XML 64 R15.htm IDEA: XBRL DOCUMENT
v3.25.3

LEASES | 9 Months Ended
--- | ---
Sep. 30, 2025
LEASES |
LEASES | NOTE 9 – LEASES Philipsburg Operating Lease In September 2024, the Company executed a contract to lease a metals concentration facility located in Philipsburg, Montana. The Company amended this lease in March 2025 extending the term of the lease to September 2, 2026 and modifying the fixed monthly lease payments to $10,000 per month through the month of June 2025, $20,000 per month during the months of July 2025 to October 2025, and $95,000 per month thereafter to the end of the lease term. The $95,000 per month payment included a fixed monthly fee of $45,000 and a minimum milling fee of $50,000 per month. An additional payment of $50 per ton was due each month in the last twelve months of the lease for all milling in excess of 1,000 tons per month. The Company did not include any milling fee payments above the minimum in its lease liability as it was not deemed probable at that time. The Company recorded the present value of the original fixed lease cost in September 2024 over the lease term as a lease liability and Right of Use (“ROU”) asset. As a result of the amendment in March 2025, the Company reduced the ROU asset and corresponding lease liability by $37,448. The Company used its incremental borrowing rate of 3.49% when determining the present value of future payments of this operating lease as the rate implicit in the lease was not readily determinable. During the three and nine months ended September 30, 2025, the Company recorded $85,032 and $389,542, respectively, of lease expense related to this lease and initial direct costs (“IDC”) in “Cost of Revenues” in the Condensed Consolidated Statements of Operations. Lease payments were $40,000 and $110,000 during the three and nine months ended September 30, 2025, respectively, which were included in operating cash flows. For both the three and nine months ended September 30, 2024, the Company recorded $33,611 of lease expense and IDC related to this lease. Lease payments totaling $15,000 were made during the three and nine months ended September 30, 2024, and included in operating cash flows. The Company paid $10,000 of IDC at the inception of the original lease agreement. On September 22, 2025, the lessor terminated the Philipsburg operating lease agreement one year early. This event resulted in derecognition of the associated account balances, specifically reducing operating lease liabilities by $631,690, right-of-use assets by $151,868, and prepaid rent by $10,000. The resulting difference was a non-cash gain on lease termination of $469,822, which was presented in the Condensed Consolidated Statements of Operations as a separate item within the Operating Expenses section. Furthermore, no termination penalties were incurred or incentives received in connection with the lease termination. Machinery and equipment with a net book value of $29,621, which had been used at the Philipsburg location, will be used at a different operating site. Finally, unpaid operating charges, such as utility and labor costs incurred through the termination date, were recognized separately as ordinary operating expenses and not included in the calculation of the gain. Dallas Operating Lease In the first quarter of 2025, the Company executed a contract to lease office space for its corporate headquarters located in Dallas, Texas with a lease term of 24 months and total fixed payments during the term of $3,945 per month, or $94,680 in total. The Company is amortizing the lease on a straight-line basis over the term of the lease. The Company recorded the present value of the lease payments over the term as a lease liability and ROU asset. The Company’s incremental borrowing rate of 3.49% was used as the discount rate since the rate implicit in the lease was not readily determinable. The lease does not include any transfer of ownership of the office space at the end of the lease, nor any option to extend the lease or purchase the facility, nor any residual value guarantees. The Company cannot terminate the lease without cause and must provide the office space to the lessor at the end of the lease in the same condition as it was received. The lease liability related to this operating lease, which represents the present value of the lease payments, and ROU asset were $63,416 at inception of the lease and $36,288 and $nil at September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025, the Company recorded $11,835 and $31,560, respectively, of lease expense related to this lease in “General and administrative” in the Condensed Consolidated Statements of Operations. Lease payments were $11,835 and $31,560 during the three and nine months ended September 30, 2025, respectively, which were included in operating cash flows. The Company made a security deposit payment of $3,945 at the inception of the lease. For the three and nine months ended September 30, 2024, there were no payments made or expense recorded for this lease. The following table summarizes expense and cash payments for both operating leases during the periods noted: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease expense | ​ | $ | 96,867 | ​ | $ | 33,611 | ​ | $ | 421,102 | ​ | $ | 33,611
Cash paid for operating lease liability | ​ |  | 51,835 | ​ |  | 15,000 | ​ |  | 131,560 | ​ |  | 15,000
Cash paid for security deposit | ​ |  | — | ​ |  | 10,000 | ​ |  | 3,945 | ​ |  | 10,000
​ At September 30, 2025, the remaining lease term of the Dallas operating lease was 16 months and the discount rate used was 3.49%. The following table is a maturity analysis of the future minimum lease payments for the Dallas operating lease as of September 30, 2025:
​ | ​ | ​ | ​
Twelve months ending September 30, |  | ​ | ​
2026 | ​ | $ | 47,340
2027 | ​ |  | 15,780
Total operating lease payments | ​ |  | 63,120
Less: discount on lease liability | ​ |  | (26,832)
Total operating lease liability | ​ |  | 36,288
Less: current portion of operating lease liability | ​ |  | (28,990)
Noncurrent operating lease liability | ​ | $ | 7,298
​

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

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration