets`	$10.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$534.92K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$401.50K	USD	Point-in-time
Accrued payroll and related payroll expenses	`EmployeeRelatedLiabilitiesCurrent`	$58.36K	USD	Point-in-time
Accrued payroll and related payroll expenses	`EmployeeRelatedLiabilitiesCurrent`	$73.01K	USD	Point-in-time
Notes payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$47.59K	USD	Point-in-time
Notes payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$33.39K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$217.68K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$176.17K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$817.49K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$725.13K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$156.51K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$154.29K	USD	Point-in-time
Notes payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$180.70K	USD	Point-in-time
Notes payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$189.24K	USD	Point-in-time
Notes payable, long term	`NotesPayable`	$395.36K	USD	Point-in-time
Notes payable, long term	`NotesPayable`	$424.18K	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$767.71K	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$732.57K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.55M	USD	Point-in-time
Commitments (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value, 200,000,000 shares authorized; March 31, 2019-123,413,569 shares and December 31, 2018-123,413,569 shares issued and outstanding	`CommonStockValue`	$17.49M	USD	Point-in-time
Common stock, no par value, 200,000,000 shares authorized; March 31, 2019-123,413,569 shares and December 31, 2018-123,413,569 shares issued and outstanding	`CommonStockValue`	$17.49M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.42M	USD	Point-in-time
Total New Jersey Mining Company stockholders' equity	`StockholdersEquity`	$6.07M	USD	Point-in-time
Total New Jersey Mining Company stockholders' equity	`StockholdersEquity`	$5.87M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$3.07M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$3.06M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.93M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.15M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.64M	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	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.14M	USD	1 Quarter
Gold sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.10M	USD	1 Quarter
Total revenue	`Revenues`	$1.14M	USD	1 Quarter
Total revenue	`Revenues`	$1.10M	USD	1 Quarter
Cost of sales and other direct production costs	`CostDirectMaterial`	$1.03M	USD	1 Quarter
Cost of sales and other direct production costs	`CostDirectMaterial`	$955.79K	USD	1 Quarter
Depreciation and amortization	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$128.95K	USD	1 Quarter
Depreciation and amortization	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$69.06K	USD	1 Quarter
Total costs of sales	`CostOfRevenue`	$1.08M	USD	1 Quarter
Total costs of sales	`CostOfRevenue`	$1.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$59.93K	USD	1 Quarter
Gross profit	`GrossProfit`	$6.61K	USD	1 Quarter
Pre-development expense	`ResearchAndDevelopmentInProcess`	-	USD	1 Quarter
Pre-development expense	`ResearchAndDevelopmentInProcess`	$65.57K	USD	1 Quarter
Exploration	`ExplorationExpense`	$72.88K	USD	1 Quarter
Exploration	`ExplorationExpense`	$99.23K	USD	1 Quarter
Management	`OtherSellingGeneralAndAdministrativeExpense`	$21.80K	USD	1 Quarter
Management	`OtherSellingGeneralAndAdministrativeExpense`	$37.81K	USD	1 Quarter
Professional services	`OtherGeneralExpense`	$56.01K	USD	1 Quarter
Professional services	`OtherGeneralExpense`	$66.58K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$49.30K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$51.08K	USD	1 Quarter
Total other operating expenses (income)	`OperatingExpenses`	$281.57K	USD	1 Quarter
Total other operating expenses (income)	`OperatingExpenses`	$238.69K	USD	1 Quarter
Operating income (expense)	`OperatingIncomeLoss`	$-221.64K	USD	1 Quarter
Operating income (expense)	`OperatingIncomeLoss`	$-232.08K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$-1.60K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$-14.95K	USD	1 Quarter
Interest expense	`InterestExpense`	$25.34K	USD	1 Quarter
Interest expense	`InterestExpense`	$16.44K	USD	1 Quarter
Change in fair value of forward gold contracts	`FairValueOptionChangesInFairValueGainLoss1`	$10.02K	USD	1 Quarter
Change in fair value of forward gold contracts	`FairValueOptionChangesInFairValueGainLoss1`	-	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$33.76K	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$1.49K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-265.85K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-223.12K	USD	1 Quarter
Net loss attributable to non-controlling interest	`IncomeLossAttributableToNoncontrollingInterest`	$-12.61K	USD	1 Quarter
Net loss attributable to non-controlling interest	`IncomeLossAttributableToNoncontrollingInterest`	$-17.72K	USD	1 Quarter
Net income (loss) attributable to New Jersey Mining Company	`IncomeLossAttributableToParent`	$-205.40K	USD	1 Quarter
Net income (loss) attributable to New Jersey Mining Company	`IncomeLossAttributableToParent`	$-253.24K	USD	1 Quarter
Net income (loss) per common share-basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	USD	1 Quarter
Net income (loss) per common share-basic and diluted	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	-	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`	123.41M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-265.85K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-223.12K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$69.06K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$128.95K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$4.03K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$2.22K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$16.64K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Change in fair value of forward gold contracts	`FairValueOptionChangesInFairValueGainLoss1`	$10.02K	USD	1 Quarter
