10-Q Filing

Idaho Strategic Resources, Inc. CIK: 1030192 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001052918-21-000179`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	njmc-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 44 Cash Flow Statement 58 Stockholders Equity 16

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`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`	$2.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$217.80K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.11M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$299.93K	USD	Point-in-time
Gold sales receivable	`OtherReceivables`	$109.16K	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`	$264.78K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Inventories	`InventoryNet`	$402.54K	USD	Point-in-time
Inventories	`InventoryNet`	$305.58K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Joint venture receivable	`AccountsAndOtherReceivablesNetCurrent`	$2.47K	USD	Point-in-time
Joint venture receivable	`AccountsAndOtherReceivablesNetCurrent`	$4.18K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$197.71K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$224.06K	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	137.98M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	137.57M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	137.57M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.44M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	137.98M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.73M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$7.23M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$7.87M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`CostMethodInvestments`	$3.59M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`CostMethodInvestments`	$3.46M	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
Deposits	`OtherRestrictedAssetsNoncurrent`	$4.91K	USD	Point-in-time
Deposits	`OtherRestrictedAssetsNoncurrent`	$12.86K	USD	Point-in-time
Total assets	`Assets`	$15.73M	USD	Point-in-time
Total assets	`Assets`	$14.67M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$175.50K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$173.00K	USD	Point-in-time
Notes payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$117.23K	USD	Point-in-time
Notes payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$107.61K	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$1.01M	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$2.61M	USD	Point-in-time
Convertible debt-related party	`DueToRelatedPartiesNoncurrent`	$25.00K	USD	Point-in-time
Convertible debt-related party	`DueToRelatedPartiesNoncurrent`	$25.00K	USD	Point-in-time
Notes payable, long term	`LongTermDebtNoncurrent`	$1.18M	USD	Point-in-time
Notes payable, long term	`LongTermDebtNoncurrent`	$709.07K	USD	Point-in-time
Small Business Administration loan, long term	`LongTermLoansFromBank`	$161.25K	USD	Point-in-time
Small Business Administration loan, long term	`LongTermLoansFromBank`	$162.12K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.20M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.40M	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, 2021-137,978,046 and December 31, 2020-137,573,309 shares issued and outstanding	`CommonStockValue`	$20.99M	USD	Point-in-time
Common stock, no par value, 200,000,000 shares authorized; March 31, 2021-137,978,046 and December 31, 2020-137,573,309 shares issued and outstanding	`CommonStockValue`	$21.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.67M	USD	Point-in-time
Total New Jersey Mining Company stockholders' equity	`StockholdersEquity`	$8.31M	USD	Point-in-time
Total New Jersey Mining Company stockholders' equity	`StockholdersEquity`	$7.28M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$2.94M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$2.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$11.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.22M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.66M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.50M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$15.73M	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$542.84K	USD	Point-in-time
Accounts payable and other accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$687.33K	USD	Point-in-time
Accrued payroll and related payroll expenses	`EmployeeRelatedLiabilitiesCurrent`	$143.49K	USD	Point-in-time
Accrued payroll and related payroll expenses	`EmployeeRelatedLiabilitiesCurrent`	$147.01K	USD	Point-in-time
Notes payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$37.08K	USD	Point-in-time
Notes payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$37.64K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$522.63K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$339.70K	USD	Point-in-time
Small Business Administration loan, current portion	`LoansPayableToBankCurrent`	$2.40K	USD	Point-in-time
Small Business Administration loan, current portion	`LoansPayableToBankCurrent`	$1.74K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.25M	USD	Point-in-time
Commitments (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Sales of products	`RevenueNotFromContractWithCustomer`	$1.59M	USD	1 Quarter
Sales of products	`RevenueNotFromContractWithCustomer`	$1.40M	USD	1 Quarter
Total revenue	`Revenues`	$1.40M	USD	1 Quarter
Total revenue	`Revenues`	$1.59M	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`	$1.48M	USD	1 Quarter
Depreciation and amortization	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$182.79K	USD	1 Quarter
Depreciation and amortization	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$135.53K	USD	1 Quarter
Total costs of sales	`CostOfRevenue`	$1.66M	USD	1 Quarter
Total costs of sales	`CostOfRevenue`	$1.30M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$97.91K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-71.40K	USD	1 Quarter
Exploration	`ExplorationExpense`	$41.68K	USD	1 Quarter
Exploration	`ExplorationExpense`	$717.71K	USD	1 Quarter
Loss on write off of equipment	`GainLossOnDispositionOfAssets`	$-9.54K	USD	1 Quarter
Loss on write off of equipment	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Management	`OtherSellingGeneralAndAdministrativeExpense`	$201.06K	USD	1 Quarter
Management	`OtherSellingGeneralAndAdministrativeExpense`	$37.33K	USD	1 Quarter
Professional services	`OtherGeneralExpense`	$122.65K	USD	1 Quarter
Professional services	`OtherGeneralExpense`	$72.41K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$513.84K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$86.49K	USD	1 Quarter
