Revenue and Sales Performance - In 2024, the company reported antimony sales of $11,102,573, an increase of 88% from $5,904,480 in 2023, with pounds sold rising by 5,198,093 pounds[36]. - The average market price of antimony per pound increased to $10.44 in 2024 from $5.50 in 2023, reflecting significant price fluctuations in the Rotterdam market[38]. - The company reported revenue from sales of gold and silver totaling $525,087 in 2024, compared to $326,496 in 2023[36]. - Total revenues for the year ended December 31, 2024, were $14,937,962, representing a 72% increase from $8,693,155 in 2023[230]. - Antimony product revenue increased to $11,471,200 in 2024 from $5,904,480 in 2023, representing a 94% growth[284]. - Domestic revenues rose to $12,572,625 in 2024, up from $6,854,740 in 2023, marking an 83% increase[286]. - Customer A revenue increased to $4,389,735 in 2024 from $1,548,283 in 2023, a growth of 183%[286]. - Total customer revenue as a percentage of total company revenues decreased to 43% in 2024 from 46% in 2023[286]. - The precious metals operations generated revenue of $525,087 in 2024, up from $326,496 in 2023[344]. Financial Position and Performance - Gross profit for 2024 was $3,466,918, compared to a gross loss of $3,344,784 in 2023, indicating a significant turnaround[230]. - Total current assets increased to $20,678,569 in 2024 from $14,076,206 in 2023, a growth of approximately 47%[229]. - Total assets rose to $34,642,602 in 2024, up from $28,094,995 in 2023, reflecting an increase of about 23%[229]. - Current liabilities surged to $4,006,389 in 2024, compared to $897,458 in 2023, marking a substantial increase of approximately 346%[229]. - Net loss for 2024 was $1,737,904, an improvement from a net loss of $6,355,787 in 2023[230]. - The company reported a basic net loss per share of $0.02 for 2024, compared to $0.06 in 2023[230]. - Total stockholders' equity increased to $28,600,673 in 2024 from $25,520,968 in 2023, a rise of about 8%[229]. - The net loss for the year ended December 31, 2024, was $1,730,404, a significant improvement compared to a net loss of $6,348,287 in 2023, representing a reduction of approximately 73.3%[45]. - Cash provided by operating activities increased to $2,220,303 in 2024, compared to cash used of $4,750,026 in 2023, indicating a turnaround in operational cash flow[45]. - The company reported a net cash increase of $6,316,263 in cash and cash equivalents at the end of 2024, compared to a decrease of $7,163,031 in 2023[45]. Operational Developments - The company acquired mining claims and leases in Alaska and Ontario, Canada, in 2024, aiming to expand operations and product offerings[23]. - The company plans to restart operations at its Madero facility in Mexico due to increased demand and market prices for antimony, reversing an earlier decision to sell its USAMSA subsidiary[24]. - The company has renewed its annual contract with a Canadian supplier for ore supply for its Montana smelting facility for 2025[32]. - The company has not yet commenced active operations in Alaska, Ontario, or its leased facility in Philipsburg, Montana[28]. - The company is in the process of completing a technical report summary for its zeolite mine, which includes test hole drilling and expert evaluation[22]. - The company has extended its existing mineral property lease in Preston, Idaho, for an additional 10 years[25]. - The company executed an option agreement in January 2025 to acquire 120 mining claims in Alaska for a total of $3,000,000, with payments scheduled from 2025 to 2030[347]. - The Fairbanks Agreement includes a commitment to spend $2,250,000 on exploration and development over five years, with specific milestones[348]. Asset Management and Liabilities - The company has about $100,000 in financial assurances for reclamation company-wide, primarily in the form of surety bonds[52]. - The company recorded a write-down of inventory to net realizable value of $65,647 in 2024, a significant decrease from $2,073,404 in 2023, suggesting improved inventory management[45]. - The company’s accounts payable increased by $1,088,773 in 2024, compared to a decrease of $171,868 in 2023, indicating a shift in payment strategies[45]. - The accrued liabilities balance at December 31, 2024, is $1.4 million, consisting of $1.2 million in accrued compensation and $0.2 million in miscellaneous accrued liabilities, compared to $0.1 million in 2023[258]. - Long-term debt rose to $327,677 in 2024 from $28,443 in 2023, with a current portion of $132,252 due in 2025[304]. - The asset retirement obligation increased from $1,638,027 in 2023 to $1,711,108 in 2024, with an accretion expense of $73,081 recorded in 2024[303]. Shareholder and Equity Information - The company has cumulative dividends in arrears on Series B preferred stock amounting to $225,000 as of December 31, 2024, compared to $217,500 in 2023[336]. - The company has a maximum of 8,700,000 shares available for issuance under the 2023 Equity Incentive Plan approved in December 2023[323]. - For the year ended December 31, 2024, the company recognized a total share-based compensation expense of $568,588, with $219,968 from stock options and $348,620 from RSUs[324]. - The company granted 4,330,000 stock options during the year ended December 31, 2024, with a weighted average exercise price of $0.23 and an intrinsic value of $6,652,700[330]. - The company issued 2,204,000 shares of common stock related to the exercise of warrants during the fourth quarter of 2024, generating gross proceeds of $1,481,840 at a weighted average exercise price of $0.67[332]. - The company issued 400,000 shares of common stock related to warrant exercises, receiving gross proceeds of $340,000 at a weighted average exercise price of $0.85[354]. Compliance and Accounting - The financial statements for the years ended December 31, 2024 and 2023 present fairly the financial position of the company in conformity with accounting principles generally accepted in the U.S.[222]. - The company has no significant off-balance sheet arrangements[220]. - The company has no financial assets or liabilities adjusted to fair value on a recurring basis as of December 31, 2024, and 2023[273]. - The company adopted ASU 2023-07 for its fiscal year ended December 31, 2024, which enhances segment reporting disclosures[276][277]. - The company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and disclosures, effective for fiscal years beginning after December 15, 2024[278]. - The company does not believe that issued but not yet effective accounting pronouncements would have a material effect on its financial statements[280].
United States Antimony (UAMY) - 2024 Q4 - Annual Report