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Precious Metal Concentrate | 12 Months Ended
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Dec. 31, 2022
Precious Metal Concentrate |
Precious Metal Concentrate | Note 9. Precious Metal Concentrate Precious metal concentrate includes metal concentrates located at the Company’s facilities. Concentrates consist of gold, silver, platinum, palladium, and rhodium. Precious metal concentrate was acquired from our funding agreements for extraction operations with Vivaventures Precious Metals LLC from 2013 through 2016. Our precious metal concentrate requires further refining to be sold as a finished product and is valued at the lower of cost or market (net realizable value). As of December 31, 2021, the Company carried a refining reserve of $1,166,709 against its precious metal concentrate asset based on estimates that the Company received if it were to sell the precious metal concentrate in its current concentrated form to processing refineries. The Company intends to sell our precious metal concentrate in its current state or refine it into dore bars for sale or monetization and investment purposes. As of December 31, 2021 the net realizable value of our precious metal concentrate was $1,166,709. The operations surrounding our precious metals were temporarily suspended until recently. Due to these suspended activities, and a shift in 2022 of the Company’s focus to the oil and gas industry, we have not been able to sell our precious metals in their concentrate form as anticipated, and have reserved the remaining $1,166,709 surrounding our precious metal concentrate for the year ended December 31, 2022.

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