XML 116 R6.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ 1,073,449 $ (2,631,092)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:    
Depreciation and amortization 1,466,703 984,083
Accretion of asset retirement obligation 15,952 12,691
Stock based compensation 0 547,275
Stock issued for services 0 32,326
(Gain) loss on disposal of equipment (13,026) 68,641
Loss on investment in equity securities 5,451 0
Equity income on investment in Buckskin Gold and Silver, Inc. 4,517 1,524
Gain on forgiveness of SBA loan 0 (10,000)
Change in operating assets and liabilities:    
Gold sales receivable (128,870) (501,810)
Inventories (258,368) (404,591)
Joint venture receivable (154) 2,516
Other current assets (44,812) 142,418
Accounts payable and accrued expenses (95,320) (63,062)
Accrued payroll and related payroll expenses 87,521 5,039
Net cash provided (used) by operating activities 2,104,009 (1,817,090)
Cash flows from investing activities:    
Purchases of property, plant, and equipment (772,245) (1,441,874)
Proceeds from sale of equipment 8,500 0
Deposits on equipment (285,079) (76,110)
Additions to mineral properties (1,118,021) (626,541)
Purchase of reclamation bonds 0 (223,700)
Refund of reclamation bonds 75,710 0
Purchase of equity securities (11,100) 0
Net cash used by investing activities (2,102,235) (2,368,225)
Cash flows from financing activities:    
Sales of common stock and warrants, net of issuance costs 1,718,117 3,681,107
Proceeds from exercise of warrants 0 1,030,158
Principal payments on notes payable (1,026,702) (862,503)
Principal payments on notes, related parties (75,183) (41,428)
Contributions from non-controlling interest 30,962 39,494
Net cash provided by financing activities 647,194 3,846,828
Net change in cash and cash equivalents 648,968 (338,487)
Cash and cash equivalents, beginning of year 1,638,031 1,976,518
Cash and cash equivalents, end of year 2,286,999 1,638,031
Supplemental disclosure of cash flow information:    
Interest paid in cash, net of amount capitalized 44,202 98,218
Non-cash investing and financing activities:    
Deposit applied to purchase of equipment and mineral property 76,110 11,694
Notes payable for equipment purchase 1,168,893 1,247,237
Conversion of convertible debt to common stock $ 0 $ 1,950,000