10-Q Filing

Idaho Strategic Resources, Inc. CIK: 1030192 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001052918-20-000125`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	njmc-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 46 Cash Flow Statement 50 Stockholders Equity 12

Balance Sheet 77 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
Common Stock, No Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$299.93K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.73K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$217.80K	USD	Point-in-time
Common Stock, No Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$248.77K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Gold sales receivable	`OtherReceivables`	$276.49K	USD	Point-in-time
Gold sales receivable	`OtherReceivables`	$305.92K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Inventories	`InventoryNet`	$218.85K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	123.81M	shares	Point-in-time
Inventories	`InventoryNet`	$225.15K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	123.81M	shares	Point-in-time
Joint venture receivable	`OtherAssetsCurrent`	$2.41K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	123.81M	shares	Point-in-time
Joint venture receivable	`OtherAssetsCurrent`	$2.66K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	123.81M	shares	Point-in-time
Other current assets	`AccountsAndOtherReceivablesNetCurrent`	$118.28K	USD	Point-in-time
Other current assets	`AccountsAndOtherReceivablesNetCurrent`	$158.83K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$910.11K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$916.22K	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$6.88M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$7.02M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`CostMethodInvestments`	$3.11M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`CostMethodInvestments`	$2.36M	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`	$25.00K	USD	Point-in-time
Total assets	`Assets`	$11.45M	USD	Point-in-time
Total assets	`Assets`	$10.85M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$529.24K	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$490.77K	USD	Point-in-time
Accrued payroll and related payroll expenses	`EmployeeRelatedLiabilitiesCurrent`	$81.79K	USD	Point-in-time
Accrued payroll and related payroll expenses	`EmployeeRelatedLiabilitiesCurrent`	$80.40K	USD	Point-in-time
Notes payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$34.92K	USD	Point-in-time
Notes payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$35.45K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$309.14K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$303.99K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$948.55K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$917.15K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$165.72K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$163.37K	USD	Point-in-time
Notes payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$181.75K	USD	Point-in-time
Notes payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$163.26K	USD	Point-in-time
Convertible debt	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Convertible debt	`ConvertibleDebtCurrent`	$860.00K	USD	Point-in-time
Convertible debt-related party	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	-	USD	Point-in-time
Convertible debt-related party	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$25.00K	USD	Point-in-time
Notes payable, long term	`LongTermNotesPayable`	$901.54K	USD	Point-in-time
Notes payable, long term	`LongTermNotesPayable`	$822.29K	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$2.04M	USD	Point-in-time
Total long term liabilities	`LiabilitiesNoncurrent`	$1.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.95M	USD	Point-in-time
Commitments (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments (Note 10)	`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, 2020-123,812,144 and December 31, 2019-123,812,144 shares issued and outstanding	`CommonStockValue`	$17.68M	USD	Point-in-time
Common stock, no par value, 200,000,000 shares authorized; March 31, 2020-123,812,144 and December 31, 2019-123,812,144 shares issued and outstanding	`CommonStockValue`	$17.68M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.03M	USD	Point-in-time
Total New Jersey Mining Company stockholders' equity	`StockholdersEquity`	$5.51M	USD	Point-in-time
Total New Jersey Mining Company stockholders' equity	`StockholdersEquity`	$5.65M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$3.00M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$2.99M	USD	Point-in-time
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance2`	$8.66M	USD	Point-in-time
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance2`	$8.50M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$11.45M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.85M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Gold sales	`RevenueNotFromContractWithCustomer`	$1.14M	USD	1 Quarter
Gold sales	`RevenueNotFromContractWithCustomer`	$1.40M	USD	1 Quarter
Total revenue	`Revenues`	$1.14M	USD	1 Quarter
Total revenue	`Revenues`	$1.40M	USD	1 Quarter
Cost of sales and other direct production costs	`CostDirectMaterial`	$1.17M	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`	$135.53K	USD	1 Quarter
Total costs of sales	`CostOfRevenue`	$1.08M	USD	1 Quarter
Total costs of sales	`CostOfRevenue`	$1.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$59.93K	USD	1 Quarter
Gross profit	`GrossProfit`	$97.91K	USD	1 Quarter
Pre-development expense	`ResearchAndDevelopmentInProcess`	$65.57K	USD	1 Quarter
Pre-development expense	`ResearchAndDevelopmentInProcess`	-	USD	1 Quarter
Exploration	`ExplorationExpense`	$41.68K	USD	1 Quarter
Exploration	`ExplorationExpense`	$72.88K	USD	1 Quarter
Loss on write off of equipment	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Loss on write off of equipment	`GainLossOnDispositionOfAssets`	$9.54K	USD	1 Quarter
Management	`OtherSellingGeneralAndAdministrativeExpense`	$37.81K	USD	1 Quarter
Management	`OtherSellingGeneralAndAdministrativeExpense`	$37.33K	USD	1 Quarter
Professional services	`OtherGeneralExpense`	$72.41K	USD	1 Quarter
