XML 21 R10.htm IDEA: XBRL DOCUMENT

Sales of Products

9 Months Ended

Sep. 30, 2022

Sales of Products

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 September 30, 2022, metals that had been sold but not final settled thus exposed to future price changes totaled 3,685 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 type for the three and nine-month periods ended September 30, 2022 and 2021 were as follows:

		September 30, 2022								September 30, 2021
		Three Months				Nine Months				Three Months				Nine Months
Gold		$	1,890,626			$	6,620,745			$	2,253,431			$	6,256,461
Silver			3,034				9,992				5,756				20,078
Less: Smelter and refining charges			(148,382	)			(482,550	)			(160,338	)			(410,831	)
Total		$	1,745,278			$	6,148,187			$	2,098,849			$	5,865,708

Sales by significant product type for the three and nine-month periods ended September 30, 2022, and 2021 were as follows:

		September 30, 2022								September 30, 2021
		Three Months				Nine Months				Three Months				Nine Months
Concentrate sales to H&H Metal		$	1,745,278			$	5,844,571			$	1,845,547			$	5,535,899
Dore sales to refinery			-				303,616				253,302				329,809
Total		$	1,745,278			$	6,148,187			$	2,098,849			$	5,865,708

At September 30, 2022 and December 31, 2021, our gold sales receivable balance related to contracts with customers of $428,755 and $408,187, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts.