Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 – INVENTORIES

Inventories at June 30, 2021 and December 31, 2020 consists of the following:

	June 30, 2021			December 31, 2020
Ore on leach pad	$	5,250,797		$	6,583,986
Carbon column in process		245,089			133,640
Finished goods		156,809			129,391
		5,652,695			6,847,017
Less long-term portion		(1,197,018	)		(1,505,020	)
Total	$	4,455,677		$	5,341,997

Inventories at June 30, 2021 and December 31, 2020 were valued at net realizable value because production costs were greater than the amount the Company expected to receive on the sale of the estimated gold ounces contained in inventories. The adjustment to inventory was ($108,993) and $204,127 at June 30, 2021 and December 31, 2020, respectively. A portion of the June 30, 2021 inventory has been classified as non-current. This classification has been made based on the amount of gold expected to be sold over the next twelve months based on annualized ounces sold year to date. See Note 2.