XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (1,325,318) $ (1,803,172)
Adjustments to reconcile net loss to net cash used by operating activities:    
Depreciation and amortization 472,115 378,173
Loss on disposal of equipment 3,901 0
Accretion of asset retirement obligation 5,069 5,035
Stock based compensation $ 0 $ 614,431
Issuance of common stock for services 32,326 6,500
Gain on forgiveness of SBA loan $ (10,000) $ 0
Equity income on investment in Buckskin (671) 0
Change in operating assets and liabilities:    
Gold sales receivable (326,407) 1,194
Inventories (432,580) 108,896
Joint venture receivable 1,533 1,712
Other current assets (227,251) (35,042)
Accounts payable and accrued expenses 69,295 (49,864)
Accrued payroll and related payroll expenses 43,512 9,555
Net cash used by operating activities (1,694,476) (762,582)
Cash flows from investing activities:    
Purchases of property, plant, and equipment (229,763) (249,328)
Deposits on equipment (32,528) (21,829)
Purchase of reclamation bonds (217,800) 0
Additions to mineral property (408,913) (2,063,742)
Net cash used by investing activities (889,004) (2,334,899)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants net of issuance cost 3,681,107 0
Proceeds from exercise of common stock warrants 465,153 50,000
Principal payments on notes payable (406,197) (249,449)
Principal payments on notes payable, related parties (20,508) (18,262)
Issuance of convertible debt   1,750,000
Contributions from non-controlling interest 21,030 19,928
Net cash provided by financing activities 3,740,585 1,552,217
Net change in cash and cash equivalents 1,157,105 (1,545,264)
Cash and cash equivalents, beginning of period 1,976,518 2,539,945
Cash and cash equivalents, end of period 3,133,623 994,681
Non-cash investing and financing activities: 96,000  
Deposit on equipment applied to purchase 630,115 1,130,143
Notes payable for equipment and land purchase $ 1,950,000 $ 735,000