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Inventories
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements 
Inventories

3.     Inventories

 

   September 30, 2011  December 31, 2010
Antimony Metal   248,257   $97,187 
Antimony Oxide   238,538    7,233 
Antimony Ore   624,950      
Zeolite   130,581    38,871 
   $1,242,326   $143,291 

 

At September 30, 2011 and December 31, 2010, antimony metal consisted principally of recast metal from antimony-based compounds and metal purchased from foreign suppliers.  Antimony oxide inventory consisted of finished product oxide held at the Company’s plant in Montana.  The Company’s zeolite inventory consists of salable zeolite material held at BRZ’s Idaho mining and production facility.  Antimony ore was primarily held in Mexico.

 

In the period subsequent to September 30, 2011, mangament reached an agreement with our primary raw materials supplier who granted credits accumulating $769,636 to the Company, related to an incorrect interpretation of the supply contract, which had resulted in the Company over-remitting ore settlements throughout the year.  Under guidance contained in ASC 855-10-25 management determined that the agreement represents a recognized subsequent event.  Management applied $490,443 on outstanding accounts payable to the supplier and recorded other receivable for the remaining $279,193 at September 30, 2011, which was subsequently applied to further purchases.