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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2018
Revenue |
Revenue | 3. Revenue The Company derives its revenue from the sale of d oré and concentrate. The following table presents the Company’s net sales disaggregated by source:
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
|  | (in thousands) |  | (in thousands)
Doré sales, net |  |  |  |  |  |  |  |  |  |  |  |
Gold |  | $ | 1,722 |  | $ | 1,435 |  | $ | 3,631 |  | $ | 3,062
Silver |  |  | 472 |  |  | 21 |  |  | 769 |  |  | 42
Less: Refining charges |  |  | (38) |  |  | (5) |  |  | (63) |  |  | (22)
Total doré sales, net |  |  | 2,156 |  |  | 1,451 |  |  | 4,337 |  |  | 3,082
Concentrate sales |  |  |  |  |  |  |  |  |  |  |  |
Gold |  |  | 5,396 |  |  | 4,514 |  |  | 10,937 |  |  | 11,600
Silver |  |  | 8,803 |  |  | 5,604 |  |  | 14,884 |  |  | 12,892
Copper |  |  | 2,638 |  |  | 1,219 |  |  | 5,018 |  |  | 2,529
Lead |  |  | 3,498 |  |  | 2,316 |  |  | 7,345 |  |  | 4,254
Zinc |  |  | 11,841 |  |  | 7,790 |  |  | 25,225 |  |  | 13,846
Less: Treatment and refining charges |  |  | (1,261) |  |  | (1,479) |  |  | (3,095) |  |  | (2,987)
Total concentrate sales, net |  |  | 30,915 |  |  | 19,964 |  |  | 60,314 |  |  | 42,134
Realized/unrealized embedded derivative, net |  |  | (2,303) |  |  | (24) |  |  | (1,732) |  |  | 511
Total sales, net |  | $ | 30,768 |  | $ | 21,391 |  | $ | 62,919 |  | $ | 45,727
Doré Revenue Doré sales are recognized upon the satisfaction of performance obligations, which occurs when control of the doré transfers to the customer. Transfer of control occurs once the customer takes possession of the doré. Doré sales are recorded using quoted metal prices, net of refining charges. Concentrates Revenue Concentrate sales are initially recorded based on 100% of the provisional sales prices, net of treatment and refining charges, at the time of delivery to the customer at which point the performance obligations are satisfied and control of the product is transferred to the customer. Adjustments to the provisional sales prices are made to take into account the mark-to-market changes based on the forward prices of metals until final settlement occurs. The changes in price between the provisional sales price and final sales price are considered an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the quoted metal prices at the time of delivery. The embedded derivative, which does not qualify for hedge accounting, is adjusted to market through revenue each period prior to final settlement. Market changes in the prices of metals between the delivery and final settlement dates will result in adjustments to revenues related to previously recorded sales of concentrate. Sales are recorded net of charges for treatment, refining, smelting losses and other charges negotiated with the buyer. These charges are estimated upon delivery of concentrates based on contractual terms and adjusted to reflect actual charges at final settlement. Historically, actual charges have not varied materially from the Company’s initial estimates.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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