10-Q Filing

Idaho Strategic Resources, Inc. CIK: 1030192 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001654954-22-006863`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	nisri_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 85 Income Statement 43 Cash Flow Statement 59 Stockholders Equity 8

Balance Sheet 85 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par Value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock, 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
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.98M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.41M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	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`	$408.19K	USD	Point-in-time
Gold sales receivable	`OtherReceivables`	$806.42K	USD	Point-in-time
Inventories	`InventoryNet`	$606.07K	USD	Point-in-time
Common Stock, Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Inventories	`InventoryNet`	$213.72K	USD	Point-in-time
Common Stock, Par Value	`CommonStockNoParValue`	-	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`	$4.44K	USD	Point-in-time
Joint venture receivable	`AccountsAndOtherReceivablesNetCurrent`	$2.83K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$297.73K	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	10.94M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$334.44K	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	11.75M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.94M	USD	Point-in-time
Common Stock, Shares outstanding	`CommonStockSharesOutstanding`	11.75M	shares	Point-in-time
Common Stock, Shares outstanding	`CommonStockSharesOutstanding`	10.94M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$8.26M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation	`PropertyPlantAndEquipmentNet`	$8.24M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`CostMethodInvestments`	$5.84M	USD	Point-in-time
Mineral properties, net of accumulated amortization	`CostMethodInvestments`	$6.03M	USD	Point-in-time
Investment in Buckskin	`OtherInvestments`	$332.73K	USD	Point-in-time
Investment in Buckskin	`OtherInvestments`	$333.06K	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`	$11.69K	USD	Point-in-time
Deposits	`OtherRestrictedAssetsNoncurrent`	$137.59K	USD	Point-in-time
Total assets	`Assets`	$20.40M	USD	Point-in-time
Total assets	`Assets`	$17.92M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$710.53K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$647.22K	USD	Point-in-time
Accrued payroll and related payroll expenses	`EmployeeRelatedLiabilitiesCurrent`	$174.11K	USD	Point-in-time
Accrued payroll and related payroll expenses	`EmployeeRelatedLiabilitiesCurrent`	$221.72K	USD	Point-in-time
Notes payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$10.96K	USD	Point-in-time
Notes payable related parties, current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$10.54K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$714.40K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$664.15K	USD	Point-in-time
Small Business Administration loan and interest, current portion	`LoansPayableToBankCurrent`	$2.41K	USD	Point-in-time
Small Business Administration loan and interest, current portion	`LoansPayableToBankCurrent`	$2.47K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.66M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$174.86K	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$172.35K	USD	Point-in-time
Notes payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$95.45K	USD	Point-in-time
Notes payable related parties, long term	`NotesPayableRelatedPartiesNoncurrent`	$106.07K	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	-	USD	Point-in-time
Convertible debt	`ConvertibleDebtNoncurrent`	$1.95M	USD	Point-in-time
Notes payable, long term	`LongTermDebtNoncurrent`	$961.31K	USD	Point-in-time
Notes payable, long term	`LongTermDebtNoncurrent`	$961.75K	USD	Point-in-time
Small Business Administration loan and interest, long term	`NotesPayableToBankNoncurrent`	$168.39K	USD	Point-in-time
Small Business Administration loan and interest, long term	`NotesPayableToBankNoncurrent`	$166.74K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.36M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$1.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.86M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.06M	USD	Point-in-time
Commitments (Note 11)	`OtherCommitment`	-	USD	Point-in-time
Commitments (Note 11)	`OtherCommitment`	-	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, 2022-11,749,579 and December 31, 2021- 10,940,969 shares issued and outstanding	`CommonStockValue`	$30.76M	USD	Point-in-time
Common stock, no par value, 200,000,000 shares authorized; March 31, 2022-11,749,579 and December 31, 2021- 10,940,969 shares issued and outstanding	`CommonStockValue`	$26.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.29M	USD	Point-in-time
Total Idaho Strategic Resources, Inc stockholders' equity	`StockholdersEquity`	$10.17M	USD	Point-in-time
Total Idaho Strategic Resources, Inc stockholders' equity	`StockholdersEquity`	$14.47M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$2.88M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$2.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$17.34M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.06M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$20.40M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.92M	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Sales of products	`ProductionCosts`	$2.04M	USD	1 Quarter
Sales of products	`ProductionCosts`	$1.59M	USD	1 Quarter
Total revenue	`NonoperatingGainsLosses`	$1.59M	USD	1 Quarter
Total revenue	`NonoperatingGainsLosses`	$2.04M	USD	1 Quarter
Cost of sales and other direct production costs	`CostDirectMaterial`	$1.48M	USD	1 Quarter
Cost of sales and other direct production costs	`CostDirectMaterial`	$1.51M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$230.21K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$182.79K	USD	1 Quarter
Total costs of sales	`CostOfRevenue`	$1.66M	USD	1 Quarter
Total costs of sales	`CostOfRevenue`	$1.74M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$306.14K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-71.40K	USD	1 Quarter
Exploration	`ExplorationExpense`	$717.71K	USD	1 Quarter
Exploration	`ExplorationExpense`	$396.12K	USD	1 Quarter
Management	`ManagementFeeExpense`	$54.89K	USD	1 Quarter
Management	`ManagementFeeExpense`	$201.06K	USD	1 Quarter
Professional services	`ProfessionalFees`	$122.65K	USD	1 Quarter
Professional services	`ProfessionalFees`	$79.98K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$201.31K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$513.84K	USD	1 Quarter
Total other operating expenses	`OperatingExpenses`	$732.31K	USD	1 Quarter
