0000950170-24-098410.txt : 20240819 0000950170-24-098410.hdr.sgml : 20240819 20240819142901 ACCESSION NUMBER: 0000950170-24-098410 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 81 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240819 DATE AS OF CHANGE: 20240819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNARESOURCE INC CENTRAL INDEX KEY: 0001111741 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 941589426 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30371 FILM NUMBER: 241219918 BUSINESS ADDRESS: STREET 1: 222 W. LAS COLINAS BLVD STREET 2: STE 744 EAST TOWER CITY: IRVING STATE: TX ZIP: 75039 BUSINESS PHONE: 9728689066 MAIL ADDRESS: STREET 1: 222 W. LAS COLINAS BLVD STREET 2: STE 744 EAST TOWER CITY: IRVING STATE: TX ZIP: 75039 FORMER COMPANY: FORMER CONFORMED NAME: DYNA RESOURCE INC DATE OF NAME CHANGE: 20000412 10-Q 1 dynr-20240630.htm 10-Q 10-Q
Q2false0001111741--12-31P0YP0YP0Y0001111741dynr:SeriesDSeniorConvertiblePreferredStockMember2024-06-300001111741dynr:DynaMinerasMember2024-01-012024-06-3000011117412024-06-280001111741us-gaap:SeriesDPreferredStockMember2021-10-012021-10-0700011117412023-02-210001111741us-gaap:TreasuryStockCommonMember2024-03-310001111741us-gaap:CommonStockMember2024-06-300001111741dynr:SeriesEPreferredStocksMember2024-06-300001111741country:MX2024-01-012024-06-300001111741us-gaap:TreasuryStockCommonMember2023-12-310001111741us-gaap:SeriesEPreferredStockMember2023-12-3100011117412023-05-012023-05-180001111741us-gaap:RetainedEarningsMember2023-01-012023-06-300001111741us-gaap:SeriesCPreferredStockMember2024-01-012024-06-300001111741dynr:SeriesESeniorConvertiblePreferredStockMember2024-06-300001111741us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001111741us-gaap:AdditionalPaidInCapitalMember2024-03-3100011117412023-01-012023-06-3000011117412023-01-012023-12-310001111741us-gaap:RetainedEarningsMember2023-12-310001111741us-gaap:AdditionalPaidInCapitalMember2022-12-310001111741us-gaap:LeaseholdImprovementsMembersrt:MinimumMember2024-01-012024-06-300001111741dynr:SeriesCSeniorConvertiblePreferredStockMember2024-06-3000011117412024-06-300001111741dynr:SeriesCSeniorPreferredStockMember2024-01-012024-06-300001111741dynr:EquityIncentivePlanMemberdynr:DynaResourceIncMember2024-06-032024-06-0300011117412024-01-012024-06-300001111741us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberdynr:PreferredSeriesDMember2024-06-300001111741us-gaap:RetainedEarningsMember2024-01-012024-06-300001111741dynr:AmendedNoteAgreementMembersrt:MaximumMember2024-06-202024-06-200001111741dynr:SeriesAPreferredStocksMember2023-01-012023-06-300001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001111741us-gaap:AccruedLiabilitiesMember2024-06-300001111741dynr:LandLeaseAgreementMemberdynr:DynaMinerasMember2024-01-012024-06-300001111741dynr:TestMiningAndPilotMillingGoldSilverConcentrateMembercountry:MX2023-01-012023-12-310001111741us-gaap:PreferredStockMember2023-06-300001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001111741us-gaap:RelatedPartyMember2023-12-3100011117412023-06-290001111741us-gaap:CommonStockMember2024-06-300001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001111741us-gaap:AdditionalPaidInCapitalMember2023-12-310001111741dynr:AmendedNoteAgreementMember2024-06-202024-06-200001111741us-gaap:SeriesDPreferredStockMember2020-12-310001111741us-gaap:AdditionalPaidInCapitalMember2024-06-3000011117412019-10-012019-10-310001111741us-gaap:OfficeEquipmentMember2024-06-300001111741us-gaap:CommonStockMember2023-03-310001111741dynr:SeriesAPreferredStocksMember2023-04-012023-06-300001111741dynr:OtherPropertyPlantAndEquipmentMember2023-12-310001111741us-gaap:FairValueInputsLevel3Member2023-12-310001111741us-gaap:LeaseholdImprovementsMember2024-06-300001111741us-gaap:RetainedEarningsMember2023-04-012023-06-300001111741dynr:PreferredSeriesDMember2023-12-310001111741dynr:OneCustomersMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-06-300001111741us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberdynr:PreferredSeriesDMember2024-06-300001111741us-gaap:CommonStockMember2023-12-3100011117412023-08-012023-08-170001111741dynr:LandLeaseAgreementMember2024-01-012024-06-300001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001111741us-gaap:FairValueInputsLevel1Member2024-06-300001111741us-gaap:SeriesDPreferredStockMember2020-05-1400011117412021-05-010001111741us-gaap:SeriesCPreferredStockMember2023-06-300001111741dynr:SeriesESeniorConvertiblePreferredStockMember2023-12-310001111741srt:DirectorMember2024-01-012024-06-300001111741us-gaap:RetainedEarningsMember2023-06-300001111741srt:ReportableGeographicalComponentsMember2023-12-310001111741dynr:PreferredSeriesDMember2023-01-012023-12-3100011117412023-08-0400011117412023-02-012023-02-210001111741us-gaap:RetainedEarningsMember2024-04-012024-06-300001111741srt:ReportableGeographicalComponentsMembercountry:US2023-12-310001111741dynr:SeriesEPreferredStocksMember2024-01-012024-06-300001111741us-gaap:AdditionalPaidInCapitalMember2023-03-310001111741dynr:SeriesAPreferredStocksMember2023-03-310001111741dynr:LandLeaseAgreementMember2014-01-012014-01-060001111741us-gaap:CommonStockMember2023-06-300001111741us-gaap:RetainedEarningsMember2024-06-3000011117412023-08-042023-08-040001111741dynr:EquityIncentivePlanMemberdynr:DynaResourceIncMember2024-02-192024-02-190001111741dynr:SeriesAPreferredStocksMember2023-06-300001111741us-gaap:RelatedPartyMember2024-06-300001111741dynr:StockholderEquityMember2024-06-300001111741dynr:MexicanIncomeTaxAuthorityMember2024-01-012024-06-300001111741us-gaap:CommonStockMember2022-12-310001111741dynr:EquityIncentivePlanMemberdynr:DynaResourceIncMember2024-06-030001111741us-gaap:FairValueInputsLevel2Member2024-06-3000011117412019-10-310001111741us-gaap:AdditionalPaidInCapitalMember2023-06-300001111741dynr:SeriesEPreferredStocksMember2024-04-012024-06-300001111741us-gaap:SeriesDPreferredStockMember2024-01-012024-06-300001111741dynr:PreferredSeriesDMember2024-06-300001111741us-gaap:FairValueInputsLevel2Member2023-12-310001111741us-gaap:PreferredStockMember2022-12-310001111741us-gaap:SeriesEPreferredStockMember2024-06-280001111741srt:DirectorMember2023-01-012023-06-300001111741us-gaap:SeriesCPreferredStockMember2023-01-012023-06-3000011117412018-06-300001111741dynr:MinedTonnageMember2024-06-300001111741dynr:OneCustomersMemberdynr:RevenueMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-12-310001111741us-gaap:LeaseholdImprovementsMember2023-12-310001111741dynr:EquityIncentivePlanMemberdynr:DynaResourceIncMember2024-02-190001111741dynr:OtherPropertyPlantAndEquipmentMember2024-06-300001111741us-gaap:TreasuryStockCommonMember2023-06-300001111741dynr:SeriesDSeniorConvertiblePreferredStockMember2023-12-310001111741us-gaap:FairValueInputsLevel1Member2023-12-310001111741us-gaap:RetainedEarningsMember2024-03-3100011117412023-08-170001111741us-gaap:CommonStockMember2024-04-012024-06-300001111741country:MXsrt:ReportableGeographicalComponentsMember2023-12-310001111741dynr:SeriesCSeniorPreferredStockMember2024-06-300001111741dynr:TwentyTwentyThreeActivityMember2024-01-012024-06-300001111741us-gaap:PreferredStockMember2023-03-310001111741us-gaap:TreasuryStockCommonMember2023-03-3100011117412018-06-012018-06-300001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001111741us-gaap:CommonStockMember2023-12-310001111741dynr:OneCustomersMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-12-310001111741dynr:PreferredSeriesDMember2022-12-310001111741us-gaap:SeriesDPreferredStockMember2021-10-1800011117412023-04-012023-06-300001111741dynr:TestMiningAndPilotMillingGoldSilverConcentrateMembercountry:MX2024-01-012024-06-3000011117412023-12-0100011117412023-06-300001111741us-gaap:PreferredStockMember2024-03-3100011117412024-04-012024-06-300001111741dynr:TwoThousandTwentyWarrantsMember2020-12-3100011117412023-03-012023-03-310001111741us-gaap:SeriesDPreferredStockMember2021-10-070001111741srt:ReportableGeographicalComponentsMembercountry:US2024-06-3000011117412023-03-310001111741dynr:PreferredStockUndesignatedMember2023-12-310001111741us-gaap:SeriesDPreferredStockMember2023-01-012023-06-300001111741us-gaap:PreferredStockMember2024-06-300001111741us-gaap:SeriesAPreferredStockMember2024-06-300001111741us-gaap:TreasuryStockCommonMember2024-06-300001111741dynr:MinedTonnageMember2023-12-310001111741dynr:SeriesAPreferredStocksMember2022-12-3100011117412022-12-012022-12-2800011117412023-06-012023-06-290001111741srt:ReportableGeographicalComponentsMember2024-06-300001111741us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001111741us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberdynr:PreferredSeriesDMember2023-12-310001111741us-gaap:SeriesDPreferredStockMember2023-06-300001111741us-gaap:LeaseholdImprovementsMembersrt:MaximumMember2024-01-012024-06-300001111741dynr:SeriesCSeniorConvertiblePreferredStockMember2023-12-310001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-3000011117412022-12-310001111741dynr:AmendedNoteAgreementMember2024-06-200001111741us-gaap:SeriesAPreferredStockMember2023-12-310001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300001111741us-gaap:TreasuryStockCommonMember2023-04-012023-06-300001111741dynr:PreferredStockUndesignatedMember2024-06-300001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001111741dynr:SeriesCSeniorPreferredStockMember2023-12-3100011117412024-06-282024-06-2800011117412023-09-290001111741us-gaap:FairValueInputsLevel3Memberdynr:PreferredSeriesDMemberus-gaap:MeasurementInputSharePriceMember2023-12-3100011117412019-02-012019-02-280001111741us-gaap:TreasuryStockCommonMember2023-01-012023-06-300001111741us-gaap:SeriesCPreferredStockMember2024-06-300001111741us-gaap:FairValueInputsLevel3Memberdynr:PreferredSeriesDMemberus-gaap:MeasurementInputSharePriceMember2024-06-3000011117412024-03-310001111741us-gaap:SeriesEPreferredStockMember2024-06-300001111741us-gaap:FurnitureAndFixturesMember2023-12-310001111741us-gaap:CommonStockMember2024-01-012024-06-300001111741dynr:OneCustomersMemberdynr:RevenueMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-06-300001111741us-gaap:PreferredStockMember2023-12-310001111741country:MXsrt:ReportableGeographicalComponentsMember2024-06-3000011117412023-12-310001111741us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberdynr:PreferredSeriesDMember2023-12-310001111741us-gaap:SeriesDPreferredStockMember2020-05-142020-05-140001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001111741dynr:GoldSilverConcentratesMember2023-12-310001111741us-gaap:FurnitureAndFixturesMember2024-06-300001111741dynr:PreferredSeriesDMember2024-01-012024-06-300001111741us-gaap:FairValueInputsLevel3Memberdynr:PreferredSeriesDMemberus-gaap:MeasurementInputExpectedTermMember2024-06-3000011117412024-08-160001111741us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001111741us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-300001111741us-gaap:RetainedEarningsMember2022-12-3100011117412021-02-040001111741us-gaap:FairValueInputsLevel3Memberdynr:PreferredSeriesDMemberus-gaap:MeasurementInputExpectedTermMember2023-12-3100011117412022-12-280001111741us-gaap:CommonStockMember2024-03-310001111741us-gaap:RetainedEarningsMember2023-03-310001111741us-gaap:FairValueInputsLevel3Member2024-06-3000011117412023-05-180001111741us-gaap:SeriesDPreferredStockMember2024-06-300001111741dynr:GoldSilverConcentratesMember2024-06-300001111741us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-300001111741us-gaap:TreasuryStockCommonMember2022-12-310001111741us-gaap:OfficeEquipmentMember2023-12-310001111741us-gaap:ConvertibleNotesPayableMember2020-12-31xbrli:purexbrli:sharesdynr:Segmentiso4217:MXNiso4217:USDxbrli:sharesiso4217:USD