Change in fair value of forward gold contracts	`FairValueOptionChangesInFairValueGainLoss1`	-	USD	1 Quarter
Gold sales receivable	`IncreaseDecreaseInContractWithCustomerAsset`	$211.98K	USD	1 Quarter
Gold sales receivable	`IncreaseDecreaseInContractWithCustomerAsset`	$-90.73K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-58.16K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-20.51K	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInLongTermReceivablesCurrent`	$-718.00	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInLongTermReceivablesCurrent`	$-306.00	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-43.70K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-27.81K	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$133.41K	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-10.67K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$1.78K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$14.65K	USD	1 Quarter
Interest payable to related parties	`IncreaseDecreaseInDueToRelatedParties`	$3.66K	USD	1 Quarter
Interest payable to related parties	`IncreaseDecreaseInDueToRelatedParties`	-	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-99.12K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$70.27K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireMachineryAndEquipment`	$-182.63K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireMachineryAndEquipment`	$-36.21K	USD	1 Quarter
Purchase of mineral property	`PaymentsToAcquireMiningAssets`	-	USD	1 Quarter
Purchase of mineral property	`PaymentsToAcquireMiningAssets`	$-7.18K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-36.21K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-189.81K	USD	1 Quarter
Sales of common stock and warrants, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Sales of common stock and warrants, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$607.57K	USD	1 Quarter
Payments on forward gold contracts	`RepaymentsOfOtherLongTermDebt`	-	USD	1 Quarter
Payments on forward gold contracts	`RepaymentsOfOtherLongTermDebt`	$-62.90K	USD	1 Quarter
Gold purchased for payments on forward gold contracts	`PaymentsForPurchaseOfOtherAssets1`	$-84.21K	USD	1 Quarter
Gold purchased for payments on forward gold contracts	`PaymentsForPurchaseOfOtherAssets1`	-	USD	1 Quarter
Principal payments on notes payable	`DebtInstrumentPeriodicPaymentPrincipal`	$-48.87K	USD	1 Quarter
Principal payments on notes payable	`DebtInstrumentPeriodicPaymentPrincipal`	$-70.33K	USD	1 Quarter
Principal payments on notes payable, related parties	`RepaymentsOfRelatedPartyDebt`	$-42.85K	USD	1 Quarter
Principal payments on notes payable, related parties	`RepaymentsOfRelatedPartyDebt`	$-22.74K	USD	1 Quarter
Contributions from non-controlling interest	`ProceedsFromMinorityShareholders`	$2.36K	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`	$-90.71K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-226.04K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$254.59K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.73K	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`	$248.77K	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`	$22.73K	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`	$248.77K	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`	-	USD	1 Quarter
Deposit on equipment applied to purchase of equipment	`DepositOnEquipmentAppliedToPurchaseOfEquipment`	$30.00K	USD	1 Quarter
Note payable for equipment purchase	`NotePayableForEquipmentPurchase`	-	USD	1 Quarter
Note payable for equipment purchase	`NotePayableForEquipmentPurchase`	$125.00K	USD	1 Quarter
Forward gold contract exchanged for note payable, related party	`ForwardGoldContractExchangedForNotePayableRelatedParty`	-	USD	1 Quarter
Forward gold contract exchanged for note payable, related party	`ForwardGoldContractExchangedForNotePayableRelatedParty`	$492.78K	USD	1 Quarter
Shares of common stock issued for mineral property	`StockIssuedDuringPeriodValueAcquisitions`	$233.33K	USD	1 Quarter
Shares of common stock issued for mineral property	`StockIssuedDuringPeriodValueAcquisitions`	-	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Equity Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$6.85M	USD	Point-in-time
Equity Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$7.44M	USD	Point-in-time
Equity Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$8.93M	USD	Point-in-time
Equity Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$9.15M	USD	Point-in-time
Contribution from non-controlling interest in Mill JV	`ProceedsFromMinorityShareholders`	$2.36K	USD	1 Quarter
Contribution from non-controlling interest in Mill JV	`ProceedsFromMinorityShareholders`	$5.40K	USD	1 Quarter
Issuance of common stock for cash net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$607.57K	USD	1 Quarter
Issuance of common stock for property	`StockIssuedDuringPeriodValueAcquisitions`	$233.33K	USD	1 Quarter
Issuance of common stock for property	`StockIssuedDuringPeriodValueAcquisitions`	-	USD	1 Quarter
Stock based compensation relating to options	`StockIssuedDuringPeriodValueShareBasedCompensation`	$16.64K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-223.12K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-265.85K	USD	1 Quarter
Equity Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$6.85M	USD	Point-in-time
Equity Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$7.44M	USD	Point-in-time
Equity Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$8.93M	USD	Point-in-time
Equity Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$9.15M	USD	Point-in-time

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