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Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,069,541) $ (1,298,268)
Adjustments to reconcile net loss to net cash provided (used) by operating activities    
Depreciation and amortization 494,230 590,826
Accretion of asset retirement obligation 60,974 46,688
Write down of inventory to net realizable value 108,993
Loss on disposal of equipment 234,164 162
Changes in operating assets and liabilities:    
Accounts receivable (9,305)
Inventories 1,085,329 (1,320,797)
Prepaid expenses and other current assets 3,984 110,701
Accounts payable and accrued expenses (925,843) 379,273
Royalties and upside participation payable (NOTE 3) 577,585
Accrued liabilities – officer and other wages 40,462
Due to PDK in lieu of gold deliveries (NOTE 3) 3,038,000
Prepaid forward gold contract liability (NOTE 3) (1,756,450)
Net cash provided (used) by operating activities 882,582 (1,491,415)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property and equipment (118,887) (459,312)
Payments for collateral on reclamation bonds (189,040) (375)
Net cash used by investing activities (307,927) (459,687)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from note payable – SBA 463,497
Payment of notes payable - equipment (540,567) (291,309)
Net cash provided (used) by financing activities (540,567) 172,188
Net increase (decrease) in cash and cash equivalents 34,088 (1,778,914)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 173,287 2,116,432
CASH AND CASH EQUIVALENTS AT END OF PERIOD 207,375 337,518
NON-CASH FINANCING AND INVESTING ACTIVITIES:    
Equipment acquired with notes payable – equipment 426,751 $ 447,650
Accrued rent satisfied with equipment trade-in $ 158,000