United States Antimony (UAMY) - 2023 Q3 - Quarterly Report

Revenue Performance - Total revenue for the three months ended September 30, 2023 was $2,313,491, a decrease from$2,463,984 in the same period in 2022[23] - Total revenue for the nine months ended September 30, 2023 was $7,027,908, a decrease from$9,624,611 in the same period in 2022[23] - Revenue for the three months ended September 30, 2023 was $2,463,984, compared to$2,313,491 for the same period in 2022, representing a 6.5% increase[69] - Revenue for the nine months ended September 30, 2023 was $7,027,908, compared to$9,624,611 for the same period in 2022, representing a 27.0% decrease[69] - Revenue for the three months ended September 30, 2023 decreased to $2,313,491, a 6.1$2,463,984 in the same period in 2022[81] Antimony Sales - Antimony sales for the three months ended September 30, 2023 were $1,641,666, a slight decrease from$1,671,301 in the same period in 2022[23] - Antimony sales for the nine months ended September 30, 2023 were $4,844,466, a significant decrease from$6,972,312 in the same period in 2022[23] - Antimony revenue decreased by $29,635 (1.8$1,641,666 compared to $1,671,301 in 2022, primarily due to a 26.1$671,825, a decrease from $792,683 in the same period in 2022[23] - Zeolite sales for the nine months ended September 30, 2023 were$1,941,009, a decrease from $2,487,116 in the same period in 2022[23] - Zeolite revenue for the three months ended September 30, 2023 was$671,825, a 15.2% decrease compared to $792,683 for the same period in 2022[74] - Zeolite revenue decreased by$546,107 (22.0%) for the nine months ended September 30, 2023, primarily due to a 22.5% decrease in tons sold caused by equipment failure[76] - Zeolite revenue for the nine months ended September 30, 2023, decreased by 22.0% to $1,941,009 compared to$2,487,116 in 2022, primarily due to a 22.5% decrease in tons sold[76] Precious Metals Sales - Precious metals sales for the nine months ended September 30, 2023 were $242,433, an increase from$165,183 in the same period in 2022[23] - Precious metals revenue for the nine months ended September 30, 2023 was $242,433, a 46.8$165,183 for the same period in 2022[78] - Precious Metals segment revenue increased by $77,250 (46.8$242,433 compared to $165,183 in 2022[83] Financial Position - Trade accounts receivable balance was$1,390,437 at September 30, 2023, an increase from $784,457 at December 31, 2022[23] - Allowance for doubtful accounts related to trade accounts receivables was$75,000 at September 30, 2023, an increase from $31,440 at December 31, 2022[23] - Inventories at September 30, 2023 were$1,876,555, an increase from $1,375,068 at December 31, 2022[26] - Total debt as of September 30, 2023, was$241,956, with principal payments due as follows: $62,064 in 2024,$12,998 in 2025, $13,293 in 2026, and$153,601 in 2027[32] - Royalties payable decreased to $107,937 as of September 30, 2023, from$435,075 at December 31, 2022, due to the finalization of estimates and payment of a royalty obligation[35] - Total assets decreased to $30,926,730 as of September 30, 2023, from$34,700,450 at December 31, 2022[48] - Working capital decreased to $15,349,110 as of September 30, 2023, compared to$19,397,489 as of December 31, 2022[84] - Total assets as of September 30, 2023, decreased to $30,926,730 from$34,700,450 as of December 31, 2022[71] - Accumulated deficit as of September 30, 2023, increased to $(35,858,309) from$(33,070,332) as of December 31, 2022[71] Operational Performance - The company's Mexican antimony operations reported a loss from operations of $(1,465,000) for the three months ended September 30, 2023[49] - Total capital expenditures for the nine months ended September 30, 2023, were$1,519,720, with $1,275,549 allocated to zeolite operations[49] - The company's zeolite operations generated total revenues of$1,941,009 for the nine months ended September 30, 2023[49] - The company's smelter in Coahuila has a maximum processing capacity of approximately 32,600 pounds of antimony ore per day[64] - The company estimates its share of the domestic market for antimony oxide products is approximately 4%, while its international market share is less than 1%[63] - The company's zeolite has a high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr, making it one of the best zeolites in the world[66] - Royalties on zeolite sales vary from 8% to 13% of sales, with additional payments required under the Zeolite LLC lease[65] Profitability - Gross profit for the three months ended September 30, 2023 was $430,918, compared to a loss of$1,061,072 for the same period in 2022[69] - Gross profit for the nine months ended September 30, 2023 was $2,285,112, compared to a loss of$1,300,595 for the same period in 2022[69] - Zeolite gross profit for the three months ended September 30, 2023 was a loss of $350,370, compared to a profit of$129,358 for the same period in 2022, representing a 370.9% decrease[74] - Precious metals gross profit for the nine months ended September 30, 2023 was $159,414, a 93.7$82,316 for the same period in 2022[78] - The company's net loss for the nine months ended September 30, 2023, was $(2,787,977), compared to net income of$1,190,273 for the same period in 2022[49][50] - Net loss for the three months ended September 30, 2023 was $1,644,528, a significant decline from a net income of$50,402 in the same period in 2022[81] - Company-wide EBITDA for the nine months ended September 30, 2023 was $(2,065,050), a significant decline from$1,894,533 in the same period in 2022[83] Cash Flow - Cash flow used by investing activities decreased to $1,519,720 for the nine months ended September 30, 2023, compared to$13,685,072 in the same period in 2022[86] - Cash flow used by financing activities increased by $815,699 to$857,779 for the nine months ended September 30, 2023, primarily due to the payment of dividends of $787,730 on January 25, 2023[87] - Cash flow used by financing activities increased by$815,699 to $857,779 for the nine months ended September 30, 2023, compared to$42,080 for the same period in 2022[87] Dividends and Debt - The company paid $787,730 in dividends to holders of Series D Preferred stock, with$740,261 related to the estate of John Lawrence[42] - Total debt as of September 30, 2023, is $241,956, with principal payments due as follows:$62,064 in 2024, $12,998 in 2025,$13,293 in 2026, and $153,601 in 2027[32] Legal and Regulatory - The company's updated SAT assessment as of September 30, 2023, was approximately$22 million pesos ($1,262,000 USD), comprising$343,000 of unpaid income taxes and $919,000 of interest and penalties[40] - Bear River Zeolite Company received twelve significant and substantial citations from MSHA in September and October 2023, with four citations still pending resolution[34] Asset Disposal - The company terminated the Wadley Property agreement, expecting a loss on disposal of assets of approximately$130,000 in Q4 2023[36] Market and Capacity - Ounces of gold sold for the nine months ended September 30, 2023 was 24.30, a 13.8% increase compared to 21.35 for the same period in 2022[78] - Ounces of silver sold for the nine months ended September 30, 2023 was 15,074, an 84.4% increase compared to 8,175 for the same period in 2022[78] - Tons of zeolite sold decreased by 30.9% to 2,254 tons in the three months ended September 30, 2023 compared to 3,264 tons in the same period in 2022[74]