Total other operating expenses	`OperatingExpenses`	$1.56M	USD	1 Quarter
Total other operating expenses	`OperatingExpenses`	$247.44K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-149.53K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.63M	USD	1 Quarter
Timber revenue net of costs	`OtherNonoperatingIncome`	$18.30K	USD	1 Quarter
Timber revenue net of costs	`OtherNonoperatingIncome`	$3.60K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.58K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$92.00	USD	1 Quarter
Interest expense	`InterestExpense`	$32.54K	USD	1 Quarter
Interest expense	`InterestExpense`	$39.44K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-35.75K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-12.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-162.19K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.66M	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`	$-15.92K	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`	$-1.65M	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`	$-0.01	USD	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfSharesIssuedBasic`	137.67M	shares	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfSharesIssuedBasic`	123.81M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-162.19K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$182.79K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$135.53K	USD	1 Quarter
Loss on write off of equipment	`LossOnWriteOffOfEquipment`	-	USD	1 Quarter
Loss on write off of equipment	`LossOnWriteOffOfEquipment`	$9.54K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$2.50K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$2.35K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$614.43K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Issuance of commons stock for services	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Issuance of commons stock for services	`StockIssuedDuringPeriodValueNewIssues`	$-2.30K	USD	1 Quarter
Gold sales receivable	`IncreaseDecreaseInContractWithCustomerAsset`	$-155.62K	USD	1 Quarter
Gold sales receivable	`IncreaseDecreaseInContractWithCustomerAsset`	$-29.43K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-96.96K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-6.29K	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInLongTermReceivablesCurrent`	$249.00	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInLongTermReceivablesCurrent`	$-1.71K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-40.55K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-26.35K	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-38.47K	USD	1 Quarter
Accounts payable and other accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-142.95K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$1.39K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$3.52K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$24.18K	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-719.17K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireMachineryAndEquipment`	$57.11K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireMachineryAndEquipment`	$11.55K	USD	1 Quarter
Refund of deposits on equipment	`ProceedsFromRefundsFromSuppliersOfMaterial`	-	USD	1 Quarter
Refund of deposits on equipment	`ProceedsFromRefundsFromSuppliersOfMaterial`	$7.95K	USD	1 Quarter
Purchase of mineral property	`PaymentsToAcquireMineralRights`	$726.10K	USD	1 Quarter
Purchase of mineral property	`PaymentsToAcquireMineralRights`	$140.72K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-189.87K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-737.65K	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfDebt`	$111.93K	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfDebt`	$74.10K	USD	1 Quarter
Principal payments on notes payable, related parties	`RepaymentsOfRelatedPartyDebt`	$9.06K	USD	1 Quarter
Principal payments on notes payable, related parties	`RepaymentsOfRelatedPartyDebt`	$17.96K	USD	1 Quarter
Issuance of convertible debt	`ProceedsFromIssuanceOfDebt`	$1.60M	USD	1 Quarter
Issuance of convertible debt	`ProceedsFromIssuanceOfDebt`	$885.00K	USD	1 Quarter
Contributions from non-controlling interest	`ContributionsFromNonControllingInterest`	$2.47K	USD	1 Quarter
Contributions from non-controlling interest	`ContributionsFromNonControllingInterest`	$2.66K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.48M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$795.60K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$82.13K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$572.43K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.54M	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`	$3.11M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$299.93K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.54M	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`	$3.11M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$299.93K	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
Note payable for equipment purchase	`NotePayableForEquipmentPurchase`	$761.07K	USD	1 Quarter
Note payable for equipment purchase	`NotePayableForEquipmentPurchase`	-	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$11.26M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.22M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.66M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.50M	USD	Point-in-time
Contribution from non-controlling interest	`ContributionFromNonControllingInterest`	$2.47K	USD	1 Quarter
Contribution from non-controlling interest	`ContributionFromNonControllingInterest`	$2.66K	USD	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$2.30K	USD	1 Quarter
Options issued to management, directors, and employees	`StockIssuedDuringPeriodValueShareBasedCompensation`	$604.57K	USD	1 Quarter
Options issued for services	`StockIssuedDuringPeriodSharesShareBasedCompensation`	9,860.00	shares	1 Quarter
Issuance of common stock for cashless warrant exercise	`StockIssuedDuringPeriodValueNonCashWarrantExercise`	-	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-1.66M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-162.19K	USD	1 Quarter
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$11.26M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$10.22M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.66M	USD	Point-in-time
Equity balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.50M	USD	Point-in-time

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