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended June 30, 2024

OR

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

For the transition period

Commission File Number: 000-30371

 

img244448791_0.jpg

DYNARESOURCE, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware

94-1589426

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

222 W. Las Colinas Blvd., Suite 1910 North Tower

Irving, TX

75039

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:

(972) 869-9400

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

None

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes No

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

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of August 19, 2024, there were 23,658,995 shares of Common Stock of the registrant outstanding.

 

 

 


TABLE OF CONTENTS

PART I.

FINANCIAL STATEMENTS

 

 

 

ITEM 1.

Unaudited Condensed Interim Consolidated Financial Statements

3

 

 

 

 

Notes to Unaudited Condensed Interim Consolidated Financial Statements

8

 

 

 

ITEM 2.

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

24

 

 

 

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

28

 

 

 

ITEM 4.

Controls and Procedures

28

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

ITEM 1.

Legal Proceedings

30

 

 

 

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

 

 

 

ITEM 3.

Defaults Upon Senior Securities

30

 

 

 

ITEM 4.

Mine Safety Disclosures

30

 

 

 

ITEM 5.

Other Information

30

 

 

 

ITEM 6.

Exhibits

31

 

CERTIFICATIONS

 

EXHIBIT 31.1

 

CHIEF EXECUTIVE OFFICER CERTIFICATION

 

 

 

EXHIBIT 31.2

 

CHIEF FINANCIAL OFFICER CERTIFICATION

 

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

 

2


DYNARESOURCE, INC.

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

JUNE 30, 2024 AND DECEMBER 31, 2023

 

 

2024

 

 

2023

 

 

(Unaudited)

 

 

(Audited)

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

    Cash

 

$

3,200,966

 

 

$

5,603,713

 

    Accounts receivable

 

 

602,965

 

 

 

880,473

 

    Inventories

 

 

1,712,213

 

 

 

2,089,194

 

    Foreign tax receivable

 

 

5,580,457

 

 

 

4,434,958

 

    Other current assets

 

 

1,426,948

 

 

 

1,137,162

 

Total current assets

 

 

12,523,549

 

 

 

14,145,500

 

Property and equipment (net of accumulated

 

 

 

 

 

 

      depreciation and amortization of $26,926 and $12,239)

 

 

95,102

 

 

 

103,034

 

Right-of-use assets, net

 

