XML 39 R16.htm IDEA: XBRL DOCUMENT
v3.7.0.1

10. Hillgrove Advances Payable | 12 Months Ended
--- | ---
Dec. 31, 2016
Notes to Financial Statements |
10. Hillgrove Advances Payable | On November 7, 2014, the Company entered into a loan and concentrate processing agreement with Hillgrove Mines Pty Ltd of Australia (Hillgrove) by which Hillgrove advanced the Company funds to be used to expand their smelter in Madero, Mexico, and in Thompson Falls, Montana, so that they may process antimony and gold concentrates produced by Hillgrove’s mine in Australia. The agreement required that the Company construct equipment so that it can process approximately 200 metric tons of concentrate initially shipped by Hillgrove, with a provision so that the Company may expand to process more than that. The parties agreed that the equipment will be owned by USAC and USAMSA. The agreement called for the Company to sell the final product for Hillgrove, and Hillgrove to have approval rights of the customers for their products. The agreement allows the Company to recover its operating costs at a rate approved by Hillgrove, and to charge a 7.5% processing fee and a 2.0% sales commission on each sale. The initial term of the agreement is five years; however, Hillgrove may suspend or terminate the agreement at its discretion. The Company may terminate the agreement and begin using the furnaces for their own production if Hillgrove fails to recommence shipments within 365 days of a suspension notice. The terms of the agreement require payment upon Hillgrove’s issuance of a stop notice. If a stop notice was issued between one year and two years, there was a formula to prorate the repayment amount from 0% to 81.25%. If a stop order is issued after two years, the repayment obligation is 81.25% of the funds advanced at that point. No stop notice was issued during the initial two year period ended November 7, 2016, thus the Company’s obligation to Hillgrove is 81.25% of total advanced funds. Through December 31, 2016, Hillgrove advanced the Company a total of $1,396,721, resulting in a net liability of $1,134,221 which is 81.25% of monies advanced. The difference between the amount advanced and the amount payable of $262,500 was recorded as deferred earned credit and recognized ratably through the period ending November 7, 2016. During the year ended December 31, 2016 and 2015, $120,329 and $142,171 of the deferred earned credit was recognized. Based on conversations with Hillgrove, management does not anticipate receiving a stop notice in 2017 thus the entire amount is classified as long term.

X
- References No definition available. + Details
Name: | UAMY_HillgroveAdvancesPayableDisclosureTextBlock
Namespace Prefix: | UAMY_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | UAMY_NotesToFinancialStatementsAbstract
Namespace Prefix: | UAMY_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration