0001078782-12-001624.txt : 20120613 0001078782-12-001624.hdr.sgml : 20120613 20120613133804 ACCESSION NUMBER: 0001078782-12-001624 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120613 DATE AS OF CHANGE: 20120613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICA WEST RESOURCES, INC. CENTRAL INDEX KEY: 0000867687 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE MINING [1220] IRS NUMBER: 841152135 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19620 FILM NUMBER: 12904742 BUSINESS ADDRESS: STREET 1: 57 WEST 200 SOUTH STREET 2: SUITE 400 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 BUSINESS PHONE: 801-521-3292 MAIL ADDRESS: STREET 1: 57 WEST 200 SOUTH STREET 2: SUITE 400 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 FORMER COMPANY: FORMER CONFORMED NAME: REDDI BRAKE SUPPLY CORP DATE OF NAME CHANGE: 19940622 FORMER COMPANY: FORMER CONFORMED NAME: WESCO AUTO PARTS CORP /NV/ DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CAPITAL INC /NV/ DATE OF NAME CHANGE: 19600201 10-Q 1 f10q033112_10q.htm FORM 10-Q QUARTERLY REPORT FORM 10-Q Quarterly Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q

(Mark One)


   X  . QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2012


        . TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _____________ to ____________.


Commission File Number: 0-19620


[f10q033112_10q002.gif]


AMERICA WEST RESOURCES, INC.

(Exact name of registrant as specified in its charter)


Nevada

   

84-1152135

(State or other jurisdiction of

   

(I.R.S. Employer

incorporation or organization)

   

Identification Number)


57 West 200 South, Suite 400

Salt Lake City, Utah 84101

(Address of principal executive offices)


(801) 521-3292

(Registrant's telephone number)


Check whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

Yes   X  . No      .


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes      . No      .


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):


Large accelerated filer

      .

Accelerated filer

      .

Non-accelerated filer

      . (Do not check if a smaller reporting company)

Smaller reporting company

  X .


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      . No   X  .


APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:


Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes   X  . No      .


APPLICABLE ONLY TO CORPORATE REGISTRANTS


The number of shares of common stock issued and outstanding as of May 11, 2012, is 68,451,191.






America West Resources, Inc.

Table of Contents


 

 

 

 

  

  

  

Page No.

Part I

Financial Information

  

  

  

  

  

  

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

  

  

  

 

  

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

12

  

  

  

 

  

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

17

  

  

  

 

  

Item 4T.

Controls and Procedures

17

  

  

  

 

Part II

Other Information

 

  

  

  

 

  

Item 1.

Legal Proceedings

18

  

  

  

 

  

Item 1A.

Risk Factors

18

  

  

  

 

  

Item 2.

Unregistered Sale of Equity Securities and Use of Proceeds

18

  

  

  

 

  

Item 3.

Defaults Upon Senior Securities

18

  

  

  

 

  

Item 4.

Submission of Matters to a Vote of Security Holders

18

  

  

  

 

  

Item 5.

Other Information

18

  

  

  

 

  

Item 6.

Exhibits

19







2




PART I. FINANCIAL INFORMATION

 

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)





America West Resources, Inc. and Subsidiary

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS





 

Page

 

 

Condensed Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011 (Unaudited)

4

 

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2012 and 2011 (Unaudited)

5

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and 2011 (Unaudited)

6

 

 

Notes to Condensed Consolidated Financial Statements as of March 31, 2012 (Unaudited)

7





3




America West Resources, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

 

 

 

 

March 31, 2012

 

December 31, 2011

Assets

 

 

 

 

Current assets:

 

 

 

 

  Cash and cash equivalents

$

33,280

$

97,533

  Accounts receivable

 

35,827

 

9,958

  Deferred financing costs

 

-

 

1,897

  Prepaid expenses

 

77,956

 

473,222

    Total current assets

 

147,063

 

582,610

   

 

 

 

 

Deposits

 

496,272

 

807,272

Long-term restricted cash

 

204,035

 

204,024

Property and equipment:

 

 

 

 

  Property and equipment

 

15,129,695

 

15,075,804

  Land and mineral properties

 

26,473,342

 

26,424,721

     Total property and equipment

 

41,603,037

 

41,500,525

  Less: accumulated depreciation and depletion

 

(11,687,098)

 

(11,504,505)

Net property and equipment

 

29,915,939

 

29,996,020

 

 

 

 

 

Total assets

$

30,763,309

$

31,589,926

 

 

 

 

 

Liabilities and Stockholders’ Deficit

 

 

 

 

Current liabilities:

 

 

 

 

  Bank overdraft

$

201,974

$

-

  Accounts payable

 

3,677,495

 

3,347,028

  Accounts payable - related party

 

418,050

 

398,386

  Accrued expenses

 

3,913,566

 

3,616,678

  Deferred revenue

 

500,000

 

500,000

  Short-term debt – related party, net of unamortized discounts

    of $30,889 and $0,  respectively

 

 

 

 

 

9,313,240

 

8,144,611

  Current maturities of long-term debt, net of unamortized

    discount of $15,905 and $17,587, respectively

 

 

 

 

 

4,831,108

 

5,192,956

  Short-term convertible debt-related party net of

     unamortized discount of $0 and $17,857, respectively

 

 

 

 

 

7,489,160

 

7,489,160

  Derivative liabilities

 

105,857

 

109,711

    Total current liabilities

 

30,450,450

 

28,798,530

 

 

 

 

 

Long-term debt:

 

 

 

 

Long term debt net of unamortized discount of

   $0 and $2,512, respectively

 

 

 

 

 

-

 

164,541

Asset retirement obligation

 

218,550

 

213,220

Total liabilities

 

30,669,000

 

29,176,291

 

 

 

 

 

Stockholders’ deficit:

 

 

 

 

Preferred stock, $0.0001 par value; 2,500,000 shares authorized;

  none issued and outstanding

 

 

 

 

 

-

 

-

Common stock, $0.0001 par value; 300,000,000 shares authorized;

 68,251,191 and 66,414,175 shares issued and outstanding,

  respectively

 

 

 

 

 

6,825

 

6,641

Additional paid-in capital

 

65,371,219

 

64,974,535

Accumulated deficit

 

(65,283,735)

 

(62,567,541)

  Total stockholders’ deficit

 

94,309

 

2,413,635

Total liabilities and stockholders’ deficit

$

30,763,309

$

31,589,926

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.





4




America West Resources, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

 

 

Three Months Ended March 31,

 

 

2012

 

2011

 

 

 

 

 

Coal sales

$

4,031,470

$

3,463,239

Machine repair services

 

32,228

 

22,705

  Total revenue

 

4,063,698

 

3,485,944

 

 

 

 

 

Cost of revenue:

 

 

 

 

  Coal production costs

 

4,817,464

 

2,423,174

  Depreciation, depletion and accretion

 

603,593

 

428,629

  Machine repair costs

 

6,808

 

2,599

    Total cost of revenue

 

5,427,865

 

2,854,402

 

 

 

 

 

Gross profit (loss)

 

(1,364,167)

 

631,542

 

 

 

 

 

Operating expenses:

 

 

 

 

  General and administrative

 

955,357

 

2,057,702

 

 

 

 

 

Loss from operations

 

(2,319,524)

 

(1,426,160)

 

 

 

 

 

Other income (expenses):

 

 

 

 

Gain on derivative liabilities

 

3,854

 

430,043

Loss on sale of asset

 

(133)

 

-

Interest income

 

12

 

1

Other income

 

104,921

 

-

Gain on settlement of property tax

 

183,359

 

-

Interest expense

 

(688,684)

 

(4,967,101)

Loss on extinguishment of debt

 

-

 

(566,357)

  Other expenses, net

 

(396,671)

 

(5,103,414)

 

 

 

 

 

Net Loss

$

(2,716,195)

$

(6,529,574)

 

 

 

 

 

Basic and Diluted Loss Per Share

$

(0.04)

$

(0.19)

Weighted Average Shares Outstanding

  Basic and Diluted

 

 

 

 

 

67,088,490

 

34,646,063

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.





5




America West Resources, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2012

 

2011

Cash Flows from Operating Activities:

 

 

 

 

Net loss

$

(2,716,195)

$

(6,529,574)

Adjustments to reconcile net income (loss) to net cash provided by

     (used in) operating activities:

 

 

 

 

Depreciation, depletion and accretion

 

603,593

 

428,629

Amortization of debt discounts

 

251,238

 

3,494,700

Amortization of deferred financing costs

 

1,897

 

846,985

Common stock issued for services

 

9,313

 

77,821

Warrant expense

 

-

 

130,000

Stock-based compensation

 

-

 

270,087

Loss on extinguishment of debt

 

-

 

566,357

Loss on asset disposal

 

133

 

-

Gain on settlement of property tax

 

(183,359)

 

-

Gain on derivative liabilities

 

(3,854)

 

(430,043)

Changes in current assets and liabilities:

 

 

 

 

Accounts receivable

 

(25,869)

 

(122,718)

Accounts receivable-related party

 

-

 

(84,416)

Inventory

 

-

 

(100,726)

Prepaid expenses

 

395,266

 

(35,011)

Accounts payable

 

330,467

 

185,496

Accounts payable-related party

 

19,664

 

(216,435)

Accrued liabilities

 

590,139

 

768,386

Net cash used in operating activities

 

(727,567)

 

(750,462)

Cash Flows from Investing Activities:

 

 

 

 

Purchase of property and equipment

 

(469,694)

 

(1,947,977)

Capital expenditures for land and mineral properties

 

(48,620)

 

(2,336,150)

Restricted cash

 

(11)

 

-

Deposits

 

311,000

 

499,011

Net cash used in investing activities

 

(207,325)

 

(3,785,116)

Cash Flows from Financing Activities:

 

 

 

 

Proceeds from issuance of common stock, net of issuance costs

 

-

 

2,799,967

Proceeds from exercise of warrants

 

-

 

42

Replenish bank overdraft

 

201,974

 

(180,733)

Payment for deferred financing costs

 

-

 

(44,850)

Proceeds from related party debt and common stock

 

1,199,516

 

184,380

Proceeds from debt

 

-

 

1,000,000

Proceeds from convertible debt

 

-

 

2,000,000

Payments on debt

 

(530,851)

 

(954,519)

Payments made on capital lease obligations

 

-

 

(53,163)

Net cash provided by financing activities

 

870,639

 

4,751,124

Net increase (decrease) in cash and cash equivalents

 

(64,253)

 

215,546

Cash and cash equivalents at beginning of period

 

97,533

 

65,003

Cash and Cash Equivalents at End of Period

$

33,280

$

280,549

Supplemental cash flow information

 

 

 

 

Cash paid for interest

$

70,027

$

106,420

Cash paid for income taxes

 

-

 

-

Noncash Investing and Financing Activities

 

 

 

 

Equipment acquired through a capital lease

$

-

$

180,302

Debt and interest converted to common shares

 

-

 

5,034,822

Accrued interest converted to common shares

 

-

 

2,127,408

Debt discount due to beneficial conversion feature

 

-

 

5,966,580

Warrants issued for debt issuance costs

 

-

 

1,123,979

Debt issuance costs accrued

 

-

 

257,500

Common shares issued for settlement of accrued liabilities

109,892

 

299,000

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.





6




America West Resources, Inc. and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


NOTE 1 –BASIS OF PRESENTATION


The accompanying unaudited interim condensed consolidated financial statements as of March 31, 2012, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the 2011 Annual Report filed with the SEC on Form 10-K/A on May 31, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for fiscal 2011 as reported in the Form 10-K/A on May 31, 2012 have been omitted.


Principles of Consolidation


The unaudited condensed consolidated financial statements include the financial information of America West Resources, Inc., and its wholly owned subsidiaries, Hidden Splendor Resources, Inc. (“Hidden Splendor”), America West Services, Inc., and America West Marketing, Inc. (collectively “America West”). All significant inter-company accounts and transactions have been eliminated.


Reclassifications


Certain amounts for 2011 have been reclassified to conform to the 2012 presentation.  The reclassifications had no effect on the net loss for 2011.


Recently Issued Accounting Pronouncements


From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, America West believes that the impact of recently issued accounting pronouncements that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.


NOTE 2 – GOING CONCERN


As shown in the accompanying consolidated financial statements, America West has incurred continual losses and an accumulated deficit of $65,283,735 as of March 31, 2012.  At March 31, 2012 current liabilities exceeded current assets by $30,303,387.  During the three months ended March 31, 2012 the company used $727,567 of cash in its operating activities. These conditions raise substantial doubt as to America West’s ability to continue as a going concern. Management is attempting to raise additional capital through sales of stock and enhance the operations of Hidden Splendor to achieve cash-positive operations. The unaudited consolidated financial statements do not include any adjustments that might be necessary if America West is unable to continue as a going concern.


NOTE 3 – DEBT


A summary of the third party debt and third party convertible debt activity for the three months ended March 31, 2012 is as follows:


Balance, net at December 31, 2011

$

5,357,497

Principal payments

 

(530,851)

Discounts amortized

 

4,462

Balance, net at March 31, 2012

 

4,831,108

Less: current maturities, net

 

(4,831,108)

Long term, net debt at March 31, 2012

$

-0-




7




NOTE 4 – RELATED PARTY TRANSACTIONS


Debt Owed to Related Parties


During the three months ended March 31, 2012, America West borrowed an aggregate of $1,170,000 from a major shareholder. The notes bear interest at 8% per annum.  Of these notes $970,000 matured on March 31, 2012 and $200,000 of these notes mature on June 30, 2012. America West has defaulted on the loans that matured on March 31, 2012.  A total of 1,170,000 common shares were issued in connection with the debt. The Company allocated $271,388 of the proceeds to the common shares issued based on their relative fair value, which resulted in the recognition of a $271,388 discount on the notes payable. The debt discount is amortized and recorded as interest expense over the term of the debt using the effective interest method. Amortization for the three months ended March 31, 2012 was $240,499. The unamortized discount on these notes as of March 31, 2012 was $30,889.


During the three months ended March 31, 2012, America West issued a $29,516 promissory note and 29,516 common shares to the Chairman of the board of directors in order to reimburse him for settling $29,516 of liabilities on behalf of the Company.  The Company did not receive any other unstated rights or services from the Chairman in exchange for the issuance of the promissory note and the common shares.  The amount of liabilities settled was allocated the promissory note and the common shares based on their relative fair values and resulted in allocating $23,241 to the promissory note and $6,275 to the common shares. The allocation resulted in a $6,275 discount to the note payable.  The debt discount was amortized and recorded as interest expense during the three months ended March 31, 2012.


A summary of the related party debt and related party convertible debt activity for the three months ended March 31, 2012 is as follows:


Balance, net at December 31, 2011

$

15,633,771

Borrowings

 

921,853

Discounts amortized

 

246,776

Balance, net at March 31, 2012

$

16,802,400


The balance at March 31, 2012 consists of $9,313,240 of short-term debt  - related party, net of $30,889 of unamortized discount and $7,489,160 of short-term convertible debt – related party.


Other Related Party Transactions


America West leases office space from an entity owned by certain stockholders of America West. In addition, Hidden Splendor leases certain water rights from the entity. As of March 31, 2012 and December 31, 2011, the total accrued liability for these items was $363,600 and $345,600, respectively.


America West receives transfer agent services from an entity controlled by a director of America West. The payable to this entity totaled $54,450 and $0 as of March 31, 2012 and December 31, 2011, respectively.


Hidden Splendor ships a portion of its coal utilizing a trucking company owned by America West's Chief Executive Officer. For the three months ended March 31, 2012 and 2011, Hidden Splendor incurred trucking fees amounting to $422,982 and $520,979, respectively which is included in coal production costs in the consolidated statements of operations.  The amount payable to this trucking company as of March 31, 2012 and December 31, 2011 totaled $3,687 and $0, respectively.


NOTE 5 – STOCKHOLDERS’ EQUITY


Common Stock


During the three months ended March 31, 2012, America West issued 600,000 common shares to repay an accrued liability of $109,892. The fair value of the shares was determined to be $109,892 based on the market value of the common stock on the date issued.


During the three months ended March 31, 2012, America West issued the Chairman of the board of directors 29,516 common shares to compensate him in part for paying a liability of $29,516.  


During the three months ended March 31, 2011, America West issued 37,500 common shares for services rendered valued at $9,313.


During the three months ended March 31, 2012, America West issued 1,199,516 common shares with debt payable to related parties. The relative fair value of the shares was determined to be $277,663.



8




Options


A summary of option transactions for the three months ended March 31, 2012 is as follows:


 

 

Options

 

Wtd. Avg

Exercise

Price

Outstanding at December 31, 2011

 

1,250,625

$

2.93

Outstanding at March 31, 2012

 

1,250,625

$

2.93

Exercisable at March 31, 2012

 

1,250,625

$

2.93


At March 31, 2012, the range of exercise prices and the weighted average remaining contractual life of the options outstanding were $0.12 to $5.40 and 1.72 years, respectively. The intrinsic value of the exercisable options outstanding at March 31, 2012 was $5,000.


Warrants


A summary of warrant transactions for the three months ended March 31, 2012 is as follows:


 

 

Options

 

Wtd. Avg

Exercise

Price

Outstanding at December 31, 2011

 

3,568,985

$

1.47

Outstanding at March 31, 2012

 

3,568,985

$

1.47

Exercisable at March 31, 2012

 

3,568,985

$

1.47


At March 31, 2012, the range of exercise prices and the weighted average remaining contractual life of the warrants outstanding were $0.12 to $3.60 and 4.20 years, respectively. The intrinsic value of the warrants exercisable at March 31, 2012 was $65,910.


NOTE 6 – DERIVATIVES


As of March 31, 2012, America West has an aggregate of 911,564 outstanding warrants containing exercise price reset provisions which requires derivative treatment under FASB ASC 815-15.


The fair value of these liabilities as of March 31, 2012 totaled $105,857 and was calculated using the Black Scholes stock option valuation model. The significant assumptions used in the March 31, 2012 valuation were: the exercise prices ranging from $0.12 to $3.60; the market value of America West’s common stock on March 31, 2012, $.17; expected volatilities between 233.05% and 310.76%; risk free interest rates of .33%; and remaining contract terms between 1.59 and 1.78 years.


Fair value measurement


America West values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.


As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). America West utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. America West classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).


The three levels of the fair value hierarchy defined by ASC 820 are as follows:


Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.


Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date.


Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.




9




America West uses Level 3 to value its derivative instruments.


The following table sets forth by level with the fair value hierarchy the Company’s financial liabilities measured at fair value on March 31, 2012.


 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial instruments

$

-

 

$

-

 

$

105,857

 

$

105,857


The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments measured at fair value on a recurring basis using significant unobservable inputs:


 

 

Warrants

 

 

 

Balance at December 31, 2011

 

$

109,711

Unrealized gain included in other income (expense)

 

 

(3,854)

Balance at March 31, 2012

 

$

105,857


NOTE 7 – COMMITMENTS & CONTINGENCIES


The Company has an existing coal lease agreement with the U.S. Bureau of Land Management (“BLM”). Rental payments of $3,867 are payable to the BLM by the first of September each year. In addition, a royalty payment of eight percent of gross sales for production up to 900,000 tons is due to the BLM each month. The Company is also required to make payments each quarter to the Bureau of Land Reclamation. The payment is equal to $0.15 per ton of coal mined.


Mining operations are subject to conditions that can impact the safety of our workforce or delay coal deliveries or increase the cost of mining for varying lengths of time. These conditions include mine collapses; fires and explosions from methane gas or coal dust; accidental mine water discharges; weather, flooding and natural disasters; unexpected maintenance problems; key equipment failures; variations in coal seam thickness; variations in the amount of rock and soil overlying the coal deposit; variations in rock and other natural materials and variations in geologic conditions.


Coal mining, especially underground coal mining, is inherently dangerous and great care must be taken to assure safe, continued operations. Past experiences of others in the industry indicate that lapses in safety practices can result in catastrophic collapse of a coal mining operation. Even when best mining practices are strictly observed, natural disasters such as an earthquake could possibly destroy a coal mine’s operations. Any catastrophic event at the coal mine which would close the mine for an extended period of time likely would cause the failure of operations. The Company maintains insurance policies that provide limited coverage for some of these risks, although there can be no assurance that these risks would be fully covered by these insurance policies. Despite the Company’s efforts, significant mine accidents could occur and have a substantial impact. Such impact resulting from accidents could take the form of increased premiums on insurance policies, litigation, fines and penalties imposed by regulating agencies.


In connection with the Hidden Splendor Plan of Reorganization, which became effective on December 19, 2008, Hidden Splendor is obligated to make payments to creditors over time in an aggregate principal amount of not less than approximately $10,000,000 and up to approximately $10,700,000 over a period not exceeding seven years from the effective date of the Plan. Under the Plan, America West must pay all of Hidden Splendor’s post-petition liabilities that Hidden Splendor cannot pay, in the ordinary course of business, in an amount not to exceed $1,560,000.


In September 2010, Kenneth Rushton, the Chapter 7 Trustee for C.W. Mining Company dba Co-Op Mining Company in the Chapter 7 bankruptcy action on file in the United States District Bankruptcy Court in the District of Utah, brought an adversarial proceeding naming Hidden Splendor Resources, Inc. as a defendant. In this action, the trustee alleges that a $40,000 payment the debtor made to Hidden Splendor in 2007 is avoidable under 11 U .S.C. Section 548 and alleges that the Trustee may recover from Hidden Splendor the value of that payment. Hidden Splendor denies that the trustee is entitled to the relief he seeks and will file an answer to the complaint. America West believes the probability of incurring any losses associated with this claim to be minimal. As such, no expenses have been accrued.




10




In September 2010, Kenneth Rushton, the Chapter 7 Trustee for C.W. Mining Company dba Co-Op Mining Company in the Chapter 7 bankruptcy action on file in the United States District Bankruptcy Court in the District of Utah, brought an adversarial proceeding naming America West Marketing, Inc. as a defendant. In this action, the trustee alleges that during 2009, America West Marketing purchased 5,795 tons of coal that was either: (1) mined by a third party under the authority of the debtor's operating permit and in violation of the automatic stay in the pending bankruptcy action; (2) mined by the debtor; or (3) purchased by a third party with coal sale proceeds generated by coal previously mined by the Debtor, and claims trustee is entitled to a judgment against America West Marketing in the amount of $204,077 in connection with the transfer of that coal. America West Marketing denies that the trustee is entitled to the relief he seeks and will file an answer to the complaint. America West believes the probability of incurring any losses associated with this claim to be minimal. As such, no expenses have been accrued.


Occasionally, Hidden Splendor is issued citations by the Mine Safety and Health Administration in connection with regular inspections of the Horizon Mine. At times, Hidden Splendor challenges citations, resulting in reductions to proposed penalties or administrative adjudications with no penalties. As of March 31, 2012, Hidden Splendor has challenges pending in several administrative actions. Such actions cover a total of approximately $1,200,000 of proposed, assessed penalties. Management is unable to predict the outcome of these pending administrative actions. If America West is not successful in eliminating or significantly reducing such proposed penalties, such result could adversely affect the company’s financial condition and operations.  Management has determined that of the total amount, the probable liability arising from these citations is approximately $771,800 which was accrued at December 31, 2011and remains accrued at March 31, 2012.


In December 2010, the Company agreed to serve as guarantor on $250,000 of debt payments owed by Wild West Trucking, a trucking company owned by America West's Chief Executive Officer, to its secured creditor Zions Bank.


NOTE 8 – SUBSEQUENT EVENTS


In April 2012, the Company borrowed $200,000 from a related party and issued a $200,000 promissory note and 200,000 common shares in exchange for the proceeds.





11




ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS AND FINANCIAL CONDITION


This Management’s Discussion and Analysis should be read in conjunction with the unaudited consolidated financial statements of America West Resources, Inc. and its wholly-owned subsidiaries, Hidden Splendor Resources, Inc. (“Hidden Splendor”), America West Services and America West Marketing (collectively, the “Company”) and notes thereto set forth herein. Our auditor's report on our consolidated financial statements contained in our Annual Report filed on Form 10-K for the fiscal year ended December 31, 2011, expressed an opinion that substantial doubt exists as to whether we can continue as an on-going business. This means that there is substantial doubt that we can continue as an on-going business. The consolidated financial statements of the Company do not include any adjustments that might be necessary if we are unable to continue as a going concern.


Forward-Looking Statement Notice When used in this report, the words "may," "will," "expect," "anticipate," "continue," "estimate," "project," "intend," and similar expressions are intended to identify forward-looking statements regarding events, conditions, and financial trends that may affect the Company's future plans of operations, business strategy, operating results, and financial position. Persons reviewing this report are cautioned that any forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties and those actual results may differ materially from those included within the forward-looking statements as a result of various factors.


Overview


The Company is an established domestic coal producer engaged in the mining of clean and compliant (low-sulfur) coal. The majority of our coal is sold to utility companies for use in the generation of electricity. During fiscal 2010, we derived approximately 99% of our total coal revenues from sales to our four largest customers . We expect these customers to collectively account for the majority of our revenues during 2012 as well.   We have entered into contracts with these customers to deliver a certain quantity of coal at fixed prices, subject to other terms and conditions that are standard in the industry. With respect to customers not subject to long-term contracts, we have short-term or market delivery and price contracts that we negotiate and perform on a continuous basis. Our strategy is to have a combination of long-term and short-term delivery contracts. We operate the Horizon Mine located in Carbon County, Utah, and we plan to expand mining operations in this mine, and acquire additional mining properties.


The Horizon Mine is operated through our wholly-owned subsidiary Hidden Splendor Resources, Inc. Hidden Splendor’s only business is the coal mining operation at the Horizon Mine located approximately eleven miles west of Helper, Utah in Carbon County. This mine produces what is commonly known as “steam coal,” that is, coal used to heat water to create steam which, in turn, is used to turn turbine engines to produce electricity. While steam coal primarily is sold to power companies for use in coal-fired power plants, steam coal also can be used in the production process for concrete and often is sold in the western United States for this purpose. Since 2003, the market for the coal mined from the Horizon Mine has been sold to local utilities, other coal mining operations, a concrete producer and a coal broker.


Coal mined from the Horizon Mine is loaded into trucks which haul the coal either directly to end users of the coal or to distribution facilities known as loadouts where the coal is loaded into rail cars and transported via rail to customers. The Horizon Mine is located approximately eight miles from the nearest loadout facility (which we acquired during the 3rd quarter of 2011) and approximately sixteen miles from the loadout facility previously most commonly used to ship our coal to end users. Hidden Splendor sells the coal mined at the Horizon Mine on a “FOB the mine” or “FOB the railcar” basis. For the “FOB the mine” basis, Hidden Splendor earns payment for the coal mined from the Horizon Mine as that coal is loaded into trucks at the mine site. Once the coal is loaded into those trucks, the coal belongs to our customers. For the “FOB the railcar” basis, Hidden Splendor earns payment for the coal mined from the Horizon Mine as that coal is loaded into the railcar at the railroad loadout facility. Once the coal is loaded into those railcars, the coal belongs to our customers.




12




Hidden Splendor Bankruptcy & Plan of Reorganization


On October 15, 2007, Hidden Splendor filed a Chapter 11 Petition in the United States Bankruptcy Court for the District of Nevada as a debtor in possession.  On December 8, 2008, Hidden Splendor’s Plan of Reorganization (the “Plan”) in that matter was formally confirmed by the U.S. Bankruptcy Court for the District of Nevada to emerge from Chapter 11 bankruptcy protection.  The Plan became effective on December 19, 2008, at which time Hidden Splendor officially emerged from bankruptcy.  In connection with the Plan, the Company paid an initial $500,000 “administrative earmark contribution” payment and an initial $2,250,000 “Plan Funding Contribution” payment, which were allocated to the payment of professional fees, taxes, and initial settlement payments to various creditors.  Additionally, the Plan provides for payments to creditors over time in an aggregate principal amount of not less than approximately $10,000,000 and up to approximately $10,700,000 over a period not exceeding seven years from the effective date of the Plan.  Thereafter, Hidden Splendor made payments under the terms of the Plan.  As of this filing, the following Plan obligations remain:


1.

Zions Bank, the secured creditor receives in equal monthly installments of $94,879 with a balance of approximately $3,312,652 still owed:

2.

The Internal Revenue Service and certain State of Utah tax authorities are owed $878,964. Hidden Splendor is delinquent on the $162,156 quarterly payments due March 31, 2010, June 30, 2010, September 30, 2010, December 31, 2010, March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012 to the Internal Revenue Service and

3.

The Howard Kent, Inc. Profit Sharing Plan is owed $232,569 and receives monthly payments. Hidden Splendor is current on the payment to the Howard Kent, Inc. Profit Sharing Plan as of the date of this Report.


The delinquency on payments of other loans to third parties and as outlined herein result in Hidden Splendor being in default on its secured creditor loan, the Company has received no notice of default in this regard.  The Company is currently working to remedy the aforementioned defaults. As of the date of this Report, no parties had provided the Company an uncured notice default, nor has any party to the Plan filed a notice of default under the Plan with the bankruptcy court.


As of September 30, 2011, the balance owed to the general unsecured creditors under the Plan was paid in full.


Company Obligations under the Plan    Under the Plan, America West must pay all of Hidden Splendor’s post-petition liabilities that Hidden Splendor cannot pay, in the ordinary course of business, in an amount not to exceed $1,560,000.  Additionally, America West must make capital expenditures in connection with the operations of the Horizon Mine by making available at least $2,000,000 in new equipment within 180 days of the effective date of the Plan.  In the event the Company borrows money or otherwise incurs a liability to fund capital expenditures, Hidden Splendor may make payments to service such debt up to $13,500 for every $1,000,000 dollars borrowed and made available to Hidden Splendor.  Hidden Splendor may make additional payments to the Company provided certain Plan repayment benchmarks are achieved.    Since the Plan was initiated and through the date of this Report, Hidden Splendor has been in compliance with the capital expenditure and associated debt service requirements set forth herein.


Default under the Plan. In the event Hidden Splendor (i) fails to pay fully any payments when due, or (ii) fails to comply with any provision of the Plan, and its creditors file a default under the Plan with the bankruptcy court, then (A) 100% (reduced only by the amounts actually paid and received by creditors) of all allowed claims of general unsecured creditors shall be immediately due and accelerated and (B) Hidden Splendor must immediately list its assets for sale.  As stated above, Hidden Splendor is in default in payments to various creditors under the Plan.   The Company is working to remedy the aforementioned defaults.  




13




Results of Operations for the Three Months Ended March 31, 2012 Compared to March 31, 2011


Material changes in financial statement line items


The following table presents statements of operations data for each of the periods indicated and presents the percentage of change in each line item from one period to the next.


 

 

 

 

 

 

 

 

  

Three Months Ended

  

Percentage

  

March 31,

  

Increase

   

2012

   

2011

   

(Decrease)

   

  

  

  

 

  

  

Coal sales

$

4,031,470

 

$

3,463,239

 

16%

Machine repair services

 

32,228

 

 

22,705

 

42%

  Total revenue

 

4,063,698

 

 

3,485,944

 

17%

   

 

 

 

 

 

 

 

Coal production costs

 

4,817,465

 

 

2,423,174

 

99%

Depreciation, depletion and accretion

 

603,593

 

 

428,629

 

39%

Machine repair costs

 

6,808

 

 

2,599

 

162%

  Total cost of revenue

 

5,427,865

 

 

2,854,402

 

90%

   

 

 

 

 

 

 

 

Gross profit (loss)

 

(1,364,167)

 

 

631,542

 

(315%)

   

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

  General and administrative expenses

 

955,357

 

 

2,057,702

 

(54%)

Loss from operations

 

(2,312,124)

 

 

(1,426,160)

 

61%

   

 

 

 

 

 

 

 

Other income (expenses):

 

 

 

 

 

 

 

  Interest income

 

12

 

 

1

 

-

  Interest expense

 

(688,684)

 

 

(4,967,101)

 

(91%)

  Other income

 

104,921

 

 

-

 

-

  Loss on sale of asset

 

(133)

 

 

-

 

-

  Loss on extinguishment of debt

 

-

 

 

(566,357)

 

(132%)

  Gain on derivative liabilities

 

3,854

 

 

430,043

 

(99%)

    Other expenses, net

 

(396,671)

 

 

(5,103,414)

 

(96%)

   

 

 

 

 

 

 

 

Net loss

$

(2,716,195)

 

$

(6,529,574)

 

(62%)


We had revenue for the three months ended March 31, 2012 of approximately $4.1 million, a 17% increase from revenues of $3.5 million for the same three month period in 2011. The increase in revenues was attributable to an increase in coal production in 2012 compared to 2011 due to the Company intermittently idling the mine in the first quarter of 2011 due to lower demand for coal at that time. All coal sales revenue during the first quarter of 2011 was related to coal produced from our Horizon coal mine operations by our wholly-owned subsidiary, Hidden Splendor Resources, Inc.


Our production costs during the three months ended March 31, 2012 were approximately $4.8 million, an increase of 99% over the production costs of approximately $2.4 million reported for the three months ended March 31, 2011.  The 99% increase in production costs was due to approximately 22% higher production volume, 87% increase in royalties, and 200% increase in maintenance in the first quarter of 2012 compared to the same period in 2011.


We had a gross loss of approximately $1.4 million for the three months ended March 31, 2012, primariarly from the increase in coal productin costs discussed above.


Operating expenses for the three months ended March 31, 2012 totaled approximately $1 million, a decrease of approximately $1.19 million, or 54% decrease, from operating expenses of approximately $2.1 million in the prior year’s comparable three month period. The decrease is primarily attributed to an approximate $0.5 million decrease in MSHA compliance legal expenses in the first quarter of 2012 compared to 2011, decrease in workers compensation expense of approximately $100,000 as well as a $100,000 decrease in finance charges.


Loss from operations increased approximately $900,000 or 61%, due to the aforementioned increase in revenues offset by the increase in operating expenses.



14




Net other expenses totaled approximately $500,000 for the first three months of 2012, compared to net other expenses of $5.1 million for the first three months of 2011. The positive variance between periods of approximately $4.6 million was primarily due to an approximate $4.3 million decrease in interest expense.   Interest expense  of approximate $2.5 million in 2011 included a one-time charge associated with the amortization of debt discount in relation to the restructure of loans with shareholders.


We incurred an approximate $2.8 million net loss for the three months ended March 31, 2012, compared to an approximate $6.5 million net loss for the three months ended March 31, 2011. The positive variance between the periods of $3.7 million, or 62%, is primarily attributed to the $4.6 million variance in net other expenses as described in detail above.


Of the $6.5 million net loss for the three months ended March 31, 2011, approximately $4.5 million is associated with expenses that are one-time charges and/or non-cash items, composed of the following:


·

$2.5 million - one-time non-cash charge to interest expense associated with the restructure of shareholder loans

·

$0.6 million - legal expenses related to MSHA compliance which are not expected to be recurring

·

$0.6 million - non-cash charge on extinguishment of debt associated with extension of loans and issuance of stock for liabilities

·

$0.4 million - non-cash charge for the amortization of deferred financing costs associated with warrants issued in relation to a previous financing

·

$0.4 - non-cash charge associated with previous issuance of stock options to management and employees, as well as warrants previously issued to third parties for services


Liquidity and Capital Resources.


Our current liquidity position has allowed us to meet our ongoing Plan payment obligations and nominal working capital requirements to date. Due to delinquency of payments to certain creditors by our Company in 2012 and through the date of this Report, certain debts to both related and third parties are in default. As a result, a total of approximately $4 million associated with Hidden Splendor’s Bankruptcy Plan of Reorganization is in default and due upon demand and $16.8 of related party short term debt is in default. The Company is working to remedy these defaults and, as of the date of this Report, no creditors have filed a defaultt. The Company has not received a notice of default of any of the aforementioned debt as of the date of this Report. In addition, we have accrued unpaid federal taxes of approximately $0.9 million related to 2009 and 2010, which is subject to a payment plan of $50,000 per month over the next approximate three years.


Our cash flows from operations during 2012 and through the date of this Report have not been sufficient to meet all our obligations. Historically, we have funded the Company’s cash shortfalls with ad hoc loans from related parties and third parties. However, these loans have not been enough to fund our expansion plans to the point of achieving cash positive operations, nor refinance our debt. As a result, we will likely be required to either continue borrowing funds from shareholders or raise additional capital to meet the aforementioned obligations and fund expected working capital to expand our mining operation in 2012. Management’s plan is to complete a financing to deploy additional equipment, which we expect to escalate our rate of production and, as a result, our cash flows from operations. Should the Company receive a notice of default and demand for immediate payment on any of the aforementioned debts, we will likely be required to raise up to a total of approximately $21 million. Our inability to obtain immediate financing from third parties will negatively impact our ability to fund operations and execute our business plan. Any failure to obtain such financing could force us to abandon or curtail our operations. There is no assurance that we can raise additional capital from external sources, the failure of which could cause us to sell assets or curtail operations. We have no credit facilities in place, and as the Company has no debt or equity funding commitments, we will need to rely upon best efforts financings. Accordingly, we cannot identify or predict what external sources may provide financing, nor what terms any prospective financing may have.   Our auditors have issued a going concern opinion for our consolidated financial statements due to the substantial doubt about our ability to continue as a going concern.


Trends, events or uncertainties which could impact either liquidity or revenues.


Several of the matters discussed in this report contain forward-looking statements that involve risks, trends and uncertainties. Factors associated with the forward-looking statements that could cause actual results to differ materially from those projected or forecast are included in the statements below. In addition to other information contained in this report, readers should carefully consider the cautionary statements contained in Item 1 of Part I above.