 

789,393

 

 

 

848,822

 

Mining concessions

 

 

4,132,678

 

 

 

4,132,678

 

Deferred tax asset, net

 

 

4,264,115

 

 

 

4,264,115

 

Foreign tax receivable

 

 

12,620,003

 

 

 

11,768,613

 

Other assets

 

 

169,691

 

 

 

175,588

 

TOTAL ASSETS

 

$

34,594,531

 

 

$

35,438,350

 

 

 

 

 

 

 

 

LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

5,188,899

 

 

$

2,768,634

 

Accrued expenses

 

 

8,618,855

 

 

 

7,727,621

 

Derivative liabilities

 

 

1,351,449

 

 

 

1,797,341

 

Note payable

 

 

10,312,500

 

 

 

9,750,000

 

     Current portion of operating lease payable

 

 

116,617

 

 

 

104,117

 

     Installment notes payable

 

 

2,090,959

 

 

 

2,259,432

 

Total current liabilities

 

 

27,679,279

 

 

 

24,407,145

 

Operating lease payable, less current portion

 

 

748,984

 

 

 

825,762

 

Deferred tax liability

 

 

334,236

 

 

 

334,236

 

Asset retirement obligation

 

 

207,598

 

 

 

198,468

 

TOTAL LIABILITIES

 

 

28,970,097

 

 

 

25,765,611

 

TEMPORARY EQUITY

 

 

 

 

 

 

Series C Senior Convertible Preferred Stock, $0.0001 par value, 1,734,992 shares authorized, issued and outstanding

 

 

4,337,480

 

 

 

4,337,480

 

Series D Senior Convertible Preferred Stock, $0.0001 par value, 3,000,000 shares authorized, 760,000 shares issued and outstanding

 

 

1,520,000

 

 

 

1,520,000

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

Common Stock, $0.01 par value, 40,000,000 shares authorized 23,658,995 and 23,371,708 shares issued and outstanding

 

 

236,590

 

 

 

233,717

 

Series E Senior Convertible Preferred Stock, $0.0001 par value, 1,552,794 and 0 shares authorized, issued and outstanding

 

 

2,500,000

 

 

 

 

Preferred rights

 

 

40,000

 

 

 

40,000

 

Additional paid-in-capital

 

 

62,791,191

 

 

 

61,509,032

 

Treasury stock, 37,180 shares each period, at cost

 

 

(95,023

)

 

 

(95,023

)

Accumulated other comprehensive income

 

 

200,148

 

 

 

697,700

 

Accumulated deficit

 

 

(65,905,952

)

 

 

(58,570,167

)

TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

(233,046

)

 

 

3,815,259

 

TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

$

34,594,531

 

 

$

35,438,350

 

 

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

 

3


 

 

DYNARESOURCE, INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND

COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

 

 

 

Three Months

 

 

Three Months

 

 

Six Months

 

 

Six Months

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

REVENUE

 

$

11,083,602

 

 

 

10,912,169

 

 

$

20,512,458

 

 

 

22,865,248

 

COSTS AND EXPENSES OF MINING OPERATION

 

 

 

 

 

 

 

 

 

 

 

 

Mine production costs

 

 

3,761,553

 

 

 

2,939,522

 

 

 

7,516,910

 

 

 

5,468,959

 

Mine exploration costs

 

 

2,790,400

 

 

 

2,247,024

 

 

 

5,249,617

 

 

 

4,463,973

 

Production cost applicable to sales

 

 

1,489,053

 

 

 

2,055,513

 

 

 

3,384,810

 

 

 

3,766,775

 

Camp, warehouse and facilities

 

 

1,336,146

 

 

 

1,426,280

 

 

 

2,781,371

 

 

 

2,508,459

 

Transportation costs

 

 

904,099

 

 

 

794,486

 

 

 

1,899,966

 

 

 

1,540,549

 

Property holding costs

 

 

43,335

 

 

 

41,670

 

 

 

87,382

 

 

 

81,191

 

Facilities expansion costs

 

 

1,305,671

 

 

 

539,593

 

 

 

2,093,480

 

 

 

824,671

 

Exploration drilling

 

 

379,349

 

 

 

627,875

 

 

 

1,299,834

 

 

 

1,125,275

 

General and administrative

 

 

1,125,224

 

 

 

2,265,390

 

 

 

2,327,265

 

 

 

5,230,983

 

Stock Compensation Expense

 

 

822,500

 

 

 

 

 

 

822,500

 

 

 

 

Accretion expense

 

 

4,565

 

 

 

 

 

 

9,130

 

 

 

 

Depreciation and amortization

 

 

7,344

 

 

 

 

 

 

14,687

 

 

 

 

TOTAL OPERATING EXPENSES

 

 

13,969,239

 

 

 

12,937,353

 

 

 

27,486,952

 

 

 

25,010,835

 

NET OPERATING LOSS

 

 

(2,885,637

)

 

 

(2,025,184

)

 

 

(6,974,494

)

 

 

(2,145,587

)

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency gains

 

 

(4,885

)

 

 

15,973

 

 

 

23,192

 

 

 

34,227

 

Interest expense

 

 

(407,449

)

 

 

(107,867

)

 

 

(835,337

)

 

 

(224,175

)

Derivative mark-to-market gain

 

 

365,751

 

 

 

392,843

 

 

 

445,892

 

 

 

562,277

 

Other income

 

 

4,806

 

 

 

(2,398

)

 

 

4,962

 

 

 

1,307

 

TOTAL OTHER INCOME (EXPENSE)

 

 

(41,777

)

 

 

298,551

 

 

 

(361,291

)

 

 

373,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS BEFORE TAXES

 

 

(2,927,414

)

 

 

(1,726,633

)

 

 

(7,335,785

)

 

 

(1,771,951

)

INCOME TAXES BENEFIT

 

 

 

 

 

1,134,192

 

 

 

 

 

 

1,211,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,927,414

)

 

$

(592,441

)

 

$

(7,335,785

)

 

$

(560,736

)

DEEMED DIVIDEND FOR SERIES C & D PREFERRED

 

 

(58,575

)

 

 

(58,575

)

 

 

(117,150

)

 

 

(117,150

)

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

$

(2,985,989

)

 

$

(651,016

)

 

$

(7,452,935

)

 

$

(677,886

)

 

 

 

 

 

 

 

 

 

 

 

 

 

LOSS PER SHARE ATTRIBUTABLE TO THE EQUITY HOLDERS OF DYNARESOURCE, INC.

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share

 

$

(0.13

)

 

$

(0.03

)

 

$

(0.32

)

 

$

(0.03

)

Weighted average shares outstanding – Basic

 

 

23,378,022

 

 

 

22,246,654

 

 

 

23,374,865

 

 

 

22,246,654

 

Diluted loss per common share

 

$

(0.13

)

 

$

(0.03

)

 

$

(0.32

)

 

$

(0.03

)

Weighted average shares outstanding – Diluted

 

 

23,378,022

 

 

 

22,246,654

 

 

 

23,374,865

 

 

 

22,246,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized foreign currency translation gain (loss)

 

 

(700,791

)

 

 

259,976

 

 

 

(497,552

)

 

 

351,217

 

TOTAL OTHER COMPREHENSIVE INCOME (LOSS)

 

 

(700,791

)

 

 

259,976

 

 

 

(497,552

)

 

 

351,217

 

TOTAL COMPREHENSIVE LOSS

 

$

(3,628,205

)

 

$

(332,465

)

 

$

(7,833,337

)

 

$

(209,519

)

 

 

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

4


DYNARESOURCE, INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(Unaudited)

 

5


 

Preferred A

 

Preferred E

 

Common

 

Preferred

 

Preferred

 

Paid In

 

Treasury

 

Treasury

 

Other Comp

 

Accumulated

 

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

Rights

 

Amount

 

Capital

 

Shares

 

Amount

 

Income

 

Deficit

 

Totals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED JUNE 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2023

 

1,000

 

$

1

 

 

 

$

 

 

22,246,654

 

$

222,467

 

 

1

 

$

40,000

 

$

56,889,031

 

 

12,180

 

$

(34,773

)

$

203,319

 

$

(44,004,958

)

$

13,315,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of Series A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

 

(1,250,000

)

 

 

 

 

 

(1,250,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of Series A Preferred Stock

 

(1,000

)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,249,999

)

 

(1,000

)

 

1,250,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

 

(60,250

)

 

 

 

 

 

(60,250

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259,976

 

 

 

 

259,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(592,441

)

 

(592,441

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2023

 

 

$

0

 

 

 

$

 

 

22,246,654

 

$

222,467

 

 

1

 

$

40,000

 

$

55,639,032

 

 

37,180

 

$

(95,023

)

$

463,295

 

$

(44,597,399

)

$

11,672,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIX MONTHS ENDED JUNE 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2023

 

1,000

 

$

1

 

 

 

$

 

 

22,246,654

 

$

222,467

 

 

1

 

$

40,000

 

$

56,889,031

 

 

12,180

 

$

(34,773

)

$

112,078

 

$

(44,036,663

)

$

13,192,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of Series A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

 

(1,250,000

)

 

 

 

 

 

(1,250,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cancellation of Series A Preferred Stock

 

(1,000

)

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,249,999

)

 

(1,000

)

 

1,250,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

 

(60,250

)

 

 

 

 

 

(60,250

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

351,217

 

 

 

 

351,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(560,736

)

 

(560,736

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2023

 

 

$

0

 

 

 

$

 

 

22,246,654

 

$

222,467

 

 

1

 

$

40,000

 

$

55,639,032

 

 

37,180

 

$

(95,023

)

$

463,295

 

$

(44,597,399

)

$

11,672,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED JUNE 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2024

 

 

$

-

 

 

 

$

 

 

23,371,708

 

$

233,717

 

 

1

 

$

40,000

 

$

61,509,032

 

 

37,180

 

$

(95,023

)

$

900,939

 

$

(62,978,538

)

$

(389,873

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of Series E Preferred Shares

 

 

 

 

 

1,552,794

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Issued for Services

 

 

 

 

 

 

 

 

 

287,287

 

 

2,873

 

 

 

 

 

 

459,659

 

 

 

 

 

 

 

 

 

 

462,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Compensation - Vesting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

822,500

 

 

 

 

 

 

 

 

 

 

822,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(700,791

)

 

 

 

(700,791

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,927,414

)

 

(2,927,414

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2024

 

-

 

$

-

 

 

1,552,794

 

$

2,500,000

 

 

23,658,995

 

$

236,590

 

 

1

 

$

40,000

 

$

62,791,191

 

 

37,180

 

$

(95,023

)

$

200,148

 

$

(65,905,952

)

$

(233,046

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIX MONTHS ENDED JUNE 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2024

 

 

$

-

 

 

 

$

 

 

23,371,708

 

$

233,717

 

 

1

 

$

40,000

 

$

61,509,032

 

 

37,180

 

$

(95,023

)

$

697,700

 

$

(58,570,167

)

$

3,815,259

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of Series E Preferred Shares

 

 

 

 

 

1,552,794

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Issued for Services

 

 

 

 

 

 

 

 

 

287,287

 

 

2,873

 

 

 

 

 

 

459,659

 

 

 

 

 

 

 

 

 

 

462,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Compensation - Vesting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

822,500

 

 

 

 

 

 

 

 

 

 

822,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(497,552

)

 

 

 

(497,552

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,335,785

)

 

(7,335,785

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2024

 

-

 

$

-

 

 

1,552,794

 

$