Professional services	`OtherGeneralExpense`	$56.01K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$86.49K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$49.30K	USD	1 Quarter
Total other operating expenses	`OperatingExpenses`	$247.44K	USD	1 Quarter
Total other operating expenses	`OperatingExpenses`	$281.57K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-221.64K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-149.53K	USD	1 Quarter
Timber revenue	`OtherNonoperatingIncome`	-	USD	1 Quarter
Timber revenue	`OtherNonoperatingIncome`	$18.30K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.58K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$14.95K	USD	1 Quarter
Interest expense	`InterestExpense`	$32.54K	USD	1 Quarter
Interest expense	`InterestExpense`	$16.44K	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$1.49K	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$12.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-223.12K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-162.19K	USD	1 Quarter
Net income (loss) attributable to non-controlling interest	`IncomeLossAttributableToNoncontrollingInterest`	$-15.92K	USD	1 Quarter
Net income (loss) attributable to non-controlling interest	`IncomeLossAttributableToNoncontrollingInterest`	$-17.72K	USD	1 Quarter
Net income (loss) attributable to New Jersey Mining Company	`IncomeLossAttributableToParent`	$-146.27K	USD	1 Quarter
Net income (loss) attributable to New Jersey Mining Company	`IncomeLossAttributableToParent`	$-205.40K	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	`WeightedAverageNumberOfSharesIssuedBasic`	123.81M	shares	1 Quarter
Weighted average common shares outstanding-basic	`WeightedAverageNumberOfSharesIssuedBasic`	123.41M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-223.12K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-162.19K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$135.53K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$128.95K	USD	1 Quarter
Loss on write off of equipment	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Loss on write off of equipment	`GainLossOnDispositionOfAssets`	$9.54K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$2.22K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$2.35K	USD	1 Quarter
Gold sales receivable	`IncreaseDecreaseInContractWithCustomerAsset`	$29.43K	USD	1 Quarter
Gold sales receivable	`IncreaseDecreaseInContractWithCustomerAsset`	$-90.73K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.29K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-20.51K	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInLongTermReceivablesCurrent`	$-306.00	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInLongTermReceivablesCurrent`	$-249.00	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$40.55K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-43.69K	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-38.47K	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$133.41K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$1.39K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$14.65K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-99.12K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$24.18K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireMachineryAndEquipment`	$11.55K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireMachineryAndEquipment`	$36.21K	USD	1 Quarter
Purchase of mineral property	`PaymentsToAcquireMiningAssets`	$726.10K	USD	1 Quarter
Purchase of mineral property	`PaymentsToAcquireMiningAssets`	-	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-36.21K	USD	1 Quarter
Net cash provided (used) by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-737.65K	USD	1 Quarter
Principal payments on notes payable	`DebtInstrumentPeriodicPaymentPrincipal`	$70.33K	USD	1 Quarter
Principal payments on notes payable	`DebtInstrumentPeriodicPaymentPrincipal`	$74.10K	USD	1 Quarter
Principal payments on notes payable, related parties	`RepaymentsOfRelatedPartyDebt`	$22.74K	USD	1 Quarter
Principal payments on notes payable, related parties	`RepaymentsOfRelatedPartyDebt`	$17.96K	USD	1 Quarter
Issuance of convertible debt	`ProceedsFromIssuanceOfDebt`	$885.00K	USD	1 Quarter
Issuance of convertible debt	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Contributions from non-controlling interest	`ContributionsFromNonControllingInterest`	$2.36K	USD	1 Quarter
Contributions from non-controlling interest	`ContributionsFromNonControllingInterest`	$2.66K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$795.60K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-90.71K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$82.13K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-226.04K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$299.93K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.73K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$217.80K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$248.77K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$299.93K	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`	$217.80K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$248.77K	USD	Point-in-time
Deposit on property applied to purchase of mineral property	`DepositOnPropertyAppliedToPurchaseOfMineralProperty`	$25.00K	USD	1 Quarter
Deposit on property applied to purchase of mineral property	`DepositOnPropertyAppliedToPurchaseOfMineralProperty`	-	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.50M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.66M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.15M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.93M	USD	Point-in-time
Contributions from non-controlling interest	`ContributionsFromNonControllingInterest`	$2.36K	USD	1 Quarter
Contributions from non-controlling interest	`ContributionsFromNonControllingInterest`	$2.66K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-162.19K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-223.12K	USD	1 Quarter
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.50M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.66M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.15M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.93M	USD	Point-in-time

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