Total other operating expenses	`OperatingExpenses`	$1.56M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.63M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-426.17K	USD	1 Quarter
Equity income on investment in Buckskin	`OtherNoncashIncomeExpense`	$331.00	USD	1 Quarter
Equity income on investment in Buckskin	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Timber revenue net of costs	`TimberRevenueNetOfCosts`	$-3.60K	USD	1 Quarter
Interest income	`NoninterestIncome`	$-92.00	USD	1 Quarter
Interest income	`NoninterestIncome`	$-526.00	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$47.76K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$39.44K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$46.90K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$35.75K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-473.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Net loss attributable to non-controlling interest	`IncomeLossAttributableToNoncontrollingInterest`	$-15.92K	USD	1 Quarter
Net loss attributable to non-controlling interest	`IncomeLossAttributableToNoncontrollingInterest`	$-17.47K	USD	1 Quarter
Net loss attributable to Idaho Strategic Resources, Inc	`NetIncomeLossAttributableToNoncontrollingInterest`	$-455.60K	USD	1 Quarter
Net loss attributable to Idaho Strategic Resources, Inc	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.65M	USD	1 Quarter
Net loss per common share-basic and diluted	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.17	USD	1 Quarter
Net loss per common share-basic and diluted	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.04	USD	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	9.83M	shares	1 Quarter
Weighted average common shares outstanding-basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	11.19M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.66M	USD	1 Quarter
Net loss	`ProfitLoss`	$-473.07K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$182.79K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$230.21K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$2.50K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$2.52K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$614.43K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodSharesIssuedForServices`	32,326.00	shares	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodSharesIssuedForServices`	2,300.00	shares	1 Quarter
Equity income on investment in Buckskin	`EquityIncomeOnInvestmentInBuckskin`	$-331.00	USD	1 Quarter
Equity income on investment in Buckskin	`EquityIncomeOnInvestmentInBuckskin`	-	USD	1 Quarter
Gold sales receivable	`IncreaseDecreaseInContractWithCustomerAsset`	$155.62K	USD	1 Quarter
Gold sales receivable	`IncreaseDecreaseInContractWithCustomerAsset`	$-398.23K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-392.35K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$96.96K	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInLongTermReceivablesCurrent`	$1.71K	USD	1 Quarter
Joint venture receivable	`IncreaseDecreaseInLongTermReceivablesCurrent`	$1.61K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$36.72K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$26.35K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-142.95K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$64.91K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$3.52K	USD	1 Quarter
Accrued payroll and related payroll expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$47.61K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-719.17K	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-848.09K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquireMachineryAndEquipment`	$57.11K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquireMachineryAndEquipment`	$66.82K	USD	1 Quarter
Deposits on equipment	`PaymentsForDepositsOnRealEstateAcquisitions`	$7.95K	USD	1 Quarter
Deposits on equipment	`PaymentsForDepositsOnRealEstateAcquisitions`	$29.89K	USD	1 Quarter
Additions to mineral property	`PaymentsToAcquireMiningAssets`	$192.11K	USD	1 Quarter
Additions to mineral property	`PaymentsToAcquireMiningAssets`	$140.72K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-189.87K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-288.82K	USD	1 Quarter
Proceeds from sale of common stock net of issuance cost	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from sale of common stock net of issuance cost	`ProceedsFromStockOptionsExercised`	$2.70M	USD	1 Quarter
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	$68.01K	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$111.93K	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfNotesPayable`	$192.05K	USD	1 Quarter
Principal payments on notes payable, related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$9.06K	USD	1 Quarter
Principal payments on notes payable, related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$10.20K	USD	1 Quarter
Issuance of convertible debt	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Issuance of convertible debt	`ProceedsFromIssuanceOfDebt`	$1.60M	USD	1 Quarter
Contributions from non-controlling interest	`ContributionsFromNonControllingInterest`	$2.83K	USD	1 Quarter
Contributions from non-controlling interest	`ContributionsFromNonControllingInterest`	$2.47K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.57M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.48M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.43M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$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`	$1.98M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsAndFederalFundsSold`	$3.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsAndFederalFundsSold`	$3.11M	USD	Point-in-time
Notes payable for equipment purchase	`NotesPayableForEquipmentPurchase`	$761.07K	USD	1 Quarter
Notes payable for equipment purchase	`NotesPayableForEquipmentPurchase`	$241.86K	USD	1 Quarter
Deposit on equipment paid by lender	`PaymentsForDeposits`	$96.00K	USD	1 Quarter
Conversion of convertible debt to common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.95M	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance, amount	`StockholdersEquity`	$10.17M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$14.47M	USD	Point-in-time
Issuance of common stock for services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	32,326.00	shares	1 Quarter
Issuance of common stock for services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	2,300.00	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-473.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Balance, amount	`StockholdersEquity`	$10.17M	USD	Point-in-time
Balance, amount	`StockholdersEquity`	$14.47M	USD	Point-in-time

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