XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.2
4. Sales of Products
 6 Months Ended
Jun. 30, 2021
Notes  
4. Sales of Products

4. Sales of Products 

 

Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metal), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At June 30, 2021, metals that had been sold but not final settled thus exposed to future price changes totaled 1,833 ounces of gold. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable.

Sales of products by metal for the three and six-month periods ended June 30, 2021 and 2020 were as follows:

 

 

June 30, 2021

June 30, 2020

Three Months

Six Months

Three Months

Six Months

Gold

$

2,296,378

$

4,010,102

$

1,461,249

$

2,980,560

Silver

 

9,103

 

13,424

 

2,905

 

5,946

Less: Smelter and refining charges

 

(125,249)

 

(256,667)

 

(139,656)

 

(261,175)

Total

$

2,180,232

 

3,766,859

$

1,324,498

$

2,725,331

 

Sales by significant product type for the three and six-month periods ended June 30, 2021 and 2020 were as follows:

 

 

June 30, 2021

June 30, 2020

Three Months

Six Months

Three Months

Six Months

Concentrate sales to H&H Metal

$

2,180,232

$

3,690,351

$

1,267,355

$

2,668,188

Dore sales to refinery

 

-

 

76,508

 

57,143

 

57,143

Total

$

2,180,232

$

3,766,859

$

1,324,498

$

2,725,331

 

At June 30, 2021 and December 31, 2020, our gold sales receivable balance related to contracts with customers of $263,585 and $264,779, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts.