REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2022

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 5 – REVENUE RECOGNITION

Sales of products for the year ended December 31, 2022 and 2021 were as follows:

	For the year ended
	December 31, 2022		December 31, 2021
Antimony	$	7,631,670	$	4,815,524
Zeolite		3,151,330		2,593,641
Precious metals		261,707		338,341
TOTAL REVENUE	$	11,044,707	$	7,747,506

For the year ended December 31, 2022, the Company also received royalties related to a trademark and licensing agreement in its antimony business segment and is recognized under “Other Income”.  For the year ended December 31, 2022 and 2021, royalty income of $70,502 and $Nil, respectively, was recognized.

The following is sales information by geographic area based on the location of customers for the years ended December 31, 2022 and 2021:

	For the year ended
	December 31, 2022		December 31, 2021
United States	$	8,444,876	$	6,795,778
Canada		1,772,009		951,728
Mexico		827,822		-
TOTAL REVENUE LOCATION	$	11,044,707	$	7,747,506

Sales of products to significant customers were as follows for the years ended December 31, 2022 and 2021:

	For the year ended
	December 31, 2022			December 31, 2021
Company A	$	1,882,667		$	1,141,608
Company B		1,863,958			-
Company C		827,822			-
Company D		751,328			518,227
Company E		737,189			474,738
Company F		735,194			850,301
Company G		226,633			1,728,406
	$	7,024,791		$	4,713,280
% of Total revenues		64	%		61	%

All precious metals sales of $261,707 and $338,341 for the years ended December 31, 2022 and 2021, respectively were to one customer, Teck American, Inc.

Accounts receivable from the Company’s largest customers were as follows as of December 31, 2022 and 2021:

	December 31, 2022			December 31, 2021
Company H	$	95,531		$	104,644
Company I		71,485			-
Company F		-			477,957
	$	267,016		$	582,601
% of Total receivables		34	%		65	%

The Company’s trade accounts receivable balance related to contracts with customers was $784,457 at December 31, 2022 and $891,314 at December 31, 2021. The Company’s products do not involve any warranty agreements and product returns are not typical.

During the year ended December 31, 2022 and 2021, the Company recognized bad debt expense of $59,350 and $Nil, respectively which is included in ‘general and administrative expense’ on the consolidated statements of operations.