15




Off-Balance Sheet Arrangements


As of March 31, 2012, the Company had no off-balance sheet arrangements.


Critical Accounting Policies


Use of Estimates - The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.


Property and Equipment - Property and equipment are carried at cost and include expenditures for new facilities and those expenditures that substantially increase the productive lives of existing equipment. Maintenance and repair costs are expensed as incurred. Mine development costs are capitalized and depleted by the units of production method over estimated total recoverable proven and probable reserves.


Property and equipment are depreciated on a straight-line basis over the assets’ estimated useful lives. Fully depreciated property and equipment still in use are not eliminated from the accounts.


The Company assesses the carrying value of its property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing estimated undiscounted cash flows expected to be generated from such assets to their net book value. If net book value exceeds estimated cash flows, the asset is written down to its fair value. When an asset is retired or sold, its cost and related accumulated depreciation and amortization are removed from the accounts. The difference between the net book value of the asset and proceeds on disposition is recorded as a gain or loss.


Asset Retirement Obligations - FASB ASC 410-20 addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. The Company’s asset retirement obligation (“ARO”) liabilities primarily consist of estimated costs related to reclaiming mines and related facilities in accordance with federal and state reclamation laws as defined by each mining permit.


The Company estimates its ARO liabilities for final reclamation and mine closure based upon detailed engineering calculations of the amount and timing of the future costs for a third party to perform the required work. Cost estimates are escalated for inflation, and then discounted at the credit-adjusted risk-free rate. The Company records an ARO asset associated with the initial recorded liability. When the liability is initially recorded, the offset is capitalized by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is amortized based on the units of production method over the estimated proved and probable reserves at the related mine. Accretion expense is included in coal production costs. To the extent there is a difference between the liability recorded and the cost incurred, a gain or loss upon settlement is recognized.


The reclamation plan calls for a bonding and insurance requirement. The bond is the deed to residential property owned personally by the shareholders.


Revenue Recognition - Hidden Splendor’s revenues are generated under a long-term sales contract with a single coal brokerage company. The terms of the contract are “FOB the mine” or “FOB the railcar”. Revenues from coal sales are recognized when the coal is loaded onto the delivery truck at the mine or the railcar at the railroad loadout facility, both of which are contracted by the customer. At the end of each month, the amount of coal delivered to the coal brokerage is estimated. In addition, the customer may apply a penalty against invoices relating to deviations in delivered coal quality per the contract terms. Variances between estimated revenue and actual payment are recorded in the month the payment is received; however, differences have been minimal.


Share-Based Payments - The Company accounts for share-based payments in accordance with the authoritative guidance issued by the FASB on stock compensation, which establishes the accounting for transactions in which an entity exchanges its equity instruments for goods or services. Under the provisions of the authoritative guidance, share-based compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite employee service period (generally the vesting period). The Company estimates the fair value of share-based payments using the Black-Scholes option-pricing model. Additionally, share-based awards to non-employees are expensed over the period in which the related services are rendered at their fair value.




16




ITEM 3:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Cash and Cash Equivalents


Not required.


ITEM 4T:  CONTROLS AND PROCEDURES


(a) Evaluation of Disclosure Controls Procedures.


The Company’s management, with the participation of the chief executive officer and chief financial officer, carried out an evaluation of the effectiveness of the Company's internal controls over financial reporting, using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework, (as defined in the Exchange Act) Rules 13a-15(3) and 15-d-15(3) as of the end of the period covered by this report (the “Evaluation Date”). The following material weaknesses were noted in the evaluation of our internal controls over financial reporting:


1.

There are inadequate controls over the creation and posting of journal entries to ensure they are authorized, accurate, and complete. In addition, there are no controls to ensure that all authorized journal entries have been posted and that the postings reflected the authorized journal entry.


2.

The Company has not established an Audit Committee independent of management.


3.

Consolidation and preparation of the financial statements and SEC documentswere well behind schedule throughout the closingt process, which resulted in the late filing..


4.

There are inadequate controls to ensure that subjective analyses (e.g. impairment analysis of assets) are prepared and reviewed by appropriate personnel.


5.

The Company had significant debt activity during the year, which resulted in complex debt transactions that were not accounted for correctly.  


These material weaknesses have been disclosed to our Board of Directors and we are continuing our efforts to improve and strengthen our control processes and procedures. Our management and directors will continue to work with our auditors to ensure that our controls and procedures are adequate and effective.


As a result of the existence of these material weaknesses as of December 31, 2011, management has concluded that we did not maintain effective internal control over financial reporting as of December 31, 2011, based on the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.


This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to the attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report in this annual report.


(c) Changes in Internal Controls.


There were no changes in the Company’s internal controls over financial reporting, known to the chief executive officer or to the chief financial officer that occurred during the period covered by this Report that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.





17




PART II. OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS


There have been no material changes in the status of legal proceedings previously reported in the Company’s 2011 Annual Report on Form 10-K, excepted as noted in this Item 1 under Part II.


Occasionally, Hidden Splendor is issued citations by the Mine Safety and Health Administration in connection with regular inspections of the Horizon Mine. At times, Hidden Splendor challenges citations, resulting in reductions to proposed penalties or administrative adjudications with no penalties. As of March 31, 2011, Hidden Splendor has challenges pending in several administrative actions. Such actions cover a total of approximately $1,200,000 of proposed, assessed penalties.   We are unable to predict the outcome of these pending administrative actions. If the Company is not successful in eliminating or significantly reducing such proposed penalties, such result could adversely affect our financial condition and operations.


ITEM 1A. RISK FACTORS


This Report should be read in conjunction with “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011.


ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


Set forth below is certain information concerning issuances and pending obligations of issuances of common stock that were not registered under the Securities Act of 1933 (“Securities Act”) that occurred, but were not reported in the Form 10-K filed with the SEC on May 16, 2012  for the fiscal year ended December 31, 2011, during the first quarter of fiscal 2012 and to date:


In March 2012, we entered into a debt settlement agreement with a third party pursuant to which we issued the third party lender a total of 600,000 shares of the Company’s Common Stock as settlement of a total of $109,894 accounts payable.


In April 2012, the Company borrowed $200,000 from a related party and issued 200,000 common shares in connection with the debt.


The issuance of these equity securities were consummated pursuant to Section 4(2) of the Securities Act and the rules and regulations promulgated thereunder on the basis that such transactions did not involve a public offering and the offerees were sophisticated, accredited investors with access to the kind of information that registration would provide. The recipient of these securities represented its intention to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof and appropriate legends were affixed to the share certificates and other instruments issued in such transactions. Unless otherwise noted, no sales commissions were paid.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES


None


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


None


ITEM 5. OTHER INFORMATION


None





18




ITEM 6. EXHIBITS


Exhibits


Exhibit

  

Description

  

Location of Exhibit

  

  

  

  

  

31.1

  

Chief Executive Officer Section 302 Certification pursuant to Sarbanes-Oxley Act.

  

Included with this filing.

  

  

  

  

  

31.2

  

Chief Financial Officer Section 302 Certification pursuant to Sarbanes-Oxley Act.

  

Included with this filing.

  

  

  

  

  

32.1

  

Chief Executive Officer Section 906 Certification pursuant to Sarbanes-Oxley Act.

  

Included with this filing.

  

  

  

  

  

32.2

  

Chief Financial Officer Section 906 Certification pursuant to Sarbanes-Oxley Act.

  

Included with this filing





SIGNATURES


In accordance with the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 

 

 

 

  

AMERICA WEST RESOURCES, INC.

  

  

  

  

  

  

  

  

  

Dated: June 11, 2012

By:

/s/ Dan R. Baker           

  

  

  

Dan R. Baker

  

  

Chief Executive Officer

  

  

  

  

By:

/s/ Brent M. Davies       

  

  

  

Brent M. Davies

  

  

Chief Financial Officer





19




EXHIBIT INDEX




Exhibit

Number

  

Description

 

  

  

31.1

  

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

  

  

31.2

  

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

  

  

32.1

  

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

  

  

32.2

  

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002






20


EX-31.1 2 f10q033112_ex31z1.htm EXHIBIT 31.1 SECTION 302 CERTIFICATION Exhibit 31.1 Section 302 Certification

Exhibit 31.1


CHIEF EXECUTIVE OFFICER CERTIFICATION


I, Dan R. Baker, Chief Executive Officer of America West Resources, Inc., certify that:


1. I have reviewed this Quarterly Report on Form 10-Q of America West Resources, Inc. (the "Registrant");


2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and


(c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


(d)  Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditor and the audit committee of the registrant's board of directors(or persons performing the equivalent functions):


(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date: June 11, 2012


/s/ Dan R. Baker

Chief Executive Officer




EX-31.2 3 f10q033112_ex31z2.htm EXHIBIT 31.2 SECTION 302 CERTIFICATION Exhibit 31.2 Section 302 Certification

Exhibit 31.2


CHIEF FINANCIAL OFFICER CERTIFICATION


I, Brent M. Davies, Chief Financial Officer of America West Resources, Inc., certify that:


1. I have reviewed this Quarterly Report on Form 10-Q of America West Resources, Inc. (the "Registrant");


2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


(a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


(b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and


(c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


(d)  Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditor and the audit committee of the registrant's board of directors(or persons performing the equivalent functions):


(a)  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


(b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date: June 11, 2012


/s/ Brent M. Davies

Chief Financial Officer




EX-32.1 4 f10q033112_ex32z1.htm EXHIBIT 32.1 SECTION 906 CERTIFICATION Exhibit 32.1 Section 906 Certification

Exhibit 32.1


CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


Pursuant to 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002), I, the undersigned Chief Executive Officer of America West Resources, Inc. (the “Company”),  hereby certify that to the best of my knowledge, the Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and result s of operations of the Company for the periods presented in the report.   A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by it and furnished to the Securities and Exchange Commission or its staff upon request.



Date:  June 11, 2012

By:

/s/ Dan R. Baker         

  

  

Dan R. Baker

  

  

Chief Executive Officer






EX-32.2 5 f10q033112_ex32z2.htm EXHIBIT 32.2 SECTION 906 CERTIFICATION Exhibit 32.2 Section 906 Certification

Exhibit 32.2


CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


Pursuant to 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002), I, the undersigned Chief Financial Officer of America West Resources, Inc. (the “Company”),  hereby certify that to the best of my knowledge, the Quarterly Report on Form 10-Q of the Company for the three months ended March 31, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and result s of operations of the Company for the periods presented in the report.   A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by it and furnished to the Securities and Exchange Commission or its staff upon request.



Date:  June 11, 2012

By:

/s/ Brent M. Davies         

  

  

Brent M. Davies

  

  

Chief Financial Officer and

Principal Accounting Officer






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In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. 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Unless otherwise discussed, America West believes that the impact of recently issued accounting pronouncements that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 2 &#8211; GOING CONCERN</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As shown in the accompanying consolidated financial statements, America West has incurred continual losses and an accumulated deficit of $65,283,735 as of March 31, 2012.&#160; At March 31, 2012 current liabilities exceeded current assets by $30,303,387.&#160; During the three months ended March 31, 2012 the company used $797,703 of cash in its operating activities. These conditions raise substantial doubt as to America West&#8217;s ability to continue as a going concern. Management is attempting to raise additional capital through sales of stock and enhance the operations of Hidden Splendor to achieve cash-positive operations. 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for the three months ended March 31, 2012 is as follows: </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="width:0px;"> <tr> <td nowrap="nowrap" width="73%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" width="23%" style="padding:0in 0in 0in 0in;"></td> </tr><tr> <td nowrap="nowrap" valign="bottom" width="73%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Balance, net at December 31, 2011</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td nowrap="nowrap" valign="bottom" width="23%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">5,357,497</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="bottom" width="73%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Principal payments</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="23%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">(530,853)</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="bottom" width="73%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Discounts amortized</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="23%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">4,464</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="bottom" width="73%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Balance, net at March 31, 2012</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="23%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">4,831,108</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="bottom" width="73%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Less: current maturities, net</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="23%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">(4,831,108)</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="bottom" width="73%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Long term, net debt at March 31, 2012</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td nowrap="nowrap" valign="bottom" width="23%" style="border-bottom:double black 2pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-0-</font></p> </td> </tr></table> </div> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 4 &#8211; RELATED PARTY TRANSACTIONS</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Debt Owed to Related Parties</font></i></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">During the three months ended March 31, 2012, America West borrowed an aggregate of $1,170,000 from a major shareholder. 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The fair value of the shares was determined to be $109,892 based on the market value of the common stock on the date issued.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">During the three months ended March 31, 2012, America West issued the Chairman of the board of directors 29,516 common shares to compensate him in part for paying a liability of $29,516.&#160; </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">During the three months ended March 31, 2011, America West issued 37,500 common shares for services rendered valued at $9,313.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">During the three months ended March 31, 2012, America West issued 1,199,516 common shares with debt payable to related parties. The relative fair value of the shares was determined to be $277,663. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Options</font></i></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">A summary of option transactions for the three months ended March 31, 2012 is as follows:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <div align="center"> <table border="0" cellpadding="0" cellspacing="0" style="width:0px;"> <tr> <td nowrap="nowrap" width="51%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" width="20%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" width="6%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" width="19%" style="padding:0in 0in 0in 0in;"></td> </tr><tr> <td nowrap="nowrap" valign="bottom" width="51%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="20%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Options</font></b></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="19%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Wtd. 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Avg</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Exercise</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Price</font></b></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="51%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Outstanding at December 31, 2011</font></p> </td> <td nowrap="nowrap" valign="top" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="20%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3,568,985</font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td nowrap="nowrap" valign="bottom" width="19%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1.47</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="51%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Outstanding at March 31, 2012</font></p> </td> <td nowrap="nowrap" valign="top" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="20%" style="border-bottom:double black 2pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3,568,985</font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="19%" style="border-bottom:double black 2pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1.47</font></p> </td> </tr><tr> <td nowrap="nowrap" valign="top" width="51%" style="padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Exercisable at March 31, 2012</font></p> </td> <td nowrap="nowrap" valign="top" width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="20%" style="border-bottom:double black 2pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3,568,985</font></p> </td> <td nowrap="nowrap" valign="bottom" width="6%" style="padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td nowrap="nowrap" valign="bottom" width="19%" style="border-bottom:double black 2pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">1.47</font></p> </td> </tr></table> </div> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">At March 31, 2012, the range of exercise prices and the weighted average remaining contractual life of the warrants outstanding were $0.12 to $3.60 and 4.20 years, respectively. The intrinsic value of the warrants exercisable at March 31, 2012 was $65,910. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTE 6 &#8211; DERIVATIVES</font></b></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As of March 31, 2012, America West has an aggregate of 911,564 outstanding warrants containing exercise price reset provisions which requires derivative treatment under FASB ASC 815-15.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The fair value of these liabilities as of March 31, 2012 totaled $105,857 and was calculated using the Black Scholes stock option valuation model. The significant assumptions used in the March 31, 2012 valuation were: the exercise prices ranging from $0.12 to $3.60; the market value of America West&#8217;s common stock on March 31, 2012, $.17; expected volatilities between 233.05% and 310.76%; risk free interest rates of .33%; and remaining contract terms between 1.59 and 1.78 years. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Fair value measurement </font></i></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">America West values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). America West utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. America West classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The three levels of the fair value hierarchy defined by ASC 820 are as follows:</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Level 1 &#8211; Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Level 2 &#8211; Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Level 3 &#8211; Pricing inputs include significant inputs that are generally less observable from objective sources. 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style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" width="11%" style="padding:0in 0in 0in 0in;"></td> </tr><tr> <td nowrap="nowrap" valign="top" width="31%" style="padding:0in 0in 0in 0in;"></td> <td colspan="2" nowrap="nowrap" valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Level 1</font></b></p> </td> <td nowrap="nowrap" valign="top" width="3%" style="padding:0in 0in 0in 0in;"></td> <td colspan="2" nowrap="nowrap" valign="top" width="15%" style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Level 2</font></b></p> </td> <td nowrap="nowrap" valign="top" width="3%" style="padding:0in 0in 0in 0in;"></td> <td colspan="2" nowrap="nowrap" 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width="4%" style="padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="11%" style="padding:0in 0in 0in 0in;"></td> </tr><tr> <td nowrap="nowrap" valign="top" width="31%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Derivative Financial instruments</font></p> </td> <td nowrap="nowrap" valign="bottom" width="4%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td nowrap="nowrap" valign="bottom" width="11%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td nowrap="nowrap" valign="bottom" width="11%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> <td nowrap="nowrap" valign="bottom" width="3%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"></td> <td nowrap="nowrap" valign="bottom" width="4%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td nowrap="nowrap" valign="bottom" width="11%" style="background:#CCFFFF;padding:0in 0in 0in 0in;"> <p align="right" 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Rental payments of $3,867 are payable to the BLM by the first of September each year. In addition, a royalty payment of eight percent of gross sales for production up to 900,000 tons is due to the BLM each month. The Company is also required to make payments each quarter to the Bureau of Land Reclamation. The payment is equal to $0.15 per ton of coal mined.</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Mining operations are subject to conditions that can impact the safety of our workforce or delay coal deliveries or increase the cost of mining for varying lengths of time. 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Section 548 and alleges that the Trustee may recover from Hidden Splendor the value of that payment. Hidden Splendor denies that the trustee is entitled to the relief he seeks and will file an answer to the complaint. America West believes the probability of incurring any losses associated with this claim to be minimal. As such, no expenses have been accrued. </font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">In September 2010, Kenneth Rushton, the Chapter 7 Trustee for C.W. Mining Company dba Co-Op Mining Company in the Chapter 7 bankruptcy action on file in the United States District Bankruptcy Court in the District of Utah, brought an adversarial proceeding naming America West Marketing, Inc. as a defendant. 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- RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2012
- RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

Debt Owed to Related Parties

 

During the three months ended March 31, 2012, America West borrowed an aggregate of $1,170,000 from a major shareholder. The notes bear interest at 8% per annum.  Of these notes $970,000  matured on March 31, 2012 and $200,000 of these notes mature on June 30, 2012. America West has defaulted on the loans that matured on March 31, 2012.  A total of 1,170,000 common shares were issued in connection with the debt. The Company allocated $271,388 of the proceeds to the common shares issued based on their relative fair value, which resulted in the recognition of a $271,388 discount on the notes payable. The debt discount is amortized and recorded as interest expense over the term of the debt using the effective interest method. Amortization for the three months ended March 31, 2012 was $240,499. The unamortized discount on these notes as of March 31, 2012 was $30,889.

 

During the three months ended March 31, 2012, America West issued a $29,516 promissory note and 29,516 common shares to the Chairman of the board of directors in order to reimburse him for settling $29,516 of liabilities on behalf of the Company.  The Company did not receive any other unstated rights or services from the Chairman in exchange for the issuance of the promissory note and the common shares.  The amount of liabilities settled was allocated the promissory note and the common shares based on their relative fair values and resulted in allocating $23,241 to the promissory note and $6,275 to the common shares  The allocation resulted in a $6,275 discount to the note payable.  The debt discount was amortized and recorded as interest expense during the three months ended March 31, 2012.

 

 A summary of the related party debt and related party convertible debt activity for the three months ended March 31, 2012 is as follows:

 

Balance, net at December 31, 2011

$

15,633,771

Borrowings

921,853

Discounts amortized

246,776

Balance, net at March 31, 2012

$

16,802,400

 

The balance at March 31, 2012 consists of $9,313,240 of short-term debt  - related party, net of $30,889 of unamortized discount and $7,489,160 of short-term convertible debt – related party.

 

Other Related Party Transactions

 

America West leases office space from an entity owned by certain stockholders of America West. In addition, Hidden Splendor leases certain water rights from the entity. As of March 31, 2012 and December 31, 2011, the total accrued liability for these items was $363,600 and $345,600, respectively.

 

America West receives transfer agent services from an entity controlled by a director of America West. The payable to this entity totaled $54,450 and $0 as of March 31, 2012 and December 31, 2011, respectively.

 

Hidden Splendor ships a portion of its coal utilizing a trucking company owned by America West’s Chief Executive Officer. For the three months ended March 31, 2012 and 2011, Hidden Splendor incurred trucking fees amounting to $422,982 and $520,979, respectively which is included in coal production costs in the consolidated statements of operations.  The amount payable to this trucking company as of March 31, 2012 and December 31, 2011 totaled $3,687 and $0, respectively.

 

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- DEBT
3 Months Ended
Mar. 31, 2012
- DEBT

NOTE 3 – DEBT

 

A summary of the third party debt and third party convertible debt activity for the three months ended March 31, 2012 is as follows:

 

Balance, net at December 31, 2011

$

5,357,497

Principal payments

(530,853)

Discounts amortized

4,464

Balance, net at March 31, 2012

4,831,108

Less: current maturities, net

(4,831,108)

Long term, net debt at March 31, 2012

$

-0-

 

XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Mar. 31, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 33,280 $ 97,533
Accounts receivable 35,827 9,958
Deferred financing costs 0 1,897
Prepaid expenses 77,956 473,222
Total current assets 147,063 582,610
Deposits 496,272 807,272
Long-term restricted cash 204,035 204,024
Property and equipment:    
Property and equipment 15,129,695 15,075,804
Land and mineral properties 26,473,342 26,424,721
Total property and equipment 41,603,037 41,500,525
Less: accumulated depreciation and depletion (11,687,098) (11,504,505)
Net property and equipment 29,915,939 29,996,020
Total assets 30,763,309 31,589,926
Current liabilities:    
Bank overdraft 201,974 0
Accounts payable 3,677,495 3,347,028
Accounts payable - related party 418,050 398,386
Accrued expenses 3,913,566 3,616,678
Deferred revenue 500,000 500,000
Short-term debt - related party, net of unamortized discountsof $30,889 and $0, respectively 9,313,240 8,144,611
Current maturities of long-term debt, net of unamortized discount of $15,905 and $17,587, respectively 4,831,108 5,192,956
Short-term convertible debt-related party net of unamortized discount of $0 and $17,857, respectively 7,489,160 7,489,160
Derivative liabilities 105,857 109,711
Total current liabilities 30,450,450 28,798,530
Long-term debt:    
Long term debt net of unamortized discount of $0 and $2,512, respectively 0 164,541
Asset retirement obligation 218,550 213,220
Total liabilities 30,669,000 29,176,291
Stockholders’ deficit:    
Preferred stock, $0.0001 par value; 2,500,000 shares authorized;none issued and outstanding 0 0
Common stock, $0.0001 par value; 300,000,000 shares authorized;68,251,191 and 66,414,175 shares issued and outstanding, respectively 6,825 6,641
Additional paid-in capital 65,371,219 64,974,535
Accumulated deficit (65,283,735) (62,567,541)
Total stockholders’ deficit 94,309 2,413,635
Total liabilities and stockholders’ deficit $ 30,763,309 $ 31,589,926
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
-BASIS OF PRESENTATION
3 Months Ended
Mar. 31, 2012
-BASIS OF PRESENTATION

NOTE 1 –BASIS OF PRESENTATION

 

The accompanying unaudited interim condensed consolidated financial statements as of March 31, 2012, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the 2011 Annual Report filed with the SEC on Form 10-K/A on May 31, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited consolidated financial statements for fiscal 2011 as reported in the Form 10-K/A on May 31, 2012 have been omitted.

 

Principles of Consolidation

 

The unaudited condensed consolidated financial statements include the financial information of America West Resources, Inc., and its wholly owned subsidiaries, Hidden Splendor Resources, Inc. (“Hidden Splendor”), America West Services, Inc., and America West Marketing, Inc. (collectively “America West”). All significant inter-company accounts and transactions have been eliminated.

 

Reclassifications

 

Certain amounts for 2011 have been reclassified to conform to the 2012 presentation.  The reclassifications had no effect on the net loss for 2011.

 

Recently Issued Accounting Pronouncements

 

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, America West believes that the impact of recently issued accounting pronouncements that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.

 

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XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
- GOING CONCERN
3 Months Ended
Mar. 31, 2012
- GOING CONCERN

NOTE 2 – GOING CONCERN

 

As shown in the accompanying consolidated financial statements, America West has incurred continual losses and an accumulated deficit of $65,283,735 as of March 31, 2012.  At March 31, 2012 current liabilities exceeded current assets by $30,303,387.  During the three months ended March 31, 2012 the company used $797,703 of cash in its operating activities. These conditions raise substantial doubt as to America West’s ability to continue as a going concern. Management is attempting to raise additional capital through sales of stock and enhance the operations of Hidden Splendor to achieve cash-positive operations. The unaudited consolidated financial statements do not include any adjustments that might be necessary if America West is unable to continue as a going concern.

 

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)
Mar. 31, 2012
Dec. 31, 2011
Liabilities and Stockholders’ Deficit    
Short-term debt - related party unamortized discounts $ 30,889 $ 0
Current maturities of long-term debt unamortized discounts 15,905 17,587
Short-term convertible debt-related party unamortized discounts 0 17,857
Long-term debt unamortized discounts $ 0 $ 2,512
Stockholders’ deficit:    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock authorized shares 2,500,000 2,500,000
Preferred stock shares issued 0 0
Preferred stock shares outstanding 0 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock authorized shares 300,000,000 300,000,000
Common stock shares issued 68,251,191 66,414,175
Common stock shares outstanding 68,251,191 66,414,175
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Mar. 31, 2012
May 11, 2012
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Entity Registrant Name AMERICA WEST RESOURCES, INC.  
Entity Central Index Key 0000867687  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   68,451,191
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Coal sales $ 4,031,470 $ 3,463,239
Machine repair services 32,228 22,705
Total revenue 4,063,698 3,485,944
Cost of revenue:    
Coal production costs 4,817,464 2,423,174
Depreciation, depletion and accretion 603,593 428,629
Machine repair costs 6,808 2,599
Total cost of revenue 5,427,865 2,854,402
Gross profit (loss) (1,364,167) 631,542
Operating expenses:    
General and administrative 955,357 2,057,702
Loss from operations (2,319,524) (1,426,160)
Other income (expenses):    
Gain on derivative liabilities 3,854 430,043
Loss on sale of asset (133) 0
Interest income 12 1
Other income 104,921 0
Gain on settlement of property tax 183,359 0
Interest expense (688,684) (4,967,101)
Loss on extinguishment of debt 0 (566,357)
Other expenses, net (396,671) (5,103,414)
Net Loss $ (2,716,195) $ (6,529,574)
Basic and Diluted Loss Per Share $ (0.04) $ (0.19)
Weighted Average Shares Outstanding Basic and Diluted 67,088,490 34,646,063
XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
- COMMITMENTS & CONTINGENCIES
3 Months Ended
Mar. 31, 2012
- COMMITMENTS & CONTINGENCIES

NOTE 7 – COMMITMENTS & CONTINGENCIES

 

The Company has an existing coal lease agreement with the U.S. Bureau of Land Management (“BLM”). Rental payments of $3,867 are payable to the BLM by the first of September each year. In addition, a royalty payment of eight percent of gross sales for production up to 900,000 tons is due to the BLM each month. The Company is also required to make payments each quarter to the Bureau of Land Reclamation. The payment is equal to $0.15 per ton of coal mined.

 

Mining operations are subject to conditions that can impact the safety of our workforce or delay coal deliveries or increase the cost of mining for varying lengths of time. These conditions include mine collapses; fires and explosions from methane gas or coal dust; accidental mine water discharges; weather, flooding and natural disasters; unexpected maintenance problems; key equipment failures; variations in coal seam thickness; variations in the amount of rock and soil overlying the coal deposit; variations in rock and other natural materials and variations in geologic conditions.

 

Coal mining, especially underground coal mining, is inherently dangerous and great care must be taken to assure safe, continued operations. Past experiences of others in the industry indicate that lapses in safety practices can result in catastrophic collapse of a coal mining operation. Even when best mining practices are strictly observed, natural disasters such as an earthquake could possibly destroy a coal mine’s operations. Any catastrophic event at the coal mine which would close the mine for an extended period of time likely would cause the failure of operations. The Company maintains insurance policies that provide limited coverage for some of these risks, although there can be no assurance that these risks would be fully covered by these insurance policies. Despite the Company’s efforts, significant mine accidents could occur and have a substantial impact. Such impact resulting from accidents could take the form of increased premiums on insurance policies, litigation, fines and penalties imposed by regulating agencies.

 

In connection with the Hidden Splendor Plan of Reorganization, which became effective on December 19, 2008, Hidden Splendor is obligated to make payments to creditors over time in an aggregate principal amount of not less than approximately $10,000,000 and up to approximately $10,700,000 over a period not exceeding seven years from the effective date of the Plan. Under the Plan, America West must pay all of Hidden Splendor’s post-petition liabilities that Hidden Splendor cannot pay, in the ordinary course of business, in an amount not to exceed $1,560,000.

 

In September 2010, Kenneth Rushton, the Chapter 7 Trustee for C.W. Mining Company dba Co-Op Mining Company in the Chapter 7 bankruptcy action on file in the United States District Bankruptcy Court in the District of Utah, brought an adversarial proceeding naming Hidden Splendor Resources, Inc. as a defendant. In this action, the trustee alleges that a $40,000 payment the debtor made to Hidden Splendor in 2007 is avoidable under 11 U .S.C. Section 548 and alleges that the Trustee may recover from Hidden Splendor the value of that payment. Hidden Splendor denies that the trustee is entitled to the relief he seeks and will file an answer to the complaint. America West believes the probability of incurring any losses associated with this claim to be minimal. As such, no expenses have been accrued.

 

In September 2010, Kenneth Rushton, the Chapter 7 Trustee for C.W. Mining Company dba Co-Op Mining Company in the Chapter 7 bankruptcy action on file in the United States District Bankruptcy Court in the District of Utah, brought an adversarial proceeding naming America West Marketing, Inc. as a defendant. In this action, the trustee alleges that during 2009, America West Marketing purchased 5,795 tons of coal that was either: (1) mined by a third party under the authority of the debtor’s operating permit and in violation of the automatic stay in the pending bankruptcy action; (2) mined by the debtor; or (3) purchased by a third party with coal sale proceeds generated by coal previously mined by the Debtor, and claims trustee is entitled to a judgment against America West Marketing in the amount of $204,077 in connection with the transfer of that coal. America West Marketing denies that the trustee is entitled to the relief he seeks and will file an answer to the complaint. America West believes the probability of incurring any losses associated with this claim to be minimal. As such, no expenses have been accrued.

 

Occasionally, Hidden Splendor is issued citations by the Mine Safety and Health Administration in connection with regular inspections of the Horizon Mine. At times, Hidden Splendor challenges citations, resulting in reductions to proposed penalties or administrative adjudications with no penalties. As of March 31, 2012, Hidden Splendor has challenges pending in several administrative actions. Such actions cover a total of approximately $1,200,000 of proposed, assessed penalties. Management is unable to predict the outcome of these pending administrative actions. If America West is not successful in eliminating or significantly reducing such proposed penalties, such result could adversely affect the company’s financial condition and operations.  Management has determined that of the total amount, the probable liability arising from these citations is approximately $771,800 which was accrued at December 31, 2011and remains accrued at March 31, 2012.

 

In December 2010, the Company agreed to serve as guarantor on $250,000 of debt payments owed by Wild West Trucking, a trucking company owned by America West’s Chief Executive Officer, to its secured creditor Zions Bank.

 

XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
- DERIVATIVES
3 Months Ended
Mar. 31, 2012
- DERIVATIVES

NOTE 6 – DERIVATIVES

 

As of March 31, 2012, America West has an aggregate of 911,564 outstanding warrants containing exercise price reset provisions which requires derivative treatment under FASB ASC 815-15.

 

The fair value of these liabilities as of March 31, 2012 totaled $105,857 and was calculated using the Black Scholes stock option valuation model. The significant assumptions used in the March 31, 2012 valuation were: the exercise prices ranging from $0.12 to $3.60; the market value of America West’s common stock on March 31, 2012, $.17; expected volatilities between 233.05% and 310.76%; risk free interest rates of .33%; and remaining contract terms between 1.59 and 1.78 years.

 

Fair value measurement

 

America West values its derivative instruments under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

 

As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). America West utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. America West classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

 

The three levels of the fair value hierarchy defined by ASC 820 are as follows:

 

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

 

Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date.

 

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

 

America West uses Level 3 to value its derivative instruments.

 

The following table sets forth by level with the fair value hierarchy the Company’s financial liabilities measured at fair value on March 31, 2012.

 

Level 1

Level 2

Level 3

Total

Liabilities

Derivative Financial instruments

$

-

$

-

$

105,857

$

105,857

 

The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments measured at fair value on a recurring basis using significant unobservable inputs:

 

Warrants

Balance at December 31, 2011

$

109,711

Unrealized gain included in other income (expense)

  (3,854)

Balance at March 31, 2012

$

105,857

 

XML 26 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
- SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2012
- SUBSEQUENT EVENTS

NOTE 8 – SUBSEQUENT EVENTS

 

In April 2012, the Company borrowed $200,000 from a related party and issued a $200,000 promissory note and 200,000 common shares in exchange for the proceeds.

 

 

XML 27 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows from Operating Activities:    
Net loss $ (2,716,195) $ (6,529,574)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation, depletion and accretion 603,593 428,629
Amortization of debt discounts 251,238 3,494,700
Amortization of deferred financing costs 1,897 846,985
Common stock issued for services 9,313 77,821
Warrant expense 0 130,000
Stock-based compensation 0 270,087
Loss on extinguishment of debt 0 566,357
Loss on asset disposal 133 0
Gain on settlement of property tax (183,359) 0
Gain on derivative liabilities (3,854) (430,043)
Changes in current assets and liabilities:    
Accounts receivable (25,869) (122,718)
Accounts receivable-related party 0 (84,416)
Inventory 0 (100,726)
Prepaid expenses 395,266 (35,011)
Accounts payable 330,467 185,496
Accounts payable-related party 19,664 (216,435)
Accrued liabilities 590,139 768,386
Net cash used in operating activities (727,567) (750,462)
Cash Flows from Investing Activities:    
Purchase of property and equipment (469,694) (1,947,977)
Capital expenditures for land and mineral properties (48,620) (2,336,150)
Restricted cash (11) 0
Deposits 311,000 499,011
Net cash used in investing activities (207,325) (3,785,116)
Cash Flows from Financing Activities:    
Proceeds from issuance of common stock, net of issuance costs 0 2,799,967
Proceeds from exercise of warrants 0 42
Replenish bank overdraft 201,974 (180,733)
Payment for deferred financing costs 0 (44,850)
Proceeds from related party debt and common stock 1,199,516 184,380
Proceeds from debt 0 1,000,000
Proceeds from convertible debt 0 2,000,000
Payments on debt (530,851) (954,519)
Payments made on capital lease obligations 0 (53,163)
Net cash provided by financing activities 870,639 4,751,124
Net increase (decrease) in cash and cash equivalents (64,253) 215,546
Cash and cash equivalents at beginning of period 97,533 65,003
Cash and Cash Equivalents at End of Period 33,280 280,549
Supplemental cash flow information    
Cash paid for interest 70,027 106,420
Cash paid for income taxes 0 0
Noncash Investing and Financing Activities    
Equipment acquired through a capital lease 0 180,302
Debt and interest converted to common shares 0 5,034,822
Accrued interest converted to common shares 0 2,127,408
Debt discount due to benefical conversion feature 0 5,966,580
Warrants issued for debt issuance costs 0 1,123,979
Debt issuance costs accrued 0 257,500
Common shares issued for setlement of accrued liabilities $ 109,892 $ 299,000
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- STOCKHOLDERS’ EQUITY
3 Months Ended
Mar. 31, 2012
- STOCKHOLDERS’ EQUITY

NOTE 5 – STOCKHOLDERS’ EQUITY

 

Common Stock

 

During the three months ended March 31, 2012, America West issued 600,000 common shares to repay an accrued liability of $109,892. The fair value of the shares was determined to be $109,892 based on the market value of the common stock on the date issued.

 

During the three months ended March 31, 2012, America West issued the Chairman of the board of directors 29,516 common shares to compensate him in part for paying a liability of $29,516. 

 

During the three months ended March 31, 2011, America West issued 37,500 common shares for services rendered valued at $9,313.

 

During the three months ended March 31, 2012, America West issued 1,199,516 common shares with debt payable to related parties. The relative fair value of the shares was determined to be $277,663.

Options

 

A summary of option transactions for the three months ended March 31, 2012 is as follows:

 

Options

Wtd. Avg

Exercise

Price

Outstanding at December 31, 2011

1,250,625

$

2.93

Outstanding at March 31, 2012

1,250,625

$

2.93

Exercisable at March 31, 2012

1,250,625

$

2.93

 

At March 31, 2012, the range of exercise prices and the weighted average remaining contractual life of the options outstanding were $0.12 to $5.40 and 1.72 years, respectively. The intrinsic value of the exercisable options outstanding at March 31, 2012 was $5,000.

 

Warrants

 

A summary of warrant transactions for the three months ended March 31, 2012 is as follows:

 

Options

Wtd. Avg

Exercise

Price

Outstanding at December 31, 2011

3,568,985

$

1.47

Outstanding at March 31, 2012

3,568,985

1.47

Exercisable at March 31, 2012

3,568,985

$

1.47

 

At March 31, 2012, the range of exercise prices and the weighted average remaining contractual life of the warrants outstanding were $0.12 to $3.60 and 4.20 years, respectively. The intrinsic value of the warrants exercisable at March 31, 2012 was $65,910.

 

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